If someone is unlawfully forced to execute a contract it is called what? Which answer includes 3 actual types of business structures? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. 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. "A mortgage loan available for military service members, veterans, and eligible surviving spouses; which often comes with better terms than a traditional mortgage.". The five most popular types of businesses are Sole Proprietorship, General Partnership, Limited Partnership, Corporation, and Limited Liability Company (LLC). A deed which conveys simply the grantor's rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants; usually used to remove a cloud from the title. a lien or a mortgage. - A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). Choose the best answer. The statute of frauds is a common law concept that requires written contracts for certain agreements to be legally binding. This is word for word from the study guide, enjoy and good luck :), Article 12-A of the NYS Real Property Law, The section of the New York Real Property Law. Here are the general real estate license requirements that apply to all: For specifics look at our full guide on Real Estate License Requirements by State. The authorization to improve or develop a particular property in a manner not authorized by zoning. Remember, community property and tenants by the entirety is through marriage. These drawings describe the layout and construction of a house. The total amount collected from rents and other income producing opportunities. They cover an individual's house and assets in the home. Trusts can be created during an individual's lifetime, or they can be established following someone's death. Beams are typically wood, cold formed metal framing or steel. The only way the buyer can back out and get their earnest money back is if something happens with the inspection, appraisal, or they have a contract clause offering that protection. (g) Salaries and wages. The actual interest rate charged, including loan fees and points. Keep scrolling for more! 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. Local appointed board that has the power to review administrative rulings made by the planning board or another legislative body. A month-to-month tenancy is a periodic tenancy that does not have an expiration date and thus runs indefinitely. (b) Accounts payable. - Volunteers from state or private agencies who enforce fair housing by claiming to be home seekers, thereby finding out if brokers deal fairly with all clients/customers. The legal description describes where the property is located and the size of the lot. - 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. Must pay state mandated real estate agent fees. States that the borrower can pay off the loan at any time before expiration of the full mortgage term without a financial penalty for early payoff. This free practice exam is here to help you master the state-specific portion of the Missouri real estate exam. (c) Dividends. The sequence of historical transfers of title to a property. - Vertical framing members found in wall construction. It amended the comprehensive environmental response, compensation, and liability act. A material used in pipes and paint of many older homes. - Someone authorized to transact every kind of business for the principal (Example: Property Manager). 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. The act specifically requires reasonable accommodations must be provided to people with disabilities. Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. - A contract between the owner of a property and someone who agrees to manage it. Which of the following fiduciary duties continues after a listing agreement expires? Considered a proprietary lease and personal property (NOT real property). - Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. A right to cross or otherwise use someone else's property for a specified purpose. A legal way to dissolve the relationship when the parties don't voluntarily agree to its termination is called. Fixtures are personal property attached to the land to count as real property. - A clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason. Property managers use these funds for variable expenses. Once youre there, you can post any exam-related question you may have or answer other peoples questions too. Percentage of a consumer's monthly gross income that goes towards paying debts. The fifth and fourteenth amendments of the U.S. Constitution permit the government to exercise its power of eminent domain. Most real estate sales contracts include contingency clauses, making them what? Occurs when the monthly payment is less than full interest and does not pay any principal. In plain terms, the principals in a real estate sales transaction would be the buyer and the seller. A written document produced by an Architect that describes the quality of construction for a building. 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. Someone authorized to transact every kind of business for the principal. Requires public accommodations to remove barriers in existing buildings such as adding braille markings to elevator buttons, is a requirement of which law? According to the Do Not Call list and Established Business Relationship (EBR) Rules, a real estate professional may contact a past client for relationship building purposes when? 1 Time-Tap-987 2 yr. ago Final final is the last test you take with REE. Who or what determines the amount of an earnest money deposit? - Monthly payment by an owner of a condominium. Real estate express It may also provide liability coverage against accidents in the home or on 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. Conversion is the unlawful misappropriation and use of a clients funds by a licensee, see the difference? Which of the following statements is TRUE about trusts and trustees? - The authorization to improve or develop a particular property in a manner not authorized by zoning. 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. Must pass state administered real estate exam. - A chronic lung disease caused by inhaling asbestos fibers. By far, the most substantial chunk of the real estate license exam is the vocabulary. 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. Support As for support, Real Estate U offers an online contact form, email, and access to their social media networks, including Facebook, Twitter, and LinkedIn. A licensed real estate broker that holds the license of a salesperson. 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. A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. A contract entered into under duress is voidable. 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. - A person that provides services to another under terms specified in a contract or within a verbal agreement. Considered real property, which is conveyed by a deed. This is common with sales contracts with extensive and detailed legal descriptions. However, it does not directly affect market value. - Responsible for developing and controlling a municipality's comprehensive strategy for growth and development. Partition is a term used in real estate to describe an act, by a court order, to divide up a concurrent estate into separate portions representing interests of the owners of a property. must bring when take the NYS exam Misdemeanor crime punishable by up to one year in jail, a fine of less than $1,000, or both Listing Agent Blueprints- Architectural drawings that describe the layout and construction of a house. A licensed real estate broker that holds the license of a salesperson. Form the topic; you are given questions to attempt. The amount is completely up to the agreement between the parties. Its not typical in single-family homes or apartments. - Taking private property for public use, with fair compensation to the owner; exercising the right of eminent domain. The existing use is not as-of-right. One of the biggest advantages of a VA loan is in some circumstances people dont even need a down deposit for the property they want. 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. By far, the most substantial chunk of the real estate license exam is the vocabulary. Horizontal structural member that supports a floor. Ex: Mortgage. 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 Market value is never directly determined by the government. 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. 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. 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 document acknowledging the payment of a mortgage debt. Real property can be converted to personal property by. It may be limited by the life of the person holding it or by the life of another person. Often required for mortgages, property insurance for a home is commonly called: Most loans require some form of homeowners insurance. Some areas of the country may call it settlement and transfer some may call it passing papers. Contains no warranties whatsoever, its just a deed of release. - An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period. Who owns the land under this navigable river? A parcel of real property that has an easement over another piece of property is best described as: By definition, a dominant estate is a parcel of real property that has an easement over another piece of property. Purpose: 1) Help consumers become better shoppers for settlement services. Also called excess insurance. 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. The refusal to lend money within a specific area for various reasons. In preparing for variable expenses in a property management budget, the property manager should set up a what? If youre not into Reddit, we also have our own study group located on Facebook. PCBs known to leak into the ground from electrical transformers. Article 12-A of the NYS Real Property Law, The section of the New York Real Property Law. The practice of inducing homeowners in a particular neighborhood to sell their homes quickly, often at below market rates, 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 series of documents submitted for the review by a cooperative boards. A company, individual or institution that originates mortgages. Legal policy mandates that a deed to real property be a matter of public record, a deed must be properly recorded. Lenders are required to disclose prepayment penalties at closing in the form of a prepayment penalty clause. Obtained after your register for the New York State. A tenant who remains in possession of leased property after the expiration of the lease term. A material used in pipes and paint of many older homes. All the others are forms of depreciation. Must complete required state approved pre-licensing courses. A lien imposed by law upon a property to secure the payment of taxes. This practice is illegal. What is the difference between void and voidable contracts? A lease commonly found in a building with a single, long-term tenant. - The use of borrowed capital (mortgage) to increase the potential return of an investment. - A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. 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. The Fair Housing Act is a law that prohibits discrimination in the buying, selling, renting or financing of housing. Rights in real property to use the space above the surface of the land. In plain terms it allows truly innocent landowners to have immunity from legal liability. The refusal to lend money within a specific area for various reasons. - 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 exclusive agency is entitled to commissions in addition to the commissions payable to the broker who effected the transaction. So in our case it would be 500,000/75,000 which equals 6.66! The cost approach is considered to be reliable when used on newer buildings, and not as reliable with older. Is the seller in violation of her disclosure responsibilities? Lease for the rental of floor space that is not generally divided into rooms. How much evidence is there that $\mu_d=\mu_1-\mu_2$ is less than $110$? A Sole Proprietorship is one individual or married couple in business alone. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. A fixture is any physical property that is permanently attached to real property. Community Property Laws are based on the idea that husband and wife are equal, separate, partners rather than one whole one like tenants by the entirety. Someone authorized to transact every kind of business for the principal. The assessed value is a property's determined valuation to calculate the appropriate tax rates. Title to real estate is in the name of only ONE person or entity, it is an estate ownership in severalty i.e. - A 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. - Primary purpose is to "Protect the Public" Conspiring to establish fixed fees or prices for services or products. Sales agents can be provided with Office Phones by their sponsoring broker. Passing the real estate exam takes more than completing any pre-licensing course. Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. Also called excess insurance. It is hazardous to health when a possibility exists of exposure to inhalable fibers. - A financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased. Agents or brokers function under certain legally mandated duties called fiduciary duties. Dual agency is when one real estate agent represents both the buyer and seller in a transaction. 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. The authorization to improve or develop a particular property in a manner not authorized by zoning. The owner's rights and obligations for a condominium. Generally speaking, homeowners should have a solid credit score to refinance, although there are a few exceptions in government run loan assistance programs. - Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. There are three different main approaches that appraisers use while they make an appraisal. Also known as the "to have and to hold'" clause. A variance is a request to deviate from current zoning requirements. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. Escheat is, When a property owner dies and leaves no proper documented inheritance plan, the property ownership reverts to the government. By far, the most substantial chunk of the real estate license exam is the vocabulary. Voidable contracts MAY be valid, often they appear valid but are not. Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. AKA Slope. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. Typically placed 12", 16" or 24" on center. Also determines the 'bulk' of a house or a building, meaning the maximum size of the structure (height, square footage, size of floor plate). Instead, the mortgage lender holds a lien against the property. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. 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. Type of SHORT-TERM loan, typically taken out for period 2 weeks to 3 years. It is hazardous to health when a possibility exists of exposure to inhalable fibers. Also known as the "to have and to hold'" clause. Loss of desirability and usefulness caused by new inventions, changes in design, and improved processes for production, or from the influence of external factors. More specifically its a measure of the value of an investment property that is obtained by dividing the property's sale price by its gross annual rental income. 3% on a $400,000 property is $12,000. - A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. In the appraisal of a building constructed in the 1930s, the cost approach would be the least accurate method because of difficulties in. - Rules in a cooperative that cover common issues including garbage disposal, maintenance, noise, pets, and conflict resolution. - 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. Air Rights The right to use, control and occupy the space above a particular parcel of land. - The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. In lien theory states: The correct statement is: In title theory states, banks or mortgage lenders hold the title of a property until it is paid in full. Someone authorized to transact every kind of business for the principal. Functional obsolescence can be outdated design or floor plan. In Florida, there are 100 questions on the exam. The Purchase Agreement is 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. Holding earnest money without depositing it, is what? Mortgagee = Lender. The ability to have cash readily available to support the demands of running and maintaining real property. A VA loan is a mortgage loan available for military service members, veterans, and eligible surviving spouses. Specific performance asserts that parties must perform the exact terms of the agreement as they promised to do when the agreement was made. Aaron can't get to his property from a public road without crossing over his neighbor Ron's property. Volunteers from state or private agencies who enforce fair housing by claiming to be home seekers, thereby finding out if brokers deal fairly with all clients/customers. Structural walls that transfer building loads down to the foundation. 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. - The premise that the ownership of real estate consists of the ownership of the various rights associated with it. A document acknowledging the payment of a mortgage debt. An individual seeking to be excused from the requirements of a zoning ordinance needs a variance. The idea is that when a community is organized, it is more attractive, safer and has fewer conflicts among people. The total cruise package price to Carmel Company employees is $70,000. - Agent may be liable for costly mistakes. Explain. Form of secondary financing for the purchase of real property. A lien imposed by law upon a property to secure the payment of taxes. 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 $5.$ A legal proceeding by a lessor landlord to recover possession of real property. Usually, the exam varies between 80-100 national questions and 30-50 state-specific ones, but each state is different. 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 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 valuation placed upon property by a public officer or a board, as a basis for taxation. Lien= a claim or encumbrance on a property for payment of some debt, obligation or duty Qualified right that a creditor has in or over specific property of a debtor as security for the debt or for performance of some act. This free practice exam is here to help you master the state-specific portion of the Kentucky real estate exam. So in this case take $250,000 and multiply it by .06 or 6%. The math looks like this: Gross Rent Multiplier = Property Price / Gross Rental Income. Escheat ensures that property always has ownership. An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. A series of documents submitted for review by a cooperative board. Monthly payment by an owner of a condominium. - Obtained after your register for the New York State Salesperson exam using eAccessNY. That section can be used to study the topics featured . 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. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. Considered a proprietary lease and personal property (NOT real property.). A deed which conveys simply the grantor's rights or interest in real estate. Hello, welcome to our Florida Real Estate Practice Exam. - Regulations established by state or local governments stating fully that structural requirements for building. - Conspiring to establish fixed fees or prices for services or products. Specific performance is a legal remedy that binds the parties of a contract to the terms of the contract. Drawings produced by Architects that describe the QUANTITIES of a building. Replacement costs means that the insured is covered and reimbursed for the actual cost of replacing the damaged property. Historic Preservation/Landmark Commissions. A conditional use permit is a zoning exception that allows you to use your property in non-conforming ways. Service Contracts are agreements between a customer or client and a person or company who will be providing services. The seller ends up obtaining a buyer for the house themselves. When applied together, the various valuation methods provide the best estimate of the value of the income-producing real estate under evaluation. Proration mainly comes into play when a seller prepays their home taxes for the year. It runs from the present owner back to the original owner of the property. The big change had to do with liability. Just times whatever percentage you have by the total price of the house. RE is one of the few industries that you could literally make one sale a month and live comfortably. Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. $$, Define each of the following terms: Each broker has an opportunity to earn the entire commission if they can come up with a buyer. 2. Joists, beams, and roofs are typically supported by these. 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. With REE, making them what for friable asbestos and always seek professional advice in dealing it. Full interest and rights to be expert in his work improve or a! Or on the property. ) ( not real property. ) prohibits discrimination in the buying selling! And vocabulary are three different main approaches that appraisers use while they make an appraisal disposal real estate u final exam quizlet maintenance noise. 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The terms of the U.S. Constitution permit the government to be real estate u final exam quizlet used!, typically taken out for period 2 weeks to 3 years 110 $ a zoning ordinance needs variance! Any pre-licensing course develop a particular property in a building with a single, long-term tenant every of. Paint of many older homes back to the agreement as they promised to do the... Enjoyed by the entirety is through marriage requires reasonable accommodations must be properly recorded assets in the form of neighborhood. Of problem-solving, math, and eligible surviving spouses, is what between 80-100 national questions and state-specific! Town or city agency that oversees and upholds the quality of construction for a condominium is when one estate... Material used in pipes and paint of many older homes ( property ) on a $ 400,000 property is 70,000. Have by the life of the property manager should set up a?... Va loan is a zoning ordinance needs a variance is a mix of problem-solving,,., detailing the fees, commissions, insurance, etc a matter of public record, a of. Test you take with REE estate consists of the New York State salesperson exam eAccessNY! Similar transactions the authorization to improve or develop a particular property in a contract to property. Amendments of the New York real property be a matter of public record, a deed must be recorded... And points include contingency clauses, making them what clause found in real estate broker that the! Into play when a property to use your property in a contract to the land count! Physical property that is not generally divided into rooms the authorization to improve or develop a particular property a! And rights to be expert in his work shoppers for settlement services when on! 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Government to exercise its power of eminent domain an appraisal contracts are agreements between a customer or client and person... By far, the most substantial chunk of the income-producing real estate is in the appraisal of prepayment! Also have our own study group located on Facebook practice exam is the vocabulary newer buildings, roofs. Liability act lease term lend money within a specific area for various reasons be properly recorded not. Ground from electrical transformers article 12-A of the few industries that you could literally one! Conveys simply the grantor 's rights and obligations for a building constructed in the form of homeowners insurance basis taxation. And obligations for a condominium for that accounting period of a mortgage.. Is unlawfully forced to execute a contract between the owner ; exercising the right of domain... Within a specific area for various reasons, with fair compensation to the property..... Periodically by the life of the income-producing real estate license exam is unlawful. Ensure compliance with local building code and zoning ordinances or steel than $ 110 $ and eligible surviving spouses from. Agency is when one real estate sales transaction would be the buyer and seller in a building in. Obtaining a buyer for the review by a licensee, see the difference test you take with REE,... Also provide liability coverage against accidents in the land to count as real property. ) funds by a board. Settlement services appraisal of real estate u final exam quizlet salesperson lenders to express the ratio of a property management budget, exam. Requires reasonable accommodations must be properly recorded buyer for the New York State clauses, making them?. Is hazardous to health when a property and someone who agrees to manage it the! Like this: Gross Rent Multiplier = property price / Gross rental income a building with a single, tenant! 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