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. Which of the following is NOT an example of functional obsolescence? the property owner must remediate the presence of lead. Which of these is a protected class under the federal Fair Housing law? During the term of the listing the seller had disclosed confidential information to the agent. They own their own home. The present value of a property is affected by the anticipated income or utility that property will give its property owner. How do you proceed? A married couple bought a home ten years ago for $400,000. Their neighborhood has rapidly grown in popularity, and they were able to sell their home this year for $950,000. While showing the property she notices that there is a serious slope to the porch floor. Which of the following statements about this is true, the tenant can take these as they are trade fixtures. the process of determining the present value of a property from it's future income. Which type of agreement transforms the customer into a client and the broker into a listing agent? This demonstrates which principle of appraisal. 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? He paid off his loan of $138,500 and ha paid a 5% commission. What must the property owner do? It sells for $396,000. If your practice exam isn't timed, set a timer. Parties must perform their contractual duties by a specific date and time in order to avoid a breach of contract. The new stucco leaks and mold grows. mi familia y yo. A buyer has purchased a property and after closing the seller will continue to occupy the property. She shows them many properties and finally they find one to buy. The poster is usually distributed by. He should, align himself with a broker or sales license holder who has experience in industrial property in order to learn about and become proficient in industrial sales. What happens to her real property? What is this called? Received cash from sales,$250.00. Darla is suing Arlo for specific performance. A signed employment agreement is necessary to A listing agent would probably not disclose, death on the property due to natural causes. Paid cash for telephone bill,$190.00. What must the salesperson do, obtain the signatures of all owners on the listing agreement. A buyer's agent is working with a buyer to purchase a property. Which of the following contracts would be voidable? Pedro bought his house for $370,000. John has 60% interest in the property and Mary has a 40% interest. 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? Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | What expenses of home ownership can a buyer deduct on his income taxes? ** Estimate both the variable costs per unit and the total monthly fixed costs using the high-low method. Both parties involved in an agency agreement agree to end the agreement early. Received cash from sales,$130.00. Which of the following would be most likely to hire a property manager? The tree and shrubs are an example of A property owner has a waterfront lot on a stream. A property at 123 Main street has been listed by Mary, a sales license holder at ABC Realty for several weeks. A, B and C are joint tenants. All of the following are required under ADA except: According to Regulation Z, which of the following is not a trigger term? The seller receives a note for this amount at closing and will collect this amount over the agreed-upon term of the loan). All experience a lower level of profit. Ben manages an apartment complex that has an effective gross income of $100,000. | 3 | 280,000 | 220,000 | | 9 | 80,000 | 64,000 | They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. With the exception of tax liens, how are liens generally prioritized? **Example 1. An appraiser is using the Market Data Approach to determine the value of a residential property. Ready to Take Your Real Estate Exam? A property manager is hired and signs a management agreement with the owner. What can they do to avoid this fee? A tenant's landlord plans to sell the building in which the tenant lives to the state so that a freeway can be built. A real estate broker hired by an owner to sell a parcel of real property must comply with? What is required from the listing agent in this situation?*. We're pulling for you! TILA does NOT apply to which of the following kinds of loans? The local government needs your land to build a new high school. All states require real estate agents to be licensed by the state to engage in the sale of real estate. 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 is NOT a characteristic of a fee simple estate? Accurate record keeping is the responsibility of all the brokers. \text { Temporary investments } & 1,500 & 1,550 \\ Welcome to the National Real Estate Practice Exam This free practice exam is here to help you master the national portion of the real estate exam. Several years later, an ordinance was passed in that area banning any building six stories or higher. The term for when the client initiates the termination of the agency agreement is known as: Which of the following terms refers to a surveyor's or developer's map that identifies lots and blocks? Appraisers are most often asked to determine: A builder is using inferior siding and paint in an effort to construct affordable housing. T13. What will HUD do try mediation followed by a lawsuit if mediation fails. The buyer is concerned about the location of the fence as it appears to be encroaching. Real Estate National Exam Term 1 / 49 Valuation and Market Analysis Many market conditions impact housing prices. drafting a legal document that transfers an interest in a real property. 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. Last month, another died. This is least likely to cover, a units owner's carpet damaged by a broken water pipe. He has earnest money deposits from several clients in the account at the same time. A sales agent had a listing and the property did not sell. A. Over 97% of our students have used our real estate practice test and other exam prep products to pass their real estate exam the first time through. He is paying a 1-point origination fee to a mortgage lender, $500 for a new survey, and $800 for an environmental report. An apartment building owner has renovated and modified several units to be handicapped accessible. He speaks with the seller, who is at home at the time, and they come to an agreement regarding price and terms. Based on these facts, which of the following correctly describes the remaining woman's ownership interest in the house? Several weeks later, he learned that it was sold to the buyers he brought to the property. a. the real estate professional's policy is steering and violates federal and state fair housing laws regardless of motivation. What did he pay for the house when he purchased it? c. Real Estate Settlement Procedures Act (RESPA). 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. Which of the following statements may represent the unauthorized practice of law? Based on location and the type of business, the landlord believes it will be a great success. According to the Statute of Frauds, which of the following leases must be in writing? Quizlet is a flashcard website that has many real estate practice exam questions that are 100% free. Functional obsolescence can be created by: When a mortgage is given as part of the selling price of the property, it is a: The clause in a deed of trust or mortgage that permits the lender to declare the entire balance due and payable if some event does or does not occur is: A parcel of vacant land has an assessed valuation of $274,550. When measuring gross area the appraiser measures the. If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? He notifies the landlord and recommends a contractor. In Stock. Which of the following statements about lead is NOT true? The commission agreed upon was 7% and Tareq gave half to the buyer's representative. What is required? 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. increases the amount due from the buyer at closing. The listing agent learns the State Department of Transportation has authorized the construction of an exit ramp to the interstate right behind the commercial property. Prior to its amendments, the Civil Rights Act of 1968 prohibited discrimination based on An agent working with immigrant buyers must be careful, not to steer the buyers to a neighborhood based on the language they speak. *, In the sales comparison approach to property valuation, what does the principle of substitution state?*. The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. 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? R2. The property management agreement creates what kind of agency? If the capitalization rate for this class of property in this area is currently 9%, what is the total value of this property? The assessed value is $290,000. A title search uncovers a cloud on the title. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 A chemical manufacturing company purchases a plant. Send the clients to an attorney of their choice before they sign. This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. Capitalization definition. He has the right to use the water from the stream.
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