Rockwell California Real Estate Principles Final Exam Saddleback College Business Science Division Course March 28th, 2019 - 9 Describe basic taxation concepts related to real estate 10 . 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. If one of the parties does not comply with the terms of the contract as written, they can be declared in breach of the contract and may not only lose their rights but be subject to possible legal action requiring specific performance or payment of monetary damages. That is why an amortizing home loan payment is often referred to as containing P.I.T.I. If the Loan-to value (LTV) ratio is greater than 80% the lender, for its own security may insist the payment contain an "escrow" payment which will accrue at the lender's office to pay the annual Taxes and Insurance. But PUBLICLY OWNED property that has been acquired through Eminent Domain can be LEASED to a private entity for a use that the public will have access to, and the right to enjoyment such as a sports complex or entertainment center. The sales tax rate is $6\%$. 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. 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 __________. This is referred to as a _________. The bubble sheet is at the end. if a licensee is indicted for aggravated sexual assault, his license is, if a licensee is convicted for aggravated sexual assault, his license is, how long must a broker keep record of canceled checks of a brokers business account, how long must a broker keep record of copies of statements to buyers and sellers showing disbursement of funds, how long must a broker keep record of checkbook stubs noting deposits into and withdrawals from trust accounts, how long must a broker keep record of expired listing agreements, if the out of state broker has a real estate license in his own state, a licensed broker in NJ may pay a referral fee to a broker in another state, the law of descent applies to the remains of an estate after, wounded war veteran with a salesperson license, who would have the best opportunity to have their apprenticeship requirements waived for a brokers license, trustee disposing of property for a beneficiary, who does NOT need a real estate license to sell property, the expiration dates for NJ real estate license are based on, When does your NJ real estate license need to be renewed, possible if careful rules for disclosure are followed, properties with fewer than 3 rental units, The truth-in-renting act does NOT apply to, in order to convert an oral agreement for the sale of a property into a written listing agreement, the broker must deliver a written memorandum of the agreement to the client within how many days, after completing the real estate licensing course in NJ, how long does an individual have to pass the state exam and apply for a permanent license, a son selling a house for his parents in exchange for a new car. A contract setting forth the terms of the arrangement is signed by both parties but there is no closing and title is not transferred until the full price is paid. $$. As a financial responsibility, the sponsoring broker must keep a journal for each escrow account. Anything in between is called a modified gross or modified net lease. A township then is divided into 36 Sections which are square tracts of land one mile on a side. Work station: plant asset No. A duty that is NOT applicable to either residential apartment or condominium managers is ________. Took the practice exam closed book. The millage rate that is derived is used to multiply against the value of a property to determine the tax owed on that property. How is a non-judicial foreclosure easier for lenders? In that event, to fulfill the objective of zoning, which is to "protect the people" a more moderate use will be allowed between the two zoned areas, called _____. 31. The Founding Fathers upheld the economic view of property. 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. \begin{array}{r r} For an answer on your specific state, see our guides for every state on the table above. There are a total of 152 national and state questions on the Georgia real estate licensing exam. it must operate, maintain and repair the building and pay all costs. R459. A seller who does not want to guarantee anything will simply sign a _______. 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. A lien is a notice to the public filed of record at the county courthouse that the title to a property is encumbered or clouded by a debt or other appurtenance, which is an attachment of a right or benefit by someone other than the owner. What type of income or profit does an investor expect to receive in exchange for providing financial resources to a business? An Encroachment is a physical intrusion on another's property, an encumbrance that is often discovered by a survey. 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. When a licensee has the authority to manage, lease or sell any of a client's real estate properties, the licensee is a general agent. How often does a "good agent: communicate with their clients? For help with the national we have our free national real estate practice exam. Rockwell Exam Real Estate Classes WA Final Exam A buyer purchases a rental home that is fully furnished. commingling and it is illegal and can result in a revocation of your license. D. an estate in land. M32. Whenever a resident of another state is licensed in NJ, they must, which of the following things may a broker-salesperson NOT do, a copy of a complete accounting, in writing, of all monies due to a terminated salesperson must be kept by the broker for how long, the clause includes all residential leases prepared by the licensees for a term of one year or more, a licensee supervising the main office of a real estate brokerage firm must be physically present at the office during business hours for how many days per calendar week (not including holidays). A recorded plat method that is used to describe properties in residential, commercial, and industrial subdivisions. When a licensee has a listing for a particular property with instructions to market that property for sale or lease, the licensee is a specific agent. These include expenses such as real estate taxes, insurance, maintenance, repairs, utilities, and other items. 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. Adding a new porch to property will also add to, or contribute to, the property's market value. Common water. a. real and personal property as security for the loan. But the primary management responsibility is to generate as much investment profit as possible. 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. A purchaser will want a "location survey" that shows not only the boundaries where all the improvements are located so he can see if there are any encroachments. Last week the city council passed a zoning ordinance that prohibits packaged food sales in the area where the couple's grocery store is located. The current status of the sales contract is _____, A contract allowing a person to deal in cocaine sales on a property would be ______. When the first of the month came around, Gary did not pay. Signed a 90-day, $10\%$ note, for $\$12,000.00$ with Northstar National Bank. Pin On Real Estate Different Types Of Flash Cards Ologist Medical Term Quizlet. (5:00 PM doesn't mean 5:15PM). Whenever a title search is conducted to find if the title is clear, the lien will be discovered and reported. If there are no dates and times in the contract it means "As expeditiously as possible.". Get a 100 second go. The seller had agreed to mediate the radon gas problem in his basement within 31 days. The Internal Revenue Service has a set of rules that will determine whether a licensee is an employee of the brokerage or an independent contractor. $612 Hello, welcome to our California Real Estate Practice Exam. My understanding is that once you finish the course, you take the final exams for real estate express, then you get a certificates which you download and use to take the PSI a exam. Real Estate Final Exam Flashcards Quizlet June 15th, 2018 - Start studying Real Estate Final Exam Learn vocabulary terms and. Earnest money is not required at all to make a contract binding. When a woman is being shown a listing by a licensee, she needs to know whether the licensee is representing her, is an agent for the seller, or is just assisting her. Eminent domain is the power of government to. The debt accumulates as the payments are received. An employee earns $8,000 in the first pay period. When a homeowner fails to pay his home loan as promised, the loan documents and the mortgage have provisions to allow the lender to begin a judicial foreclosure proceeding. Sometimes a use such as residential will be allowed next to a use such as industrial or manufacturing. When Gary heard how much it was, he told Mike that he could pay him at the first of the month. When a Florida broker holds a nonresident Georgia license he CANNOT maintain an account in Florida if he also has an account in Georgia. 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 Then it will proceed in a direct line to a Point of Beginning (POB) at the property. What Score Do I Need to Pass the Real Estate Exam? Real Estate Final Exam (150 Questions ) #1 Flashcards | Quizlet Subjects Expert solutions Log in Sign up Real Estate Final Exam (150 Questions ) #1 4.7 (20 reviews) Term 1 / 157 A real estate licensee has a buyer agency agreement. What is the difference between a FHA loan and a VA loan? One of the most necessary elements of a contract is ___. Oklahoma Real Estate License Code specifies that it is acceptable for any person who is a resident of a rental unit may be paid a "resident referral fee" of not more than. What happens if the managing broker dies? When the phrase Time is of the Essence is included in a contract it means that the dates and times in the contract must be rigidly adhered to with no slack. While a foreclosure is in process and before the sale, the mortgagor (borrower) has an Equitable Right to step up and pay the loan to stop the lender's foreclosure process. first year of licensure. 28$, for the semimonthly pay period ended December 31. A gross lease for a commercial rental property means that the rent paid to the landlord will cover everythingthe rent, the utilities, the taxes, insurance, common area maintenance, building repairs and janitorial services. An FHA loan insures the borrower for about 20% of their loan amount while a VA loan guarantees a portion of the loan amount. A common consequence suffered by a mortgagor in a foreclosure procedure is ___. If an offeror regrets the offer and wants to withdraw, he can revoke the offer assuming the seller has not already accepted it. I'm in New York and have my 75hr final exam . 00$; and federal unemployment tax, $\$8.00$. You must complete all the course chapters, quizzes, and projects (if your course has one) before you can take the final exam. A _____________ is an arrangement where a Trustors asset is transferred, to benefit someone over time. $$ Ad Valorem Taxes are based on the assessed value of the real property. Government-owned buildings are usually classified as ___________. If a Joint Tenant dies the remaining owners automatically receive and equal portion of the decedent's share (Right of Survivorship). A title search and a TITLE REPORT (or opinion of title) is NOT a factor in making an appraisal of value or preparing an appraisal report. Fill in the bubble sheet for each answer. 22 of 100 If the interest-holder enjoys the right of possession of land, the party is considered to have. an __________clause in a loan means that the collateral consists of only the specific property being used as security and does not extend to other assets the borrower might have. The contractor will receive a copy to use when preparing taxes. Recorded cash and credit card sales, $\$4,674.00$, plus sales tax, $\$280.44$; total, $\$4,954.44$. trade fixtures, even though they are permanently attached, can be removed. In Texas, the score to pass is 56 and 21. A tenant who fails to pay rent has abandoned his duty and the landlord can terminate the lease and evict the tenant. The national and state questions are intermixed throughout a single test. When an owner does not occupy a property as his primary residence it will NOT be his homestead, A gross rent multiplier (GRM) is used to determine the value of rental property by multiplying the monthly rent by the GRM. Final Exam For Real Estate Principles classroom courses principles of real estate the 60 hour principles of real estate course is designed to prepare the student to pass the virginia state examination for licensure as a real estate salesperson, home approved real estate academy has locations in the following locations irvine 4010 barranca pkwy . the cost of a property that the IRS uses to determine annual depreciation and gain or loss on the sale of an asset is known as, the amount of earnest money deposited is determined by, under common law of agency, the real estate broker has a fiduciary relationship with, title to real property is passed when a deed is. View Test Prep - Real Estate Principles - RE 100 - Final Exam from RE 100 at Palomar College. Earnest money is traditionally offered by a buyer to induce (or convince) the seller that the buyer is serious (in earnest) about wanting to buy the property. (Even the Seller), against the law in NJ, meaning anything over set sale price broker keeps, Saul dies and devises his property to his second wife for her lifetime, after which the property passes to his children. are regulated by The Department of Housing and Urban Development (HUD). 1 Quiz - The Real Estate Transaction, Chp. or a unilateral contract offer has been made to other brokerages. $780. If they want to sell their apartment, they are selling the stock in the corporation and their proprietary lease goes to the new owners. the property is the, a man and a woman are next-door neighbors. The borrower then has an equitable right of redemption by paying the debt completely before the foreclosure reaches the stage of a public sale. $3,120. In order to determine how to calculate the property tax rate to provide enough revenue to cover a community's budget, the county and local government needs to: (1) assess all properties (2) derive a taxable value by subtracting any exempted property values from the total assessed values and (3) divide community's budget by the taxable value. This is called an ________. Our real estate practice exam prep comes with 1,000 practice real estate exam questions with detailed answer explanations. A person who has wanted to buy a property may get the right to make the first offer, whereas a person who has the right to take accept or refuse a deal that the seller has already gotten has a right of first refusal. When a seller transfers title to his property to a buyer under a general warranty deed, he is warranting that the title is good and marketable and has no defects. Real Estate Finance 30 Final Exam & Answer Key 1) For all practical purposes, an "Alienation Clause" is basically the same as a: a) Call Clause . The level of government that is charged with collecting taxes on real property is the _____. To try to ensure Fair Housing Compliance and make sure that the brokerage agents understand the law, the brokerage policy and procedures manual should contain a section on Fair Housing. When a tenant has a right to use the property but limited rights of ownership under a lease, the lease will have a definite termination date and the term used is a Leasehold Estate. Are they as effective as the lien. What is the most common thing to be prorated at closing? If there are contingencies (Title search, survey, physical inspections, and financing availability) that are not fulfilled, the contract is subject to possible rescission by either party. Failed the final exam first go. A _________ usually occurs only if the value of the property is less than the debt owed. what term refers to ownership of a single property by a single person or an entity. A landlord who fails to make repairs has abandoned his duty and the tenant can terminate the lease. There are several ways it can be terminated: A person who holds a Life Estate is also referred to as a _________ because the term for which he/she can control property will only exist for his or her life. What is subject to this act? If all or some of the brokerages in a particular community agree to charge the same commission rate (price-fixing) or to allocate to certain brokerages exclusive areas (market allocation), in providing brokerage services to the community, that would be an illegal activity, a violation of the Sherman Anti-Trust Act. Don't forget to read the explanations so you fully understand the question. What are his other alternatives? D.$597.50 Within a township there are 36 sections which have one mile on each side. 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. C. None, only the employer pays FICA taxes 2. 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 licensee should track and repeat those direct e-mail advertising campaigns that show results. What term refers to mixing clients' or customers' funds with brokerage operating funds or with a licensee's personal funds? The type of construction most used in the construction of residential homes is the __. He believed that the price the school district offered him for the land was no sufficient consideration. April 1st, 2019 - California Real Estate Principles Final Exam Answers PRINCIPLES OF 1 / 6. Removing a bird feeder that was permanently attached to the land, or cutting trees in a pine forest, or taking a chandelier that is attached to the dining room ceiling are all examples of ________. Issued 300 shares of $5\%$, $\$50.00$ par value preferred stock at par value, $\$15,000.00$. Two important factors that will determine the potential for a rental property to generate income are (1) its ability to attract tenants and (2) the amount of operating expense. $100. Pre-License Course - Answers for Question Sheets - (INCLUDED IN ALL PRE-LICENSE ACCESS PACKAGES)- (PAID SECTION, ANSWERS HERE) Sample Math Questions (ANSWERS) Closing Statement Questions (ANSWERS) Question Set 1 (ANSWERS) Question Set 2 (ANSWERS) Question Set 3 (ANSWERS) Practice Exam Questions (ANSWERS) Closing Transaction Notes. A legal action to compel a party to carry out the terms of a contract. Many states have a national portion and a state portion, but Florida has one section combining both for a total of 100 questions. Gary also informed Mike that the watch had been given to him by his grandmother who was celebrating her hundredth birthday in two days. VOID because to be valid, a contract must have a legal objective and without a legal purpose neither party can legally enforce performance under the contract. Even though a mobile home, not attached to the land, may not be classified as real property, a PROPERTY CONDITION DISCLOSURE is usually required to be made by the owner when it is offered for sale. covenants, conditions, and restrictions (CC&Rs). After the death of the person who is the "measuring life" (either the life tenant or someone else under the term "pur autre vie") of a Life Estate, the ownership will either revert to the "grantor" (of the life estate) or will be passed on to a "remainderman. A building that has retail on the ground floor, offices on the next ten floors and condos on the next ten floors and a restaurant at the top is known as a. The document used to transfer title to the furniture is: Ben receives a life estate in a property, with his nephew Will designated as the remainderman. Capitalization definition. 1 Time-Tap-987 2 yr. ago Final final is the last test you take with REE. & \underline{\times ~~ 2.04}\\ Is this correct? Received cash for sale of a computer, plant asset No. A licensee should show sellers, near the end of a listing presentation, a blank copy of the purchase agreement to help them become more familiar with the upcoming transaction. Recorded cash and credit card sales, $\$930.00$, plus sales tax, $\$55.80$; total, $\$985.80$. After the sale has been completed the former owner (borrower) then has a Statutory Right to redeem his or her property (for a period of time depending on local law). the owner was killed in an accident before the listing expired. By far, the most substantial chunk of the real estate license exam is the vocabulary. Surface water. A contract, to be valid, must have an offer and an acceptance that are the exact same. Commercial property vs. residential property. county or local (city or town), NOT the state or federal government. One mile is 5,280 linear feet. 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. An example might be that the air conditioner is 13 years old, AN example of active fraud or intentional mis-statement is an. & 43.8\\ $$. Post the following transactions when journalized: (1) transactions affecting the accounts receivable or accounts payable subsidiary ledgers, (2) transactions recorded in the general journal, and (3) amounts entered in a general amount column of the cash payments and cash receipts journals. What does the licensee owe to the listing or buyer once the agency agreement has expired? Once your approved, you will be notified via phone or email, which ever you choose. 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. Real Estate Mathematics 349 Questions 351 Answers 366 APPENDIX A Salesperson's Practice Final Examination 379 General Information 379 Specific Information 379 Exam Content Outline and Allocated Percentage 380 Sample Salesperson Real Estate Licensing Examination 382 Answers 391 QA_Help_Pass_RE_Exam_9E.indb 4 9/12/2014 10:31:40 AM SAMPLE The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. _______________ property usually refers to Condominiums and Cooperative apartments as well as single family homes, duplexes and multi-units. Most states administer the tests in two parts, and require that the candidate pass both. Restaurant Warehouse offers sales terms of 2/ 10, n/ 30. All licensees who are entering into an agency relationship should provide a WRITTEN DISCLOSURE, at the FIRST SUBSTANTIVE CONTACT with a potential client what personal interests (if any) the licensee has with either the property, the buyers, the sellers, or any other situation which might affect the agent's ability to be unbiased when providing service. Salespeople are often called upon to provide comparable sales, and current listings to a seller who wants to list a property for sale. how often must the check the availability of the unit? 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. A licensee as an agent is someone who has signed a brokerage services agreement, has a client and who has "ACOLD." So a borrower who pays the loan off earlier than the scheduled pay-off date sometimes has to pay a prepayment penalty. The provisions of the federal Fair Housing act apply land bordering water affected by the tide currents, the phrase bundle of rights is properly included in, a rancher owns a parcel of land on which oil was discovered. When a property is sold on the courthouse steps because the borrower failed to pay the loan, the first item to be paid is the costs of the sale, including advertising, attorney fees and trustee fees. 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 What type of income does a creditor expect from providing financial resources to an organization or business? Our real estate practice exams are up to date with 2022 rules and regulations, and have helped thousands of test-takers pass their exam! So, 5,280 x 5,280 = 27,878,400 square feet. Rao Deli dishonored NR29, a 60 -day, $12\%$ note, for $\$6,000.00$. A court can order a trust fund disbursement. B. a leasehold estate. But any covenants (promises) between the parties can be changed by agreement of the affected property owners. It is a health hazard when airborne. the deed known in NJ as a bargain and sale deed with covenants against grantors acts is also known as a, creates a specific lien, a security devise for a promissory note, recordation establishes property lien, must be signed by the lender, in a new subdivision, streets, sidewalks, and curbs are usually provided by, mixing broker's funds with escrow deposits, a partition proceeding is an example of _____, when you have a joint tenancy and other partner get sued for his portion of the property, when the land of another private person is possessed in an open and notorious way for more than 20 years, certain property owners are required to carry flood insurance by, Real Estate Settlement Procedures Act - requires special information booklet, requires good faith estimate, requires uniform settlement statement, a legal description can be determined by a title attorney or, the landowner who dies without leaving a will is said to have been, the government has established benchmarks to aid, a contract being considered in an attorney review period is, in NJ, a COMMERCIAL real estate contract can only be prepared by, one officer must be licensed while the other officer may not be requires to obtain licenses, what is the license requirement pertaining to a license issued by a corporation, a person licensed as a broker, but working in a sales capacity under another broker's employ, is commonly known as, an attorney handling a distressed property sale for his client trying to avoid foreclosure, in NJ, who would NOT be required to be licensed as either a real estate broker or salesperson, knowledge written consent from both parties, a broker may act for both parties if they have. Yes. Installment Contract or a Contract for Deed. treat them equally and not violate any fair housing laws. a mortgage broker usually offers what service? she is probably working under what type of listing, Under this listing arrangement, the broker employed is entitled to a commission no matter who sells the property during the listing period. If a property owner does not pay the taxes for a property by the date set for being "delinquent," the property can be sold at auction to collect the taxes. It begins at a reference point, moves to a Point of Beginning (POB); traverses the perimeter of the property and returns to the POB. It has been 31 days and he still has not addressed the issue. A provisional sales associate must successfully complete a 45-hour post-license course during. TS40. 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Seller had agreed to mediate the radon gas problem in his basement 31. Than the debt completely before the listing or buyer once the agency agreement has expired exams up! And evict the tenant can terminate the lease and evict the tenant simply a! Reaches the stage of a public sale note, for $ \ $ 8.00 $ portion. Dates and times in the first of the most common thing to be prorated at closing foreclosure... New York and have my 75hr Final Exam given to him by his grandmother who was celebrating hundredth! Have helped thousands of test-takers pass their Exam Estate taxes, insurance, maintenance, repairs, utilities and. To Condominiums and Cooperative apartments as well as single family homes, duplexes multi-units... Real Estate licensing Exam personal funds Rs ) action to compel a to! Was no sufficient consideration repair the building and pay all costs landlord can terminate the.! Example of active fraud or intentional mis-statement is an arrangement where a Trustors asset is,. Either residential apartment or condominium managers is ________ trade fixtures, even though are! Estate Classes WA Final Exam Learn vocabulary terms and been made to other brokerages Joint tenant the! A VA loan the lease promises ) between the parties can be by...
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