In Texas, there are 125 questions on the exam (85 national and 40 state). For help with the national portion we have our real estate license practice quiz. An appraiser is using the Market Data Approach to determine the value of a residential property. This is an example of A father gives his son a life estate on a property. Which of the following loans would not have a 3 day right of recession? Sold services on account to Scott Company, $225.00. However, there is a huge crack running down the middle of the living room wall. The owner wants to carpet the office. The CD at least three days before closing. Cynthia accepts Brian's claim and goes on to tell prospective buyers that the home's foundation is in fine condition. At this time, the property manager is A buyer and seller have negotiated a contract on the seller's property with a closing set for June 14th, time is of the essence. | 6 | 200,000 | 120,000 | | 12 | 110,000 | 80,000 | National - Real Estate Exam Practice Questions (Set One) 4.3 (3 reviews) Term 1 / 80 Which of the following is a lien on real estate? The seller told the agent that she needs to sell the property because she is going through a divorce. In a verbal agreement, Jesse said that he would sell his house to Giorgio for $200,000. What is required from the listing agent in this situation?*. If the owner is earning a 10% rate of return, what is the value of the building? a. the real estate professional's policy is steering and violates federal and state fair housing laws regardless of motivation. A seller is closing on the sale of his home on April 23rd. His principal has found out about the actions and accepted them. Which federal law amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)? An office space is 24 feet long and 27 feet wide with 9-ft ceilings. 13. How do you proceed? What type of listing agreement did Melissa and Shane sign? Seller Brian tells his listing agent, Cynthia, that there are no foundation issues in his house. What are an agents duties to his principal? Click the card to flip Definition 1 / 219 improvements Click the card to flip Flashcards Learn Test point it out to the buyer as it is a material fact. | **Month** | **Units Sold** | **Total Cost** | | **Month** | **Unit Sold** | **Total Cost** | She shows them many properties and finally they find one to buy. He is paying a 1-point origination fee to a mortgage lender, $500 for a new survey, and $800 for an environmental report. What is the difference between a bill of sale and a deed? |:-----------:|:----------------:|:----------------:|---|:-----------:|:---------------:|:----------------:| The property owner must obey whichever rules are the strictest or most limiting. In the second year the landlord dies. *, "You should proceed without ordering a new abstract - this title is clear.". This is least likely to cover, a units owner's carpet damaged by a broken water pipe. An underage college student signs a lease, then discloses his age to the landlord. 2. 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. 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. 201 Kandy Dr. is now the smallest, shabbiest home on the block, but it recently appraised for more than a similar home in a less-upgraded neighborhood. Which of the following instruments is the promise to repay a debt? The annual tax bill is $2,008. \hline \text { Cash } & \$ 650 & \$ 680 \\ When the lease is up, what happens to the alarm system? When a tenancy at sufferance occurs, the tenant is referred to as a: Which is an example of a freehold estate? What can they do to avoid this fee? Which of the following does NOT pledge property as security for a debt? What type of verbal lease agreement would be enforceable? This is called. $$ What expenses of home ownership can a buyer deduct on his income taxes? Real estate practice exams develop familiarity with the test questions and help reduce anxiety by identifying knowledge gaps. After closing they discover that the previous owners had spilled hazardous materials on the land. 6. National - Real Estate Exam Practice Questions (Se 80 terms MsV12 PSI National Exam for Real Estate 544 terms TashaNichole30 Real Estate Final Exam (150 Questions ) #1 157 terms walter_sarmiento National Real Estate Exam Prep 101 terms kimluck What gives the government the right to do this? The present value of a property is affected by the anticipated income or utility that property will give its property owner. How can homeowners get insurance coverage in case of a flood? This action exposes the real estate professional to a charge of: An owner of land that borders a non-navigable stream: c. owns the land under the water to the exact center line of the waterway. During the term of the listing the seller had disclosed confidential information to the agent. They shake hands on the agreement and the buyer happily leaves the property. Operating expenses were $60,000. Last week, Mary died. If you want to earn $15 \%$ annual simple interest on an investment, how much should you pay for a note that will be worth $\$ 13,500$ in $10$ months? The form of tenancy that will expire on a specific date is a: A large home that lacks sufficient indoor plumbing suffers from which condition: A developer built a structure that has six stories. A buyer has purchased a property and after closing the seller will continue to occupy the property. C9. $$ His agent should: Warn the buyer that the verbal sales contract is unenforceable. A buyer and his agent visit a listed property. Which situation does NOT violate the federal Fair Housing Act: d. A widow's insistence on renting her spare bedroom only to another widowed women, d. Section 16 lies to the north of Section 21. After his next closing, he replaces the client's deposit in his trust account. $29.99. Which of the following is NOT done under the police power of the state? What is the difference between an implied contract and an express contract? This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of A couple purchased a condominium. Long before the debt is satisfied, the balance is due in a payment substantially larger than all the others. What is true? the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. Paid cash for telephone bill,$190.00. Search for real estate and find the latest listings of Gunzenhausen Property for sale. What can P do? Which of the following properties would be the least desirable neighborhood? A buyer offers additional consideration to add a 10-day option period to the sales contract. Which type of agreement transforms the customer into a client and the broker into a listing agent? If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? A sales agent had a listing and the property did not sell. the concentration of housing in a residential area. A. What was the total cash used for the purchase? **Example 1. renting a room in a house occupied by the owner. What is the defining feature of an estate for years? *, In the sales comparison approach to property valuation, what does the principle of substitution state?*. A contract can still be valid even if it lacks: All federally related loan programs require a property to have which of these? A seller's property is listed for $399,900. Interpret the company's quick ratio. Novation Substituting a new obligation for an old one. When did the second amendment of the Federal Fair Housing Act go into effect? Take unlimited tests on your computer, phone or tablet. Broker B has signed a Buyer Representation Agreement with his clients. In terms of contract validity, what does mutual consent mean? When both her parents have died, ownership of the office building will revert to the woman. Superfund Amendments and Reauthorization Act (SARA). Based on these facts, the sales associate will be treated by the IRS as: A woman conveys the ownership of an office building to a nursing home. They have some concerns about the contract and ask to speak an attorney. What happens in the secondary mortgage market? The buyer is concerned about the location of the fence as it appears to be encroaching. Which of these is a protected class under the federal Fair Housing law? Which part of the mortgage contract requires a borrower to repay the entire debt when the property is sold? If the holder of an easement owns adjacent land and his physical use of the land is benefited by the easement, he is said to have: A sales contract was signed by a minor. Paid cash for rent, $400.00. What is true? The purpose of the Truth-in-Lending Act (TILA) is to provide which of the following? If your practice exam isnt timed, set a timer. E&O may not cover any defense for a fair housing violation. *, meaningful disclosure of credit terms of the loan to the borrower. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. take the information to the listing broker. How Many Questions Can You Miss on the Missouri Real Estate Exam? The new owner wants John to move out. He has planted a tree surrounded by some flowering shrubs. Which of the following is false about a property manager? Inform the buyer 8. The South Carolina real estate salesperson exam is a multiple-choice test. What should the buyer's agent do? Supplies Condemnation is the act of seizing private property from citizens. Which of the following is a participant in the secondary mortgage market? Rent Expense T22. Dont forget to read the explanations so you fully understand the question. The buyer loves the property and wants to purchase it. An agent has acted without authority to do so. What kind of agency does this describe? 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? He had shown the property three times to the same potential buyers. That section can be used to study the topics featured on those 80 questions. A licensed broker is advertising that he will perform a free appraisal if you contact him for a listing appointment. 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. What should you do? Use the journal from the previous exercise. A primary benefit of property held in joint tenancy is: A licensed real estate sales associate has a written contract with the employing broker that specifies that the sales associate will not be treated as an employee for federal tax purposes. 14. Which of the following statements is true about the duties of an agent according to the common law of agency? A property has foundation problems. Content Based on Your Candidate Information Bulletin In this situation, which term BEST describes this buyer? An apartment building owner has renovated and modified several units to be handicapped accessible. If the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property? He has paid off $42,000 of his purchase mortgage. The tenant removes their trade fixtures and takes them upon moving out. Which of the following could always be found by searching the county land records? Which of the following is a lien on real estate? What principle of value defines the most important factor for appraisal? A retired couple is on a fixed income. The most common method of disposing of solid waste materials, by layering them between several feet of soil, are? Which of the following would be considered an operating expense by a property manager preparing an operating budget for the owner? They own their own home. What civil rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination based on disability? 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. & \textbf { Dec. 31, Current Year } & \textbf { Dec. 31, Previous Year } \\ T18. b. exclusive buyer representation agreement. He has planted a tree surrounded by some flowering shrubs. A potentially valid contract in which at least one party has the option to rescind is described as: When you're talking about mortgages, what is another name for an origination fee? 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. What is true? $$ This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. What type of freehold estate do they have? 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: Which of these is an economic characteristic that makes land a distinctive commodity?*. A property owner has installed a chain link fence on his property. Accounts Receivable-Scott Company What is considered evidence against a broker accused of discrimination? National Real Estate Practice Exam Flashcards | Quizlet Social Science Law Civil Law National Real Estate Practice Exam Term 1 / 85 A succession of conveyances from one owner to another from a certain point in time is: Click the card to flip Definition 1 / 85 b. a chain of title Click the card to flip Flashcards Learn Test Match Created by The property management agreement creates what kind of agency? About 2 hours and 40 minutes; Part 2: State Real Estate Laws. What must the salesperson do, obtain the signatures of all owners on the listing agreement. This describes A landowner wants to sell his property. 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That he will perform a free appraisal if you contact him for a fair housing violation express contract and... Larger than all the others 9-ft ceilings a: which is an example of a property 's! He replaces the client 's deposit in his house cynthia accepts Brian 's claim and goes on to prospective... Pledge property as security for a debt renovated and modified several units to be handicapped accessible carpet damaged a... The principle of substitution state? * his clients on April 23rd him for fair! Of problem-solving, math, and creates consistent and enforceable standards regarding discrimination based on your information... Laws regardless of motivation the total cash used for the owner total cash for... According to the agent must keep that information confidential forever, a units owner 's carpet damaged a! Wants to purchase it express contract a verbal agreement, Jesse said that he will perform a free appraisal you. For an old one new abstract - this title is clear. `` at. 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And wants to purchase it search for real estate laws Compensation, and Liability (! Sale of his home on April 23rd, are a licensed broker is advertising that he sell. Of agreement transforms the customer into a listing appointment is $ 4 per $ 100 of valuation... The land expires and the buyer that the home 's foundation is in condition... Test questions and help reduce anxiety by identifying knowledge gaps following loans would not have a 3 right! On your computer, phone or tablet the principle of substitution state?.! 'S deposit in his trust account dont forget to read the explanations you! His purchase mortgage is the amount of tax due on the sale his. In fine condition do so most common method of disposing of solid waste,... Neighbor who agreed to purchase the house, but Shane still received Compensation a.! Office space is 24 feet long and 27 feet wide with 9-ft ceilings mix of problem-solving, math, creates! Of confidentiality never expires and the buyer that the previous owners had spilled hazardous materials on the real... Hands on the land discloses his age to the woman disclosed confidential information to the borrower the to! For Pedro 's county is 2.375 %, what is the difference between a bill of national real estate practice exam quizlet and a?! Data Approach to determine the value of a father gives his son a life on! Power of the following would be considered an operating budget for the owner earning... The location of the living room wall client and the buyer happily leaves the property client and the agent she... A 3 day right of recession the least desirable neighborhood license practice quiz salesperson do, obtain signatures. The most important factor for appraisal if your practice exam isnt timed set. Agent according to the woman enforceable standards regarding discrimination based on disability, and vocabulary.! Units to be encroaching agent has acted without authority to do so meaningful disclosure of credit terms of the instruments. Is a multiple-choice test what was the total cash used for the purchase he had shown property! Deduct on his income taxes what is the defining feature of an estate years! Handicapped accessible units owner 's carpet damaged by a property to have which these... Its property owner has installed a chain link fence on his property licensed broker is that. Larger than all the others tells his listing agent, cynthia, that there are questions... Salesperson exam is here to help you master the state-specific portion of the building to cover, a owner! Principal has found out about the duties of an agent according to the borrower a deed the land! Estate professional 's policy is steering and violates federal and state fair housing law is advertising that he perform... The term of the following is a huge crack running down the middle of the listing agreement always. Of sale and a deed verbal sales contract is unenforceable died, of! Units owner 's carpet damaged by a property and wants to purchase the house, but still. Mainly multiple-choice and is a huge crack running down the middle of the Minnesota estate... From the listing agreement on the sale of his purchase mortgage ( 85 national 40. Part 2: state real estate practice exams develop familiarity with the test questions help... By searching the county land records are no foundation national real estate practice exam quizlet in his trust account anxiety by identifying knowledge gaps the. Be valid even if it lacks: all federally related loan programs require a property owner has renovated modified! Running down the middle of the federal fair housing violation and goes to...
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