The assessed value is $290,000. Melissa signed a listing agreement with Shane, a local real estate agent. At this time, what is true? S1. Arlo will be required to perform according to the terms of the contract. Her actions: which of the following is NOT a specific lien? A seller wants to net $185,000 on the sale of his property. Inform the buyer 8. The rectangular survey system depends on what? If your practice exam isn't timed, set a timer. What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success? 6. That section can be used to study the topics featured on those 80 questions. The Real Estate Agent License Practice Test - study and pass your state real estate exam the first time. The seller told the agent that she needs to sell the property because she is going through a divorce. Which of the following statements is true? The deed contains five covenants. Jordan took out a loan in the amount of $265,000. Who would use the remedy of Forcible Entry and Detainer? What is the maximum amount of additional long-term obligations this borrower may have after PITI? By far, the most substantial chunk of the real estate license exam is the vocabulary. What kind of loan does Mary have? What is the defining feature of an estate for years? the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. (A front foot refers to frontage and is the width of the lot.) Liens are prioritized by date of creation, with older liens being paid off first. A landlord leased space in his new retail property to an inexperienced business person. ft, with $10,000 in depreciation and a $27,500 lot, what is the value of the property? What form replacing the HUD-1 must be provided to the consumer and when must it be provided? Which of the following actions of a broker could jeopardize the independent contractor status of the license holders he sponsors? What can P do? Who is responsible for providing a lead paint disclosure? They shake hands on the agreement and the buyer happily leaves the property. He notifies the landlord and recommends a contractor. mi madre. What is the difference between an implied contract and an express contract? He lists his property for sale "as is", and does not disclose the problem. CRINITZ: Mehrfamilienhaus, 244 m2 Wohnflche, auf dem Land mit drei groen . What kind of agency does this describe? Prepare for success! Tenancy from year to year. This free practice exam is here to help you master the state-specific portion of the Texas Real Estate Practice Exam real estate exam. 5. 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. What kind of agreement has this real estate professional signed? The title company has discovered an unsatisfied M&M lien on the property. A real estate professional receives a check for earnest money from a buyer and deposits the money in the real estate professional's interest-bearing checking account over the weekend. 2. When does the buyer under contract for deed get title to the property? She shows them many properties and finally they find one to buy. Which of these is a protected class under the federal Fair Housing law? 1. What must the property owner do? He is paying a 1-point origination fee to a mortgage lender, $500 for a new survey, and $800 for an environmental report. Subsequently, the buyer is awarded a judgement against the seller. They do not want it and they sell it. The South Carolina real estate salesperson exam is a multiple-choice test. Which of the following is personal property? The purpose of the Truth-in-Lending Act (TILA) is to provide which of the following? 15. The option expires at the end of the month and Mark would like to extend the option. point it out to the buyer as it is a material fact. How much of that money will they be required to pay capital gains tax on? What is true? Journalize the transactions completed during March of the current year. A bank refuses to issue mortgages to a historically Black part of town. An investor/developer has borrowed money to build a retail shopping center. Does John have to leave? What type of listing agreement did Melissa and Shane sign? **1. To become a real estate agent in Oklahoma and represent buyers and sellers in the real estate transaction process, a candidate must complete the following steps, including passing the Oklahoma Real Estate Exam. By far, the most substantial chunk of the real estate license exam is the vocabulary. The buyer later finds out the home has a termite infestation. It has come to your attention that you have a zoning violation on the property. The buyer has expressed concern about the possible presence of radon. The seller failed to do so, which makes the seller guilty of: What usually happens to earnest money at the successful closing of the sale? Your property borders a non-navigable waterway and you have riparian rights. The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. If John dies and Mary becomes the owner of their home, what type of ownership did they have? an agent with permission to advertise a property on social media does not have to worry about protecting confidential information about the client. \end{array} Where does the secondary market get its funds? What is true? How can homeowners get insurance coverage in case of a flood? The property owner must obey whichever rules are the strictest or most limiting. The main goal of the ADA is the removal of barriers. What is the advantage to the borrower of a VA loan? The buyer may not sign an agreement with any other real estate professional. He already submitted a check for $2,000 as earnest money, which will be applied to the purchase. If an appraiser uses the cost approach to determine the value of a two story building 128 x 97 at $120/sq. Which of the following statements about lead is NOT true? Our material is specific to the Missouri Real Estate Salesperson Exam, covering both the National and State sections with these content areas: Property Ownership; Reasonable care, obedience, loyalty, disclosure, accounting and confidentiality. All experience a lower level of profit. 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. John is purchasing a lot 125 feet wide and 127 feet deep for $5.65 a square foot plus $15 a front foot. An investor has 15 rent houses. Try our FREE real estate practice exam after you . Contact. A. A buyer has purchased a property and after closing the seller will continue to occupy the property. Which of the following is unlikely to have a negative impact on seller's credit score? A license holder advertises a listed property as having the most beautiful landscaping in the neighborhood. In order to be valid, what MUST a deed have? Last month, another died. If she is successful, what will happen? Mark has an option to purchase Bob's property. A sales agent is showing a property. Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? **Required** This is: acceptable as long as he has written records. Which statement is TRUE of this arrangement? Both parties involved in an agency agreement agree to end the agreement early. She owns real property and dies intestate. A metes and bounds legal description always returns to: What should a license holder do if a client instructs them to do something that would discriminate against a protected class? They would like to accept this new offer. This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. This would be an example of A builder is very successful and active in a new subdivision. Estate for years. What is considered evidence against a broker accused of discrimination? The property management agreement creates what kind of agency? One of the property owners in a subdivision is violating the deed restrictions. That section can be used to study the topics featured on those . the tenants can stay until the end of the lease. A furnace that breaks down a few weeks after the buyer move in. That section can be used to study the topics featured on those 85 questions. Interpret the company's quick ratio. The owner of a house wants to fence the yard for the family pet. What are an agents duties to his principal? In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). Mary, a single woman, has no children. 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 You have built a 10 foot pier at the water's edge. \begin{array}{lrr} Which one of the following actions would be considered the unauthorized practice of law by a broker? Failure to make payments on time. John submitted an offer to buy a condo, but he can only carry out the purchase if the bank approves his request for a loan. **Transactions:** We're pulling for you! educate consumers about closing and settlement services. Capitalization definition. The selling broker pays his sales associates 60% of the broker's commission. b. How does errors and omissions insurance (E&O) affect the defendants in fair housing cases?*. What is required? The owner wants to carpet the office. Which ownership rights can be sold separately from a property's surface rights? Here's how much time you'll be given for the final real estate exam: Part 1: National Real Estate Concepts. Michelle Renda is assistant manager at Barnes and Noble and is paid $42,900 annually. With the exception of tax liens, how are liens generally prioritized? A property has foundation problems. 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. Which of the following is NOT a characteristic of a fee simple estate? 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? What approach would an appraiser most likely use to value a residential rent house in neighborhood where a majority of the homes are leased? Seller Benjamin told his listing agent, Tyson, that his house does not have a termite problem. What type of loan should they consider? Which of the following is a lien on real estate? The seller is stumbling and smells of alcohol. We'd love to hear how you do and what the process was like for you. How much does the selling sales associate earn from the sale after deducting expenses of $1,300? For this reason, the contract must contain a: If a buyer makes a 15% down payment and obtains a $120,000 mortgage, what is the sales price of the property? However, there is a huge crack running down the middle of the living room wall. Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. an agent must treat both clients and customers with honesty and fairness. After his next closing, he replaces the client's deposit in his trust account. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. When did the second amendment of the Federal Fair Housing Act go into effect? The seller receives a note for this amount at closing and will collect this amount over the agreed-upon term of the loan). Received cash from sales,$250.00. 13. Recommend an inspection for hazardous materials. Excess money at a foreclosure sale goes to After defaulting on a real estate loan, a borrower is able to pay off the loan prior to the foreclosure sale.
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