real estate u final exam quizlet

Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. A horizontal structural member that supports a floor. The Superfund Amendments and Re-authorization Act of 1986 (SARA) was passed when the original act, CERCLA, expired in 1985. - The premise that the ownership of real estate consists of the ownership of the various rights associated with it. Percentage of a consumer's monthly gross income that goes towards paying debts. 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. Holding earnest money without depositing it, is what? A contract between the owner of a property and someone who, An accounting report issued periodically by the property, Operations Management: Sustainability and Supply Chain Management, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. - Legal agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt. You must bring this with you when taking the State exam. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). - A naturally occurring mineral fiber sometimes found in older homes. A chronic lung disease caused by inhaling asbestos fibers. Most probable price that a property should bring if exposed for sale in the open market for a reasonable period of time, with both buyer and seller aware of current market conditions, neither being under duress. Obtained after you register for the New York State Salesperson exam using eAccessNY. Article 12-A of the NYS Real Property Law, The section of the New York Real Property Law. - A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. In order for a month-to-month tenancy to be legally valid which of the following MUST the contract include? Lease of property in which rental is based upon percentage of the volume of sales made upon the leased premises, usually provides for minimal rent. that must be transacted for a successful transfer of ownership to take place. Metes: distances from point to point. The authorization to improve or develop a particular property in a manner not authorized by zoning. - A valuation placed upon property by a public officer or a board, as a basis for taxation. Considered real property, which is conveyed by a deed. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. The total amount collected from rents and other income producing opportunities. The premise that the ownership of real estate consists of the ownership of various rights associated with it. - A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). The average pass rate for all real estate education providers is 86.14% for the National portion and 62.8% for the Texas portion. If they rise or decrease the same amount, the price remains the same. There is no law stating an earnest deposit has to be a certain amount. A career in real estate sales is one of the most lucrative routes a salesperson can take. Legal agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt. Responsible for determining a municipality's tax rate. A satisfaction of mortgage is a document that confirms a mortgage has been paid off and details the provisions for the transfer of collateral title rights. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Circuit breakers perform a similar function but are more convenient and safer than fuses. Disclosure Regarding Real Estate Agency Relationships Form, - An agreement of employment of a broker to the exclusion of all other brokers; if sale is made by any other broker during term of employment, broker holding. Value = Income / Rate. Fixtures are personal property attached to the land to count as real property. When pre-existing use of property in a zoned area is different from that specified zoning. - An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. A series of documents submitted for the review by a cooperative board. Proration is the allocation or division of money items at the closing. A right to cross or otherwise use someone else's property for a specified purpose. Anything expired will NOT be accepted at the test-taking site. Instead, it is an opinion of value. For help with the national we have our free national real estate practice exam. A real estate agent advertised a home for $250,000. RESPA (Real Estate Settlement Procedures Act) -- Consumer protection statute passed in 1974. These drawings describe the layout and construction of a house. The safety valves for electrical systems. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. - The process by which a loan principal decreases over the life of a loan. Or a conditional use permit. Gross Rent Multiplier is the ratio of the price of a real estate investment to its annual rental income before accounting for expenses such as property taxes, insurance, and utilities. An independent contractor is not an employee. 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. Voidable contracts MAY be valid, often they appear valid but are not. A tenant who remains in possession of leased property after the expiration of the lease term. A lien imposed by law upon a property to secure the payment of taxes. Financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased. A legal proceeding by a lessor landlord to recover possession of real property. Local appointed board that has the power to review administrative rulings made by the planning board or another legislative body. A material used in pipes and paint of many older homes. - Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. What is the commission? Sometimes people forget there are hundreds of others in the same boat. AKA Slope. Type of SHORT-TERM loan, typically taken out for period 2 weeks to 3 years. 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. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. The person who hires or appoints an agent is called the: The person who hires or appoints an agent is called the principal. A borrower is a mortgagor while the lender is the mortgagee. 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. - Obtained after you register for the New York State. Is the agent entitled to compensation? The binomial probability distribution is a family of probability distributions with each single distribution depending on the values of n and p . The Property Condition Disclosure Statement Act requires the seller to submit to the buyer, a "PCDStatement" prior to signing the contract of sale. A balloon loan is different as not all payments are the equally divided and the most substantial payments are called Balloon payments. - Responsible for determining a municipality's tax rate. In a single agency relationship a real estate broker represents who? 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. - All confidential information as described by client must remain so unless given permission in writing. - 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. If a legal description is too long to include in the body of a sales contract, a real estate professional should do what? Remember DUST and your essential elements of value. Legal agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt. We highly encourage you to join these groups and talk to other test takers. It is an agent's duty to explain to purchase agreement and not mislead both or either parties. Historic Preservation/Landmark Commissions. - The owner's rights and obligations for a condominium. A measure of land equaling 43,560 square feet. It amended the comprehensive environmental response, compensation, and liability act. - The use of borrowed capital (mortgage) to increase the potential return of an investment. A person whose principal business is the originating, financing, closing, selling and servicing of loans secured by the real property for institutional lenders on a contractual basis is referred to as a? The proper procedure for changing a contract that has already become binding is to sign a separate amendment. - A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. Instead, the mortgage lender holds a lien against the property. In lien theory states, however, banks or mortgage lenders never retain title to the property. In lien theory states banks or mortgage lenders never retain title to the property. Contains no warranties whatsoever, its just a deed of release. Honesty and fairness must be given to an unrepresented buyer. This site provides you with a step-by-step approach to solving tough challenges. Behind the siding is a layer of sheathing. Occurs when the monthly payment is less than full interest and does not pay any principal. Legal policy mandates that a deed to real property be a matter of public record, a deed must be properly recorded. 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. 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 Real Estate U Final Exam 4.8 (77 reviews) Term 1 / 193 Article 12-A of the NYS Real Property Law Click the card to flip Definition 1 / 193 - The section of the New York Real Property Law pertaining to real estate salespersons and brokers. Requires public accommodations to remove barriers in existing buildings such as adding braille markings to elevator buttons, is a requirement of which law? A card issued by the Department of State to each licensee which contains the photo, name and business address of the licensee, and, in the case of a real estate salesperson, the name and business address of the broker with whom he or she is associated and shall certify that the person whose name appears thereon is a licensed real estate broker or salesperson. The existing use is not as-of-right. A company, individual or institution that originates mortgages. Formula: Recurring monthly debt/Gross Monthly Income. The lease does not transfer title, does not contain a bargain purchase option, and the equipment is not of a specialized nature. a Federal law that makes real estate licensees liable for the disclosure of LEAD PAINT. Which of the following best describes Eminent Domain? 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 legal way to dissolve the relationship when the parties don't voluntarily agree to its termination is called. 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 licensed real estate broker that holds the license of a salesperson summary of your submission Obtained after you regustsr for the NYS Salesperson exam. Legal proceeding by a lessor landlord to recover possession of leased property after the expiration of the lease term. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. This is a bit of a trick question. Building superintendents or maintenance workers who perform tasks such as rent collecting for one owner, entity or company. The ability to have cash readily available to support the demands of running and maintaining real property. The Market Data Approach is also commonly called the sales comparison approach. A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. Typically placed 12", 16" or 24" on center. The fact there is a limited amount of land on earth represents what essential element of value? Liquidated damages are most likely to be found in purchase contracts. (c) Dividends. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). Warehousing has to deal with loans and the secondary market. Want to practice real estate exam questions every day; this is the perfect playlist for you. - Accounts for the majority of mortgages. A VA loan is a mortgage loan available for military service members, veterans, and eligible surviving spouses. - A mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. The two most effective study tools for the state exam are practice exams and learning the state-specific license laws. The very next day, the seller receives a better offer, which they want to accept. - Conspiring to establish fixed fees or prices for services or products. It is the highest form of real estate ownership that is recognized by law, in which the owner can enjoy the property to its fullest extent and is only limited by government powers which well cover later on. A series of documents submitted for review by a cooperative board. The fifth and fourteenth amendments of the U.S. Constitution permit the government to exercise its power of eminent domain. This free practice exam is here to help you master the state-specific portion of the Missouri real estate exam. Unlike with a joint tenancy, tenants in common have no rights of survivorship. - Federal law designed to control air pollution on a national level. A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the. In plain terms, the principals in a real estate sales transaction would be the buyer and the seller. They are the Market Data Approach, Cost Approach, and Income Approach. A contract agreed to and signed under duress is what? An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. 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. A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. All the others are forms of depreciation. In a typical real estate market, if the demand for commercial office space declines and the supply of office space also declines at the same ratio, market rent per square foot should: If demand increases more than supply does, we get an increase in price. They are typically wood, cold formed metal framing or steel. An accounting statement that forecasts income and expenses for a period of time, typically five or more years. Considered a proprietary lease and personal property (NOT real property.). Remember, if a new offer is accepted two valid contracts could exist, so the first step must be to withdraw the counteroffer. Local zoning ordinances often regulate all of the following except. The actual exam has 150 questions and 3 hours 15 minutes is given to complete it. Again, this duty lasts forever. 2016 Click to Rate "Hated It" Click to Rate "Didn't Like It" Click to Rate "Liked It" Click to Rate "Really Liked It" Click to Rate "Loved It" 5.001 Favorite Add to folderIntroducing Cram Folders! The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. It is hazardous to health when a possibility exists of exposure to inhalable fibers. - The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. How should Jelly classify this lease? The safety valves for electrical systems. Which of the following consumers would most likely qualify and be able to derive the most benefit from refinancing their mortgage? Parcels without access to a public way may have an easement of access over adjacent land if crossing that land is absolutely necessary to reach the landlocked parcel and there has been some original intent to provide the lot with access. A leasehold estate for any specific period of time. Fuse melts and opens the circuit, causing electrical power to stop when overheating occurs. An easement in gross is basically selling rights to the land to another person, but without giving them legal ownership. The number of questions on the real estate exam depends on which state you are taking the exam in. In the appraisal of a building constructed in the 1930s, the cost approach would be the least accurate method because of difficulties in. This past month he did not pay his rent. Jelly leases equipment used in its production processes from Squishy, Inc. Security interest in the title to property for the benefit of those who have supplied labor or materials to improve the property. Registers and licenses all companies and individuals who conduct mortgage related services in New York. This type of deed contains the strongest guarantee of title. Joists, beams, and roofs are typically supported by these. The developer or owner organizing and offering for sale a condominium or cooperative development. This deposit is referred to as earnest money. How much evidence is there that $\mu_d=\mu_1-\mu_2$ is less than $110$? A right to cross or otherwise use someone else's property for a specified person. A person that provides services to another under, The premise that the ownership of real estate consists of the ownership of. The actual interest rate charged, including loan fees and points. Can be quite complex or quite simpledepending on the type of real estate transaction. Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to delivery and acceptance, a deed must be property recorded. A lien that only binds to a specific asset or property (Example: mortgage). - A chronic lung disease caused by inhaling asbestos fibers. What is the document that defines the relationship between the broker and the seller? Determine a value of p such that the probability distribution of x is skewed to the right. An individual seeking to be excused from the requirements of a zoning ordinance needs a variance. Explain. What is the proper procedure for changing a contract that already has become binding? The Environmental Protection Agency (EPA) is the federal agency responsible for dealing with environmental issues. Drawings produced by Architects that describe the quantities of a. The bank or lender provides the loan but the mortgagor provides the mortgage. Bonus tip. The assessed value is a property's determined valuation to calculate the appropriate tax rates. Considered a proprietary lease and personal property (NOT real. The authorization to improve or develop a particular property in a manner not authorized by zoning. What are they? 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. - The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. SARA also required EPA to revise the Hazard Ranking System to ensure that it accurately assessed the relative degree of risk to human health and the environment posed. Doing the math that gives you $15,000.00. In Kentucky, there are 130 questions on the exam (80 national and 50 state). - A written document produced by an Architect that describes the quality of construction for a building. Find the annual GRM. If supply rises more than demand, we get a decrease in price. Find the answers to all your real estate license questions here: The real estate license exam is divided into two parts: the national and your specific state portions. Richard is on a month to month lease agreement. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. Usually, the exam varies between 80-100 national questions and 30-50 state-specific ones, but each state is different. The actual interest rate charged, including loan fees and points. - A written explanation, to be signed by a prospective buyer or seller of real estate, explaining to the client the role that the broker plays in the transaction. Read More Here. This is an example of a balloon loan. A clause found in real estate contracts that may allow buyers to, A clause in a contract that states a mortgage must be. The legal description describes where the property is located and the size of the lot. Considered real property, which is conveyed by a deed. Final Real Estate Exam. Severance is taking an item that is attached to the land and removing it as personal property. A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the market. Title to real estate is in the name of only ONE person or entity, it is an estate ownership in severalty i.e. After paying off a loan, the lender files what to release the lien? When person dies and leaves no valid will, determines the order in which the property is distributed to the heirs. Beams are typically wood, cold formed metal framing or steel. Tenants by the entirety Is a special form of co-ownership used in some states that allow a husband or wife to inherit the other spouse's ownership interest upon death. Consideration is anything of legal value that is offered in exchange by one party for something of value from another party. Its important the buyer and seller clearly understand the document as it becomes legally binding as soon as both parties sign. Has no exemptions and contains the blanket statements that 'citizens have the same rights to inherit, buy, sell, or lease real and personal property.' It may be limited by the life of the person holding it or by the life of another person. Disclosure Regarding Real Estate Agency Relationships Form. The contract was established under duress, fraud, deception, or coercion making it voidable. Proration mainly comes into play when a seller prepays their home taxes for the year. The act specifically requires reasonable accommodations must be provided to people with disabilities. It depends on which course you took, If you took the RealEstateU 75-hour course then it should be at the end of your course. - The section of the New York Real Property Law pertaining to real estate salespersons and brokers. - Primary purpose is to "Protect the Public" - Requires a salesperson to be at least 18 years of age - Requires a broker to be at least 20 years of age Sponsor A licensed real estate broker that holds the license of a salesperson. Specific performance asserts that parties must perform the exact terms of the agreement as they promised to do when the agreement was made. They made this test to trick you on purpose. Agreement in which a tenant is permitted to develop a piece of property during the lease period, after which the land and all improvements are turned over to the property owner. Which of the following statements is NOT true about radon? Right of the gov't to acquire property for necessary public use by condemnation; the owner must be fairly compensated. Under the federal Fair Housing Act of 1968, such a statement is. This item: PSI National Real Estate License Exam Prep: A Study Guide with 465 Test Questions and Answers Explanations by Newstone Real Estate Team Paperback $29.99Ships from and sold by Amazon.com.Get it as soon as Friday, Sep 23.

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