The agent needs to furnish the buyers with a pamphlet approved by the EPA concerning lead based paint prior to closing. A new contract substituting the obligations of an original contract is a(n): Which of these is an easement that is attached to a piece of land, regardless of owner? The poster is usually distributed by. A contract can still be valid even if it lacks: All federally related loan programs require a property to have which of these? (The loan factors is $6.00). Her landlord pays for the property's maintenance, security, taxes, utilities, and all other operating expenses. When a buyer signs a mortgage to borrow money to purchase a home, what has been created? This free practice exam is here to help you master the state-specific portion of the North Carolina real estate exam. What is the salespersons obligation to a buyer under single agency listing? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. What is required? One of the property owners in a subdivision is violating the deed restrictions. Homes in the subdivision are selling well, and the builder is making a good profit on the sales. What will he take home if the split with his brokerage is 80% Tareq - 20% broker? The broker gets compensation regardless of who sells the property. What kind of lease is this? Which of the following is NOT a characteristic of a fee simple estate? What is the difference between an implied contract and an express contract? How do measure your property? 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. \text { Accounts payable } & 2,375 & 2,000 The seller counter offers for $392,500. 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. The listing and selling brokers agree to split a 7% commission 50-50 on a $295,900 land sale. Broker B has signed a Buyer Representation Agreement with his clients. When Shondra originally bought her house, she made a 30% down payment on the $600,000 purchase. The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. A grantor conveys property by delivering a deed. Alden Co.s monthly unit sales and total cost data for its operating activities of the past year follow. How would the deed identify how they hold their interests if they specify they want them passed to the survivor in case of death? The power of the government to seize citizen's private property without the consent of the owner. What agreement between the landlord and tenant gave the tenant that right? A building was sold for $260,000, with the purchaser putting 10% down and obtaining a loan for the balance. The lender has indicated that he will charge 3 points plus an origination point. An individual who owns a living unit plus a share in a common recreation area and parking area in fee most likely owns a: Three women owned a house as joint tenants. A property has foundation problems. What is this called? What kind of agency does this describe? On June 12th the listing agent calls the buyer's agent and tells him the seller will be unable to close on the 14th. The property taxes have not been paid for this year. 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. If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? A tenant's landlord plans to sell the building in which the tenant lives to the state so that a freeway can be built. C9. 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. 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. CS. Which of the following is an example of economic obsolescence? What is this right called? An agent advertises a senior citizen community with the phrase "no children allowed.". He has requested an assigned reserved space near to his unit. Dont forget to read the explanations so you fully understand the question. They shake hands on the agreement and the buyer happily leaves the property. The Americans with Disabilities Act applies to: privately owned or government-owned public accommodations. They would like to accept this new offer. Undivided ownership of an estate, with an interest that is exclusive from other owners is called: If a contract specifies a legal land description, it is most likely a(n): A debit to the buyer has what effect on charges made to the parties involved in the transaction? Which of these will most lenders require homeowners to obtain before closing? $$ Login. Long before the debt is satisfied, the balance is due in a payment substantially larger than all the others. 19. What is the advantage to the borrower of a VA loan? 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. Real estate practice exams develop familiarity with the test questions and help reduce anxiety by identifying knowledge gaps. If the capitalization rate for this class of property in this area is currently 9%, what is the total value of this property? The buyer has expressed concern about the possible presence of radon. the process of determining the present value of a property from it's future income. This is MOST likely a? Which of the following is unlikely to have a negative impact on seller's credit score? That way, it's . If the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property? They are having a hard time making ends meet, yet they do not want to sell their home. Inflation increases buying power C. Low unemployment rates mean there are fewer available buyers in the market Which part of the mortgage contract requires a borrower to repay the entire debt when the property is sold? Can he advertise this accommodation? Send the clients to an attorney of their choice before they sign. When does the buyer under contract for deed get title to the property? He places a client's earnest money deposit in his business account and uses it to pay is rent. E&O may not cover any defense for a fair housing violation. If a broker's computers are stolen what steps could have been taken to protect records? The rules are in conflict with one another. Yes. ** necessary $+\mathrm{ly}=$ $\underline{\text{necessarily}}$ both the new owners and the previous owners. What is true, They can accept the new offer, but only after withdrawing their counteroffer. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. A license holder has just attended a training seminar about technology in real estate and is excited about using social media with her clients. Which federal law requires that finance charges be stated as an annual percentage rate? He has planted a tree surrounded by some flowering shrubs. During this period, the buyer can:*, Brenda and her husband are interested in buying a house that was constructed in 1971 that has all the original paint, windows, and flooring. 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. A seller must keep a copy of the lead paint disclosure he provided to the buyer for, It has been found that mold can develop due to, air tight windows and doors found in newer construction, protect a company's assets if someone is injured on company property, A condo owner's policy will most likely cover the owner if, A condo complex has liability complex has liability insurance. school specializing in real estate courses real estate license exam preparation and real estate license qualification courses in california call 310 838 1000 for courses overview, a real estate broker or a real estate agent is a person who represents sellers or buyers of real estate real property while a broker may work independently an agent must In preparing an appraisal, which of the following would have the least impact on the appraiser's estimate of value? A property manager is hired and signs a management agreement with the owner. Nothing- his property is automatically considered a non-conforming use. Each question has four answer options. In Virginia, there are 120 questions on the exam (80 national and 40 state). Which of these is an economic characteristic that makes land a distinctive commodity?*. Who is responsible? C10. A couple is purchasing a home and ask their agent how they should take title so that if one spouse dies, immediately the surviving spouse will be the sole owner of the property. Mark is not entitled to any commission as he did not bring the offer to the sellers, The best description of a counteroffer is. He has paid off $42,000 of his purchase mortgage. 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 principle of value explains this? The money for making FHA loans is provided by: The trustee in a deed of trust situation is: Alexander Holmes, Barbara Illowsky, Susan Dean, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. Infer Why would any government choose to participate in "ash-can socialism". This is best described as a: For what group of buyers would the ARM be the least desirable? All but which of the following forms of ownership are recognized in Maryland? Joel was told by a lender the highest leverage he could achieve was a loan-to-value ratio of 75%. advise the client they cannot legally discriminate against certain groups, the substitution of one contract for another. 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. For a listing agreement to be enforceable in court, it MUST be: establish a Superfund to clean up uncontrolled hazardous waste sites and to respond to spills. An investor has 15 rent houses. What type of loan should he get to enable him to buy now and take advantage of declining rates in the future? How can she advertise the propert? We're pulling for you! Allie cannot depreciate her investment property for a tax deduction. The tenant becomes ill from the mold. Which approach to value would MOST likely be useful to real estate brokers estimating the value of a single-family residence for sale in a subdivision? In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is: Which is exempt from the federal Fair Housing Act? A sales agent is showing a property. 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. Who can require a buyer to purchase homeowners insurance? All states require real estate agents to be licensed by the state to engage in the sale of real estate.