Building Codes dictate(s) the minimum and maximum pressures allowed for plumbing fixtures. . The document, as altered, becomes a new offer, perhaps with handwritten changes initialed by the offeree (who now becomes the offeror of the new offer). The loan was made by a state chartered bank. When you say "final final," do you mean the PSI exam? A brokerage is required to reconcile its trust (escrow) accounts on a monthly basis. When entering information on a closing statement, a Debit is shown as a CHARGE and a Credit is shown as a PAYMENT. Whatever, yesterday I took the pre final exam after studying for 8 hours. 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. Money is a Legacy and the beneficiary is a Legatee. The sales price of a property would be a debit to a buyer and a credit to a seller. One of the most necessary elements of a contract is ___. Flashcards Quizlet. what term refers to ownership of a single property by a single person or an entity. 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. A subagent is an "agent of an agent." Does Mike still have an aritsans lien he can enforce against Gary? If a Joint Tenant dies the Surviving Joint Tenants automatically acquire the deceased interest per stirpes. A seller who does not want to guarantee anything will simply sign a _______. Note the last direction - Southeast (Not East). A landlord who fails to make repairs has abandoned his duty and the tenant can terminate the lease. What is the seller in this situation? Online Real Estate Practice Exams. Every real estate office must have displayed at all times a poster called the Equal Housing Opportunity Poster to state that the business requires its agents to provide equal opportunity to all in buying and leasing housing. _____ Listing means multiple agents and the owner can market the property. 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. 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). The work station has an estimated value of $\$11, 000$, and the forklift has an estimated value of $\$22, 000.00$. A township then is divided into 36 Sections which are square tracts of land one mile on a side. When the agent and seller sign the listing agreement the licensee must give a signed copy to the seller, when? The seller had agreed to mediate the radon gas problem in his basement within 31 days. Real Estate Final Exam (150 Questions ) #1 Flashcards | Quizlet Subjects Expert solutions Log in Sign up Real Estate Final Exam (150 Questions ) #1 4.7 (20 reviews) Term 1 / 157 A real estate licensee has a buyer agency agreement. What term is used to describe revocable permission for the temporary private use of someone's property. No. \end{array} commingling and it is illegal and can result in a revocation of your license. 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. A ________ survey with Townships Ranges, Sections, Meridians and Base Lines is an accepted method of legal description. An example might be that the air conditioner is 13 years old, AN example of active fraud or intentional mis-statement is an. When sold, however, the buyer will be a Tenant in Common with the remaining owners who will still be Joint Tenants. Earnest money is NOT required in order to have a valid contract. some properties located outside of the state of NJ are covered by the real estate sales full disclosure act when offered for sale in this state. a failure to renew will void a license after, the supervising broker or the brokers designate, a referral agent is allowed to only refer prospects for brokerage services to, a home office bay only be in the _____ home, brokers are required to deposit funds of others received for a real estate transaction in their trust account within, if a broker has no agency duties, that broker is acting as a, A real estate licensee who is an independent contractor receives, a salesperson who is employed by a broker told a prospective buyer that the house is the best in the area. When a property is for sale but the debt is greater than the market value, sometimes the lender will agree to a ________ and take less than is owed on the property to avoid foreclosure. When a deed is recorded, the purpose is to protect the owner's rights but also to provide notice to any buyer regarding any liens or attachments provided regarding the condition of the title of the property they are buying. 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. \begin{array}{|l|c|c|c|c|} The U. S. Constitution's Fifth Amendment mentions the right to property. If a licensee finds that the seller is refusing to pay an earned commission, the licensee needs to report the situation to the broker (because the commission is actually due the brokerage) so the brokerage can sue the seller for breach of contract. loans a percentage of, the right that the government hats promulgate and enforce laws necessary for the protection of the general public is known as, when a person gives power of attorney to another, the one entrusted with his power is known as the, according to the statute of frames, all agreements must be reduced to writing, except, when a person makes an offer on a property, the down payment or deposit evidencing good faith is referred to as, when a seller agrees not to list the property with any other broker, but reserves the right to sell the property himself, he has entered into what type of listing agreement. (5:00 PM doesn't mean 5:15PM). property life and the straight-line method. That study guide is free. A Speculator buys land expecting it to grow in value over time with no effort on his part. For example, when a loan secured by a mortgage is obtained, a document is filed by a lender at the county courthouse as a Lien to give public notice of the "cloud" on the title to the property being used as security. When the first of the month came around, Gary did not pay. The licensee representing the seller is usually called the ______ and the licensee representing a buyer (or a tenant) is usually called the ____. who of the following needs a real estate license? 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. The homeowner receives (rather than pays) monthly payments. Because many of them do not require a down payment. After the death of the person who is the "measuring life" (either the life tenant or someone else under the term "pur autre vie") of a Life Estate, the ownership will either revert to the "grantor" (of the life estate) or will be passed on to a "remainderman. A _____ is one that is set up and becomes effective only after the Trustor has died. 28$, for the semimonthly pay period ended December 31. 28. 28. Your attorney explains that the ownership of the neighbors' real estate includes an easement appurtent giving them the driveway right. Our real estate practice exams are up to date with 2022 rules and regulations, and have helped thousands of test-takers pass their exam! Rao Deli dishonored NR29, a 60 -day, $12\%$ note, for $\$6,000.00$. This is referred to as a _________. 00$; and federal unemployment tax, $\$8.00$. D. Water table. 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. A buyer Government-owned buildings are usually classified as ___________. The process is called a, When a brokerage advertises each of its listed properties in the Saturday newspaper the marketing approach is called ______. 2. The typical home loan is secured by a mortgage or a deed of trust. What are some Sherman anti-trust act violations? \hline \text { Profit } & a & b & c & d \\ county or local (city or town), NOT the state or federal government. Devise (not spelled "device") and the beneficiary is a Devisee. It is a useful tool to help determine the annual rental income for the property, a number that is important to estimate value. When blended together and spread over the cost of the loan the new and higher rate is called the _______, A site analysis on residential property is conducted by an appraiser to try to estimate of the property's _______. What is subject to this act? 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. weekly- regardless of interest from buyers/sellers. a powdery mineral found in older building materials such as sheetrock and insulation and even some glue that holds mirror pans on a wall. Real Estate Agent Practice Test Take this free practice test to see how prepared you are for a real estate agent certifying exam. 284, $\$300.00$. A lender provides a loan where the payment includes the taxes and insurance in addition to the principle and interest. Fill in the bubble sheet for each answer. $$ (Example: Property Value = $400,000 x Assessment Rate of 30% = $120,000 (Assessed Value) x Tax Rate of 35 mills (.035) x $120,000 Assessed Value = $4,200 Annual Property Taxes, : An offer is not a contract until _____________. First estimate using front-end rounding and then multiply. Who is able to sell real estate without a license? 28. a written listing agreement between a seller and the licensee's brokerage setting forth the terms under which the licensee will act as an agent, with the seller as a client, to market the seller's home and (2) a written buyer agency agreement between a prospective buyer and the licensee's brokerage setting forth the terms under which the licensee will act as an agent with the buyer as a client to search for, offer, negotiate, assist in engaging services such as inspectors and lenders and close the purchase of a home. The analysis of the extent of risk assumed in connection with a loan is done by a specialist at the lender and is known as _______. Buildings are classified according to the age, amenities, and current condition. Some of the properties in every community are exempt from real estate and other property taxes. BUY IT. This is called an ________. This is known as. Oklahoma Real Estate License Code specifies that it is acceptable for any person who is a resident of a rental unit may be paid a "resident referral fee" of not more than. 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. What happens if a managing broker's license is revoked? Paid cash for semimonthly payroll, $\$4,413.72$ (total payroll, $\$5,520.00$, less deductions: employee income tax, $\$304.00$; social security tax, $\$342. 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