A satisfaction of mortgage is a document that confirms a mortgage has been paid off and details the provisions for the transfer of collateral title rights. The Market Data Approach is also commonly called the sales comparison approach. The biggest difference is that the government does not write or enforce private controls but it does impose and enforce public controls like zoning. A clause in a contract that states a mortgage must be obtained in order for the contract to be binding. In this situation, the new offer cannot be accepted unless the seller's counteroffer is withdrawn or hypothetically rejected. If you know of any additional free resources that we can add to this list, please email us and let us know.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'realestatelicensewizard_com-leader-1','ezslot_15',699,'0','0'])};__ez_fad_position('div-gpt-ad-realestatelicensewizard_com-leader-1-0'); Have you ever heard of Reddit? A mortgagee is an entity that lends money to a borrower (also known as a mortgagor) for the purpose of purchasing real estate. Bounds: directions from one point to another. This year, Jelly leases a new piece of equipment from Squishy. What are they? - Structural walls that transfer building loads down to the foundation. They often come with better terms than a traditional mortgage which is why they are commonly sought. There is no such thing as intangible deterioration. An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter's property. 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. Typically used in describing the slope of a roof, driveway, sidewalk, etc. - 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. Typically placed 12", 16" or 24" on center. An appraisal technique whereby the value of an income producing property is estimating by capitalizing its net operating income using an appropriate capitalization rate. What is the difference between commingling and conversion in real estate? Many states have a national portion and a state portion, but Florida has one section combining both for a total of 100 questions. Holding earnest money is only legal with written authorization, and even then it's best to deposit it as soon as possible. - An accounting statement that forecasts income and expenses for a period of time, typically five or more years. The ability to buy and sell is also known as what essential element of value? - An agreement between members of a trade to refrain from competition in specific market areas. Take this free practice test to get an idea of what is on the California Real Estate Salesperson exam administered by the California Department of Real Estate (CalDRE). Many states require a background check or submission of fingerprints. Have a question about the real estate exam? Some include real estate practice exams and interactive real estate exam prep. 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. Real Estate Part 2 Chapter Quiz Q/A Green-Correct CHAPTER 3 1. Conversion is the unlawful misappropriation and use of a clients funds by a licensee, see the difference? - Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. A lien that only binds to a specific asset or property. If Federal or City building code is more stringent on particular issue, the more stringent Code will supersede the State code. Parcels without access to a public way may have an easement of access over adjacent land if crossing that land is absolutely necessary to reach the landlocked parcel and there has been some original intent to provide the lot with access. A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee. Which of the following statements is NOT true about radon? VA loans are only for active military service members, veterans, and certain military spouses. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Escheat is, When a property owner dies and leaves no proper documented inheritance plan, the property ownership reverts to the government. Value=Income/Rate. There are three different main approaches that appraisers use while they make an appraisal. As of writing this, it looks like they have over 2,100 members! The contract was established under duress, fraud, deception, or coercion making it voidable. Both terms pertain to spouses. A balloon loan is a mortgage which does not fully amortize over the term. The developer or owner organizing and offering for sale a condominium or cooperative development. Clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason. 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(f) Equipment. A prepayment penalty clause states that a lender can penalize a borrower if the borrower pays off the mortgage much sooner than usual. A general agency in real estate is where an agent has limited power. What of the following is required by the Americans with Disabilities Act(ADA)? Which of the following fits the description? The amount of interest really doesn't matter in this case. Each state determines the rules for brokerage firm trust accounts and how earnest money must be deposited. Monthly payment by owner of a condominium. The developer or owner organizing and offering for sale a condominium or cooperative development. Or a conditional use permit. Air Rights The right to use, control and occupy the space above a particular parcel of land. - A crime punishable by up to a year in prison and/or a $1,000 fine. An accounting statement that forecasts income and expenses for a period of a time, typically five or more years. Similar real estate exam preparation courses charge anywhere from $49 to $200. $$ We highly encourage you to join these groups and talk to other test takers. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. - Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. A clause that allows landlord to raise rents during the term of the lease. Considered a proprietary lease and personal property (NOT real. - An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. - A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee. In Missouri, there are 140 questions on the exam (100 on the national portion and on the 40 state portion). Specific performance asserts that parties must perform the exact terms of the agreement as they promised to do when the agreement was made. A lease commonly found in a building with a single, long-term tenant. 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. Right to retain property for payment of a debt. Before I took the real estate express final exam I re-read every chapter summary and I quizzed myself on all the "check your understanding" questions. A seller made a counteroffer and gave three days for acceptance. 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 - A person that provides services to another under. Real estate exams are administered at hundreds of locations across the United States, depending on where you live. An accounting statement that forecasts income and expenses for a period of time, typically five or more years. In a typical real estate market, if the demand for commercial office space declines and the supply of office space also declines at the same ratio, market rent per square foot should: If demand increases more than supply does, we get an increase in price. Is the agent entitled to compensation? Also called excess insurance. We created a Texas real estate exam prep course to help students pass their first time! - The sequence of historical transfers of title to a property. They are typically wood, cold formed metal framing or steel. This is common in commercial properties such as apartment complexes, and its not uncommon in multi-family homes such as duplexes and fourplexes. What is the difference between void and voidable contracts? Also called excess insurance. One main duty is to maintain the essential character of the neighborhoods. So in short, commingling refers to the act of mixing a client's funds with the brokers own funds. - Cash received in a tax-deferred exchange. Instead, it is an opinion of value. Which of the following consumers would most likely qualify and be able to derive the most benefit from a reverse mortgage? The period over which a property may be profitably utilized is called its: Economic life is the expected period of time during which an asset remains useful to the average owner. I.E. - A crime punishable by up to a year in prison and/or a $1,000 fine. Registers and licenses all companies and individuals who conduct mortgage related services in New York. In Kentucky, there are 130 questions on the exam (80 national and 50 state). The length of the real estate exam varies from about 1.5 hours to 3.5 hours again, based on the state youre in. The proper procedure for changing a contract that has already become binding is to sign a separate amendment. A horizontal structural member that supports a floor. An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period. Which of the following would MOST likely be used to obtain permission to build the store? - A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. Historic Preservation/Landmark Commissions. So in our case it would be 500,000/75,000 which equals 6.66! - A lien that only binds to a specific asset or property (Example: mortgage). 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. This is word for word from the study guide, enjoy and good luck :), Article 12-A of the NYS Real Property Law, The section of the New York Real Property Law. In the appraisal of a building constructed in the 1930s, the cost approach would be the least accurate method because of difficulties in. (i) Rent expense. -Must be 18 years old, if younger it is voidable. A person that provides services to another under. A single agency has a relationship with the buyer or the seller, but not both. Escheat is part of the reason it's critical to have a will or when you are purchasing property you establish a clear right to survivorship. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. Responsible for determining a municipality's tax rate. Mortgagee = Lender. 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. The Purchase Agreement is 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. This act protects consumers from being wrongfully discriminated. 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. Responsible for determining a municipality's tax rate. (Example: mortgage). Salesperson Test : Questions. Which of these items are liabilities of White Glove Cleaning Service? - A material used in pipes and paint of many older homes. A naturally occurring mineral fiber sometimes found in older homes. So in this case take $250,000 and multiply it by .06 or 6%. Real Estate U Final Exam Study Guide 4.5 (2 reviews) Term 1 / 110 Article 12-A of the NYS Real Property Law Click the card to flip Definition 1 / 110 The section of the New York Real Property Law pertaining to real estate salespersons and brokers. - Accounts for the majority of mortgages. 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. In real estate transactions, restrictive covenants are binding legal obligations written into the deed of a property by the seller. If one has a possessory interest in property, that individual cannot own? The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. Consideration is anything of legal value that is offered in exchange by one party for something of value from another party. Reverse mortgages can provide much-needed cash for seniors whose net worth is mostly tied up in the value of their home. - A person that provides services to another under terms specified in a contract or within a verbal agreement. 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. Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right to bequeath and the right to do none of the foregoing. A valuation placed upon property by a public officer or a board, as a basis for taxation. Local zoning ordinances often regulate all of the following except. 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. A legal proceeding by a lessor landlord to recover possession of real property. This often happens for land that is required for infrastructure like highways, major pipelines, railroads etc. If a buyer refuses to go ahead with a purchase of property which he has signed a contract, what usually happens to the earnest money? Justin takes out a mortgage loan that requires monthly payments of $650.50 for 25 years and a final payment of $30,000. Federal law designed to control air pollution on a national level. RESPA (Real Estate Settlement Procedures Act) -- Consumer protection statute passed in 1974. The subreddit or forum should show up. - Any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments. 3% on a $400,000 property is $12,000. The sequence of historical transfers of title to a property. Market value is never directly determined by the government. 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. Real estate express Amortization is when payments divide into equal amounts for the duration of the loan. Want to practice real estate exam questions every day; this is the perfect playlist for you. (b) Accounts payable. 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. The amount of expenses that must be paid out of pocket before an insurer will pay any expenses. The Fair Housing Act is a law that prohibits discrimination in the buying, selling, renting or financing of housing. Who or what determines the amount of an earnest money deposit? 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. NY Code provides minimum standards for all buildings in NY. The program was established by the United States Department of Veterans Affairs and has been a strong success ever since. - Agent must communicate with client/must present all offers. Value = Income / Rate. The zoning board of appeals is also responsible for granting variances. A horizontal structural member that supports a floor. The primary private land-use control is deed restrictions or restrictive covenants, which limit what can be done on the property by the owner. The ability to have cash readily available to support the demands of running and maintaining real property. Upon payment and delivery of the deed, the seller should also deliver what? 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Estate exam prep course to help students pass their first time mostly tied in... Value that is offered in exchange by one party for something of value states, depending on where live... Buy and sell is also commonly called the sales comparison approach 18 years old, real estate u final exam quizlet... Cooperative development down to the Act of mixing a client 's funds with the buyer or seller... Be the least accurate method because of difficulties in for a period of a property by a officer. A total of 100 questions or a board, as a basis for taxation better terms than a mortgage... In Kentucky, there are three different main approaches that appraisers use while they make appraisal! New York Chapter Quiz Q/A Green-Correct Chapter 3 1 order for the principle involving the 's. Railroads etc possession of real property present all offers veterans, and even then it 's best to deposit as! 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