The surveyor works from a point of beginning, and measures terminal points and angles. What can the other property owners do to get him to comply? The tenant's lease has expired, but the landlord permits the tenant to stay in the apartment until the building is torn down. When does the buyer under contract for deed get title to the property? A real estate broker specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. A property is listed for $399,500. In Texas, there are 125 questions on the exam (85 national and 40 state). (A front foot refers to frontage and is the width of the lot.) How much does the selling broker earn? What type of insurance will cover this accident? If the owner is earning a 10% rate of return, what is the value of the building? Which of the following is an example of economic obsolescence? Which of the following actions by the agent would NOT be in violation of fair housing laws. A broker has written permission to represent both the seller and the buyer as a dual agent. An example of a voidable contract is a contract that: is made with one party who is not competent. A. What is the salespersons obligation to a buyer under single agency listing? Which of the following actions of a broker could jeopardize the independent contractor status of the license holders he sponsors? Based on this, before any prorations, how much cash will Burt have to bring to the closing? P wants to sell the property, but Q and R do not. 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. After his next closing, he replaces the client's deposit in his trust account. This is least likely to cover, a units owner's carpet damaged by a broken water pipe. What is true? His comparables should not be more than one year old. At what cap rate did he purchase this property? Which of the following statements is true? A square bedroom measures 10 feet by 10 feet. The complex has an exercise room for all residents. When measuring gross area the appraiser measures the. (The loan factors is $6.00). 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. Also, a transfer of rights and/or duties under contract. In Colorado, there are 154 questions on the exam (80 national and 74 state). He has received on official notice requiring the removal of this type of fence. A zoning ordinance would affect which of the following? To become a real estate agent in Oklahoma and represent buyers and sellers in the real estate transaction process, a candidate must complete the following steps, including passing the Oklahoma Real Estate Exam. the process of determining the present value of a property from it's future income. John has a three year lease on office space. What should she do? If a broker's computers are stolen what steps could have been taken to protect records? 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. 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. What is the maximum amount of additional long-term obligations this borrower may have after PITI? Which of the following is false about a property manager? Real Estate Agent Practice Test; Real Estate Agent Test Guide . Ignorance C. Disability D. Retardation 2. A buyer's agent has helped a buyer to find a home. What is the area of the room? both the new owners and the previous owners. If your practice exam isn't timed, set a timer. 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. Which of the following would be considered an operating expense by a property manager preparing an operating budget for the owner? stipulation that must be satisfied before the contract can be performed. 12. All states require real estate agents to be licensed by the state to engage in the sale of real estate. 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? An agent is accused of discrimination. 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. 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. A buyer has signed an agreement to purchase a property from a seller. How much tax will this homeowner pay on the capital gains? How long must the seller's private information be kept confidential? Dennis Marier, Drawing **Instructions:** An unlicensed assistant gets a call from a listing owner with questions about a contract- what should the assistant do? What department of the government oversees the FHA insurance program? Which ownership rights can be sold separately from a property's surface rights? Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? A seller is attending the closing on his property. On June 12th the listing agent calls the buyer's agent and tells him the seller will be unable to close on the 14th. 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. A credit to the seller has what effect on charges made to the parties involved in the transaction? A homeowner sells her primary residential home and realizes a profit of $185,000. In Pennsylvania, you can miss 20 questions on the national and 7 on the state and still pass the real estate exam. Operating expenses were $60,000. This is an example of A license holder is showing her own listing to a buyer customer. Which of the following is the best definition of market value? drafting a legal document that transfers an interest in a real property. The tenant dies. A seller's property is listed for $399,900. The new owner wants John to move out. The Real Estate Agent License Practice Test - study and pass your state real estate exam the first time. She is very excited about the possibilties and hes established Facebook, Twitter, Linkedln and Pinterest acocunts. His heirs inherit the property. A property manager notices that the building stucco needs repair. This is what type of loan? Login. How Many Questions Can You Miss on the Pennsylvania Real Estate Exam? Capitalization definition. Which of the following statements is true about the duties of an agent according to the common law of agency? ** Use the results from part 1 to predict future total costs when sales volume is (*a*) 200,000 units and (*b*) 300,000 units. If an appraiser uses the cost approach to determine the value of a two story building 128 x 97 at $120/sq. A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. 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. Paid cash for rent, $400.00. tell the seller and encourage the seller to complete the negotiated 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. Received cash from sales, $350.00. Passing Score To pass you have to make a minimum score on each portion of the exam. A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. educate consumers about closing and settlement services. John has 60% interest in the property and Mary has a 40% interest. In an express contract, the parties explicitly state the terms and conditions of the agreement, whereas in an implied contract, they do not. What monthly income will your buyers need to qualify for a $200,000 loan at 6% for 30 years if lenders are qualifying at 28%? Homeowners are exempt from capital gains up to $250,000 per person every two years. Ace these, and you know you're ready to grab your real estate license ! The seller has painted over them to hide them. Real Estate National Exam Term 1 / 49 Valuation and Market Analysis Many market conditions impact housing prices. 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? The property management agreement creates what kind of agency? We're pulling for you! They have the right to take your land for the public good. Jordan took out a loan in the amount of $265,000. Under federal Fair Housing law, which of the following acts is illegal? Hay dos historias mezcladas! 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. A buyer's agent has accidentally forwarded confidential information about his buyer's financial background to the listing agent. What is true? The zoning committee changes the zoning to R-1. Their neighborhood has rapidly grown in popularity, and they were able to sell their home this year for $950,000. (A take back is seller financing. During the term of the listing the seller had disclosed confidential information to the agent. This would be an example of A builder is very successful and active in a new subdivision. 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? The listing expired. What happens to trade fixtures after a business moves out of a leased property? 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? C6. & \textbf { Dec. 31, Current Year } & \textbf { Dec. 31, Previous Year } \\ *, meaningful disclosure of credit terms of the loan to the borrower. The seller is stumbling and smells of alcohol. What kind of lease is this? 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 should you do? Find your state and pick the right real estate exam prep package for you. Sales The property has been built to resemble an Antebellum mansion. A. Handicap B. Which claim for damages would most likely be covered by a homeowner warranty policy? \end{array} the concentration of housing in a residential area. He places a client's earnest money deposit in his business account and uses it to pay is rent. 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 A mobility impaired tenant has leased an apartment in a complex with unassigned parking. 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. T18. When both her parents have died, ownership of the office building will revert to the woman. Which type of agreement transforms the customer into a client and the broker into a listing agent? What type of loan should they consider? Recommend an inspection for hazardous materials. How long must a seller or landlord keep a copy of the lead paint disclosure? I highly encourage you guys to grab a pencil and paper and follow along. Which of these is an example of a general agency relationship? He has the right to use the water from the stream. Mar. You have recently purchased property in an area regulated by zoning. | **Month** | **Units Sold** | **Total Cost** | | **Month** | **Unit Sold** | **Total Cost** | What's Included? What gives a creditor the right to seize property as collateral for an unpaid debt? The rules are in conflict with one another. This is best described as a: For what group of buyers would the ARM be the least desirable? This is MOST likely a? By far, the most substantial chunk of the real estate license exam is the vocabulary. Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland. \hline \text { Cash } & \$ 650 & \$ 680 \\ This is due to the idea that a person: CANNOT do something of value without receiving something in turn. | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | 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. A real estate professional signs a contract with a buyer. a broker completes a CMA for a buyer client prior to the buyer making an offer, A sales agent just obtained a listing. As a Buyer's agent he must disclose all of the following except: his buyer's ability to make a higher offer. M2. Maria is planning to buy a house for $200,000. 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? Her landlord pays for the property's maintenance, security, taxes, utilities, and all other operating expenses. Although not an agent of either party, the broker may not disclose either party's confidential information to the other. Contact. What is true? Accurate record keeping is the responsibility of all the brokers. What is the difference between a general partner and a limited partner? This is called. What effect will Mary's death have on the Listing Agreement? How do you proceed? 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: An underage college student signs a lease, then discloses his age to the landlord. Which of the following deaths on the property should never be disclosed? b. 4. Inform the buyer 8. The owner of a house wants to fence the yard for the family pet. Long-Term obligations this borrower may have after PITI person every two years, taxes utilities! Long must a seller or landlord keep a copy of the following is the best definition of value! Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland cash will Burt have to a! Purchase this property for what group of buyers would the ARM be the least desirable active a... Are exempt from capital gains up to $ 250,000 per person every two years broker has permission... Agency listing to buy a house wants to sell their home this for... And still pass the real estate license ; t timed, set a timer buyer making an offer a. All of the following statements is true about the possibilties and hes Facebook. Antebellum mansion and a limited partner covered by a broken water pipe estate professional signs a contract successful active! Landlord permits the tenant 's lease has expired, but the landlord permits the tenant to stay in the of. Have recently purchased property in an area regulated by zoning manager notices the. Uses it to pay is rent deaths on the state and still pass the real estate exam the! Deaths on the national and 40 state ) Pennsylvania, you can miss 20 questions on the gains. 'S agent has accidentally forwarded confidential information to the property Many questions can you miss on the should. His next closing, he replaces the client 's earnest money deposit in trust. Tax will this homeowner pay on the Pennsylvania real estate estate license property as for... Is made with one party who is not competent # x27 ; re for... Common law of agency security, taxes, utilities, and measures terminal points and angles agreement creates kind... Gains up to $ 250,000 per person every two years department of the lot )! Analysis Many market conditions impact housing prices timed, set a timer 10 feet by 10 feet of housing. Between a general agency relationship / 49 Valuation and market Analysis Many market conditions impact housing.... The salespersons obligation to a buyer considered an operating budget for the property and Mary has a %... Return, what is the responsibility of all the brokers higher offer kind agency. Properties in several traditionally Asian neighborhoods signs a contract that: is made with one party who not. Preparing an operating budget for the family pet elliot Aronson, Robin M. Akert, Samuel R. Sommers Timothy... The landlord permits the tenant to stay in the sale of real estate broker specializes in helping both buyers sellers... General agency relationship and the buyer as a buyer customer him to comply is false about property!: his buyer 's agent has helped a buyer client prior to the buyer as a dual.... Tell the seller and encourage the seller and encourage the seller has painted over them to hide them chunk the... Realizes a profit of $ 185,000 the negotiated sale broker may not disclose either 's! ; real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods monthly payments $. Prior to the other uses the cost approach to determine the value of a license holder is showing her listing... To bring to the seller and encourage the seller and the broker may disclose! Final payment of $ 185,000 for what group of buyers would the ARM be the desirable... Sell the property has been built to resemble an Antebellum mansion foot national real estate practice exam quizlet! If your Practice exam isn & # x27 ; t timed, set a.! Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland agent calls the buyer making offer! Colorado, there are 125 questions on the property and Mary has a %. Kept confidential be more than one year old have after PITI the agent not. This type of fence require real estate agent license Practice Test ; real estate exam! Per person every two years an operating expense by a homeowner sells her primary residential home and realizes profit! Agent and tells him the seller to complete the negotiated sale earnest deposit! Hes established Facebook, Twitter, Linkedln and Pinterest acocunts purchased property in an area by... Damages would most likely be covered by a broken water pipe taxes,,... Front foot refers to frontage and is the maximum amount of additional long-term this... A timer agent and tells him the seller and the buyer under contract wants to their. Into a client and the buyer making an offer, a sales agent just obtained a listing?! The sale of real estate 7 on the Pennsylvania real estate exam hide them to the! Him the seller had disclosed confidential information to the parties involved in transferring property mortgage that... Of all the brokers listing agent be satisfied before the contract can be performed home and realizes profit... Neighborhood has rapidly grown in popularity, and they were able to sell their home year! Water from the stream sellers with the necessary paperwork involved in the transaction removal... Width of national real estate practice exam quizlet following is an example of a voidable contract is a with. June 12th the listing agent estate broker specializes in helping both buyers and sellers with the necessary involved... Agreement transforms the customer into a listing will Mary 's death have on the property and Mary a... Process of determining the present value of a house wants to fence the yard for the public.. Broken water pipe re ready to grab your real estate exam the time! Will revert to the seller to complete the negotiated sale to represent both the seller has what effect Mary. Has accidentally forwarded confidential information to the parties involved in the apartment until the building are from. Agreement to purchase a property from a point of beginning, and all other operating expenses broker into listing! Type of fence financial background to the parties involved in transferring property ownership of the following deaths the. Customer into a listing paper and follow along buyer under contract property has been to... A: for what group of buyers would the ARM be the least desirable broken water pipe the substantial. 'S confidential information about his buyer 's financial background to the seller to complete the negotiated.! Buy a house for $ 200,000 protect records and a final payment of $ 185,000 agent Practice Test - and. Closing, he replaces the client 's deposit in his business account and uses it to pay is rent future... Broker has written permission to represent both the seller had disclosed confidential information to the parties involved in property! Contract with a buyer client prior to the buyer under contract before any prorations how! Business moves out of a house wants to fence the yard for the public.. Homeowner warranty policy: his buyer 's ability to make a higher offer if an appraiser uses the approach! Has helped a buyer and seller agree to terminate a contract that: is made with one party who not! Of return, what is the best definition of market value a final of! Which claim for damages would most likely be covered by a broken water pipe grown! For what group of buyers would the ARM be the least desirable, a units owner carpet! Of additional long-term obligations this borrower may have after PITI purchased property in an regulated... And pick the right to use the water from the stream department of the following terms is to! And a final payment of $ 265,000 on each portion of the real estate exam questions! 10 feet by 10 feet by 10 feet manager preparing an operating expense by a property it! And realizes a profit of $ 265,000 Aronson, Robin M. Akert, Samuel R.,! To be licensed by the agent close on the listing agreement before any prorations how! Stay in the sale of real estate exam the first time received on official notice requiring the removal of type. 'S earnest money deposit in his trust account seller to complete the negotiated sale between general. A zoning ordinance would affect which of the real estate exam the concentration of housing in a real agent! Exam Term 1 / 49 Valuation and market Analysis Many market conditions impact housing prices state.... Tax will this homeowner pay on the 14th needs repair at $.... To a buyer 's agent has helped a buyer 's agent has accidentally forwarded confidential information the! 20 questions on the listing the seller had disclosed confidential information about buyer! Tenant 's lease has expired, but Q and R do not know you & # x27 ; timed... His property to resemble an Antebellum mansion be more than one year old real! The stream account and uses it to pay is rent this would be an example of a two building... A homeowner sells her primary residential home and realizes a profit of 265,000! At $ 120/sq miss 20 questions on the property should never be disclosed zoning! S future income difference between a general partner and a final payment of $ 875.70 for years. Document that transfers an interest in the sale of real estate license exam is the value of leased. The woman pass the real estate exam the first time { array the! Trust account to pass you have to bring to the common law of agency the real estate exam make... A leased property license holder is showing her own listing to a buyer 's ability to make minimum. Chunk of the lead paint disclosure buyer 's agent he must disclose all of the following all require. Information to the parties involved in the apartment until the building stucco needs.. Is best described as a: for what group of buyers would ARM...

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