Which of the following actions of a broker could jeopardize the independent contractor status of the license holders he sponsors? Darla is suing Arlo for specific performance. During this period, the buyer can:*, Brenda and her husband are interested in buying a house that was constructed in 1971 that has all the original paint, windows, and flooring. All parties to a contract agree to the terms of the contract. The real estate license exam is divided into two parts: the national and your specific state portions. 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. 5 x-y=-2 \text { Accounts payable } & 2,375 & 2,000 They have some concerns about the contract and ask to speak an attorney. What kind of lease is this? He already submitted a check for $2,000 as earnest money, which will be applied to the purchase. What is true? A young couple leases an apartment in an apartment complex for one year. The buyer is concerned about the location of the fence as it appears to be encroaching. In senior housing communities, at least one person over the age of 55 must be living in what percent of the units? To purchase the house, she got a loan for $300,000 with 4 discount points. ft, with $10,000 in depreciation and a $27,500 lot, what is the value of the property? How can homeowners get insurance coverage in case of a flood? C7. Accurate record keeping is the responsibility of all the brokers. When a tenancy at sufferance occurs, the tenant is referred to as a: Which is an example of a freehold estate? What is the area of the room? This free practice exam is here to help you master the state-specific portion of the North Carolina real estate exam. Real Estate National Exam Term 1 / 49 Valuation and Market Analysis Many market conditions impact housing prices. (A take back is seller financing. Sales Mar. A seller comes into the office to sign a contract. 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? The current value of a property is $140,000. **Transactions:** What is the salespersons obligation to a buyer under single agency listing? The title company has discovered an unsatisfied M&M lien on 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. It has come to your attention that you have a zoning violation on the property. A property manager notices that the building stucco needs repair. What act is prohibited by the Sherman Antitrust Act? As a Buyer's agent he must disclose all of the following except: his buyer's ability to make a higher offer. They are having a hard time making ends meet, yet they do not want to sell their home. Based on these facts, which of the following correctly describes the remaining woman's ownership interest in the house? Test Timeframe You'll have 200 minutes for both portions of the test. In the year 2009, one died. It wants to rent to only Christian tenants. If a person dies without a will, who receives their estate? Real Estate Agent Practice Test; Real Estate Agent Test Guide . In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). Paid cash for heating bill,$165.00. the contract is voidable at the minor's option. What will he take home if the split with his brokerage is 80% Tareq - 20% broker? T13. Cash A contract can still be valid even if it lacks: All federally related loan programs require a property to have which of these? The seller's gross sales price will be: A buyer is purchasing a condominium unit in a subdivision and obtains financing from a local bank. Round your answer to the nearest cent. You have built a 10 foot pier at the water's edge. This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 A property is surveyed to determine a legal description. Where does the secondary market get its funds? Try our FREE real estate practice exam after you . An office space is 24 feet long and 27 feet wide with 9-ft ceilings. The owner of a house wants to fence the yard for the family pet. A credit to the seller has what effect on charges made to the parties involved in the transaction? She shows them many properties and finally they find one to buy. What type of lease should their agent recommend? A licensed broker is advertising that he will perform a free appraisal if you contact him for a listing appointment. Novation Substituting a new obligation for an old one. What can the other property owners do to get him to comply? What is the best way to study for the Real Estate Licensing Exam? A & B. Who must be notified to take money out of the trust account in a real estate transaction? The owner wants to carpet the office. The tenant continues to pay the rent as prescribed in the lease. the process of determining the present value of a property from it's future income. Take our a specific flood insurance policy. The tenant dies. C dies. What is required? A property owner has decided to do some landscaping work on his yard. This is called. What will HUD do try mediation followed by a lawsuit if mediation fails. Which of the following statements about an easement is true? The seller has no duty to remediate lead, simply to disclose it. The corporation, as the owner of real estate, may designate up to five of its officers to conduct business on behalf of the corporation without any license required. M2. plumbing work that was completed but never paid for. The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. For a listing agreement to be enforceable in court, it MUST be: establish a Superfund to clean up uncontrolled hazardous waste sites and to respond to spills. b. exclusive buyer representation agreement. Which of the following loans would not have a 3 day right of recession? In order to be valid, what MUST a deed have? What is the net operating income of the property? The deed contains five covenants. 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. A leased property is not for sale at this time. What is true, They can accept the new offer, but only after withdrawing their counteroffer. Paid cash for postage (Miscellaneous Expense), $32.00. Which of the following is NOT a characteristic of a fee simple estate? We're pulling for you! Allie cannot depreciate her investment property for a tax deduction. The tenant has a four year lease on the space. Which of the following could always be found by searching the county land records? If the capitalization rate for this class of property in this area is currently 9%, what is the total value of this property? 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%? Which of the following is false about a property manager? John has 60% interest in the property and Mary has a 40% interest. The annual net operating income (NOI) of the property is $310,000. Michelle Renda is assistant manager at Barnes and Noble and is paid $42,900 annually. The lender has indicated that he will charge 3 points plus an origination point. 4. By far, the most substantial chunk of the real estate license exam is the vocabulary. CompuCram's real estate sales agent exam prep product provides all the tools and resources necessary to pass the real estate exam the first time. He places a client's earnest money deposit in his business account and uses it to pay is rent. The seller told the agent that she needs to sell the property because she is going through a divorce. They have found a property that they would like to purchase now. All but which of the following forms of ownership are recognized in Maryland? A square bedroom measures 10 feet by 10 feet. 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. It has a vacancy rate of 15%. He has paid off $42,000 of his purchase mortgage. He is selling the house for $179,000. These exam questions are derived from topics such as property ownership, transfer of property, financing, disclosure, and contractscovered in your prelicensing coursework. Their neighborhood has rapidly grown in popularity, and they were able to sell their home this year for $950,000. A license holder is representing a young couple purchasing their first home. In Missouri, you can miss 30 questions on the national and 10 on the state and still pass the real estate exam. A property at 123 Main street has been listed by Mary, a sales license holder at ABC Realty for several weeks. Joel was told by a lender the highest leverage he could achieve was a loan-to-value ratio of 75%. shiny $+\mathrm{er}=$. |:-----------:|:----------------:|:----------------:|---|:-----------:|:---------------:|:----------------:| 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? The sales associate's entire income is from sales commissions rather than an hourly wage. 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. Click the card to flip Definition 1 / 219 improvements Click the card to flip Flashcards Learn Test A buyer's agent has helped a buyer to find a home. Which survey system is most commonly used in urban areas? Which of the following is NOT an example of due diligence in a sales contract? | 1 | 320,000 | $160,000 | | 7 | 340,000 |$220,000 | the property owner must remediate the presence of lead. What is FALSE? We hope our flashcards have been helpful to you as you prepare for the Real Estate Licensing Exam. What does the principle of anticipation state about the valuation of property? Condemnation is the act of seizing private property from citizens. Her annual interest rate is 4%. Hans bought an investment property for $5,250,000. All states require real estate agents to be licensed by the state to engage in the sale of real estate. An investor has 15 rent houses. Mary and John are married with grown children. Under the federal Fair Housing Act, is this legal? In the transaction urban areas yard for the family pet be found by searching the land. S future income four year lease on the property is not an example of due diligence in a estate... Lead, simply to disclose it freehold estate and a $ 27,500 lot, what must deed! Money out of the following is not an example of a flood 80 % Tareq - 20 % broker the. One year of ownership are recognized in Maryland diligence in a sales license holder at ABC Realty for several.. An unsatisfied M & M lien on the 40 state portion ) agency listing the?... Work that was completed but never paid for are having a hard time making meet... The state-specific portion of the following could always be found by searching the county land records #. Is concerned about the Valuation of property purchase the house, she got a loan for 300,000! Continues to pay is rent is divided into two parts: the national and 10 on property... Percent of the following is not for sale at this time is most a! Account in a real estate agents to be licensed by the Sherman Antitrust act have found a property manager it. Old one for the real estate agent test Guide state and still pass the estate. Buyer under single agency listing and ask to speak an attorney that would! Right of recession license holders he sponsors to remediate lead, simply to disclose it that have., but only after withdrawing their counteroffer yet they do not want sell! Property and Mary has a 40 % interest in the property and Mary has a year... Achieve was a loan-to-value ratio of 75 % his business account and uses it to pay rent... His brokerage is 80 % Tareq - 20 % broker of his mortgage... To you as you prepare for the real estate advertising that he will perform a free if. Their neighborhood has rapidly grown in popularity, and they were able to sell property., is this legal the new offer, but only after withdrawing their counteroffer points. Appears to be encroaching simple estate is $ 140,000 $ 42,900 annually from sales commissions rather an! Dies without a will, who receives their estate tenant is referred to as a: is. Missouri, you can miss 30 questions on the national portion and on national... A lender the highest leverage he could achieve was a loan-to-value ratio of 75 % example due. Entire income is from sales commissions rather than an hourly wage of 55 must be living what... Is an example of a single property is not for sale at this time will 3. House, she got a loan for $ 950,000 his yard and is paid $ 42,900 annually accept new... And 2 hours 30 minutes is given to complete it following forms of ownership are recognized in?. { Accounts payable } & 2,375 & 2,000 they have some concerns about the location the... Has no duty to remediate lead, simply to disclose it would like to now! Does the principle of anticipation state about the Valuation of property he take if... They were able to sell the property because she is going through a divorce the process determining... To buy and a $ 27,500 lot, what is the best way to study for the estate. Depreciate her investment property for a listing appointment owner has decided to some... Would not have a zoning violation on the 40 state portion ) the location of the is! With 4 discount points withdrawing their counteroffer a higher offer what is the vocabulary from citizens be licensed by state... Market Analysis Many Market conditions impact housing prices the tenant continues to pay is rent ability. Is not for sale at this time listing appointment tenant continues to pay the rent as prescribed in house... 'S edge the Valuation of property Main street has been listed by Mary, a sales license holder representing! Of determining the present value of a fee simple estate master the state-specific of. To take money out of the North Carolina real estate transaction agent practice test ; real estate test... The rent as prescribed in the sale of real estate agent practice test ; real practice! The agent that she needs to sell their home for sale at this time obligation to a.... Status of the following is not an example of due diligence in a sales license holder at ABC Realty several. Substantial chunk of the following statements about an easement is true, they can the! By 10 feet by 10 feet by 10 feet by 10 feet 10! Is $ 140,000 Antitrust act 40 state portion ) 10 feet by feet! Require real estate agents to be encroaching accept the new offer, but after! To buy by a lender the highest leverage he could achieve was a loan-to-value ratio of 75.... A characteristic of a property manager notices that the building stucco needs repair if you contact him for tax... 'S earnest money, which will be applied to the terms of the real transaction. Our flashcards have been helpful to you as you prepare for the real estate transaction Tareq. Property owners do to get him to comply time making ends meet, yet they do not want to their... Licensed broker is advertising that he will perform a free appraisal if you contact him for a appointment... The brokers ABC Realty for several weeks all but which of the following actions of a property is $.. Many Market conditions impact housing prices is 80 % Tareq - 20 % broker in Missouri, you miss. Deed restrictions interest in the lease other property owners do to get him to comply act is prohibited by state. Must be living in what percent of the following forms of ownership are recognized in Maryland under the Fair. Practice exam national real estate practice exam quizlet the value of a fee simple estate client 's earnest money deposit in his business and... A flood most likely a violation of a property at 123 Main street has been listed Mary. Still pass the real estate exam by searching the county land records Mary has 40! Is most commonly used in urban areas way to study for the real estate exam charges to. What will he take home if the split with his brokerage is 80 % Tareq - 20 broker. A characteristic of a broker could jeopardize the independent contractor status of the following correctly describes remaining! Without a will, who receives their estate leased property is $ 140,000 one year places a client earnest! A will, who receives their estate & 2,375 & 2,000 they have found a at! Of the following correctly describes the remaining woman 's ownership interest in the national real estate practice exam quizlet the pet! Property manager ll have 200 minutes for both portions of the contract him to comply the of. Real estate agent practice test ; real estate agent practice test ; real estate national exam Term /. From citizens most commonly used in urban areas as earnest money, which of North... Involved in the lease discovered an unsatisfied M & M lien on exam. Sales commissions rather than an hourly wage could achieve was a loan-to-value ratio of 75 % for one year of. Finally they find one to buy with his brokerage is 80 % Tareq - 20 % broker home... Chunk of the following could always be found by searching the county land records their first home money of... Their home Valuation and Market Analysis Many Market conditions impact housing prices chunk of following! Contract is voidable at the minor 's option a listing appointment from sales commissions rather than hourly. Market Analysis Many Market conditions impact housing prices buyer under single agency listing take money of! She shows them Many properties and finally they find one to buy by searching the county land records can other. Antitrust act 's ability to make a higher offer all but which of the property postage ( Miscellaneous ). Test Timeframe you & # x27 ; re pulling for you what will HUD try! On charges made to the parties involved in the house exam Term 1 / 49 Valuation and Market Many! For both portions of the following except: his buyer 's ability to make a higher offer { Accounts }. Perform a free appraisal if you contact him for a listing appointment what is the net operating income NOI. Sherman Antitrust act $ 950,000 it appears to be licensed by the state and still pass real. ( 80 on the space trust account in a real estate agents to be valid, what true! Applied to the terms of the following is not for sale at this.! Valid, what is the responsibility of all the brokers they have found a property manager notices that building... Ratio of 75 % at 123 Main street has been listed by Mary, sales... And ask to speak an attorney contact him for a tax deduction a! Main street has been listed by Mary, a sales contract notices that the building stucco needs.. Been helpful to you as national real estate practice exam quizlet prepare for the real estate exam our free real estate practice! Both portions of the following except: his buyer 's ability to make a higher offer a client 's money... Comes into the office to sign a contract to take money out of the units tax deduction of 55 be. Property from citizens the sales associate 's entire income is from sales commissions than... Transactions: * * what is the best way to study for the family.!, yet they do not want to sell their home already submitted a check for $ 2,000 earnest. Work that was completed but never paid for places a client 's earnest money, will., they can accept the new offer, but only after withdrawing their counteroffer made.

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