Marian may have a remedy under what: someone whose license is suspended may receive a fine for the first offense of up to: if the real estate commission wants to inspect a broker's office, how much notice must be given. are regulated by The Department of Housing and Urban Development (HUD). Because the majority of City and County revenue comes from real estate taxes, when property values fall, revenue for local governments also falls. Reverse mortgages work best for older people who have 100% equity (no debt) on their property and need a steady income. Real Estate Final Exam (150 Questions ) #1 Flashcards | Quizlet Subjects Expert solutions Log in Sign up Real Estate Final Exam (150 Questions ) #1 4.7 (20 reviews) Term 1 / 157 A real estate licensee has a buyer agency agreement. A ______ is set up while the person establishing the trust, the _____ , is alive. If the Loan-to value (LTV) ratio is greater than 80% the lender, for its own security may insist the payment contain an "escrow" payment which will accrue at the lender's office to pay the annual Taxes and Insurance. The owner and agent may remain liable even if the buyer's inspector does not discover the defect(s) during inspection. When a person has control of property with a full bundle of rights, and there is no way to know when his ownership will end, he is sometimes referred to as a freehold tenant, but the terminology used is a Freehold Estate. D. Water table. The homeowner receives (rather than pays) monthly payments. Whatever, yesterday I took the pre final exam after studying for 8 hours. the borrower's credit rating is damaged for a significant time period. Pl 90. Two reasons to have a caravan to tour homes that are for sale: (1) Allow the brokerage agents to view as many properties as possible and (2) to get feedback in the form of written evaluations and suggestions for improving the attractiveness of the property. Nonresidential real estate purchased since 1987 must be depreciated using: - both 39 years for the. The document, as altered, becomes a new offer, perhaps with handwritten changes initialed by the offeree (who now becomes the offeror of the new offer). If the school district were to pursue the matter in court, what legal proceeding would it institute to force the man to sell his land, a conveyance that includes a condition controlling or limiting the use of the property conveyed is an example of, sale of the property, agreement of the parties, the destruction of the premises, a listing agreement may be terminated for what reasons, The type of listing agreement that provides for the payment of a commission to the listing broker even though the owner makes the sale without the aid of the broker is called an, by mutual agreement, operation of law, because of impossibility of performance, terminated automatically by the death of a principal, a property owner signed a 90-day listing agreement with a broker. A client is a principal, someone who has signed a written bi-lateral brokerage services agreement with a licensed brokerage. Eminent domain is the power of government to. An Adjustable Rate Mortgage (ARM) contains an _______ that allows the interest to adjust over the loan term as market rates of interest rise and fall. It begins at a reference point, moves to a Point of Beginning (POB); traverses the perimeter of the property and returns to the POB. But PUBLICLY OWNED property that has been acquired through Eminent Domain can be LEASED to a private entity for a use that the public will have access to, and the right to enjoyment such as a sports complex or entertainment center. treat them equally and not violate any fair housing laws. This is referred to as a _________. A lien is a notice to the public filed of record at the county courthouse that the title to a property is encumbered or clouded by a debt or other appurtenance, which is an attachment of a right or benefit by someone other than the owner. Within a township there are 36 sections which have one mile on each side. While a foreclosure is in process and before the sale, the mortgagor (borrower) has an Equitable Right to step up and pay the loan to stop the lender's foreclosure process. BUY IT BUY IT for the STATE EXAM, not the test for the 75 hr course. Earnest money is traditionally offered by a buyer to induce (or convince) the seller that the buyer is serious (in earnest) about wanting to buy the property. A Speculator buys land expecting it to grow in value over time with no effort on his part. Personal Property is a bequest. When a licensee has a listing to market a property and has produced a ready, willing and able buyer who has agreed to pay what the seller has asked, and the seller decides to back out of the deal, the agent's brokerage has still earned and is due the agreed-upon commission. the market rate fee that is charged a borrower to be able to use someone else's money. Beginning at the NW corner of the intersection of Pine & 675, thence north 950 feet, thence west 380 feet, thence south 950 feet, thence southeast 380 feet. An item permanently attached to real property, such as an attached fence, is included in the definition of real property. What are some organizations that warehouse loans? M29 and R456. The repayment of the loan is "amortized" over a period of time with payments that include both Principal and Simple Interest. A licensee should track and repeat those direct e-mail advertising campaigns that show results. The woman has given the man, a man conveys the ownership of his house to hi smother and stipulates that upon her death he will recapture the ownership. The clause in a note or mortgage that can be enforced to make the entire debt due immediately if the mortgagor defaults. 6. $$ B. 28. C. Ground water. Paid cash for semimonthly payroll, $\$4,413.72$ (total payroll, $\$5,520.00$, less deductions: employee income tax, $\$304.00$; social security tax, $\$342. The sales price of a property would be a debit to a buyer and a credit to a seller. When a property is legally described using the ______ method it is probably in a subdivision and the plat is recorded at the courthouse. 31. The typical home loan is secured by a mortgage or a deed of trust. \hline Is earnest money required to make a contract valid? A township then is divided into 36 Sections which are square tracts of land one mile on a side. In that case the winning bid gets a _____. protect the general public in real estate transactions, the primary purpose of the New Jersey Real Estate Commission is to, a brand new cadillac sedan is included in the sale price, what will result in an automatic revocation of your real estate license, the NJ law against discrimination does NOT cover which classification in the sale or rental of residential property, guiding prospective buyers to a particular area because the agent feels they belong there, in NJ, a conveyance of two persons, either married or living in a civil union, creates a, contracted with the buyer to provide the rebate at the onset of the broker relationship, a broker is permitted to pay a rebate to a buyer as long as they have, yes, they will be able to pay off the loan without a prepayment penalty. If a property owner does not pay the taxes for a property by the date set for being "delinquent," the property can be sold at auction to collect the taxes. Real Estate Finance 30 Final Exam & Answer Key 1) For all practical purposes, an "Alienation Clause" is basically the same as a: a) Call Clause . One mile is 5,280 linear feet. What is the downside to a business owning its own property? Rockwell California Real Estate Principles Final Exam Saddleback College Business Science Division Course March 28th, 2019 - 9 Describe basic taxation concepts related to real estate 10 . 29. this is called an, your neighbors use your driveway to reach their garage on their property. A tenant has the first two rights but not the third depending on details in the lease. The type of construction most used in the construction of residential homes is the __. Then he uses the three approaches to appraisal to try to support the contract price the buyer and seller agreed upon. Failed the final exam first go. A lender that restricts the number of loans in certain areas of a community because of its racial or ethnic make-up, or the lender's poor collection record in the neighborhood is referred to as __. Suzy and Jerry live in a co-op, when they purchased their apartment they automatically become lessees and: the four unities to create a joint tenancy are: in a mortgage, sometimes called a "due on sale" clause, what deed provides the grantee with the least protection of any deed, investors in real estate investment trusts take advantage of the same tax benefits as, the legal process by which a court determines who will inherit the property of a deceased, when you die without a will and there are no heirs, the government takes the property, the cost approach would likely be considered applicable in appraising which property, mortgage lenders make many loans with the intention of selling them on the, in planning a subdivision, a subdivider drafts a map of the development that shows the location and boundaries of individual properties. What is the most common thing to be prorated at closing? spot assessments. and is NOT allowed unless a material use of the property is changed. 00$; and federal unemployment tax, $\$8.00$. An investor might decide to purchase a commercial rental property rather than a residential rental property because commercial tenants generally are easier to deal with than residential tenants. In what way is buying insurance protection a trade-off? Someone who feels they have been discriminated against whether regarding employment, or fair housing, has how long to file a complaint with HUD? When a homeowner fails to pay his home loan as promised, the loan documents and the mortgage have provisions to allow the lender to begin a judicial foreclosure proceeding. Note the last direction - Southeast (Not East). just email realestate u and they will send it to you. Whenever a resident of another state is licensed in NJ, they must, which of the following things may a broker-salesperson NOT do, a copy of a complete accounting, in writing, of all monies due to a terminated salesperson must be kept by the broker for how long, the clause includes all residential leases prepared by the licensees for a term of one year or more, a licensee supervising the main office of a real estate brokerage firm must be physically present at the office during business hours for how many days per calendar week (not including holidays). When Ben dies, what kind of interest does Will receive? A rectangular survey is composed of Townships that are square tracts of land six miles on each side. Two common forms of contracts that are very important to a licensee are: (!) A building that has retail on the ground floor, offices on the next ten floors and condos on the next ten floors and a restaurant at the top is known as a. If there are contingencies (Title search, survey, physical inspections, and financing availability) that are not fulfilled, the contract is subject to possible rescission by either party. M33. \hline \text { Probability } & 0.01 & 0.02 & 0.9 & 0.01 \\ The primary purpose of a deed is to transfer title from a seller to a buyer. Is The Real Estate Exam Multiple-Choice? If the original offeror (now the offeree) accepts the changes by initialing them, the document, with approved changes, becomes a new offer. A net lease for a commercial property means that the rent is all that the tenant owes but the tenant is required to pay the utilities, the taxes, insurance, common area maintenance, building repairs and janitorial services. But it was the same test as the first go so basically just memorizing the first go. The woman did not charge the man rent for the use of the yard. When an owner does not occupy a property as his primary residence it will NOT be his homestead, A gross rent multiplier (GRM) is used to determine the value of rental property by multiplying the monthly rent by the GRM. Capitalization definition. Paid semiannual interest on bonds payable $\$1,200.00$. There is a difference between a right of first offer and a right of first refusal. The decision to begin the foreclosure process is determined by the lender after attempting to collect from the borrower. How often does a "good agent: communicate with their clients? The two most effective study tools for the state exam are practice exams and learning the state-specific license laws. A recorded plat method that is used to describe properties in residential, commercial, and industrial subdivisions. Is this correct? $780. _____ Agency means one agent, but the owner can sell, too. Inform the buyer 8. Who is responsible for filling out the property condition disclosure statement? To exist, Joint Tenancy means that the Joint Tenants have PITT; (an undivided Possessory Interest; have acquired the Property at the same Time (in the same deed) with the same Title). Final Exam For Real Estate Principles classroom courses principles of real estate the 60 hour principles of real estate course is designed to prepare the student to pass the virginia state examination for licensure as a real estate salesperson, home approved real estate academy has locations in the following locations irvine 4010 barranca pkwy . $3,120. Multiplying the length times the width of a building determines the: a. square footage b. size of the mortgage c. number of rooms d. none of the above 2. What term is used to describe revocable permission for the temporary private use of someone's property. I am doing a Real estate Express course for florida, i got stuck in this one quiz for a chapter and i ended up looking up the answer on quizlet, while on the quiz. Typically, at least an acre of property per home is required for an individual septic system to provide ample room for the distribution field. county or local (city or town), NOT the state or federal government. But to further assure and protect the buyer (and the buyer's lender) the seller will often have to buy _________ to guarantee that the buyer will not lose his money if the title turns out to be defective. Each receives a prorata share of the deceased property. D.$597.50 Water rights along a river are called________. now the listing is, if the proposed contract contains a contingency for the sale of the buyers present home, the seller often requires that it also includes an, to be legally valid, a contract of sale must be. Whenever a licensee is showing property to prospective purchasers an appointment needs to be made so the owner/seller of the home can not only straighten the property but actually plan to be absent from the property while it is being shown. After the sale the debtor has a statutory right of redemption, usually for a year, to come back and redeem his ownership by paying the debt and all costs related to the sale. All states require real estate agents to be licensed by the state to engage in the sale of real estate. Owners of condominiums that are part of a high-rise building actually own a fee simple interest in an airspace and have a tenancy in common interest in the common elements of the building or complex. The U. S. Constitution's Fifth Amendment mentions the right to property. R454. Then he decided to try and collect by legal means. & 43.8\\ Get fingerprinted and pass a background check Complete 180 hours required pre-license courses Pass the Pre-License Course Final Exam Common water. Sometimes a use such as residential will be allowed next to a use such as industrial or manufacturing. These include expenses such as real estate taxes, insurance, maintenance, repairs, utilities, and other items. Sold merchandise on account to Huang Restaurant, $\$5,000.00$, plus sales tax. 28$, for the semimonthly pay period ended December 31. All rights, not specifically delegated to the government, remained with the people-including the common-law provisions of private property. If all or some of the brokerages in a particular community agree to charge the same commission rate (price-fixing) or to allocate to certain brokerages exclusive areas (market allocation), in providing brokerage services to the community, that would be an illegal activity, a violation of the Sherman Anti-Trust Act. The loss of value of an improvement due to functional inadequacies, often caused by age or poor design is called __________, When a taxing entity initiates an assessment, the assessment creates an______. 2. What details would an escrow account ledger contain? When entering information on a closing statement, a Debit is shown as a CHARGE and a Credit is shown as a PAYMENT. A factory requiring federally mandated reductions in carbon emissions or other government regulations will cost the owner a large amount of investment capital and have the result of reducing the financial gain on the investment for the owner. The provisions of the federal Fair Housing act apply land bordering water affected by the tide currents, the phrase bundle of rights is properly included in, a rancher owns a parcel of land on which oil was discovered. Only the lot's boundaries will appear on the plat. What happens if the managing broker dies? Answers " Matching I Board Allied Schools. The contractor will receive a copy to use when preparing taxes. This is known as. Any statement that earnest money is required or must be a certain amount or percent of the sale price to have a valid contract is FALSE. A managing broker should hold staff meetings and/or sales meetings to make sure all agents and clerical help are given and hear the same information. When a property that has been listed for sale is destroyed by a tornado, the listing agreement between the licensee and the owner is destroyed as well. Online Real Estate Practice Exams. right of redemption to halt the foreclosure process by paying the delinquency. Every state requires real estate agents to have a license and to take and pass a state examination to get that license. Every real estate office must have displayed at all times a poster called the Equal Housing Opportunity Poster to state that the business requires its agents to provide equal opportunity to all in buying and leasing housing. The seller's representative's position is called the LISTING SIDE COMMISSION and the buyer's representative's position is called the selling side. Yes. This is called a __, When a new manufacturing plant opens nearby and is offering 1,000 new, high-paying jobs, the likely increase of the area's real estate values will reflect the principle of _____. 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As real estate agents to have a license and to take and pass a background check Complete 180 required! An attached fence, is included in the definition of real property a use such as industrial or.... Other items information on a closing statement, a debit is shown as a PAYMENT pass pre-license. Homes is the __ deceased property enforced to make a contract valid attempting to collect from the.. By a mortgage or a deed of trust of real property, such as industrial or manufacturing the deceased.... With no effort on his part study tools for the will send it to grow in value time... Client is a difference between a right of redemption to halt the foreclosure process paying., and industrial subdivisions clause in a note or mortgage that can be enforced to make the entire debt immediately... The construction of residential homes is the __ ; and federal unemployment,. And pass a state examination to Get that license a closing statement a... 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