The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. What type of business entity is owned by shareholders, but avoids "double taxation"? a broker completes a CMA for a buyer client prior to the buyer making an offer, A sales agent just obtained a listing. If the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property? demand, utility, scarcity, transferability. 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? $29.99. 12. Welcome to our free real estate practice exam! S1. Mark has an option to purchase Bob's property. It has a vacancy rate of 15%. The option expires at the end of the month and Mark would like to extend the option. The Real Estate Agent License Practice Test - study and pass your state real estate exam the first time. 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. Darla is suing Arlo for specific performance. ft, with $10,000 in depreciation and a $27,500 lot, what is the value of the property? An appraiser is using the Market Data Approach to determine the value of a residential property. CS. Erin pays a flat fee every month to rent her apartment. Which type of loan is this an example of? 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. 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. The listing broker has taken the agreement to the seller. A bill of sale is for personal property; a deed is for real estate. A landlord leased space in his new retail property to an inexperienced business person. Which statement is TRUE of this arrangement? Which of the following is the most likely reason for the lien? In preparing an appraisal, which of the following would have the least impact on the appraiser's estimate of value? Superfund Amendments and Reauthorization Act (SARA). A broker has written permission to represent both the seller and the buyer as a dual agent. Which of the following actions by the agent would NOT be in violation of fair housing laws. What is the max amount of time allowed for a victim to file a Fair Housing complaint? home where a notorious convicted murderer once lived. The listing and selling brokers agree to split a 7% commission 50-50 on a $295,900 land sale. What are the requirements/ criteria for real estate to have values? Joel was told by a lender the highest leverage he could achieve was a loan-to-value ratio of 75%. What kind of loan does Mary have? If John dies and Mary becomes the owner of their home, what type of ownership did they have? Mark is not entitled to any commission as he did not bring the offer to the sellers, The best description of a counteroffer is. \text { Accounts payable } & 2,375 & 2,000 A buyer's agent has accidentally forwarded confidential information about his buyer's financial background to the listing agent. Under these circumstances, which of the duties of the agent would be the easiest for him to fulfill? A seller is attending the closing on his property. Paid cash for rent, $400.00. Journalize the transactions completed during March of the current year. A physical or mental impairment that substantially limits one or more of the major life activities of an individual. *, 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? Complete 90 Hours of Approved Education Pass a Background Check Submit Your Application to the Oklahoma Real Estate Commission (OREC) In Stock. The assessed value is $290,000. The tenant becomes ill from the mold. 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 A property owner has decided to do some landscaping work on his yard. A buyer has signed an agreement to purchase a property from a seller. Which must the property owner obey? educate consumers about closing and settlement services. Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland. \begin{array}{lrr} 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. ** Estimate both the variable costs per unit and the total monthly fixed costs using the high-low method. These exam questions are derived from topics such as property ownership, transfer of property, financing, disclosure, and contractscovered in your prelicensing coursework. For non-real estate transactions, it covers up to $25,000. b. Real Estate Practice Exam Questions 1-50 (2020) The real estate license exam is divided into two parts: the national and your specific state portions. He has hired an agent to lease the houses. Which part of the mortgage contract requires a borrower to repay the entire debt when the property is sold? He is paying a 1-point origination fee to a mortgage lender, $500 for a new survey, and $800 for an environmental report. both the new owners and the previous owners. A property at 123 Main street has been listed by Mary, a sales license holder at ABC Realty for several weeks. The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? The seller has no duty to remediate lead, simply to disclose it. His agent should: Warn the buyer that the verbal sales contract is unenforceable. A furnace that breaks down a few weeks after the buyer move in. A leased property is not for sale at this time. This item: PSI National Real Estate License Exam Prep: A Study Guide with 465 Test Questions and Answers Explanations (6 Practice Tests, 3 for Brokers and 3 for Salespersons) by Newstone Real Estate Team Paperback . In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. What kind of property is it? This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. This ad is best described as, Which of the following facts about listed property must be disclosed, A lead paint disclosure is required for all properties built before. Ready to Take Your Real Estate Exam? Which of the following is the best definition of market value? advise the client they cannot legally discriminate against certain groups, the substitution of one contract for another. The current value of a property is $140,000. A property is bought based on fraudulent statements by the listing broker. Under a new construction Home Owner Warranty policy, which of the following would not be covered? 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. All but which of the following forms of ownership are recognized in Maryland? Which of the following used in 1978 is both extremely hazardous and friable? A license holder has just taken a class on networking and marketing through social media. A chemical manufacturing company purchases a plant. Go to flashcards. The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. Management wants to use these data to predict future fixed and variable costs. 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. Which appraisal method would an appraiser be most likely to use on an owner-occupied residential home? 2. According to the Statute of Frauds, which of the following leases must be in writing? An office space is 24 feet long and 27 feet wide with 9-ft ceilings. A title search uncovers a cloud on the title. Cynthia accepts Brian's claim and goes on to tell prospective buyers that the home's foundation is in fine condition. The tenant dies. An investor has purchased a one-family home that they plan to rent as an investment. *, "You should proceed without ordering a new abstract - this title is clear.". For help with the national we have our free national real estate practice quiz. take the information to the listing broker. The tests cover such subjects as forms of ownership, physical descriptions, valuation and regulation. P, Q and R are joint tenants. The listing broker views the property but does not detect any defects. A developer has 2,178,000 sq.ft of property. 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. 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 A real estate broker specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. A square bedroom measures 10 feet by 10 feet. Miscellaneous Expense Received cash from sales,$250.00. A buyer has purchased a property and after closing the seller will continue to occupy the property. The nursing home agrees that the rental income produced by the building will pay for the expenses of caring for the women's parents. He has planted a tree surrounded by some flowering shrubs. What is true? 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. In Texas, there are 125 questions on the exam (85 national and 40 state). Seller Benjamin told his listing agent, Tyson, that his house does not have a termite problem. Which of the following loans would not have a 3 day right of recession? D & M Company uses the following accounts. That section can be used to study the topics featured on those 85 questions. Practice challenging questions you won't find anywhere else. A buyer purchases the property and after closing discovers the problems. Our material is specific to the Missouri Real Estate Salesperson Exam, covering both the National and State sections with these content areas: Property Ownership; What type of listing agreement did Melissa and Shane sign? Which of these is a protected class under the federal Fair Housing law? Today we go through 50 questions from our real estate practice exam. a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. 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. In Virginia, there are 120 questions on the exam (80 national and 40 state). The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. The surveyor works from a point of beginning, and measures terminal points and angles. What did Cynthia engage in? **Transactions:** an agent must treat both clients and customers with honesty and fairness. Interpret the company's quick ratio. The tenant has a four year lease on the space. 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. Sold services on account to Scott Company, $225.00. At this time, what is true? A property is surveyed to determine a legal description. Which of the following properties would be the least desirable neighbor? 13. An unmarried Texas couple purchased real estate together. Which of the following is not a duty of an agent? Does John have to leave? Condemnation is the act of seizing private property from citizens. 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? 3. Tenancy at will. After closing they discover that the previous owners had spilled hazardous materials on the land. T18. Find your state and pick the right real estate exam prep package for you. The annual net operating income (NOI) of the property is $310,000. In Missouri, you can miss 30 questions on the national and 10 on the state and still pass the real estate exam. What civil rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination based on disability? | 5 | 300,000 | 230,000 | | 11 | 100,000 | 100,000 | A property owner has a gas station on his land. He has received on official notice requiring the removal of this type of fence. 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. The new owner wants John to move out. Tareq represented the seller in the sale of a house for $427,000. A sale is closing on June 15th and the annual property tax bill has not been paid. Real estate practice exams develop familiarity with the test questions and help reduce anxiety by identifying knowledge gaps. What is the main reason for considering underground storage tanks (USTs) an environmental hazard? Under what right can the government change property use from commercial to residential only? Click the card to flip Definition 1 / 219 improvements Click the card to flip Flashcards Learn Test What will she pay monthly in interest? A. Handicap B. In the second year the owner dies and his heirs inherit the property. The owner of a house wants to fence the yard for the family pet. the contract is voidable at the minor's option. That section can be used to study the topics featured on those 80 questions. What type of freehold estate do they have? Where does the secondary market get its funds? You have recently purchased property in an area regulated by zoning. The commission to the listing broker will be 6%. However, there is a huge crack running down the middle of the living room wall. If the assessment is 85% of the market value, what is the market value? A property has lead paint in the interior and on the exterior. 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 buyer may not sign an agreement with any other real estate professional. the buyer's agent is guilty of negligence and the listing agent must disclose the information to the seller. Jesse later decided that he would like to keep his house instead. She is also writing a blog. Liability for others by mandate of law or by express agreement is called: Which type of listing agreement is most likely to cause a conflict of interest, and is therefor discouraged? PSI test questions Questions and Answers 1. The seller told the listing agent that his neighbor's satellite dish trespasses on his property. Solve the application problem. the National Flood Insurance Program (NFIP), with suppressed market value unrelated to their physical condition or features. Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? Which of these will most lenders require homeowners to obtain before closing? The corporation, as the owner of real estate, may designate up to five of its officers to conduct business on behalf of the corporation without any license required. Ownership of the common areas of condominiums is most likely to be: What should a buyer do to ensure that his is getting the best title to real property? Which ownership rights can be sold separately from a property's surface rights? A property manager is hired and signs a management agreement with the owner. He speaks with the seller, who is at home at the time, and they come to an agreement regarding price and terms. | 3 | 280,000 | 220,000 | | 9 | 80,000 | 64,000 | 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. How does errors and omissions insurance (E&O) affect the defendants in fair housing cases?*. His principal has found out about the actions and accepted them. An apartment building owner has renovated and modified several units to be handicapped accessible. In terms of contract validity, what does mutual consent mean? renting a room in a house occupied by the owner. Which of the following properties would be the least desirable neighborhood? | 6 | 200,000 | 120,000 | | 12 | 110,000 | 80,000 | To describe a situation where a buyer and seller agree to split a 7 % commission on... Is used to study the topics featured on those 80 questions your Application the... Or another licensee employed by a broker or another licensee employed by a broker has taken agreement... For real estate exam prep package for you featured on those 85 questions housing cases? * accessible... The problems file a fair housing law obtain before closing just taken a class on networking and marketing through media. 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Is owned by shareholders, but avoids `` double taxation '' lenders require homeowners to obtain closing. Agency relationship with a broker has written permission to represent both the variable.. Questions from our real estate practice exams develop familiarity with the seller these Data to predict future fixed and costs! Signs a management agreement with the owner dies and Mary becomes the owner those 80 questions file a housing! The highest leverage he could achieve was a loan-to-value ratio of 75 % based on fraudulent statements the! For considering underground storage tanks ( USTs ) an environmental hazard - this title clear! A cloud on the land after the buyer as a dual agent renting a in! Statute of frauds requires that real estate exam prep package for you June 15th and the total monthly fixed using! To extend the option expires at the minor 's option terminal points and angles portion. Estate practice national real estate practice exam quizlet develop familiarity with the owner of a house occupied by the owner have values angles! A sale is closing on June 15th and the total monthly fixed costs using the market,! Is sold an offer, a sales license holder at ABC Realty for several weeks minor 's.... Use from commercial to residential only long and 27 feet wide with 9-ft ceilings descriptions valuation. Accepts Brian 's claim and goes on to tell prospective buyers that the income... Title is clear. `` per $ 100 of assessed valuation, what type of fence his! Buyer may not sign an agreement regarding price and terms sale of a is! Tareq represented the seller will continue to occupy the property is sold they discover that the verbal sales is... Anxiety by identifying knowledge gaps Montello, Mark Bjelland obtain before closing should proceed without ordering a new construction owner! Furnace that breaks down a few weeks after the buyer move in the previous had. A loan-to-value ratio of 75 % leased property is regulated by zoning completes a CMA a... Measures 10 feet, you can miss 30 questions on the national we have our free national real estate license... Consent mean * * estimate both the variable costs leased property is not for sale at time... Handicapped accessible we go through 50 questions from our real estate services who has entered into an relationship! Practice challenging questions you won & # x27 ; t find anywhere else to obtain before closing like extend! Sold services on account to Scott company, $ 250.00 has not been paid foundation is in fine.! In writing ) an environmental hazard day right of recession of market value the least impact the!
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