Let AceableAgent be your real estate school and guide you through the first steps in obtaining your real estate license! The mortgage amount relative to the property price is called... 97. 6. Disclosure requirements to a seller under a listing agreement force brokers to disclose info except... a combination real estate transaction where there is both a sale of real property by an owner and then an immediate lease on the same property giving the seller the right to remain in the same property that was just sold. Nearby property that suffers from lack of maintenance and is negatively affecting the sellers property. What type of property would be most appropriate to use the cost approach method? Term. Proper listing price of the property... 69. 49. Transfer tax is typically paid by for by whom? What is the transfer tax charged by the state of PA? It is the government taking private property for public good. (Scenario Question), 1 broker with listing agreement and buying agreement. Which is not used to determine cost approach to estimate value? To simulate the actual exam, try our New York Real Estate Salesperson Practice Exam. the process of determining the present value of a property from it's future income. 13. 86. ie: lending institutions or insurance companies. Fiduciary responsibility in a property management contract is to the. to to provide disclosure of closing cost info. inform borrowers of HOME MORTGAGE LOANS of closing cost. All are examples of real estate except... Insurance to protect owners from fires and other etc. What is an example of functional obsolescence? Real Estate Practice Tests. 8. Typically who pays for title insurance? Method of attachment... 3. Quizlet is a lightning fast way to learn vocabulary. The following are examples of agricultural property except... 68. An illegal real estate practice caused by inciting fear and panic selling by suggesting that persons of minority background are or may be moving into an area or that the majority of residents are moving out of an area. Our online school offers everything you need to know to become a successful real estate agent today and ace your exam with confidence! An example of an item that is prorated at settlement is... 82. Learn real estate with free interactive flashcards. Intent o…, Final Exam: Real Estate 73. Cram.com makes it easy to … More than 200,000 real estate professionals got their start with Real Estate Express. Real Estate Law 14: 216 Real Estate Law 13: 215 Real Estate Law 12: 214 Real Estate Law 11: 213 Real Estate Law 10: 212 Real Estate Law 9: 211 Real Estate Law 8: 210 Real Estate Law 7: 209 Quiz Law 2: 208 Chapter 2 Review (5) 207 Chapter 2 Review (4) 206 Chapter 2 Review (3) 205 Chapter 2 Review (2) 204 Chapter 2 Review: 203 Well, the term 'estate' literally refers to the land and … Is special price setting allowed for certain categories of people? What is a shares appreciation mortgage? Characteristics of sale and leaseback... 83. The lender receives a share of capital gain at time of sale. What is the role of a mortgage broker? 19. In a comparison between a land contract and a purchase money mortgage which is true? This course serves as the requisite 15-hour course for Salespersons licensed in a state whose pre-licensing requirements is less than New Jersey's 75-hour required in-classroom education; and who wish to obtain a New Jersey Salesperson’s license. Real Estate Express, $225... 1st you take $30000 in multiply it by 9% for the total a…, []A square normally 1 mile on a side.... []The Land Ordinance of…, air,water, land and everything affixed to it, Transfer, Exchange, Exclude, Use, Possess (TEE UP), immobility, indestructibility, and heterogeneity, demand, utility, scarcity, transferability, situs (DUSTS), Hold the money until both parties (or their lawyers) provide a…, Yes, any defects known to the broker should have been disclose…, Contract containing ONE promise given in exchange for completi…, Contract containing TWO promises. See what they are achieving. Must sign an affidavit saying that they intend to occupy the property. **For Actively Licensed PA & NY SALESPERSONS ONLY. What is an example of external depreciation? Choose from 500 different sets of nj real estate test flashcards on Quizlet. The real estate agent usually works for a broker or brokerage agency. STEP 1: Assessed value=20% of $100,000=$20,000. (OLD PERSON COMMUNITY SCENERIO). The main factor a property manager should use to evaluate a prospective tenant is. A real estate agent or salesperson is an individual licensed to sell and rent real estate. 98. All are federal income tax deductions for a homeowner except... 74. 95. 11. What is not an example of a real estate business violation of the antitrust laws? Real Estate Practice Tests. 59. What is a mortgage that encumbers several parcels of land? Entitlement to commission when transaction is not consummated. 4. 30. Real Estate Exam Things to Remember (62 cards) 2020-09-03 8 Real Estate Key Concepts (39 cards) 2020-08-15 8 All about Financing including: mortgages, deeds of … new york real estate Classes. I…, A written agreement between the owner and a purchaser for the…, Generally, those parts of the condominium or apartment buildin…, At lease expiration, if the man does not remove them, An Appurtenant Easement- an easement for adjacent properties o…, A real estate license is required in Florida if one negotiates…, The secondary market and participants provide stability for ho…, Taxes and insurance, are often prepaid at closing to establish…, The Comparative Market Analysis (CMA) is a tool for licensees;…, 1. If an owner's annual property taxes on a $100,000 home are $540 and the house is assessed at 20% of value, what is the tax rate per thousand dollars of evaluation? Example: A listing agreement…, A person who has entered into an agency relationship w/ a lice…, C) Sales involving one-to four-family dwellings, except for sp…, Individual licensed to charge the public for real estate servi…, fully qualified broker who remains under another broker's supe…, state agency that approves and registers some out-of-state pro…, Terminates an agency relationship where a broker represented a…, A tool for licensees. What would not be a depreciation of value? Exclusive Right to Sell Listing definition... A type of listing to list and sell real estate property in which the seller employs one broker but that broker earns a commission "no matter who sells the property including the owner". Broker Smith, with XYZ Real Estate Company, called Broker Carr, and disclosed that he was a Buyer Agent. Usually written into a mortgage to allow the lender to acceler…, The value of the real property established for tax purposes. Is undisclosed dual agency allowable by law? 55. What is the PA law that prohibits discrimination in housing? 85. 38. Quickly memorize the terms, phrases and much more. 90. 50. You will have between 2-4 hours to complete your exam. We’ve seen our students get results time and time again so we’re proud to stand behind our content. The actual exam has 120 questions and you are given 4 hours to complete it. Free study quizlet sets for the Humber Real Estate Salesperson Program, helping you become a real estate agent in Ontario. Choose from 500 different sets of nj real estate flashcards on Quizlet. 61. 67. What is the salespersons obligation to a buyer under single agency listing? 17. Who determines the commission in a listing contract? Earnest money deposit is a credit to whom. the process of comparing the property values derived from different approaches to value, selecting the most suitable approach for the particular property being appraised and coming to a final conclusion of value. When the buyer accepts the offer and the seller is notified. Relationship to parties... 2. What is a broker's obligation to a buyer without buyer agency? 36. the unlawful act of keeping a buyer away from certain communities or guiding them to purchase in certain communities. What is a characteristic of a VA Mortgage? 40. Additional Real Estate & Planning Flashcards . 92. 99. a type of listing in which a seller desires to sell real property and receive a guaranteed amount of money for the sale, so that the broker's commission is any sale price amount of money over and above the guaranteed price to the seller. In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; this includes about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. Loan origination fee is a debit to whom? In the rapidly rising real-estate market of the mid-1980's, those practices posed no major problem. What is a mortgage that includes both real and personal property? The following are typical property management operation expenses except... 65. 27. What is the source of money for an FHA loan? What are the conditions to when an agreement of sale becomes a binding contract? What is a way of termination a listing agreement? What is a mortgage that will not fully amortize the loan? Pearson VUE offers Broker and Sales practice tests for $19.95. The opportunities for success are limitless. Real Estate 316 terms Carlylandry `What is the Paired Sales It is to determine the cost of the unlawful practice of refusing real estate related business services based on location of a person's real property. An agreement between the owner and broker. What rules require fair housing laws to be in a listing contract? The summary is usually prepared so that it may be recorded thereby creating a (judgment) lien on real estate owned by the judgment debtor. Police Power, Eminent Domain, Taxation, Escheat, Abandonment (dying with no will and no heirs with the property…, Loan amount divided by sale price or appraised value (whicheve…. 94. The property manager must know how to set up the rent for … a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. 80. What is true about the contract rules regarding printed form sales agreement? 78. The tests are developed using concepts found in the general portion of the actual exam and cover areas such as product knowledge, terms, and concepts. What should you do about material defect disclosures? The rights to use the space above the earth may be sold or leased independently, provided the rights have not been limited by law. 51. 2. Take this free New Jersey Real Estate Salesperson Pracice Exam to prepare for the actual exam administered by the New Jersey Real Estate Commission. the value of real estate above any debt on that property. the type of agency in which the principal authorizes the agent to represent the agent in "one specific transaction or business activity". 3. What is a characteristic of negative amortization? 46. 18. Who is considered the lender in a purchase money mortgage? 54. At the first discussion of needs and motivation. 57. Who are the parties in a listing agreement? the business practice of bringing together the parties in a practice. Real estate is said to be a fairly simple business, but not an easy one. Without a doubt, there is much to learn. A CMA is not an appraisal - and should n…, protect the lender due to the low down payments made by FHA bo…. https://quizlet.com/121366480/real-estate-practice-exam-questions-flash-cards 28. Purchase money order is a debit to the... Debit to the SELLER (It's a loan in which the seller provides financing to help buyer). Sample Decks: Unit 1: The Real Estate Business, Unit 2: License Law and Qualifications for Licensure, Unit 3: Real Estate License Law and Commission Rules Show Class BOMI Real Estate Investment & Finance. 62. Selling agent represents who in a single agency listing agreement? What are two examples of special use property? 41. Broker Smith wrote a contract with a buyer for the sale of the property. 88. Take this free New York Real Estate Salesperson Practice Exam to prepare for the actual exam administered by the New York Division of Licensing Services. Abstract of Title A summary of the instruments affecting title to a parcel of real property as shown by the public records. Determine the value by the Income Approach formula, NET INCOME divided by RATE OF CAPITALIZATION, 63. Broker Carr, with ABC Real Estate Company, listed the property with a seller. 34. The actual exam has 75 questions and you are given 90 minutes to complete it. An MLS can only be accessed by real estate … The tests include questions on general real estate topics. BOMI Real Estate Investment & Finance Flashcard Maker: Michael Hodge. What is a fair housing exemption? All are examples of single agency disclosures with the exception of. The #1 real estate exam prep option 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. Handwritten words take precedent over printed words. The tests include questions on general real estate topics. 44. But when real-estate values began to decline, much … Learn nj real estate test with free interactive flashcards. Pass the real estate exam with confidence! 89. A veteran real estate agent that really knows how to serve you and sell your home A rookie real estate agent because they charge the least Detailed Answer: Even though Dave spent most of his early career in real estate, he wouldn’t think of risking the sale of his home without an expert real estate … All are examples of fiduciary responsibilities under a single agency listing agreement except.. . What is the first step in the appraisal process? Our real estate exam prep comes with over 500 practice real estate exam questions, and 450 vocabulary test questions with detailed answer explanations, up … View Test Prep - Real Estate Flashcards | Quizlet from REAL ESTAT 101 at University of Southern Mississippi. They are commonly found on Adjustable Rate Mortgages (ARM). 33. 81. consolidating two separate lots into one. All are characterisitics of a contract for a deed except... the buyer receives title when the contract is signed. 32. Looking to take your real estate classes online? 52. Who does a selling salesperson represent under buyer agency? Pearson VUE offers Broker and Sales practice tests for $19.95. What is the max profit a married couple can take on capital gain? Choose from 500 different sets of real estate flashcards on Quizlet. Within this course, you will be taught about real estate laws, financing, fair housing, construction, environmental issues, property management and a … Learn nj real estate with free interactive flashcards. What is the formula for the Gross Rent Multiplier? Cards Return to Set Details. Browse 500 new york real estate classes 45. * All Classes will be held in our virtual classroom during COVID-19 quarantine. Ever wonder why land is called 'real estate'? What is a type of depreciation that is not curable? Real Property Offer Career In The Real Estate Industry The fist one is to be responsible for rent. can they make monthly rent payments on time. 26. 58. What has the greatest effect on real estate value? Study Flashcards On Ga. Real Estate Dynamics Quiz Questions Chapters: 1,2,3,4,5,6,8,10 at Cram.com. The tests are developed using concepts found in the general portion of the actual exam and cover areas such as product knowledge, terms, and concepts. 64. 93. What does the C stand for in the fiduciary dities. Obligations of an owner in a listing agreement if he refused to sell when presented with a full offer... 37. Except when listing broker does not disclose information. It protects the lender if their is default. 15. Definition. Don't rely on the outdated material on other real estate practice exam sites. What is the most reliable method of appraisal for residential real estate? 70. A local or regional real estate service that compiles available properties for sale submitted by real estate brokers and agents. All are typical duties of a property manager with the exception of... 20. 75. And a purchase money mortgage for tax purposes and buying agreement when an agreement of sale New Jersey real Company! 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