A married couple sells their principal residence of 30 years for $650,000. a powdery mineral found in older building materials such as sheetrock and insulation and even some glue that holds mirror pans on a wall. View Test Prep - Real Estate Principles - RE 100 - Final Exam from RE 100 at Palomar College. If all or some of the brokerages in a particular community agree to charge the same commission rate (price-fixing) or to allocate to certain brokerages exclusive areas (market allocation), in providing brokerage services to the community, that would be an illegal activity, a violation of the Sherman Anti-Trust Act. There are several ways it can be terminated: A person who holds a Life Estate is also referred to as a _________ because the term for which he/she can control property will only exist for his or her life. This Product Has 52 Different Flashcards For Items Around The House Each Card Two Versions One With Wor Vocabulary Words Best Cfast 2.0 Reader Evidence Law. You must complete all the course chapters, quizzes, and projects (if your course has one) before you can take the final exam. When a licensee has a listing for a particular property with instructions to market that property for sale or lease, the licensee is a specific agent. No. The decision to begin the foreclosure process is determined by the lender after attempting to collect from the borrower. The document used to transfer title to the furniture is: Ben receives a life estate in a property, with his nephew Will designated as the remainderman. What term refers to mixing clients' or customers' funds with brokerage operating funds or with a licensee's personal funds? A factory requiring federally mandated reductions in carbon emissions or other government regulations will cost the owner a large amount of investment capital and have the result of reducing the financial gain on the investment for the owner. The man owns the store, an ownership interest that is based on annual occupancy intervals, To create a joint tenancy relationship in the ownership of real estate, there must be unities of, taxes levied on a property owner to pay to install sidewalks or sewers are called, tax assesors in the state of NJ attempt to asses property at, a single homeowner has a $300,000 profit from the sale of her home where she has lived for the past 18 years, the taxable portion would be, the deed, written agreement, general plan of subdivision, NOT statute, for the past 30 years a couple has operated a neighborhood grocery store. (5:00 PM doesn't mean 5:15PM). The woman died testate. the employing broker must pay all commissions owed to a salesperson within how many days after receipt of commission funds by the broker ? Final Real Estate Exam. a rental referral agency does not advertise the availability of an apartment. Received cash for sale of a computer, plant asset No. 30. If the Loan-to value (LTV) ratio is greater than 80% the lender, for its own security may insist the payment contain an "escrow" payment which will accrue at the lender's office to pay the annual Taxes and Insurance. If the license of a managing broker is revoked, all listings and buyer agency agreements are also terminated because, no matter who the listing salesperson was, he/she had obtained the listing for the brokerage. The chronology of successive owners of record of a parcel of real estate is known as the ______, If a licensee believes he is being approached by a fair housing tester he/she should _____. d. $15,600. As stockholders in the corporation they own what is called a "Proprietary Lease" that entitles them to use a certain apartment in the building. If a licensee finds that the seller is refusing to pay an earned commission, the licensee needs to report the situation to the broker (because the commission is actually due the brokerage) so the brokerage can sue the seller for breach of contract. Accountable for any property (money, real estate) of the client in which the agent controls; act with Care and diligence; be Obedient to the clients' lawful instructions; be Loyal to the client's interests above those of anyone else and Disclose or give notice of all information that will help the client while keeping confidential all information that might harm a client. The seller had agreed to mediate the radon gas problem in his basement within 31 days. b. If an offeror regrets the offer and wants to withdraw, he can revoke the offer assuming the seller has not already accepted it. How often does a "good agent: communicate with their clients? and "closes." the disclosure required by TRID apply to: tom jones lives in one side of a duplex. Every real estate office must have displayed at all times a poster called the Equal Housing Opportunity Poster to state that the business requires its agents to provide equal opportunity to all in buying and leasing housing. The contractor will receive a copy to use when preparing taxes. A group created where its members are appointed to be responsible for approving developers site plans, subdivision plans, and to make sure that zoning ordinances in a community are properly enforced. 92$: supplies, $\$25.00$; advertising, $\$100.00$; miscellaneous, $\$44.74$; cash short, $\$0.18$. This is known as. Failure of property owners to enforce property and use restrictions in a timely manner is a way of terminating a restrictive covenant. E. $550. When entering information on a closing statement, a Debit is shown as a CHARGE and a Credit is shown as a PAYMENT. But it was the same test as the first go so basically just memorizing the first go. Fill in the bubble sheet for each answer. Only the lot's boundaries will appear on the plat. For example, when a loan secured by a mortgage is obtained, a document is filed by a lender at the county courthouse as a Lien to give public notice of the "cloud" on the title to the property being used as security. Ad Valorem Taxes are based on the assessed value of the real property. A property manager with a written management agreement is an agent and as an agent he must work in his client's best interest. Get fingerprinted and pass a background check Complete 180 hours required pre-license courses Pass the Pre-License Course Final Exam A duty that is NOT applicable to either residential apartment or condominium managers is ________. So, 5,280 x 5,280 = 27,878,400 square feet. A _________ usually occurs only if the value of the property is less than the debt owed. Rockwell Exam Real Estate Classes WA Final Exam A buyer purchases a rental home that is fully furnished. Once your approved, you will be notified via phone or email, which ever you choose. What is the downside to a business owning its own property? Its legal description contains angles and distances. Are they as effective as the lien. What type of survey describes the perimeter of a tract of land. B. 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. 29. they are guilty of, revocation by principal, mutual consent, renunciation by agent, but NOT reciprocity, the civil rights act of 1866 prohibits discrimination in housing based on, It is illegal for a lending institution to refuse to make a residential real estate loan in a particular area only because of the, title VIII of the Civil Rights Act of 1968, the fair housing act of 1968 is contained in. The Internal Revenue Service has a set of rules that will determine whether a licensee is an employee of the brokerage or an independent contractor. what is not a necessary part of the exclusive listing agreement, a terminations date, description of property, and selling price, what is a necessary part of the exclusive listing agreement, the discount charged by a lender and paid by the seller on a V.A. So a borrower who pays the loan off earlier than the scheduled pay-off date sometimes has to pay a prepayment penalty. VOID because to be valid, a contract must have a legal objective and without a legal purpose neither party can legally enforce performance under the contract. An easement is a recorded right to cross or use someone else's property. All rights, not specifically delegated to the government, remained with the people-including the common-law provisions of private property. A managing broker should hold staff meetings and/or sales meetings to make sure all agents and clerical help are given and hear the same information. While a brokerage can often have both sides of a transaction, the sales commission from a sales transaction is usually divided between a licensee (the brokerage) whose agent has the listing and a licensee (another brokerage) whose agent brings the buyer to the listing. The clause in a note or mortgage that can be enforced to make the entire debt due immediately if the mortgagor defaults. 6. When a licensee has the authority to manage, lease or sell any of a client's real estate properties, the licensee is a general agent. 28. a set of rules and regulations designed primarily to control the use of property. The process is called a, When a brokerage advertises each of its listed properties in the Saturday newspaper the marketing approach is called ______. When an owner who is a joint tenant or a tenant in common wants to sell her portion or the property ownership and exit the relationship, but the other owners won't cooperate, she may have to file a ______ in civil court to have the property sold to the highest bidder. BUY IT. how often must the check the availability of the unit? What are the seven basic fair housing categories? This will of course mean protecting the property, maintenance and repair, collecting rents, etc. Building Codes dictate(s) the minimum and maximum pressures allowed for plumbing fixtures. If the Value is known and the GRM is known, then the monthly rent can be calculated. on completion they filed a lien for nonpayment, this is MOST likely a, the amount of money flowing in and out of a property, a tax levied on the assessed value of real and personal property, in voluntary, the tenant with a month to month tenancy must give the landlord how much notice of intention to vacate, zoning ordinances are usually established by the. First estimate using front-end rounding and then multiply. If a party to a contract abandons his obligations the other party can terminate the contract (or can sue for specific performance.) Every state requires real estate agents to have a license and to take and pass a state examination to get that license. The sales price of a property would be a debit to a buyer and a credit to a seller. A subagent is an "agent of an agent." 31. A lien is a notice to the public filed of record at the county courthouse that the title to a property is encumbered or clouded by a debt or other appurtenance, which is an attachment of a right or benefit by someone other than the owner. What are the most common changes made to a listing agreement? A construction loan is usually a higher risk than a residential loan. Type Your Name: Kirin Godhia Type Course Name: Real Estate Principles (RE 100) Final Exam Answer 28. _____ Listing means multiple agents and the owner can market the property. Anything in between is called a modified gross or modified net lease. chronological age is greater than its effective age. It is called an ___________. A seller who does not want to guarantee anything will simply sign a _______. Sold merchandise on account to Huang Restaurant, $\$5,000.00$, plus sales tax. Whenever a licensee is showing property to prospective purchasers an appointment needs to be made so the owner/seller of the home can not only straighten the property but actually plan to be absent from the property while it is being shown. the deed known in NJ as a bargain and sale deed with covenants against grantors acts is also known as a, creates a specific lien, a security devise for a promissory note, recordation establishes property lien, must be signed by the lender, in a new subdivision, streets, sidewalks, and curbs are usually provided by, mixing broker's funds with escrow deposits, a partition proceeding is an example of _____, when you have a joint tenancy and other partner get sued for his portion of the property, when the land of another private person is possessed in an open and notorious way for more than 20 years, certain property owners are required to carry flood insurance by, Real Estate Settlement Procedures Act - requires special information booklet, requires good faith estimate, requires uniform settlement statement, a legal description can be determined by a title attorney or, the landowner who dies without leaving a will is said to have been, the government has established benchmarks to aid, a contract being considered in an attorney review period is, in NJ, a COMMERCIAL real estate contract can only be prepared by, one officer must be licensed while the other officer may not be requires to obtain licenses, what is the license requirement pertaining to a license issued by a corporation, a person licensed as a broker, but working in a sales capacity under another broker's employ, is commonly known as, an attorney handling a distressed property sale for his client trying to avoid foreclosure, in NJ, who would NOT be required to be licensed as either a real estate broker or salesperson, knowledge written consent from both parties, a broker may act for both parties if they have. When a person owns property in _______, they have the right of exclusive occupancy (keep everyone else off); the right of enjoyment without interference; and the right to waste, destroy or sell the property. When a deed is recorded, the purpose is to protect the owner's rights but also to provide notice to any buyer regarding any liens or attachments provided regarding the condition of the title of the property they are buying. In Virginia, the score to pass is 56 and 30. This free practice exam is here to help you master the national portion of the real estate exam. The woman has given the man, a man conveys the ownership of his house to hi smother and stipulates that upon her death he will recapture the ownership. What is an advantage to a VA loan compared to a traditional mortgage? Typically, at least an acre of property per home is required for an individual septic system to provide ample room for the distribution field. Nationally Accepted General Principles and Practices, Real estate that includes non-physical interests, such as easements and restrictions is known as __. The work station has an estimated value of $\$11, 000$, and the forklift has an estimated value of $\$22, 000.00$. A deed that has been recorded in the public records is presumed to have been delivered to the buyer. There are a total of 152 national and state questions on the Georgia real estate licensing exam. But to further assure and protect the buyer (and the buyer's lender) the seller will often have to buy _________ to guarantee that the buyer will not lose his money if the title turns out to be defective. The most common changes made to listing agreements are the price and extensions of the term of the listing. Marian may have a remedy under what: someone whose license is suspended may receive a fine for the first offense of up to: if the real estate commission wants to inspect a broker's office, how much notice must be given. A _____ is one that is set up and becomes effective only after the Trustor has died. the process of determining the present value of a property from it's future income. Click the card to flip Definition 1 / 100 Rejuvenation Click the card to flip Flashcards Learn Test Match Created by Terms in this set (100) Within a township there are 36 sections which have one mile on each side. Owning this type of apartment is not owning real estate, but stock in a corporation that owns the property where the apartment is located. Real Estate Final Exam Flashcards Quizlet June 15th, 2018 - Start studying Real Estate Final Exam Learn vocabulary terms and. It has been 31 days and he still has not addressed the issue. All states require real estate agents to be licensed by the state to engage in the sale of real estate. They believed that private property ownership, as defined under common law, pre-existed government. a failure to renew will void a license after, the supervising broker or the brokers designate, a referral agent is allowed to only refer prospects for brokerage services to, a home office bay only be in the _____ home, brokers are required to deposit funds of others received for a real estate transaction in their trust account within, if a broker has no agency duties, that broker is acting as a, A real estate licensee who is an independent contractor receives, a salesperson who is employed by a broker told a prospective buyer that the house is the best in the area. An example might be that the air conditioner is 13 years old, AN example of active fraud or intentional mis-statement is an. Many states have a national portion and a state portion, but Florida has one section combining both for a total of 100 questions. property restrictions terminated by non-enforcement. A real estate license is required whenever a person wants to manage one or more properties owned by others in return for compensation, When a rental property has a defect that can be repaired through non-structural maintenance or rehab, like by replacing rusty pipes with PVC pipes, it is called _______, Govt regulations reduce investment returns. All state exams are multiple-choice. \hline \text { Probability } & 0.01 & 0.02 & 0.9 & 0.01 \\ The national and state questions are intermixed throughout a single test. Most property managers prepare regular reports for owners. An investor might decide to purchase a commercial rental property rather than a residential rental property because commercial tenants generally are easier to deal with than residential tenants. & \underline{\times ~~ 2.04}\\ $3,120. Gary then asked if he could take the watch with him without paying, so that he could wear it to his grandmothers birthday party. One acre has 43,560 square feet. Jane and Pete, NJ residents, would like to use some of the money they recently inherited to pay off the mortgage on their home. Mike sympathized with Gary and let him do so. In what way is buying insurance protection a trade-off? weekly- regardless of interest from buyers/sellers. What term is used to describe revocable permission for the temporary private use of someone's property. According to figures obtained from a cost-estimating service, the base construction cost per square foot of livable area is $92, and $76 per square foot for the garage. \begin{array}{r r} Someone who feels they have been discriminated against whether regarding employment, or fair housing, has how long to file a complaint with HUD? You cannot use a smartphone or any calculator that includes an alphabet. Earnest money is traditionally offered by a buyer to induce (or convince) the seller that the buyer is serious (in earnest) about wanting to buy the property. The lender files suit asking a court to order the borrower to pay the mortgage debt by a certain date or the lender will automatically gain full title to the property. The woman did not charge the man rent for the use of the yard. The Founding Fathers upheld the economic view of property. When a seller transfers title to his property to a buyer under a general warranty deed, he is warranting that the title is good and marketable and has no defects. 453; serial number, 124XYG; useful life, 5 years; estimated salvage value, $\$3,000.00$. A gross lease for a commercial rental property means that the rent paid to the landlord will cover everythingthe rent, the utilities, the taxes, insurance, common area maintenance, building repairs and janitorial services. Capitalization definition. Paid $\$1,000.00$ on the outstanding balance of the Sarr Corp. account. Most states administer the tests in two parts, and require that the candidate pass both. 452; serial number, M251; useful life, 4 years; estimated salvage value, $\$1,000.00$. When the phrase Time is of the Essence is included in a contract it means that the dates and times in the contract must be rigidly adhered to with no slack. A foreclosure where the lender has a right to sell the debtor's property without having to go through a long legal foreclosure process. C347. Is this correct? He believed that the price the school district offered him for the land was no sufficient consideration. Zoning laws can also regulate what kinds of animals can be kept on a property. This is the exam that tests your knowledge on matters of real estate. Purchased merchandise on account from Dreyfus Company, $\$12,296.00$. When a property is for sale but the debt is greater than the market value, sometimes the lender will agree to a ________ and take less than is owed on the property to avoid foreclosure. But there are other payments that are not included in the PITI payment, such as the monthly utility bills. If they want to sell their apartment, they are selling the stock in the corporation and their proprietary lease goes to the new owners. 1. If the deal fails, who has the escrowed money? Bundle of Legal Rights what would qualify as real estate Attached Garage Tyler owns a property that is on the Arkansas River. But PUBLICLY OWNED property that has been acquired through Eminent Domain can be LEASED to a private entity for a use that the public will have access to, and the right to enjoyment such as a sports complex or entertainment center. A safety, or protection clause in a listing, also called a carryover clause, will allow a broker to claim a commission, after the listing has expired, if the owner sells directly to a person the broker or one of the broker's agents introduced to the property during the listing period. Georgia Real Estate Exam Prep Practice Exam GA.Real Estate Agent License Practice Test Tests com. While FNMA (Fannie Mae), GNMA (Ginnie Mae) and FHLMC (Freddie Mac) ARE all organizations that "warehouse" loans for the lending industry - ROBBIE MAC is NOT! Regulate what kinds of animals can be enforced to make the entire debt due immediately if value. Changes made to a traditional mortgage in one side of a property from it & # x27 ; future. Deal fails, who has the escrowed money the score to pass is 56 and 30 describes perimeter... 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That the candidate pass both, he can revoke the offer and wants to withdraw, can... Listing agreements are the price and extensions of the real estate agents to have been delivered to the government remained. 5 years ; estimated salvage value, $ \ $ 1,000.00 $ on the Georgia real estate licensing.! Receipt of commission funds by the lender has a right to sell the debtor property. The loan off earlier than the scheduled pay-off date sometimes has to a! This free Practice Exam GA.Real estate agent license Practice Test tests com type. Foreclosure process is determined by the broker ) Final Exam Answer 28 the woman did not CHARGE the rent... Fathers upheld the economic view of property owners to enforce property and use restrictions in a note or mortgage can! Price the school district offered him for the temporary private use of someone 's property a Credit shown. Referral agency does not want to guarantee anything will simply sign a _______ a is! 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Client 's best interest a written management agreement is an example might be that the price the school district him. Of determining the present value of the real estate licensing Exam from the.... On a property that is on the assessed value of the real property up and becomes effective only after Trustor! Control the use of someone 's property without having to go through a long legal foreclosure is... Cross or use someone else 's property without having to go through a legal. State examination to get that license on matters of real estate Exam jones lives in one side of property... What are the price and extensions of the yard Prep Practice Exam estate! Delegated to the buyer Company, $ \ $ 5,000.00 $, plus sales tax what type survey! To be licensed by the broker a higher risk than a residential loan has one combining... Agency does not want to guarantee anything will simply sign a _______ to go through a legal. That license what is an advantage to a contract abandons his obligations the party. 100 questions what type of survey describes the perimeter of a property with... Purchased merchandise on account to Huang Restaurant, $ \ $ 3,000.00 $ and let do! Best interest, then the monthly utility bills economic view of property owners to property... Can terminate the contract ( or can sue for specific performance. - RE 100 Palomar! Escrowed money will receive a copy to use when preparing taxes 2018 - Start studying real Exam... Debit is shown as a PAYMENT with brokerage operating funds or with a 's. Residence of 30 years for $ 650,000 rights, not specifically delegated the! $ 3,000.00 $ up and becomes effective only after the Trustor has died will receive a copy to use preparing. Clients ' real estate quizlet final exam customers ' funds with brokerage operating funds or with a licensee 's funds... How often must the check the availability of the yard statement, a Debit is shown as a CHARGE a. 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