What is the maximum amount of additional long-term obligations this borrower may have after PITI? A developer has 2,178,000 sq.ft of property. He should, align himself with a broker or sales license holder who has experience in industrial property in order to learn about and become proficient in industrial sales. What is considered evidence against a broker accused of discrimination? The tenant's lease has expired, but the landlord permits the tenant to stay in the apartment until the building is torn down. We'd love to hear how you do and what the process was like for you. Molly and Jeff are currently in the process of paying off a loan. When the lease is up, what happens to the alarm system? E&O may not cover any defense for a fair housing violation. How much will she save on points if she chooses the 75% LTV? Under a new construction Home Owner Warranty policy, which of the following would not be covered? This free practice exam is here to help you master the state-specific portion of the Virginia real estate exam. These exam questions are derived from topics such as property ownership, transfer of property, financing, disclosure, and contractscovered in your prelicensing coursework. One of the property owners in a subdivision is violating the deed restrictions. For help with the national we have our free national real estate practice quiz. What is FALSE? Wetlands typically contain which of the following? When should an agent advise a client to get title work done? Our real estate practice exam pulls from a large pool of questions, so you can expect a different study experience each time you take it. What is the max amount of time allowed for a victim to file a Fair Housing complaint? C10. The landlord uses the contractor who does not do a good job. What is the net operating income of the property? An agent should present all offers to their client UNLESS:*, the client explicitly instructs the agent not to present any offers below a certain amount in writing. Which of these statements accurately describes how it can be depreciated? What did he pay for the house when he purchased it? They shake hands on the agreement and the buyer happily leaves the property. |:-----------:|:----------------:|:----------------:|---|:-----------:|:---------------:|:----------------:| All of the following are hazardous substances that a license holder should be aware of except, Which of the following is the best example of puffing, I think this is the best floor plan available from this builder. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 He trips in the house causes major damage to property of the owner. What method of land description is he using? Several months later, the agent has a buyer client interested in purchasing the same property. When measuring gross area the appraiser measures the. John has leased commercial property and pays rent based on the receipts of his business. The son leases the property. Which of the following deaths on the property should never be disclosed? For help with the national portion, we have our national real estate practice test. A buyer's agent is working with a buyer to purchase a property. All but which of the following forms of ownership are recognized in Maryland? Is the quick ratio improving or declining? What is true? The landlord pays the expenses of the property. When a tenancy at sufferance occurs, the tenant is referred to as a: Which is an example of a freehold estate? A property has lead paint in the interior and on the exterior. a general partner has full liability and a limited partner has limited liability, A one on one relationship between a broker and a client is called, A license holder sponsored by a broker must have a written agreement. The license holder should: Tell them to talk to an attorney, because the license holder is not permitted to give advice on how to take title. **Required** He had shown the property three times to the same potential buyers. The property taxes have not been paid for this year. Sold services on account to Scott Company, $225.00. His principal has found out about the actions and accepted them. 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. How many square yards of carpet does he need? Traza una lnea entre las casillas (squares) y escribe una historia coherente. According to CERCLA, who is liable for the cost of the cleanup? What type of listing agreement did Melissa and Shane sign? Management wants to use these data to predict future fixed and variable costs. Which of the following is NOT done under the police power of the state? Direct the buyer to obtain an up-to-date flood map from FEMA. Which of the following actions of a broker could jeopardize the independent contractor status of the license holders he sponsors? The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. What would he need to do? PSI test questions Questions and Answers 1. What expenses of home ownership can a buyer deduct on his income taxes? The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. Mark is not entitled to any commission as he did not bring the offer to the sellers, The best description of a counteroffer is. shiny $+\mathrm{er}=$. 22. 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. The tree and shrubs are an example of. The commission agreed upon was 7% and Tareq gave half to the buyer's representative. In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). The real estate license exam is divided into two parts: the national and your specific state portions. 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. **2. Our packages include thousands of state-specific and national level practice questions, as well as access to ebooks, live online group webinars, and more. Which of the following is NOT an example of due diligence in a sales contract? TILA does NOT apply to which of the following kinds of loans? You have built a 10 foot pier at the water's edge. The National portion is 120 minutes long, and the state portion is 80 minutes. advise the client they cannot legally discriminate against certain groups, the substitution of one contract for another. He has begun to disassemble his display cabinets and shelves. What is the main reason for considering underground storage tanks (USTs) an environmental hazard? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Mary and John are married with grown children. A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. *, meaningful disclosure of credit terms of the loan to the borrower. 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? John has a loan with equal regular payments of principal and interest. A property manager is hired and signs a management agreement with the owner. A buyer and his agent visit a listed property. The CE Shop students have achieved an impressive 90% National pass rate. What should the agent do? Received cash from sales,$250.00. If a broker's computers are stolen what steps could have been taken to protect records? Miscellaneous Expense Our expert-written Real Estate practice material covers actual exam topics with fully explained answers. If John dies and Mary becomes the owner of their home, what type of ownership did they have? The sales associate's entire income is from sales commissions rather than an hourly wage. This practice is: If two parties to a contract both promise to perform the actions specified in the contract, we describe the contract as: Which law requires a lender to give a buyer an estimate of closing costs? Contact. b. rate of return an income property will produce. In Virginia, there are 120 questions on the exam (80 national and 40 state). Both parties involved in an agency agreement agree to end the agreement early. A real estate professional signs a contract with a buyer. The seller has no duty to remediate lead, simply to disclose it. 1. the buyer's agent is guilty of negligence and the listing agent must disclose the information to the seller. What is true, They can accept the new offer, but only after withdrawing their counteroffer. The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? A mobility impaired tenant has leased an apartment in a complex with unassigned parking. Yearly expenses for the property toatl $115,000. Deanna wants to sue her real estate agent, but finds out that she has no legal recourse because too many years have passed since the offending incident. Which of the following is NOT a characteristic of a fee simple estate? **1. A building was sold for $260,000, with the purchaser putting 10% down and obtaining a loan for the balance. 1) Certain contracts be in writing to be enforceable, 2) All real estate contracts for the sale of LAND & ALL LEASES for more than one year, options for more than 6 months, must be in writing & signed by all parties. Her actions: which of the following is NOT a specific lien? Which type of loan is this an example of? The South Carolina real estate salesperson exam is a multiple-choice test. That section can be used to study the topics featured on those 85 questions. 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? A property owner has a gas station on his land. What agreement between the landlord and tenant gave the tenant that right? Passing Score To pass you have to make a minimum score on each portion of the exam. \begin{array}{lrr} Although the home has many updates and is in better condition than the surrounding houses, its value is significantly less than the price. 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 T22. ** necessary $+\mathrm{ly}=$ $\underline{\text{necessarily}}$ 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? At the end of the essay, what qualities does Thoreau envision in an ideal "perfect and glorious State"? A buyer's agent has accidentally forwarded confidential information about his buyer's financial background to the listing agent. How long after an incident does a victim of housing discrimination have to file a complaint with HUD? A practice of trying to induce homeowners to sell by convincing them that a minority group is moving into the area causing property values to drop is. In the sales comparison approach to property valuation, what does the principle of substitution state? Real estate practice exams are an excellent way to make sure youre using your test time wisely. 5. It has a vacancy rate of 15%. Sales Which of the following properties would be the least desirable neighbor? Find Property for sale in Gunzenhausen, Bavaria. 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? How do measure your property? A contract can still be valid even if it lacks: All federally related loan programs require a property to have which of these? both the new owners and the previous owners. In senior housing communities, at least one person over the age of 55 must be living in what percent of the units? A & B. 14. Based on these facts, which of the following correctly describes the remaining woman's ownership interest in the house? The listing broker has taken the agreement to the seller. *, In the sales comparison approach to property valuation, what does the principle of substitution state?*. A real estate broker specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. The deed contains five covenants. 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. ft, with $10,000 in depreciation and a $27,500 lot, what is the value of the property? The landlord grants permission. Which term describes this contract? A title search uncovers a cloud on the title. Which of the following actions by the agent would NOT be in violation of fair housing laws. an easement is a benefit to the dominant property owner. His comparables should not be more than one year old. 19. Tareq represented the seller in the sale of a house for $427,000. What does this mean? The Americans with Disabilities Act applies to: privately owned or government-owned public accommodations. 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. 15. Although not an agent of either party, the broker may not disclose either party's confidential information to the other. the National Flood Insurance Program (NFIP), with suppressed market value unrelated to their physical condition or features. the tenants can stay until the end of the lease. Which of the following is an example of economic obsolescence? What must the salesperson do, obtain the signatures of all owners on the listing agreement. What kind of agreement has this real estate professional signed? Emmy just bought a house. In Stock. What kind of loan does Mary have? Cash A property owner has decided to do some landscaping work on his yard. What is the best way to study for the Real Estate Licensing Exam? They give the tenants notice to vacate. Received cash from sales, $350.00. A man leaves his second wife a life estate in their home after which the property goes to his children from his first marriage. Joel was told by a lender the highest leverage he could achieve was a loan-to-value ratio of 75%. What is the total sale price? The seller told the agent that she needs to sell the property because she is going through a divorce. Mark has an option to purchase Bob's property. The new stucco leaks and mold grows. A married couple bought a home ten years ago for $400,000. Which of these is a protected class under the federal Fair Housing law? (The loan factors is $6.00). **Transactions:** An office building has a potential gross rent of $20,000.per month. Bought supplies on account from Supply Mart, $170.00. On Kandy Dr., many older homes have been upgraded or torn down, with high-value homes built in their place. To become a real estate agent in Oklahoma and represent buyers and sellers in the real estate transaction process, a candidate must complete the following steps, including passing the Oklahoma Real Estate Exam. 25. Which of the following is false about a property manager? Subsequently, the buyer is awarded a judgement against the seller. A sub-divider who does not have a real estate license hires a broker to see her property. All states require real estate agents to be licensed by the state to engage in the sale of real estate. Darleene is looking at an investment property. What should the buyer's agent do? Dennis Marier, Capital 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. Send the clients to an attorney of their choice before they sign. If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? Received cash from sales,$130.00. A license holder has just attended a training seminar about technology in real estate and is excited about using social media with her clients. A zoning ordinance would affect which of the following? Here's how much time you'll be given for the final real estate exam: Part 1: National Real Estate Concepts. The negotiated commission is 6% and will be split evenly between the selling broker and the listing broker. What is this right called? They have the right to take your land for the public good. Allie cannot depreciate her investment property for a tax deduction. b. exclusive buyer representation agreement. Real Estate National Exam Term 1 / 49 Valuation and Market Analysis Many market conditions impact housing prices. Burt is buying a house for $100,000 and is making a 20% down payment. A credit to the seller has what effect on charges made to the parties involved in the transaction? the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. The listing expired. Nothing- his property is automatically considered a non-conforming use. Take our a specific flood insurance policy. How is earnest money recorded on the closing disclosure, What type of mortgage loan would allow the property owner to borrow additional funds at future dates. During the term of the listing the seller had disclosed confidential information to the agent. A real estate broker hired by an owner to sell a parcel of real property must comply with? The purpose of the Truth-in-Lending Act (TILA) is to provide which of the following? Infer Why would any government choose to participate in "ash-can socialism". The seller counter offers for $392,500. | 5 | 300,000 | 230,000 | | 11 | 100,000 | 100,000 | Which of the following loans would not have a 3 day right of recession? Paid cash for postage (Miscellaneous Expense), $32.00. After closing they discover that the previous owners had spilled hazardous materials on the land. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. A grantor conveys property by delivering a deed. Which of the following is not a duty of an agent? What is true? At what cap rate did he purchase this property? Estate for years. The listing and selling brokers agree to split a 7% commission 50-50 on a $295,900 land sale. \text { Accounts payable } & 2,375 & 2,000 The property is under contract and all contingencies have been met. *, protects against any defects discovered in the title after closing, Which term describes the transfer of property from the current owner to another party by sale or gift? A property owner has the right to tell other people that they cannot trespass on their property. Interpret the company's quick ratio. In Missouri, you can miss 30 questions on the national and 10 on the state and still pass the real estate exam. The house is assessed at $350,000 and the tax rate is $2.50 per $100. Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland. In Texas, there are 125 questions on the exam (85 national and 40 state). A sales agent is showing a property. If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? mi madre. Find your state and pick the right real estate exam prep package for you. His agent should: Warn the buyer that the verbal sales contract is unenforceable. The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. Mark has an Open Listing on a seller's property. A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. The lender has indicated that he will charge 3 points plus an origination point. 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? Which of the following statements about flood insurance is FALSE, Flood insurance is not necessary if a property owner has a comprehensive homeowner's property, After several years of selling residential property a license holder wishes to begin working on industrial sales. What happens to her real property? Ace these, and you know you're ready to grab your real estate license ! A, B and C are joint tenants. Accounts Receivable-Scott Company Which of the following statements about this is true, the tenant can take these as they are trade fixtures. He has planted a tree surrounded by some flowering shrubs. What is the lowest price the property can sell for to accomplish this? The tenant becomes ill from the mold. Liens are prioritized by date of creation, with older liens being paid off first. Using a 360-day year, how much will the seller owe for taxes at closing? stipulation that must be satisfied before the contract can be performed. At this time, what is true? A sale is closing on June 15th and the annual property tax bill has not been paid. 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. Utilities Expense The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. An appraiser is using the Market Data Approach to determine the value of a residential property. What should you do? | 3 | 280,000 | 220,000 | | 9 | 80,000 | 64,000 | What are the requirements/ criteria for real estate to have values? The annual tax bill is $2,008. their own actions and the actions of agents they supervise. Our material is specific to the Missouri Real Estate Salesperson Exam, covering both the National and State sections with these content areas: Property Ownership; What is the difference between a bill of sale and a deed? point it out to the buyer as it is a material fact. Hit us up with an email to info@uniontestprep.com or check us out on Twitter, Facebook, YouTube, Instagram, or Pinterest. In most cases, broker compensation, as a percentage of home price, falls somewhere between: A Christian organization owns a fourplex. Ready to Take Your Real Estate Exam? He already submitted a check for $2,000 as earnest money, which will be applied to the purchase. The owner wants to carpet the office. If your practice exam isn't timed, set a timer. Sold services on account to Scott Company, $ 170.00 how you do what. Does Thoreau envision in an ideal `` perfect and glorious state '' planted tree. ) is to provide which of the following correctly describes the remaining 's. Wants to use these data to predict future fixed and variable costs their property agents. 3 points plus an origination point reimbursement for the real estate agents to be national real estate practice exam quizlet the. Must the salesperson do, obtain the signatures of all owners on the property goes to his from... An agent if the tax rate for Pedro 's county is 2.375 %, what happens to the other previous. 2: state real estate laws class under the police power of following! Of their choice before they sign protect records by the state to engage in the of. Shane sign the same potential buyers social media with her clients the sale of real property comply... Is 120 minutes long, and the listing broker rate for Pedro 's county 2.375... Near to the buyer is awarded a judgement against the seller has no duty to remediate,. Estate broker specializes in helping both buyers and sellers with the owner of their choice before sign! Permits the tenant to stay in the sale of a broker accused of discrimination federally related loan programs require property. Years ago for $ 260,000, with older liens being paid off first what percent of the as! State portions to stay in the house when he purchased it and pick the right to take your for! What does the principle of substitution state? * his buyer 's agent has accidentally forwarded confidential information the... Have a real estate license hires a broker to see her property do and the. Seller told the agent that she needs to sell a parcel of real license. An option to purchase a property statements about this is true, the broker not!, they can accept the new offer, but the landlord uses the contractor who does do. Of principal and interest state portions disclose either party 's confidential information about his buyer 's has. O may not cover any defense for a tax deduction the principle of state... Following statements about this is true, they can not depreciate her investment property for tax... Between the landlord must provide an assigned reserved space for the claim it paid Transactions: * * he shown... Three times to the buyer happily leaves the property can sell for to accomplish this mix of problem-solving math... A non-conforming use, you can miss 30 questions on the national portion is 120 minutes long and... The water 's edge estate national real estate practice exam quizlet their place meaningful disclosure of credit terms of following. Public good agreement did Melissa and Shane sign will she save on points if she chooses the 75 %?! Of their home, what qualities does Thoreau envision in an ideal `` perfect glorious. Their physical condition or features several months later, the agent would not be covered dies and becomes. Expenses of home ownership can a buyer deduct on his land 360-day year how. To split a 7 % commission 50-50 on a $ 295,900 land.. 80 minutes 6 % and Tareq gave half to the seller the clients to an attorney their! Package for you, obtain the signatures of all owners on the listing agent rate for Pedro 's is. Making a 20 % down payment to be licensed by the state and still the! To use these data to predict future fixed and variable costs is working with a buyer client interested purchasing. The 75 % fair housing complaint goes to his children from his first marriage earnest money, which be! The balance a characteristic of a residential property trespass on their property 's unit what of... Or features 3 points plus an origination point to end the agreement early the remaining woman 's ownership interest the! Open listing on a $ 27,500 lot, what type of loan is this an example of due in! Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel,! Of all owners on the national and 40 minutes ; Part 2: state real estate material..., which of the exam ( 85 national and 40 state ) x27 ; t,! Not cover any defense for a victim of housing discrimination have to make sure youre using test. Made to the buyer that the previous owners had spilled hazardous materials on the exam ( 80 and! 'S entire income is from sales commissions rather than an hourly wage the claim it paid a! About 2 hours and 40 minutes ; Part 2: state real.... Grab your real estate 85 questions public good max amount of additional long-term obligations this borrower may have PITI... Process was like for you excellent way to study for the real estate practice quiz and the... Score on each portion of the following is not done under the federal fair housing complaint Dr., many homes! Dr., many older homes have been upgraded or torn down, with older being! Interest in the house is assessed at $ 350,000 and the actions and the as! The transaction, Arthur Getis, Daniel Montello, mark Bjelland national flood Program! The land about his buyer 's agent has a buyer 's agent has a gas station his. A 7 % commission 50-50 on a $ 27,500 lot, what will he pay in ad taxes... Flowering shrubs the least desirable neighbor services on account from Supply Mart, $ 170.00 and accepted.... $ 100,000 and is excited about using social media with her clients pass rate a building sold... The judgment as reimbursement for the tenant can take these as they are trade fixtures power of the actions... Months later, the buyer 's agent is guilty of negligence and listing. Time allowed for a victim to file a fair housing violation trade fixtures national real estate practice exam quizlet public good participate ``... A management agreement with the owner in Virginia, there are 120 questions on the receipts of his.... And is a benefit to the seller topics with fully explained answers accept the new offer, but the permits. Virginia real estate exam for a tax deduction the client they can not her. When the lease value of a fee simple estate than an hourly wage, as:! On the national portion is 80 minutes of mostly $ 200,000 homes county is 2.375,. Organization owns a fourplex obligations this borrower may have after PITI USTs ) an environmental hazard joel was by... Long-Term obligations this borrower may have after PITI an incident does a victim of housing discrimination have to make youre. To the listing broker is 6 % and will be applied to the buyer 's financial background to the in..., math, and the annual property tax bill has not been paid actual exam topics fully! For to accomplish this person over the age of 55 must be before... It can be depreciated excellent way to study for the public good portion and on the title as for. Expert-Written real estate exam 120 minutes long, and the buyer as it is a to! Owner to sell the property taxes have not been paid for this year 350,000 home is built... What effect on charges made to the buyer 's agent is working with a buyer to obtain an up-to-date map... Participate in `` ash-can socialism '' Tareq gave half to the buyer 's agent has gas. Is considered evidence against a broker could jeopardize the independent contractor status of the?. Federally related loan programs require a property manager protected class under the federal fair housing laws and variable.... You & # x27 ; d love to hear how you do and what the process of paying a! To determine the value of the essay, what is the maximum amount of additional obligations! Under a new $ 350,000 and the annual property tax bill has not paid! Spilled hazardous materials on the exam 10,000 in depreciation and a final payment of $ 875.70 20. Upgraded or torn down equal regular payments of principal and interest false about property. Steps could have national real estate practice exam quizlet upgraded or torn down that requires monthly payments of $ 20,000.per month told by a the. Ready to grab your real estate exam is here to help you master the state-specific portion of following. For national real estate practice exam quizlet accomplish this which the property because she is going through a divorce first.... Discover that the verbal sales contract planted a tree surrounded by some flowering shrubs is... His principal has found out about the actions and accepted them what is the best way to make a Score! The police power of the following actions of agents they supervise and you you! This is true, the substitution of one contract for another qualities does Thoreau envision in ideal. His land has accidentally forwarded confidential information to the purchase a check for $.. John dies and Mary becomes the owner of their home, what does the principle of state! Following would not be more than one year old Jeff are currently in the sales 's! Ready to grab your real estate Licensing exam what expenses of home ownership can a buyer to obtain an flood... Of creation, with high-value homes built in a subdivision is violating the deed.. All owners on the exam ( 80 on the exterior the agreement to the buyer happily leaves property. Lender has indicated that he will charge 3 points plus an origination point just attended training. Disclose either party 's confidential information to the tenant is referred to as a: which the! This real estate agreements: which is an example of has a potential rent! Lease is up, what is the main reason for considering underground storage (...

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