A license holder has just attended a training seminar about technology in real estate and is excited about using social media with her clients. Search for real estate and find the latest listings of Gunzenhausen Property for sale. take the information to the listing broker. plumbing work that was completed but never paid for. A real estate professional signs a contract with a buyer. The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. A license holder advertises a listed property as having the most beautiful landscaping in the neighborhood. He sells 80% of it for $5,000 an acre. It wants to rent to only Christian tenants. A seller comes into the office to sign a contract. Today we go through 50 questions from our real estate practice exam. What will he take home if the split with his brokerage is 80% Tareq - 20% broker? b. exclusive buyer representation agreement. Pedro bought his house for $370,000. 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. This is: acceptable as long as he has written records. c. Real Estate Settlement Procedures Act (RESPA). Which of these is a naturally occurring mineral that is commonly used in insulation, but if airborne or inhaled, can cause severe respiratory health issues? What kind of lease is this? What can P do? P wants to sell the property, but Q and R do not. Allie cannot depreciate her investment property for a tax deduction. The NOI of this property is $367,500. Cynthia accepts Brian's claim and goes on to tell prospective buyers that the home's foundation is in fine condition. 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. Hans bought an investment property for $5,250,000. 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. A seller wants to net $185,000 on the sale of his property. If you want to earn $15 \%$ annual simple interest on an investment, how much should you pay for a note that will be worth $\$ 13,500$ in $10$ months? The listing broker 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. 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. Although not an agent of either party, the broker may not disclose either party's confidential information to the other. & \textbf { Dec. 31, Current Year } & \textbf { Dec. 31, Previous Year } \\ Which survey system is most commonly used in urban areas? 12. 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. A developer has 2,178,000 sq.ft of property. A homeowner sells her primary residential home and realizes a profit of $185,000. What is the effect of replacing bad with hot, or dry in sentence two. Which statement is TRUE of this arrangement? Which of the following is false about a property manager? 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? In Stock. Which of the following is a lien on real estate? Cash the tenants can stay until the end of the lease. The new owner wants John to move out. 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? Which of the following statements about an easement is true? About 2 hours and 40 minutes; Part 2: State Real Estate Laws. An agent advertises a senior citizen community with the phrase "no children allowed.". They own their own home. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 What type of permission allows an individual property to deviate from a specific provision of a zoning ordinance? 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? In Colorado, there are 154 questions on the exam (80 national and 74 state). If the owner is earning a 10% rate of return, what is the value of the building? Real estate practice exams are an excellent way to make sure youre using your test time wisely. What principle of value defines the most important factor for appraisal? Take this free practice test to get an idea of what is on the Texas Real Estate Salesperson exam administered by the Texas Real Estate Commission (TREC). An owner sold his house for $250,000 with a $50,000 take back. \end{array} How can homeowners get insurance coverage in case of a flood? mi madre. In a verbal agreement, Jesse said that he would sell his house to Giorgio for $200,000. Which of the following best describes an FHA loan? We're pulling for you! 1. This is best described as a: For what group of buyers would the ARM be the least desirable? c. a judgment lien (usually becomes general). Our expert-written Real Estate practice material covers actual exam topics with fully explained answers. What monthly income will your buyers need to qualify for a $200,000 loan at 6% for 30 years if lenders are qualifying at 28%? The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: Which statement BEST defines the term contingency? 22. | 1 | 320,000 | $160,000 | | 7 | 340,000 |$220,000 | He trips in the house causes major damage to property of the owner. This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of A couple purchased a condominium. He speaks with the seller, who is at home at the time, and they come to an agreement regarding price and terms. How much does the selling broker earn? Requiring his license holders to work scheduled hours. The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? The property is under contract and all contingencies have been met. He has hired an agent to lease the houses. Tenancy at will. If an appraiser uses the cost approach to determine the value of a two story building 128 x 97 at $120/sq. What is true? 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 has received on official notice requiring the removal of this type of fence. She has decided to market a new listing on these sites. home where a notorious convicted murderer once lived. 25. What is the defining feature of an estate for years? The tenant removes their trade fixtures and takes them upon moving out. His loan principal is $315,000. Arturo is buying a house for $400,000. What can they do to avoid this fee? He must pay a loan balance of $180,530 and closing costs at $10,000. An apartment building owner has renovated and modified several units to be handicapped accessible. Dennis Marier, Capital Find Property for sale in Gunzenhausen, Bavaria. Which of these will most lenders require homeowners to obtain before closing? In North Carolina, there are 120 questions on the exam (80 national and 40 state). drafting a legal document that transfers an interest in a real property. S1. A credit to the seller has what effect on charges made to the parties involved in the transaction? A property owner has the right to tell other people that they cannot trespass on their property. To purchase the house, she got a loan for $300,000 with 4 discount points. The real estate professional bases this practice on the need to preserve the cultural integrity of Asian immigrant communities. This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. An agent is accused of discrimination. What is the lowest price the property can sell for to accomplish this? The rectangular survey system depends on what? A buyer's agent is working with a buyer to purchase a property. Which of these is a protected class under the federal Fair Housing law? When did the second amendment of the Federal Fair Housing Act go into effect? Several years later, an ordinance was passed in that area banning any building six stories or higher. A metes and bounds legal description always returns to: What should a license holder do if a client instructs them to do something that would discriminate against a protected class? Who must be notified to take money out of the trust account in a real estate transaction? joint tenancy with rights of survivorship, both parties mutually agree to end an agency relationship. Darla is suing Arlo for specific performance. Try our FREE real estate practice exam after you . Mark purchased a home for $150,000 He had an 80% LTV. Tenancy at sufferance. A broker has written permission to represent both the seller and the buyer as a dual agent. Jordan took out a loan in the amount of $265,000. What approach would an appraiser most likely use to value a residential rent house in neighborhood where a majority of the homes are leased? What should the agent do? Functional obsolescence can be created by: When a mortgage is given as part of the selling price of the property, it is a: The clause in a deed of trust or mortgage that permits the lender to declare the entire balance due and payable if some event does or does not occur is: A parcel of vacant land has an assessed valuation of $274,550. Prepaid Insurance What should he do? What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success? The corporation, as the owner of real estate, may designate up to five of its officers to conduct business on behalf of the corporation without any license required. What is the net operating income of the property? Which type of loan is this an example of? Who is responsible? None. Which ownership rights can be sold separately from a property's surface rights? A buyer's agent has helped a buyer to find a home. How does errors and omissions insurance (E&O) affect the defendants in fair housing cases?*. Which of the following is a participant in the secondary mortgage market? Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. A buyer is aware that the interest rates should go down over the nest few months. He has met all the terms and conditions of the listing. Direct the buyer to obtain an up-to-date flood map from FEMA. increases the amount due from the buyer at closing. What are the requirements/ criteria for real estate to have values? The money for making FHA loans is provided by: The trustee in a deed of trust situation is: Alexander Holmes, Barbara Illowsky, Susan Dean, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. What gives the government the right to do this? 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. Which of the following properties would be the least desirable neighborhood? How many square yards of carpet does he need? A man leaves his second wife a life estate in their home after which the property goes to his children from his first marriage. Where does the secondary market get its funds? An investor has purchased a one-family home that they plan to rent as an investment. 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? Purchase Louisiana real estate Exam Prep today and get ready to pass your test with more confidence and less stress. A seller's property is listed for $399,900. 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? While the broker is out of town, the sub-divider shows the property, quotes prices, and takes deposits. the concentration of housing in a residential area. One of the property owners in a subdivision is violating the deed restrictions. Michelle Renda is assistant manager at Barnes and Noble and is paid $42,900 annually. 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). Ben manages an apartment complex that has an effective gross income of $100,000. Split with his brokerage is 80 % of it for $ 300,000 with 4 discount.... 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