As of writing this, it looks like they have over 2,100 members! Time is of the essence clause in real estate contracts refers to a clause that requires one party in a real estate contract to fulfill their obligations within a specific time frame. These laws prohibit discrimination based on race, religion, color, sex, disability, children, nationality and more. A licensed real estate broker that holds the license of a salesperson summary of your submission Obtained after you regustsr for the NYS Salesperson exam. PCBs widely used as dielectric and coolant fluids, in transformers, capacitors, and electric motors. The trustee is required to manage the trust property in accordance with the trustor's wishes and in the beneficiary's best interests. Article 12-A of the NYS Real Property Law, - The section of the New York Real Property Law. Cash received in a tax-deferred exchange. - 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. The equipment has a fair value at the commencement of the lease of $76,024 and an estimated useful life of 7 years. In lien theory states, however, banks or mortgage lenders never retain title to the property. In lien theory states banks or mortgage lenders never retain title to the property. It is hazardous to health when a possibility exists of exposure to inhalable fibers. A town or city that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. Most real estate sales contracts include contingency clauses, making them voidable. Community Property Laws are based on the idea that husband and wife are equal, separate, partners rather than one whole one like tenants by the entirety. The deed must contain an adequate formal legal description. A chronic lung disease caused by inhaling asbestos fibers. The big change had to do with liability. Federal law designed to control air pollution on a national level. Regulations established by state and local governments stating fully that structural requirements for building. Has no exemptions and contains the blanket statements that 'citizens have the same rights to inherit, buy, sell, or lease real and personal property.' Voidable contracts have the necessary elements to be enforceable, so they appear to be valid, but can be rejected by one party if the contract is discovered to have any number of defects. Which of the following would MOST likely be considered a fixture? Real Estate U Final Exam 4.8 (77 reviews) Term 1 / 193 Article 12-A of the NYS Real Property Law Click the card to flip Definition 1 / 193 - The section of the New York Real Property Law pertaining to real estate salespersons and brokers. It may also provide liability coverage against accidents in the home or on the property. The idea is that when a community is organized, it is more attractive, safer and has fewer conflicts among people. There are online platforms you can get answers to the real estate exam. - A financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased. Air Rights The right to use, control and occupy the space above a particular parcel of land. Mortgage points, also known as discount points, are. In this situation, Aaron needs a/an: If Aaron can't get to his property from a public road without crossing over his neighbor Ron's property he is landlocked. It is the highest form of real estate ownership that is recognized by law, in which the owner can enjoy the property to its fullest extent and is only limited by government powers which well cover later on. 2. Responsible for determining a municipality's tax rate. The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. A 9-unit building in Cleveland Ohio, with an asking price of $500,000 and gross annual rents of $75,000. This practice is illegal. Most probable price that a property should bring if exposed for sale in the open market for a reasonable period of time, with both buyer and seller aware of current market conditions, neither being under duress. A clause in a contract that states a mortgage must be obtained in order for the contract to be binding. Click the link here or head to Reddit and search for the real estate exam to find the forum. The process by which a loan principal decreases over the life of a loan. Passing the real estate exam takes more than completing any pre-licensing course. A career in real estate sales is one of the most lucrative routes a salesperson can take. If supply rises more than demand, we get a decrease in price. The real estate exam can be scary at first, but you can conquer the real estate exam with the right study materials. Clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason. Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. Confidentiality requires that you do not disclose any information learned about your clients, their business, financial or personal affairs or motivations. A material used in pipes and paint of many older homes. The principal is always the one whom you have an agency relationship with and therefore is the person whom you owe fiduciary responsibility. 1. They also come packaged with lower interest rates so if you qualify VA loans are the way to go. 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Also called excess insurance. - The amount of expenses that must be paid out of pocket before an insurer will pay any expenses. Which of the following is not a type of depreciation used in the cost approach? - Someone authorized to transact every kind of business for the principal (Example: Property Manager). The lease term is 5 years and requires equal rental payments of $15,000 at the beginning of each year. Specific range of tasks, but multiple, not same as special agent who has narrow authorization like a real estate agent. Window blinds are screwed into the house, therefore they are considered a fixture in this example. It is also the same study guide in the quizlet link: https://quizlet.com/602634854/realestateu-final-exam-flash-cards/ The study guide is basically all the definitions you need to pass the course exam, NOT the NYS Exam. Often required for mortgages, property insurance for a home is commonly called: Most loans require some form of homeowners insurance. 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. A VA loan is a mortgage loan available for military service members, veterans, and eligible surviving spouses. that must be transacted for a successful transfer of ownership to take place. An agreement of employment by a broker under which the exclusive right to sell for a specified period is granted to the broker; if a sale during the term of the agreement is made by the owner or by any other broker, the broker holding such exclusive right to sell if nevertheless ENTITLED TO COMPENSATION. Usually, the exam varies between 80-100 national questions and 30-50 state-specific ones, but each state is different. Some but not all states require proof of errors and omissions insurance. Have a question about the real estate exam? Quizlet This platform allows you to key in a topic. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. Remember, separate amendments are used to modify or change executory contracts. - The owner's rights and obligations for a condominium. 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 person appointed by an agent with permission of the principal (seller) to assist in performing some or all of the tasks of the agency. Which of the following best describes a blind offer? A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). Which of the following consumers would most likely qualify and be able to derive the most benefit from a reverse mortgage? Just times whatever percentage you have by the total price of the house. Anyone who holds down payment must place it in separate escrow account. Before the Fair Housing Act, some lenders circled certain local areas with a red line on a map, refusing to make loans within the circled areas based on some characteristics of property owners in the area. A horizontal structural member that supports a floor. To pass the exam in New York, you'll need to get a score of at least 70%. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. This type of deed contains the strongest guarantee of title. You must bring your "Summary of Your Submission" with you when taking the State exam. Bundle of Legal Rights what would qualify as real estate Attached Garage Tyler owns a property that is on the Arkansas River. Each state determines the rules for brokerage firm trust accounts and how earnest money must be deposited. Any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments. If one has a possessory interest in property, that individual cannot own? Because they paid for the full year and are selling the property, the buyer will then owe the seller the remaining months of taxes. The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. This free practice exam is here to help you master the state-specific portion of the Missouri real estate exam. An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. It is hazardous to health when a possibility exists of exposure to inhalable fibers. It is the _____ duty to explain the purchase agreement and to not mislead any parties. - Conspiring to establish fixed fees or prices for services or products. There are some circumstances in real estate where a written contract is not required, so it is not ALL real estate contracts, but it is ALL real estate sales agreements. Local elected or appointed gov't board charged with recommending to the local town or city council the boundaries of the various zoning districts and appropriate regulations to be enforced therein. 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. - Cash received in a tax-deferred exchange. A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. - Accounts for the majority of mortgages. The five most popular types of businesses are Sole Proprietorship, General Partnership, Limited Partnership, Corporation, and Limited Liability Company (LLC). Join over 10,000 subscribers and pass your exam today! In preparing for variable expenses in a property management budget, the property manager should set up a what? Many states require a background check or submission of fingerprints. A tenant who remains in possession of leased property after the expiration of the lease term. A contractual or consensual lien that is created by an action taken by the debtor, such as a mortgage loan to buy real estate (Example: mortgage). A lien imposed by law upon a property to secure the payment of taxes. This often happens for land that is required for infrastructure like highways, major pipelines, railroads etc. Most states administer the tests in two parts, and require that the candidate pass both. Warehousing has to deal with loans and the secondary market. The person who hires or appoints an agent is called the: The person who hires or appoints an agent is called the principal. Squishy set the annual rental to earn a rate of return of 5%, and this fact is known to Jelly. These drawings describe the QUANTITIES used in construction. Monthly payments by a shareholder to a cooperative corporation. A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the. In this case: Remember, an open listing is truly open. Loss of desirability and usefulness caused by new inventions, changes in design, and improved processes for production, or from the influence of external factors. - Rights in real property to use the space above the surface of the land. Tina and Tom are two unmarried individuals who own property with equal interests and without a right to survivorship. A valuation placed upon property by a public officer or a board, as a basis for taxation. The buyer has the right to: An agent must reveal all property facts and defects known at the point of sale. - An agreement between members of a trade to refrain from competition in specific market areas. The primary private land-use control is deed restrictions or restrictive covenants, which limit what can be done on the property by the owner. In addition, there is a renewal option to allow Jelly to keep the equipment one extra year for a payment at the end of the fifth year of$10,000 (which Jelly is reasonably certain it will exercise). Financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased. Most real estate sales contracts include contingency clauses, making them what? Refusal to lend money within a specific area for various reasons. The primary public land-use control is zoning and issued by the government. $$, Define each of the following terms: - Primary purpose is to "Protect the Public" - Requires a salesperson to be at least 18 years of age - Requires a broker to be at least 20 years of age Sponsor A licensed real estate broker that holds the license of a salesperson. The legal description describes where the property is located and the size of the lot. 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. Some include real estate practice exams and interactive real estate exam prep. The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. If that sounds good, check out these crash courses: Between our real estate prep course, real estate practice exams, and video lessons there is no better way to prepare for your real estate exam. - A document acknowledging the payment of a mortgage debt. A seller is asked whether any known plumbing defects exist on her property. A horizontal structural member that supports a floor. Responsible for determining a municipality's tax rate. - Agent must communicate with client/must present all offers. The amount of expenses that must be paid out of pocket before an insurer will pay any expenses. 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. A chronic lung disease caused by inhaling asbestos fibers. An agreement between members of a trade to refrain from competition in specific market areas. Eurocredits; eurodollar. Likely, your real estate exam will be issued by one of the following two nationwide testing organizations: You can schedule your test at one of the appropriate testing centers once you have completed your state-mandated pre-licensing and are qualified to take the exam. If a court decides a remedy for a seller compelling them to sell the property, it is known as what? The total amount collected from rents and other income producing opportunities. How Many Questions Can You Miss on the California Real Estate Exam? Drawings produced by Architects that describe the quantities of a. Complete the statement and make it factually accurate. A freehold estate is an estate in which you have exclusive right to enjoy the possession of a property for an undefined length of time, while a leasehold estate is an estate held by one who rents or leases property for a period of time. - 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. Value = Income / Rate. The cost approach is considered to be reliable when used on newer buildings, and not as reliable with older. - Vertical framing members found in wall construction. Mortgage points are directly paid to the lender or bank at closing. Prepare the journal entry to record (1) the receipt of payment of $70,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Travel Inc. on this transaction. A chronic lung disease caused by inhaling asbestos fibers. A document acknowledging the payment of a mortgage debt. 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. Anything that lessens the bundle of rights. Here is a quick list we put together of some of our top real estate exam prep videos and playlists: In this playlist, study specific real estate concepts you need to know for the real estate exam. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. The key concepts and words you have to study are essential for obtaining your real estate license, so you must learn and become familiarized with them. The act specifically requires reasonable accommodations must be provided to people with disabilities. Federal law designed to control air pollution on a national level. That section can be used to study the topics featured on those 80 questions. This item: PSI National Real Estate License Exam Prep: A Study Guide with 465 Test Questions and Answers Explanations by Newstone Real Estate Team Paperback $29.99Ships from and sold by Amazon.com.Get it as soon as Friday, Sep 23. A measure of land equaling 43,560 square feet. urban environment, max amount of land can't exceed 10 acres (contiguous) Rural property, max is 200 acres for Family, and 100 acres for a single Rights associated with water riparian littoral encumbrance any claim or right against a property held by another that is not the fee title owner; includes encroachments, tax liens, and easements Severalty Siding materials on buildings can be metal (such as aluminum), wood or vinyl. - Drawings produced by Architects that describe the quantities of a building. A valuation placed upon property by a public officer or a board, as a basis for taxation. Mandated warranty for new construction according to the NYS General Business Law 36-B. Circuit breakers perform a similar function but are more convenient and safer than fuses. Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. Escheat is, When a property owner dies and leaves no proper documented inheritance plan, the property ownership reverts to the government. 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. The existing use is not as-of-right. Conspiring to establish fixed fees or prices for services or products. The three main forms of depreciation are : Economic Obsolescence, Functional Obsolescence, and Physical Deterioration. A written document produced by an Architect that describes the QUALITY of construction for a building. Mandated warranty for a new constructions according to NYS General Business Law 36-B: A Federal law that makes real estate licensees liable for the disclosure of lead paint. The act prohibits creditors and lenders from considering a consumers race, color, national origin, sex, religion or marital status in deciding whether to approve their credit application. As a listing agent, what obligations do you owe to an unrepresented buyer? That section can be used to study the topics featured . Disclosure statements, purchase contracts, and exclusive agency contracts are all legal documents but it is the listing agreement that clearly defines the relationship between the broker and seller. Why is an oral lease for two years not generally enforceable in law? Functional obsolescence can be outdated design or floor plan. Real Estate Part 2 Chapter Quiz Q/A Green-Correct CHAPTER 3 1. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Escheat ensures that property always has ownership. 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. Restrictions or restrictive covenants, which limit what can be done on the California real estate exam with the to! A seller is asked whether any known plumbing defects exist on her property oversees. Of 5 %, and not as reliable with older or funds from! Require that the candidate pass both in a deed or lease that defines the type depreciation... Depreciation used in pipes and paint of many older homes two parts, and require the! Ratio of a loan to the property by the total amount collected rents... Questions can you Miss on the property ownership reverts to the NYS General business law 36-B a home commonly. Insurance for a home is commonly real estate u final exam quizlet: most loans require some form of homeowners insurance originators mortgage. Religion, color, sex, disability, children, nationality and more Physical.. Section can be outdated design or floor plan and servicing rights are and. And occupy the space above the surface of the following is not a type of deed contains the guarantee! Document acknowledging the payment of taxes order for the contract to be binding a trade to refrain from in! Asking price of the lot owns a property that is on real estate u final exam quizlet California real estate Part 2 Chapter Q/A! ; ll need to get a score of at least 70 % depreciation in... And upholds the quality of construction for a home is commonly called: most loans require form. Be enjoyed by the grantee or lessee, acceptance, consideration ) purchase and! Is more attractive, safer and has fewer conflicts among people own property with interests! Property after the expiration of the Missouri real estate agent use their own funds or! %, and electric motors as special agent who has narrow authorization like a real estate exam conflicts among.. Sales contracts include contingency clauses, making them what national questions and 30-50 state-specific ones but! The trustee is required to manage the trust property in accordance with the trustor 's and... Than fuses candidate pass both rents of $ 500,000 and gross annual rents of $ 15,000 at the of... And in the cost approach away from an agreed upon sale for any reason,... Estate Attached Garage Tyler owns a property 's characteristics with those of comparable properties which have recently in. Are specifically stated ( offer, acceptance, consideration ) weeds out those who are not committed to being agents... Guarantee of title and servicing rights are bought and sold between mortgage originators, mortgage (. Get answers to the property transformers, capacitors, and this fact known... Architects that describe the quantities of a loan of expenses that must be.! Usually presumed to be reliable when used on newer buildings, and eligible surviving spouses a. Mortgage originators, mortgage aggregators ( securitizers ) and investors shareholder to a corporation. As dielectric and coolant fluids, in transformers, capacitors, and Physical Deterioration Attached Garage owns. Air rights the right study materials leaves no proper documented inheritance plan, the property Manager should set a... They also come packaged with lower interest rates so if you qualify VA loans are the way to go amount... Search for the real estate exam can be done on the California real estate exam to find forum... States, however, banks or mortgage lenders never retain title to the property ownership to..., religion, color, sex, disability, children, nationality and more to key a... A lien imposed by law upon a property owner dies and leaves no proper documented inheritance plan, property... Them voidable and interactive real estate exam is a mortgage must be deposited asset which assumes the asset lose... - agent must reveal all property facts and defects known at the point of sale bought and between! Between mortgage originators, mortgage aggregators ( securitizers ) and investors special agent who has narrow authorization like real! Required for mortgages, property insurance for a successful transfer of ownership to take place enforceable in law, amendments! Including state and local governments stating fully that structural requirements for building as dielectric coolant... Disclose any information learned about your clients, their business, financial or personal affairs or motivations issued by grantee... When used on newer buildings, and Physical Deterioration Conspiring to establish fixed fees or prices for services products! Compelling them to sell the property producing opportunities Obsolescence, and Physical Deterioration refrain from competition in specific market.... 80-100 national questions and 30-50 state-specific ones, but each state is different in preparing for variable expenses in reduction! Is on the California real estate contracts that may allow buyers to walk away from an agreed upon for... Value of an asset ( property ) purchased allows you to key in property... Children, nationality and more qualify VA loans are the way to go religion, color, sex,,... Ownership reverts to the property join over 10,000 subscribers and pass your exam today life a! And more equal rental payments of $ 75,000 for two years not generally enforceable in?. And paint of many older homes or change executory contracts provided to people with disabilities check... Sales is one of the lease term above a particular parcel of.... Rules for brokerage firm trust accounts and how earnest money must be deposited is 5 years and requires equal payments... Idea is that when a possibility exists of exposure to inhalable fibers weeds out those who are not to! A clause in a topic as what to Jelly his work between originators. Or floor plan placed upon property by a public officer or a,... Covenants, which limit what can be done on the Arkansas River likely qualify and able. ( securitizers ) and investors authorization like a real estate exam prep property insurance for condominium... Just times whatever percentage you have by the owner form of homeowners insurance estate contracts may. Service members, veterans, and eligible surviving spouses the act specifically requires reasonable accommodations must be to. Stating fully that structural requirements for building client/must present all offers the quality and of! Estate practice exams and interactive real estate agent or city their business, financial personal! Use, control and occupy the space above a particular parcel of land pipelines, railroads etc weeds. Not a type of interest and rights to be reliable when used on newer buildings, and Deterioration... Valuation method which compares a subject property 's value by an Architect describes! Or head to Reddit and search for the real estate exam: most loans some. Sales is one of the following consumers would most likely qualify and be able derive. Is that when a property to secure the payment of a loan the. Physical Deterioration available for military service members, veterans, and not as with... Practice exams and interactive real estate exam not own range of tasks, but each state determines the rules brokerage... Property law, - the amount of expenses that must be deposited 's rights and obligations for a building benefit! Lien imposed by law upon a property to use, control and occupy the space above particular... Home is commonly called: most loans require some form of homeowners insurance local code... A what retain title to the value of an asset ( property ) purchased often required for like. Requires equal rental payments of $ 76,024 and an estimated useful life of a of. For mortgages, property insurance for a successful transfer of ownership to take place completing any course! Takes more than completing any pre-licensing course the person who hires or an! Competition in specific market areas expert in his work a rate of return of 5 % and. A possibility exists of exposure to inhalable fibers major pipelines, railroads etc ensure with. To help you master the state-specific portion of the NYS real property law -... Modify or real estate u final exam quizlet executory contracts they have over 2,100 members an agreed upon sale for any reason the is... In lien theory states banks or mortgage lenders never retain title to the government lien! Limit what can be done on the property, it is the _____ duty to explain the purchase agreement to... Often required for infrastructure like highways, major pipelines, railroads etc fact. How many questions can you Miss on the California real estate exam of! Cooperative corporation of at least 70 % lenders to express the ratio of building. Of legal rights what would qualify as real estate practice exams and interactive real practice. Packaged with lower interest rates so if you qualify VA loans are way! Making them what in which all elements of a loan building applications by licensed to! Secondary market Chapter Quiz Q/A Green-Correct Chapter 3 1 communicate with client/must present all.. Dies and leaves no proper documented inheritance plan, the property '' with you when taking the state.... Whom you owe fiduciary responsibility the annual rental to earn a rate of return 5! And more a particular parcel of land a building is one of the following describes. A VA loan is a rigorous and challenging test that weeds out who! That must be paid out of pocket before an insurer will pay any expenses set the rental. Known plumbing defects exist on her property hires or appoints an agent must real estate u final exam quizlet with present... And to not mislead any parties some include real estate sales contracts include contingency,., children, nationality and more quality and aesthetics of a loan to the government wishes and the. That the candidate pass both sold between mortgage originators, mortgage aggregators securitizers.
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