- Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. Has no exemptions and contains the blanket statements that 'citizens have the same rights to inherit, buy, sell, or lease real and personal property.' Explain. For a full explanation, check out this video on real estate math: Real estate license requirements vary from state to state. - An appraisal technique whereby the value of an income producing property is estimating by capitalizing its net operating income using an appropriate capitalization rate. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. A balloon loan is a mortgage which does not fully amortize over the term. - Drawings produced by Architects that describe the quantities of a building. 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. A mortgage loan with the interest rate on the note. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). - Accounts for the majority of mortgages. Here is a quick list we put together of some of our top real estate exam prep videos and playlists: In this playlist, study specific real estate concepts you need to know for the real estate exam. Fiduciary duties include: Loyalty, confidentiality, disclosure, obedience, reasonable care and diligence, accounting and more. 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 Which of the following fits the description? Currently, most states have usury laws in place and set a cap on the maximum amount of interest a lender can charge. A conditional use permit is a zoning exception that allows you to use your property in non-conforming ways. Each method has its own set of benefits. Remember DUST and your essential elements of value. Anyone who holds down payment must place it in separate escrow account. Functional obsolescence can be outdated design or floor plan. Travel Inc. therefore remits$65,800 to ShipAway. 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. Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. Structural walls that transfer building loads down to the foundations. Which of the following would MOST likely be used to obtain permission to build the store? 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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. Must pay state mandated real estate agent fees. As of writing this, it looks like they have over 2,100 members! Since a month-to-month tenancy is a real estate contract, it must have consideration, offer and acceptance, legal object, and competent legal parties. An easement in gross is basically selling rights to the land to another person, but without giving them legal ownership. They are typically wood, cold formed metal framing or steel. Read More Here, An interest in real property which is held for the duration of the life of a designated person is called a, A life estate is an interest in real property which is held for the duration of the life of a designated person. As lease is a legal estate, leasehold estate can be bought and sold on the open market. The lease does not transfer title, does not contain a bargain purchase option, and the equipment is not of a specialized nature. The deed must contain an adequate formal legal description. The length of the real estate exam varies from about 1.5 hours to 3.5 hours again, based on the state youre in. At the very end of each exam, there is a recap of the questions you got right or wrong, which is also very helpful to look at. A document issued by a governmental authority that a building is ready and fit for occupancy. Time this up with when your exam is scheduled, and practice an exam question every day. Drawings produced by Architects that describe the QUANTITIES of a building. 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. Our enrollment fee is only $39 and provides more than our competitors! The average pass rate for all real estate education providers is 86.14% for the National portion and 62.8% for the Texas portion. All states require up to date forms of government-approved I.D (drivers license, U.S. Passport, birth certificate). The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. Usually, the exam varies between 80-100 national questions and 30-50 state-specific ones, but each state is different. With exclusive agency listings agents only get paid if they sell the property. Fixtures are personal property attached to the land to count as real property. NY Code provides minimum standards for all buildings in NY. This type of deed contains the strongest guarantee of title. Just times whatever percentage you have by the total price of the house. Salesperson Test : Questions. Specific performance is a legal remedy that binds the parties of a contract to the terms of the contract. Real Estate Final Exam (150 Questions ) #1 4.7 (20 reviews) Term 1 / 157 A real estate licensee has a buyer agency agreement. Click the card to flip Definition 1 / 157 A customer. It runs from the present owner back to the original owner of the property. The statute specifically covers contracts for the sale of land, agreements involving goods worth over $500, and contracts lasting one year or more. A method of calculating the depreciation of an asset which. Join over 10,000 subscribers and pass your exam today! 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. There are three different main approaches that appraisers use while they make an appraisal. 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. If problems emerge after a sale is complete; that is not the seller's problem, and not a cause for the buyer to sue. The owner's rights and obligations for a condominium. Final Real Estate Exam. Remember, separate amendments are used to modify or change executory contracts. Choose the best answer. - The employer of an agent or broker; the broker's or agent's client. Voidable contracts have the necessary elements to be enforceable, so they appear to be valid, but can be rejected by one party if the contract is discovered to have any number of defects. Remember, were all in this together. 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. *Write the resulting set using the listing method. 1 Time-Tap-987 2 yr. ago Final final is the last test you take with REE. A property owner wishes to build a neighborhood grocery store in an area zoned for residential use. A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. A cash reserve fund is an account set aside by an individual or business to meet any unexpected future costs, as well as the future costs of upkeep. A mortgagee is an entity that lends money to a borrower (also known as a mortgagor) for the purpose of purchasing real estate. Tina and Tom are two unmarried individuals who own property with equal interests and without a right to survivorship. 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