real estate quizlet final examreal estate quizlet final exam

a mortgage broker usually offers what service? C. None, only the employer pays FICA taxes The powers granted the lender in the promissory note and mortgage which are filed of record as a lien against the title is one of the means of enforcing the lien against the property. $$ All licensees who are entering into an agency relationship should provide a WRITTEN DISCLOSURE, at the FIRST SUBSTANTIVE CONTACT with a potential client what personal interests (if any) the licensee has with either the property, the buyers, the sellers, or any other situation which might affect the agent's ability to be unbiased when providing service. c. $3,900. The bubble sheet is at the end. There are 100 questions on the national topics. D. Water table. That is why an amortizing home loan payment is often referred to as containing P.I.T.I. A court might find Harrison has become the owner through, when someone has blatantly, visibly, and hostility has your property for 20+ years. D.$597.50 (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. When a property is legally described using the ______ method it is probably in a subdivision and the plat is recorded at the courthouse. The ________ act prevents lenders from discriminating against race, color, religion, national origin, sex, marital status, age or dependency on public assistance in the granting of credit to consumers. Hello, welcome to our Florida Real Estate Practice Exam. On occasion, when buyer cannot produce the entire agreed-upon sales price, the seller will accept an arrangement where the buyer can move in and make monthly payments. Gary then asked if he could take the watch with him without paying, so that he could wear it to his grandmothers birthday party. $100. So, 5,280 x 5,280 = 27,878,400 square feet. Common water. Surface water. When a licensee has a listing for a particular property with instructions to market that property for sale or lease, the licensee is a specific agent. _____ Agency means one agent, but the owner can sell, too. But to further assure and protect the buyer (and the buyer's lender) the seller will often have to buy _________ to guarantee that the buyer will not lose his money if the title turns out to be defective. What is the difference between a FHA loan and a VA loan? Agreements, commonly used in insurance policies in which the parties involved do not have to perform a particular action until a specified "chance event" occurs. According to figures obtained from a cost-estimating service, the base construction cost per square foot of livable area is $92, and $76 per square foot for the garage. Here you must submit an application, certifications of completed courses, live scan (fingerprinting) and fee. Purchased merchandise on account from Dreyfus Company, $\$12,296.00$. weekly- regardless of interest from buyers/sellers. By far, the most substantial chunk of the real estate license exam is the vocabulary. 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) accepted by a seller without making a change and notification to the offeror of the acceptance. If the deal fails, who has the escrowed money? When a licensee has the authority to manage, lease or sell any of a client's real estate properties, the licensee is a general agent. The Cultural Landscape: An Introduction to Human Geography, AP Edition, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. the deed known in NJ as a bargain and sale deed with covenants against grantors acts is also known as a, creates a specific lien, a security devise for a promissory note, recordation establishes property lien, must be signed by the lender, in a new subdivision, streets, sidewalks, and curbs are usually provided by, mixing broker's funds with escrow deposits, a partition proceeding is an example of _____, when you have a joint tenancy and other partner get sued for his portion of the property, when the land of another private person is possessed in an open and notorious way for more than 20 years, certain property owners are required to carry flood insurance by, Real Estate Settlement Procedures Act - requires special information booklet, requires good faith estimate, requires uniform settlement statement, a legal description can be determined by a title attorney or, the landowner who dies without leaving a will is said to have been, the government has established benchmarks to aid, a contract being considered in an attorney review period is, in NJ, a COMMERCIAL real estate contract can only be prepared by, one officer must be licensed while the other officer may not be requires to obtain licenses, what is the license requirement pertaining to a license issued by a corporation, a person licensed as a broker, but working in a sales capacity under another broker's employ, is commonly known as, an attorney handling a distressed property sale for his client trying to avoid foreclosure, in NJ, who would NOT be required to be licensed as either a real estate broker or salesperson, knowledge written consent from both parties, a broker may act for both parties if they have. These include expenses such as real estate taxes, insurance, maintenance, repairs, utilities, and other items. Whenever a resident of another state is licensed in NJ, they must, which of the following things may a broker-salesperson NOT do, a copy of a complete accounting, in writing, of all monies due to a terminated salesperson must be kept by the broker for how long, the clause includes all residential leases prepared by the licensees for a term of one year or more, a licensee supervising the main office of a real estate brokerage firm must be physically present at the office during business hours for how many days per calendar week (not including holidays). Even though a mobile home, not attached to the land, may not be classified as real property, a PROPERTY CONDITION DISCLOSURE is usually required to be made by the owner when it is offered for sale. 29. Ad Valorem Taxes are based on the assessed value of the real property. That is called the Commencement Point. B. After the sale has been completed the former owner (borrower) then has a Statutory Right to redeem his or her property (for a period of time depending on local law). Whatever, yesterday I took the pre final exam after studying for 8 hours. Post the following transactions when journalized: (1) transactions affecting the accounts receivable or accounts payable subsidiary ledgers, (2) transactions recorded in the general journal, and (3) amounts entered in a general amount column of the cash payments and cash receipts journals. the borrower's credit rating is damaged for a significant time period. B. a leasehold estate. An employing broker must give a copy of the employment agreement, including any modifications, to every one of his or her employees and licensee contractors. 28$, for the semimonthly pay period ended December 31. A landlord who fails to make repairs has abandoned his duty and the tenant can terminate the lease. If the taxes are not paid by the delinquent owner within the allowed redemption period, the person holding the tax deed becomes the owner. Between the two is something referred to as a life tenancy - a person who has a Life Estate that has limited rights like a tenant and an unknown term length. an agreement between a property owner and a single broker authorizing that broker to seek a buyer for the property in exchange for compensation Fair Housing Laws laws that protect the rights of certain citizens in housing transactions Fiduciary a person who is obligated to act in the best interest of another Fraud 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. Capitalization definition. The bill for the repair came to more than $375. TS41. who would qualify as a disinterested third party in a transaction? If there are contingencies (Title search, survey, physical inspections, and financing availability) that are not fulfilled, the contract is subject to possible rescission by either party. Most property managers prepare regular reports for owners. b. The loan was made by a state chartered bank. Anything in between is called a modified gross or modified net lease. Government-owned buildings are usually classified as ___________. What is an advantage to a VA loan compared to a traditional mortgage? It is a health hazard when airborne. In a ____ partnership the General Partner makes decisions and is liable for debts. The sales tax rate is $6\%$. A Blanket Mortgage is secured by more than one property. Once your approved, you will be notified via phone or email, which ever you choose. Installment Contract or a Contract for Deed. A) $239,200 B) $276,060 C) $197,600 D) $246,960. In order to qualify as a living space, a newly constructed home must be inspected by the local municipality's building inspector to make sure it was constructed in accordance with the local building codes. 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 Speculator buys land expecting it to grow in value over time with no effort on his part. A net lease for a commercial property means that the rent is all that the tenant owes but the tenant is required to pay the utilities, the taxes, insurance, common area maintenance, building repairs and janitorial services. This encourages lender to have a higher Loan to Value (LTV) ratio. When you say "final final," do you mean the PSI exam? The most common definition of when market value occurs is the moment a buyer and a seller agree on a price after an arms-length negotiation. Bundle of Legal Rights what would qualify as real estate Attached Garage Tyler owns a property that is on the Arkansas River. a rental referral agency advertises the availability of an apartment. Zoning calls for defined areas that allow particular uses of property. Implied c. Invalid d. Valid In order to determine how to calculate the property tax rate to provide enough revenue to cover a community's budget, the county and local government needs to: (1) assess all properties (2) derive a taxable value by subtracting any exempted property values from the total assessed values and (3) divide community's budget by the taxable value. how often must the check the availability of the unit? Nonresidential real estate purchased since 1987 must be depreciated using: - both 39 years for the. Real Estate Final Exam Flashcards Quizlet June 15th, 2018 - Start studying Real Estate Final Exam Learn vocabulary terms and. NP22 and R455. 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. I am serious about wanting to buy your property.". A court can order a trust fund disbursement. \hline The work station has an estimated value of $\$11, 000$, and the forklift has an estimated value of $\$22, 000.00$. Are they as effective as the lien. The mortgage broker or the loan officer doesn't evaluate credit for approval of loans. 00$; and federal unemployment tax, $\$8.00$. Failed the final exam first go. When a property is restricted, and the ownership is dependent (conditioned) on a particular use as set forth in a deed, the condition will remain in effect no matter how many times the property is sold. Real Estate Final Exam Term 1 / 100 Octogenarians Gertie and Frank met in Sunset Living, a skilled nursing center for people with advanced Alzheimer's disease, where they're both residents. R459. 9 25 2016 real estate final ch 4 6 flashcards quizlet 1 12 real estate final ch 4 6 42 terms by marissa fraser c while most real property in the united states Typically, at least an acre of property per home is required for an individual septic system to provide ample room for the distribution field. Buildings are classified according to the age, amenities, and current condition. But PUBLICLY OWNED property that has been acquired through Eminent Domain can be LEASED to a private entity for a use that the public will have access to, and the right to enjoyment such as a sports complex or entertainment center. What are the seven basic fair housing categories? Because a lender is in the business of earning money by charging interest, the longer the loan term the greater the income. Beginning at the NW corner of the intersection of Pine & 675, thence north 950 feet, thence west 380 feet, thence south 950 feet, thence southeast 380 feet. M33. 28. A rent roll is a listing of occupied units in an apartment complex and the amount of money each is currently paying or will be required to pay in the future. A rectangular survey township has six miles on each side. Items attached as a fixture when installed by a tenant in a commercial rental space, that are used for trade or business, such as a grill in a restaurant, and that can be easily removed without damage to the property, are called ______. The less money available the higher the interest rates. In that case the winning bid gets a _____. A client is a principal, someone who has signed a written bi-lateral brokerage services agreement with a licensed brokerage. An agent must disclose to his buyer client material facts about the property that a reasonable person needs to know. Calculate the reproduction cost new of the structure. This is known as. An acre is 43,560 square feet so one Section has (27,878,400 / 43,560 = 640) acres. the employing broker must pay all commissions owed to a salesperson within how many days after receipt of commission funds by the broker ? A tenant who has signed a lease usually has the right to exclusively occupy and use the property covered by the lease. If a Joint Tenant dies the Surviving Joint Tenants automatically acquire the deceased interest per stirpes. right of redemption to halt the foreclosure process by paying the delinquency. 2. Paid $\$1,000.00$ on the outstanding balance of the Sarr Corp. account. 28. When a borrower defaults and the lender begins foreclosure he/she has a ____________. To exist, Joint Tenancy means that the Joint Tenants have PITT; (an undivided Possessory Interest; have acquired the Property at the same Time (in the same deed) with the same Title). An encroachment is not recorded and is not part of a chain of title. No. An investor might decide to purchase a commercial rental property rather than a residential rental property because commercial tenants generally are easier to deal with than residential tenants. Sold merchandise on account to Huang Restaurant, $\$5,000.00$, plus sales tax. For an answer on your specific state, see our guides for every state on the table above. Reassessing the tax classification for a single property is called ___. There are several ways it can be terminated: A person who holds a Life Estate is also referred to as a _________ because the term for which he/she can control property will only exist for his or her life. One mile is 5,280 square feet. The numbering of townships is between baselines that run east-west and the numbering of ranges is between meridians that run north-south. 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.

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