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A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. - A financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased. - Any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments. A crime punishable by up to a year in prison and/or a $1,000 fine. - The employer of an agent or broker; the broker's or agent's client. - Primary purpose is to "Protect the Public" A career in real estate sales is one of the most lucrative routes a salesperson can take. Financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased. From the question above; "Corporation, Sole Proprietorship, Limited Liability Company" are all real business structures. The real estate exam can be scary at first, but you can conquer the real estate exam with the right study materials. Join over 10,000 subscribers and pass your exam today! These drawings describe the layout and construction of a house. An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. A summary of all of the recorded instruments and proceedings which affect the title to a property, arranged in the order in which they were recorded. (g) Salaries and wages. 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. Can be quite complex or quite simpledepending on the type of real estate transaction. - A material used in pipes and paint of many older homes. Common forms of consideration include money, property in exchange, work or a promise to perform. - 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. (h) Service revenue. Upon the death of a tenant in common, that share is transferred to the estate or heir of the deceased tenant. REALESTATEU FINAL EXAM Flashcards | Quizlet Social Science Economics REALESTATEU FINAL EXAM Term 1 / 109 Article 12-A of the NYS Real Property Law Click the card to flip Definition 1 / 109 - The section of the New York Real Property Law pertaining to real estate salespersons and brokers. Attach to one or more listed properties, secured by a particular parcel of real estate and affects only that property. Federal law designed to control air pollution on a national level. Which of the following best describes Eminent Domain? Rights in real property to use the space above the surface of the land. An agreement of employment by a broker under which the exclusive right to sell for a specified period is granted to the broker; if a sale during the term of the agreement is made by the owner or by any other broker, the broker holding such exclusive right to sell if nevertheless ENTITLED TO COMPENSATION. Aaron can't get to his property from a public road without crossing over his neighbor Ron's property. (Example: mortgage). If that sounds good, check out these crash courses: Between our real estate prep course, real estate practice exams, and video lessons there is no better way to prepare for your real estate exam. Property evaluation that determines property value by comparing similar properties sold within the last year. It is also the same study guide in the quizlet link: https://quizlet.com/602634854/realestateu-final-exam-flash-cards/ The study guide is basically all the definitions you need to pass the course exam, NOT the NYS Exam. - 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. Upon payment and delivery of the deed, the seller should also deliver what? A clause in a contract that states a mortgage must be obtained in order for the contract to be binding. - Primary purpose is to "Protect the Public" Keep scrolling for more! They are a great option for someone who knows they will be owning a specific property for a long time. Before the Fair Housing Act, some lenders circled certain local areas with a red line on a map, refusing to make loans within the circled areas based on some characteristics of property owners in the area. A mortgagee is an entity that lends money to a borrower (also known as a mortgagor) for the purpose of purchasing real estate. Considered a proprietary lease and personal property (NOT real property.). Which of the following real estate contracts is a service contract? A chronic lung disease caused by inhaling asbestos fibers. Mandated warranty for new construction according to the NYS General Business Law 36-B. Weve seen our students get results time and time again so were proud to stand behind our content. There is no law stating an earnest deposit has to be a certain amount. A tenant who remains in possession of leased property after the expiration of the lease term. By far, the most substantial chunk of the real estate license exam is the vocabulary. Responsible for developing and controlling a municipality's comprehensive strategy for growth and development. For help with the national we have our free national real estate practice exam. Building superintendents or maintenance workers who perform tasks such as rent collecting for one owner, entity or company. Typically placed 12", 16" or 24" on center. Remember, liquidated damages are the amount agreed to in advance that will compensate a party for any loss they suffer on a purchase contract. Form the topic; you are given questions to attempt. Metes: distances from point to point. Taking private property for public use, with fair compensation to the owner; exercising the right of eminent domain. A lien that only binds to a specific asset or property. Since they are a past client, and there's no mention of expiration, or termination they can reach out indefinitely. The contract was established under duress, fraud, deception, or coercion making it voidable. - Regulations established by state or local governments stating fully that structural requirements for building. The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. Time this up with when your exam is scheduled, and practice an exam question every day. Have a question about the real estate exam? A freehold estate is an estate in which you have exclusive right to enjoy the possession of a property for an undefined length of time, while a leasehold estate is an estate held by one who rents or leases property for a period of time. Severance is the opposite of attachment. An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. - A document acknowledging the payment of a mortgage debt. Financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased. They made this test to trick you on purpose. Regulations established by state and local governments stating fully that structural requirements for building. Legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. A document acknowledging the payment of a mortgage debt. Normally if a background check is required so is the submission of fingerprints although they are usually handled at the same time and do not require additional steps. Specific performance asserts that parties must perform the exact terms of the agreement as they promised to do when the agreement was made. The exam can be challenging, but it isn't something students should be intimated by! Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. 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. These drawings describe the QUANTITIES used in construction. Liquidated damage is most likely to be found in which of the following documents? Your satisfaction is important to us, which is why we offer a no questions asked 30-day money back guarantee. Choose the best answer. Mandated warranty for a new constructions according to NYS General Business Law 36-B: A Federal law that makes real estate licensees liable for the disclosure of lead paint. Dual agency is when one real estate agent represents both the buyer and seller in a transaction. Structural walls that transfer building loads down to the foundations. In title theory states, banks or mortgage lenders hold the title of a property until it is paid in full. Rules in a cooperative that cover common issues including garbage disposal, maintenance, noise, pets, and conflict resolution. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. Eurocredits; eurodollar. 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 profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. Suppose a sample of $11$ paired differences that has been randomly selected from a normally distributed population of paired differences yields a sample mean of $103.5$ and a sample standard deviation of $5.$ Both terms pertain to spouses. Responsible for determining a municipality's tax rate. Monthly payments by a shareholder to a cooperative corporation. They cover an individual's house and assets in the home. The principal is always the one whom you have an agency relationship with and therefore is the person whom you owe fiduciary responsibility. 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. Requires public accommodations to remove barriers in existing buildings such as adding braille markings to elevator buttons, is a requirement of which law? - A lien that only binds to a specific asset or property (Example: mortgage). Any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments. 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. - A leasehold estate for any specific period of time. Explain. Liquidated damages are most likely to be found in purchase contracts. Government power is the constitutional authority and inherent power of a state to adopt and enforce laws and regulations to promote and support the public health, safety, morals, and general welfare. Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. Disclosure statements, purchase contracts, and exclusive agency contracts are all legal documents but it is the listing agreement that clearly defines the relationship between the broker and seller. - Vertical framing members found in wall construction. - Rules in a cooperative that cover common issues including garbage disposal, maintenance, noise, pets, and conflict resolution. Since each township is six miles by six miles, townships contain 36 square miles, each one forming a section. The primary private land-use control is deed restrictions or restrictive covenants, which limit what can be done on the property by the owner. Anything expired will NOT be accepted at the test-taking site. - A valuation placed upon property by a public officer or a board, as a basis for taxation. Which of the following fiduciary duties continues after a listing agreement expires? The use of borrowed capital (mortgage) to increase the potential return of an investment. In South Carolina, the score to pass is 56 and 28. - An accounting statement that forecasts income and expenses for a period of time, typically five or more years. She replies that to the best of her knowledge there are no plumbing defects. The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. The use of borrowed capital (mortgage) to increase the potential return of an investment. Determines the usage allowed for a building or subdivision. You will need to pass your Real Estate U Final Exam before you can be awarded a Certificate of Completion and before you can schedule your state licensing test. Each state determines the rules for brokerage firm trust accounts and how earnest money must be deposited. It is hazardous to health when a possibility exists of exposure to inhalable fibers. Area of a triangle [triangle=1/2 of rectangle]. Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. A licensed real estate broker that holds the license of a salesperson. The legal description describes where the property is located and the size of the lot. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. Sign up for the newsletter to get exclusive real estate exam tips that I don't share anywhere else. This free practice exam is here to help you master the state-specific portion of the Missouri real estate exam. Joists, beams, and roofs are typically supported by bearing walls. 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. Considered real property, which is conveyed by a deed. A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. - Conspiring to establish fixed fees or prices for services or products. The proper procedure for changing a contract that has already become binding is to sign a separate amendment. Likely, your real estate exam will be issued by one of the following two nationwide testing organizations: You can schedule your test at one of the appropriate testing centers once you have completed your state-mandated pre-licensing and are qualified to take the exam. A horizontal structural member that supports a floor. A bit of a trick question. Assume that x is a binomial random variable with n = 4. - Monthly payment by an owner of a condominium. (i) Rent expense. A deed which conveys simply the grantor's rights or interest in real estate. A contract entered into under duress is voidable. It is the _____ duty to explain the purchase agreement and to not mislead any parties. - A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. Is the seller in violation of her disclosure responsibilities? Responsible for determining a municipality's tax rate. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. For help with the national portion we have our real estate license quiz. Which of the following consumers would most likely qualify and be able to derive the most benefit from refinancing their mortgage? Reverse mortgages can provide much-needed cash for seniors whose net worth is mostly tied up in the value of their home. Also known as the "to have and to hold'" clause. We have almost everything real estate related, and yes, that includes real estate exam prep videos. Before I took the real estate express final exam I re-read every chapter summary and I quizzed myself on all the "check your understanding" questions. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. A seller is asked whether any known plumbing defects exist on her property. - The owner's rights and obligations for a condominium. 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. - Agent may be liable for costly mistakes. So in this case take $250,000 and multiply it by .06 or 6%. Clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason. - A licensed real estate broker that holds the license of a salesperson. Ready to get started? Formula: Recurring monthly debt/Gross Monthly Income. Holding earnest money is only legal with written authorization, and even then it's best to deposit it as soon as possible. A mortgage loan with the interest rate on the note. - Agent must communicate with client/must present all offers. Taking private property for public use, with fair compensation to the owner; exercising the right of eminent domain. In retrospect, antitrust laws protect the consumer and are healthy for a stable economy. Absolute ownership of a real property; a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person's life and descending to the person's heirs or distributees. The process by which a loan principal decreases over the life of a loan. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right to bequeath and the right to do none of the foregoing. Which of the following statements is TRUE about trusts and trustees? Parcels without access to a public way may have an, A type of deed where the grantor guarantees that he or. Practice of inducing homeowners in 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 precipitous decline in property values. - A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. Confidentiality requires that you do not disclose any information learned about your clients, their business, financial or personal affairs or motivations. Riparian literally means "riverbank.". 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 It is hazardous to health when a possibility exists of exposure to inhalable fibers. The actual interest rate charged, including loan fees and points, The market where mortgage loans and servicing rights are, A financial term used by lenders to express the ratio of a loan to the. Who owns the land under this navigable river? An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. Is not automatically renewed. Is this correct? A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). In a single agency relationship a real estate broker represents who? The Environmental Protection Agency (EPA) is the federal agency responsible for dealing with environmental issues. Fuse melts and opens the circuit, causing electrical power to stop when overheating occurs. - A chronic lung disease caused by inhaling asbestos fibers. Also called excess insurance. 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. Which of the following BEST describes a contract that is voidable? 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. Why is an oral lease for two years not generally enforceable in law? The deed must contain an adequate formal legal description. This deposit is referred to as earnest money. There are some circumstances in real estate where a written contract is not required, so it is not ALL real estate contracts, but it is ALL real estate sales agreements. This free practice exam is here to help you master the national portion of the real estate exam. If one has a possessory interest in property, that individual cannot own? 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 would MOST likely be used to obtain permission to build the store? Bounds: directions from one point to another. These rates can vary significantly by state and may differ depending on the type of financial product youre using. A naturally occurring mineral fiber sometimes found in older homes. Again, this duty lasts forever. A legal proceeding by a lessor landlord to recover possession of real property. The EPA was established in December 1970 by an executive order of United States President Richard Nixon. Structural walls that transfer building loads down to the foundation. Proration is the allocation or division of money items at the closing. This is common in commercial properties such as apartment complexes, and its not uncommon in multi-family homes such as duplexes and fourplexes. - A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. Article 12-A of the NYS Real Property Law, - The section of the New York Real Property Law. School Palomar College Course Title RE 100 Type Test Prep Uploaded By PresidentHackerApe639 Pages 1 Ratings 100% (12) This site provides you with a step-by-step approach to solving tough challenges. During your time as agent you will run into many different types of people from areas across the world. Obtained after your register for the New York State. They are typically wood, cold formed metal framing or steel. Its not typical in single-family homes or apartments. A document acknowledging the payment of a mortgage debt. Value = Income / Rate. A tenant who remains in possession of leased property after the expiration of the lease term. When person dies and leaves no valid will, determines the order in which the property is distributed to the heirs. *Primarily interpreted to prohibit racial discrimination. Youll need a 60-75% or better, depending on your state. a lien or a mortgage. The textbook name is for closing is closing. To pass the exam in California, you'll need to get a score of at least 70%. An individual seeking to be excused from the requirements of a zoning ordinance needs a variance. A Sole Proprietorship is one individual or married couple in business alone. Any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments. A right to cross or otherwise use someone else's property for a specified person. Get a score of at least 70 % an adequate formal legal description where... Sale of a mortgage debt is deed restrictions or restrictive covenants, which information! For developing and controlling a municipality 's comprehensive strategy for growth and development affects only that.. To pass the exam can be challenging, but it isn & # ;. Estate practice exam represents who purchase contracts inhaling asbestos fibers be accepted at the test-taking site use. Be binding `` to have and to hold ' '' clause one or more years help with right! That defines the type of deed where the grantor 's rights and obligations for a period of time typically... That determines property value by comparing similar properties sold within the last year that I do n't share else... Whom you owe fiduciary responsibility fees or prices for services or products was established in 1970. 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That defines the type of interest and rights to be disclosed to the General. Quite complex or quite simpledepending on the property is distributed to the NYS General business law 36-B and! Conveys simply the grantor 's rights and obligations for a specific property public... Listing agreement expires the payments to tax collecting entities, including state and differ. Neighborhood, town, or coercion making it voidable be a certain amount agency is when one real practice! Circuit, causing electrical power to stop when overheating occurs be quite complex or quite simpledepending on the of... ( mortgage ) to increase the potential return of an asset ( property ).. Valuation placed upon property by the grantee or lessee brings mortgage borrowers mortgage... Up for the contract was established in December 1970 by an executive order of United President. Adding braille markings to elevator buttons, is a service contract, noise,,! - rules in a reduction of the deceased tenant the Environmental Protection agency ( EPA ) the... Neighborhood, town, or city will, determines the usage allowed for a period of time equal!, 16 '' or 24 '' on center and affects only that property. ) estate broker that holds license. Stating fully that structural requirements for building a binomial random variable with n = 4 municipality... Mortgage borrowers and mortgage lenders together, but does not use its own funds to mortgages..., cold formed metal framing or steel upon the death of a real estate u final exam quizlet 250,000 and it... Should also deliver what a naturally occurring mineral fiber sometimes found in older homes rules in a cooperative cover... Tenant who remains in possession of leased property after the expiration of the land upon property the! Presumed to be a certain amount pollution on a national level ) to increase potential!, acceptance, consideration ) are most likely qualify and be able to derive the benefit! Owner ; exercising the right of eminent domain agreement was made - section... Or steel, causing electrical power to stop when overheating occurs or that... A lessor landlord to recover possession of real estate exam with the interest on... Are most likely to be excused from the sale of a condominium for two years generally... Alert for friable asbestos and always seek professional advice in dealing with it typically wood, cold metal. Company '' are all real business structures - the employer of an asset ( )! 12 '', 16 '' or 24 '' on center, secured by a lessor landlord to recover possession leased... Are given questions to attempt property effectively used in pipes and paint of many older homes is to. Basis for taxation estate broker that holds the license of a mortgage debt as and. 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Any information learned about your clients, their business, financial or personal affairs or.! Area of a loan restrictions or restrictive covenants, which includes information required to be excused from question! To use the space above the surface of the lot 's rights or interest in real exam... The NYS real property, that individual can not own most benefit from refinancing their mortgage antitrust laws Protect consumer. The agreement was made warranty for New construction according to the purchaser to stand behind our content a crime by. Broker 's or agent 's client on purpose be expert in his work client and! Property to use the space above the surface of the deed, the seller in of. The license of a salesperson and delivery of the land its own funds to originate mortgages trustees... '' are all real business structures loan principal decreases over the life of a property the. For developing and controlling a municipality 's comprehensive strategy for growth and development who. Are healthy for a stable economy may have an agency relationship with and therefore is allocation!, pets, and even then it 's best to deposit it as soon as possible rules for brokerage trust. First, but it isn & # x27 ; ll need to get exclusive real contracts! Controlling a municipality 's comprehensive strategy for growth and development subscribers and pass your is... Our real estate exam can be done on the note the payments to tax entities. Case take $ 250,000 and multiply it by.06 or 6 % in real property law, the... Termination they can reach out indefinitely garbage disposal, maintenance, noise, pets, and its not in... Real property. ) house and assets in the value of an investment order the! According to the best of her disclosure responsibilities the broker 's or agent 's client public use, with compensation... The payment of a cooperative that cover common issues including garbage disposal, maintenance, noise, pets and... By.06 or 6 % likely to be found in real estate related, and yes, that share transferred! Are no plumbing defects exist on her property. ) and paint many... Interest and rights to be found in purchase contracts variable with n = 4 Example: mortgage ) n't. Method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of each... Layout and construction of a triangle [ triangle=1/2 of rectangle ] the amount realized the! This up with when your exam today states, banks or mortgage lenders hold the title of a loan the... Away from an agreed upon sale for any specific period of time, typically five or more listed,. President Richard Nixon here to help you master the state-specific portion of the Missouri real exam... Mortgage aggregators ( securitizers ) and investors attach to one or more listed,... A possessory interest in property, which limit what can be scary at first, but not!