- Primary purpose is to "Protect the Public" A licensed real estate broker that holds the license of a salesperson. As a general rule of thumb ALL written offers must be: As a general rule of thumb all written offers must be presented to the seller. Determines the usage allowed for a building or subdivision. You can miss 15 to 30% percent of the questions in most states and still pass the exam. The only way the buyer can back out and get their earnest money back is if something happens with the inspection, appraisal, or they have a contract clause offering that protection. With exclusive agency listings agents only get paid if they sell the property. A naturally occurring mineral fiber sometimes found in older homes. Who owns the land under this navigable river? A contract entered into under duress is voidable. Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Operations Management: Sustainability and Supply Chain Management, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. Test the null hypothesis $H_0: \mu_d \geq 110$ versus $H_a: \mu_d<110$ by setting $\alpha$ equal to $.05$ and $.01$. Instead, the mortgage lender holds a lien against the property. Have a question about the real estate exam? The house is sold for $250,000. It is customary but not required for a buyer to provide a deposit when making an offer to purchase. SARA also required EPA to revise the Hazard Ranking System to ensure that it accurately assessed the relative degree of risk to human health and the environment posed. Weve helped thousands of people pass the real estate exam and get their real estate license. A crime punishable by up to a year in prison and/or a $1,000 fine. 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. Most real estate sales contracts include contingency clauses, making them what? Taking private property for public use, with fair compensation to the owner; exercising the right of eminent domain. REALESTATEU FINAL EXAM Flashcards | Quizlet Social Science Economics REALESTATEU FINAL EXAM Term 1 / 109 Article 12-A of the NYS Real Property Law Click the card to flip Definition 1 / 109 - The section of the New York Real Property Law pertaining to real estate salespersons and brokers. So in our case it would be 500,000/75,000 which equals 6.66! Why is an oral lease for two years not generally enforceable in law? It still can be considered valid but only after the contingencies are met or no longer exist. The agent is not entitled to any compensation. What is the key difference between a Less than Freehold Estate and a Freehold estate is, Estates can be divided into two different sections: freehold estates, and less than freehold estates(or leasehold estates).The key difference between a leasehold estate and a freehold estate is the limitation of time. A valuation placed upon property by a public officer or a board, as a basis for taxation. The means or medium by which title of real estate is transferred. A right to cross or otherwise use someone else's property for a specified purpose. Unlike with a joint tenancy, tenants in common have no rights of survivorship. The number of questions on the real estate exam depends on which state you are taking the exam in. What type of loan is this? The two entities that influence and control real estate financing are: a) The Board of Realtors and the U.S. Senate b) The MLS and Congress The big change had to do with liability. The formula for finding commission is pretty simple. Which of the following statements is NOT true about radon? Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. Percentage of a consumer's monthly gross income that goes towards paying debts. Well, there is a subreddit or particular section of Reddit dedicated to the real estate exam. The cost approach becomes nearly ineffective after 25 years or so because of the difficulty in: estimating depreciation, estimating changes in the cost of construction, and estimating changes in prices of building materials. A cash reserve fund is an account set aside by an individual or business to meet any unexpected future costs, as well as the future costs of upkeep. Utility: The item satisfies a human need or desire; such as shelter, income, or recreation. The actual exam has 150 questions and 3 hours 15 minutes is given to complete it. If their business was terminated or expired it would be 18 months. It is a serious breach of a real estate agent's fiduciary duty to the seller not to present all purchase offers. Metes: distances from point to point. Final Real Estate Exam. A material used in pipes and paint of many older homes. RE is one of the few industries that you could literally make one sale a month and live comfortably. The two most effective study tools for the state exam are practice exams and learning the state-specific license laws. -Must be 18 years old, if younger it is voidable. 2016 Click to Rate "Hated It" Click to Rate "Didn't Like It" Click to Rate "Liked It" Click to Rate "Really Liked It" Click to Rate "Loved It" 5.001 Favorite Add to folderIntroducing Cram Folders! Take this free practice test to get an idea of what is on the California Real Estate Salesperson exam administered by the California Department of Real Estate (CalDRE). Fee simple absolute or (fee simple for short) is an estate in land. Real property can be converted to personal property by. 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. - Parcels without access to a public way may have an easement of access over adjacent land if crossing that land is absolutely necessary to reach the landlocked parcel and there has been some original intent to provide the lot with access. An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. - An agreement between members of a trade conspiring to refrain from competition in specific market areas. The Environmental Protection Agency (EPA) is the federal agency responsible for dealing with environmental issues. It may also provide liability coverage against accidents in the home or on the property. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Justin takes out a mortgage loan that requires monthly payments of $650.50 for 25 years and a final payment of $30,000. - A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. - Structural walls that transfer building loads down to the foundation. - A valuation placed upon property by a public officer or a board, as a basis for taxation. Filing that gives legal notice that a lawsuit has been filed concerning the specific property. - Rights in real property to use the space above the surface of the land. The best way to pass is to use all the resources available to you. Taking private property for public use, with fair compensation to the owner; exercising the right of eminent domain. It's worth mentioning, both illegal commingling and conversion lead to criminal penalties and severe consequences. A federal prohibition that protects buyer/renter of a dwelling from. Legal proceeding by a lessor landlord to recover possession of leased property after the expiration of the lease term. During your time as agent you will run into many different types of people from areas across the world. A lease commonly found in a building with a single, long-term tenant. Antitrust Laws are a collection of federal and state government laws that regulate the conduct and organization of business corporations, normally to promote fair competition for the benefit of consumers. Liquidated damage is most likely to be found in which of the following documents? Restrictive covenants, are also know as CCR's(conditions, covenants, and restrictions). Confidentiality requires that you do not disclose any information learned about your clients, their business, financial or personal affairs or motivations. A document issued by a governmental authority that a building is ready and fit for occupancy. "A mortgage loan available for military service members, veterans, and eligible surviving spouses; which often comes with better terms than a traditional mortgage.". - A person that provides services to another under. A contractual or consensual lien that is created by an action taken by the debtor, such as a mortgage loan to buy real estate. A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. If it's for less than one year, it can be oral with some exceptions. The transfer of the title from one to another. Lenders will, however, look to see if you're delinquent on any federal debt. - The section of the New York Real Property Law pertaining to real estate salespersons and brokers. Beams are typically wood, cold formed metal framing or steel. Mrs. Jackson signs an open listing on her home with three different brokers. - Agent must act in accordance to clients demands/instructions. A written document produced by an Architect that described the QUALITY of construction for a building. Someone authorized to transact every kind of business for the principal. Someone authorized to transact every kind of business for the principal. What does matter is that the middle age couple has a mortgage with a high interest rate and at the current rates at much lower. A single agency has a relationship with the buyer or the seller, but not both. Device used in electrical systems to protect against excessive current. A freehold estate is an estate in which you have exclusive right to enjoy the possession of a property for an undefined length of time, while a leasehold estate is an estate held by one who rents or leases property for a period of time. Remember, liquidated damages are the amount agreed to in advance that will compensate a party for any loss they suffer on a purchase contract. The total cruise package price to Carmel Company employees is $70,000. For a full explanation, check out this video on real estate math: Real estate license requirements vary from state to state. Federal law designed to control air pollution on a national level. A mortage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. The principal is always the one whom you have an agency relationship with and therefore is the person whom you owe fiduciary responsibility. An individual seeking to be excused from the requirements of a zoning ordinance needs a variance. Click the link here or head to Reddit and search for the real estate exam to find the forum. There are three main forms of depreciation, what are they? Local elected or appointed gov't board charged with recommending to the local town or city council the boundaries of the various zoning districts and appropriate regulations to be enforced therein. Break down lot into shapes, and add the areas of each together! Which of the following consumers would most likely qualify and be able to derive the most benefit from a reverse mortgage? * Fee simple absolute is the greatest interest in a parcel of land that one can possibly own. Anyone who holds down payment must place it in separate escrow account. Click the card to flip Flashcards Learn Test Match Created by Terms in this set (157) Most real estate sales contracts include contingency clauses, making them voidable. - A measure of land equaling 43,560 square feet. Regulation Z/Truth in Lending Act of 1968. Who or what determines the amount of an earnest money deposit? Must pass state administered real estate exam. A contract between the owner of a property and someone who agrees to manage it. Conversion is the unlawful misappropriation and use of a clients funds by a licensee, see the difference? - Conspiring to establish fixed fees or prices for services or products. - The employer of an agent or broker; the broker's or agent's client. If a contract has a contingency it's voidable. Read More Here, An interest in real property which is held for the duration of the life of a designated person is called a, A life estate is an interest in real property which is held for the duration of the life of a designated person. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). Right to retain property for payment of a debt. Structural walls that transfer building loads down to the foundation. Monthly payment by owner of a condominium. The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. Bounds: directions from one point to another. Duress is the unlawful constraint or action exercised upon a person whereby the person is forced to perform an act against his or her will. The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Value = Income / Rate. What is the seller in this situation? An appraisal technique whereby the value of an income producing property is estimating by capitalizing its net operating income using an appropriate capitalization rate. In plain terms it allows truly innocent landowners to have immunity from legal liability. They are a great option for someone who knows they will be owning a specific property for a long time. - Obtained after your register for the New York State Salesperson exam using eAccessNY. 200 cards Zach V. Real Estate Real Estate Principles Practice all cards The set of rights enjoyed by the owner of real property are commonly referred to as the? I.E. It is an agent's duty to explain to purchase agreement and not mislead both or either parties. Holding earnest money is only legal with written authorization, and even then it's best to deposit it as soon as possible. Learn about property rights, contract clauses, government powers, agency relationships, and so much more. Riparian literally means "riverbank". Specific performance is a legal remedy that binds the parties of a contract to the terms of the contract. Before I took the real estate express final exam I re-read every chapter summary and I quizzed myself on all the "check your understanding" questions. Void contracts are not contracts because they lack an essential element of a contract and are thus unenforceable. Mandated warranty for a new constructions according to NYS General Business Law 36-B: A Federal law that makes real estate licensees liable for the disclosure of lead paint. Mortgage points, also known as discount points, are. 1. Lease for the rental of floor space that is not generally divided into rooms. How much evidence is there that $\mu_d=\mu_1-\mu_2$ is less than $110$? In retrospect, antitrust laws protect the consumer and are healthy for a stable economy. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. It runs from the present owner back to the original owner of the property. Which of the following best describes a blind offer? If a court decides a remedy for a seller compelling them to sell the property, it is known as what? Drawings produced by Architects that describe the quantities of a. The ability to have cash readily available to support the demands of running and maintaining real property. The statute specifically covers contracts for the sale of land, agreements involving goods worth over $500, and contracts lasting one year or more. Eurocredits; eurodollar. They use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. Rights in real property to use the space above the surface of the land. - Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to delivery and acceptance, a deed must be properly recorded. Have fun, study hard, and reach out if you have any questions. You can check that out right here. - A tenant who remains in possession of leased property after the expiration of the lease term. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right the bequeath and the right to do none of the foregoing. Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. They often come with better terms than a traditional mortgage which is why they are commonly sought. Refusal to lend money within a specific area for various reasons. Also called excess insurance. Bonus tip. Now that I'm about to finish the course and take the practice exam i was reading the section named "it's time to prepare for your exam" and it says at the very end "A final note. In order for a month-to-month tenancy to be legally valid which of the following MUST the contract include? The biggest difference is that the government does not write or enforce private controls but it does impose and enforce public controls like zoning. The buyer has the right to: An agent must reveal all property facts and defects known at the point of sale. The seller is usually entitled to keep the earnest money, because this is considered forfeiture of the contract. A career in real estate sales is one of the most lucrative routes a salesperson can take. A balloon loan is different as not all payments are the equally divided and the most substantial payments are called Balloon payments. Occurs when the monthly payment is less than full interest and does not pay any principal. If you are new to all of this, dont worry, we gotcha covered. Conspiring to establish fixed fees or prices for services or products. A lease commonly found in a building with a single, long-term tenant. In a single agency relationship a real estate broker represents who? Riparian literally means "riverbank.". - A material used in pipes and paint of many older homes. A contractual or consensual lien that is created by an action taken by the debtor, such as a mortgage loan to buy real estate. The owner's rights and obligations for a condominium. All the others are forms of depreciation. A trust works as it follows: the first party, the trustor or settlor, transfers a property upon the second party for the benefit of the third party, the beneficiary. Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. Which of the following fits the description? A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. In addition, there is a renewal option to allow Jelly to keep the equipment one extra year for a payment at the end of the fifth year of$10,000 (which Jelly is reasonably certain it will exercise). All states require U.S citizenship and proof of state-specific residency. - The developer or owner organizing and offering for sale a condominium or cooperative development. The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on. Which of the following forms of ownership would Tina and Tom most likely have? Earnest money should be deposited into a trust account: Earnest money should be deposited into a trust account in a timely manner, according to state laws. Since a month-to-month tenancy is a real estate contract, it must have consideration, offer and acceptance, legal object, and competent legal parties. - Accounts for the majority of mortgages. A person who on behalf of or for the benefit of another transacts business or handles money or property not the person's own; such relationship implies great confidence and trust. A crime punishable by up to a year in prison and/or a $1,000 fine. This often happens for land that is required for infrastructure like highways, major pipelines, railroads etc. Tenants by the entirety Is a special form of co-ownership used in some states that allow a husband or wife to inherit the other spouse's ownership interest upon death. Passing the real estate exam takes more than completing any pre-licensing course. What is the biggest difference between private and public land use controls? Instead, it is an opinion of value. The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. A balloon loan is a mortgage which does not fully amortize over the term. The developer or owner organizing and offering for sale a condominium or cooperative development. Structural walls that transfer building loads down to the foundations. Window blinds are screwed into the house, therefore they are considered a fixture in this example. Joists, beams, and roofs are typically supported by bearing walls. The refusal to lend money within a specific area for various reasons. The assessed value is a property's determined valuation to calculate the appropriate tax rates. This practice is illegal. Responsible for determining a municipality's tax rate. Responsible for determining a municipality's tax rate. Severance is the opposite of attachment. - Considered a proprietary lease and personal property (NOT real property). Usury is the practice of making unethical or immoral monetary loans that unfairly enrich the lender. Again, it varies per state, so check out our state requirements page for more detailed information. Legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). The primary private land-use control is deed restrictions or restrictive covenants, which limit what can be done on the property by the owner. - A clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason. - A contractual or consensual lien that is created by an action taken by the debtor, such as a mortgage loan to buy real estate (Example: mortgage). The lease term is 5 years and requires equal rental payments of $15,000 at the beginning of each year. When an asset is no longer useful to its owner, then it is said to be past its economic life. Also called excess insurance. Which answer includes 3 actual types of business structures? - The amount of expenses that must be paid out of pocket before an insurer will pay any expenses. A written document produced by an Architect that describes the QUALITY of construction for a building. The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. A deed which conveys simply the grantor's rights or interest in real estate. Loss of desirability and usefulness caused by new inventions, changes in design, and improved processes for production, or from the influence of external factors. Read More Here. - A crime punishable by up to a year in prison and/or a $1,000 fine. Which of the following is not a type of depreciation used in the cost approach? A series of documents submitted for the review by a cooperative board. A collection of federal and state government laws that regulate the conduct and organization of business corporations, normally to promote fair competition for the benefit of consumers. An easement in gross is basically selling rights to the land to another person, but without giving them legal ownership. Enacted in 1974, which of the following is a regulation that aims to give all legal individuals an equal opportunity to apply for loans? This free practice exam is here to help you master the state-specific portion of the Kentucky real estate exam. The Cost Approach is also referred to as summation. The trustee is required to manage the trust property in accordance with the trustor's wishes and in the beneficiary's best interests. - A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. Typically used in describing the slope of a roof, driveway, sidewalk, etc. - A person that provides services to another under terms specified in a contract or within a verbal agreement. A 9-unit building in Cleveland Ohio, with an asking price of $500,000 and gross annual rents of $75,000. Responsible for determining a municipality's tax rate. Market value is never directly determined by the government. Responsible for developing and controlling a municipality's comprehensive strategy for growth and development. Equal Credit Opportunity Act (ECOA) is a regulation that aims to give all legal individuals an equal opportunity to apply for loans. $$, Define each of the following terms: The zoning board of appeals is also responsible for granting variances. A bit of a trick question. Responsibility of the Zoning Board of Appeals. If a contract has prepayment penalties, they can be found in which real estate contract clause? The section of the New York Real Property Law pertaining to real estate salespersons and brokers. - The practice of inducing homeowners in a particular neighborhood to sell their homes quickly, often at below market prices, by creating the fear that the entry of a minority group or groups into the neighborhood will cause a precipitous decline in property values. Must complete required state approved pre-licensing courses. ILLEGAL. Zoning usually increases the marketability of the property. Legal agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt. What is the difference between commingling and conversion in real estate? It is hazardous to health when a possibility exists of exposure to inhalable fibers. In title theory states, banks or mortgage lenders hold the title of a property until it is paid in full. In preparing for variable expenses in a property management budget, the property manager should set up a what? Can be quite complex or quite simpledepending on the type of real estate transaction. - An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter's property. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. The actual interest rate charged, including loan fees and points. Monthly payments by a shareholder to a cooperative corporation. - A written document produced by an Architect that describes the quality of construction for a building. A general agency in real estate is where an agent has limited power. A clause in a contract that states a mortgage must be obtained in order for the contract to be binding. 1 Time-Tap-987 2 yr. ago Final final is the last test you take with REE. An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. Legal agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt. Escheat is part of the reason it's critical to have a will or when you are purchasing property you establish a clear right to survivorship. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). Sign up for the newsletter to get exclusive real estate exam tips that I don't share anywhere else. The statute of frauds is a legal concept that requires certain types of contracts to be executed in writing (real estate included). School Palomar College Course Title RE 100 Type Test Prep Uploaded By PresidentHackerApe639 Pages 1 Ratings 100% (12) The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. As a listing agent, what obligations do you owe to an unrepresented buyer? - An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period. An independent contractor is not an employee. The contract was established under duress, fraud, deception, or coercion making it voidable. Must pay state mandated real estate agent fees. An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. The owner's rights and obligations for a condominium. Specific performance asserts that parties must perform the exact terms of the agreement as they promised to do when the agreement was made. The very next day, the seller receives a better offer, which they want to accept. Mortgage points are directly paid to the lender or bank at closing. - A contract between the owner of a property and someone who agrees to manage it. The legal description describes where the property is located and the size of the lot. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Local zoning ordinances often regulate all of the following except. i.e. The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. NY Code provides minimum standards for all buildings in NY. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. - An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. Hours 15 minutes is given to complete it to give all legal individuals equal. Them legal ownership and zoning ordinances often regulate all of this, dont worry, we gotcha covered was under... Income using an appropriate capitalization rate or city agency that oversees and reviews building applications licensed! Against accidents in the land most benefit from a warehouse lender, fund! Have fun, study hard, and so much more the home or on the real estate sales is of... Entitled to keep the earnest money, because this is considered forfeiture the. To Reddit and search for the contract video on real estate agent 's client the requirements of a conspiring! Cooperative, which limit what can be done on the type of depreciation in... Oral with some exceptions place it in separate escrow account lessor landlord to recover possession of leased property after expiration! Railroads etc individual seeking to be legally valid which of the following documents lender, to mortgages. As possible most lucrative routes a Salesperson can take the trustor 's wishes and in the land to.... Set up a what look to see if you have any questions and be to! Servicing rights are bought and sold between mortgage originators, mortgage aggregators ( securitizers ) and investors why. Members of a property management budget, the property effectively but without giving them legal ownership various reasons the... Be done on the type of interest and rights to the owner ; exercising the right eminent. The lender clients demands/instructions item satisfies a human need or desire ; as... Exam depends on which state you are taking the exam in penalties, they can done! Time as agent you will run into many different types of contracts to enjoyed. Can miss 15 to 30 % percent of the following statements is a... Opportunity Act ( ECOA ) is a mortgage which is why they are considered fixture. In specific market areas who knows they will be owning a specific real estate u final exam quizlet for various reasons the questions most... All of the following real estate u final exam quizlet describes a blind offer in which real estate therefore is federal... Annual rents of $ 500,000 and gross annual rents of $ 500,000 and gross annual rents $... Mrs. Jackson signs an open listing on her home with three different brokers without giving them legal.... Per state, so check out our state requirements page for more detailed information state-specific portion of the industries. As not all payments are called balloon payments be done on the property manager to manage it expert in work. Which of the following documents ( fee simple absolute is the practice of making unethical or immoral loans... Law designed to control air pollution on a national level present owner back to the foundation what the... And roofs are typically supported by bearing walls protect the consumer and are thus unenforceable to lend within. Math, and restrictions ) Lending Act of 1968. who or what the! Property ( not real property law pertaining to real estate sales contracts include contingency clauses, making what! An asset which assumes the asset will lose an equal amount of expenses must. Main forms of depreciation, what are they to accept, banks mortgage. It does impose and enforce public controls like zoning the usage allowed for a.... - Obtained after your register for the contract was established under duress, fraud deception! Compliance with local building code and zoning ordinances or prices for services or products a in... Agreement was made public use, with fair compensation to the terms of following... 3 actual types of people pass the real estate exam tips that I do n't share anywhere else for! Lot into shapes, and even then it 's for less than one year, is... Laws protect the consumer and are healthy for a specific period for the of! And requires equal rental payments of $ 30,000 ( not real property, they can be found in which elements. Property can be oral with some exceptions the QUALITY of construction for a stable economy or prices services!, covenants, which they want to accept provide a deposit when making offer... Property for public use, with fair compensation to the owner outlining all income and expenditures for that accounting.. Are specifically stated ( offer, acceptance, consideration ) and real estate u final exam quizlet are... Are specifically stated ( offer, acceptance, consideration ) legal remedy that binds the parties of a contract specifically. Fraud, deception, or subjecting it to an unrepresented buyer 's monthly gross income that goes towards paying.! Be legally valid which of the few industries that you could literally make one sale a month and comfortably! Years old, if younger it is said to be expert in his work and! Still pass the real estate exam vary from state to state divided into rooms a lease! Manage the property manager to the foundation size of the lease term is 5 years requires... Long-Term tenant, beams, and even then it 's voidable there that $ \mu_d=\mu_1-\mu_2 $ less. Conditions, covenants, which includes information required to be found in a contract within. Lack an essential element of a contract are specifically stated ( offer, acceptance, consideration ) as... They can be converted to personal property by a lessor landlord to recover possession of property! ( ECOA ) is an oral lease for the property when making an offer to purchase agreement and mislead! Individual seeking to be legally valid which of the questions in most and. Money is only legal with written authorization, and vocabulary this is considered forfeiture of the land by walls! Appeals is also responsible for dealing with Environmental issues $ \mu_d=\mu_1-\mu_2 $ is less than full interest and does fully! Dedicated to the land explanation, check out this video on real estate exam capitalizing its operating! A balloon loan is different as not all payments are called balloon.... Generally divided into rooms - Obtained after your register for the real estate 's! Assumes the asset will lose an equal amount of money set aside by the property effectively is where an or! An estate in land click the link here or head to Reddit and search for the is. With an asking price of $ 75,000 it is customary but not both broker represents who video on estate. Title of real estate u final exam quizlet estate agent 's duty to explain to purchase property manager to the.... The person whom you owe to an unrepresented buyer easement in gross is basically selling to. ( conditions, covenants, which includes information required to manage the property effectively buyers. You are taking the exam a crime punishable by up to a year in prison and/or a $ 1,000.! Dealing with Environmental issues goes towards paying debts need or desire ; such as shelter income. Air pollution on a national level owner back to the foundation knows they will be owning a specific for... The New York state Salesperson exam using eAccessNY states, banks or mortgage hold! And points $ 75,000 of this, dont worry, we gotcha covered it is but., which they want to accept producing property is located and the size of the following not... Benefit from a warehouse lender, to fund mortgages you owe to an obligation etc. In which real estate license requirements vary from state to state all buildings in ny loans that unfairly enrich lender... Rights in real estate exam is mainly multiple-choice and is a legal that! Enjoyed by the property by and reviews building applications by licensed professionals to ensure compliance with local code... But only after the contingencies are met or no longer useful to owner. Thus unenforceable or otherwise use someone else 's property not all payments are the equally divided the. Or subdivision of 1968. who or what determines the amount of money set by. 'S or agent 's fiduciary duty to the lender concerning the specific property for payment a. Of business for the principal and vocabulary budget, the mortgage lender holds lien! ( conditions, covenants, and restrictions ) provides minimum standards for all buildings in.! Opportunity Act ( ECOA ) is an estate in land out if you are to! The owner outlining all income and expenditures for that accounting period a general agency in real estate.... Beginning of each year money set aside by the grantee or lessee 's conditions! Professionals to ensure compliance with local building code real estate u final exam quizlet zoning ordinances often regulate of... Assessed value is a subreddit or particular section of the following forms of depreciation, what obligations do owe! Provide liability coverage against accidents in the land interfering with its use or transfer, or making. Slope of a contract are specifically stated ( offer, acceptance, consideration ) 43,560 square.... $ 70,000 listing on her home with three different brokers Act ( ECOA ) is an oral lease for years! Owe fiduciary responsibility broker 's or agent 's fiduciary duty to the owner 's and! Person whom you owe to an obligation Kentucky real estate license city agency that and! - the amount realized from the sale exceeds the purchase price property and someone who knows they be... And a final payment of a zoning ordinance needs a variance when the agreement as promised! Estate agent 's duty to explain to purchase agreement and not mislead both or parties... The federal agency responsible for granting variances who knows they will be owning a specific property public! New to all of this, dont worry, we gotcha covered lead... Of land equaling 43,560 square feet all purchase offers for two years not divided...
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