stipulation that must be satisfied before the contract can be performed. in order to measure elevation, you need a? He has the right to use the water from the stream. The surveyor works from a point of beginning, and measures terminal points and angles. This is MOST likely a? He will be making a down payment of 5%. In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). A furnace that breaks down a few weeks after the buyer move in. In most cases, broker compensation, as a percentage of home price, falls somewhere between: A Christian organization owns a fourplex. How would the deed identify how they hold their interests if they specify they want them passed to the survivor in case of death? Which of the following is the most likely reason for the lien? Darla is suing Arlo for specific performance. The basic principle of the income approach to value is: The states in which the owner gives up legal title of mortgaged real estate are known as: c. used in the capitalization/income approach to value. The title company has discovered an unsatisfied M&M lien on the property. 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? A & B. What is the salespersons obligation to a buyer under single agency listing? On Kandy Dr., many older homes have been upgraded or torn down, with high-value homes built in their place. A credit to the seller has what effect on charges made to the parties involved in the transaction? In the sales comparison approach to property valuation, what does the principle of substitution state? 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? Login. The local government needs your land to build a new high school. In order to be valid, what MUST a deed have? Ace these, and you know you're ready to grab your real estate license ! For help with the national we have our free national quiz. Inflation increases buying power C. Low unemployment rates mean there are fewer available buyers in the market Accounts Payable-Supply Mart How much equity does he have? A real estate professional signs a contract with a buyer. What act is prohibited by the Sherman Antitrust Act? Take this free practice test to get an idea of what is on the Texas Real Estate Salesperson exam administered by the Texas Real Estate Commission (TREC). 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. Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? The sales contract is most likely: Which of the following BEST describes a capitalization rate? Homeowners are exempt from capital gains up to $250,000 per person every two years. The license holder should: Tell them to talk to an attorney, because the license holder is not permitted to give advice on how to take title. The property management agreement creates what kind of agency? A landlord leased space in his new retail property to an inexperienced business person. Which of the following statements is true? Allie cannot depreciate her investment property for a tax deduction. What should she do? They own their own home. Which of the following deaths on the property should never be disclosed? An executory contract is a contract that: Your buyer client asks you if a property is located in a flood zone. The present value of a property is affected by the anticipated income or utility that property will give its property owner. He notifies the landlord and recommends a contractor. Erin pays a flat fee every month to rent her apartment. Which of the following could always be found by searching the county land records? A property owner has installed a chain link fence on his property. What will she pay monthly in interest? 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. Each time, he notified the sellers of the showing by phone. Which of the following statements about this is true, the tenant can take these as they are trade fixtures. The broker gets compensation regardless of who sells the property. When measuring gross area the appraiser measures the. This type of rent is referred to as. If your practice exam isn't timed, set a timer. The purpose of the Truth-in-Lending Act (TILA) is to provide which of the following? To purchase the house, she got a loan for $300,000 with 4 discount points. 5. A sales agent had a listing and the property did not sell. According to CERCLA, who is liable for the cost of the cleanup? That way, it's . To pass the exam in Missouri, with a total of 140 questions (100 national and 40 state), the score to pass is 70 for the national and 30 for the state. the contract is voidable at the minor's option. Pedro bought his house for $370,000. 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 borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. Burt is buying a house for $100,000 and is making a 20% down payment. An alienation clause would require a borrower to: pay the mortgage debt in its entirety upon the property being sold. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. The buyer has expressed concern about the possible presence of radon. It has a definite ending period and there is no automatic renewal. What is true? What expenses of home ownership can a buyer deduct on his income taxes? renting a room in a house occupied by the owner. This is due to the idea that a person: CANNOT do something of value without receiving something in turn. This is an example of A father gives his son a life estate on a property. Which survey system is most commonly used in urban areas? Utilities Expense John is purchasing a lot 125 feet wide and 127 feet deep for $5.65 a square foot plus $15 a front foot. D & M Company uses the following accounts. | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | What is FALSE? Which of the following instruments is the promise to repay a debt? Which federal law requires that finance charges be stated as an annual percentage rate? How much will she save on points if she chooses the 75% LTV? 22. Tyson then relays this information to a buyer, citing Benjamin as his source. Last month, another died. What type of lease is this? 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: She shows them many properties and finally they find one to buy. Who must fill out the Seller's Disclosure Notice? This demonstrates which principle of appraisal. Today we go through 50 questions from our real estate practice exam. Mark is not entitled to any commission as he did not bring the offer to the sellers, The best description of a counteroffer is. This free practice exam is here to help you master the state-specific portion of the North Carolina real estate exam. 4. 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. What will he take home if the split with his brokerage is 80% Tareq - 20% broker? \text { Temporary investments } & 1,500 & 1,550 \\ What type of verbal lease agreement would be enforceable? 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. The property has been built to resemble an Antebellum mansion. With the exception of tax liens, how are liens generally prioritized? He must, obtain permission from his broker before using it, Every broker must display the Equal Housing Opportunity Poster in his office. 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. What is the net operating income of the property? Received cash from sales,$130.00. \text { Inventory } & 1,250 & 1,400 \\ One of the property owners in a subdivision is violating the deed restrictions. 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. Rent Expense An investor/developer has borrowed money to build a retail shopping center. If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? They shake hands on the agreement and the buyer happily leaves the property. The buyer loves the property and wants to purchase it. For help with the national portion we have our real estate license practice quiz. An example of a voidable contract is a contract that: is made with one party who is not competent. What type of listing agreement did Melissa and Shane sign? He places a client's earnest money deposit in his business account and uses it to pay is rent. The landlord uses the contractor who does not do a good job. If a borrower computed the interest charged for the previous month on a $260,000 loan balance as $1,300, what is the borrower's interest rate to the nearest half percent? How long must a seller or landlord keep a copy of the lead paint disclosure? ** necessary $+\mathrm{ly}=$ $\underline{\text{necessarily}}$ This is best described as a: For what group of buyers would the ARM be the least desirable? 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. He sells 80% of it for $5,000 an acre. Supplies What type of planning is used to guide purchasing by organizational buyers and by resellers? c. Real Estate Settlement Procedures Act (RESPA). Asbestos, an environmental hazard, is a mineral that has been used for many years as: When a property management agreement is signed, it creates: a general agency relationship between the owner and property manager, licensed appraiser that sums up a property's market value based on collected data. Tenancy from year to year. | 6 | 200,000 | 120,000 | | 12 | 110,000 | 80,000 | the property owner must remediate the presence of lead. Is the quick ratio improving or declining? John has a loan with equal regular payments of principal and interest. What type of business entity is owned by shareholders, but avoids "double taxation"? A buyer offers additional consideration to add a 10-day option period to the sales contract. Seller Brian tells his listing agent, Cynthia, that there are no foundation issues in his house. Failure to make payments on time. 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. This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of A couple purchased a condominium. Using a 360-day year, how much will the seller owe for taxes at closing? Maria is planning to buy a house for $200,000. National - Real Estate Exam Practice Questions (Se 80 terms MsV12 PSI National Exam for Real Estate 544 terms TashaNichole30 Real Estate Final Exam (150 Questions ) #1 157 terms walter_sarmiento National Real Estate Exam Prep 101 terms kimluck In Virginia, there are 120 questions on the exam (80 national and 40 state). Under the federal Fair Housing Act, is this legal? What is the difference between replacement cost and market value? The son leases the property. This represents a 20% profit. the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. What is the purpose of a property management trust account? The buyer is concerned about the location of the fence as it appears to be encroaching. **2. Which of the following statements is true? The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? A seller has received $225,000 for the sale of his home. How Many Questions Can You Miss on the Missouri Real Estate Exam? Which one of the following actions would be considered the unauthorized practice of law by a broker? The lending institution charged a 1% loan origination fee. A buyer is aware that the interest rates should go down over the nest few months. In the second year the owner dies and his heirs inherit the property. His comparables should not be more than one year old. 15. Cash The seller receives a note for this amount at closing and will collect this amount over the agreed-upon term of the loan). Which statement is TRUE regarding the real estate professional's policy? | 3 | 280,000 | 220,000 | | 9 | 80,000 | 64,000 | \begin{array}{lrr} How long after an incident does a victim of housing discrimination have to file a complaint with HUD? This practice is: If two parties to a contract both promise to perform the actions specified in the contract, we describe the contract as: Which law requires a lender to give a buyer an estimate of closing costs? Which of the following statements is true about the duties of an agent according to the common law of agency? 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. 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