When a property goes on the auction block for failure to pay taxes a buyer at the auction receives a _______ allowing him to apply for a tax deed after a certain period, if the defaulting owner of the property ultimately fails to pay the taxes in the time allowed. Paid semiannual interest on bonds payable $\$1,200.00$. 31. property life and the straight-line method. community property laws and elective share laws. 5. Journalize the following transactions completed during the last week in December of the current year. when you use real property as security for a loan you: voluntarily signed deed giving property to someone, the interest an owner of a property has over and above the mortgage indebtedness is called, which of the following is an example of incorporeal property. Inform the buyer 8. The ________ act prevents lenders from discriminating against race, color, religion, national origin, sex, marital status, age or dependency on public assistance in the granting of credit to consumers. The woman died testate. C345. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. When a tenant has a right to use the property but limited rights of ownership under a lease, the lease will have a definite termination date and the term used is a Leasehold Estate. Here you must submit an application, certifications of completed courses, live scan (fingerprinting) and fee. Mike waited until the end of the month. Any statement that earnest money is required or must be a certain amount or percent of the sale price to have a valid contract is FALSE. An Escrow Agent (Closing Agent) would qualify as a disinterested third party in a transaction. Literally going over notes and the chapter summaries. There are a total of 152 national and state questions on the Georgia real estate licensing exam. The parties also must have the ability to contract (of age and sane) and there must be either good or valuable consideration. A. eminent domain. right of redemption to halt the foreclosure process by paying the delinquency. What is the AIDA standard marketing and advertising strategy? The woman has given the man, a man conveys the ownership of his house to hi smother and stipulates that upon her death he will recapture the ownership. Answers " Matching I Board Allied Schools. What is the employees FICA taxes responsibility? The owner and agent may remain liable even if the buyer's inspector does not discover the defect(s) during inspection. 31. The analysis of the extent of risk assumed in connection with a loan is done by a specialist at the lender and is known as _______. A licensee who has not signed a brokerage services agreement has to be fair and honest with all parties. Pl 90. NYS - Real Estate Express Practice Exam NYS - Real Estate Express Practice Exam Flashcard Maker: MyPlayer 99 698 Cards - 33 Decks - 14 Learners Sample Decks: NYS - Real Estate Express Practice Exam, Chp. Taking a state real estate exam is necessary for becoming a licensed real estate agent. When the agent and seller sign the listing agreement the licensee must give a signed copy to the seller, when? what term refers to ownership of a single property by a single person or an entity. But the primary management responsibility is to generate as much investment profit as possible. What is the Real Estate Express Final Exam? This is referred to as a _________. While the rights to an option contract can usually be sold by the optionee to someone else before exercising the option the optionee cannot use the property before executing (closing) the contract. Pre-License Course - Answers for Question Sheets - (INCLUDED IN ALL PRE-LICENSE ACCESS PACKAGES)- (PAID SECTION, ANSWERS HERE) Sample Math Questions (ANSWERS) Closing Statement Questions (ANSWERS) Question Set 1 (ANSWERS) Question Set 2 (ANSWERS) Question Set 3 (ANSWERS) Practice Exam Questions (ANSWERS) Closing Transaction Notes. & \underline{\times ~~ 2.04}\\ The most common changes made to listing agreements are the price and extensions of the term of the listing. trade fixtures, even though they are permanently attached, can be removed. c. $3,900. All state exams are multiple-choice. When an attractive offer (for interest rates, or for a product) is advertised but the prospect who was attracted by the offer and responds but is sold something more expensive, the tactic is called ____, Legislation that states that commercial emails must offer an opt-out option and cannot have a deceptive subject line is the ______ act, The Real Estate Settlement and Procedures Act (RESPA) prohibits lenders from ________ or __________. Marian may have a remedy under what: someone whose license is suspended may receive a fine for the first offense of up to: if the real estate commission wants to inspect a broker's office, how much notice must be given. In order to qualify as a living space, a newly constructed home must be inspected by the local municipality's building inspector to make sure it was constructed in accordance with the local building codes. This is called an ________. first year of licensure. The debt accumulates as the payments are received. A building that is old, in a poor location, and poorly maintained would be classified as a CLASS D Building. 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. Issued 300 shares of $5\%$, $\$50.00$ par value preferred stock at par value, $\$15,000.00$. When a property has been on the market for a long period of time; when the buyer and the seller are not related; when both parties have a good knowledge of the property's condition; when neither is under undue pressure, the agreement they reach is referred to as an. Depending on the jurisdiction a mechanic's lien may be treated as any other lien as far as priority date of filing is concerned, or it may receive special treatment with regard to priority. The loss of value of an improvement due to functional inadequacies, often caused by age or poor design is called __________, When a taxing entity initiates an assessment, the assessment creates an______. Restaurant Warehouse offers sales terms of 2/ 10, n/ 30. The most common definition of when market value occurs is the moment a buyer and a seller agree on a price after an arms-length negotiation. covenants, conditions, and restrictions (CC&Rs). 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. $100. 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. Devise (not spelled "device") and the beneficiary is a Devisee. Whenever a resident of another state is licensed in NJ, they must, which of the following things may a broker-salesperson NOT do, a copy of a complete accounting, in writing, of all monies due to a terminated salesperson must be kept by the broker for how long, the clause includes all residential leases prepared by the licensees for a term of one year or more, a licensee supervising the main office of a real estate brokerage firm must be physically present at the office during business hours for how many days per calendar week (not including holidays). What happens if the managing broker dies? Online Real Estate Practice Exams. What type of income does a creditor expect from providing financial resources to an organization or business? A court can order a trust fund disbursement. Adding a new porch to property will also add to, or contribute to, the property's market value. Then it will proceed in a direct line to a Point of Beginning (POB) at the property. A lien is a notice to the public filed of record at the county courthouse that the title to a property is encumbered or clouded by a debt or other appurtenance, which is an attachment of a right or benefit by someone other than the owner. When a seller transfers title to his property to a buyer under a general warranty deed, he is warranting that the title is good and marketable and has no defects. The licensee representing the seller is usually called the ______ and the licensee representing a buyer (or a tenant) is usually called the ____. $$ When a neighbor violates a deed restriction or a zoning violation, it only takes one other neighbor to enforce the ordinances, covenants or restrictions by bringing an action in a court of law. The less money available the higher the interest rates. C346. D. an estate in land. 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. A _____ is one that is set up and becomes effective only after the Trustor has died. His children own a(n), VA and FHA mortgages are notable for their, smith pool company constructed a swimming pool. When a woman is being shown a listing by a licensee, she needs to know whether the licensee is representing her, is an agent for the seller, or is just assisting her. Now that I'm about to finish the course and take the practice exam i was reading the section named "it's time to prepare for your exam" and it says at the very end "A final note. A listing agent represents sellers while a selling agent represents buyers, The death of either the selling broker or buyer does NOT usually terminate a listing. It is usually earned (during the term of the loan) before being paid but can be paid in advance (discount points). M30 and R457. Yes. a powdery mineral found in older building materials such as sheetrock and insulation and even some glue that holds mirror pans on a wall. If an offeror regrets the offer and wants to withdraw, he can revoke the offer assuming the seller has not already accepted it. The repayment of the loan is "amortized" over a period of time with payments that include both Principal and Simple Interest. 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 _____. Telling a prospective buyer or tenant that a property is not for sale or rent when it is not only untruthful it may be considered _________, To avoid trouble with discriminatory advertising licenses should write the ads from the perspective of all protected classes. The document, as altered, becomes a new offer, perhaps with handwritten changes initialed by the offeree (who now becomes the offeror of the new offer). To become a real estate agent in Texas and represent buyers and sellers in the real estate transaction process, a candidate must complete the following steps, including passing the Texas Real Estate Exam. Update the plant asset record and record the sale. But PUBLICLY OWNED property that has been acquired through Eminent Domain can be LEASED to a private entity for a use that the public will have access to, and the right to enjoyment such as a sports complex or entertainment center. Takes about 1-2 months, maybe more if your DRE sites are closed due to COVID-19. What are some organizations that warehouse loans? A seller who only wants to warrant no problems during the period of time he owned the property will provide a___________. A tenant who fails to pay rent has abandoned his duty and the landlord can terminate the lease and evict the tenant. b. A person who has wanted to buy a property may get the right to make the first offer, whereas a person who has the right to take accept or refuse a deal that the seller has already gotten has a right of first refusal. Click the card to flip Definition 1 / 157 A customer. principles final exam flashcards quizlet, california real estate principles ca real estate, real estate sales exam flashcards study system, california real . it must operate, maintain and repair the building and pay all costs. Course Final Exam Proctoring. The two entities that influence and control real estate financing are: a) The Board of Realtors and the U.S. Senate b) The MLS and Congress When a Florida broker holds a nonresident Georgia license he CANNOT maintain an account in Florida if he also has an account in Georgia. Multiplying the length times the width of a building determines the: a. square footage b. size of the mortgage c. number of rooms d. none of the above 2. All states have their own exam. Because a lender is in the business of earning money by charging interest, the longer the loan term the greater the income. A tenant who has signed a lease usually has the right to exclusively occupy and use the property covered by the lease. This is an example of what principle of value? The inheritance protection of Dower (female) and Curtesy (male) Rights that apply only to married couples have been largely supplanted (replaced) by ___________. What is the difference between a FHA loan and a VA loan? county or local (city or town), NOT the state or federal government. This is known as. magazines or TV media in major markets to broaden the size of the area for prospective purchasers. An employing broker must give a copy of the employment agreement, including any modifications, to every one of his or her employees and licensee contractors. 30. A will only takes effect ______, Real property that is transferred according to someone's last will and testament is known as a _______________. This is the exam that tests your knowledge on matters of real estate. Only the lot's boundaries will appear on the plat. If the owner does come back and pay the delinquent taxes, the buyer of the certificate will have earned interest on his payments. BUY IT BUY IT for the STATE EXAM, not the test for the 75 hr course. Source documents are abbreviated as follows: check, C; memorandum, M; purchase invoice, P; receipt, R; sales invoice, S; terminal summary, TS; debit memorandum, OM; credit memorandum, CM; note payable, NP. R454. When blended together and spread over the cost of the loan the new and higher rate is called the _______, A site analysis on residential property is conducted by an appraiser to try to estimate of the property's _______. 453; serial number, 124XYG; useful life, 5 years; estimated salvage value, $\$3,000.00$. Paid $\$1,000.00$ on the outstanding balance of the Sarr Corp. account. While most trust accounts are not interest-bearing accounts due to the short duration that the funds are in trust, a buyer or a seller, or either, can instruct a broker to place earnest money or other trust funds in a separate interest-bearing account. 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. Between the two is something referred to as a life tenancy - a person who has a Life Estate that has limited rights like a tenant and an unknown term length. When there is a _________ provision in the loan or trust deed document, a non-judicial foreclosure can force the sale of the liened property without a foreclosure suit. An encroachment is not recorded and is not part of a chain of title. A contractor planning to build a new apartment complex, needs to be sure that the architect drawing the plans has consulted the Americans with Disabilities Act to include the latest rulings and avoid any potential fines. The woman did not charge the man rent for the use of the yard. One mile is 5,280 linear feet. An Encroachment is a physical intrusion on another's property, an encumbrance that is often discovered by a survey. Calculate the reproduction cost new of the structure. A client is a principal, someone who has signed a written bi-lateral brokerage services agreement with a licensed brokerage. A purchaser will want a "location survey" that shows not only the boundaries where all the improvements are located so he can see if there are any encroachments. Its legal description contains angles and distances. (5:00 PM doesn't mean 5:15PM). That's why agency disclosure laws exist. A township then is divided into 36 Sections which are square tracts of land one mile on a side. But to further assure and protect the buyer (and the buyer's lender) the seller will often have to buy _________ to guarantee that the buyer will not lose his money if the title turns out to be defective. The level of government that is charged with collecting taxes on real property is the _____. Whenever a title search is conducted to find if the title is clear, the lien will be discovered and reported. chronological age is greater than its effective age. Your attorney explains that the ownership of the neighbors' real estate includes an easement appurtent giving them the driveway right. $$. An easement is a recorded right to cross or use someone else's property. While a brokerage can often have both sides of a transaction, the sales commission from a sales transaction is usually divided between a licensee (the brokerage) whose agent has the listing and a licensee (another brokerage) whose agent brings the buyer to the listing. A married couple sells their principal residence of 30 years for $650,000. a failure to renew will void a license after, the supervising broker or the brokers designate, a referral agent is allowed to only refer prospects for brokerage services to, a home office bay only be in the _____ home, brokers are required to deposit funds of others received for a real estate transaction in their trust account within, if a broker has no agency duties, that broker is acting as a, A real estate licensee who is an independent contractor receives, a salesperson who is employed by a broker told a prospective buyer that the house is the best in the area. Earnest money is merely a way for the buyer to say to the seller, "Please consider my offer. A group created where its members are appointed to be responsible for approving developers site plans, subdivision plans, and to make sure that zoning ordinances in a community are properly enforced. S428. What is the seller in this situation? Depending on what agreement exists between joint tenants, a joint tenant has the right to sell his undivided interest in a property. It begins at a reference point, moves to a Point of Beginning (POB); traverses the perimeter of the property and returns to the POB. 28. the cost of a property that the IRS uses to determine annual depreciation and gain or loss on the sale of an asset is known as, the amount of earnest money deposited is determined by, under common law of agency, the real estate broker has a fiduciary relationship with, title to real property is passed when a deed is. Water rights along a river are called________. When an old property seems to be newer and in better condition than it should be because it has been constantly maintained and remodeled, in valuation terms its __________________. Get a 100 second go. C347. If they want to sell their apartment, they are selling the stock in the corporation and their proprietary lease goes to the new owners. \begin{array}{r r} In California, there are 150 questions on the exam. Took the practice exam closed book. Reassessing the tax classification for a single property is called ___. An example might be that the air conditioner is 13 years old, AN example of active fraud or intentional mis-statement is an. CA Real Estate Principles Exam Flashcards Quizlet March 8th, 2019 - Prepping for State Exam using Principles Learn with flashcards games Implied c. Invalid d. Valid How Many Questions Are In the Real Estate Exam? tax deed, but not possession of the property, until a period of time has elapsed, allowing time for the original owner to redeem the property by paying taxes and interest on the amount owed. Are they as effective as the lien. A common consequence suffered by a mortgagor in a foreclosure procedure is ___. 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. Final Real Estate Exam. He believed that the price the school district offered him for the land was no sufficient consideration. Cooperative apartment c. Loft apartment d. When a listing agreement is signed a seller does have the right to reject the use of a sub-agent by the agent who is obtaining the listing from the seller. You must complete all the course chapters, quizzes, and projects (if your course has one) before you can take the final exam. Common water. The current status of the sales contract is _____, A contract allowing a person to deal in cocaine sales on a property would be ______. View Test Prep - Real Estate Principles - RE 100 - Final Exam from RE 100 at Palomar College. When a licensee has a listing for a particular property with instructions to market that property for sale or lease, the licensee is a specific agent. B. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. NP22 and R455. Most property managers prepare regular reports for owners. In the Edgeworth box diagram, explain how one point can simultaneously represent the market baskets owned by two consumers. 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. Violating zoning laws is an illegal use of property. Paid cash to replenish the petty cash fund, $\$169. A Blanket Mortgage is secured by more than one property. a suit for specific performance of real estate contract asks for, when 2 or more owners of real estate have concurrent unequal interest in the same property, they will hold the property as, Martin explains that he holds a fee simple title in severalty to her office unit and has an undivided interest in all of the common elements of the property with other unit owners. on completion they filed a lien for nonpayment, this is MOST likely a, the amount of money flowing in and out of a property, a tax levied on the assessed value of real and personal property, in voluntary, the tenant with a month to month tenancy must give the landlord how much notice of intention to vacate, zoning ordinances are usually established by the. One mile is 5,280 square feet. The agents will have to pay their own business expenses and a self-employment tax. 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