What does a standard title insurance policy do? The property has been built to resemble an Antebellum mansion. Which of these is TRUE? 14. Which statement is TRUE of this arrangement? school specializing in real estate courses real estate license exam preparation and real estate license qualification courses in california call 310 838 1000 for courses overview, a real estate broker or a real estate agent is a person who represents sellers or buyers of real estate real property while a broker may work independently an agent must Which of the following statements about the difference between a license holder who is an employee and a license holder who is an independent contractor would be true? This is an example of A father gives his son a life estate on a property. By far, the most substantial chunk of the real estate license exam is the vocabulary. An unmarried Texas couple purchased real estate together. R2. Which must the property owner obey? 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. Seller Brian tells his listing agent, Cynthia, that there are no foundation issues in his house. It has a definite ending period and there is no automatic renewal. Which type of agreement transforms the customer into a client and the broker into a listing agent? A tenant is aware that his lease will expire at the end of the month. A contract can still be valid even if it lacks: All federally related loan programs require a property to have which of these? Which type of loan is this an example of? 4. The nursing home agrees that the rental income produced by the building will pay for the expenses of caring for the women's parents. All of the following are required under ADA except: According to Regulation Z, which of the following is not a trigger term? An investor/developer has borrowed money to build a retail shopping center. demand, utility, scarcity, transferability. Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property? He has received on official notice requiring the removal of this type of fence. \text { Accounts payable } & 2,375 & 2,000 Which of the following statements is true? An investor has 15 rent houses. Based on these facts, which of the following correctly describes the remaining woman's ownership interest in the house? Tyson then relays this information to a buyer, citing Benjamin as his source. C7. The property is under contract and all contingencies have been met. An underage college student signs a lease, then discloses his age to the landlord. Direct the buyer to obtain an up-to-date flood map from FEMA. 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 an example of economic obsolescence? Tenancy at sufferance. The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: Which statement BEST defines the term contingency? A sub-divider who does not have a real estate license hires a broker to see her property. Until then, what does Rebecca have? A physical or mental impairment that substantially limits one or more of the major life activities of an individual. A property is listed for $399,500. Which term describes this contract? Who can require a buyer to purchase homeowners insurance? TILA does NOT apply to which of the following kinds of loans? What should you do? Which of these statements accurately describes how it can be depreciated? Real estate practice exams develop familiarity with the test questions and help reduce anxiety by identifying knowledge gaps. Which of these is a protected class under the federal Fair Housing law? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. A buyer's agent is working with a buyer to purchase a property. If a person dies without a will, who receives their estate? & \textbf { Dec. 31, Current Year } & \textbf { Dec. 31, Previous Year } \\ PrepAgent offers real estate exam prep for all 50 states. How do measure your property? National Real Estate Exam Practice Questions 4.6 (18 reviews) Term 1 / 219 A property owner has decided to do some landscaping work on his yard. He has planted a tree surrounded by some flowering shrubs. 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. What is the main reason for considering underground storage tanks (USTs) an environmental hazard? He sells 80% of it for $5,000 an acre. Listing agreements are between a broker and a(n): Negligent misrepresentation violates the fiduciary duty of: What is a report from a licensed appraiser that sums up a property's market value based on collected data called? Mark purchased a home for $150,000 He had an 80% LTV. Each month they pay the same amount, which contributes to both the principal and interest. Undivided ownership of an estate, with an interest that is exclusive from other owners is called: If a contract specifies a legal land description, it is most likely a(n): A debit to the buyer has what effect on charges made to the parties involved in the transaction? Last week, Mary died. A landlord leased space in his new retail property to an inexperienced business person. All but which of the following forms of ownership are recognized in Maryland? The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. A property owner has the right to tell other people that they cannot trespass on their property. Which survey system is most commonly used in urban areas? If your practice exam isn't timed, set a timer. 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. The buyers have not responded to the counteroffer. Mortgage notes made in the primary market are bought and sold. Which of the following could always be found by searching the county land records? The CE Shop students have achieved an impressive 90% National pass rate. Allie cannot depreciate her investment property for a tax deduction. Today we go through 50 questions from our real estate practice exam. His comparables should not be more than one year old. Yearly expenses for the property toatl $115,000. Which part of the mortgage contract requires a borrower to repay the entire debt when the property is sold? 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). Interpret the company's quick ratio. Which of the following statements may represent the unauthorized practice of law? National - Real Estate Exam Practice Questions (Set One) 4.3 (3 reviews) Term 1 / 80 Which of the following is a lien on real estate? A buyer representation agreement establishes an agency relationship between a buyer and a: The owner of a landlocked parcel of land may gain access to their land through an: When an object that was once personal property becomes permanently attached to real estate, what happens? Homes in the subdivision are selling well, and the builder is making a good profit on the sales. An executory contract is a contract that: Your buyer client asks you if a property is located in a flood zone. 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. Here's how much time you'll be given for the final real estate exam: Part 1: National Real Estate Concepts. The local government needs your land to build a new high school. A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. 13. The landlord grants permission. A property at 123 Main street has been listed by Mary, a sales license holder at ABC Realty for several weeks. Passing Score To pass you have to make a minimum score on each portion of the exam. 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. The current value of a property is $140,000. What is required? The tenant dies. It wants to rent to only Christian tenants. Ben manages an apartment complex that has an effective gross income of $100,000. Police powers include all of the following EXCEPT? 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. 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 title search uncovers a cloud on the title. The sellers receive another offered for $395,000. He already submitted a check for $2,000 as earnest money, which will be applied to the purchase. What did Cynthia engage in? What is FALSE? Content Based on Your Candidate Information Bulletin What type of agreement can they enter into with a seller that will allow them to occupy the property now and purchase it within the 6 months? Ace these, and you know you're ready to grab your real estate license ! The sales associate's entire income is from sales commissions rather than an hourly wage. Which of the following statements about lead is NOT true? For help with the national we have our free national real estate practice quiz. Complete 90 Hours of Approved Education Pass a Background Check Submit Your Application to the Oklahoma Real Estate Commission (OREC) Although the home has many updates and is in better condition than the surrounding houses, its value is significantly less than the price. Deficiency B. Delinquency C. Default D. Deferment 3. The power of the government to seize citizen's private property without the consent of the owner. CRINITZ: Mehrfamilienhaus, 244 m2 Wohnflche, auf dem Land mit drei groen . John has leased commercial property and pays rent based on the receipts of his business. 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. How Many Questions Can You Miss on the Pennsylvania Real Estate Exam? Which of the following is NOT a characteristic of a fee simple estate? Your property borders a non-navigable waterway and you have riparian rights. John has a three year lease on office space. stipulation that must be satisfied before the contract can be performed. Which of the following is the most likely reason for the lien? 12. What is the max amount of time allowed for a victim to file a Fair Housing complaint? In the sales comparison approach to property valuation, what does the principle of substitution state? 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. the National Flood Insurance Program (NFIP), with suppressed market value unrelated to their physical condition or features. Received cash from sales, $350.00. How much does the selling sales associate earn from the sale after deducting expenses of $1,300? an easement is a benefit to the dominant property owner. Nelnet Solutions provides a free 300 page real estate practice PDF that can be accessed here. 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. Inform the buyer 8. The real estate license exam is divided into two parts: the national and your specific state portions. Prepare for success! The real estate professional bases this practice on the need to preserve the cultural integrity of Asian immigrant communities. ------------- A bill of sale is for personal property; a deed is for real estate. What would he need to do? The seller's gross sales price will be: A buyer is purchasing a condominium unit in a subdivision and obtains financing from a local bank. | 4 | 200,000 | 100,000 | | 10 | 160,000 | 140,000 | The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. The exit ramp will greatly increase the value of the seller's property. The term for when the client initiates the termination of the agency agreement is known as: Which of the following terms refers to a surveyor's or developer's map that identifies lots and blocks? An agent advertises a senior citizen community with the phrase "no children allowed.". He has the right to use the water from the stream. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. A seller has received $225,000 for the sale of his home. What type of loan has a rate linked to an economic index? 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. the concentration of housing in a residential area. Practice of Real Estate Remedies under the new amendment include: 1) a civil penalty, not exceeding $16,000 for the first offense 2) a penalty not exceeding $37,500, if another offense was committed within the past 5 years 3) a penalty not exceeding $65,000 if two or more discriminatory practices have been found in the past 7 years A buyer makes an offer for $389,000. Erin pays a flat fee every month to rent her apartment. Which of the following loans would not have a 3 day right of recession? What expenses of home ownership can a buyer deduct on his income taxes? Using a 360-day year, how much will the seller owe for the taxes at closing (to the nearest dollar) and how will this be shown on the CD? The house is assessed at $350,000 and the tax rate is $2.50 per $100. Mar. What type of insurance will cover this accident? A sales agent is showing a property. If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? C10. A property is bought based on fraudulent statements by the listing broker. Under the federal Fair Housing Act, is this legal? A sale is closing on June 15th and the annual property tax bill has not been paid. What is this called? When measuring gross area the appraiser measures the. During the year, they become concerned about crime in the area and ask for permission to install an alarm system in the apartment. National real estate exam review crash course - YouTube 0:00 / 1:43:00 National real estate exam review crash course Real Estate Exam Prep 20.9K subscribers Join Subscribe 6.2K Share. He must pay a loan balance of $180,530 and closing costs at $10,000. The property is assessed at 40% of the current value for real estate tax purposes, with an equalization factor of 1.5 applied to the assessed value. The tenant removes their trade fixtures and takes them upon moving out. What is the advantage to the borrower of a VA loan? **Required** A buyer has purchased a property and after closing the seller will continue to occupy the 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? Solve the application problem. 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? What will he take home if the split with his brokerage is 80% Tareq - 20% broker? Prepaid Insurance Tenancy from year to year. What happens to trade fixtures after a business moves out of a leased property? If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? Which of the following is a participant in the secondary mortgage market? What did Agent Tyson engage in? Our expert-written Real Estate practice material covers actual exam topics with fully explained answers. In Virginia, there are 120 questions on the exam (80 national and 40 state). During this period, the buyer can:*, Brenda and her husband are interested in buying a house that was constructed in 1971 that has all the original paint, windows, and flooring. What department of the government oversees the FHA insurance program? What type of loan should they consider? If a broker's computers are stolen what steps could have been taken to protect records? |:-----------:|:----------------:|:----------------:|---|:-----------:|:---------------:|:----------------:| What act is prohibited by the Sherman Antitrust Act? Which of the following properties would be the least desirable neighborhood? 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. What is the salespersons obligation to a buyer under single agency listing? Miscellaneous Expense The rules are in conflict with one another. advertising property for sale only to childless couples. Real estate practice exams are an excellent way to make sure youre using your test time wisely. What does the principle of anticipation state about the valuation of property? 19. | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | Several months later, the agent has a buyer client interested in purchasing the same property. How much did she pay for the discount points? For help with the national portion we have our real estate license practice quiz. What part of a mortgage contract allows lenders the ability to call the whole loan amount if the borrower is in default? Several years later, an ordinance was passed in that area banning any building six stories or higher. They own their own home. Traza una lnea entre las casillas (squares) y escribe una historia coherente. They shake hands on the agreement and the buyer happily leaves the property. That section can be used to study the topics featured on those 85 questions. An appraiser is using the Market Data Approach to determine the value of a residential property. Paid cash to owner as withdrawal of equity, $1,400.00. An unlicensed assistant gets a call from a listing owner with questions about a contract- what should the assistant do? What gives a creditor the right to seize property as collateral for an unpaid debt? They have some concerns about the contract and ask to speak an attorney. In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). This demonstrates which principle of appraisal. The tenant has a four year lease on the space. 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. 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? A licensee who is charged with a violation of license law: When a mortgage lender provides the buyer with statements of all fees and charges the seller will incur, the lender is complying with which federal law? In the second year the landlord dies. C9. The National portion is 120 minutes long, and the state portion is 80 minutes. Which of the following is NOT an example of due diligence in a sales contract? 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. Two new builders arrive and begin to sell in the same subdivision. $29.99. 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? How many parties are required to perform in a bilateral contract? Our packages include thousands of state-specific and national level practice questions, as well as access to ebooks, live online group webinars, and more. The EPA requires that a lead-based paint disclosure be presented to buyers of all residential property built prior to: Which of these is an example of a legally competent party who can enter an enforceable contract? He will be making a down payment of 5%. The broker is BEST described as a(n): In most suburbs, which method of description would be used today? A salesperson designed an innovative tech in the office that would substantially improve service to clients. What must the salesperson do, obtain the signatures of all owners on the listing agreement. Which of the following is personal property? Operating expenses were $60,000. She shows them many properties and finally they find one to buy. John and Mary are co-owners of a property. PSI test questions Questions and Answers 1. home where a notorious convicted murderer once lived. Find your state and pick the right real estate exam prep package for you. Pedro bought his house for $370,000. 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. Which of the following best describes an FHA loan? Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? The listing broker has taken the agreement to the seller. *, 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? Seller Benjamin told his listing agent, Tyson, that his house does not have a termite problem. \end{array} For help with the national portion we have our national real estate practice exam. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. What happens to her real property? Contact. What type of freehold estate do they have? What type of listing provides a commission to the broker ONLY if their activities bring about a sale?*. What is the total sale price? Requiring his license holders to work scheduled hours. Burt is buying a house for $100,000 and is making a 20% down payment. 1. What should he do? Arturo is buying a house for $400,000. A developer has 2,178,000 sq.ft of property. A, B and C are joint tenants. Welcome to our free real estate practice exam! Which of the following is not a duty of an agent? A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. What type of permission allows an individual property to deviate from a specific provision of a zoning ordinance? The seller has no duty to remediate lead, simply to disclose it. Rent Expense All of the following have been proven to pose health hazards EXCEPT: The protected categories in the 1968 law with later amendments include: a. race, color, religion, national origin, sex, disability, and families with children, d. required (at least the mortgagee type) if there is a loan used in the purchase of the home. Can he advertise this accommodation? A building was sold for $260,000, with the purchaser putting 10% down and obtaining a loan for the balance. What kind of loan does Mary have? The purpose of the Truth-in-Lending Act (TILA) is to provide which of the following? Which situation does NOT violate the federal Fair Housing Act: d. A widow's insistence on renting her spare bedroom only to another widowed women, d. Section 16 lies to the north of Section 21. When does the buyer under contract for deed get title to the property? An alienation clause would require a borrower to: pay the mortgage debt in its entirety upon the property being sold. 25. If she is successful, what will happen? In order to be valid, what MUST a deed have? Which of the following is NOT an example of functional obsolescence? In this situation, which term BEST describes this buyer? The property owner must obey whichever rules are the strictest or most limiting. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. This free practice exam is here to help you master the state-specific portion of the Texas Real Estate Practice Exam real estate exam. What is another name for Contract for Deed. 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. Which of the following does NOT pledge property as security for a debt? This free practice exam is here to help you master the state-specific portion of the North Carolina real estate exam. Observa el significado de las palabras, los verbos y las expresiones de tiempo para guiarte. What should the buyer's agent do in this case? Get BOTH Formats Instantly: 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. A buyer purchases the property and after closing discovers the problems. However, there is a huge crack running down the middle of the living room wall. Which of the following instruments is the promise to repay a debt? T22. ** Estimate both the variable costs per unit and the total monthly fixed costs using the high-low method. How much will he pay for the lot? The agent needs to furnish the buyers with a pamphlet approved by the EPA concerning lead based paint prior to closing. Which of the following is NOT done under the police power of the state? The tenant becomes ill from the mold. Which of the following statements is true?
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national real estate practice exam quizlet