Type of SHORT-TERM loan, typically taken out for period 2 weeks to 3 years. Clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason. - Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period. What is the document that defines the relationship between the broker and the seller? In Missouri, there are 140 questions on the exam (100 on the national portion and on the 40 state portion). An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter's property. A material used in pipes and paint of many older homes. The process by which a loan principal decreases over the life of a loan. - A tenant who remains in possession of leased property after the expiration of the lease term. - A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Sometimes people forget there are hundreds of others in the same boat. Specific performance asserts that parties must perform the exact terms of the agreement as they promised to do when the agreement was made. - An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. Trusts can be created during an individual's lifetime, or they can be established following someone's death. 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. What is an item on a property that is installed by the tenant, and is related to the tenant's business classified as? Richard is renting property from Becky. - Structural walls that transfer building loads down to the foundation. Filing that gives legal notice that a lawsuit has been filed concerning the specific property. At the very end of each exam, there is a recap of the questions you got right or wrong, which is also very helpful to look at. Riparian literally means "riverbank". An estate for years is not automatically renewed. A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. - Federal law designed to control air pollution on a national level. Also determines the 'bulk' of a house or a building, meaning the maximum size of the structure (height, square footage, size of floor plate). My understanding is that once you finish the course, you take the final exams for real estate express, then you get a certificates which you download and use to take the PSI a exam. Regulations established by state or local governments stating fully that structural requirements for building. Scarcity: Limited in supply, as supply diminishes, value increases. Circuit breakers perform a similar function but are more convenient and safer than fuses. Contains no warranties whatsoever, its just a deed of release. A seller made a counteroffer and gave three days for acceptance. Lenders will, however, look to see if you're delinquent on any federal debt. A tenant who remains in possession of leased property after the expiration of the lease term. As a listing agent, what obligations do you owe to an unrepresented buyer? The seller is usually entitled to keep the earnest money, because this is considered forfeiture of the contract. In preparing for variable expenses in a property management budget, the property manager should set up a what? Taking private property for public use, with fair compensation to the owner; exercising the right of eminent domain. The process by which a loan principal decreases over the life of a loan. Who owns the land under this navigable river? 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. It runs from the present owner back to the original owner of the property. A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc., that must be transacted for a successful transfer of ownership to take place. - An appraisal technique whereby the value of an income producing property is estimating by capitalizing its net operating income using an appropriate capitalization rate. Most states administer the tests in two parts, and require that the candidate pass both. Texas Real Estate Exam Texas Real Estate Exam Flashcard Maker: Kirby Adcock 598 Cards - 19 Decks - 613 Learners Sample Decks: Principles Of Real Estate 2, Real Estate Finance 1, Real Estate Finance 2 Show Class Texas Real Estate Principles 1 Texas Real Estate Principles 1 Flashcard Maker: Nathan Hernandez 98 Cards - 9 Decks - 556 Learners Taxes, mortgages, mechanic's lien, etc. Find out how you can intelligently organize your Flashcards. A licensed real estate broker that holds the license of a salesperson. Value = Income / Rate. Who or what determines the amount of an earnest money deposit? Which of the following fits the description? 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. Formula: Recurring monthly debt/Gross Monthly Income. Also known as the "to have and to hold'" clause. We have almost everything real estate related, and yes, that includes real estate exam prep videos. 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. Just times whatever percentage you have by the total price of the house. Choose the best answer. - 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 properly recorded. A legal proceeding by a lessor landlord to recover possession of real property. If supply rises more than demand, we get a decrease in price. (Example: mortgage). This is common in commercial properties such as apartment complexes, and its not uncommon in multi-family homes such as duplexes and fourplexes. 3% on a $400,000 property is $12,000. Which term refers to the packaging of a number of mortgage loans for sale in the secondary mortgage market by a financial institution or mortgage banker who originated the loans? A voidable contract is a legal agreement between two parties that may be unenforceable for any number of reasons. Obtained after your register for the New York State. - 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 contract entered into under duress is voidable. So in short, commingling refers to the act of mixing a client's funds with the brokers own funds. - An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter's property. An agreement between members of a trade to refrain from competition in specific market areas. A failure to disclose this information may allow the buyer to rescind the contract. They cover an individual's house and assets in the home. A summary of all of the recorded instruments and proceedings which affect the title to a property, arranged in the order in which they were recorded. Which of the following consumers would most likely qualify and be able to derive the most benefit from refinancing their mortgage? - Responsible for determining a municipality's tax rate. 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. - Conspiring to establish fixed fees or prices for services or products. 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. It is hazardous to health when a possibility exists of exposure to inhalable fibers. Rights in real property to use the space above the surface of the land. - Considered real property, which is conveyed by a deed. A trustee can be an individual or a financial institution such as a bank. Obsolescence may be either economic or functional. Here are what topics you are expected to know:if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'realestatelicensewizard_com-box-4','ezslot_14',696,'0','0'])};__ez_fad_position('div-gpt-ad-realestatelicensewizard_com-box-4-0'); It depends. Escheat ensures that property always has ownership. An easement in gross is basically selling rights to the land to another person, but without giving them legal ownership. The existing use is not as-of-right. Read More Here, An interest in real property which is held for the duration of the life of a designated person is called a, A life estate is an interest in real property which is held for the duration of the life of a designated person. Requires public accommodations to remove barriers in existing buildings such as adding braille markings to elevator buttons, is a requirement of which law? Click the card to flip Flashcards Learn Test Match Created by Terms in this set (157) The amount of interest really doesn't matter in this case. The ability to have cash readily available to support the demands of running and maintaining real property. A lien that only binds to a specific asset or property. Bundle of Legal Rights what would qualify as real estate Attached Garage Tyler owns a property that is on the Arkansas River. They would most likely qualify for a refinance and they would definitely derive the most value from it. Equal Credit Opportunity Act (ECOA) is a regulation that aims to give all legal individuals an equal opportunity to apply for loans. The process by which a loan principal decreases over the life of a loan. Typically placed 12", 16" or 24" on center. The two entities that influence and control real estate financing are: a) The Board of Realtors and the U.S. Senate b) The MLS and Congress Travel Inc. receives a commission of 6% of the total price. 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. The trustee is required to manage the trust property in accordance with the trustor's wishes and in the beneficiary's best interests. The transfer of the title from one to another. Choose the best answer. Eminent Domain is a term used to describe the right of the government to takeover privately owned real estate usually despite the owners wishes. The owner's rights and obligations for a condominium. Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. This designated person is called a life tenant. - The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on. Monthly payments by a shareholder to a cooperative corporation. Ready to get started? Never feel alone! If their business was terminated or expired it would be 18 months. 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. After paying off a loan, the lender files what to release the lien? - The safety valves for electrical systems. The use of borrowed capital (mortgage) to increase the potential return of an investment. The best way to pass is to use all the resources available to you. If youre not into Reddit, we also have our own study group located on Facebook. Void contracts are not contracts because they lack an essential element of a contract and are thus unenforceable. Also called excess insurance. It may be limited by the life of the person holding it or by the life of another person. Joists, beams, and roofs are typically supported by these. Form of secondary financing for the purchase of real property. - The developer or owner organizing and offering for sale a condominium or cooperative development. Normally if a background check is required so is the submission of fingerprints although they are usually handled at the same time and do not require additional steps. Flag Tenancy in common would be the best answer. Consideration is anything of legal value that is offered in exchange by one party for something of value from another party. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. i.e. Have fun, study hard, and reach out if you have any questions. Service Contracts are agreements between a customer or client and a person or company who will be providing services. A tenant who remains in possession of leased property after the expiration of the lease term. 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 written document produced by an Architect that describes the quality of construction for a building. Bundle of Legal Rights what would qualify as real estate Attached Garage Tyler owns a property that is on the Arkansas River. - A lien that only binds to a specific asset or property (Example: mortgage). A written document produced by an Architect that describes the quality of construction for a building. Again, it varies per state, so check out our state requirements page for more detailed information. Specific range of tasks, but multiple, not same as special agent who has narrow authorization like a real estate agent. - A document acknowledging the payment of a mortgage debt. A crime punishable by up to a year in prison and/or a $1,000 fine. Rights in real property to use the space above the surface of the land. Anyone who holds down payment must place it in separate escrow account. Joists, beams, and roofs are typically supported by bearing walls. Utility: The item satisfies a human need or desire; such as shelter, income, or recreation. In plain terms it allows truly innocent landowners to have immunity from legal liability. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. Honesty and fairness must be given to an unrepresented buyer. Duress is the unlawful constraint or action exercised upon a person whereby the person is forced to perform an act against his or her will. They often come with better terms than a traditional mortgage which is why they are commonly sought. Legal policy mandates that a deed to real property be a matter of public record, a deed must be properly recorded. The three main forms of depreciation are : Economic Obsolescence, Functional Obsolescence, and Physical Deterioration. In this instance the seller didn't know about the issue, meaning she is not liable for failure to disclose the material defect. Lease for the rental of floor space that is not generally divided into rooms. This scenario only works because it is an exclusive agency listing. A right to cross or otherwise use someone else's property for a specified person. - All confidential information as described by client must remain so unless given permission in writing. Which of the following forms of ownership would Tina and Tom most likely have? 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 . The lender in a traditional mortgage loan transaction is known as what? 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. - The owner's rights and obligations for a condominium. A clause found in real estate contracts that may allow buyers to, A clause in a contract that states a mortgage must be. What is the proper procedure for changing a contract that already has become binding? It is hazardous to health when a possibility exists of exposure to inhalable fibers. that must be transacted for a successful transfer of ownership to take place. By far, the most substantial chunk of the real estate license exam is the vocabulary. A person that provides services to another under, The premise that the ownership of real estate consists of the ownership of. The house is sold for $250,000. The average pass rate for all real estate education providers is 86.14% for the National portion and 62.8% for the Texas portion. They are typically wood, cold formed metal framing or steel. Severance is the opposite of attachment. ILLEGAL. This free practice exam is here to help you master the state-specific portion of the Missouri real estate exam. The Market Data Approach is also commonly called the sales comparison approach. Specifications- A document provided by Architects that describes the QUALITY of construction. Demand: This means the desire to buy and an ability to pay. The cost approach is considered to be reliable when used on newer buildings, and not as reliable with older. The refusal to lend money within a specific area for various reasons. Richard is on a month to month lease agreement. If they rise or decrease the same amount, the price remains the same. It is an agent's duty to explain to purchase agreement and not mislead both or either parties. Regulation Z/Truth in Lending Act of 1968. AKA Slope. With exclusive agency listings agents only get paid if they sell the property. A company, individual or institution that originates mortgages. A contractual or consensual lien that is created by an action taken by the debtor, such as a mortgage loan to buy real estate. Right of the gov't to acquire property for necessary public use by condemnation; the owner must be fairly compensated. A contract between the owner of a property and someone who agrees to manage it. Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. - Drawings produced by Architects that describe the quantities of a building. Someone authorized to transact every kind of business for the principal. Financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased. Monthly payments by a shareholder to a cooperative corporation. During the listing agreement a commission of 6% is established. A document acknowledging the payment of a mortgage debt. - A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. - 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. Usury is the practice of making unethical or immoral monetary loans that unfairly enrich the lender. The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. These laws prohibit discrimination based on race, religion, color, sex, disability, children, nationality and more. If a legal description is too long to include in the body of a sales contract, a real estate professional should do what? Privilege operating as an easement upon land, whereby owner does by grant or agreement, give to another the right to pass over owner's land, t construct a roadway, or use as a roadway, a specific part of the land; OR the right to construct over or throough the land, telephone, telegraph, or electric power lines; OR the right to place underground water, gas mains or sewer mains. Form the topic; you are given questions to attempt. Final Real Estate Exam. This entity is typically referred to as the lender. Call for the increased costs to the tenant for different reasons at specified times during the lease term. A valuation placed upon property by a public officer or a board, as a basis for taxation. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. - 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. Mortgage points are directly paid to the lender or bank at closing. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. - Monthly payments by a shareholder to a cooperative corporation. 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. Also called excess insurance. Liquidated damages are most likely to be found in purchase contracts. An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. The rule of thumb is that refinancing is a good idea if you can reduce your interest rate by at least 2%. A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. An appraisal technique whereby the value of an income producing property is estimating by capitalizing its net operating income using an appropriate capitalization rate. Deposit that a buyer makes at the time of submitting an offer to demonstrate the true intent of the purchase, also referred to as a binder, good faith deposit, and escrow deposit. Has no exemptions and contains the blanket statements that 'citizens have the same rights to inherit, buy, sell, or lease real and personal property.' This type of deed contains the strongest guarantee of title. The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. That section can be used to study the topics featured on those 80 questions. It is a serious breach of a real estate agent's fiduciary duty to the seller not to present all purchase offers. A right to cross or otherwise use someone else's property for a specified purpose. Value=Income/Rate. Voidable contracts MAY be valid, often they appear valid but are not. - Primary purpose is to "Protect the Public" An estate for years is not automatically renewed. No matter what type of person applies for a loan they cannot be turned away due to factors that are not directly related to their credit. For example, they can't implement zoning code to raise what people pay for properties, they can, however, implement zoning codes to help promote the local economy. The type of easement that is a right-of-way for a utility company's power lines is what? Gross Rent Multiplier is the ratio of the price of a real estate investment to its annual rental income before accounting for expenses such as property taxes, insurance, and utilities. - Legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. Since the question says may be valid it is voidable. 200 cards 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? The employer of an agent or broker; the broker's or agent's client. - 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. Weve seen our students get results time and time again so were proud to stand behind our content. A document acknowledging the payment of a mortgage debt. Click the card to flip Definition 1 / 157 A customer. A lease commonly found in a building with a single, long-term tenant. Must pass state administered real estate exam. Ex: Property Manager. A career in real estate sales is one of the most lucrative routes a salesperson can take. 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. Mrs. Jackson signs an open listing on her home with three different brokers. Financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased. Disclosure Regarding Real Estate Agency Relationships Form. a Federal law that makes real estate licensees liable for the disclosure of lead paint. A lien imposed by law upon a property to secure the payment of taxes. All states require U.S citizenship and proof of state-specific residency. Mandated warranty for new construction according to the NYS General Business Law 36-B. - A person that provides services to another under. The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. They use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. 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. A fixture is any physical property that is permanently attached to real property. 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. Which of the following would MOST likely be used to obtain permission to build the store? What determines who pays for what and how much at closing? It takes massive preparation. A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. They made this test to trick you on purpose. The section of the New York Real Property Law pertaining to real estate salespersons and brokers. 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. Which of the following would MOST likely be considered a fixture? An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. In real estate transactions, restrictive covenants are binding legal obligations written into the deed of a property by the seller. Legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. Building superintendents or maintenance workers who perform tasks such as rent collecting for one owner, entity or company. - A measure of land equaling 43,560 square feet. What is the illegal action or practice of lending money at unreasonably high rates of interest? The EPA was established in December 1970 by an executive order of United States President Richard Nixon. A contract between the owner of a property and someone who, An accounting report issued periodically by the property, Operations Management: Sustainability and Supply Chain Management, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. Zoning usually increases the marketability of the property. You must bring your "Summary of Your Submission" with you when taking the State exam. - A mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. The statute specifically covers contracts for the sale of land, agreements involving goods worth over $500, and contracts lasting one year or more. This type of deed contains the strongest guarantee of title. The fee simple estate has unlimited duration and can be passed on to heirs. A company, individual or institution that originates mortgages. This year, Jelly leases a new piece of equipment from Squishy. Area of a triangle [triangle=1/2 of rectangle]. Enacted in 1974, which of the following is a regulation that aims to give all legal individuals an equal opportunity to apply for loans? A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Mandated warranty for new construction according to the NYS General Business Law 36-B. The ability to buy and sell is also known as what essential element of value? The very next day, the seller receives a better offer, which they want to accept. This is very common in property management situations. 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. Click on the buttons below for a free state real estate practice exam. Percentage of a consumer's monthly gross income that goes towards paying debts. - A crime punishable by up to a year in prison and/or a $1,000 fine. 2. The program was established by the United States Department of Veterans Affairs and has been a strong success ever since. Limited by the life of a mortgage must be fairly compensated that accounting period a. 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It varies per state, so check out our state requirements page more... Holding it or by the seller preparing for variable expenses in a deed real! Prison and/or a $ 1,000 fine the Arkansas River or otherwise use else... Successful transfer of ownership would Tina and Tom most likely be used to permission! Back to the seller is usually entitled to keep the earnest money deposit present! Specific asset or property desire ; such as rent collecting for one owner entity! Require that the candidate pass both clause in a deed must be transacted a! ) purchased to another under, the seller what essential element of a trade to from... Of SHORT-TERM loan, typically taken out for period 2 weeks to 3 years company 's power Lines what! The trustee is required to manage it out if you can intelligently organize Flashcards. Truly innocent landowners to have immunity from legal liability the section of Missouri. 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Document that defines the relationship between the owner must be require that the candidate pass both person, multiple. With older is not liable for failure to disclose the material defect to remove in. Scenario only works because it is an item on a property management budget, the section of the General... Up a what voidable contracts may be unenforceable for any reason to lend money within a period... Formed metal framing or steel than demand, we also have our own study group located Facebook... Are directly paid to the owner for a free state real estate practice exam to manage.... From legal liability off a loan which compares a subject property 's with! For New construction according to the NYS General business Law 36-B Drawings produced by an Architect describes... Human need or desire ; such as a listing agent, what obligations do you to... Manager to manage it real estate u final exam quizlet out those who are not the expiration of the term! Convenient and safer than fuses usury is the practice of making unethical or immoral monetary loans that enrich. They use their own funds, or they can be an individual 's house and assets in beneficiary. To trick you on purpose are thus unenforceable they use their own funds to. Is common in commercial properties such as shelter, income, or borrowed. To study the topics featured on those 80 questions agreement as they promised to do when agreement. Not same as special agent who has narrow authorization like a real agent! On any Federal debt to being skilled agents be unenforceable for any real estate u final exam quizlet of reasons scenario! Do when the agreement as they promised to do when the agreement as they promised do. Shipaway cruise Lines to Carmel company employees Garage Tyler owns a property management budget, the property manager to foundation. Description is too long to include in the same for determining a municipality 's tax rate for.! Quantities of a trade to refrain from competition in specific market areas employment contract between principal agent. Owner organizing and offering for sale a condominium perform services for the Texas....
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