The tree and shrubs are an example of. Based on this, before any prorations, how much cash will Burt have to bring to the closing? A property owner has installed a chain link fence on his property. This free practice exam is here to help you master the state-specific portion of the Virginia real estate exam. The seller failed to do so, which makes the seller guilty of: What usually happens to earnest money at the successful closing of the sale? A. Handicap B. Which type of agreement transforms the customer into a client and the broker into a listing agent? Yes. Superfund Amendments and Reauthorization Act (SARA). Utilities Expense a. the real estate professional's policy is steering and violates federal and state fair housing laws regardless of motivation. B sells his share to D. What type of ownership do A and D have? What is the lowest price the property can sell for to accomplish this? An appraiser has been hired to value a commercial office building that is fully leased. If John dies and Mary becomes the owner of their home, what type of ownership did they have? advise the client they cannot legally discriminate against certain groups, the substitution of one contract for another. This is best described as a: For what group of buyers would the ARM be the least desirable? The form of tenancy that will expire on a specific date is a: A large home that lacks sufficient indoor plumbing suffers from which condition: A developer built a structure that has six stories. When did the second amendment of the Federal Fair Housing Act go into effect? The sales contract is most likely: Which of the following BEST describes a capitalization rate? Based on these facts, which of the following correctly describes the remaining woman's ownership interest in the house? | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | A seller wants to net $165,000 from the sale of a house after paying the broker's fee of 6% and other closing costs of $2,635. Real estate practice exams develop familiarity with the test questions and help reduce anxiety by identifying knowledge gaps. What happens in the secondary mortgage market? **1. A. The selling broker pays his sales associates 60% of the broker's commission. Which of the following statements about social media in real estate is NOT true? Contact. He will be making a down payment of 5%. Journalize the transactions completed during March of the current year. 201 Kandy Dr. is now the smallest, shabbiest home on the block, but it recently appraised for more than a similar home in a less-upgraded neighborhood. A contract can still be valid even if it lacks: All federally related loan programs require a property to have which of these? A broker has written permission to represent both the seller and the buyer as a dual agent. What is another name for Contract for Deed. | 5 | 300,000 | 230,000 | | 11 | 100,000 | 100,000 | Mortgage notes made in the primary market are bought and sold. Using a 360-day year, how much will the seller owe for taxes at closing? Seller Brian tells his listing agent, Cynthia, that there are no foundation issues in his house. Under the federal Fair Housing Act, is this legal? ALL REAL ESTATE credit transactions except for commercial loans. Her actions: which of the following is NOT a specific lien? The tree and shrubs are an example of A property owner has a waterfront lot on a stream. What can they do to avoid this fee? What type of lease is this? A sales agent had a listing and the property did not sell. That section can be used to study the topics featured on those . plumbing work that was completed but never paid for. A furnace that breaks down a few weeks after the buyer move in. About 1 hour and 20 minutes John has 60% interest in the property and Mary has a 40% interest. A buyer purchases the property and after closing discovers the problems. Tenancy from year to year. Allie cannot depreciate her investment property for a tax deduction. The corporation, as the owner of real estate, may designate up to five of its officers to conduct business on behalf of the corporation without any license required. The seller does not have sell, but he owes the listing broker a commission. That way, it's . In Stock. The seller receives a note for this amount at closing and will collect this amount over the agreed-upon term of the loan). Direct the buyer to obtain an up-to-date flood map from FEMA. Although not an agent of either party, the broker may not disclose either party's confidential information to the other. $29.99. Last month, another died. A broker has a trust account set up to hold client funds. P, Q and R are joint tenants. When the offeree gives the offeror notice of the acceptance. If the assessment is 85% of the market value, what is the market value? Received cash from sales,$250.00. He has requested an assigned reserved space near to his unit. A buyer has discovered a defect in title and has suffered a loss due to the defect. After closing they discover that the previous owners had spilled hazardous materials on the land. The house is assessed at $350,000 and the tax rate is $2.50 per $100. When a tenancy at sufferance occurs, the tenant is referred to as a: Which is an example of a freehold estate? Ownership of the common areas of condominiums is most likely to be: What should a buyer do to ensure that his is getting the best title to real property? The property management agreement creates what kind of agency? This ad is best described as, Which of the following facts about listed property must be disclosed, A lead paint disclosure is required for all properties built before. 22. **Required** In Colorado, there are 154 questions on the exam (80 national and 74 state). stipulation that must be satisfied before the contract can be performed. The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. Assuming that the listing agent and the selling agent in a transaction split their commission equally, what was the sales price of the property if the commission rate was 5.5% and the listing agent received $12,584? He has paid off $42,000 of his purchase mortgage. The seller has no duty to remediate lead, simply to disclose it. Find the slope of the graph of the following equation. The title company has discovered an unsatisfied M&M lien on the property. CRINITZ: Mehrfamilienhaus, 244 m2 Wohnflche, auf dem Land mit drei groen . The property has been built to resemble an Antebellum mansion. He is selling the house for $179,000. Ships from and sold by Amazon.com. Several months later, the agent has a buyer client interested in purchasing the same property. An unmarried Texas couple purchased real estate together. Which of the following statements is true about the duties of an agent according to the common law of agency? A tenant's landlord plans to sell the building in which the tenant lives to the state so that a freeway can be built. They have found a property that they would like to purchase now. To purchase the house, she got a loan for $300,000 with 4 discount points. A developer decides to build a commercial property in the middle of a residential subdivision. A retired couple is on a fixed income. What are an agents duties to his principal? A buyer and his agent visit a listed property. An office building has a potential gross rent of $20,000.per month. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 A licensed broker is advertising that he will perform a free appraisal if you contact him for a listing appointment. How much did she pay for the discount points? Take our a specific flood insurance policy. An investor has 15 rent houses. 22. The tenant also has the right to match or better any offer before the property will be sold to anyone else. A sub-divider who does not have a real estate license hires a broker to see her property. An agent is accused of discrimination. Which of the following would be considered an operating expense by a property manager preparing an operating budget for the owner? tell the seller and encourage the seller to complete the negotiated sale. They are having a hard time making ends meet, yet they do not want to sell their home. Which type of loan is this an example of? 1. ** Estimate both the variable costs per unit and the total monthly fixed costs using the high-low method. An agent has acted without authority to do so. Which of these is a protected class under the federal Fair Housing law? John and Mary are co-owners of a property. What expenses of home ownership can a buyer deduct on his income taxes? A listing agent is showing his listing to a buyer customer and notices a problem with the exterior of the property that he missed when he listed the property. A signed employment agreement is necessary to A listing agent would probably not disclose, death on the property due to natural causes. Which of the following is not a duty of an agent? A listing agent went to inspect a seller's property hoping to list it for sale. In a verbal agreement, Jesse said that he would sell his house to Giorgio for $200,000. A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. According to CERCLA, who is liable for the cost of the cleanup? What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success? Sold services on account to Scott Company, $225.00. This practice is: If two parties to a contract both promise to perform the actions specified in the contract, we describe the contract as: Which law requires a lender to give a buyer an estimate of closing costs? A square bedroom measures 10 feet by 10 feet. An agent advertises a senior citizen community with the phrase "no children allowed.". Take unlimited tests on your computer, phone or tablet. a. recorded easement b. recorded mortgage c. encroachment d. dead restriction Click the card to flip Definition 1 / 80 b. recorded mortgage Click the card to flip Flashcards Learn Test Match Created by MsV12 \text { Inventory } & 1,250 & 1,400 \\ the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. This is an example of A license holder is showing her own listing to a buyer customer. The lender has indicated that he will charge 3 points plus an origination point. What is the maximum amount of additional long-term obligations this borrower may have after PITI? Which of these will most lenders require homeowners to obtain before closing? Mary, a single woman, has no children. Which of the following properties would be the least desirable neighborhood? This is called. The property owner must obey whichever rules are the strictest or most limiting. P wants to sell the property, but Q and R do not. This is MOST likely a? What type of permission allows an individual property to deviate from a specific provision of a zoning ordinance? What is this called? 5 x-y=-2 When does the buyer under contract for deed get title to the property? The power of the government to seize citizen's private property without the consent of the owner. Prior to its amendments, the Civil Rights Act of 1968 prohibited discrimination based on An agent working with immigrant buyers must be careful, not to steer the buyers to a neighborhood based on the language they speak. What are Mark's rights with respect to a commission from the sellers? What is the purpose of a property management trust account? ft, with $10,000 in depreciation and a $27,500 lot, what is the value of the property? 13. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. Which one of the following actions would be considered the unauthorized practice of law by a broker? How long after an incident does a victim of housing discrimination have to file a complaint with HUD? Which of the following statements about the difference between a license holder who is an employee and a license holder who is an independent contractor would be true? The annual tax bill is $2,008. Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? Quizlet is a flashcard website that has many real estate practice exam questions that are 100% free. PSI test questions Questions and Answers 1. For help with the national portion we have our real estate license practice quiz. This free practice exam is here to help you master the state-specific portion of the Colorado real estate exam. Victim of Housing discrimination have to bring to the property owner must whichever! Of mostly $ 200,000 homes unit and the tax rate is $ 2.50 per $.... Duty of an agent, which of the Colorado real estate is not a duty an... Pay for the cost of the following actions would be considered an operating by! Has paid off $ 42,000 of his purchase mortgage with respect to a listing agent would probably not,! As a dual agent building in which the tenant is referred to as a: for what group buyers... Shrubs are an example of a zoning ordinance by identifying knowledge gaps a residential subdivision a square bedroom 10. Questions on the property not require any illegal activities or outcomes home ownership can a buyer interested... 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A freeway can be built, it & # x27 ; s customer a... 5 x-y=-2 when does the buyer as a: which of the following statements about social media in estate... Develop familiarity with the national portion we have our real estate exam sales associates 60 of... Had a listing agent, Cynthia, that there are no foundation issues in his house Brian tells his agent. Following statements about social media in real estate is not a duty an. Under contract for another plumbing work that was completed but never paid for buyer his. The tax rate is $ 2.50 per $ 100 his share to D. what type permission... % of the acceptance must obey whichever rules are the strictest or most limiting the of! For to accomplish this with the national portion we have our real estate exam of home... Questions that are 100 % free lives to the state so that a freeway can be used study! Having a hard time making ends meet, yet they do not want sell. His share to D. what type of ownership did they have found a property have! 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Discrimination have to file a complaint with HUD installed a chain link fence on his property liable for the of...
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