A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. Proration mainly comes into play when a seller prepays their home taxes for the year. A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. A voidable contract is a legal agreement between two parties that may be unenforceable for any number of reasons. If problems emerge after a sale is complete; that is not the seller's problem, and not a cause for the buyer to sue. If youre not into Reddit, we also have our own study group located on Facebook. There is no minimum credit score requirement for a reverse mortgage, primarily because the main thing lenders want to know is whether you can handle the ongoing expenses required to maintain the house. Interpreter of the zoning ordinance. An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. Under the federal Fair Housing Act of 1968, such a statement is. A method of calculating the depreciation of an asset which. A clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason. Generally speaking, homeowners should have a solid credit score to refinance, although there are a few exceptions in government run loan assistance programs. That section can be used to study the topics featured on those 80 questions. a lien or a mortgage. (g) Salaries and wages. PCBs widely used as dielectric and coolant fluids, in transformers, capacitors, and electric motors. A crime punishable by up to a year in prison and/or a $1,000 fine. A fixture used in commercial property for business or industry Real estate includes land and buildings Bundle of Rights The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property. CCRs limit the use of a particular property, a condominium, or a subdivision. A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the market. REALESTATEU FINAL EXAM Flashcards | Quizlet Social Science Economics REALESTATEU FINAL EXAM Term 1 / 109 Article 12-A of the NYS Real Property Law Click the card to flip Definition 1 / 109 - The section of the New York Real Property Law pertaining to real estate salespersons and brokers. (d) Accounts receivable. A contract that legally binds two or more parties together, to specific obligations, that create a legally binding contract between the buyer and the seller. Escheat ensures that property always has ownership. The key concepts and words you have to study are essential for obtaining your real estate license, so you must learn and become familiarized with them. What best describes the type of agency typical in property management - in which an agent has limited power? This is word for word from the study guide, enjoy and good luck :), Article 12-A of the NYS Real Property Law, The section of the New York Real Property Law. - The amount of expenses that must be paid out of pocket before an insurer will pay any expenses. The time is of the essence contract clause in real estate contracts generally has to do with what? The agent is not entitled to any compensation. Which of the following consumers would most likely qualify and be able to derive the most benefit from a reverse mortgage? Why is an oral lease for two years not generally enforceable in law? This free practice exam is here to help you master the state-specific portion of the Missouri real estate exam. The statute applies to land sales and most purchases of goods over $500 (this includes real estate sales agreements). They also come packaged with lower interest rates so if you qualify VA loans are the way to go. - The use of borrowed capital (mortgage) to increase the potential return of an investment. However, it does not directly affect market value. The amount owed is called the principal and the price of borrowing the money is called the interest. Real Estate Mathematics 349 Questions 351 Answers 366 APPENDIX A Salesperson's Practice Final Examination 379 General Information 379 Specific Information 379 Exam Content Outline and Allocated Percentage 380 Sample Salesperson Real Estate Licensing Examination 382 Answers 391 QA_Help_Pass_RE_Exam_9E.indb 4 9/12/2014 10:31:40 AM SAMPLE - The premise that the ownership of real estate consists of the ownership of the various rights associated with it. So in this case take $250,000 and multiply it by .06 or 6%. - A federal prohibition that protects buyer/renter of a dwelling from seller/landlord discrimination with regards to race, color, religion, gender, national origin, familial status, or disability. A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. Antitrust Laws are a collection of federal and state government laws that regulate the conduct and organization of business corporations, normally to promote fair competition for the benefit of consumers. If one has a possessory interest in property, that individual cannot own? Have a question about the real estate exam? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Which of the following real estate contracts is a service contract? Time is of the essence clause in real estate contracts refers to a clause that requires one party in a real estate contract to fulfill their obligations within a specific time frame. - An appraisal technique whereby the value of an income producing property is estimating by capitalizing its net operating income using an appropriate capitalization rate. Restrictive covenants, are also know as CCR's(conditions, covenants, and restrictions). A voidable contract is a legal agreement between two parties that may be unenforceable for any number of reasons. - Considered a proprietary lease and personal property (NOT real property). Your satisfaction is important to us, which is why we offer a no questions asked 30-day money back guarantee. A mortage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. The course includes 6 full months of access to well . So knowing that Tina and Tom do not have a right to survivorship and are unmarried, we can assume they have a tenancy in common. Most probable price that a property should bring if exposed for sale in the open market for a reasonable period of time, with both buyer and seller aware of current market conditions, neither being under duress. There are three main forms of depreciation, what are they? Rights in real property to use the space above the surface of the land. States that the borrower can pay off the loan at any time before expiration of the full mortgage term without a financial penalty for early payoff. Monthly payment by an owner of a condominium. The fee simple estate has unlimited duration and can be passed on to heirs. This is a bit of a trick question. This year, Jelly leases a new piece of equipment from Squishy. Both terms pertain to spouses. A series of documents submitted for the review by a cooperative board. Click the card to flip Flashcards Learn Test Match Created by Terms in this set (157) A town or city that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. Which of the following best describes a blind offer? The employer of an agent or broker; the broker's or agent's client. The five most popular types of businesses are Sole Proprietorship, General Partnership, Limited Partnership, Corporation, and Limited Liability Company (LLC). Click on the buttons below for a free state real estate practice exam. A legal way to dissolve the relationship when the parties don't voluntarily agree to its termination is called. A horizontal structural member that supports a floor. - Legal agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt. Lenders will, however, look to see if you're delinquent on any federal debt. A valuation placed upon property by a public officer or a board, as a basis for taxation. - Primary purpose is to "Protect the Public" - Requires a salesperson to be at least 18 years of age - Requires a broker to be at least 20 years of age Sponsor A licensed real estate broker that holds the license of a salesperson. The act prohibits creditors and lenders from considering a consumers race, color, national origin, sex, religion or marital status in deciding whether to approve their credit application. A trust works as it follows: the first party, the trustor or settlor, transfers a property upon the second party for the benefit of the third party, the beneficiary. Sometimes people forget there are hundreds of others in the same boat. You can't have that form of ownership with two unmarried individuals. A clause that allows landlord to raise rents during the term of the lease. Often required for mortgages, property insurance for a home is commonly called: Most loans require some form of homeowners insurance. A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. Beams are typically wood, cold formed metal framing or steel. Monthly payments by a shareholder to a cooperative corporation. If that sounds good, check out these crash courses: Between our real estate prep course, real estate practice exams, and video lessons there is no better way to prepare for your real estate exam. Legal agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt. It is hazardous to health when a possibility exists of exposure to inhalable fibers. These drawings describe the QUANTITIES used in construction. Ex: Mortgage. - Agent must act in accordance to clients demands/instructions. Which of these items are liabilities of White Glove Cleaning Service? A person who on behalf of or for the benefit of another transacts business or handles money or property not the person's own; such relationship implies great confidence and trust. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. A clause in a contract that states a mortgage must be obtained in order for the contract to be binding. What is the illegal action or practice of lending money at unreasonably high rates of interest? that must be transacted for a successful transfer of ownership to take place. This designated person is called a life tenant. Joists, beams, and roofs are typically supported by these. An estate for years is not automatically renewed. Do you think that affirmative action has affected American culture positively or negatively? Watch these videos to review critical real estate terms that will appear on the real estate exam. The binomial probability distribution is a family of probability distributions with each single distribution depending on the values of n and p . - A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the market. - A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. We also have detailed state-specific practice exams located down below, along with an extensive math practice exam. A licensed real estate broker that holds the license of a salesperson. Must pass state administered real estate exam. Primary mortgage market is lending institution where mortgage originates. The fifth and fourteenth amendments of the U.S. Constitution permit the government to exercise its power of eminent domain. If someone is unlawfully forced to execute a contract it is called what? Quizlet This platform allows you to key in a topic. Appear in groundwater and soil. A measure of land equal to 43,560 square feet. Here are what topics you are expected to know:if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'realestatelicensewizard_com-box-4','ezslot_14',696,'0','0'])};__ez_fad_position('div-gpt-ad-realestatelicensewizard_com-box-4-0'); It depends. Below we put together a complete list of extra free study resources in hopes that you can pass your real estate exam the first time. Insurance policy that covers amounts above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum. These rates can vary significantly by state and may differ depending on the type of financial product youre using. The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. The refusal to lend money within a specific area for various reasons. One of the most essential parts of the real estate exam is vocabulary. An appraisal technique whereby the value of an income producing property is estimated by capitalizing its net operating income using an appropriate capitalization rate. What determines who pays for what and how much at closing? - A series of documents submitted for the review by a cooperative boards. Read More Here. - A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee. - A contract between the owner of a property and someone who agrees to manage it. A lease commonly found in a building with a single, long-term tenant. 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Considered a proprietary lease and personal property (NOT real. This long -term lease (also referred to as land lease) is commonly used for commercial property. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). This type of deed contains the strongest guarantee of title. They are a great option for someone who knows they will be owning a specific property for a long time. Holding earnest money without depositing it, is what? If you are new to all of this, dont worry, we gotcha covered. An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. The fiduciary duty of confidentiality lasts forever. What is the proper procedure for changing a contract that already has become binding? It may be limited by the life of the person holding it or by the life of another person. - The actual interest rate charged, including loan fees and points. In this situation, the new offer cannot be accepted unless the seller's counteroffer is withdrawn or hypothetically rejected. Usury is a form of predatory lending. Justin takes out a mortgage loan that requires monthly payments of $650.50 for 25 years and a final payment of $30,000. - The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. Remember, voidable contracts have the necessary elements to be enforceable, so they appear to be valid, but can be rejected by one party if the contract is discovered to have any number of defects. The ability to buy and sell is also known as what essential element of value? Before the Fair Housing Act, some lenders circled certain local areas with a red line on a map, refusing to make loans within the circled areas based on some characteristics of property owners in the area. Mortgage points, also known as discount points, are. In South Carolina, the score to pass is 56 and 28. A licensed real estate broker that holds the license of a salesperson. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. Must pay state mandated real estate agent fees. A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. Ex: Mortgage. A balloon loan is a mortgage which does not fully amortize over the term. A seller made a counteroffer and gave three days for acceptance. - Vertical framing members found in wall construction. In Missouri, there are 140 questions on the exam (100 on the national portion and on the 40 state portion). - An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. A month-to-month tenancy is a periodic tenancy that does not have an expiration date and thus runs indefinitely. A variance is a request to deviate from current zoning requirements. A naturally occurring mineral fiber sometimes found in older homes. Final Real Estate Exam. A cash reserve fund is an account set aside by an individual or business to meet any unexpected future costs, as well as the future costs of upkeep. Also called excess insurance. So in plain terms, a Purchase Agreement is the document buyers and sellers sign with all the terms and conditions of their transaction on it. A licensed real estate broker that holds the license of a salesperson. A lien that only binds to a specific asset or property. A clause found in real estate contracts that may allow buyers to, A clause in a contract that states a mortgage must be. In lien theory states: The correct statement is: In title theory states, banks or mortgage lenders hold the title of a property until it is paid in full. Remember, separate amendments are used to modify or change executory contracts. 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