national real estate practice exam quizlet
Several years later, an ordinance was passed in that area banning any building six stories or higher. C10. We'd love to hear how you do and what the process was like for you. How much tax will this homeowner pay on the capital gains? A retired couple is on a fixed income. Using a 360-day year, how much will the seller owe for taxes at closing? Take unlimited tests on your computer, phone or tablet. He speaks with the seller, who is at home at the time, and they come to an agreement regarding price and terms. The seller has changed his mind about selling and refuses to sign the agreement. Paid cash to owner as withdrawal of equity, $1,400.00. Which of the following is the best definition of market value? What is true? E&O may not cover any defense for a fair housing violation. In senior housing communities, at least one person over the age of 55 must be living in what percent of the units? In Texas, there are 125 questions on the exam (85 national and 40 state). CS. What type of loan should he get to enable him to buy now and take advantage of declining rates in the future? Based on this, before any prorations, how much cash will Burt have to bring to the closing? A man leaves his second wife a life estate in their home after which the property goes to his children from his first marriage. Tyson doesn't see any visible evidence of pests. How much does the selling sales associate earn from the sale after deducting expenses of $1,300? an easement is a benefit to the dominant property owner. Several months later, the agent has a buyer client interested in purchasing the same property. In Pennsylvania, you can miss 20 questions on the national and 7 on the state and still pass the real estate exam. Using a 360-day year, how much will the seller owe for the taxes at closing (to the nearest dollar) and how will this be shown on the CD? T22. The lender has indicated that he will charge 3 points plus an origination point. Infer Why would any government choose to participate in "ash-can socialism". Can he advertise this accommodation? A furnace that breaks down a few weeks after the buyer move in. plumbing work that was completed but never paid for. mi familia y yo. In Missouri, you can miss 30 questions on the national and 10 on the state and still pass the real estate exam. What can they do to avoid this fee? **Example 1. A property has lead paint in the interior and on the exterior. What does the principle of anticipation state about the valuation of property? What is this right called? The tenant removes their trade fixtures and takes them upon moving out. Here's how much time you'll be given for the final real estate exam: Part 1: National Real Estate Concepts. Ben manages an apartment complex that has an effective gross income of $100,000. A seller is closing on the sale of his home on April 23rd. What can the owner do? TILA does NOT apply to which of the following kinds of loans? What act is prohibited by the Sherman Antitrust Act? What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success? What type of insurance will cover this accident? What should the agent do? Which statement is TRUE regarding the real estate professional's policy? The corporation, as the owner of real estate, may designate up to five of its officers to conduct business on behalf of the corporation without any license required. The title company has discovered an unsatisfied M&M lien on the property. The broker will be protected by his E&O insurance because the problem was not able to be detected by visual inspection and the seller misrepresented the property, are valid for parties that have agreed to their use with the consent of the other parties. This is best described as a: For what group of buyers would the ARM be the least desirable? Suppose that a borrower has a gross monthly income of $3,000 and wants to qualify for a conforming loan (total debt service ratio of 36%) with a monthly PITI payment of $800. Which of the following actions of a broker could jeopardize the independent contractor status of the license holders he sponsors? Which of the following statements about this is true, the tenant can take these as they are trade fixtures. A buyer and his agent visit a listed property. The value of a property is only what a consumer would pay to acquire a comparable property. All parties to a contract agree to the terms of the contract. What is the main reason for considering underground storage tanks (USTs) an environmental hazard? Your client will be able to qualify for a property they wish to purchase in about 6 months, after they had an opportunity to reduce their consumer debt. C7. Which of the following is NOT an example of functional obsolescence? \text { Accounts receivable } & 700 & 770 \\ About 2 hours and 40 minutes; Part 2: State Real Estate Laws. In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). What type of listing agreement did Melissa and Shane sign? Who must fill out the Seller's Disclosure Notice? 201 Kandy Dr. is now the smallest, shabbiest home on the block, but it recently appraised for more than a similar home in a less-upgraded neighborhood. Traza una lnea entre las casillas (squares) y escribe una historia coherente. Practice challenging questions you won't find anywhere else. The seller failed to do so, which makes the seller guilty of: What usually happens to earnest money at the successful closing of the sale? A metes and bounds legal description always returns to: What should a license holder do if a client instructs them to do something that would discriminate against a protected class? How much will she save on points if she chooses the 75% LTV? Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 The seller's gross sales price will be: A buyer is purchasing a condominium unit in a subdivision and obtains financing from a local bank. Mar. The main goal of the ADA is the removal of barriers. Take our a specific flood insurance policy. What did he pay for the house when he purchased it? The party responsible for paying the origination fee when obtaining conventional financing is: What is attached to an original contract before it is signed? An appraiser is using the Market Data Approach to determine the value of a residential property. Based on these facts, the sales associate will be treated by the IRS as: A woman conveys the ownership of an office building to a nursing home. A listing agent went to inspect a seller's property hoping to list it for sale. Tareq represented the seller in the sale of a house for $427,000. tell the seller to leave and return another time, A high rise condominium property is advertised as having the "Most beautiful view of the city". A primary benefit of property held in joint tenancy is: A licensed real estate sales associate has a written contract with the employing broker that specifies that the sales associate will not be treated as an employee for federal tax purposes. If you want to earn $15 \%$ annual simple interest on an investment, how much should you pay for a note that will be worth $\$ 13,500$ in $10$ months? The listing broker views the property but does not detect any defects. Is the quick ratio improving or declining? Capitalization definition. Liens are prioritized by date of creation, with older liens being paid off first. Practice of Real Estate Remedies under the new amendment include: 1) a civil penalty, not exceeding $16,000 for the first offense 2) a penalty not exceeding $37,500, if another offense was committed within the past 5 years 3) a penalty not exceeding $65,000 if two or more discriminatory practices have been found in the past 7 years The negotiated commission is 6% and will be split evenly between the selling broker and the listing broker. Ace these, and you know you're ready to grab your real estate license ! Mark is not entitled to any commission as he did not bring the offer to the sellers, The best description of a counteroffer is. Tenancy at will. In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. The commission to the listing broker will be 6%. He trips in the house causes major damage to property of the owner. b. exclusive buyer representation agreement. However, there is a huge crack running down the middle of the living room wall. How much of that money will they be required to pay capital gains tax on? increases the amount the seller receives at closing. the buyer's agent is guilty of negligence and the listing agent must disclose the information to the seller. They give the tenants notice to vacate. The property is under contract and all contingencies have been met. At this time, the property manager is A buyer and seller have negotiated a contract on the seller's property with a closing set for June 14th, time is of the essence. What will HUD do try mediation followed by a lawsuit if mediation fails. If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? This free practice exam is here to help you master the state-specific portion of the Virginia real estate exam. A, B and C are joint tenants. Under federal Fair Housing law, which of the following acts is illegal? It counts towards the buyer's closing costs. What is true? Journalize the transactions completed during March of the current year. When should an agent advise a client to get title work done? educate consumers about closing and settlement services. They have some concerns about the contract and ask to speak an attorney. Observa el significado de las palabras, los verbos y las expresiones de tiempo para guiarte. What are Mark's rights with respect to a commission from the sellers? An investor/developer has borrowed money to build a retail shopping center. The tenants pay rent plus utilities. the tenants can stay until the end of the lease. What is true? Our material is specific to the Missouri Real Estate Salesperson Exam, covering both the National and State sections with these content areas: Property Ownership; This is what type of loan? The tree and shrubs are an example of A property owner has a waterfront lot on a stream. What is another name for Contract for Deed. Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. What does this mean? When both her parents have died, ownership of the office building will revert to the woman. John and Mary are co-owners of a property. What is the difference between a general partner and a limited partner? *, meaningful disclosure of credit terms of the loan to the borrower. Inflation increases buying power C. Low unemployment rates mean there are fewer available buyers in the market Which of the following statements about lead is NOT true? The form of tenancy that will expire on a specific date is a: A large home that lacks sufficient indoor plumbing suffers from which condition: A developer built a structure that has six stories. National real estate exam review crash course - YouTube 0:00 / 1:43:00 National real estate exam review crash course Real Estate Exam Prep 20.9K subscribers Join Subscribe 6.2K Share. While the broker is out of town, the sub-divider shows the property, quotes prices, and takes deposits. A homeowner sells her primary residential home and realizes a profit of $185,000. b. Take this free practice test to get an idea of what is on the Texas Real Estate Salesperson exam administered by the Texas Real Estate Commission (TREC). A property owner has installed a chain link fence on his property. Hans bought an investment property for $5,250,000. The most common method of disposing of solid waste materials, by layering them between several feet of soil, are? A real estate professional receives a check for earnest money from a buyer and deposits the money in the real estate professional's interest-bearing checking account over the weekend. $$ In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is: Which is exempt from the federal Fair Housing Act? That section can be used to study the topics featured on those 80 questions. It sells for $396,000. The rectangular survey system depends on what? She owns real property and dies intestate. A property is bought based on fraudulent statements by the listing broker. He heard from the sellers that he should no longer show the property as it was sold. The owner of a house wants to fence the yard for the family pet. If a broker's computers are stolen what steps could have been taken to protect records? Assuming that the listing agent and the selling agent in a transaction split their commission equally, what was the sales price of the property if the commission rate was 5.5% and the listing agent received $12,584? | **Month** | **Units Sold** | **Total Cost** | | **Month** | **Unit Sold** | **Total Cost** | What gives a creditor the right to seize property as collateral for an unpaid debt? Which part of the mortgage contract requires a borrower to repay the entire debt when the property is sold? There are no exceptions for discrimination based on: A valid sales contract stipulates that the seller must repair a hole in the roof before closing day. Personal property MUST be transferred via: When there is a breach of contract, the non-breaching party can rescind the contract, forfeit the contract, or: sue for compensatory damaged and/or specific performance. In rental properties, increased demand can be the result of, Which of the following would not be eligible for a VA loan, What is required of a loan servicer before foreclosing on a VA loan, the VA must be notified before the foreclosure. Welcome to the National Real Estate Practice Exam This free practice exam is here to help you master the national portion of the real estate exam. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Although not an agent of either party, the broker may not disclose either party's confidential information to the other. A property manager's PRIMARY responsibility to the owner is to: realize the highest return possible and maximize the owner's return on that investment. On Kandy Dr., many older homes have been upgraded or torn down, with high-value homes built in their place. Both parties involved in an agency agreement agree to end the agreement early. Ready to Take Your Real Estate Exam? The couple does not use the exercise room and does not want to pay the monthly fee for the use of the facility. The tenant's lease has expired, but the landlord permits the tenant to stay in the apartment until the building is torn down. What should she do? When Shondra originally bought her house, she made a 30% down payment on the $600,000 purchase. He has hired an agent to lease the houses. increases the amount due from the buyer at closing. When the fence is erected, the fencing materials become real estate through: A tenant on a long-term commercial lease wants to go out of business. Each question has four answer options. A building was sold for $260,000, with the purchaser putting 10% down and obtaining a loan for the balance. Mary has a loan whose payments and interest rate will stay the same throughout the life of the loan (not including the cost changes caused by insurance and tax rates). A contract that binds one party to its terms but which is unenforceable against the other party is best described as: All of the following are used in calculating income rate value (IRV) except: A woman grants a life estate to her son-in-law and stipulates that, upon his death, the title to the property will pass to her grandson. None. In Colorado, there are 154 questions on the exam (80 national and 74 state). Estate for years. In the year 2009, one died. What type of lease should their agent recommend? In order to be valid, what MUST a deed have? c. a judgment lien (usually becomes general). Passing Score To pass you have to make a minimum score on each portion of the exam. What is this an example of? Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property? How can homeowners get insurance coverage in case of a flood? This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. Real Estate National Exam Term 1 / 49 Valuation and Market Analysis Many market conditions impact housing prices. We have reviewed the material and found it to be slightly better than average content that will help you study for your real estate exam. Ownership of the common areas of condominiums is most likely to be: What should a buyer do to ensure that his is getting the best title to real property? Who provides flood insurance to homeowners? If she is successful, what will happen? The tenant continues to pay the rent as prescribed in the lease. A young couple leases an apartment in an apartment complex for one year. 19. | 4 | 200,000 | 100,000 | | 10 | 160,000 | 140,000 | Dennis Marier, Drawing A broker has written permission to represent both the seller and the buyer as a dual agent. If John dies and Mary becomes the owner of their home, what type of ownership did they have? This free practice exam is here to help you master the state-specific portion of the Colorado real estate exam. If the holder of an easement owns adjacent land and his physical use of the land is benefited by the easement, he is said to have: A sales contract was signed by a minor. The buyer is concerned about the location of the fence as it appears to be encroaching. That section can be used to study the topics featured on those 85 questions. What did Agent Tyson engage in? All states require real estate agents to be licensed by the state to engage in the sale of real estate. In the second year the landlord dies. A sales agent is showing a property. 15. What is this right called? Welcome to our free real estate practice exam! Find your state and pick the right real estate exam prep package for you. A contract can still be valid even if it lacks: All federally related loan programs require a property to have which of these? A married couple bought a home ten years ago for $400,000. **Required** A property manager notices that the building stucco needs repair. If your practice exam isn't timed, set a timer. You will have between 2-4 hours to complete your exam. Homes in the subdivision are selling well, and the builder is making a good profit on the sales. Direct the buyer to obtain an up-to-date flood map from FEMA. What happens to her real property? \text { Temporary investments } & 1,500 & 1,550 \\ How many parties are required to perform in a bilateral contract? The new owner wants John to move out. Which of the following statements is true? Burt is buying a house for $100,000 and is making a 20% down payment. Michelle Renda is assistant manager at Barnes and Noble and is paid $42,900 annually. The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. Although the home has many updates and is in better condition than the surrounding houses, its value is significantly less than the price. Bought supplies on account from Supply Mart, $170.00. What is considered evidence against a broker accused of discrimination? PSI test questions Questions and Answers 1. The assessed value is $290,000. If the owner-lessor of a unit in an owner-occupied three-family dwelling discriminates: a. there is an exemption in the 1968 federal Fair Housing Act, as long as a broker is not employed and no discriminatory advertising is used. The listing agent learns the State Department of Transportation has authorized the construction of an exit ramp to the interstate right behind the commercial property. An agent is accused of discrimination. Which of the following properties would be the least desirable neighborhood? National - Real Estate Exam Practice Questions (Se 80 terms MsV12 PSI National Exam for Real Estate 544 terms TashaNichole30 Real Estate Final Exam (150 Questions ) #1 157 terms walter_sarmiento National Real Estate Exam Prep 101 terms kimluck For help with the national we have our free national real estate practice quiz. Which principle of appraisal can explain this? A signed employment agreement is necessary to A listing agent would probably not disclose, death on the property due to natural causes. She is very excited about the possibilties and hes established Facebook, Twitter, Linkedln and Pinterest acocunts. He is paying a 1-point origination fee to a mortgage lender, $500 for a new survey, and $800 for an environmental report. Requiring his license holders to work scheduled hours. They have found a property that they would like to purchase now. Arturo is buying a house for $400,000. The poster is usually distributed by. $$ The tree and shrubs are an example of. A property owner has a gas station on his land. He has received on official notice requiring the removal of this type of fence. They would like to accept this new offer. What is the area of the room? Parties must perform their contractual duties by a specific date and time in order to avoid a breach of contract. Which ownership rights can be sold separately from a property's surface rights? | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | Which of the following would be considered an operating expense by a property manager preparing an operating budget for the owner? Sabrina accepted Rebecca's offer to purchase her house, and the closing date is in a few weeks. A buyer's agent has accidentally forwarded confidential information about his buyer's financial background to the listing agent. This demonstrates which principle of appraisal. A broker is running short of funds to meet this month's monthly operating expenses. National - Real Estate Exam Practice Questions (Set One) 4.3 (3 reviews) Term 1 / 80 Which of the following is a lien on real estate? The property management agreement creates what kind of agency? At this time, what is true? Who is responsible? Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. During the year, they become concerned about crime in the area and ask for permission to install an alarm system in the apartment. Who can require a buyer to purchase homeowners insurance? A tenant is aware that his lease will expire at the end of the month. Which term describes this contract? The buyers have not responded to the counteroffer. Under these circumstances, which of the duties of the agent would be the easiest for him to fulfill? An office building has a potential gross rent of $20,000.per month. The commission agreed upon was 7% and Tareq gave half to the buyer's representative. Find the slope of the graph of the following equation. A sale is closing on June 15th and the annual property tax bill has not been paid. The basic principle of the income approach to value is: The states in which the owner gives up legal title of mortgaged real estate are known as: c. used in the capitalization/income approach to value. As a Buyer's agent he must disclose all of the following except: his buyer's ability to make a higher offer. Condemnation is the act of seizing private property from citizens. If the assessment is 85% of the market value, what is the market value? An executory contract is a contract that: Your buyer client asks you if a property is located in a flood zone. Tenancy at sufferance. His principal has found out about the actions and accepted them. Yes. What principle of value defines the most important factor for appraisal? What is required? Prepare for success! Her actions: which of the following is NOT a specific lien? Reasonable care, obedience, loyalty, disclosure, accounting and confidentiality. In preparing an appraisal, which of the following would have the least impact on the appraiser's estimate of value? The broker is legally liable for the acts of all license holder, independent contractors and employees alike, A veteran cannot use his/her entitlement to obtain. They own their own home. He has requested an assigned reserved space near to his unit. While showing the property she notices that there is a serious slope to the porch floor. He places a client's earnest money deposit in his business account and uses it to pay is rent. National Real Estate Exam Practice Questions 4.6 (18 reviews) Term 1 / 219 A property owner has decided to do some landscaping work on his yard. How many square yards of carpet does he need? What form replacing the HUD-1 must be provided to the consumer and when must it be provided? Assuming that she has been paying towards her principal in the amount of $1,600 monthly for five years, how much equity does she now have in the house? With the exception of tax liens, how are liens generally prioritized? Who must be notified to take money out of the trust account in a real estate transaction? Since the rent is now worth much more than she is currently paying, she might most likely consider: Which of the following is NOT an encumbrance on real property? What type of business entity is owned by shareholders, but avoids "double taxation"? the process of determining the present value of a property from it's future income. At what cap rate did he purchase this property? A contract is not considered valid unless consideration is involved. In terms of contract validity, what does mutual consent mean? The broker is BEST described as a(n): In most suburbs, which method of description would be used today? The purpose of the Truth-in-Lending Act (TILA) is to provide which of the following? directing people to or away from a particular area due to the protected class of the buyer or residents of the neighborhood in a manner that perpetuates segregated housing. The tests cover such subjects as forms of ownership, physical descriptions, valuation and regulation. A seller is attending the closing on his property. Which approach to value would MOST likely be useful to real estate brokers estimating the value of a single-family residence for sale in a subdivision? Which of the following is the most likely reason for the lien? The buyer later finds out the home has a termite infestation. Nothing- his property is automatically considered a non-conforming use. A developer has 2,178,000 sq.ft of property. His loan principal is $315,000. What would he need to do? The seller told the agent that she needs to sell the property because she is going through a divorce. What agreement between the landlord and tenant gave the tenant that right? His comparables should not be more than one year old. He had closing costs of $10,000. If a person dies without a will, who receives their estate? A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. What does it mean when a contract says that time is of the essence? Hay dos historias mezcladas! CRINITZ: Mehrfamilienhaus, 244 m2 Wohnflche, auf dem Land mit drei groen . On June 12th the listing agent calls the buyer's agent and tells him the seller will be unable to close on the 14th. Seller Brian tells his listing agent, Cynthia, that there are no foundation issues in his house. What can the other property owners do to get him to comply? The deed contains five covenants. They do not want it and they sell it. What is the term for deliberate deception done with the intention of gaining something of value or causing damage to another person? The annual tax bill is $2,008. Cynthia accepts Brian's claim and goes on to tell prospective buyers that the home's foundation is in fine condition. The power of the government to seize citizen's private property without the consent of the owner. A potentially valid contract in which at least one party has the option to rescind is described as: When you're talking about mortgages, what is another name for an origination fee? This is an example of A license holder is showing her own listing to a buyer customer. T18. Real Estate Agent Practice Test; Real Estate Agent Test Guide . Over 97% of our students have used our real estate practice test and other exam prep products to pass their real estate exam the first time through. A property owner has decided to do some landscaping work on his yard.
