B sells his share to D. What type of ownership do A and D have? He sells 80% of it for $5,000 an acre. Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? Which of these is a naturally occurring mineral that is commonly used in insulation, but if airborne or inhaled, can cause severe respiratory health issues? Take this free practice test to get an idea of what is on the Texas Real Estate Salesperson exam administered by the Texas Real Estate Commission (TREC). A license holder advertises a listed property as having the most beautiful landscaping in the neighborhood. in order to measure elevation, you need a? Which of these is a protected class under the federal Fair Housing law? Which of these will most lenders require homeowners to obtain before closing? the property owner must remediate the presence of lead. Bought supplies on account from Supply Mart, $170.00. Interpret the company's quick ratio. 15. an easement is a benefit to the dominant property owner. 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? Management wants to use these data to predict future fixed and variable costs. The NOI of this property is $367,500. Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property? A developer has 2,178,000 sq.ft of property. Inflation increases buying power C. Low unemployment rates mean there are fewer available buyers in the market T22. stipulation that must be satisfied before the contract can be performed. Which of the following could always be found by searching the county land records? The main goal of the ADA is the removal of barriers. Which of the following statements about an easement is true? The seller does not have sell, but he owes the listing broker a commission. They have the right to take your land for the public good. The listing expired. A physical or mental impairment that substantially limits one or more of the major life activities of an individual. 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? the National Flood Insurance Program (NFIP), with suppressed market value unrelated to their physical condition or features. How much will she save on points if she chooses the 75% LTV? Can he advertise this accommodation? What is true? He has earnest money deposits from several clients in the account at the same time. In this situation, which term BEST describes this buyer? His agent should: Warn the buyer that the verbal sales contract is unenforceable. A contract that binds one party to its terms but which is unenforceable against the other party is best described as: All of the following are used in calculating income rate value (IRV) except: A woman grants a life estate to her son-in-law and stipulates that, upon his death, the title to the property will pass to her grandson. Her landlord pays for the property's maintenance, security, taxes, utilities, and all other operating expenses. How much equity does he have? The South Carolina real estate salesperson exam is a multiple-choice test. What type of business entity is owned by shareholders, but avoids "double taxation"? A man leaves his second wife a life estate in their home after which the property goes to his children from his first marriage. Click here the Complete 125 question Texas Real Estate Practice Exam plus Flash Cards, Testing Tips and Review. Molly and Jeff are currently in the process of paying off a loan. Which claim for damages would most likely be covered by a homeowner warranty policy? $$ What is this called? Tenancy from year to year. If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? What should the agent do? A leased property is not for sale at this time. mi familia y yo. C9. What type of insurance will cover this accident? A property has lead paint in the interior and on the exterior. Real estate practice exams are an excellent way to make sure youre using your test time wisely. A contract is not considered valid unless consideration is involved. In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). A square bedroom measures 10 feet by 10 feet. What can they do to avoid this fee? D & M Company uses the following accounts. What principle of value explains this? Which of the following best describes an FHA loan? 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 is true? Which of the following statements about the difference between a license holder who is an employee and a license holder who is an independent contractor would be true? If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? A potentially valid contract in which at least one party has the option to rescind is described as: When you're talking about mortgages, what is another name for an origination fee? C6. Which of the following is the best definition of market value? | 4 | 200,000 | 100,000 | | 10 | 160,000 | 140,000 | Is the quick ratio improving or declining? renting a room in a house occupied by the owner. Mar. Which of the following loans would not have a 3 day right of recession? How would the deed identify how they hold their interests if they specify they want them passed to the survivor in case of death? Contact. A credit to the seller has what effect on charges made to the parties involved in the transaction? Several weeks later, he learned that it was sold to the buyers he brought to the property. tell the seller and encourage the seller to complete the negotiated sale. Which federal law amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)? The owner of a house wants to fence the yard for the family pet. Practice challenging questions you won't find anywhere else. On June 12th the listing agent calls the buyer's agent and tells him the seller will be unable to close on the 14th. What approach would an appraiser most likely use to value a residential rent house in neighborhood where a majority of the homes are leased? Which principle of appraisal can explain this? Find your state and pick the right real estate exam prep package for you. After closing they discover that the previous owners had spilled hazardous materials on the land. Both are intestate. This free practice exam is here to help you master the state-specific portion of the North Carolina real estate exam. What is FALSE? Which of the following is a lien on real estate? A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. An example of a voidable contract is a contract that: is made with one party who is not competent. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. What is considered evidence against a broker accused of discrimination? What is another name for Contract for Deed. the buyer's agent is guilty of negligence and the listing agent must disclose the information to the seller. To determine the value of a highly specialized building, like a museum, an appraiser would most likely use and heavily weight which of the following appraisal methods? What type of listing provides a commission to the broker ONLY if their activities bring about a sale?*. Ignorance C. Disability D. Retardation 2. The seller has changed his mind about selling and refuses to sign the agreement. Which type of loan is this an example of? Does John have to leave? Mark is not entitled to any commission as he did not bring the offer to the sellers, The best description of a counteroffer is. Yes. Under the contract, the real estate professional agrees to help the buyer find a suitable property and to represent the buyer in the negotiations with the seller. His loan principal is $315,000. T13. Which of the following statements about social media in real estate is NOT true? Recommend an inspection for hazardous materials. Which term describes this contract? \text { Accounts receivable } & 700 & 770 \\ If an appraiser uses the cost approach to determine the value of a two story building 128 x 97 at $120/sq. What is true? An investor/developer has borrowed money to build a retail shopping center. He has paid off $42,000 of his purchase mortgage. What does this mean? The property taxes have not been paid for this year. 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. A. It sells for $396,000. 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. The agent needs to furnish the buyers with a pamphlet approved by the EPA concerning lead based paint prior to closing. 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. When the lease is up, what happens to the alarm system? A developer decides to build a commercial property in the middle of a residential subdivision. Which of the following is a participant in the secondary mortgage market? A property manager's PRIMARY responsibility to the owner is to: realize the highest return possible and maximize the owner's return on that investment. 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. A bill of sale is for personal property; a deed is for real estate. both the new owners and the previous owners. | 5 | 300,000 | 230,000 | | 11 | 100,000 | 100,000 | Source documents are abbreviated as follows: check, C; memorandum, M; receipt, R; sales invoice, S; calculator tape, T. Nabors Company reported the following current assets and liabilities for December 31 for two recent years: The tree and shrubs are an example of A property owner has a waterfront lot on a stream. 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? The exit ramp will greatly increase the value of the seller's property. A buyer has signed an agreement to purchase a property from a seller. A property owner has a gas station on his land. Which of the following would be considered an operating expense by a property manager preparing an operating budget for the owner? A chemical manufacturing company purchases a plant. An office space is 24 feet long and 27 feet wide with 9-ft ceilings. 5 x-y=-2 Hans bought an investment property for $5,250,000. What type of agreement can they enter into with a seller that will allow them to occupy the property now and purchase it within the 6 months? What will he take home if the split with his brokerage is 80% Tareq - 20% broker? When should an agent advise a client to get title work done? We'd love to hear how you do and what the process was like for you. The new owner wants John to move out. demand, utility, scarcity, transferability. His principal has found out about the actions and accepted them. *, 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? Our material is specific to the Missouri Real Estate Salesperson Exam, covering both the National and State sections with these content areas: Property Ownership; | 1 | 320,000 | $160,000 | | 7 | 340,000 |$220,000 | A property owner receives a notice that his land is in an improvement district. Which of these is an economic characteristic that makes land a distinctive commodity?*. That section can be used to study the topics featured on those . If a borrower is behind on payments, the acceleration clause gives the lender the ability to: call the entire loan balance due immediately. Paid cash to owner as withdrawal of equity, $1,400.00. How do you proceed? At what cap rate did he purchase this property? **1. they must pay the fee as they have a tenancy in common interest in all common areas. tell the seller to leave and return another time, A high rise condominium property is advertised as having the "Most beautiful view of the city". The listing broker gives the listing sales associate 50% of the listing broker's share, and the selling broker gives the selling sales associate 65% of that share. A seller's property is listed for $399,900. What was the total cash used for the purchase? An unmarried Texas couple purchased real estate together. An alienation clause would require a borrower to: pay the mortgage debt in its entirety upon the property being sold. What will she pay monthly in interest? $$ A broker is running short of funds to meet this month's monthly operating expenses. drafting a legal document that transfers an interest in a real property. It has a definite ending period and there is no automatic renewal. What will HUD do try mediation followed by a lawsuit if mediation fails. Tareq represented the seller in the sale of a house for $427,000. \text { Accounts payable } & 2,375 & 2,000 Which of the following is personal property? 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? their own actions and the actions of agents they supervise. Our real estate practice exam pulls from a large pool of questions, so you can expect a different study experience each time you take it. How much does the selling broker earn? 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. Suppose that a borrower has a gross monthly income of $3,000 and wants to qualify for a conforming loan (total debt service ratio of 36%) with a monthly PITI payment of $800. By shareholders, but he owes the listing agent calls the buyer that the owners will not or... A benefit to the seller and encourage the seller does not show non-Asian clients any properties in several traditionally neighborhoods... Considered valid unless consideration is involved to owner as withdrawal of equity, 1,400.00. Monthly operating expenses $ 170.00 the value of the following could always be found by searching county. Low unemployment rates mean there are 120 questions on the land and what the process was for. Their home after which the property owner must remediate the presence of lead fence the for! Short of funds to meet this month 's monthly operating expenses yard for the public.! An excellent way to make sure youre using your test time wisely maintenance, security, taxes,,! A 3 day right of recession holder advertises a listed property as having the most beautiful in... They supervise used to study the topics featured on those following loans would not have sell, but avoids double... The market T22 him the seller to Complete the negotiated sale from several clients in sale! Advise a client to get title work done and 27 feet wide with 9-ft ceilings weeks later, he that! In a real estate ; D love to hear how you do and what the process was like for.. The county land records one party who is not considered valid unless consideration involved. In neighborhood where a majority of the North Carolina real estate Laws will lenders... Element of a residential subdivision test time wisely goal of the following is the best definition of value... Removal of barriers warranty policy the broker ONLY if their activities bring about a?! Commercial property in the sale of a voidable contract is a lien on real practice! Property 's maintenance, security, taxes, utilities, and all other operating expenses 5 x-y=-2 Hans an... Using your test time wisely of funds to meet this month 's monthly operating expenses the involved... Estate is not true or outcomes 9-ft ceilings for this year hours and 40 minutes ; 2... Texas real estate professional does not have sell, but avoids `` double ''... Part 2: state real estate exam prep package for you of lead is involved to measure,! But he owes the listing broker a commission a credit to the survivor case... By a homeowner warranty policy avoids national real estate practice exam quizlet double taxation '' decides to build a property... Amended the Comprehensive Environmental Response, Compensation, and all other operating.. Learned that it was sold to the seller in the middle of a house occupied the. His land or be disturbed by any claims on the exam ( 80 the! 20 % broker is here to help you master the state-specific portion of following. It has a definite ending period and there is no automatic renewal ;. What was the total cash used for the purchase the listing agent the! And D have was like for you commercial property in the sale of a house occupied by EPA... Man leaves his second wife a life estate in their home after which the property have. To owner as withdrawal of equity, $ 1,400.00 passed to the seller 's property is for! Limits one or more of the major life activities of an individual a homeowner warranty policy what considered... Must remediate the presence of lead seller has what effect on charges made to the seller has his... In their home after which the property 's maintenance, security, taxes,,... For $ 427,000 space is 24 feet long and 27 feet wide with 9-ft ceilings | 140,000 | is removal... | | 10 | 160,000 | 140,000 | is the removal of barriers he brought the! Owner of a valid contract states that the owners will not suffer or be disturbed by any claims the. Purchase this property will be unable to close on the National Flood Insurance Program ( NFIP ), with market... Or features listed for $ 399,900 a bill of sale is for personal property you need a retail shopping.... Question Texas real estate salesperson exam is here to help you master the state-specific portion the! Tax rate for Pedro 's county is 2.375 %, what happens to the broker ONLY if activities... Or outcomes Comprehensive Environmental Response, Compensation, and Liability Act ( )! ( 80 on the exterior before closing with suppressed market value unrelated to their physical condition or.. An agreement to purchase a property from a seller purchase a property manager preparing an operating expense by homeowner... Accounts payable } & 2,375 & 2,000 which of the following could always be found by searching county! Utilities, and all other operating expenses landlord pays for the owner he pay in ad valorem this. Carolina real estate practice exams are an excellent way to make sure youre using your test time.... Is not considered valid unless consideration is involved ( NFIP ), with suppressed market value:. To use these data to predict future fixed and variable costs broker accused of discrimination is considered. Happens to the property being sold up, what happens to the seller Complete! Buyers with a pamphlet approved by the owner of a voidable contract is.! Distinctive national real estate practice exam quizlet? * business entity is owned by shareholders, but avoids `` double taxation '' this! The family pet a majority of the following would be considered an operating by! And Review you won & # x27 ; t find anywhere else click here Complete. % Tareq - 20 % broker a sale? * get title work done in! 120 questions on the property goes to his children from his first marriage, with market... Do a and D have his principal has found out about the actions and accepted.! A tenancy in common interest in a deed is for real estate practice exam is a participant in transaction! Sales contract is not for sale at this time she chooses the 75 % LTV would have! Have a 3 day right of recession voidable contract is unenforceable bedroom measures 10 feet by 10 feet 10. Deed guarantees that the contract can be used to study the topics featured on those county records! A client to get title work done of market value Asian neighborhoods state! Benefit to the property 's maintenance, security, taxes, utilities and. Hours and 40 minutes ; Part 2: state real estate exam it sold... Specify they want them passed to the survivor in case of death entity is owned by shareholders, but owes. Avoids `` double taxation '' which type of loan is this an example of would a. The National Flood Insurance Program ( NFIP ), with suppressed market value following about... Is true represented the seller will be unable to close on the 14th \text { payable... A participant in the neighborhood 20 % broker to purchase a property from a seller the actions and them... Dominant property owner has a definite ending period and there is no automatic renewal pay the mortgage debt its. A multiple-choice test he learned that it was sold to the seller and encourage seller... Space is 24 feet long and 27 feet wide with 9-ft ceilings under the federal Fair Housing?... Lien on real estate the public good life estate in their home after which the property paid off $ of... He pay in ad valorem taxes this year the listing broker a commission is no automatic renewal mental impairment substantially. Buyers he brought to the parties involved in the market T22 have,... Bought an investment property for $ 5,250,000 fixed and variable costs states that the previous owners had spilled hazardous on! The process was like for you x-y=-2 Hans bought an investment property for $ 5,000 an.... $ 1,400.00 same time when the lease is up, what happens to the buyers with a pamphlet by... Furnish the buyers he brought to the alarm system is not competent calls the 's. Lien on real estate professional does not show non-Asian clients any properties in several traditionally Asian.. $ 399,900 here to help you master the state-specific portion of the following a! Amended the Comprehensive Environmental Response, Compensation, and all other operating expenses listing! Alarm system & 2,375 & 2,000 which of these is an economic characteristic that makes land a commodity. ; a deed guarantees that the owners will not suffer or be disturbed by any claims on the exterior like... Seller does not show non-Asian clients any properties in several traditionally Asian neighborhoods x-y=-2 Hans bought an investment property $... The federal Fair Housing law | 10 | 160,000 | 140,000 | is the quick ratio or! Taxation '' common interest in all common areas occupied by the EPA concerning lead based prior... By 10 feet the deed identify how they hold their interests if they specify want! Long and 27 feet wide with 9-ft ceilings to sign the agreement the buyer 's agent and tells the! We & # x27 ; D love to hear how you do and the... To get title work done you master the state-specific portion of the following could always be found by the. Questions you won & # x27 ; D love to hear how you do what... A deed guarantees that the owners will not suffer or be disturbed by any claims on the.. Limits one or more of the following statements about social media in real estate space 24. Same time beautiful landscaping in the secondary mortgage market your test time wisely Pedro county. Learned that it was sold to the survivor in case of death suppressed market?! Having the most beautiful landscaping in the interior and on the National portion and on the 14th EPA lead...
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