a. real and personal property as security for the loan. 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. Whenever a licensee is showing property to prospective purchasers an appointment needs to be made so the owner/seller of the home can not only straighten the property but actually plan to be absent from the property while it is being shown. A recorded plat method that is used to describe properties in residential, commercial, and industrial subdivisions. 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. Reverse mortgages work best for older people who have 100% equity (no debt) on their property and need a steady income. This interest that the tenant has in the landlord's property, which exists for a definite time period is called _______. An FHA loan insures the borrower for about 20% of their loan amount while a VA loan guarantees a portion of the loan amount. 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. B. they are guilty of, revocation by principal, mutual consent, renunciation by agent, but NOT reciprocity, the civil rights act of 1866 prohibits discrimination in housing based on, It is illegal for a lending institution to refuse to make a residential real estate loan in a particular area only because of the, title VIII of the Civil Rights Act of 1968, the fair housing act of 1968 is contained in. Taxes owed are: social security tax, $\$342.24$; Medicare tax, $\$80.04$; state unemployment tax, $\$54. Eminent domain is the power of government to. A lien is filed against title as a claim. $612 What details would an escrow account ledger contain? To exist, Joint Tenancy means that the Joint Tenants have PITT; (an undivided Possessory Interest; have acquired the Property at the same Time (in the same deed) with the same Title). b. the original loan plus an additional loan amount. 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 ________. Pin On Real Estate Different Types Of Flash Cards Ologist Medical Term Quizlet. a duly licensed salesperson may accept a bonus from: The NJ real estate commission is under the department of, jefferson bought land in a distant county and never went to see it. What is the most common thing to be prorated at closing? under a sale-leaseback, the occupant of the property would be which of the following? TS40. What type of income or profit does an investor expect to receive in exchange for providing financial resources to a business? If it passes inspection a ______ will be issued. right of redemption to halt the foreclosure process by paying the delinquency. Literally going over notes and the chapter summaries. 453; serial number, 124XYG; useful life, 5 years; estimated salvage value, $\$3,000.00$. a mortgage broker usually offers what service? A. eminent domain. When a licensee transfers from a managing broker to a new managing broker (yes, permitted by law) the listing contracts that the licensee had obtained while at the former brokerage stay at the former brokerage, unless transferred in writing to the new brokerage, with permission of both the former broker and the new broker. R459. the owner was killed in an accident before the listing expired. 92$: supplies, $\$25.00$; advertising, $\$100.00$; miscellaneous, $\$44.74$; cash short, $\$0.18$. When blended together and spread over the cost of the loan the new and higher rate is called the _______, A site analysis on residential property is conducted by an appraiser to try to estimate of the property's _______. That's why agency disclosure laws exist. Which act was passed to create the national environment agency? 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. 28. Does Mike still have an aritsans lien he can enforce against Gary? Real Estate Appraisal Final Exam E INSTRUCTIONS: Choose the best answer for each question. When a property that has been listed for sale is destroyed by a tornado, the listing agreement between the licensee and the owner is destroyed as well. Reassessing the tax classification for a single property is called ___. Is lying to a lender about the sell price of a home, because it needs repairs and the buyer can't afford to pay for them an example of active or intentional fraud? first year of licensure. When a property has been on the market for a long period of time; when the buyer and the seller are not related; when both parties have a good knowledge of the property's condition; when neither is under undue pressure, the agreement they reach is referred to as an. Recorded cash and credit card sales, $\$4,674.00$, plus sales tax, $\$280.44$; total, $\$4,954.44$. 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. 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. Among other requirements, to be valid a deed must be delivered to the grantee by the grantor - and accepted by the grantee - during the grantor's life. Paid cash to replenish the petty cash fund, $\$169. Notice of acceptance required to make an offer a contract. loans a percentage of, the right that the government hats promulgate and enforce laws necessary for the protection of the general public is known as, when a person gives power of attorney to another, the one entrusted with his power is known as the, according to the statute of frames, all agreements must be reduced to writing, except, when a person makes an offer on a property, the down payment or deposit evidencing good faith is referred to as, when a seller agrees not to list the property with any other broker, but reserves the right to sell the property himself, he has entered into what type of listing agreement. D.$597.50 The state exam will be pending an approved application (I'm in California). 24$; Medicare tax, $\$80.04$; medical insurance, $\$380.00$). Real Estate Principles Final Exam Answers iatcom de. A _____________ is an arrangement where a Trustors asset is transferred, to benefit someone over time. What sometimes happens if a loan is paid off early? Final Real Estate Exam. It is a useful tool to help determine the annual rental income for the property, a number that is important to estimate value. Received cash in full payment of Bakery Depot's account, previously written off as uncollectible, $\$1,896.00$. on completion they filed a lien for nonpayment, this is MOST likely a, the amount of money flowing in and out of a property, a tax levied on the assessed value of real and personal property, in voluntary, the tenant with a month to month tenancy must give the landlord how much notice of intention to vacate, zoning ordinances are usually established by the. 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. While most apartments and rental homes are leased on an annual basis, a ground lease might be for as much as 99 years and a Hotel lease is typically for one day. What type of survey describes the perimeter of a tract of land. A metes and bounds survey will sometimes begin at a known location such as a street intersection. Earnest money is not required at all to make a contract binding. A landlord who fails to make repairs has abandoned his duty and the tenant can terminate the lease. A typical residential septic system for a property outside of the community's sewer system will have a distribution box for treating effluent and an underground septic field for the distribution of the treated effluent. In that case the winning bid gets a _____. But any covenants (promises) between the parties can be changed by agreement of the affected property owners. Recorded payment of credit card fee expense, $\$836.00$. chronological age is greater than its effective age. what should you do if a seller refuses to pay the earned commission to the licensee? It has been 31 days and he still has not addressed the issue. The calculator must be a simple one. A rent roll is a listing of occupied units in an apartment complex and the amount of money each is currently paying or will be required to pay in the future. The seller had agreed to mediate the radon gas problem in his basement within 31 days. Most states have a passing score of 70%. For help with the national we have our free national real estate practice exam. principles final exam flashcards quizlet, california real estate principles ca real estate, real estate sales exam flashcards study system, california real . The loan on lots in a still-to-be-developed subdivision might be covered by a blanket mortgage. Mike waited until the end of the month. You cannot use a smartphone or any calculator that includes an alphabet. 31. What is the employees FICA taxes responsibility? A single unit in a condominium complex would not be "covered" by a blanket mortgage. 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. A court can order a trust fund disbursement. Is this correct? By far, the most substantial chunk of the real estate license exam is the vocabulary. 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. The Founding Fathers upheld the economic view of property. 1 Time-Tap-987 2 yr. ago Final final is the last test you take with REE. B. a leasehold estate. Installment Contract or a Contract for Deed. Rao Deli dishonored NR29, a 60 -day, $12\%$ note, for $\$6,000.00$. TS41. The state and federal governments were the mere contractual agents of the people, not sovereign lords over them. Water rights on a lake or ocean are called ________. For example, when a loan secured by a mortgage is obtained, a document is filed by a lender at the county courthouse as a Lien to give public notice of the "cloud" on the title to the property being used as security. \textbf{Estimate} & \textbf{Problem}\\ 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. Unlike some other states, Georgia doesn't separate the questions out into two different exams. 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. If the Value is known and the GRM is known, then the monthly rent can be calculated. A public entity can employ Eminent Domain to acquire private property FOR PUBLIC USE, not to then sell to another private owner for private use. Zoning calls for defined areas that allow particular uses of property. If the taxes are not paid by the delinquent owner within the allowed redemption period, the person holding the tax deed becomes the owner. What is the salespersons obligation to a buyer under single agency listing? Townships and sanctions A rectangular survey is composed of Townships that are square tracts of land six miles on each side. Issued 300 shares of $5\%$, $\$50.00$ par value preferred stock at par value, $\$15,000.00$. Real Estate License Exams For Dummies Cheat Sheet. What Score Do I Need to Pass the Real Estate Exam? Agreements, commonly used in insurance policies in which the parties involved do not have to perform a particular action until a specified "chance event" occurs. If they want to sell their apartment, they are selling the stock in the corporation and their proprietary lease goes to the new owners. if the rancher has not previously conveyed the oil rights, who owns the oil, Certain items on the premises that are installed by the tenant and are related to the tenant's business are called, a homeowner acquired the ownership of land that was deposited by a river running through her property by, an easement acquired by constant, open, and adverse use is called an easement by, which encumbrance affects the title to property and is considered a general lien, a portion of a mans building was inadvertently built on a neighbor's land. Are they as effective as the lien. Type Your Name: Kirin Godhia Type Course Name: Real Estate Principles (RE 100) Final Exam Answer Journalize the following transactions completed during the last week in December of the current year. An important part of a property management report is the number of _________. Violating zoning laws is an illegal use of property. A) $239,200 B) $276,060 C) $197,600 D) $246,960. 5,280 x 5,280 = 27,878,400 square feet / 43,560 square feet = how many acres? Failure of property owners to enforce property and use restrictions in a timely manner is a way of terminating a restrictive covenant. If a licensee finds that the seller is refusing to pay an earned commission, the licensee needs to report the situation to the broker (because the commission is actually due the brokerage) so the brokerage can sue the seller for breach of contract. Beginning at the NW corner of the intersection of Pine & 675, thence north 950 feet, thence west 380 feet, thence south 950 feet, thence southeast 380 feet. 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 . Failed the final exam first go. Purchased merchandise on account from Dreyfus Company, $\$12,296.00$. 4. a suit for specific performance of real estate contract asks for, when 2 or more owners of real estate have concurrent unequal interest in the same property, they will hold the property as, Martin explains that he holds a fee simple title in severalty to her office unit and has an undivided interest in all of the common elements of the property with other unit owners. In the Edgeworth box diagram, explain how one point can simultaneously represent the market baskets owned by two consumers. Yes. 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. Because a lender is in the business of earning money by charging interest, the longer the loan term the greater the income. C346. 30. Then it will proceed in a direct line to a Point of Beginning (POB) at the property. It is usually earned (during the term of the loan) before being paid but can be paid in advance (discount points). A township then is divided into 36 Sections which are square tracts of land one mile on a side. The corporate officer must be the president and CEO of the corporation to engage in business on behalf of the corporation. Every state requires real estate agents to have a license and to take and pass a state examination to get that license. In California, there are 150 questions on the exam. D. an estate in land. Jane and Pete, NJ residents, would like to use some of the money they recently inherited to pay off the mortgage on their home. 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. What does the licensee owe to the listing or buyer once the agency agreement has expired? One of the most necessary elements of a contract is ___. The woman did not charge the man rent for the use of the yard. Mike sympathized with Gary and let him do so. If the managing broker dies or loses his/her license, the Real estate Commission may appoint a temporary to bridge the gap until a new managing broker is found or to close any transactions that are pending. Nonresidential real estate purchased since 1987 must be depreciated using: - both 39 years for the. weekly- regardless of interest from buyers/sellers. $3,120. \begin{array}{r r} Devise (not spelled "device") and the beneficiary is a Devisee. A common consequence suffered by a mortgagor in a foreclosure procedure is ___. and "closes." Zoning laws can also regulate what kinds of animals can be kept on a property. BUY IT. 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. A married couple sells their principal residence of 30 years for $650,000. The ________ act prevents lenders from discriminating against race, color, religion, national origin, sex, marital status, age or dependency on public assistance in the granting of credit to consumers. An estate for years (even if its only for 6 months). What are the most common changes made to a listing agreement? While most trust accounts are not interest-bearing accounts due to the short duration that the funds are in trust, a buyer or a seller, or either, can instruct a broker to place earnest money or other trust funds in a separate interest-bearing account. But it was the same test as the first go so basically just memorizing the first go. An Escrow Agent (Closing Agent) would qualify as a disinterested third party in a transaction. When a property is legally described using the ______ method it is probably in a subdivision and the plat is recorded at the courthouse. (5:00 PM doesn't mean 5:15PM). The parties also must have the ability to contract (of age and sane) and there must be either good or valuable consideration. Recorded employer payroll taxes, $\$484. A Speculator buys land expecting it to grow in value over time with no effort on his part. It will then proceed to measure around the property's perimeter until it returns to the P.O.B. The millage rate that is derived is used to multiply against the value of a property to determine the tax owed on that property. $295,000 / 135 = $2,185 monthly rent. Capitalization definition. If there happens to be any money left over it will be paid to the debtor. This is called an ________. Building a warehouse in a neighborhood zoned residential would be a violation. Took the practice exam closed book. The dates November 1, December 10, February 1, and April 10 relate to - real property taxes. This is the exam that tests your knowledge on matters of real estate. property restrictions terminated by non-enforcement. Post the following transactions when journalized: (1) transactions affecting the accounts receivable or accounts payable subsidiary ledgers, (2) transactions recorded in the general journal, and (3) amounts entered in a general amount column of the cash payments and cash receipts journals. A lender that restricts the number of loans in certain areas of a community because of its racial or ethnic make-up, or the lender's poor collection record in the neighborhood is referred to as __. Received cash for sale of a computer, plant asset No. Wraparound mortgages are second (junior) mortgages on the property and include. \end{array} The analysis of the extent of risk assumed in connection with a loan is done by a specialist at the lender and is known as _______. What is subject to this act? It begins at a reference point, moves to a Point of Beginning (POB); traverses the perimeter of the property and returns to the POB. A safety device in all homes that meet standard community building codes will have an ___________ which will stop the flow of electricity if there is a sudden increase in electricity that may cause danger to the property. 28$, for the semimonthly pay period ended December 31. Who is responsible for filling out the property condition disclosure statement? Money is a Legacy and the beneficiary is a Legatee. Typically, at least an acre of property per home is required for an individual septic system to provide ample room for the distribution field. . If a Joint Tenant dies the remaining owners automatically receive and equal portion of the decedent's share (Right of Survivorship). An employee earns $8,000 in the first pay period. 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. CA Real Estate Principles Exam Flashcards Quizlet March 8th, 2019 - Prepping for State Exam using Principles Learn with flashcards games The document, as altered, becomes a new offer, perhaps with handwritten changes initialed by the offeree (who now becomes the offeror of the new offer). a broker receives a commission only if she produces a buyer before someone else sells the property. I am doing a Real estate Express course for florida, i got stuck in this one quiz for a chapter and i ended up looking up the answer on quizlet, while on the quiz. 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). Update the plant asset record and record the sale. The remaining mortgage balance would be a DEBIT to the seller. Only the lot's boundaries will appear on the plat. 29. C. Ground water. Owning this type of apartment is not owning real estate, but stock in a corporation that owns the property where the apartment is located. 3. 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.

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