In Florida, there are 100 questions on the exam. A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. Article 12-A of the NYS Real Property Law, - The section of the New York Real Property Law. Beams are typically wood, cold formed metal framing or steel. Which of the following would MOST likely be considered a fixture? A material used in pipes and paint of many older homes. Or a conditional use permit. A contract agreed to and signed under duress is what? - A document acknowledging the payment of a mortgage debt. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. - The employer of an agent or broker; the broker's or agent's client. A chronic lung disease caused by inhaling asbestos fibers. Some but not all states require proof of errors and omissions insurance. Dont forget to read the explanations so you fully understand the question. The key concepts and words you have to study are essential for obtaining your real estate license, so you must learn and become familiarized with them. Earnest money should be deposited into a trust account: Earnest money should be deposited into a trust account in a timely manner, according to state laws. The biggest difference is that the government does not write or enforce private controls but it does impose and enforce public controls like zoning. A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. Upon the death of a tenant in common, that share is transferred to the estate or heir of the deceased tenant. - Responsible for developing and controlling a municipality's comprehensive strategy for growth and development. The Purchase Agreement is a contract that legally binds two or more parties together, to specific obligations, that create a legally binding contract between the buyer and the seller. A person appointed by an agent with permission of the principal (seller) to assist in performing some or all of the tasks of the agency. - An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. Must pass state administered real estate exam. Monthly payments by a shareholder to a cooperative corporation. Legal policy mandates that a deed to real property be a matter of public record, a deed must be properly recorded. The program was established by the United States Department of Veterans Affairs and has been a strong success ever since. Local elected or appointed gov't board charged with recommending to the local town or city council the boundaries of the various zoning districts and appropriate regulations to be enforced therein. A Sole Proprietorship is one individual or married couple in business alone. - Rights in real property to use the space above the surface of the land. The big change had to do with liability. A document acknowledging the payment of a mortgage debt. The authorization to improve or develop a particular property in a manner not authorized by zoning. Federal prohibition that protects buyer/renter of a dwelling from seller/landlord discrimination with regards to race, color, religion, gender, national origin, familial status, or disability. - Conspiring to establish fixed fees or prices for services or products. In real estate transactions, restrictive covenants are binding legal obligations written into the deed of a property by the seller. - Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. The seller is usually entitled to keep the earnest money, because this is considered forfeiture of the contract. In a single agency relationship a real estate broker represents who? Hello, welcome to our Florida Real Estate Practice Exam. Again, it varies per state, so check out our state requirements page for more detailed information. A 9-unit building in Cleveland Ohio, with an asking price of $500,000 and gross annual rents of $75,000. This is an example of a balloon loan. Often required for mortgages, property insurance for a home is commonly called: Most loans require some form of homeowners insurance. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. Joists, beams, and roofs are typically supported by bearing walls. Rights in real property to use the space above the surface of the land. A card issued by the Department of State to each licensee which contains the photo, name and business address of the licensee, and, in the case of a real estate salesperson, the name and business address of the broker with whom he or she is associated and shall certify that the person whose name appears thereon is a licensed real estate broker or salesperson. If problems emerge after a sale is complete; that is not the seller's problem, and not a cause for the buyer to sue. Cash received in a tax-deferred exchange. Reverse mortgages can provide much-needed cash for seniors whose net worth is mostly tied up in the value of their home. Lastly, an (LLC) is a hybrid legal entity that has certain characteristics of both a corporation and a partnership or sole proprietorship. Prepare the journal entry to record (1) the receipt of payment of $70,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Travel Inc. on this transaction. Quizlet This platform allows you to key in a topic. A chronic lung disease caused by inhaling asbestos fibers. - The practice of inducing homeowners in a particular neighborhood to sell their homes quickly, often at below market prices, by creating the fear that the entry of a minority group or groups into the neighborhood will cause a precipitous decline in property values. A tenant who remains in possession of leased property after the expiration of the lease term. Responsible for developing and controlling a municipality's comprehensive strategy for growth and development, Oversees and upholds the quality and aesthetics of a. If a court decides a remedy for a seller compelling them to sell the property, it is known as what? 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? - An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. Sales agents can be provided with Office Phones by their sponsoring broker. It is permissible to attach legal descriptions to the contract rather than writing them into the contract itself, but they must be attached. A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the market. If your state allows commingling, and you misappropriate the funds, that's conversion. The key concepts and words you have to study are essential for obtaining your real estate license, so you must learn and become familiarized with them. The amount is completely up to the agreement between the parties. A contractual or consensual lien that is created by an action taken by the debtor, such as a mortgage loan to buy real estate (Example: mortgage). It is a serious breach of a real estate agent's fiduciary duty to the seller not to present all purchase offers. Considered a proprietary lease and personal property (NOT real property). Mandated warranty for new construction according to the NYS General Business Law 36-B. The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on. CCRs limit the use of a particular property, a condominium, or a subdivision. Proration is the allocation or division of money items at the closing. - Agent must work in the best interest of the client. A company, individual or institution that originates mortgages. A material used in pipes and paint of many older homes. An example of an easement in gross is an easement to a utility company to run a power line across a burdened piece of property. Anything expired will NOT be accepted at the test-taking site. The refusal to lend money within a specific area for various reasons. In this instance age doesn't really matter. There are 3 acceptable types of property descriptions: Deed contains the broadest form of guarantee of title of any type of deed and provides the greatest protection to the grantee. A conditional use permit is a zoning exception that allows you to use your property in non-conforming ways. Unlike with a joint tenancy, tenants in common have no rights of survivorship. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. Richard is renting property from Becky. Also determines the 'bulk' of a house or a building, meaning the maximum size of the structure (height, square footage, size of floor plate). (i) Rent expense. An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period. Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. Complete the statement and make it factually accurate. Which act amended the comprehensive environmental response, compensation, and liability act (also known as CERCLA)? Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. Unfortunately, exactly when a problem started and when the seller first "knew" about it are not always clear. The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Value = Income / Rate. - Conspiring to establish fixed fees or prices for services or products. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. A contract entered into under duress is voidable. Per 16 CFR 310.2. Taking private property for public use, with fair compensation to the owner; exercising the right of eminent domain. Occurs when the monthly payment is less than full interest and does not pay any principal. Generally speaking, homeowners should have a solid credit score to refinance, although there are a few exceptions in government run loan assistance programs. This often happens for land that is required for infrastructure like highways, major pipelines, railroads etc. This is very common in property management situations. A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. Must pay state mandated real estate agent fees. Local appointed board that has the power to review administrative rulings made by the planning board or another legislative body. Closing is known by many names. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. - Monthly payments by a shareholder to a cooperative corporation. Obtained after you register for the New York State Salesperson exam using eAccessNY. These drawings describe the layout and construction of a house. Parcels without access to a public way may have an easement of access over adjacent land if crossing that land is absolutely necessary to reach the landlocked parcel and there has been some original intent to provide the lot with access. Formula: Recurring monthly debt/Gross Monthly Income. The section of the New York Real Property Law pertaining to real estate salespersons and brokers. Eurocredits; eurodollar. Loss of desirability and usefulness caused by new inventions, changes in design, and improved processes for production, or from the influence of external factors. How Many Questions Can You Miss on the California Real Estate Exam? - Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. A contract between the owner of a property and someone who, An accounting report issued periodically by the property, Operations Management: Sustainability and Supply Chain Management, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. The safety valves for electrical systems. The ADA is a civil rights law that prohibits discrimination against individuals with disabilities in all areas of public life, including jobs, schools, transportation, and all public and private places that are open to the general public. - The process by which a loan principal decreases over the life of a loan. The transfer of the title from one to another. Confidentiality requires that you do not disclose any information learned about your clients, their business, financial or personal affairs or motivations. Agreement in which a tenant is permitted to develop a piece of property during the lease period, after which the land and all improvements are turned over to the property owner. It still can be considered valid but only after the contingencies are met or no longer exist. Specifications- A document provided by Architects that describes the QUALITY of construction. A lien imposed by law upon a property to secure the payment of taxes. - The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on. Insurance policy that covers amounts above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum. No matter what type of person applies for a loan they cannot be turned away due to factors that are not directly related to their credit. 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 any claim or right against a property held by another that is not the fee title owner; includes encroachments, tax liens, and easements Severalty (c) Dividends. So in short, commingling refers to the act of mixing a client's funds with the brokers own funds. An estate for years is not automatically renewed. The two entities that influence and control real estate financing are: a) The Board of Realtors and the U.S. Senate b) The MLS and Congress The statute applies to land sales and most purchases of goods over $500 (this includes real estate sales agreements). Device used in electrical systems to protect against excessive current. Mortgagee = Lender. Purpose: 1) Help consumers become better shoppers for settlement services. Volunteers from state or private agencies who enforce fair housing by claiming to be home seekers, thereby finding out if brokers deal fairly with all clients/customers. - A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee. Which of the following statements is NOT true about radon? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Both terms pertain to spouses. If a contract has a contingency it's voidable. The employer of an agent or broker; the broker's or agent's client. Now that I'm about to finish the course and take the practice exam i was reading the section named "it's time to prepare for your exam" and it says at the very end "A final note. The idea is that when a community is organized, it is more attractive, safer and has fewer conflicts among people. The premise that the ownership of real estate consists of the ownership of various rights associated with it. There are three main forms of depreciation, what are they? Passing the real estate exam takes more than completing any pre-licensing course. - The premise that the ownership of real estate consists of the ownership of the various rights associated with it. A bit of a trick question. A leasehold estate for any specific period of time. - Structural walls that transfer building loads down to the foundation. Privilege operating as an easement upon land, whereby owner does by grant or agreement, give to another the right to pass over owner's land, t construct a roadway, or use as a roadway, a specific part of the land; OR the right to construct over or throough the land, telephone, telegraph, or electric power lines; OR the right to place underground water, gas mains or sewer mains. - The actual interest rate charged, including loan fees and points. The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. A contractual or consensual lien that is created by an action taken by the debtor, such as a mortgage loan to buy real estate. An accounting statement that forecasts income and expenses for a period of a time, typically five or more years. A written document produced by an Architect that describes the QUALITY of construction for a building. Filing that gives legal notice that a lawsuit has been filed concerning the specific property. The main purpose of the CCR's is to maintain the look and feel of the community. In this case: Remember, an open listing is truly open. Final Exam Study Guide Real Estate U by vandykel, Mar. Texas Real Estate Exam Texas Real Estate Exam Flashcard Maker: Kirby Adcock 598 Cards - 19 Decks - 613 Learners Sample Decks: Principles Of Real Estate 2, Real Estate Finance 1, Real Estate Finance 2 Show Class Texas Real Estate Principles 1 Texas Real Estate Principles 1 Flashcard Maker: Nathan Hernandez 98 Cards - 9 Decks - 556 Learners As of writing this, it looks like they have over 2,100 members! This is common in commercial properties such as apartment complexes, and its not uncommon in multi-family homes such as duplexes and fourplexes. Monthly payments by a shareholder to a cooperative corporation. Find the annual GRM. Click on the buttons below for a free state real estate practice exam. Dual agency is when one real estate agent represents both the buyer and seller in a transaction. A legal proceeding by a lessor landlord to recover possession of real property. The binomial probability distribution is a family of probability distributions with each single distribution depending on the values of n and p . Holding earnest money is only legal with written authorization, and even then it's best to deposit it as soon as possible. Squishy set the annual rental to earn a rate of return of 5%, and this fact is known to Jelly. Monthly payments by a shareholder to a cooperative corporation. A document issued by a governmental authority that a. Vertical framing members found in wall construction. Federal law designed to control air pollution on a national level. Regulations established by state or local governments stating fully that structural requirements for building. - Obtained after your register for the New York State Salesperson exam using eAccessNY. We highly encourage you to join these groups and talk to other test takers. An estate for years is not automatically renewed. - A valuation placed upon property by a public officer or a board, as a basis for taxation. The legal description describes where the property is located and the size of the lot. Mrs. Jackson signs an open listing on her home with three different brokers. Liquidated damage is most likely to be found in which of the following documents? The EPA was established in December 1970 by an executive order of United States President Richard Nixon. Each broker has an opportunity to earn the entire commission if they can come up with a buyer. Mandated warranty for new construction according to the NYS General Business Law 36- B: - a Federal law that makes real estate licensees liable for the disclosure of lead paint. Remember, if a new offer is accepted two valid contracts could exist, so the first step must be to withdraw the counteroffer. The developer or owner organizing and offering for sale a condominium or cooperative development. An appraisal technique whereby the value of an income producing property is estimated by capitalizing its net operating income using an appropriate capitalization rate. Legal Agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt. A mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. The seller extends to the buyer a junior mortgage which wraps around the existing in addition to any superior mortgages already secured by the property. The Americans with Disabilities Act (ADA) prohibits discrimination against people with disabilities in several areas, including employment, transportation, public accommodations, communications and access to state and local government' programs and services. Obtained after your register for the New York State. Click the card to flip Flashcards Learn Test Match Created by Terms in this set (157) It is the _____ duty to explain the purchase agreement and to not mislead any parties. The amount of expenses that must be paid out of pocket before an insurer will pay any expenses. Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. A series of documents submitted for the review by a cooperative board.
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