There is no law stating an earnest deposit has to be a certain amount. The actual interest rate charged, including loan fees and points. So in our case it would be 500,000/75,000 which equals 6.66! Lastly, an (LLC) is a hybrid legal entity that has certain characteristics of both a corporation and a partnership or sole proprietorship. Which of the following BEST describes a contract that is voidable? Each square, six miles by six miles, is called a township. Has no exemptions and contains the blanket statements that 'citizens have the same rights to inherit, buy, sell, or lease real and personal property.' If one has a possessory interest in property, that individual cannot own? 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. When applied together, the various valuation methods provide the best estimate of the value of the income-producing real estate under evaluation. - A financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased. Voidable contracts MAY be valid, often they appear valid but are not. What determines who pays for what and how much at closing? Insurance policy that covers amounts above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum. Right to retain property for payment of a debt. Local appointed board that has the power to review administrative rulings made by the planning board or another legislative body. Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. 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. Watch these videos to review critical real estate terms that will appear on the real estate exam. 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 Rules in a cooperative that cover common issues including garbage disposal, maintenance, noise, and conflict resolution. Ex: Property Manager. Join over 10,000 subscribers and pass your exam today! Local zoning ordinances often regulate all of the following except. Considered a proprietary lease and personal property (NOT real property). You must bring this with you when taking the State exam. The Property Condition Disclosure Statement Act requires the seller to submit to the buyer, a "PCDStatement" prior to signing the contract of sale. A fixture used in commercial property for business or industry Real estate includes land and buildings Bundle of Rights The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property. 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. With a total of 120 questions (80 national and 40 state), that means the score to pass is 56 for the national and 28 for the state. Which of the following fiduciary duties continues after a listing agreement expires? - Primary purpose is to "Protect the Public" AKA Slope. Which of the following best describes a blind offer? The fifth and fourteenth amendments of the U.S. Constitution permit the government to exercise its power of eminent domain. An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period. that must be transacted for a successful transfer of ownership to take place. Travel Inc. therefore remits$65,800 to ShipAway. - A series of documents submitted for the review by a cooperative boards. The actual interest rate charged, including loan fees and points, The market where mortgage loans and servicing rights are, A financial term used by lenders to express the ratio of a loan to the. Also if it was open listing, the agent would still NOT be entitled to any compensation. A lien imposed by law upon a property to secure the payment of taxes. This type of deed contains the strongest guarantee of title. Registers and licenses all companies and individuals who conduct mortgage related services in New York. Jelly leases equipment used in its production processes from Squishy, Inc. Is the seller in violation of her disclosure responsibilities? Which of the following consumers would most likely qualify and be able to derive the most benefit from refinancing their mortgage? Confidentiality requires that you do not disclose any information learned about your clients, their business, financial or personal affairs or motivations. The agent told them the seller wanted $260,000 instead. A town or city that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. Can be quite complex or quite simpledepending on the type of real estate transaction. - The employer of an agent or broker; the broker's or agent's client. A federal prohibition that protects buyer/renter of a dwelling from. - A lien that only binds to a specific asset or property (Example: mortgage). The good news is that there are a lot of tools out there to help with passing the real estate exam. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. Air Rights The right to use, control and occupy the space above a particular parcel of land. The Environmental Protection Agency (EPA) is the federal agency responsible for dealing with environmental issues. A material used in pipes and paint of many older homes. One of the biggest advantages of a VA loan is in some circumstances people dont even need a down deposit for the property they want. Each state determines the rules for brokerage firm trust accounts and how earnest money must be deposited. A property owner wishes to build a neighborhood grocery store in an area zoned for residential use. - 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. The Fair Housing Act is a law that prohibits discrimination in the buying, selling, renting or financing of housing. 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. The statute of frauds is a common law concept that requires written contracts for certain agreements to be legally binding. According to the Do Not Call list and Established Business Relationship (EBR) Rules, a real estate professional may contact a past client for relationship building purposes when? No fee is earned if the owner alone sells the property. In preparing for variable expenses in a property management budget, the property manager should set up a what? Legal proceeding by a lessor landlord to recover possession of leased property after the expiration of the lease term. And lastly, the Income Approach, is also known as capitalization. The developer or owner organizing and offering for sale a condominium or. - A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. Also known as the "to have and to hold" clause. We also have detailed state-specific practice exams located down below, along with an extensive math practice 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. All states require U.S citizenship and proof of state-specific residency. A chronic lung disease caused by inhaling asbestos fibers. There are three main forms of depreciation, what are they? Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. - Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. Doing the math that gives you $15,000.00. Real estate exams are administered at hundreds of locations across the United States, depending on where you live. It runs from the present owner back to the original owner of the property. - A lien imposed by law upon a property to secure the payment of taxes. The contract was established under duress, fraud, deception, or coercion making it voidable. - Primary purpose is to "Protect the Public" Obtained after your register for the New York State. Which of the following statements is NOT true about radon? - The authorization to improve or develop a particular property in a manner not authorized by zoning. A 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. If a court decides a remedy for a seller compelling them to sell the property, it is known as what? - A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. To whom does an agent always owe their fiduciary responsibility? 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. You can't have that form of ownership with two unmarried individuals. Exists when a principal does not stop an individual from representing them thus creating an agency relationship between the two. 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 The buyer has the right to: An agent must reveal all property facts and defects known at the point of sale. The amount of expenses that must be paid out of pocket before an insurer will pay any expenses. 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