Earnest money is merely a way for the buyer to say to the seller, "Please consider my offer. Open a plant asset record for each item. 29. Paid $\$1,000.00$ on the outstanding balance of the Sarr Corp. account. A building that is old, in a poor location, and poorly maintained would be classified as a CLASS D Building. One of the most necessary elements of a contract is ___. When a homeowner has received a deed transferring title which contains a full bundle of rights (Exclusive right to occupy, right to enjoy without interference and right to waste destroy or sell/lease) he is said to have a ________. A Speculator buys land expecting it to grow in value over time with no effort on his part. The woman died testate. Gary also informed Mike that the watch had been given to him by his grandmother who was celebrating her hundredth birthday in two days. Quizlet Flash Card For Real Estate Exam chapter 12 real estate brokerage and listing contracts, flashcard 28 of the . The loan on lots in a still-to-be-developed subdivision might be covered by a blanket mortgage. 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. When a neighbor violates a deed restriction or a zoning violation, it only takes one other neighbor to enforce the ordinances, covenants or restrictions by bringing an action in a court of law. it must operate, maintain and repair the building and pay all costs. If the school district were to pursue the matter in court, what legal proceeding would it institute to force the man to sell his land, a conveyance that includes a condition controlling or limiting the use of the property conveyed is an example of, sale of the property, agreement of the parties, the destruction of the premises, a listing agreement may be terminated for what reasons, The type of listing agreement that provides for the payment of a commission to the listing broker even though the owner makes the sale without the aid of the broker is called an, by mutual agreement, operation of law, because of impossibility of performance, terminated automatically by the death of a principal, a property owner signed a 90-day listing agreement with a broker. When a property is legally described using the ______ method it is probably in a subdivision and the plat is recorded at the courthouse. Commercial property vs. residential property. A_____ is used to increase or decrease the taxes collected for an area. 9 25 2016 real estate final ch 4 6 flashcards quizlet 1 12 real estate final ch 4 6 42 terms by marissa fraser c while most real property in the united states M33. If there are no dates and times in the contract it means "As expeditiously as possible.". Two reasons to have a caravan to tour homes that are for sale: (1) Allow the brokerage agents to view as many properties as possible and (2) to get feedback in the form of written evaluations and suggestions for improving the attractiveness of the property. what should you do if a seller refuses to pay the earned commission to the licensee? Between the two is something referred to as a life tenancy - a person who has a Life Estate that has limited rights like a tenant and an unknown term length. b. Calculate the reproduction cost new of the structure. weekly- regardless of interest from buyers/sellers. Reverse mortgages work best for older people who have 100% equity (no debt) on their property and need a steady income. The seller who believes he is transferring "marketable" title without any problems will sign and deliver a _______. This encourages lender to have a higher Loan to Value (LTV) ratio. Building Codes dictate(s) the minimum and maximum pressures allowed for plumbing fixtures. A will is an amendatory instrument that can be changed at any time during the maker's lifetime. This will of course mean protecting the property, maintenance and repair, collecting rents, etc. 30. A contract requires a willing buyer and a willing seller, each of age, sane, under no pressure and unrelated. Most licensees are independent contractors which means they are self-employed, working under a contract as agents for a real estate brokerage, with a managing broker who is responsible for the brokerage agents. 28. Buildings are classified according to the age, amenities, and current condition. Devise (not spelled "device") and the beneficiary is a Devisee. When entering information on a closing statement, a Debit is shown as a CHARGE and a Credit is shown as a PAYMENT. The homeowner receives (rather than pays) monthly payments. Because a lender is in the business of earning money by charging interest, the longer the loan term the greater the income. if the buyer defaulted some time ago on a written contract to purchase a sellers real estate, the seller can still sue for damages if they are not prohibited from doing so by the, the estate with the last degree of interest is, Information Technology Project Management: Providing Measurable Organizational Value, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Express the expected profit algebraically for the following mortality table. The work station has an estimated value of $\$11, 000$, and the forklift has an estimated value of $\$22, 000.00$. Anything of the neighbors that extends across a property line, such as a fence, or a portion of a building or even a part of a garden, without the owner's permission, is an ______. If the owner does come back and pay the delinquent taxes, the buyer of the certificate will have earned interest on his payments. First estimate using front-end rounding and then multiply. laws governing the occupations of real estate license holders (brokers/sellers) and real estate inspectors Homestead limits urban environment, max amount of land can't exceed 10 acres (contiguous) Rural property, max is 200 acres for Family, and 100 acres for a single Rights associated with water riparian littoral encumbrance When the agent and seller sign the listing agreement the licensee must give a signed copy to the seller, when? right of redemption to halt the foreclosure process by paying the delinquency. A construction loan is usually a higher risk than a residential loan. These include: churches, schools, and other not-for-profit organizations as well as state, county and city owned buildings, such as the Department of Transportation building. 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. 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. A rectangular survey has townships and ranges. An agent must disclose to his buyer client material facts about the property that a reasonable person needs to know. A contractor planning to build a new apartment complex, needs to be sure that the architect drawing the plans has consulted the Americans with Disabilities Act to include the latest rulings and avoid any potential fines. Get a 100 second go. A legal action to compel a party to carry out the terms of a contract. R458. 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. D.$597.50 first year of licensure. A contract having no legal force or binding effect. A) $239,200 B) $276,060 C) $197,600 D) $246,960. The advantage of a VA loan compared to a traditional mortgage is the VA does not allow prepayment penalties to be charged if a veteran pays off a loan early. 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. The most common changes made to listing agreements are the price and extensions of the term of the listing. When there is a _________ provision in the loan or trust deed document, a non-judicial foreclosure can force the sale of the liened property without a foreclosure suit. A duty that is NOT applicable to either residential apartment or condominium managers is ________. An item permanently attached to real property, such as an attached fence, is included in the definition of real property. The lender files suit asking a court to order the borrower to pay the mortgage debt by a certain date or the lender will automatically gain full title to the property. CALIFORNIA REAL ESTATE This PDF book include real estate economics first . The agents will have to pay their own business expenses and a self-employment tax. Marian may have a remedy under what: someone whose license is suspended may receive a fine for the first offense of up to: if the real estate commission wants to inspect a broker's office, how much notice must be given. Money is a Legacy and the beneficiary is a Legatee. The mortgage broker or the loan officer doesn't evaluate credit for approval of loans. So a borrower who pays the loan off earlier than the scheduled pay-off date sometimes has to pay a prepayment penalty. this map is known as the, the estate in which the holder is entitled to al rights in the property is called, lenders financing purchase of a residence. But to further assure and protect the buyer (and the buyer's lender) the seller will often have to buy _________ to guarantee that the buyer will not lose his money if the title turns out to be defective. The more there is the cheaper it costs - interest rates drop. A safety, or protection clause in a listing, also called a carryover clause, will allow a broker to claim a commission, after the listing has expired, if the owner sells directly to a person the broker or one of the broker's agents introduced to the property during the listing period. The remaining mortgage balance would be a DEBIT to the seller. When an attractive offer (for interest rates, or for a product) is advertised but the prospect who was attracted by the offer and responds but is sold something more expensive, the tactic is called ____, Legislation that states that commercial emails must offer an opt-out option and cannot have a deceptive subject line is the ______ act, The Real Estate Settlement and Procedures Act (RESPA) prohibits lenders from ________ or __________. Gary Meter took his very expensive watch in for repair to Mikes service center. Issued 500 shares of $\$10.00$ par value common stock at $\$50.00$ per share. An investor might decide to purchase a commercial rental property rather than a residential rental property because commercial tenants generally are easier to deal with than residential tenants. The licensee representing the seller is usually called the ______ and the licensee representing a buyer (or a tenant) is usually called the ____. Many states have a national portion and a state portion, but California has one section combining both for a total of 150 questions. It is a health hazard when airborne. 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. A contract, to be valid, must have an offer and an acceptance that are the exact same. A managing broker should hold staff meetings and/or sales meetings to make sure all agents and clerical help are given and hear the same information. 1 Time-Tap-987 2 yr. ago Final final is the last test you take with REE. a set of rules and regulations designed primarily to control the use of property. If the deal fails, who has the escrowed money? Is this correct? A. An encroachment is not recorded and is not part of a chain of title. c. $3,900. A _________ usually occurs only if the value of the property is less than the debt owed. 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. A couple living together who are not married but are co-owners of the residential property are most likely ______________. It begins at a reference point, moves to a Point of Beginning (POB); traverses the perimeter of the property and returns to the POB. Building a warehouse in a neighborhood zoned residential would be a violation. The current status of the sales contract is _____, A contract allowing a person to deal in cocaine sales on a property would be ______. A _____________ is an arrangement where a Trustors asset is transferred, to benefit someone over time. But any covenants (promises) between the parties can be changed by agreement of the affected property owners. M31. Capitalization definition. Zoning laws can also regulate what kinds of animals can be kept on a property. In Texas, the score to pass is 56 and 21. A property that is valued so much above the typical market price (such as a multi-million-dollar home) may require special advertising in media that reaches beyond the local market, such as. 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