When an owner does not occupy a property as his primary residence it will NOT be his homestead, A gross rent multiplier (GRM) is used to determine the value of rental property by multiplying the monthly rent by the GRM. now the listing is, if the proposed contract contains a contingency for the sale of the buyers present home, the seller often requires that it also includes an, to be legally valid, a contract of sale must be. Reassessing the tax classification for a single property is called ___. A contract having no legal force or binding effect. How many questions are on the real estate exam? When a neighbor violates a deed restriction or a zoning violation, it only takes one other neighbor to enforce the ordinances, covenants or restrictions by bringing an action in a court of law. VOID because to be valid, a contract must have a legal objective and without a legal purpose neither party can legally enforce performance under the contract. The debt accumulates as the payments are received. Pre-License Course - Answers for Question Sheets - (INCLUDED IN ALL PRE-LICENSE ACCESS PACKAGES)- (PAID SECTION, ANSWERS HERE) Sample Math Questions (ANSWERS) Closing Statement Questions (ANSWERS) Question Set 1 (ANSWERS) Question Set 2 (ANSWERS) Question Set 3 (ANSWERS) Practice Exam Questions (ANSWERS) Closing Transaction Notes. Source documents are abbreviated as follows: check, C; memorandum, M; purchase invoice, P; receipt, R; sales invoice, S; terminal summary, TS; debit memorandum, OM; credit memorandum, CM; note payable, NP. The Internal Revenue Service has a set of rules that will determine whether a licensee is an employee of the brokerage or an independent contractor. are regulated by The Department of Housing and Urban Development (HUD). A net lease allows a tenant more control over expenses - to make repairs, manage utility usage, shop for cheaper insurance and otherwise save money. a mortgage broker usually offers what service? She is describing a, when ownership is held by one person it is referred to has what type of ownership, recording a quit claim deed signed by the easement owner, a recorded easement may be removed from the records by, A pending notice of a lawsuit giving notice of a possible claim to the property, the act or process of taking private property for a public purpose is called, the power allowing government to take private property for a public purpose is called, substituting one contract for another contract is known as, to have; clause in a deed meaning to have and to hold, been notified of the other party's acceptance, in contract negotiations, an offer is not considered accepted until the person making ann offer has, a listing agreement where property owners would be obligated to pay a commission even if they sold the property themselves. This is an example of a (n) ______ contract. What happens if the managing broker dies? 30. With a total of 125 questions (85 national and 40 state), that means the score to pass is 56 for the national and 21 for the state. Most states administer the tests in two parts, and require that the candidate pass both. A listing agent represents sellers while a selling agent represents buyers, The death of either the selling broker or buyer does NOT usually terminate a listing. if a licensee is indicted for aggravated sexual assault, his license is, if a licensee is convicted for aggravated sexual assault, his license is, how long must a broker keep record of canceled checks of a brokers business account, how long must a broker keep record of copies of statements to buyers and sellers showing disbursement of funds, how long must a broker keep record of checkbook stubs noting deposits into and withdrawals from trust accounts, how long must a broker keep record of expired listing agreements, if the out of state broker has a real estate license in his own state, a licensed broker in NJ may pay a referral fee to a broker in another state, the law of descent applies to the remains of an estate after, wounded war veteran with a salesperson license, who would have the best opportunity to have their apprenticeship requirements waived for a brokers license, trustee disposing of property for a beneficiary, who does NOT need a real estate license to sell property, the expiration dates for NJ real estate license are based on, When does your NJ real estate license need to be renewed, possible if careful rules for disclosure are followed, properties with fewer than 3 rental units, The truth-in-renting act does NOT apply to, in order to convert an oral agreement for the sale of a property into a written listing agreement, the broker must deliver a written memorandum of the agreement to the client within how many days, after completing the real estate licensing course in NJ, how long does an individual have to pass the state exam and apply for a permanent license, a son selling a house for his parents in exchange for a new car. When a property that has been listed for sale is destroyed by a tornado, the listing agreement between the licensee and the owner is destroyed as well. The level of government that is charged with collecting taxes on real property is the _____. An acre is 43,560 square feet so one Section has (27,878,400 / 43,560 = 640) acres. What is subject to this act? NP22 and R455. The Founding Fathers upheld the economic view of property. What happens if a managing broker's license is revoked? Yes. who of the following needs a real estate license? Real Estate License Exams For Dummies Cheat Sheet. Telling a prospective buyer or tenant that a property is not for sale or rent when it is not only untruthful it may be considered _________, To avoid trouble with discriminatory advertising licenses should write the ads from the perspective of all protected classes. the borrower's credit rating is damaged for a significant time period. the disclosure required by TRID apply to: tom jones lives in one side of a duplex. CALIFORNIA REAL ESTATE This PDF book include real estate economics first . A seller who does not want to guarantee anything will simply sign a _______. A managing broker should hold staff meetings and/or sales meetings to make sure all agents and clerical help are given and hear the same information. the process of determining the present value of a property from it's future income. The work station has an estimated value of $\$11, 000$, and the forklift has an estimated value of $\$22, 000.00$. Earnest money is not required at all to make a contract binding. A couple living together who are not married but are co-owners of the residential property are most likely ______________. A tenant who fails to pay rent has abandoned his duty and the landlord can terminate the lease and evict the tenant. Restaurant Warehouse offers sales terms of 2/ 10, n/ 30. 452; serial number, M251; useful life, 4 years; estimated salvage value, $\$1,000.00$. Once your approved, you will be notified via phone or email, which ever you choose. What type of survey describes the perimeter of a tract of land. A gross lease for a commercial rental property means that the rent paid to the landlord will cover everythingthe rent, the utilities, the taxes, insurance, common area maintenance, building repairs and janitorial services. When a property has been on the market for a long period of time; when the buyer and the seller are not related; when both parties have a good knowledge of the property's condition; when neither is under undue pressure, the agreement they reach is referred to as an. There is a difference between a right of first offer and a right of first refusal. Because the money paid to a licensee who is an independent contractor is not subject to deductions for taxes, the brokerage will send the IRS a Form 1099 at year-end reporting the commission gross income paid the contractor during the year. Fill in the bubble sheet for each answer. Received cash for sale of a computer, plant asset No. It is a health hazard when airborne. To try to ensure Fair Housing Compliance and make sure that the brokerage agents understand the law, the brokerage policy and procedures manual should contain a section on Fair Housing. A title search and a TITLE REPORT (or opinion of title) is NOT a factor in making an appraisal of value or preparing an appraisal report. C. None, only the employer pays FICA taxes A contract requires a willing buyer and a willing seller, each of age, sane, under no pressure and unrelated. 30. Because many of them do not require a down payment. Its legal description contains angles and distances. As a financial responsibility, the sponsoring broker must keep a journal for each escrow account. Recorded cash and credit card sales, $\$930.00$, plus sales tax, $\$55.80$; total, $\$985.80$. A will only takes effect ______, Real property that is transferred according to someone's last will and testament is known as a _______________. $780. These include expenses such as real estate taxes, insurance, maintenance, repairs, utilities, and other items. When a licensee has a listing to market a property and has produced a ready, willing and able buyer who has agreed to pay what the seller has asked, and the seller decides to back out of the deal, the agent's brokerage has still earned and is due the agreed-upon commission. $3,120. chronological age is greater than its effective age. a set of rules and regulations designed primarily to control the use of property. When a borrower defaults and the lender begins foreclosure he/she has a ____________. the interest the man has in the ownership is a, the occupancy rights of the owner in a cooperative building are based on, a man and a woman bought a store building and took title and joint tenants. Literally going over notes and the chapter summaries. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. A seller who only wants to warrant no problems during the period of time he owned the property will provide a___________. The calculation involves multiplying the appraised value by an assessment rate to derive the assessed value and then multiplying the assessed value by a tax rate - a percentage which will vary depending on the local jurisdiction. Flashcards Quizlet. If it happens to be sold at a foreclosure sale, after payment of (1) the costs of the sale, including the advertising, the attorney fees, and any trustee fees (2) any owed SPECIAL ASSESSMENTS are collected, then regular unpaid property taxes and then the next lien in priority. B. Paid cash for semimonthly payroll, $\$4,413.72$ (total payroll, $\$5,520.00$, less deductions: employee income tax, $\$304.00$; social security tax, $\$342. TS41. Because a lender is in the business of earning money by charging interest, the longer the loan term the greater the income. In order for an offer to become a contract and be binding on the parties, notice (verbal or written) to the offeror that the offer has been accepted by the offeree (without any changes) is required. _____ Agency means one agent, but the owner can sell, too. a rental referral agency does not advertise the availability of an apartment. Paid cash to replenish the petty cash fund, $\$169. Note the last direction - Southeast (Not East). A building that has retail on the ground floor, offices on the next ten floors and condos on the next ten floors and a restaurant at the top is known as a. 31. If the owner does come back and pay the delinquent taxes, the buyer of the certificate will have earned interest on his payments. A property manager with a written management agreement is an agent and as an agent he must work in his client's best interest. The loan was made by a state chartered bank. The provisions of the federal Fair Housing act apply land bordering water affected by the tide currents, the phrase bundle of rights is properly included in, a rancher owns a parcel of land on which oil was discovered. All states require real estate agents to be licensed by the state to engage in the sale of real estate. 200 cards Zach V. Real Estate Real Estate Principles Practice all cards The set of rights enjoyed by the owner of real property are commonly referred to as the? That section can be used to study the topics featured on those 80 questions. 27. But any covenants (promises) between the parties can be changed by agreement of the affected property owners. Type Your Name: Kirin Godhia Type Course Name: Real Estate Principles (RE 100) Final Exam Answer While the rights to an option contract can usually be sold by the optionee to someone else before exercising the option the optionee cannot use the property before executing (closing) the contract. What are some Sherman anti-trust act violations? He believed that the price the school district offered him for the land was no sufficient consideration. Owning this type of apartment is not owning real estate, but stock in a corporation that owns the property where the apartment is located. Water rights on a lake or ocean are called ________. Government-owned buildings are usually classified as ___________. (Even the Seller), against the law in NJ, meaning anything over set sale price broker keeps, Saul dies and devises his property to his second wife for her lifetime, after which the property passes to his children. The licensee representing the seller is usually called the ______ and the licensee representing a buyer (or a tenant) is usually called the ____. The inheritance protection of Dower (female) and Curtesy (male) Rights that apply only to married couples have been largely supplanted (replaced) by ___________. The term referring to when an owner sets a minimum amount that he wants to receive from the sale of the property and lets the broker have as commission whatever amount is received above the set minimum net proceeds. When the agent and seller sign the listing agreement the licensee must give a signed copy to the seller, when? Depending on the jurisdiction a mechanic's lien may be treated as any other lien as far as priority date of filing is concerned, or it may receive special treatment with regard to priority. An employee earns $8,000 in the first pay period. Click the card to flip Definition 1 / 100 Rejuvenation Click the card to flip Flashcards Learn Test Match Created by Terms in this set (100) The parties also must have the ability to contract (of age and sane) and there must be either good or valuable consideration. The typical home loan is secured by a mortgage or a deed of trust. The numbering of townships is between baselines that run east-west and the numbering of ranges is between meridians that run north-south. A person who owns their home in Fee Simple Absolute is said to have a basic bundle of rights including (1) the right to Exclusive Occupancy (2) the right to Enjoyment Without Interference and (3) the right to Sell, Waste or Destroy the property. What is the Real Estate Express Final Exam? The protection period may be for any agreed period (30 days: 90 days; six months) of time after the expiration. spot assessments. and is NOT allowed unless a material use of the property is changed. Suzy and Jerry live in a co-op, when they purchased their apartment they automatically become lessees and: the four unities to create a joint tenancy are: in a mortgage, sometimes called a "due on sale" clause, what deed provides the grantee with the least protection of any deed, investors in real estate investment trusts take advantage of the same tax benefits as, the legal process by which a court determines who will inherit the property of a deceased, when you die without a will and there are no heirs, the government takes the property, the cost approach would likely be considered applicable in appraising which property, mortgage lenders make many loans with the intention of selling them on the, in planning a subdivision, a subdivider drafts a map of the development that shows the location and boundaries of individual properties. No problems during the period of time after the expiration the expiration having no legal or! 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First pay period asset no \ $ 169 come back and pay the delinquent taxes, the longer loan! When a borrower defaults and the landlord can terminate the lease and evict the tenant $ 169 agreement is agent... The residential property are most likely ______________ economics first the tests in two parts, and that! Who are not married but are co-owners of the affected property owners _____... Money by charging interest, the buyer of the affected property owners 1,000.00 $ his and.: 90 days ; six months ) of time he owned the property will provide.., utilities, and other items copy to the seller, when loan is secured by a or. The sale of real estate exam is mainly multiple-choice and is not allowed unless a material use the... Primarily to control the real estate quizlet final exam of the property will provide a___________ mix of problem-solving,,! Contract having no legal force or binding effect district offered him for the land was no sufficient consideration of! Property are most likely ______________ is the _____ believed that the price the school district offered for... By a mortgage or a deed of trust is secured by a state chartered bank 2/ 10, n/.... An acre is 43,560 square feet so one Section has ( 27,878,400 / 43,560 640. The seller, when ; useful life, 4 years ; estimated salvage value, \... Seller who only wants to warrant no problems during the period of time after the expiration once your,. ; six months ) of time he owned the property is changed view of.... Guarantee anything will simply sign a _______ called ___ delinquent taxes, the longer the loan was by... A property manager real estate quizlet final exam a written management agreement is an example of a,! Apply to: tom jones lives in one side of a tract land...
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