An appraiser has been hired to value a commercial office building that is fully leased. All experience a lower level of profit. In Stock. If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? He has received on official notice requiring the removal of this type of fence. 12. 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. Which federal law requires that finance charges be stated as an annual percentage rate? CS. Find Property for sale in Gunzenhausen, Bavaria. John has a three year lease on office space. We hope our flashcards have been helpful to you as you prepare for the Real Estate Licensing Exam. Broker B has signed a Buyer Representation Agreement with his clients. The CE Shop students have achieved an impressive 90% National pass rate. Which claim for damages would most likely be covered by a homeowner warranty policy? Which appraisal method would an appraiser be most likely to use on an owner-occupied residential home? This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. Using a 360-day year, how much will the seller owe for taxes at closing? What is this right called? Sabrina accepted Rebecca's offer to purchase her house, and the closing date is in a few weeks. Appraisers are most often asked to determine: A builder is using inferior siding and paint in an effort to construct affordable housing. The property management agreement creates what kind of agency? The new owner wants John to move out. Personal property MUST be transferred via: When there is a breach of contract, the non-breaching party can rescind the contract, forfeit the contract, or: sue for compensatory damaged and/or specific performance. Long before the debt is satisfied, the balance is due in a payment substantially larger than all the others. Welcome to our free real estate practice exam! 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: She is also writing a blog. Mar. Her actions: which of the following is NOT a specific lien? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. The tenant becomes ill from the mold. **Transactions:** Your property borders a non-navigable waterway and you have riparian rights. Based on this, before any prorations, how much cash will Burt have to bring to the closing? While showing the property she notices that there is a serious slope to the porch floor. For help with the national we have our free national real estate practice quiz. When did the second amendment of the Federal Fair Housing Act go into effect? What is the total sale price? He has requested an assigned reserved space near to his unit. What type of contract should he enter into with the seller? A property owner has the right to tell other people that they cannot trespass on their property. They have found a property that they would like to purchase now. Assuming that the listing agent and the selling agent in a transaction split their commission equally, what was the sales price of the property if the commission rate was 5.5% and the listing agent received $12,584? 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? Melissa signed a listing agreement with Shane, a local real estate agent. This is due to the idea that a person: CANNOT do something of value without receiving something in turn. Find the equivalent earnings if this amount is paid (a) weekly, (b) biweekly, (c) semimonthly, and (d) monthly. ------------- What did Agent Tyson engage in? Burt is buying a house for $100,000 and is making a 20% down payment. C10. What can the owner do? directing people to or away from a particular area due to the protected class of the buyer or residents of the neighborhood in a manner that perpetuates segregated housing. increases the amount due from the buyer at closing. An investor has purchased a one-family home that they plan to rent as an investment. It counts towards the buyer's closing costs. Operating expenses were $60,000. Which of the following would be most likely to hire a property manager? The annual tax bill is $2,008. Who would use the remedy of Forcible Entry and Detainer? A homeowner sells her primary residential home and realizes a profit of $185,000. Which principle of appraisal can explain this? Which of these is a protected class under the federal Fair Housing law? A seller is attending the closing on his property. By far, the most substantial chunk of the real estate license exam is the vocabulary. drafting a legal document that transfers an interest in a real property. T13. Ready to Take Your Real Estate Exam? (A take back is seller financing. Journalize the transactions completed during March of the current year. What is the effect of replacing bad with hot, or dry in sentence two. An agent advertises a senior citizen community with the phrase "no children allowed.". Received cash from sales, $350.00. How much equity does he have? educate consumers about closing and settlement services. The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. What should the agent do? What is the maximum amount of additional long-term obligations this borrower may have after PITI? The nursing home agrees that the rental income produced by the building will pay for the expenses of caring for the women's parents. On June 12th the listing agent calls the buyer's agent and tells him the seller will be unable to close on the 14th. D & M Company uses the following accounts. A property is surveyed to determine a legal description. their own actions and the actions of agents they supervise. Tenancy from year to year. The NOI of this property is $367,500. The tree and shrubs are an example of. the tenants can stay until the end of the lease. What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success? He will be making a down payment of 5%. For help with the national portion, we have our national real estate practice test. the buyer's agent is guilty of negligence and the listing agent must disclose the information to the seller. Ignorance C. Disability D. Retardation 2. Miscellaneous Expense mi familia y yo. How much will she save on points if she chooses the 75% LTV? To pass the exam in Missouri, with a total of 140 questions (100 national and 40 state), the score to pass is 70 for the national and 30 for the state. $$ This is MOST likely a? This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. Check out our real estate Exam Prep packages above and start studying today! A couple is purchasing a home and ask their agent how they should take title so that if one spouse dies, immediately the surviving spouse will be the sole owner of the property. An example of a voidable contract is a contract that: is made with one party who is not competent. In the second year the landlord dies. It sells for $396,000. None. Estate for years. B sells his share to D. What type of ownership do A and D have? When does the buyer under contract for deed get title to the property? both the new owners and the previous owners. He should, align himself with a broker or sales license holder who has experience in industrial property in order to learn about and become proficient in industrial sales. What is the best way to study for the Real Estate Licensing Exam? **1. This is what type of loan? In this situation, which term BEST describes this buyer? A buyer offers additional consideration to add a 10-day option period to the sales contract. The title company has discovered an unsatisfied M&M lien on the property. The sales associate's entire income is from sales commissions rather than an hourly wage. Take unlimited tests on your computer, phone or tablet. How long after an incident does a victim of housing discrimination have to file a complaint with HUD? What kind of property is it? What should the buyer's agent do? What type of permission allows an individual property to deviate from a specific provision of a zoning ordinance? What should he do? Deanna wants to sue her real estate agent, but finds out that she has no legal recourse because too many years have passed since the offending incident. Which of the following is false regarding the Civil Rights Act of 1968, A FSBO who owns no more than four homes can discriminate when selling a home. What should she do? Complete 90 Hours of Approved Education Pass a Background Check Submit Your Application to the Oklahoma Real Estate Commission (OREC) According to the Statute of Frauds, which of the following leases must be in writing? Wetlands typically contain which of the following? Who must fill out the Seller's Disclosure Notice? What can the other property owners do to get him to comply? The listing and selling brokers agree to split a 7% commission 50-50 on a $295,900 land sale. Ships from and sold by Amazon.com. The tenant removes their trade fixtures and takes them upon moving out. A title search uncovers a cloud on the title. Dennis Marier, Capital The current value of a property is $140,000. What is the net operating income of the property? A seller has received $225,000 for the sale of his home. 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. Which of the following is the best definition of market value? Which of the following does NOT pledge property as security for a debt? Tenancy at will. 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? How long must the seller's private information be kept confidential? A leased property is not for sale at this time. The tests cover such subjects as forms of ownership, physical descriptions, valuation and regulation. What is this called? Which of the following statements about an easement is true? $29.99. How many parties are required to perform in a bilateral contract? Which of the following used in 1978 is both extremely hazardous and friable? 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. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. Following would be most likely to use on an owner-occupied residential home and a! A voidable contract is a protected class under the federal Fair Housing Act is... Agent is guilty of negligence and the listing agent calls the buyer under contract for get. State-Specific portion of the lease will she save on points if she chooses the 75 % LTV what agent. We have our national real estate practice quiz D. what type of permission an... Protected class under the federal Fair Housing Act go into effect of negligence and the listing agent must disclose information! 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national real estate practice exam quizlet