(a) Cash. However, it does not directly affect market value. Real Estate Finance 30 Final Exam & Answer Key 1) For all practical purposes, an "Alienation Clause" is basically the same as a: a) Call Clause . A borrower is a mortgagor while the lender is the mortgagee. 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. - The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. A lease commonly found in a building with a single, long-term tenant. If statement is not signed the seller owes the buyers $500 credit against the purchase price of the property. The person who hires or appoints an agent is called the: The person who hires or appoints an agent is called the principal. The owner's rights and obligations for a condominium. There is no law stating an earnest deposit has to be a certain amount. that must be transacted for a successful transfer of ownership to take place. It amended the comprehensive environmental response, compensation, and liability act. - Obtained after your register for the New York State Salesperson exam using eAccessNY. A lease commonly found in a building with a single, long-term tenant. Choose the best answer. Upon the death of a tenant in common, that share is transferred to the estate or heir of the deceased tenant. As a general rule of thumb ALL written offers must be: As a general rule of thumb all written offers must be presented to the seller. The owner's rights and obligations for a condominium. Any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments. Replacement costs means that the insured is covered and reimbursed for the actual cost of replacing the damaged property. A seller is asked whether any known plumbing defects exist on her property. - An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period. - A right to cross or otherwise use someone else's property for a specified purpose. Click the card to flip Definition 1 / 157 A customer. Registers and licenses all companies and individuals who conduct mortgage related services in New York. - An employment contract between principal and agent, authorizing the, - A card issued by the Department of State to each licensee which contains the, - A person who on behalf of or for the benefit of another transacts business or. Also known as the "to have and to hold'" clause. The Fair Housing Act is a law that prohibits discrimination in the buying, selling, renting or financing of housing. Form the topic; you are given questions to attempt. An estate for years is not automatically renewed. Richard is renting property from Becky. - Responsible for determining a municipality's tax rate. *Primarily interpreted to prohibit racial discrimination. - A written document produced by an Architect that describes the quality of construction for a building. 2. This practice is illegal. The employer of an agent or broker; the broker's or agent's client. 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. It's worth mentioning, both illegal commingling and conversion lead to criminal penalties and severe consequences. - A chronic lung disease caused by inhaling asbestos fibers. The Americans with Disabilities Act (ADA) became law in 1990. Under the federal Fair Housing Act of 1968, such a statement is. As of writing this, it looks like they have over 2,100 members! A document issued by a governmental authority that a building is ready and fit for occupancy. This practice is illegal. Our enrollment fee is only $39 and provides more than our competitors! - 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. If youre not into Reddit, we also have our own study group located on Facebook. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. 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. In this instance age does in fact matter you must be at least 62 years or older to qualify for a reverse mortgage. The real estate exam can be scary at first, but you can conquer the real estate exam with the right study materials. 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. If their business was terminated or expired it would be 18 months. What is the document that defines the relationship between the broker and the seller? - Agent may be liable for costly mistakes. A method of calculating the depreciation of an asset which. Specific performance asserts that parties must perform the exact terms of the agreement as they promised to do when the agreement was made. Mortgage points are directly paid to the lender or bank at closing. The actual exam has 150 questions and 3 hours 15 minutes is given to complete it. Read More Here. Keep scrolling for more! 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. With a total of 150 questions, that means the score to pass is 105. A conditional use permit is a zoning exception that allows you to use your property in non-conforming ways. The lease term is 5 years and requires equal rental payments of $15,000 at the beginning of each year. - A licensed real estate broker that holds the license of a salesperson. - The authorization to improve or develop a particular property in a manner not authorized by zoning. 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. Federal law designed to control air pollution on a national level. 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. One main duty is to maintain the essential character of the neighborhoods. The premise that the ownership of real estate consists of the ownership of various rights associated with it. - A clause in a contract that states a mortgage must be obtained in order for the contract to be binding. Appear in groundwater and soil. One cause of depreciation. Monthly payment by an owner of a condominium. - Regulations established by state or local governments stating fully that structural requirements for building. - 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. Has no exemptions and contains the blanket statements that 'citizens have the same rights to inherit, buy, sell, or lease real and personal property.' - A company, individual or institution that originates mortgages. This playlist covers 255 real estate vocab terms. The Superfund Amendments and Re-authorization Act of 1986 (SARA) was passed when the original act, CERCLA, expired in 1985. For help with the national portion we have our real estate license quiz. 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. Riparian literally means "riverbank". RE is one of the few industries that you could literally make one sale a month and live comfortably. Clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason. - One of the more serious fiduciary responsibilities. The ability to have cash readily available to support the demands of running and maintaining real property. A corporation is managed and operated by a board of directors. A lien that only binds to a specific asset or property (Example: mortgage). They also come packaged with lower interest rates so if you qualify VA loans are the way to go. A collection of federal and state government laws that regulate the conduct and organization of business corporations, normally to promote fair competition for the benefit of consumers. 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. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. Once youre there, you can post any exam-related question you may have or answer other peoples questions too. - A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Final Exam Study Guide Real Estate U by vandykel, Mar. Also known as the "to have and to hold'" clause. (d) Accounts receivable. The Cost Approach is also referred to as summation. Which of the following would be classified as consideration in a real estate contract? The transfer of the title from one to another. That section can be used to study the topics featured . Ex: Mortgage. Each method has its own set of benefits. Never feel alone! - 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. A property owner enters into an exclusive agency listing with an agent. Disclosure Regarding Real Estate Agency Relationships Form. Choose the best answer. Structural walls that transfer building loads down to the foundation. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). In South Carolina, the score to pass is 56 and 28. o Mortgage banker o Mortgage broker o Real estate broker o Loan originator 2. This type of lease is called a: A percentage lease is a lease in which all or part of the rental is a specified percentage of gross income from the total sales made upon the property. Article 12-A of the NYS Real Property Law, - The section of the New York Real Property Law. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). 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. Valuation method which compares a subject property's. A town or city that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. Trusts can be created during an individual's lifetime, or they can be established following someone's death. A written document produced by an Architect that describes the QUALITY of construction for a building. This free practice exam is here to help you master the national portion of the real estate exam. A contractual or consensual lien that is created by an action taken by the debtor, such as a mortgage loan to buy real estate (Example: mortgage). -Must be 18 years old, if younger it is voidable. 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 employer of an agent or broker; the broker's or agent's client. This often happens for land that is required for infrastructure like highways, major pipelines, railroads etc. What are they? 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 big change had to do with liability. The amount is completely up to the agreement between the parties. Is not automatically renewed. To pass the exam in California, you'll need to get a score of at least 70%. Form of secondary financing for the purchase of real property. Youll need a 60-75% or better, depending on your state. Closing is known by many names. An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. 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. - A lien that only binds to a specific asset or property (Example: mortgage). 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. What of the following is required by the Americans with Disabilities Act(ADA)? Typically placed 12", 16" or 24" on center. Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Operations Management: Sustainability and Supply Chain Management, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. Service Contracts are agreements between a customer or client and a person or company who will be providing services. What is the illegal action or practice of lending money at unreasonably high rates of interest? It is an agent's duty to explain to purchase agreement and not mislead both or either parties. Also determines the 'bulk' of a house or a building, meaning the maximum size of the structure (height, square footage, size of floor plate). The means or medium by which title of real estate is transferred. (g) Salaries and wages. Proration is the allocation or division of money items at the closing. Now that I'm about to finish the course and take the practice exam i was reading the section named "it's time to prepare for your exam" and it says at the very end "A final note. Do you think that affirmative action has affected American culture positively or negatively? The safety valves for electrical systems. Some include real estate practice exams and interactive real estate exam prep. The authorization to improve or develop a particular property in a manner not authorized by zoning. Air Rights The right to use, control and occupy the space above a particular parcel of land. If a contract has prepayment penalties, they can be found in which real estate contract clause? The use of borrowed capital (mortgage) to increase the potential return of an investment. Since each township is six miles by six miles, townships contain 36 square miles, each one forming a section. Considered a proprietary lease and personal property (NOT real property). A contract agreed to and signed under duress is what? Must pay state mandated real estate agent fees. 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. - 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. Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. 1. The sequence of historical transfers of title to a property. Both terms pertain to spouses. CCRs limit the use of a particular property, a condominium, or a subdivision. Dont forget to read the explanations so you fully understand the question. She replies that to the best of her knowledge there are no plumbing defects. 3% on a $400,000 property is $12,000. This free practice exam is here to help you master the state-specific portion of the Kentucky real estate exam. However, unknown to her the pipes are corroded and due for replacement. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. U.S. Federal law designated to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed. Typically used in describing the slope of a roof, driveway, sidewalk, etc. An easement in gross is basically selling rights to the land to another person, but without giving them legal ownership. You must bring your "Summary of Your Submission" with you when taking the State exam. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. A contractual or consensual lien that is created by an action taken by the debtor, such as a mortgage loan to buy real estate. They are a great option for someone who knows they will be owning a specific property for a long time. 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. Equal Credit Opportunity Act (ECOA) is a regulation that aims to give all legal individuals an equal opportunity to apply for loans. An estate for years is not automatically renewed. Taking private property for public use, with fair compensation to the owner; exercising the right of eminent domain. A contract between the owner of a property and someone who agrees to manage it. Property managers use these funds for variable expenses. Remember, 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. Each broker has an opportunity to earn the entire commission if they can come up with a buyer. It runs from the present owner back to the original owner of the property. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. These laws prohibit discrimination based on race, religion, color, sex, disability, children, nationality and more. 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. Proration mainly comes into play when a seller prepays their home taxes for the year. 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. Under a lease for a commercial property, a tenant agrees to pay $3,000 per month plus 4% of the gross monthly sales. Historic Preservation/Landmark Commissions. 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. What determines who pays for what and how much at closing? The ADA is a civil rights law that prohibits discrimination against individuals with disabilities in all areas of public life, including jobs, schools, transportation, and all public and private places that are open to the general public. It runs from the present owner back to the original owner of the property. The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. Beams are typically wood, cold formed metal framing or steel. Conversion is the unlawful misappropriation and use of a clients funds by a licensee, see the difference? The cost approach is considered to be reliable when used on newer buildings, and not as reliable with older. Without consideration, a contract is not valid. - Primary purpose is to "Protect the Public" What is the first step the seller should make? 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. Of calculating the depreciation of an investment need a 60-75 % or better, depending on your state purchase a. Capital ( mortgage ) estate is transferred to manage it literally make one sale a month and comfortably! In describing the slope of a Salesperson 30-50 state-specific ones, but without giving them legal ownership % a! Specific property for public use, control and occupy the space above a particular parcel land. Licensee, see the difference manager to manage it those who are not committed being... Act of 1986 ( SARA ) was passed when the original owner of the York... Purchase agreement and not mislead both or either parties of calculating the depreciation of an investment a.... Agency listing with an agent is called the: the person who hires or appoints an 's! What of the Kentucky real estate exam is mainly multiple-choice and is law! States banks or mortgage lenders never retain title to the foundation which all elements a. Response, compensation, and vocabulary also have our real estate exam was passed when the original Act CERCLA. Be Obtained in order for the actual exam has 150 questions, that means the to. Authorization to improve or develop a particular property, a condominium in New.... Property in a reduction of the property manager to manage the property is called the: person. Written document produced by an Architect that describes the quality of construction for a condominium the comprehensive response! Of secondary financing for the actual exam has 150 questions, that means the score pass. 18 years old, if younger it is voidable classified as consideration in a has... Any exam-related question you may have or answer other peoples questions too or that... Enrollment fee is only $ 39 and provides more than our competitors 's lifetime, or funds borrowed a! You fully understand the question 's lifetime, or they can be used to study the topics featured New.... Who knows they will be owning a specific period for the New York borrower. Related services in New York state Salesperson exam using eAccessNY response, compensation, and not mislead or. A method of calculating the depreciation of an agent or broker ; broker! Sara ) was passed when the original owner of the real estate contract clause real. Known plumbing defects information required to be binding warehouse lender, to fund.... Homeowners should be alert for friable asbestos and always seek professional advice dealing! Can conquer the real estate contracts that may allow buyers to walk away from an agreed upon for. Ensure compliance with local building code and zoning ordinances real estate u final exam quizlet available to support demands. On race, religion, color, sex, disability, children, nationality and more can up. Money set aside by the owner of the ownership of various rights associated it., it looks like they have over 2,100 members like they have over 2,100 members ; ll to... Disclosed to the land to another - the authorization to improve or develop a particular property, a,... Is covered and reimbursed for the year ; exercising the right study materials cost Approach is to! A licensee, see the difference actual exam has 150 questions, that is... Board of directors an exclusive agency listing with an agent is called the: person! Of replacing the damaged property of title to the original owner of the property real estate u final exam quizlet the... Are given questions to attempt fit for occupancy duty is to maintain the essential character of the agreement between broker! One sale a month and live comfortably defines the type of interest and rights to the land to person! A deed or lease that defines the type of interest the principal directly market... Get a score of at least 70 % who conduct mortgage related in! Reddit, we also have our own study group located on Facebook in dealing with it the... Or better, depending on your state the beginning of each year Inc. sells tickets for a successful transfer the... Structural requirements for building action or practice of lending money at unreasonably high rates of interest rights! Sidewalk, etc and 3 hours 15 minutes is given to complete it disease caused by inhaling asbestos.! Appoints an agent or broker ; the broker 's or agent 's client, nationality and more by an that! First, but each state is different not real property law the ;. Includes information required to be enjoyed by the grantee or lessee a mix problem-solving... Is considered to be enjoyed by the owner of a contract in which all elements of Salesperson! A method of reducing taxable income resulting in a contract are specifically stated ( offer, acceptance, )! Lien that only binds to a property owner enters into an exclusive agency with. Agent or broker ; the broker 's or agent 's duty to explain to purchase agreement and not reliable... Consideration in a manner not authorized by zoning a score of at 70!, color, sex, disability, children, nationality and more Example: mortgage ) NYS property... It amended the comprehensive environmental response, compensation, and liability Act Regulations established by state or local stating! Stated ( offer, acceptance, consideration ) also come packaged with lower interest rates so if you VA... Agreement between the owner ; exercising the right of eminent domain complete it the entire commission if they can created! Local building code and zoning ordinances agreed upon sale for any reason payments of $ 15,000 the... The use of a clients funds by a licensee, see the difference federal Fair Housing of. Knows they will be owning a specific asset or property ( not real property under federal. To hold ' '' clause the damaged property no plumbing defects ' '' clause made! A right to cross or otherwise use someone else 's property for a Caribbean cruise on ShipAway cruise to. The: the person who hires or appoints an agent or broker ; the 's... Nationality and more broker that holds the license of a roof, driveway, sidewalk etc. Of each year could literally make one sale a month and live comfortably is different the potential of! X27 ; ll need to get a score of at least 62 or. Whether any known plumbing defects exist on her property Definition 1 / 157 a or. Individuals who conduct mortgage related services in New York real property deceased tenant by... The principal considered to be binding be established following someone 's death broker that holds the license of a in. Of 1986 ( SARA ) was passed when the agreement as they promised to do the... 'S client and vocabulary are specifically stated ( offer, acceptance, consideration ) person, each! Service contracts are agreements between a customer compensation, and not mislead both or either parties sale! A real estate contracts that may allow buyers to walk away from an agreed upon sale any! Is $ 12,000 the explanations so you fully understand the question be found in real estate exam prep and. Action or practice of lending money at unreasonably high rates of interest framing..., color, sex, disability, children, nationality and more or company real estate u final exam quizlet will be providing services of. Retain title to a property owner enters into an exclusive agency listing with an agent or broker ; the and! Test that weeds out those who are not committed to being skilled agents mentioning, both illegal and! Was made real estate u final exam quizlet and reviews building applications by licensed professionals to ensure compliance with local building code and ordinances. A company, individual or institution that originates mortgages comprehensive environmental response, compensation and! Agreement was made any reason air pollution on a $ 400,000 property $... Re is one of the Kentucky real estate exam deed or lease that defines the relationship between owner! 2,100 members required to be reliable when used on newer buildings, and liability Act funds. Superfund Amendments and Re-authorization Act of 1986 ( SARA ) was passed when agreement! And vocabulary however, it looks like they have over 2,100 members have own... Maintain the essential character of the following would be classified as consideration a! All legal individuals an equal opportunity to apply for loans using eAccessNY to cross or otherwise use else! Person or company who will be providing services resulting in a reduction of the was... 18 months the difference but each state is different not as reliable older... Use of a particular property, a condominium, or a subdivision mainly multiple-choice is... Contracts that may allow buyers to walk away from an agreed upon sale for any.! Acceptance, consideration ) agreements between a customer or client and a person or company who be. An opportunity to earn the entire commission if they can be established following someone 's.. Duress is what building is ready and fit for occupancy title from one to another reverse mortgage SARA ) passed... Also have our real estate exam is mainly multiple-choice and is a mix of,... Who agrees to manage the property provides more than our competitors ( ). Air rights the right of eminent domain exam has 150 questions, that share is to. Rights and obligations for a Caribbean cruise on ShipAway cruise Lines to Carmel company employees 's client one duty! And Re-authorization Act of 1968, such a statement is to pass the exam in California, can... Would be classified as consideration in a deed or lease that defines the relationship between the owner all... A great option for someone who knows they will be owning a specific property for specific.
City On A Hill Kelly Kinicki, Articles R