The buyer loves the property and wants to purchase it. The broker is legally liable for the acts of all license holder, independent contractors and employees alike, A veteran cannot use his/her entitlement to obtain. What will HUD do try mediation followed by a lawsuit if mediation fails. Homeowners are exempt from capital gains up to $250,000 per person every two years. Under the federal Fair Housing Act, is this legal? 5. 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? What principle of value explains this? an easement is a benefit to the dominant property owner. Which of these is a naturally occurring mineral that is commonly used in insulation, but if airborne or inhaled, can cause severe respiratory health issues? What should he do? What type of insurance will cover this accident? A building was sold for $260,000, with the purchaser putting 10% down and obtaining a loan for the balance. 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. It has a vacancy rate of 15%. A property is surveyed to determine a legal description. Nelnet Solutions provides a free 300 page real estate practice PDF that can be accessed here. The property taxes have not been paid for this year. When a buyer signs a mortgage to borrow money to purchase a home, what has been created? A property owner has a gas station on his land. The rules are in conflict with one another. \end{array} What type of planning is used to guide purchasing by organizational buyers and by resellers? Their neighborhood has rapidly grown in popularity, and they were able to sell their home this year for $950,000. 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. He heard from the sellers that he should no longer show the property as it was sold. The Americans with Disabilities Act applies to: privately owned or government-owned public accommodations. Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? This demonstrates which principle of appraisal. Hay dos historias mezcladas! Seller Benjamin told his listing agent, Tyson, that his house does not have a termite problem. Liability for others by mandate of law or by express agreement is called: Which type of listing agreement is most likely to cause a conflict of interest, and is therefor discouraged? The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. Which of the following deaths on the property should never be disclosed? However, there is a huge crack running down the middle of the living room wall. The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? take the information to the listing broker. The property has been built to resemble an Antebellum mansion. A primary benefit of property held in joint tenancy is: A licensed real estate sales associate has a written contract with the employing broker that specifies that the sales associate will not be treated as an employee for federal tax purposes. Which of the following statements is true? 13. Until then, what does Rebecca have? Which type of agreement transforms the customer into a client and the broker into a listing agent? 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. The listing broker gives the listing sales associate 50% of the listing broker's share, and the selling broker gives the selling sales associate 65% of that share. He speaks with the seller, who is at home at the time, and they come to an agreement regarding price and terms. A property at 123 Main street has been listed by Mary, a sales license holder at ABC Realty for several weeks. A developer has 2,178,000 sq.ft of property. 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. An underage college student signs a lease, then discloses his age to the landlord. A seller is attending the closing on his property. Which of the following contracts would be voidable? We have reviewed the material and found it to be slightly better than average content that will help you study for your real estate exam. Homes in the subdivision are selling well, and the builder is making a good profit on the sales. What will she pay monthly in interest? \text { Accounts receivable } & 700 & 770 \\ | 3 | 280,000 | 220,000 | | 9 | 80,000 | 64,000 | Received cash from sales,$130.00. Which of the following actions by the agent would NOT be in violation of fair housing laws. The rectangular survey system depends on what? What form replacing the HUD-1 must be provided to the consumer and when must it be provided? Recommend an inspection for hazardous materials. The listing expired. What can P do? What is true? 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. A broker has a trust account set up to hold client funds. A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. joint tenancy with rights of survivorship, both parties mutually agree to end an agency relationship. In the sales comparison approach to property valuation, what does the principle of substitution state? A buyer's agent has accidentally forwarded confidential information about his buyer's financial background to the listing agent. Real Estate Practice Exam Questions 1-50 (2020) The real estate license exam is divided into two parts: the national and your specific state portions. The seller has painted over them to hide them. What is unique about an exclusive right-to-sell listing agreement? The seller failed to do so, which makes the seller guilty of: What usually happens to earnest money at the successful closing of the sale? Based on this, before any prorations, how much cash will Burt have to bring to the closing? A property manager's PRIMARY responsibility to the owner is to: realize the highest return possible and maximize the owner's return on that investment. A buyer is aware that the interest rates should go down over the nest few months. An office building has a potential gross rent of $20,000.per month. How long after an incident does a victim of housing discrimination have to file a complaint with HUD? What is this called? Which of these will most lenders require homeowners to obtain before closing? 15. 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? Allie cannot depreciate her investment property for a tax deduction. After his next closing, he replaces the client's deposit in his trust account. Mark is not entitled to any commission as he did not bring the offer to the sellers, The best description of a counteroffer is. 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. This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of A couple purchased a condominium. Here's how much time you'll be given for the final real estate exam: Part 1: National Real Estate Concepts. Dennis Marier, Drawing In rental properties, increased demand can be the result of, Which of the following would not be eligible for a VA loan, What is required of a loan servicer before foreclosing on a VA loan, the VA must be notified before the foreclosure. What is true? Click the card to flip Definition 1 / 219 improvements Click the card to flip Flashcards Learn Test In the year 2009, one died. What department of the government oversees the FHA insurance program? Under the contract, the real estate professional agrees to help the buyer find a suitable property and to represent the buyer in the negotiations with the seller. The commission to the listing broker will be 6%. A physical or mental impairment that substantially limits one or more of the major life activities of an individual. You will have between 2-4 hours to complete your exam. Which of these is TRUE? Mary has a loan whose payments and interest rate will stay the same throughout the life of the loan (not including the cost changes caused by insurance and tax rates). Which of the following would be most likely to hire a property manager? **Transactions:** | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. What kind of lease is this? Who is responsible for providing a lead paint disclosure? **2. 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? What is the difference between a bill of sale and a deed? CS. Utilities Expense What's Included? In senior housing communities, at least one person over the age of 55 must be living in what percent of the units? 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. What will he take home if the split with his brokerage is 80% Tareq - 20% broker? What are the requirements/ criteria for real estate to have values? A license holder is representing a young couple purchasing their first home. Paid cash for postage (Miscellaneous Expense), $32.00. For help with the national we have our free national quiz. Which of the following properties would be the least desirable neighborhood? 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? What must the salesperson do, obtain the signatures of all owners on the listing agreement. The option expires at the end of the month and Mark would like to extend the option. 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 This free practice exam is here to help you master the state-specific portion of the Virginia real estate exam. Which of the following is false regarding the Civil Rights Act of 1968, A FSBO who owns no more than four homes can discriminate when selling a home. Who provides flood insurance to homeowners? A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. The Real Estate Agent License Practice Test - study and pass your state real estate exam the first time. Which of these is a protected class under the federal Fair Housing law? \text { Accounts payable } & 2,375 & 2,000 Condemnation is the act of seizing private property from citizens. Since the rent is now worth much more than she is currently paying, she might most likely consider: Which of the following is NOT an encumbrance on real property? An investor has purchased a one-family home that they plan to rent as an investment. Rent Expense How do measure your property? | 1 | 320,000 | $160,000 | | 7 | 340,000 |$220,000 | A seller comes into the office to sign a contract. Subsequently, the buyer is awarded a judgement against the seller. In North Carolina, there are 120 questions on the exam (80 national and 40 state). Mark purchased a home for $150,000 He had an 80% LTV. He has begun to disassemble his display cabinets and shelves. The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: Which statement BEST defines the term contingency? What happens to trade fixtures after a business moves out of a leased property? Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? 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? 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? Which of the following statements about social media in real estate is NOT true? Contact. A property owner receives a notice that his land is in an improvement district. an agent with permission to advertise a property on social media does not have to worry about protecting confidential information about the client. 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. Which must the property owner obey? *, "You should proceed without ordering a new abstract - this title is clear.". A property owner has the right to tell other people that they cannot trespass on their property. the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. Ace these, and you know you're ready to grab your real estate license ! Which of the following is NOT an example of due diligence in a sales contract? This is an example of A father gives his son a life estate on a property. b. rate of return an income property will produce. In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. A contract is not considered valid unless consideration is involved. 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. The lender has indicated that he will charge 3 points plus an origination point. tell the seller and encourage the seller to complete the negotiated sale. plumbing work that was completed but never paid for. We'd love to hear how you do and what the process was like for you. 12. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. | 4 | 200,000 | 100,000 | | 10 | 160,000 | 140,000 | She owns real property and dies intestate. An investor has 15 rent houses. Which claim for damages would most likely be covered by a homeowner warranty policy? The property management agreement creates what kind of agency? The landlord uses the contractor who does not do a good job. The exit ramp will greatly increase the value of the seller's property. Molly and Jeff are currently in the process of paying off a loan. The sales associate's entire income is from sales commissions rather than an hourly wage. Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. 1. A. Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland. All of the following are required under ADA except: According to Regulation Z, which of the following is not a trigger term? That section can be used to study the topics featured on those 80 questions. 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. What type of listing provides a commission to the broker ONLY if their activities bring about a sale?*. Which of these scenarios does NOT violate fair housing law? It has come to your attention that you have a zoning violation on the property. What type of listing agreement did Melissa and Shane sign? 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 states require real estate agents to be licensed by the state to engage in the sale of real estate. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 They have some concerns about the contract and ask to speak an attorney. Find your state and pick the right real estate exam prep package for you. What effect will Mary's death have on the Listing Agreement? 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. What is the total sale price? The landlord grants permission. 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. ** Use the results from part 1 to predict future total costs when sales volume is (*a*) 200,000 units and (*b*) 300,000 units. The sales contract is most likely: Which of the following BEST describes a capitalization rate? Send the clients to an attorney of their choice before they sign. A property owner has decided to do some landscaping work on his yard. What is the defining feature of an estate for years? 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. An investor/developer has borrowed money to build a retail shopping center. Which one of the following actions would be considered the unauthorized practice of law by a broker? He notifies the landlord and recommends a contractor. The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. We're pulling for you! Round your answer to the nearest cent. 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 furnace that breaks down a few weeks after the buyer move in. When the offeree gives the offeror notice of the acceptance. The title company has discovered an unsatisfied M&M lien on the property. A buyer offers additional consideration to add a 10-day option period to the sales contract. An individual who owns a living unit plus a share in a common recreation area and parking area in fee most likely owns a: Three women owned a house as joint tenants. educate consumers about closing and settlement services. Where does the secondary market get its funds? A tenant is aware that his lease will expire at the end of the month. The buyer is concerned about the location of the fence as it appears to be encroaching. An agent advertises a senior citizen community with the phrase "no children allowed.". $$ 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 is the term for deliberate deception done with the intention of gaining something of value or causing damage to another person? He has earnest money deposits from several clients in the account at the same time. What does a standard title insurance policy do? Management wants to use these data to predict future fixed and variable costs. John and Mary are co-owners of a property. A real estate broker hired by an owner to sell a parcel of real property must comply with? Real Estate National Exam Term 1 / 49 Valuation and Market Analysis Many market conditions impact housing prices. If the capitalization rate for this class of property in this area is currently 9%, what is the total value of this property? All of the following are hazardous substances that a license holder should be aware of except, Which of the following is the best example of puffing, I think this is the best floor plan available from this builder. In Missouri, you can miss 30 questions on the national and 10 on the state and still pass the real estate exam. The South Carolina real estate salesperson exam is a multiple-choice test. How long must a seller or landlord keep a copy of the lead paint disclosure? The power of the government to seize citizen's private property without the consent of the owner. 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 kind of property is it? When should an agent advise a client to get title work done? John is purchasing a lot 125 feet wide and 127 feet deep for $5.65 a square foot plus $15 a front foot. What is the net operating income of the property? His heirs inherit the property. P wants to sell the property, but Q and R do not. Functional obsolescence can be created by: When a mortgage is given as part of the selling price of the property, it is a: The clause in a deed of trust or mortgage that permits the lender to declare the entire balance due and payable if some event does or does not occur is: A parcel of vacant land has an assessed valuation of $274,550. Wetlands typically contain which of the following? High unemployment rates mean there are more available buyers in the market B. Tenancy at will. The value of a property is only what a consumer would pay to acquire a comparable property. They do not want it and they sell it. The money for making FHA loans is provided by: The trustee in a deed of trust situation is: Alexander Holmes, Barbara Illowsky, Susan Dean, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. While the broker is out of town, the sub-divider shows the property, quotes prices, and takes deposits. C6. 21. It counts towards the buyer's closing costs. 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 property is under contract and all contingencies have been met. Welcome to the National Real Estate Practice Exam This free practice exam is here to help you master the national portion of the real estate exam. For non-real estate transactions, it covers up to $25,000. What is true? Giorgio can't enforce their verbal contract because it did not meet which of these requirements for validity? 5 x-y=-2 Monthly taxes and insurance will be $900. While showing the property she notices that there is a serious slope to the porch floor. Which of the following is not a duty of an agent? A broker is running short of funds to meet this month's monthly operating expenses. What is the effect of replacing bad with hot, or dry in sentence two. He already submitted a check for $2,000 as earnest money, which will be applied to the purchase. A. The party responsible for paying the origination fee when obtaining conventional financing is: What is attached to an original contract before it is signed? He is selling the house for $179,000. The seller can close on the 16th. their own actions and the actions of agents they supervise. What is true? A married couple bought a home ten years ago for $400,000. This represents a 20% profit. Paid cash for rent, $400.00. Hit us up with an email to info@uniontestprep.com or check us out on Twitter, Facebook, YouTube, Instagram, or Pinterest. There are no exceptions for discrimination based on: A valid sales contract stipulates that the seller must repair a hole in the roof before closing day. What is the maximum amount of additional long-term obligations this borrower may have after PITI? Which part of the mortgage contract requires a borrower to repay the entire debt when the property is sold? How much did she pay for the discount points? Operating expenses were $60,000. This is an example of A license holder is showing her own listing to a buyer customer. 201 Kandy Dr. is now the smallest, shabbiest home on the block, but it recently appraised for more than a similar home in a less-upgraded neighborhood. Check out our real estate Exam Prep packages above and start studying today! What happens in the secondary mortgage market? The tenant continues to pay the rent as prescribed in the lease. Although the home has many updates and is in better condition than the surrounding houses, its value is significantly less than the price. A buyer has purchased a property and after closing the seller will continue to occupy the property. What kind of agreement has this real estate professional signed? \begin{array}{lrr} After closing they discover that the previous owners had spilled hazardous materials on the land. Mark has an option to purchase Bob's property. Which of the following is false about a property manager? The real estate professional bases this practice on the need to preserve the cultural integrity of Asian immigrant communities. Parties must perform their contractual duties by a specific date and time in order to avoid a breach of contract. 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? What does this mean? P, Q and R are joint tenants. 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Array } what type of listing provides a free 300 page real estate professional does show... Then discloses his age to the consumer and when must it be provided to broker! Title is clear. `` lead paint disclosure a lease, then discloses his age to broker! Their first home these will most lenders require homeowners to obtain before closing the five warranties... Paint disclosure deed includes the five implied warranties ( covenants ) contract is not a trigger term 125 wide! Hot, or dry in sentence two agreement creates what kind of agreement the. Broker is out of a leased property hazardous materials on the property, Q. Is the defining feature of an agent with permission to advertise a property at 123 Main street been! Used to guide purchasing by organizational buyers and by resellers advertises a senior citizen community with the phrase no... Agent, Tyson, that his land is indestructible, non-homogenous, and they were able to sell the,... 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