What type of planning is used to guide purchasing by organizational buyers and by resellers? Observa el significado de las palabras, los verbos y las expresiones de tiempo para guiarte. Which of the following would be considered an operating expense by a property manager preparing an operating budget for the owner? What does the principle of anticipation state about the valuation of property? What type of loan should he get to enable him to buy now and take advantage of declining rates in the future? A new contract substituting the obligations of an original contract is a(n): Which of these is an easement that is attached to a piece of land, regardless of owner? 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? 22. He has met all the terms and conditions of the listing. 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 is the net operating income of the property? $$ What should the buyer's agent do? How can she advertise the propert? The couple does not use the exercise room and does not want to pay the monthly fee for the use of the facility. 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? the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. The broker will be protected by his E&O insurance because the problem was not able to be detected by visual inspection and the seller misrepresented the property, are valid for parties that have agreed to their use with the consent of the other parties. *, 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? Who must be notified to take money out of the trust account in a real estate transaction? Check out our real estate Exam Prep packages above and start studying today! The property is under contract and all contingencies have been met. A buyer representation agreement establishes an agency relationship between a buyer and a: The owner of a landlocked parcel of land may gain access to their land through an: When an object that was once personal property becomes permanently attached to real estate, what happens? The National portion is 120 minutes long, and the state portion is 80 minutes. He is selling the house for $179,000. When did the second amendment of the Federal Fair Housing Act go into effect? The assessed value is $290,000. 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? Which of the following actions of a broker could jeopardize the independent contractor status of the license holders he sponsors? Is the quick ratio improving or declining? A, B and C are joint tenants. Which of the following actions by the agent would NOT be in violation of fair housing laws. They shake hands on the agreement and the buyer happily leaves the property. How much did she pay for the discount points? A seller comes into the office to sign a contract. Which of the following is personal property? A license holder has just taken a class on networking and marketing through social media. The nursing home agrees that the rental income produced by the building will pay for the expenses of caring for the women's parents. About 1 hour and 20 minutes Based on location and the type of business, the landlord believes it will be a great success. An executory contract is a contract that: Your buyer client asks you if a property is located in a flood zone. What is the effect of replacing bad with hot, or dry in sentence two. An appraiser has been hired to value a commercial office building that is fully leased. He notifies the landlord and recommends a contractor. $29.99. Find the slope of the graph of the following equation. If a broker's computers are stolen what steps could have been taken to protect records? They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. What can the owner do? Several weeks later, he learned that it was sold to the buyers he brought to the property. They have found a property that they would like to purchase now. All parties to a contract agree to the terms of the contract. When the terms of a contract have not yet been fully performed by both parties, the contract is best described as: The Civil Rights Act of 1866 protected the right to fair housing regardless of: Which of these is the best example of stigmatized property? Pedro bought his house for $370,000. Yearly expenses for the property toatl $115,000. The seller counter offers for $392,500. Your property borders a non-navigable waterway and you have riparian rights. the tenants can stay until the end of the lease. He sells 80% of it for $5,000 an acre. Which of the following statements may represent the unauthorized practice of law? National Real Estate Exam Practice Questions 4.6 (18 reviews) Term 1 / 219 A property owner has decided to do some landscaping work on his yard. 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. Under the federal Fair Housing Act, is this legal? A signed employment agreement is necessary to A listing agent would probably not disclose, death on the property due to natural causes. How much will Arturo need to pay on closing day? 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. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 If the owner is earning a 10% rate of return, what is the value of the building? The tenant also has the right to match or better any offer before the property will be sold to anyone else. All experience a lower level of profit. Under these circumstances, which of the duties of the agent would be the easiest for him to fulfill? A buyer's agent has accidentally forwarded confidential information about his buyer's financial background to the listing agent. an easement is a benefit to the dominant property owner. All of the following are hazardous substances that a license holder should be aware of except, Which of the following is the best example of puffing, I think this is the best floor plan available from this builder. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. He paid off his loan of $138,500 and ha paid a 5% commission. A seller has received $225,000 for the sale of his home. Which federal law requires that finance charges be stated as an annual percentage rate? This is MOST likely a? This is an example of A father gives his son a life estate on a property. c. Real Estate Settlement Procedures Act (RESPA). A practice of trying to induce homeowners to sell by convincing them that a minority group is moving into the area causing property values to drop is. Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland. b. exclusive buyer representation agreement. He has hired an agent to lease the houses. An alienation clause would require a borrower to: pay the mortgage debt in its entirety upon the property being sold. CS. How long after an incident does a victim of housing discrimination have to file a complaint with HUD? John and Mary are co-owners of a property. 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. Inform the buyer 8. What is true? *, In the sales comparison approach to property valuation, what does the principle of substitution state?*. 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. This demonstrates which principle of appraisal. T22. What is the main reason for considering underground storage tanks (USTs) an environmental hazard? Each time, he notified the sellers of the showing by phone. What is this right called? A real estate professional signs a contract with a buyer. Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? Which survey system is most commonly used in urban areas? There are no exceptions for discrimination based on: A valid sales contract stipulates that the seller must repair a hole in the roof before closing day. The lending institution charged a 1% loan origination fee. Which federal law amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)? Interpret the company's quick ratio. The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. Her landlord pays for the property's maintenance, security, taxes, utilities, and all other operating expenses. A property manager notices that the building stucco needs repair. If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? refusing to show the houses to anyone over 75 years old, Which of the following would NOT be an operating expense included in the property manager's operating budget. Liens are prioritized by date of creation, with older liens being paid off first. This represents a 20% profit. The annual tax bill is $2,008. That section can be used to study the topics featured on those . A man leaves his second wife a life estate in their home after which the property goes to his children from his first marriage. Tyson then relays this information to a buyer, citing Benjamin as his source. What agreement between the landlord and tenant gave the tenant that right? The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? A buyer has discovered a defect in title and has suffered a loss due to the defect. Welcome to our free real estate practice exam! He had shown the property three times to the same potential buyers. An apartment building owner has renovated and modified several units to be handicapped accessible. The commission to the listing broker will be 6%. Ace these, and you know you're ready to grab your real estate license ! They would like to accept this new offer. The purpose of the Truth-in-Lending Act (TILA) is to provide which of the following? She has decided to market a new listing on these sites. A leased property is not for sale at this time. What should the agent do? Here's how much time you'll be given for the final real estate exam: Part 1: National Real Estate Concepts. A seller wants to net $165,000 from the sale of a house after paying the broker's fee of 6% and other closing costs of $2,635. What should she do? A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. Since the rent is now worth much more than she is currently paying, she might most likely consider: Which of the following is NOT an encumbrance on real property? Real estate practice exams are an excellent way to make sure youre using your test time wisely. Tenancy from year to year. Both are intestate. Ben manages an apartment complex that has an effective gross income of $100,000. He has planted a tree surrounded by some flowering shrubs. (A take back is seller financing. Which of the following is NOT an example of functional obsolescence? Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. The agent needs to furnish the buyers with a pamphlet approved by the EPA concerning lead based paint prior to closing. Test Timeframe You'll have 200 minutes for both portions of the test. 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. The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. Listing agreements are between a broker and a(n): Negligent misrepresentation violates the fiduciary duty of: What is a report from a licensed appraiser that sums up a property's market value based on collected data called? He already submitted a check for $2,000 as earnest money, which will be applied to the purchase. A seller is attending the closing on his property. During the year, they become concerned about crime in the area and ask for permission to install an alarm system in the apartment. Allie cannot depreciate her investment property for a tax deduction. What should he do? What kind of lease is this? Dennis Marier, Drawing A property owner receives a notice that his land is in an improvement district. What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success? The sales contract is most likely: Which of the following BEST describes a capitalization rate? What is the lowest price the property can sell for to accomplish this? An office space is 24 feet long and 27 feet wide with 9-ft ceilings. The tenant's lease has expired, but the landlord permits the tenant to stay in the apartment until the building is torn down. Is fully leased be notified to take money out of the duties of the graph the! Both portions of the following deed includes the five implied warranties ( covenants ) 's financial background the... 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