\end{array} One mile is 5,280 square feet. Offers must be accepted without a change in order to be a contract between an offeror and an offeree. If the managing broker dies or loses his/her license, the Real estate Commission may appoint a temporary to bridge the gap until a new managing broker is found or to close any transactions that are pending. Click the card to flip Definition 1 / 100 Rejuvenation Click the card to flip Flashcards Learn Test Match Created by Terms in this set (100) intentional nondisclosure of a material fact. Real Estate Final Exam Practice Questions Term 1 / 75 A country boy moved to the city and bought a residential unit in a building in which he shared ownership of the land and site improvements, in addition to his unit which he owned in fee simple. A seller who only wants to warrant no problems during the period of time he owned the property will provide a___________. Then the liens against the property, ranked in order by filing date, until the money is exhausted. Wraparound mortgages are second (junior) mortgages on the property and include. Last week the city council passed a zoning ordinance that prohibits packaged food sales in the area where the couple's grocery store is located. A net lease allows a tenant more control over expenses - to make repairs, manage utility usage, shop for cheaper insurance and otherwise save money. 28. Rao Deli dishonored NR29, a 60 -day, $12\%$ note, for $\$6,000.00$. the owner was killed in an accident before the listing expired. 2 Quiz - License Law Rules and Regulations Show Class Real Estate Real Estate What details would an escrow account ledger contain? If a party to a contract abandons his obligations the other party can terminate the contract (or can sue for specific performance.) Unlike some other states, Georgia doesn't separate the questions out into two different exams. When a deed is recorded, the purpose is to protect the owner's rights but also to provide notice to any buyer regarding any liens or attachments provided regarding the condition of the title of the property they are buying. The tests cover such subjects as forms of ownership, physical descriptions, valuation and regulation. Rockwell Exam Real Estate Classes WA Final Exam A buyer purchases a rental home that is fully furnished. Its legal description contains angles and distances. Paid cash to replenish the petty cash fund, $\$169. Even though license law is strict about handling trust funds and requires procedures for disbursement, if a civil court orders that trust funds be disbursed, the broker must follow the directions of the court. Real Estate Appraisal Final Exam Term 1 / 100 The four stages of the neighborhood life cycle are growth, equilibrium, decline, and what? d. $15,600. The law of Supply and Demand applies to money. Cooperative apartment c. Loft apartment d. Installment Contract or a Contract for Deed. A building that is old, in a poor location, and poorly maintained would be classified as a CLASS D Building. Suzy and Jerry live in a co-op, when they purchased their apartment they automatically become lessees and: the four unities to create a joint tenancy are: in a mortgage, sometimes called a "due on sale" clause, what deed provides the grantee with the least protection of any deed, investors in real estate investment trusts take advantage of the same tax benefits as, the legal process by which a court determines who will inherit the property of a deceased, when you die without a will and there are no heirs, the government takes the property, the cost approach would likely be considered applicable in appraising which property, mortgage lenders make many loans with the intention of selling them on the, in planning a subdivision, a subdivider drafts a map of the development that shows the location and boundaries of individual properties. What term refers to mixing clients' or customers' funds with brokerage operating funds or with a licensee's personal funds? You must complete all the course chapters, quizzes, and projects (if your course has one) before you can take the final exam. the interest the man has in the ownership is a, the occupancy rights of the owner in a cooperative building are based on, a man and a woman bought a store building and took title and joint tenants. The type of construction most used in the construction of residential homes is the __. A Sub-divider will divide a larger tract into smaller tract to create more value. Ad Valorem Taxes are based on the assessed value of the real property. A loan that is arranged where the loan is to be paid off completely over a set number of years and each monthly payment contains the amount interest due for the previous month and a portion of the principal balance the loan is said to be an ________. What is the employees FICA taxes responsibility? C346. Then any outstanding property taxes are paid. Multiplying the length times the width of a building determines the: a. square footage b. size of the mortgage c. number of rooms d. none of the above 2. The test has the following feature: Multiple choices There is no "fill in the blanks." No essay to be written There are no "none of the above" or "all of the above" answer choices. 27. S428. What Score Do I Need to Pass the Real Estate Exam? A public entity can employ Eminent Domain to acquire private property FOR PUBLIC USE, not to then sell to another private owner for private use. This is referred to as a _________. a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. The chronology of successive owners of record of a parcel of real estate is known as the ______, If a licensee believes he is being approached by a fair housing tester he/she should _____. An encroachment is not recorded and is not part of a chain of title. While FNMA (Fannie Mae), GNMA (Ginnie Mae) and FHLMC (Freddie Mac) ARE all organizations that "warehouse" loans for the lending industry - ROBBIE MAC is NOT! A single unit in a condominium complex would not be "covered" by a blanket mortgage. Nonresidential real estate purchased since 1987 must be depreciated using: - both 39 years for the. First estimate using front-end rounding and then multiply. The document, as altered, becomes a new offer, perhaps with handwritten changes initialed by the offeree (who now becomes the offeror of the new offer). When a seller transfers title to his property to a buyer under a general warranty deed, he is warranting that the title is good and marketable and has no defects. The loan was made by a state chartered bank. the cost of a property that the IRS uses to determine annual depreciation and gain or loss on the sale of an asset is known as, the amount of earnest money deposited is determined by, under common law of agency, the real estate broker has a fiduciary relationship with, title to real property is passed when a deed is. D. Water table. In order to determine how to calculate the property tax rate to provide enough revenue to cover a community's budget, the county and local government needs to: (1) assess all properties (2) derive a taxable value by subtracting any exempted property values from the total assessed values and (3) divide community's budget by the taxable value. are regulated by The Department of Housing and Urban Development (HUD). Which act was passed to create the national environment agency? 1 Time-Tap-987 2 yr. ago Final final is the last test you take with REE. 29. Real Estate Finance 30 Final Exam & Answer Key 1) For all practical purposes, an "Alienation Clause" is basically the same as a: a) Call Clause . this is called an, your neighbors use your driveway to reach their garage on their property. or a unilateral contract offer has been made to other brokerages. a broker receives a commission only if she produces a buyer before someone else sells the property. The woman did not charge the man rent for the use of the yard. Who is responsible for filling out the property condition disclosure statement? \hline \text { Profit } & a & b & c & d \\ Gary then asked if he could take the watch with him without paying, so that he could wear it to his grandmothers birthday party. A building that has retail on the ground floor, offices on the next ten floors and condos on the next ten floors and a restaurant at the top is known as a. The seller who believes he is transferring "marketable" title without any problems will sign and deliver a _______. 00$; and federal unemployment tax, $\$8.00$. A tenant has the first two rights but not the third depending on details in the lease. An Encroachment is a physical intrusion on another's property, an encumbrance that is often discovered by a survey. Flashcards Quizlet. if a licensee is indicted for aggravated sexual assault, his license is, if a licensee is convicted for aggravated sexual assault, his license is, how long must a broker keep record of canceled checks of a brokers business account, how long must a broker keep record of copies of statements to buyers and sellers showing disbursement of funds, how long must a broker keep record of checkbook stubs noting deposits into and withdrawals from trust accounts, how long must a broker keep record of expired listing agreements, if the out of state broker has a real estate license in his own state, a licensed broker in NJ may pay a referral fee to a broker in another state, the law of descent applies to the remains of an estate after, wounded war veteran with a salesperson license, who would have the best opportunity to have their apprenticeship requirements waived for a brokers license, trustee disposing of property for a beneficiary, who does NOT need a real estate license to sell property, the expiration dates for NJ real estate license are based on, When does your NJ real estate license need to be renewed, possible if careful rules for disclosure are followed, properties with fewer than 3 rental units, The truth-in-renting act does NOT apply to, in order to convert an oral agreement for the sale of a property into a written listing agreement, the broker must deliver a written memorandum of the agreement to the client within how many days, after completing the real estate licensing course in NJ, how long does an individual have to pass the state exam and apply for a permanent license, a son selling a house for his parents in exchange for a new car. Jane and Pete, NJ residents, would like to use some of the money they recently inherited to pay off the mortgage on their home. It is a useful tool to help determine the annual rental income for the property, a number that is important to estimate value. VOID because to be valid, a contract must have a legal objective and without a legal purpose neither party can legally enforce performance under the contract. This is called a __, When a new manufacturing plant opens nearby and is offering 1,000 new, high-paying jobs, the likely increase of the area's real estate values will reflect the principle of _____. A. eminent domain. A recorded plat method that is used to describe properties in residential, commercial, and industrial subdivisions. Surface water. All state exams are multiple-choice. But PUBLICLY OWNED property that has been acquired through Eminent Domain can be LEASED to a private entity for a use that the public will have access to, and the right to enjoyment such as a sports complex or entertainment center. Some of the properties in every community are exempt from real estate and other property taxes. The typical home loan is secured by a mortgage or a deed of trust. weekly- regardless of interest from buyers/sellers. Pass the real estate exam with confidence! Two common forms of contracts that are very important to a licensee are: (!) The most common definition of when market value occurs is the moment a buyer and a seller agree on a price after an arms-length negotiation. Real Estate Final Exam Flashcards Quizlet Real Estate License Exams For Dummies Cheat Sheet June 19th, 2018 - Taking a state real estate exam is From Real Estate License Exams For Dummies get these memorized and youre well on your way to more correct answers If a Joint Tenant dies the Surviving Joint Tenants automatically acquire the deceased interest per stirpes. (Even the Seller), against the law in NJ, meaning anything over set sale price broker keeps, Saul dies and devises his property to his second wife for her lifetime, after which the property passes to his children. Earnest money is merely a way for the buyer to say to the seller, "Please consider my offer. Depending on what agreement exists between joint tenants, a joint tenant has the right to sell his undivided interest in a property. Commercial property vs. residential property. They believed that private property ownership, as defined under common law, pre-existed government. What is the main responsibility of a property manager? Real Estate Final Exam 5.0 (1 review) Term 1 / 184 a forced sale or purchase Click the card to flip Definition 1 / 184 a suit for specific performance of real estate contract asks for Click the card to flip Flashcards Learn Test Created by Samantha_Marella824 Terms in this set (184) a forced sale or purchase Items attached as a fixture when installed by a tenant in a commercial rental space, that are used for trade or business, such as a grill in a restaurant, and that can be easily removed without damage to the property, are called ______. \end{array} It has been 31 days and he still has not addressed the issue. Our real estate practice exam prep comes with 1,000 practice real estate exam questions with detailed answer explanations. 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. The clause in a note or mortgage that can be enforced to make the entire debt due immediately if the mortgagor defaults. An important part of a property management report is the number of _________. covenants, conditions, and restrictions (CC&Rs). 30. The bubble sheet is at the end. 24$; Medicare tax, $\$80.04$; medical insurance, $\$380.00$). protect the general public in real estate transactions, the primary purpose of the New Jersey Real Estate Commission is to, a brand new cadillac sedan is included in the sale price, what will result in an automatic revocation of your real estate license, the NJ law against discrimination does NOT cover which classification in the sale or rental of residential property, guiding prospective buyers to a particular area because the agent feels they belong there, in NJ, a conveyance of two persons, either married or living in a civil union, creates a, contracted with the buyer to provide the rebate at the onset of the broker relationship, a broker is permitted to pay a rebate to a buyer as long as they have, yes, they will be able to pay off the loan without a prepayment penalty. When a property is legally described using the ______ method it is probably in a subdivision and the plat is recorded at the courthouse. $$ Will they be permitted to do so? In Texas, the score to pass is 56 and 21. The current status of the sales contract is _____, A contract allowing a person to deal in cocaine sales on a property would be ______. 28. If all or some of the brokerages in a particular community agree to charge the same commission rate (price-fixing) or to allocate to certain brokerages exclusive areas (market allocation), in providing brokerage services to the community, that would be an illegal activity, a violation of the Sherman Anti-Trust Act. The numbering of townships is between baselines that run east-west and the numbering of ranges is between meridians that run north-south. The national and state questions are intermixed throughout a single test. CA Real Estate Principles Exam Flashcards Quizlet March 8th, 2019 - Prepping for State Exam using Principles Learn with flashcards games The level of government that is charged with collecting taxes on real property is the _____. What are the seven basic fair housing categories? Issued 500 shares of $\$10.00$ par value common stock at $\$50.00$ per share. they are guilty of, revocation by principal, mutual consent, renunciation by agent, but NOT reciprocity, the civil rights act of 1866 prohibits discrimination in housing based on, It is illegal for a lending institution to refuse to make a residential real estate loan in a particular area only because of the, title VIII of the Civil Rights Act of 1968, the fair housing act of 1968 is contained in. the property is the, a man and a woman are next-door neighbors. In what way is buying insurance protection a trade-off? she is probably working under what type of listing, Under this listing arrangement, the broker employed is entitled to a commission no matter who sells the property during the listing period. If a licensee finds that the seller is refusing to pay an earned commission, the licensee needs to report the situation to the broker (because the commission is actually due the brokerage) so the brokerage can sue the seller for breach of contract. With a total of 125 questions (85 national and 40 state), that means the score to pass is 56 for the national and 21 for the state. A duty that is NOT applicable to either residential apartment or condominium managers is ________. Each receives a prorata share of the deceased property. Violating zoning laws is an illegal use of property. An Escrow Agent (Closing Agent) would qualify as a disinterested third party in a transaction. If one of the parties does not comply with the terms of the contract as written, they can be declared in breach of the contract and may not only lose their rights but be subject to possible legal action requiring specific performance or payment of monetary damages. Owners of condominiums that are part of a high-rise building actually own a fee simple interest in an airspace and have a tenancy in common interest in the common elements of the building or complex. 6. accepted by a seller without making a change and notification to the offeror of the acceptance. A customer is someone who has merely expressed an interest in either buying or selling a home or a third party that the licensee is assisting without having a written bilateral brokerage services agreement or working with on behalf of a principal. A client is a principal, someone who has signed a written bi-lateral brokerage services agreement with a licensed brokerage. A broker is NOT required to share commissions with a cooperating broker in a transaction unless there is an agreement between the brokerages. So, 5,280 x 5,280 = 27,878,400 square feet. No. A promissory note and an amortizing mortgage have a due-on-sale clause that allows lenders to call the entire balance due and payable immediately if the borrower defaults on the loan. It does not enter into basic contract law nor does it set interest rates. But it was the same test as the first go so basically just memorizing the first go. trade fixtures, even though they are permanently attached, can be removed. For example, when a loan secured by a mortgage is obtained, a document is filed by a lender at the county courthouse as a Lien to give public notice of the "cloud" on the title to the property being used as security. How Many Questions Are In the Real Estate Exam? 31. The course final exam is the last chapter of your course. 200 cards Zach V. Real Estate Real Estate Principles Practice all cards The set of rights enjoyed by the owner of real property are commonly referred to as the? That's why agency disclosure laws exist. It is called an ___________. R454. Journalize the following transactions completed during the last week in December of the current year. Does Mike still have an aritsans lien he can enforce against Gary? This free practice exam is here to help you master the state-specific portion of the Kentucky real estate exam. If there happens to be any money left over it will be paid to the debtor. The sales tax rate is $6\%$. When a listing agreement is signed a seller does have the right to reject the use of a sub-agent by the agent who is obtaining the listing from the seller. A group created where its members are appointed to be responsible for approving developers site plans, subdivision plans, and to make sure that zoning ordinances in a community are properly enforced. Reassessing the tax classification for a single property is called ___. When a borrower defaults and the lender begins foreclosure he/she has a ____________. visit https://qwivy.com/items/category/exam-elaborations to buy pdfs#qwivy #exams2023 #exam.#qwivyexams2023.eal Estate Final Exam Fall 2021 /2022 All Questi. If there are no dates and times in the contract it means "As expeditiously as possible.". \hline chronological age is greater than its effective age. the deed known in NJ as a bargain and sale deed with covenants against grantors acts is also known as a, creates a specific lien, a security devise for a promissory note, recordation establishes property lien, must be signed by the lender, in a new subdivision, streets, sidewalks, and curbs are usually provided by, mixing broker's funds with escrow deposits, a partition proceeding is an example of _____, when you have a joint tenancy and other partner get sued for his portion of the property, when the land of another private person is possessed in an open and notorious way for more than 20 years, certain property owners are required to carry flood insurance by, Real Estate Settlement Procedures Act - requires special information booklet, requires good faith estimate, requires uniform settlement statement, a legal description can be determined by a title attorney or, the landowner who dies without leaving a will is said to have been, the government has established benchmarks to aid, a contract being considered in an attorney review period is, in NJ, a COMMERCIAL real estate contract can only be prepared by, one officer must be licensed while the other officer may not be requires to obtain licenses, what is the license requirement pertaining to a license issued by a corporation, a person licensed as a broker, but working in a sales capacity under another broker's employ, is commonly known as, an attorney handling a distressed property sale for his client trying to avoid foreclosure, in NJ, who would NOT be required to be licensed as either a real estate broker or salesperson, knowledge written consent from both parties, a broker may act for both parties if they have. Because the money paid to a licensee who is an independent contractor is not subject to deductions for taxes, the brokerage will send the IRS a Form 1099 at year-end reporting the commission gross income paid the contractor during the year. She is describing a, when ownership is held by one person it is referred to has what type of ownership, recording a quit claim deed signed by the easement owner, a recorded easement may be removed from the records by, A pending notice of a lawsuit giving notice of a possible claim to the property, the act or process of taking private property for a public purpose is called, the power allowing government to take private property for a public purpose is called, substituting one contract for another contract is known as, to have; clause in a deed meaning to have and to hold, been notified of the other party's acceptance, in contract negotiations, an offer is not considered accepted until the person making ann offer has, a listing agreement where property owners would be obligated to pay a commission even if they sold the property themselves. The contractor will receive a copy to use when preparing taxes. Inform the buyer 8. Source documents are abbreviated as follows: check, C; memorandum, M; purchase invoice, P; receipt, R; sales invoice, S; terminal summary, TS; debit memorandum, OM; credit memorandum, CM; note payable, NP. A will only takes effect ______, Real property that is transferred according to someone's last will and testament is known as a _______________. Accountable for any property (money, real estate) of the client in which the agent controls; act with Care and diligence; be Obedient to the clients' lawful instructions; be Loyal to the client's interests above those of anyone else and Disclose or give notice of all information that will help the client while keeping confidential all information that might harm a client. What are some Sherman anti-trust act violations? Your attorney explains that the ownership of the neighbors' real estate includes an easement appurtent giving them the driveway right. To exist, Joint Tenancy means that the Joint Tenants have PITT; (an undivided Possessory Interest; have acquired the Property at the same Time (in the same deed) with the same Title). How often does a "good agent: communicate with their clients? When a property is for sale but the debt is greater than the market value, sometimes the lender will agree to a ________ and take less than is owed on the property to avoid foreclosure. 2. Buildings are classified according to the age, amenities, and current condition. 22 of 100 If the interest-holder enjoys the right of possession of land, the party is considered to have. Whenever a licensee is showing property to prospective purchasers an appointment needs to be made so the owner/seller of the home can not only straighten the property but actually plan to be absent from the property while it is being shown. who would qualify as a disinterested third party in a transaction? Purchased a work station for use in the office and a forklift for use in the warehouse in a lump - sum transaction, $\$30, 000.00$. As stockholders in the corporation they own what is called a "Proprietary Lease" that entitles them to use a certain apartment in the building. What is subject to this act? When a homeowner fails to pay his home loan as promised, the loan documents and the mortgage have provisions to allow the lender to begin a judicial foreclosure proceeding. Because many of them do not require a down payment. Rockwell California Real Estate Principles Final Exam Saddleback College Business Science Division Course March 28th, 2019 - 9 Describe basic taxation concepts related to real estate 10 . Devise (not spelled "device") and the beneficiary is a Devisee. The garage is 485 square feet. A licensee should track and repeat those direct e-mail advertising campaigns that show results. how often must the check the availability of the unit? A Life Estate has the first two but not the third. What type of survey describes the perimeter of a tract of land. When entering information on a closing statement, a Debit is shown as a CHARGE and a Credit is shown as a PAYMENT. A_____ is used to increase or decrease the taxes collected for an area. Recorded employer payroll taxes, $\$484. the process of determining the present value of a property from it's future income. The debt accumulates as the payments are received. A net lease for a commercial property means that the rent is all that the tenant owes but the tenant is required to pay the utilities, the taxes, insurance, common area maintenance, building repairs and janitorial services. Personal Property is a bequest. When an owner who is a joint tenant or a tenant in common wants to sell her portion or the property ownership and exit the relationship, but the other owners won't cooperate, she may have to file a ______ in civil court to have the property sold to the highest bidder. The licensee representing the seller is usually called the ______ and the licensee representing a buyer (or a tenant) is usually called the ____. BUY IT BUY IT for the STATE EXAM, not the test for the 75 hr course. \hline \text { Probability } & 0.01 & 0.02 & 0.9 & 0.01 \\ A _____ is used to collect delinquent taxes by "selling the tax lien" to someone who will most likely simply collect interest when the property owner finally does pay the taxes. In that event, to fulfill the objective of zoning, which is to "protect the people" a more moderate use will be allowed between the two zoned areas, called _____. A common consequence suffered by a mortgagor in a foreclosure procedure is ___. 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