A building that is old, in a poor location, and poorly maintained would be classified as a CLASS D Building. Rockwell Exam Real Estate Classes WA Final Exam A buyer purchases a rental home that is fully furnished. His unit is called a a. 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. M29 and R456. Fill in the bubble sheet for each answer. When a person has control of property with a full bundle of rights, and there is no way to know when his ownership will end, he is sometimes referred to as a freehold tenant, but the terminology used is a Freehold Estate. The advantage of a VA loan compared to a traditional mortgage is the VA does not allow prepayment penalties to be charged if a veteran pays off a loan early. Will they be permitted to do so? R459. 453; serial number, 124XYG; useful life, 5 years; estimated salvage value, $\$3,000.00$. The sponsoring broker, on one side of the deal or the other. Cooperative apartment c. Loft apartment d. A legal action to compel a party to carry out the terms of a contract. NP22 and R455. How often does a "good agent: communicate with their clients? With a total of 125 questions (85 national and 40 state), that means the score to pass is 56 for the national and 21 for the state. Get fingerprinted and pass a background check Complete 180 hours required pre-license courses Pass the Pre-License Course Final Exam Once your approved, you will be notified via phone or email, which ever you choose. Its legal description contains angles and distances. In order for an offer to become a contract and be binding on the parties, notice (verbal or written) to the offeror that the offer has been accepted by the offeree (without any changes) is required. Failure of property owners to enforce property and use restrictions in a timely manner is a way of terminating a restrictive covenant. The corporate officer must be the president and CEO of the corporation to engage in business on behalf of the corporation. A new agent may have to pay monthly fees to the brokerage for desk space, land-line telephone as "start-up costs" because the new agent hasn't generated any money to the brokerage yet. 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. Forklift: plant asset No. A safety device in all homes that meet standard community building codes will have an ___________ which will stop the flow of electricity if there is a sudden increase in electricity that may cause danger to the property. In that case the contract will be declared NULL and VOID. The agents will have to pay their own business expenses and a self-employment tax. 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. Paid cash to replenish the petty cash fund, $\$169. D. Water table. 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. M31. The homeowner receives (rather than pays) monthly payments. The less money available the higher the interest rates. The woman tells the man that he can store his bulldozer in her yard for a few weeks. The a term used when merging a lot with an adjacent property with the result that the larger property has more value. Course Final Exam Proctoring. All licensees who are entering into an agency relationship should provide a WRITTEN DISCLOSURE, at the FIRST SUBSTANTIVE CONTACT with a potential client what personal interests (if any) the licensee has with either the property, the buyers, the sellers, or any other situation which might affect the agent's ability to be unbiased when providing service. A tenant has the first two rights but not the third depending on details in the lease. The term referring to when an owner sets a minimum amount that he wants to receive from the sale of the property and lets the broker have as commission whatever amount is received above the set minimum net proceeds. You must complete all the course chapters, quizzes, and projects (if your course has one) before you can take the final exam. Gary Meter took his very expensive watch in for repair to Mikes service center. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. The term referring to a section of the Truth in Lending Law that only has to do with advertising the lending or financing terms related to a real estate transaction. A. eminent domain. M33. The bill for the repair came to more than $375. Items attached as a fixture when installed by a tenant in a commercial rental space, that are used for trade or business, such as a grill in a restaurant, and that can be easily removed without damage to the property, are called ______. Typically, at least an acre of property per home is required for an individual septic system to provide ample room for the distribution field. 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. They fell in love and get hitched, signing a marriage certificate. For an answer on your specific state, see our guides for every state on the table above. 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. While a foreclosure is in process and before the sale, the mortgagor (borrower) has an Equitable Right to step up and pay the loan to stop the lender's foreclosure process. The woman died testate. c. interest-only payments. The base rate of interest is one cost but to determine the true cost one must add the loan origination charges and other factors. Implied c. Invalid d. Valid One mile is 5,280 square feet. Capitalization definition. The national and state questions are intermixed throughout a single test. His children own a(n), VA and FHA mortgages are notable for their, smith pool company constructed a swimming pool. Because many of them do not require a down payment. Most property managers prepare regular reports for owners. The two most effective study tools for the state exam are practice exams and learning the state-specific license laws. How many questions are on the real estate exam? 30. how often must the check the availability of the unit? 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 _____. Took the practice exam closed book. What type of income does a creditor expect from providing financial resources to an organization or business? In California, there are 150 questions on the exam. loans a percentage of, the right that the government hats promulgate and enforce laws necessary for the protection of the general public is known as, when a person gives power of attorney to another, the one entrusted with his power is known as the, according to the statute of frames, all agreements must be reduced to writing, except, when a person makes an offer on a property, the down payment or deposit evidencing good faith is referred to as, when a seller agrees not to list the property with any other broker, but reserves the right to sell the property himself, he has entered into what type of listing agreement. The millage rate that is derived is used to multiply against the value of a property to determine the tax owed on that property. 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. 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. All states require real estate agents to be licensed by the state to engage in the sale of real estate. a written listing agreement between a seller and the licensee's brokerage setting forth the terms under which the licensee will act as an agent, with the seller as a client, to market the seller's home and (2) a written buyer agency agreement between a prospective buyer and the licensee's brokerage setting forth the terms under which the licensee will act as an agent with the buyer as a client to search for, offer, negotiate, assist in engaging services such as inspectors and lenders and close the purchase of a home. Signed a 90-day, $10\%$ note, for $\$12,000.00$ with Northstar National Bank. Our real estate practice exam prep comes with 1,000 practice real estate exam questions with detailed answer explanations. Within a township there are 36 sections which have one mile on each side. Yes. What is the most common thing to be prorated at closing? That section can be used to study the topics featured on those 80 questions. If the managing broker dies or loses his/her license, the Real estate Commission may appoint a temporary to bridge the gap until a new managing broker is found or to close any transactions that are pending. community property laws and elective share laws. 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 they want to sell their apartment, they are selling the stock in the corporation and their proprietary lease goes to the new owners. While most apartments and rental homes are leased on an annual basis, a ground lease might be for as much as 99 years and a Hotel lease is typically for one day. 284, $\$300.00$. When a homeowner fails to pay his home loan as promised, the loan documents and the mortgage have provisions to allow the lender to begin a judicial foreclosure proceeding. Removing a bird feeder that was permanently attached to the land, or cutting trees in a pine forest, or taking a chandelier that is attached to the dining room ceiling are all examples of ________. 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. This free practice exam is here to help you master the national portion of the real estate exam. 4. A contract having no legal force or binding effect. When the first of the month came around, Gary did not pay. 6. 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. Commercial property vs. residential property. A) $239,200 B) $276,060 C) $197,600 D) $246,960. Someone who feels they have been discriminated against whether regarding employment, or fair housing, has how long to file a complaint with HUD? A contract requires a willing buyer and a willing seller, each of age, sane, under no pressure and unrelated. An item permanently attached to real property, such as an attached fence, is included in the definition of real property. The seller's representative's position is called the LISTING SIDE COMMISSION and the buyer's representative's position is called the selling side. When you say "final final," do you mean the PSI exam? A buyer In Virginia, the score to pass is 56 and 30. under a sale-leaseback, the occupant of the property would be which of the following? Building Codes dictate(s) the minimum and maximum pressures allowed for plumbing fixtures. A licensee who has not signed a brokerage services agreement has to be fair and honest with all parties. Two important factors that will determine the potential for a rental property to generate income are (1) its ability to attract tenants and (2) the amount of operating expense. \hline \text { Probability } & 0.01 & 0.02 & 0.9 & 0.01 \\ They believed that private property ownership, as defined under common law, pre-existed government. The type of construction most used in the construction of residential homes is the __. The primary purpose of a deed is to transfer title from a seller to a buyer. right of redemption to halt the foreclosure process by paying the delinquency. $100. Ad Valorem Taxes are based on the assessed value of the real 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. Paid semiannual interest on bonds payable $\$1,200.00$. Government-owned buildings are usually classified as ___________. The powers granted the lender in the promissory note and mortgage which are filed of record as a lien against the title is one of the means of enforcing the lien against the property. Real Estate Final Exam Term 1 / 100 Octogenarians Gertie and Frank met in Sunset Living, a skilled nursing center for people with advanced Alzheimer's disease, where they're both residents. 27. in constructions, the slope of the roof is known as the. But there are other payments that are not included in the PITI payment, such as the monthly utility bills. What happens if a managing broker's license is revoked? Eminent domain is the power of government to. You cannot use a smartphone or any calculator that includes an alphabet. $3,120. 5. In that event, to fulfill the objective of zoning, which is to "protect the people" a more moderate use will be allowed between the two zoned areas, called _____. A person who is buying property under a land contract or contract for deed and has occupancy and enjoyment rights but hasn't received the deed yet, has an _________. 452; serial number, M251; useful life, 4 years; estimated salvage value, $\$1,000.00$. No income tax is deducted, no workman's compensation insurance is provided. It is a health hazard when airborne. a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. 1 Quiz - The Real Estate Transaction, Chp. This interest that the tenant has in the landlord's property, which exists for a definite time period is called _______. Received cash for sale of a computer, plant asset No. a broker receives a commission only if she produces a buyer before someone else sells the property. Then the liens against the property, ranked in order by filing date, until the money is exhausted. 9 25 2016 real estate final ch 4 6 flashcards quizlet 1 12 real estate final ch 4 6 42 terms by marissa fraser c while most real property in the united states 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. property life and the straight-line method. What is the seller in this situation? If a property is subject to special tax assessments it is being additionally taxed because it is receiving some special benefit. The work station has an estimated value of $\$11, 000$, and the forklift has an estimated value of $\$22, 000.00$. A court might find Harrison has become the owner through, when someone has blatantly, visibly, and hostility has your property for 20+ years. 1. 24$; Medicare tax, $\$80.04$; medical insurance, $\$380.00$). 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. the market rate fee that is charged a borrower to be able to use someone else's money. Earnest money is NOT required in order to have a valid contract. 200 cards Zach V. Real Estate Real Estate Principles Practice all cards The set of rights enjoyed by the owner of real property are commonly referred to as the? If a Joint Tenant dies the Surviving Joint Tenants automatically acquire the deceased interest per stirpes. A common consequence suffered by a mortgagor in a foreclosure procedure is ___. A consumer is someone owns a home, who wants to buy a home or who is renting a home. C346. It will then proceed to measure around the property's perimeter until it returns to the P.O.B. 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. C347. Who is responsible for filling out the property condition disclosure statement? A married couple sells their principal residence of 30 years for $650,000.