A tenant's landlord plans to sell the building in which the tenant lives to the state so that a freeway can be built. What should the buyer's agent do? Paid cash for heating bill,$165.00. When should an agent advise a client to get title work done? If a person dies without a will, who receives their estate? The new owner wants John to move out. 6. What is the difference between a bill of sale and a deed? What will he take home if the split with his brokerage is 80% Tareq - 20% broker? What is another name for Contract for Deed. A young couple leases an apartment in an apartment complex for one year. The main goal of the ADA is the removal of barriers. He has hired an agent to lease the houses. All experience a lower level of profit. Today we go through 50 questions from our real estate practice exam. Prepaid Insurance The local government needs your land to build a new high school. *, protects against any defects discovered in the title after closing, Which term describes the transfer of property from the current owner to another party by sale or gift? Last week, Mary died. You have recently purchased property in an area regulated by zoning. The present value of a property is affected by the anticipated income or utility that property will give its property owner. How much does the selling sales associate earn from the sale after deducting expenses of $1,300? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Homeowners are exempt from capital gains up to $250,000 per person every two years. What should you do? They would like to accept this new offer. The CD at least three days before closing. A broker has written permission to represent both the seller and the buyer as a dual agent. 5 x-y=-2 Although the home has many updates and is in better condition than the surrounding houses, its value is significantly less than the price. An owner sold his house for $250,000 with a $50,000 take back. What is the least important factor for a license holder preparing a CMA, The information from expired listings of unsold property in the area. Mark purchased a home for $150,000 He had an 80% LTV. Which of the following is NOT a characteristic of a fee simple estate? tell the seller and encourage the seller to complete the negotiated sale. For a listing agreement to be enforceable in court, it MUST be: establish a Superfund to clean up uncontrolled hazardous waste sites and to respond to spills. The landlord uses the contractor who does not do a good job. Hay dos historias mezcladas! Practice challenging questions you won't find anywhere else. their own actions and the actions of agents they supervise. What was the total cash used for the purchase? A sales agent is showing a property. The seller has no duty to remediate lead, simply to disclose it. In a verbal agreement, Jesse said that he would sell his house to Giorgio for $200,000. An agent has acted without authority to do so. Accurate record keeping is the responsibility of all the brokers. A retired couple is on a fixed income. A property manager's PRIMARY responsibility to the owner is to: realize the highest return possible and maximize the owner's return on that investment. the concentration of housing in a residential area. Passing Score To pass you have to make a minimum score on each portion of the exam. The sales contract is most likely: Which of the following BEST describes a capitalization rate? Arturo is buying a house for $400,000. to notify borrowers of the true cost of credit, Lenders must provide borrowers with the LE form at the time of or within 3 business days of application, Which of the following closings would be covered by RESPA (1-4 residential family housing). Capitalization definition. $$ Listing agreements are between a broker and a(n): Negligent misrepresentation violates the fiduciary duty of: What is a report from a licensed appraiser that sums up a property's market value based on collected data called? $29.99. The tenant becomes ill from the mold. The landlord grants permission. The tenant continues to pay the rent as prescribed in the lease. In the year 2009, one died. What is the net operating income of the property? For help with the national we have our free national quiz. The power of the government to seize citizen's private property without the consent of the owner. Hit us up with an email to info@uniontestprep.com or check us out on Twitter, Facebook, YouTube, Instagram, or Pinterest. An underage college student signs a lease, then discloses his age to the landlord. During the year, they become concerned about crime in the area and ask for permission to install an alarm system in the apartment. This free practice exam is here to help you master the state-specific portion of the Texas Real Estate Practice Exam real estate exam. With a total of 110 questions (80 national and 30 state), that means the score to pass is 60 for the national and 23 for the state. This action exposes the real estate professional to a charge of: An owner of land that borders a non-navigable stream: c. owns the land under the water to the exact center line of the waterway. Get BOTH Formats Instantly: In Pennsylvania, you can miss 20 questions on the national and 7 on the state and still pass the real estate exam. What type of verbal lease agreement would be enforceable? the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. Dennis Marier, Capital The commission agreed upon was 7% and Tareq gave half to the buyer's representative. What did Cynthia engage in? He will be making a down payment of 5%. A bank refuses to issue mortgages to a historically Black part of town. Darla is suing Arlo for specific performance. C6. both the new owners and the previous owners. The party responsible for paying the origination fee when obtaining conventional financing is: What is attached to an original contract before it is signed? The agent needs to furnish the buyers with a pamphlet approved by the EPA concerning lead based paint prior to closing. The buyer may not sign an agreement with any other real estate professional. A new contract substituting the obligations of an original contract is a(n): Which of these is an easement that is attached to a piece of land, regardless of owner? Which of the following used in 1978 is both extremely hazardous and friable? An unlicensed assistant gets a call from a listing owner with questions about a contract- what should the assistant do? Condemnation is the act of seizing private property from citizens. What is the salespersons obligation to a buyer under single agency listing? Accounts Receivable-Scott Company They shake hands on the agreement and the buyer happily leaves the property. If John dies and Mary becomes the owner of their home, what type of ownership did they have? \end{array} *, meaningful disclosure of credit terms of the loan to the borrower. The son leases the property. What type of listing provides a commission to the broker ONLY if their activities bring about a sale?*. The annual tax bill is $2,008. A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | Recommend an inspection for hazardous materials. What is the advantage to the borrower of a VA loan? TILA does NOT apply to which of the following kinds of loans? He notifies the landlord and recommends a contractor. John has a loan with equal regular payments of principal and interest. You have built a 10 foot pier at the water's edge. That way, it's . When a buyer signs a mortgage to borrow money to purchase a home, what has been created? Which of the following is a lien on real estate? What type of agreement can they enter into with a seller that will allow them to occupy the property now and purchase it within the 6 months? A listing agent went to inspect a seller's property hoping to list it for sale. A real estate professional receives a check for earnest money from a buyer and deposits the money in the real estate professional's interest-bearing checking account over the weekend. If the assessment is 85% of the market value, what is the market value? A tenant is aware that his lease will expire at the end of the month. In terms of contract validity, what does mutual consent mean? a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. His loan principal is $315,000. Which of the following deaths on the property should never be disclosed? 13. Tyson then relays this information to a buyer, citing Benjamin as his source. Ignorance C. Disability D. Retardation 2. An apartment building owner has renovated and modified several units to be handicapped accessible. What is the total purchase price? \text { Inventory } & 1,250 & 1,400 \\ The owner wants to carpet the office. increases the amount due from the buyer at closing. Requiring his license holders to work scheduled hours. Liens are prioritized by date of creation, with older liens being paid off first. mi familia y yo. C10. The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. Under the contract, the real estate professional agrees to help the buyer find a suitable property and to represent the buyer in the negotiations with the seller. The deed contains five covenants. The fact that an individual must go to the land described which of the physical characteristics of land? Ben manages an apartment complex that has an effective gross income of $100,000. A bill of sale is for personal property; a deed is for real estate. 1) Certain contracts be in writing to be enforceable, 2) All real estate contracts for the sale of LAND & ALL LEASES for more than one year, options for more than 6 months, must be in writing & signed by all parties. The house is assessed at $350,000 and the tax rate is $2.50 per $100. Dont forget to read the explanations so you fully understand the question. Melissa signed a listing agreement with Shane, a local real estate agent. What kind of lease is this? Which of the following properties would be the least desirable neighborhood? b. exclusive buyer representation agreement. His comparables should not be more than one year old. This free practice exam is here to help you master the state-specific portion of the Colorado real estate exam. None. Joel was told by a lender the highest leverage he could achieve was a loan-to-value ratio of 75%. Received cash from sales,$130.00. This free practice exam is here to help you master the national portion of the real estate exam. A developer has 2,178,000 sq.ft of property. The tenant removes their trade fixtures and takes them upon moving out. Send the clients to an attorney of their choice before they sign. Paid cash to owner as withdrawal of equity, $1,400.00. Mary, a single woman, has no children. His heirs inherit the property. That section can be used to study the topics featured on those 80 questions. He trips in the house causes major damage to property of the owner.