Which of the following would be most likely to hire a property manager? Which type of loan is this an example of? An appraiser has been hired to value a commercial office building that is fully leased. Giorgio can't enforce their verbal contract because it did not meet which of these requirements for validity? If your practice exam isnt timed, set a timer. Which principle of appraisal can explain this? Test Timeframe You'll have 200 minutes for both portions of the test. | 5 | 300,000 | 230,000 | | 11 | 100,000 | 100,000 | What type of contract should he enter into with the seller? An unlicensed assistant gets a call from a listing owner with questions about a contract- what should the assistant do? What is this right called? b. exclusive buyer representation agreement. A landlord leased space in his new retail property to an inexperienced business person. Homeowners are exempt from capital gains up to $250,000 per person every two years. The title company has compensated the buyer for the loss. 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? Bought supplies on account from Supply Mart, $170.00. Round your answer to the nearest cent. He has paid off $42,000 of his purchase mortgage. The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? 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. 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? 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 What type of freehold estate do they have? Dennis Marier, Drawing P wants to sell the property, but Q and R do not. Find the equivalent earnings if this amount is paid (a) weekly, (b) biweekly, (c) semimonthly, and (d) monthly. \text { Inventory } & 1,250 & 1,400 \\ How Many Questions Can You Miss on the Pennsylvania Real Estate Exam? 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? Under the federal Fair Housing Act, is this legal? An agent should present all offers to their client UNLESS:*, the client explicitly instructs the agent not to present any offers below a certain amount in writing. Accurate record keeping is the responsibility of all the brokers. 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. 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. A chemical manufacturing company purchases a plant. You have built a 10 foot pier at the water's edge. Does John have to leave? Maria is planning to buy a house for $200,000. A seller's property is listed for $399,900. A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. Get BOTH Formats Instantly: Arturo is buying a house for $400,000. 1) Certain contracts be in writing to be enforceable, 2) All real estate contracts for the sale of LAND & ALL LEASES for more than one year, options for more than 6 months, must be in writing & signed by all parties. How can she advertise the propert? What is this right called? Mark has an Open Listing on a seller's property. in order to measure elevation, you need a? What civil rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination based on disability? If a borrower is behind on payments, the acceleration clause gives the lender the ability to: call the entire loan balance due immediately. failure to display the equal housing poster in their office, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Literature and Composition: Reading, Writing,Thinking, Carol Jago, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Spell each of the following words, adding the suffix that is given. $$. 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? TILA does NOT apply to which of the following kinds of loans? A buyer and his agent visit a listed property. What type of listing agreement did Melissa and Shane sign? renting a room in a house occupied by the owner. 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? Quizlet is a flashcard website that has many real estate practice exam questions that are 100% free. Our material is specific to the Missouri Real Estate Salesperson Exam, covering both the National and State sections with these content areas: Property Ownership; Use the journal from the previous exercise. When measuring gross area the appraiser measures the. Several months later, the agent has a buyer client interested in purchasing the same property. Which of the following is NOT done under the police power of the state? A sale is closing on June 15th and the annual property tax bill has not been paid. Which of the following statements is true about the duties of an agent according to the common law of agency? After his next closing, he replaces the client's deposit in his trust account. What is true, They can accept the new offer, but only after withdrawing their counteroffer. Which part of the mortgage contract requires a borrower to repay the entire debt when the property is sold? What did Cynthia engage in? What is FALSE? An office building has a potential gross rent of $20,000.per month. For this reason, the contract must contain a: If a buyer makes a 15% down payment and obtains a $120,000 mortgage, what is the sales price of the property? 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. Recommend an inspection for hazardous materials. How much did she pay for the discount points? The new owner wants John to move out. Hans bought an investment property for $5,250,000. Although the home has many updates and is in better condition than the surrounding houses, its value is significantly less than the price. Tyson doesn't see any visible evidence of pests. If a person dies without a will, who receives their estate? The tenants pay rent plus utilities. Real estate practice exams are an excellent way to make sure youre using your test time wisely. 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 Real Estate Agent Practice Test; Real Estate Agent Test Guide . Which term describes this contract? the concentration of housing in a residential area. Which of the following is unlikely to have a negative impact on seller's credit score? increases the amount the seller receives at closing. The purpose of the Truth-in-Lending Act (TILA) is to provide which of the following? Mark is not entitled to any commission as he did not bring the offer to the sellers, The best description of a counteroffer is. Prepare for success! What did Agent Tyson engage in? A license holder has just attended a training seminar about technology in real estate and is excited about using social media with her clients. After closing they discover that the previous owners had spilled hazardous materials on the land. demand, utility, scarcity, transferability. 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 poster is usually distributed by. Tenancy from year to year. Each month they pay the same amount, which contributes to both the principal and interest. It has come to your attention that you have a zoning violation on the property. When did the second amendment of the Federal Fair Housing Act go into effect? The buyer may not sign an agreement with any other real estate professional. How does errors and omissions insurance (E&O) affect the defendants in fair housing cases?*. both the new owners and the previous owners. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. Journalize the transactions completed during March of the current year. Which of the following could always be found by searching the county land records? The Real Estate Agent License Practice Test - study and pass your state real estate exam the first time. Until then, what does Rebecca have? What is the total purchase price? He has received on official notice requiring the removal of this type of fence. M2. A listing agent is showing his listing to a buyer customer and notices a problem with the exterior of the property that he missed when he listed the property. The commission agreed upon was 7% and Tareq gave half to the buyer's representative. What does a standard title insurance policy do? The landlord grants permission. A property has lead paint in the interior and on the exterior. The property taxes have not been paid for this year. Also, a transfer of rights and/or duties under contract. A property owner has decided to do some landscaping work on his yard. Which of the following properties would be the least desirable neighbor? A property owner has a gas station on his land. Contact. Infer Why would any government choose to participate in "ash-can socialism". Paid cash to owner as withdrawal of equity, $1,400.00. He is paying a 1-point origination fee to a mortgage lender, $500 for a new survey, and $800 for an environmental report. their own actions and the actions of agents they supervise. He heard from the sellers that he should no longer show the property as it was sold. The buyers have not responded to the counteroffer. A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. How would the deed identify how they hold their interests if they specify they want them passed to the survivor in case of death? 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. Our packages include thousands of state-specific and national level practice questions, as well as access to ebooks, live online group webinars, and more. By far, the most substantial chunk of the real estate license exam is the vocabulary. What type of verbal lease agreement would be enforceable? Dont forget to read the explanations so you fully understand the question. This is an example of A father gives his son a life estate on a property. Which of the following statements about social media in real estate is NOT true? Her actions: which of the following is NOT a specific lien? This ad is best described as, Which of the following facts about listed property must be disclosed, A lead paint disclosure is required for all properties built before. If the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property? For non-real estate transactions, it covers up to $25,000. He has planted a tree surrounded by some flowering shrubs. A buyer's agent has helped a buyer to find a home. Maria is considering the difference between an 80% LTV and a 75% LTV. What is the difference between a bill of sale and a deed? 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? 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 They shake hands on the agreement and the buyer happily leaves the property. Operating expenses were $60,000. All states require real estate agents to be licensed by the state to engage in the sale of real estate. He trips in the house causes major damage to property of the owner. Wetlands typically contain which of the following? The tenant's lease has expired, but the landlord permits the tenant to stay in the apartment until the building is torn down. If an appraiser uses the cost approach to determine the value of a two story building 128 x 97 at $120/sq. 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? |:-----------:|:----------------:|:----------------:|---|:-----------:|:---------------:|:----------------:| All experience a lower level of profit. Direct the buyer to obtain an up-to-date flood map from FEMA. She shows them many properties and finally they find one to buy. Which of the following deaths on the property should never be disclosed? Burt is buying a house for $100,000 and is making a 20% down payment. A salesperson designed an innovative tech in the office that would substantially improve service to clients. A tenant's landlord plans to sell the building in which the tenant lives to the state so that a freeway can be built. John has a loan with equal regular payments of principal and interest. Paid cash for postage (Miscellaneous Expense), $32.00. 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. Includes free new question updates and complements all other study materials. A buyer has signed an agreement to purchase a property from a seller. What kind of agreement has this real estate professional signed? Ships from and sold by Amazon.com. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 Cash **Required** increases the amount due from the buyer at closing. An underage college student signs a lease, then discloses his age to the landlord. A seller has received $225,000 for the sale of his home. Which of the following statements about this is true, the tenant can take these as they are trade fixtures. What is the difference between replacement cost and market value? A sales agent had a listing and the property did not sell. The real estate professional bases this practice on the need to preserve the cultural integrity of Asian immigrant communities. The title company has discovered an unsatisfied M&M lien on the property. \text { Accounts receivable } & 700 & 770 \\ There is no one available to sign a quit claim deed to clear up the cloud. If she is successful, what will happen? a. the real estate professional's policy is steering and violates federal and state fair housing laws regardless of motivation. Take unlimited tests on your computer, phone or tablet. Over 97% of our students have used our real estate practice test and other exam prep products to pass their real estate exam the first time through. Mar. He must pay a loan balance of $180,530 and closing costs at $10,000. Which of the following conveys title to real property and insure good title? In terms of contract validity, what does mutual consent mean? The rectangular survey system depends on what? In Texas, there are 125 questions on the exam (85 national and 40 state). educate consumers about closing and settlement services. The surveyor works from a point of beginning, and measures terminal points and angles. John has a three year lease on office space. Based on location and the type of business, the landlord believes it will be a great success. Cynthia accepts Brian's claim and goes on to tell prospective buyers that the home's foundation is in fine condition. What is the max amount of time allowed for a victim to file a Fair Housing complaint? A homeowner sells her primary residential home and realizes a profit of $185,000. A. Handicap B. Police powers include all of the following EXCEPT? The estate held by the nursing home is a: A country music singer who owns a cattle ranch enters into a sale and leaseback agreement with a local dentist. 21. Management wants to use these data to predict future fixed and variable costs. Welcome to our free real estate practice exam! An owner sold his house for $250,000 with a $50,000 take back. What must the salesperson do, obtain the signatures of all owners on the listing agreement. 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. Content Based on Your Candidate Information Bulletin Homes in the subdivision are selling well, and the builder is making a good profit on the sales. Which of the following used in 1978 is both extremely hazardous and friable? Practice challenging questions you won't find anywhere else. His heirs inherit the property. A bill of sale is for personal property; a deed is for real estate. Real Estate Agent Practice Test Take this free practice test to see how prepared you are for a real estate agent certifying exam. Requiring his license holders to work scheduled hours. shiny $+\mathrm{er}=$. The CD at least three days before closing. 22. The property management agreement creates what kind of agency? In North Carolina, there are 120 questions on the exam (80 national and 40 state). CS. They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. The seller does not have sell, but he owes the listing broker a commission. In this situation, which term BEST describes this buyer? She is very excited about the possibilties and hes established Facebook, Twitter, Linkedln and Pinterest acocunts. 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. Who must fill out the Seller's Disclosure Notice? a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. What kind of tenancy does this tenant have? How can homeowners get insurance coverage in case of a flood? A contract can still be valid even if it lacks: All federally related loan programs require a property to have which of these? Monthly taxes and insurance will be $900. A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. He lists his property for sale "as is", and does not disclose the problem. What happens to the property? 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. How do you proceed? Which of the following contracts would be voidable? What is the difference between an implied contract and an express contract? Which of the following is the best definition of market value? The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. A furnace that breaks down a few weeks after the buyer move in. Which of these is a protected class under the federal Fair Housing law? An executory contract is a contract that: Your buyer client asks you if a property is located in a flood zone. One of the property owners in a subdivision is violating the deed restrictions. Accounts Payable-Supply Mart An appraiser is using the Market Data Approach to determine the value of a residential property. They would like to accept this new offer. A zoning ordinance would affect which of the following? Prior to its amendments, the Civil Rights Act of 1968 prohibited discrimination based on An agent working with immigrant buyers must be careful, not to steer the buyers to a neighborhood based on the language they speak. 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). Today we go through 50 questions from our real estate practice exam. How much does the selling broker earn? How much will she save on points if she chooses the 75% LTV? A. An investor has purchased a one-family home that they plan to rent as an investment. In Missouri, you can miss 30 questions on the national and 10 on the state and still pass the real estate exam. He sells 80% of it for $5,000 an acre. Under these circumstances, which of the duties of the agent would be the easiest for him to fulfill? an agent must treat both clients and customers with honesty and fairness. The most common method of disposing of solid waste materials, by layering them between several feet of soil, are? How much does the selling sales associate earn from the sale after deducting expenses of $1,300? What principle of value defines the most important factor for appraisal? If the holder of an easement owns adjacent land and his physical use of the land is benefited by the easement, he is said to have: A sales contract was signed by a minor. A mobility impaired tenant has leased an apartment in a complex with unassigned parking. 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? What is the net operating income of the property? This is: acceptable as long as he has written records. His loan principal is $315,000. The seller told the agent that she needs to sell the property because she is going through a divorce. She has decided to market a new listing on these sites. His comparables should not be more than one year old. stipulation that must be satisfied before the contract can be performed. What is required? This free practice exam is here to help you master the state-specific portion of the Texas Real Estate Practice Exam real estate exam. The listing and selling brokers agree to split a 7% commission 50-50 on a $295,900 land sale. What is the effect of replacing bad with hot, or dry in sentence two. Which of the following is a lien on real estate? Interpret the company's quick ratio. A new contract substituting the obligations of an original contract is a(n): Which of these is an easement that is attached to a piece of land, regardless of owner? 22. The seller has painted over them to hide them. Although not an agent of either party, the broker may not disclose either party's confidential information to the other. The buyer is concerned about the location of the fence as it appears to be encroaching. He speaks with the seller, who is at home at the time, and they come to an agreement regarding price and terms. The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. Accounts Receivable-Scott Company In Virginia, there are 120 questions on the exam (80 national and 40 state). 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. A property owner receives a notice that his land is in an improvement district. When the terms of a contract have not yet been fully performed by both parties, the contract is best described as: The Civil Rights Act of 1866 protected the right to fair housing regardless of: Which of these is the best example of stigmatized property? He has met all the terms and conditions of the listing. If John dies and Mary becomes the owner of their home, what type of ownership did they have? 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. Hay dos historias mezcladas! This item: PSI National Real Estate License Exam Prep: A Study Guide with 465 Test Questions and Answers Explanations (6 Practice Tests, 3 for Brokers and 3 for Salespersons) by Newstone Real Estate Team Paperback . Nothing- his property is automatically considered a non-conforming use. An agent has acted without authority to do so. The couple does not use the exercise room and does not want to pay the monthly fee for the use of the facility. At this time, what is true? Which approach to value would MOST likely be useful to real estate brokers estimating the value of a single-family residence for sale in a subdivision? they must pay the fee as they have a tenancy in common interest in all common areas. Which of the following is NOT an example of due diligence in a sales contract? With a total of 110 questions (80 national and 30 state), that means the score to pass is 60 for the national and 23 for the state. Is the quick ratio improving or declining? We're pulling for you! What type of loan should they consider? Parties must perform their contractual duties by a specific date and time in order to avoid a breach of contract. He has earnest money deposits from several clients in the account at the same time. What is this called? 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. advertising property for sale only to childless couples. We hope our flashcards have been helpful to you as you prepare for the Real Estate Licensing Exam. A licensed broker is advertising that he will perform a free appraisal if you contact him for a listing appointment. Pedro bought his house for $370,000. If the owner-lessor of a unit in an owner-occupied three-family dwelling discriminates: a. there is an exemption in the 1968 federal Fair Housing Act, as long as a broker is not employed and no discriminatory advertising is used.