What would he need to do? A seller has received $225,000 for the sale of his home. Cash Practice challenging questions you won't find anywhere else. TILA does NOT apply to which of the following kinds of loans? John has a loan with equal regular payments of principal and interest. 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? Which of the following is NOT an example of due diligence in a sales contract? In the sales comparison approach to property valuation, what does the principle of substitution state? A property owner has decided to do some landscaping work on his yard. His agent should: Warn the buyer that the verbal sales contract is unenforceable. He heard from the sellers that he should no longer show the property as it was sold. (A take back is seller financing. plumbing work that was completed but never paid for. 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". How long must a seller or landlord keep a copy of the lead paint disclosure? Inform the buyer 8. educate consumers about closing and settlement services. When did the second amendment of the Federal Fair Housing Act go into effect? (The loan factors is $6.00). This free practice exam is here to help you master the state-specific portion of the Virginia real estate exam. In Virginia, there are 120 questions on the exam (80 national and 40 state). Yearly expenses for the property toatl $115,000. their own actions and the actions of agents they supervise. What type of loan should they consider? If the assessment is 85% of the market value, what is the market value? b. exclusive buyer representation agreement. This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of A couple purchased a condominium. A listing agent went to inspect a seller's property hoping to list it for sale. 15. He speaks with the seller, who is at home at the time, and they come to an agreement regarding price and terms. The Americans with Disabilities Act applies to: privately owned or government-owned public accommodations. He sells 80% of it for $5,000 an acre. 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. About 1 hour and 20 minutes This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. What is this right called? The real estate professional bases this practice on the need to preserve the cultural integrity of Asian immigrant communities. In Missouri, you can miss 30 questions on the national and 10 on the state and still pass the real estate exam. **2. What approach to appraisal will he use to determine his opinion of value? Which appraisal method would an appraiser be most likely to use on an owner-occupied residential home? They do not want it and they sell it. A buyer has purchased a property and after closing the seller will continue to occupy the property. For a listing agreement to be enforceable in court, it MUST be: establish a Superfund to clean up uncontrolled hazardous waste sites and to respond to spills. He paid off his loan of $138,500 and ha paid a 5% commission. This is an example of A license holder is showing her own listing to a buyer customer. For help with the national portion we have our national real estate practice exam. 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. Monthly taxes and insurance will be $900. A property owner receives a notice that his land is in an improvement district. On June 12th the listing agent calls the buyer's agent and tells him the seller will be unable to close on the 14th. Which of the following statements may represent the unauthorized practice of law? The seller has no duty to remediate lead, simply to disclose it. Tenancy at will. Each time, he notified the sellers of the showing by phone. Which of the following is the best definition of market value? 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. PrepAgent offers real estate exam prep for all 50 states. A property is surveyed to determine a legal description. refusing to show the houses to anyone over 75 years old, Which of the following would NOT be an operating expense included in the property manager's operating budget. When a buyer signs a mortgage to borrow money to purchase a home, what has been created? We're pulling for you! During the term of the listing the seller had disclosed confidential information to the agent. An office building has a potential gross rent of $20,000.per month. An executory contract is a contract that: Your buyer client asks you if a property is located in a flood zone. If your practice exam isnt timed, set a timer. A, B and C are joint tenants. The seller told the listing agent that his neighbor's satellite dish trespasses on his property. What's Included? Long before the debt is satisfied, the balance is due in a payment substantially larger than all the others. The seller can close on the 16th. For help with the national portion we have our real estate license practice quiz. What is this right called? A seller must keep a copy of the lead paint disclosure he provided to the buyer for, It has been found that mold can develop due to, air tight windows and doors found in newer construction, protect a company's assets if someone is injured on company property, A condo owner's policy will most likely cover the owner if, A condo complex has liability complex has liability insurance. Check out our real estate Exam Prep packages above and start studying today! What should he do? 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. At this time, what is true? This free practice exam is here to help you master the state-specific portion of the Texas Real Estate Practice Exam real estate exam. She is also writing a blog. increases the amount due from the buyer at closing. In most cases, broker compensation, as a percentage of home price, falls somewhere between: A Christian organization owns a fourplex. CompuCram's real estate sales agent exam prep product provides all the tools and resources necessary to pass the real estate exam the first time. A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. Each month they pay the same amount, which contributes to both the principal and interest. Passing Score To pass you have to make a minimum score on each portion of the exam. He lists his property for sale "as is", and does not disclose the problem. Michelle Renda is assistant manager at Barnes and Noble and is paid $42,900 annually. 13. By far, the most substantial chunk of the real estate license exam is the vocabulary. A chemical manufacturing company purchases a plant. ft, with $10,000 in depreciation and a $27,500 lot, what is the value of the property? John submitted an offer to buy a condo, but he can only carry out the purchase if the bank approves his request for a loan. An underage college student signs a lease, then discloses his age to the landlord. If the owner is earning a 10% rate of return, what is the value of the building? During the year, they become concerned about crime in the area and ask for permission to install an alarm system in the apartment. What is the difference between replacement cost and market value? Alden Co.s monthly unit sales and total cost data for its operating activities of the past year follow. Although the home has many updates and is in better condition than the surrounding houses, its value is significantly less than the price. The seller has painted over them to hide them. The property has been built to resemble an Antebellum mansion. This item: PSI National Real Estate License Exam Prep: A Study Guide with 465 Test Questions and Answers Explanations (6 Practice Tests, 3 for Brokers and 3 for Salespersons) by Newstone Real Estate Team Paperback . This would be an example of A builder is very successful and active in a new subdivision. tell the seller and encourage the seller to complete the negotiated sale. Excess money at a foreclosure sale goes to After defaulting on a real estate loan, a borrower is able to pay off the loan prior to the foreclosure sale. Superfund Amendments and Reauthorization Act (SARA). What should you do? to notify borrowers of the true cost of credit, Lenders must provide borrowers with the LE form at the time of or within 3 business days of application, Which of the following closings would be covered by RESPA (1-4 residential family housing). A property owner has a gas station on his land. How many square yards of carpet does he need? All states require real estate agents to be licensed by the state to engage in the sale of real estate. What type of business entity is owned by shareholders, but avoids "double taxation"? A real estate broker hired by an owner to sell a parcel of real property must comply with? The CE Shop students have achieved an impressive 90% National pass rate. 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. A real estate broker specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. It counts towards the buyer's closing costs. Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? Real estate practice exams are an excellent way to make sure youre using your test time wisely. A bill of sale is for personal property; a deed is for real estate. A license holder has just taken a class on networking and marketing through social media. CRINITZ: Mehrfamilienhaus, 244 m2 Wohnflche, auf dem Land mit drei groen . He has begun to disassemble his display cabinets and shelves. What happens to her real property? 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. He has earnest money deposits from several clients in the account at the same time. Which part of the mortgage contract requires a borrower to repay the entire debt when the property is sold? The rectangular survey system depends on what? An investor has 15 rent houses. An unmarried Texas couple purchased real estate together. 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. How much will he pay for the lot? He must pay a loan balance of $180,530 and closing costs at $10,000. How can homeowners get insurance coverage in case of a flood? Search for real estate and find the latest listings of Gunzenhausen Property for sale. Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. Homes in the subdivision are selling well, and the builder is making a good profit on the sales. Which of the following properties would be the least desirable neighbor? Which must the property owner obey? Deficiency B. Delinquency C. Default D. Deferment 3. Mark purchased a home for $150,000 He had an 80% LTV. A. How much did she pay for the discount points? home where a notorious convicted murderer once lived. What is the difference between an implied contract and an express contract? What kind of agreement has this real estate professional signed? **Required** 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. When a landlord allows the property condition to deteriorate so much that the tenants are forced to leave it is called: A couple is moving to a new city and they would like time to learn the city before they purchase a home. | 1 | 320,000 | $160,000 | | 7 | 340,000 |$220,000 | A buyer's agent is working with a buyer to purchase a property. What are Mark's rights with respect to a commission from the sellers? Login. A landlord leased space in his new retail property to an inexperienced business person. They are having a hard time making ends meet, yet they do not want to sell their home. The listing broker gives the listing sales associate 50% of the listing broker's share, and the selling broker gives the selling sales associate 65% of that share. Which of the following is NOT done under the police power of the state? 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. If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? A couple is purchasing a home and ask their agent how they should take title so that if one spouse dies, immediately the surviving spouse will be the sole owner of the property. Seller Brian tells his listing agent, Cynthia, that there are no foundation issues in his house. Find the slope of the graph of the following equation. An investor has purchased a one-family home that they plan to rent as an investment. Which of the following conveys title to real property and insure good title? This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. A leased property is not for sale at this time. Using a 360-day year, how much will the seller owe for taxes at closing? What is the total purchase price? Several years later, an ordinance was passed in that area banning any building six stories or higher. Ben manages an apartment complex that has an effective gross income of $100,000. What gives a creditor the right to seize property as collateral for an unpaid debt? What does it mean when a contract says that time is of the essence? 18. They have found a property that they would like to purchase now. Which of these is an economic characteristic that makes land a distinctive commodity?*. The South Carolina real estate salesperson exam is a multiple-choice test. Tyson then relays this information to a buyer, citing Benjamin as his source. Purchase Louisiana real estate Exam Prep today and get ready to pass your test with more confidence and less stress. The exit ramp will greatly increase the value of the seller's property. the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. A mobility impaired tenant has leased an apartment in a complex with unassigned parking. 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? What kind of agency does this describe? What is true? How Many Questions Can You Miss on the Pennsylvania Real Estate Exam? Prepaid Insurance Which of the following instruments is the promise to repay a debt? What did he pay for the house when he purchased it? | 4 | 200,000 | 100,000 | | 10 | 160,000 | 140,000 | With a total of 110 questions (80 national and 30 state), that means the score to pass is 60 for the national and 23 for the state. A married couple bought a home ten years ago for $400,000. What did Agent Tyson engage in? Which of the following best describes an FHA loan? Which of the following is NOT an example of functional obsolescence? Which of these is a protected class under the federal Fair Housing law? A buyer is aware that the interest rates should go down over the nest few months. $$. 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? Our material is specific to the Missouri Real Estate Salesperson Exam, covering both the National and State sections with these content areas: Property Ownership; One of the property owners in a subdivision is violating the deed restrictions. Direct the buyer to obtain an up-to-date flood map from FEMA. Can he advertise this accommodation? What can the owner do? a. recorded easement b. recorded mortgage c. encroachment d. dead restriction Click the card to flip Definition 1 / 80 b. recorded mortgage Click the card to flip Flashcards Learn Test Match Created by MsV12 He places a client's earnest money deposit in his business account and uses it to pay is rent. Which federal law amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)? The new owner wants John to move out. Tyson doesn't see any visible evidence of pests. What kind of loan does Mary have? The seller told the agent that she needs to sell the property because she is going through a divorce.
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