Assuming that she has been paying towards her principal in the amount of $1,600 monthly for five years, how much equity does she now have in the house? **2. 12. Find the equivalent earnings if this amount is paid (a) weekly, (b) biweekly, (c) semimonthly, and (d) monthly. Prepare for success! Real Estate Agent Practice Test Take this free practice test to see how prepared you are for a real estate agent certifying exam. Miscellaneous Expense A title search uncovers a cloud on the title. Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? What is true? In an express contract, the parties explicitly state the terms and conditions of the agreement, whereas in an implied contract, they do not. All of the following have been proven to pose health hazards EXCEPT: The protected categories in the 1968 law with later amendments include: a. race, color, religion, national origin, sex, disability, and families with children, d. required (at least the mortgagee type) if there is a loan used in the purchase of the home. Cynthia accepts Brian's claim and goes on to tell prospective buyers that the home's foundation is in fine condition. A zoning ordinance would affect which of the following? point it out to the buyer as it is a material fact. Although not an agent of either party, the broker may not disclose either party's confidential information to the other. ** Estimate both the variable costs per unit and the total monthly fixed costs using the high-low method. the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. It has a definite ending period and there is no automatic renewal. The new stucco leaks and mold grows. 13. increases the amount the seller receives at closing. Today we go through 50 questions from our real estate practice exam. A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. On Kandy Dr., many older homes have been upgraded or torn down, with high-value homes built in their place. That section can be used to study the topics featured on those 85 questions. A property has lead paint in the interior and on the exterior. Which of the following is the best definition of market value? What kind of property is it? He trips in the house causes major damage to property of the owner. Which of these is an example of a general agency relationship? What type of contract should he enter into with the seller? The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. An example of a voidable contract is a contract that: is made with one party who is not competent. 22. What is the max amount of time allowed for a victim to file a Fair Housing complaint? Which of the following is a participant in the secondary mortgage market? At what cap rate did he purchase this property? Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 Who is responsible? Practice challenging questions you won't find anywhere else. 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? What is true? Using a 360-day year, how much will the seller owe for taxes at closing? Which ownership rights can be sold separately from a property's surface rights? Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property? Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland. The title company has compensated the buyer for the loss. The broker is legally liable for the acts of all license holder, independent contractors and employees alike, A veteran cannot use his/her entitlement to obtain. *, protects against any defects discovered in the title after closing, Which term describes the transfer of property from the current owner to another party by sale or gift? The assessed value is $290,000. The owner wants to carpet the office. plumbing work that was completed but never paid for. Dennis Marier, Capital When Shondra originally bought her house, she made a 30% down payment on the $600,000 purchase. **Required** Personal property MUST be transferred via: When there is a breach of contract, the non-breaching party can rescind the contract, forfeit the contract, or: sue for compensatory damaged and/or specific performance. An agent should present all offers to their client UNLESS:*, the client explicitly instructs the agent not to present any offers below a certain amount in writing. What department of the government oversees the FHA insurance program? For help with the national portion we have our national real estate practice exam. Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? His comparables should not be more than one year old. A sales agent had a listing and the property did not sell. A buyer has signed an agreement to purchase a property from a seller. When measuring gross area the appraiser measures the. Who is responsible for providing a lead paint disclosure? 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. What is the defining feature of an estate for years? Two new builders arrive and begin to sell in the same subdivision. The broker will be protected by his E&O insurance because the problem was not able to be detected by visual inspection and the seller misrepresented the property, are valid for parties that have agreed to their use with the consent of the other parties. Which of the following statements is true about the duties of an agent according to the common law of agency? In Virginia, there are 120 questions on the exam (80 national and 40 state). Which of these is TRUE? A seller wants to net $165,000 from the sale of a house after paying the broker's fee of 6% and other closing costs of $2,635. Which of the following statements is true? A property is bought based on fraudulent statements by the listing broker. A licensee is representing a seller in a commercial transaction. Ignorance C. Disability D. Retardation 2. demand, utility, scarcity, transferability. Their neighborhood has rapidly grown in popularity, and they were able to sell their home this year for $950,000. To determine the value of a highly specialized building, like a museum, an appraiser would most likely use and heavily weight which of the following appraisal methods? The rules are in conflict with one another. A license holder has just taken a class on networking and marketing through social media. The option expires at the end of the month and Mark would like to extend the option. An appraiser is using the Market Data Approach to determine the value of a residential property. You will have between 2-4 hours to complete your exam. National real estate exam review crash course - YouTube 0:00 / 1:43:00 National real estate exam review crash course Real Estate Exam Prep 20.9K subscribers Join Subscribe 6.2K Share. Find your state and pick the right real estate exam prep package for you. 22. Both are intestate. Which of the following statements about lead is NOT true? Here's how much time you'll be given for the final real estate exam: Part 1: National Real Estate Concepts. The property management agreement creates what kind of agency? b. rate of return an income property will produce. The lending institution charged a 1% loan origination fee. C dies. The property has been built to resemble an Antebellum mansion. This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. Using a 360-day year, how much will the seller owe for the taxes at closing (to the nearest dollar) and how will this be shown on the CD? The zoning committee changes the zoning to R-1. With a total of 110 questions (80 national and 30 state), that means the score to pass is 60 for the national and 23 for the state. If a person dies without a will, who receives their estate? TILA does NOT apply to which of the following kinds of loans? *, "You should proceed without ordering a new abstract - this title is clear.". a general partner has full liability and a limited partner has limited liability, A one on one relationship between a broker and a client is called, A license holder sponsored by a broker must have a written agreement. What is true? What is the best way to study for the Real Estate Licensing Exam? The property taxes have not been paid for this year. Which appraisal method would an appraiser be most likely to use on an owner-occupied residential home? A seller has received $225,000 for the sale of his home. Accounts Payable-Supply Mart John and Mary are co-owners of a property. Your client will be able to qualify for a property they wish to purchase in about 6 months, after they had an opportunity to reduce their consumer debt. Observa el significado de las palabras, los verbos y las expresiones de tiempo para guiarte. According to CERCLA, who is liable for the cost of the cleanup? Send the clients to an attorney of their choice before they sign. We have reviewed the material and found it to be slightly better than average content that will help you study for your real estate exam. What happens to the property? Alden Co.s monthly unit sales and total cost data for its operating activities of the past year follow. 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. The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. $$ C6. She is also writing a blog. Click here the Complete 125 question Texas Real Estate Practice Exam plus Flash Cards, Testing Tips and Review. This free practice exam is here to help you master the state-specific portion of the North Carolina real estate exam. *, meaningful disclosure of credit terms of the loan to the borrower. Which one of the following actions would be considered the unauthorized practice of law by a broker? tell the seller and encourage the seller to complete the negotiated sale. Each question has four answer options. An office building has a potential gross rent of $20,000.per month. What is the total purchase price? Real estate practice exams are an excellent way to make sure youre using your test time wisely. (A front foot refers to frontage and is the width of the lot.) Round your answer to the nearest cent. A. Handicap B. A property owner receives a notice that his land is in an improvement district. Find Property for sale in Gunzenhausen, Bavaria. A signed employment agreement is necessary to A listing agent would probably not disclose, death on the property due to natural causes. This free practice exam is here to help you master the state-specific portion of the Colorado real estate exam. The broker gets compensation regardless of who sells the property. B sells his share to D. What type of ownership do A and D have? They do not want it and they sell it. (A take back is seller financing. There is no one available to sign a quit claim deed to clear up the cloud. The son leases the property. Which of the following statements about the difference between a license holder who is an employee and a license holder who is an independent contractor would be true? Tenancy at will. A salesperson designed an innovative tech in the office that would substantially improve service to clients. Test Timeframe You'll have 200 minutes for both portions of the test. A building was sold for $260,000, with the purchaser putting 10% down and obtaining a loan for the balance. A property owner has a gas station on his land. Parties must perform their contractual duties by a specific date and time in order to avoid a breach of contract. For non-real estate transactions, it covers up to $25,000. By far, the most substantial chunk of the real estate license exam is the vocabulary. in order to measure elevation, you need a? Deficiency B. Delinquency C. Default D. Deferment 3. The deed contains five covenants. The South Carolina real estate salesperson exam is a multiple-choice test. How much will Arturo need to pay on closing day? It has come to your attention that you have a zoning violation on the property. The seller told the agent that she needs to sell the property because she is going through a divorce. The owner of a house wants to fence the yard for the family pet. What did Agent Tyson engage in? He must, obtain permission from his broker before using it, Every broker must display the Equal Housing Opportunity Poster in his office. What should the buyer's agent do? All of the following are required under ADA except: According to Regulation Z, which of the following is not a trigger term? The tree and shrubs are an example of A property owner has a waterfront lot on a stream. What kind of lease is this? According to the Statute of Frauds, which of the following leases must be in writing? For help with the national we have our free national quiz. What does the principle of anticipation state about the valuation of property? Which of the following used in 1978 is both extremely hazardous and friable? Her landlord pays for the property's maintenance, security, taxes, utilities, and all other operating expenses. Ace these, and you know you're ready to grab your real estate license ! A sub-divider who does not have a real estate license hires a broker to see her property. What form replacing the HUD-1 must be provided to the consumer and when must it be provided? Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. What gives a creditor the right to seize property as collateral for an unpaid debt? Make sure youre using your test time wisely an attorney of their choice they...: Part 1: national real estate practice exam plus Flash Cards, Tips... On networking and national real estate practice exam quizlet through social media monthly unit sales and total cost Data for its operating activities the... *, `` you should proceed without ordering a new abstract - this title is.! Find anywhere else ; re ready to grab your real estate exam buyer for the real estate practice... True about the duties of an estate for years the unauthorized practice of law by a broker anywhere... Property did not sell, `` you should proceed without ordering a new abstract - this is... 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