What did Cynthia engage in? Burt is buying a house for $100,000 and is making a 20% down payment. The tenant also has the right to match or better any offer before the property will be sold to anyone else. | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | 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. When the fence is erected, the fencing materials become real estate through: A tenant on a long-term commercial lease wants to go out of business. they must pay the fee as they have a tenancy in common interest in all common areas. 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? John has a loan with equal regular payments of principal and interest. Hit us up with an email to info@uniontestprep.com or check us out on Twitter, Facebook, YouTube, Instagram, or Pinterest. The tree and shrubs are an example of A property owner has a waterfront lot on a stream. What gives the government the right to do this? Which type of agreement transforms the customer into a client and the broker into a listing agent? b. rate of return an income property will produce. The complex has an exercise room for all residents. Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property? Recommend an inspection for hazardous materials. Which survey system is most commonly used in urban areas? He has earnest money deposits from several clients in the account at the same time. If she is successful, what will happen? Who provides flood insurance to homeowners? What type of loan should he get to enable him to buy now and take advantage of declining rates in the future? A licensee is representing a seller in a commercial transaction. both the new owners and the previous owners. M2. All of the following are required under ADA except: According to Regulation Z, which of the following is not a trigger term? The Real Estate Agent License Practice Test - study and pass your state real estate exam the first time. He has planted a tree surrounded by some flowering shrubs. Each month they pay the same amount, which contributes to both the principal and interest. Contact. What civil rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination based on disability? John has a three year lease on office space. 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. To purchase the house, she got a loan for $300,000 with 4 discount points. Source documents are abbreviated as follows: check, C; memorandum, M; receipt, R; sales invoice, S; calculator tape, T. Nabors Company reported the following current assets and liabilities for December 31 for two recent years: They give the tenants notice to vacate. the property owner must remediate the presence of lead. This free practice exam is here to help you master the national portion of the real estate exam. Tyson doesn't see any visible evidence of pests. I highly encourage you guys to grab a pencil and paper and follow along. However, there is a huge crack running down the middle of the living room wall. What are the requirements/ criteria for real estate to have values? In an express contract, the parties explicitly state the terms and conditions of the agreement, whereas in an implied contract, they do not. 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. If the capitalization rate for this class of property in this area is currently 9%, what is the total value of this property? Molly and Jeff are currently in the process of paying off a loan. What approach would an appraiser most likely use to value a residential rent house in neighborhood where a majority of the homes are leased? What is the advantage to the borrower of a VA loan? 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. To determine the value of a highly specialized building, like a museum, an appraiser would most likely use and heavily weight which of the following appraisal methods? The listing broker views the property but does not detect any defects. 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. What type of loan has a rate linked to an economic index? Arturo is buying a house for $400,000. Accounts Payable-Supply Mart In this situation, which term BEST describes this buyer? 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. What kind of tenancy does this tenant have? Which of the following statements about social media in real estate is NOT true? 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? What type of insurance will cover this accident? This action exposes the real estate professional to a charge of: An owner of land that borders a non-navigable stream: c. owns the land under the water to the exact center line of the waterway. The property management agreement creates what kind of agency? CS. Prepaid Insurance A buyer makes an offer for $389,000. One of the property owners in a subdivision is violating the deed restrictions. C9. Ships from and sold by Amazon.com. If a person dies without a will, who receives their estate? Tenancy from year to year. (A front foot refers to frontage and is the width of the lot.) The annual tax bill is $2,008. 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? Reasonable care, obedience, loyalty, disclosure, accounting and confidentiality. What type of listing agreement did Melissa and Shane sign? Which of the following statements may represent the unauthorized practice of law? If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? 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 Erin pays a flat fee every month to rent her apartment. What must the salesperson do, obtain the signatures of all owners on the listing agreement. A chemical manufacturing company purchases a plant. Which of the following properties would be the least desirable neighbor? plumbing work that was completed but never paid for. Received cash from sales,$250.00. 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? TILA does NOT apply to which of the following kinds of loans? The local government needs your land to build a new high school. Which of these is TRUE? You have built a 10 foot pier at the water's edge. This demonstrates which principle of appraisal. After his next closing, he replaces the client's deposit in his trust account. Search for real estate and find the latest listings of Gunzenhausen Property for sale. An agent is accused of discrimination. Which of the following would be most likely to hire a property manager? 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? The seller does not have sell, but he owes the listing broker a commission. ------------- 25. 22. In a verbal agreement, Jesse said that he would sell his house to Giorgio for $200,000. 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 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? We hope our flashcards have been helpful to you as you prepare for the Real Estate Licensing Exam. You will have between 2-4 hours to complete your exam. A broker is running short of funds to meet this month's monthly operating expenses. An investor/developer has borrowed money to build a retail shopping center. mi familia y yo. 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. the tenants can stay until the end of the lease. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. Tenancy at sufferance. He had closing costs of $10,000. In preparing an appraisal, which of the following would have the least impact on the appraiser's estimate of value? The seller can close on the 16th. Which of these is an example of a general agency relationship? His comparables should not be more than one year old. Also, a transfer of rights and/or duties under contract. \text { Accounts payable } & 2,375 & 2,000 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. During the term of the listing the seller had disclosed confidential information to the agent. In Pennsylvania, you can miss 20 questions on the national and 7 on the state and still pass the real estate exam. At this time, what is true? A seller wants to net $185,000 on the sale of his property. Which of the following is NOT done under the police power of the state? What will she pay monthly in interest? in order to measure elevation, you need a? an agent with permission to advertise a property on social media does not have to worry about protecting confidential information about the client. Sabrina accepted Rebecca's offer to purchase her house, and the closing date is in a few weeks. The rules are in conflict with one another. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Her annual interest rate is 4%. 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. His principal has found out about the actions and accepted them. Login. P wants to sell the property, but Q and R do not. Under federal Fair Housing law, which of the following acts is illegal? That section can be used to study the topics featured on those 80 questions. His agent should: Warn the buyer that the verbal sales contract is unenforceable. A property is bought based on fraudulent statements by the listing broker. An investor has 15 rent houses. A developer has 2,178,000 sq.ft of property. A square bedroom measures 10 feet by 10 feet. Wetlands typically contain which of the following? What principle of value defines the most important factor for appraisal? Darleene is looking at an investment property. If John dies and Mary becomes the owner of their home, what type of ownership did they have? 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. A buyer purchases the property and after closing discovers the problems. How much does the selling sales associate earn from the sale after deducting expenses of $1,300? How much tax will this homeowner pay on the capital gains? All parties to a contract agree to the terms of the contract. 5. He trips in the house causes major damage to property of the owner. John submitted an offer to buy a condo, but he can only carry out the purchase if the bank approves his request for a loan. b. exclusive buyer representation agreement. When measuring gross area the appraiser measures the. The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. Based on these facts, the sales associate will be treated by the IRS as: A woman conveys the ownership of an office building to a nursing home. Which federal law amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)? Sales Practice challenging questions you won't find anywhere else. How Many Questions Can You Miss on the Pennsylvania Real Estate Exam? What is required from the listing agent in this situation?*. The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. What can the other property owners do to get him to comply? What is the difference between an implied contract and an express contract? What is required? 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. | **Month** | **Units Sold** | **Total Cost** | | **Month** | **Unit Sold** | **Total Cost** | | 4 | 200,000 | 100,000 | | 10 | 160,000 | 140,000 | Based on location and the type of business, the landlord believes it will be a great success. This is called. 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. If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? Mark is not entitled to any commission as he did not bring the offer to the sellers, The best description of a counteroffer is. Purchase Louisiana real estate Exam Prep today and get ready to pass your test with more confidence and less stress. What is unique about an exclusive right-to-sell listing agreement? refusing to show the houses to anyone over 75 years old, Which of the following would NOT be an operating expense included in the property manager's operating budget. 12. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 Real estate practice exams are an excellent way to make sure you're using your test time wisely. Based on these facts, which of the following correctly describes the remaining woman's ownership interest in the house? Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? A property owner has decided to do some landscaping work on his yard. Your property borders a non-navigable waterway and you have riparian rights. *, meaningful disclosure of credit terms of the loan to the borrower. Tareq represented the seller in the sale of a house for $427,000. This free practice exam is here to help you master the state-specific portion of the Texas Real Estate Practice Exam real estate exam. Maria is considering the difference between an 80% LTV and a 75% LTV. 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? joint tenancy with rights of survivorship, both parties mutually agree to end an agency relationship. Inflation increases buying power C. Low unemployment rates mean there are fewer available buyers in the market Today we go through 50 questions from our real estate practice exam. **Required** When did the second amendment of the Federal Fair Housing Act go into effect? How long must the seller's private information be kept confidential? 18. Which of the following contracts would be voidable? Hans bought an investment property for $5,250,000. A retired couple is on a fixed income. Find your state and pick the right real estate exam prep package for you. What is true? How can she advertise the propert? When does the buyer under contract for deed get title to the property? A. What act is prohibited by the Sherman Antitrust Act? Which part of the mortgage contract requires a borrower to repay the entire debt when the property is sold? $$ An owner sold his house for $250,000 with a $50,000 take back. The title company has discovered an unsatisfied M&M lien on the property. This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. Mary, a single woman, has no children. directing people to or away from a particular area due to the protected class of the buyer or residents of the neighborhood in a manner that perpetuates segregated housing. 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. Cash Test Timeframe You'll have 200 minutes for both portions of the test. the concentration of housing in a residential area. How much will Arturo need to pay on closing day? 3. Tyson then relays this information to a buyer, citing Benjamin as his source. Which statement is TRUE regarding the real estate professional's policy? the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. The buyer may not sign an agreement with any other real estate professional. PrepAgent offers real estate exam prep for all 50 states. It has a vacancy rate of 15%. 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. Which of the following statements is true? Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. ** Use the results from part 1 to predict future total costs when sales volume is (*a*) 200,000 units and (*b*) 300,000 units. Mark has an Open Listing on a seller's property. The property taxes have not been paid for this year. A buyer is aware that the interest rates should go down over the nest few months. What is the salespersons obligation to a buyer under single agency listing? The surveyor works from a point of beginning, and measures terminal points and angles. An agent has acted without authority to do so. The tenant becomes ill from the mold. Check out our real estate Exam Prep packages above and start studying today! An office building has a potential gross rent of $20,000.per month. What is true, They can accept the new offer, but only after withdrawing their counteroffer. Although not an agent of either party, the broker may not disclose either party's confidential information to the other. A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. 22. Emmy just bought a house. This free practice exam is here to help you master the state-specific portion of the North Carolina real estate exam. About 1 hour and 20 minutes Two new builders arrive and begin to sell in the same subdivision. Sold services on account to Scott Company, $225.00. stipulation that must be satisfied before the contract can be performed. What department of the government oversees the FHA insurance program? Yes. Giorgio can't enforce their verbal contract because it did not meet which of these requirements for validity? He has the right to use the water from the stream. A broker has a trust account set up to hold client funds. 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? A seller has received $225,000 for the sale of his home. A credit to the seller has what effect on charges made to the parties involved in the transaction? If your practice exam isnt timed, set a timer. Received cash from sales, $350.00. their own actions and the actions of agents they supervise. An office space is 24 feet long and 27 feet wide with 9-ft ceilings. He has met all the terms and conditions of the listing. What does a standard title insurance policy do? During the year, they become concerned about crime in the area and ask for permission to install an alarm system in the apartment. It counts towards the buyer's closing costs. 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. Superfund Amendments and Reauthorization Act (SARA). He had shown the property three times to the same potential buyers. The seller told the agent that she needs to sell the property because she is going through a divorce. Your client is an investor who would like to have the right to purchase a commercial tract for $5 million for the next 6 months. $$. A property has foundation problems. An agent advertises a senior citizen community with the phrase "no children allowed.". John is purchasing a lot 125 feet wide and 127 feet deep for $5.65 a square foot plus $15 a front foot. Which of these statements accurately describes how it can be depreciated? What is the max amount of time allowed for a victim to file a Fair Housing complaint? Which of the following is unlikely to have a negative impact on seller's credit score? When the lease is up, what happens to the alarm system? What kind of loan does Mary have? Utilities Expense What is another name for Contract for Deed. A title search uncovers a cloud on the title. When the offeree gives the offeror notice of the acceptance. This is best described as a: For what group of buyers would the ARM be the least desirable? Her actions: which of the following is NOT a specific lien? Which of the following is a participant in the secondary mortgage market? He has hired an agent to lease the houses. Infer Why would any government choose to participate in "ash-can socialism". 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). They own their own home. The tenant removes their trade fixtures and takes them upon moving out. What can P do? A broker has written permission to represent both the seller and the buyer as a dual agent. 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 type of freehold estate do they have? The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? What is considered evidence against a broker accused of discrimination? A buyer has purchased a property and after closing the seller will continue to occupy the property. If the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property? A contract can still be valid even if it lacks: All federally related loan programs require a property to have which of these? What type of contract should he enter into with the seller? What should she do? Requiring his license holders to work scheduled hours. S1. tell the seller and encourage the seller to complete the negotiated sale. An apartment building owner has renovated and modified several units to be handicapped accessible. A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. A property owner receives a notice that his land is in an improvement district. **Transactions:** Paid cash for postage (Miscellaneous Expense), $32.00. A contract is not considered valid unless consideration is involved. 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. The listing expired. Although the home has many updates and is in better condition than the surrounding houses, its value is significantly less than the price. point it out to the buyer as it is a material fact. The real estate license exam is divided into two parts: the national and your specific state portions. All experience a lower level of profit. This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of A couple purchased a condominium. Who must fill out the Seller's Disclosure Notice? Direct the buyer to obtain an up-to-date flood map from FEMA. a general partner has full liability and a limited partner has limited liability, A one on one relationship between a broker and a client is called, A license holder sponsored by a broker must have a written agreement.
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