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BOMI Real Estate Investment & Finance Flashcard Maker: Michael Hodge. Real Estate 316 terms Carlylandry `What is the Paired Sales It is to determine the cost of Intent o…, Final Exam: Real Estate (Scenario Question), 1 broker with listing agreement and buying agreement. Choose from 500 different sets of nj real estate test flashcards on Quizlet. But when real-estate values began to decline, much … Nearby property that suffers from lack of maintenance and is negatively affecting the sellers property. 32. 27. the business practice of bringing together the parties in a practice. Well, the term 'estate' literally refers to the land and … 81. ie: lending institutions or insurance companies. Is special price setting allowed for certain categories of people? 88. 15. new york real estate Classes. All are examples of fiduciary responsibilities under a single agency listing agreement except.. . 78. 61. View Test Prep - Real Estate Flashcards | Quizlet from REAL ESTAT 101 at University of Southern Mississippi. An example of an item that is prorated at settlement is... 82. 75. The following are typical property management operation expenses except... 65. What are the conditions to when an agreement of sale becomes a binding contract? 54. At the first discussion of needs and motivation. 17. Who determines the commission in a listing contract? Purchase money order is a debit to the... Debit to the SELLER (It's a loan in which the seller provides financing to help buyer). 44. Real Estate Exam Things to Remember (62 cards) 2020-09-03 8 Real Estate Key Concepts (39 cards) 2020-08-15 8 All about Financing including: mortgages, deeds of … Which is not used to determine cost approach to estimate value? They are commonly found on Adjustable Rate Mortgages (ARM). The main factor a property manager should use to evaluate a prospective tenant is. the unlawful act of keeping a buyer away from certain communities or guiding them to purchase in certain communities. Usually written into a mortgage to allow the lender to acceler…, The value of the real property established for tax purposes. When the buyer accepts the offer and the seller is notified. Police Power, Eminent Domain, Taxation, Escheat, Abandonment (dying with no will and no heirs with the property…, Loan amount divided by sale price or appraised value (whicheve…. Relationship to parties... 2. What is a mortgage that will not fully amortize the loan? What is the transfer tax charged by the state of PA? What is a characteristic of a VA Mortgage? What type of property would be most appropriate to use the cost approach method? What is a fair housing exemption? 50. 8. a type of listing in which a seller desires to sell real property and receive a guaranteed amount of money for the sale, so that the broker's commission is any sale price amount of money over and above the guaranteed price to the seller. Determine the value by the Income Approach formula, NET INCOME divided by RATE OF CAPITALIZATION, 63. All are typical duties of a property manager with the exception of... 20. A local or regional real estate service that compiles available properties for sale submitted by real estate brokers and agents. In the rapidly rising real-estate market of the mid-1980's, those practices posed no major problem. An agreement between the owner and broker. If an owner's annual property taxes on a $100,000 home are $540 and the house is assessed at 20% of value, what is the tax rate per thousand dollars of evaluation? 19. a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. 92. to to provide disclosure of closing cost info. What rules require fair housing laws to be in a listing contract? What is a mortgage that encumbers several parcels of land? A veteran real estate agent that really knows how to serve you and sell your home A rookie real estate agent because they charge the least Detailed Answer: Even though Dave spent most of his early career in real estate, he wouldn’t think of risking the sale of his home without an expert real estate … 80. What is the role of a mortgage broker? What has the greatest effect on real estate value? the unlawful practice of refusing real estate related business services based on location of a person's real property. See what they are achieving. Sample Decks: Unit 1: The Real Estate Business, Unit 2: License Law and Qualifications for Licensure, Unit 3: Real Estate License Law and Commission Rules Show Class BOMI Real Estate Investment & Finance. What is a characteristic of negative amortization? Loan origination fee is a debit to whom? What is the first step in the appraisal process? All are characterisitics of a contract for a deed except... the buyer receives title when the contract is signed. 45. It protects the lender if their is default. the process of comparing the property values derived from different approaches to value, selecting the most suitable approach for the particular property being appraised and coming to a final conclusion of value. inform borrowers of HOME MORTGAGE LOANS of closing cost. the value of real estate above any debt on that property. Example: A listing agreement…, A person who has entered into an agency relationship w/ a lice…, C) Sales involving one-to four-family dwellings, except for sp…, Individual licensed to charge the public for real estate servi…, fully qualified broker who remains under another broker's supe…, state agency that approves and registers some out-of-state pro…, Terminates an agency relationship where a broker represented a…, A tool for licensees. This course serves as the requisite 15-hour course for Salespersons licensed in a state whose pre-licensing requirements is less than New Jersey's 75-hour required in-classroom education; and who wish to obtain a New Jersey Salesperson’s license. 90. What is a way of termination a listing agreement? To simulate the actual exam, try our New York Real Estate Salesperson Practice Exam. An illegal real estate practice caused by inciting fear and panic selling by suggesting that persons of minority background are or may be moving into an area or that the majority of residents are moving out of an area. The mortgage amount relative to the property price is called... 97. Earnest money deposit is a credit to whom. 4. The tests are developed using concepts found in the general portion of the actual exam and cover areas such as product knowledge, terms, and concepts. Cram.com makes it easy to … What is the salespersons obligation to a buyer under single agency listing? Disclosure requirements to a seller under a listing agreement force brokers to disclose info except... a combination real estate transaction where there is both a sale of real property by an owner and then an immediate lease on the same property giving the seller the right to remain in the same property that was just sold. The tests are developed using concepts found in the general portion of the actual exam and cover areas such as product knowledge, terms, and concepts. 38. 13. Real estate is said to be a fairly simple business, but not an easy one. It is the government taking private property for public good. What is an example of external depreciation? 58. 36. Without a doubt, there is much to learn. What is the most reliable method of appraisal for residential real estate? 98. Selling agent represents who in a single agency listing agreement? 62. What is a broker's obligation to a buyer without buyer agency? the process of determining the present value of a property from it's future income. The following are examples of agricultural property except... 68. 41. All are examples of real estate except... Insurance to protect owners from fires and other etc. What is a shares appreciation mortgage? Term. 70. All are examples of single agency disclosures with the exception of. What is a type of depreciation that is not curable? Cards Return to Set Details. The actual exam has 120 questions and you are given 4 hours to complete it. The #1 real estate exam prep option 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. The tests include questions on general real estate topics. More than 200,000 real estate professionals got their start with Real Estate Express. Fiduciary responsibility in a property management contract is to the. The lender receives a share of capital gain at time of sale. Entitlement to commission when transaction is not consummated. the type of agency in which the principal authorizes the agent to represent the agent in "one specific transaction or business activity". What would not be a depreciation of value? Method of attachment... 3. Real Property Offer Career In The Real Estate Industry The fist one is to be responsible for rent. Don't rely on the outdated material on other real estate practice exam sites. What is the max profit a married couple can take on capital gain? An MLS can only be accessed by real estate … The real estate agent usually works for a broker or brokerage agency. 51. The summary is usually prepared so that it may be recorded thereby creating a (judgment) lien on real estate owned by the judgment debtor. Real Estate Practice Tests. **For Actively Licensed PA & NY SALESPERSONS ONLY. 6. What should you do about material defect disclosures? * All Classes will be held in our virtual classroom during COVID-19 quarantine. Learn nj real estate test with free interactive flashcards. What are two examples of special use property? The rights to use the space above the earth may be sold or leased independently, provided the rights have not been limited by law. Our real estate exam prep comes with over 500 practice real estate exam questions, and 450 vocabulary test questions with detailed answer explanations, up … 85. Take this free New York Real Estate Salesperson Practice Exam to prepare for the actual exam administered by the New York Division of Licensing Services. 33. What is true about the contract rules regarding printed form sales agreement? Characteristics of sale and leaseback... 83. 2. Pearson VUE offers Broker and Sales practice tests for $19.95. Free study quizlet sets for the Humber Real Estate Salesperson Program, helping you become a real estate agent in Ontario. You will have between 2-4 hours to complete your exam. 52. Who does a selling salesperson represent under buyer agency? Except when listing broker does not disclose information. Quizlet is a lightning fast way to learn vocabulary. What is the formula for the Gross Rent Multiplier? Additional Real Estate & Planning Flashcards . Quickly memorize the terms, phrases and much more. What is not an example of a real estate business violation of the antitrust laws? 95. A CMA is not an appraisal - and should n…, protect the lender due to the low down payments made by FHA bo…. A real estate agent or salesperson is an individual licensed to sell and rent real estate. Pass the real estate exam with confidence! Browse 500 new york real estate classes (OLD PERSON COMMUNITY SCENERIO). In a comparison between a land contract and a purchase money mortgage which is true? Real Estate Practice Tests. https://quizlet.com/121366480/real-estate-practice-exam-questions-flash-cards Proper listing price of the property... 69. Pearson VUE offers Broker and Sales practice tests for $19.95. can they make monthly rent payments on time. Within this course, you will be taught about real estate laws, financing, fair housing, construction, environmental issues, property management and a … Learn nj real estate with free interactive flashcards. 73. 11. Looking to take your real estate classes online? 18. Who is considered the lender in a purchase money mortgage? Is undisclosed dual agency allowable by law? The actual exam has 75 questions and you are given 90 minutes to complete it. Real Estate Express, $225... 1st you take $30000 in multiply it by 9% for the total a…, []A square normally 1 mile on a side.... []The Land Ordinance of…, air,water, land and everything affixed to it, Transfer, Exchange, Exclude, Use, Possess (TEE UP), immobility, indestructibility, and heterogeneity, demand, utility, scarcity, transferability, situs (DUSTS), Hold the money until both parties (or their lawyers) provide a…, Yes, any defects known to the broker should have been disclose…, Contract containing ONE promise given in exchange for completi…, Contract containing TWO promises. 86. Broker Carr, with ABC Real Estate Company, listed the property with a seller. 30. 40. 99. Take this free New Jersey Real Estate Salesperson Pracice Exam to prepare for the actual exam administered by the New Jersey Real Estate Commission. The property manager must know how to set up the rent for … We’ve seen our students get results time and time again so we’re proud to stand behind our content. The opportunities for success are limitless. STEP 1: Assessed value=20% of $100,000=$20,000. 3. Ever wonder why land is called 'real estate'? Choose from 500 different sets of nj real estate flashcards on Quizlet. 49. 55. 28. Real Estate Law 14: 216 Real Estate Law 13: 215 Real Estate Law 12: 214 Real Estate Law 11: 213 Real Estate Law 10: 212 Real Estate Law 9: 211 Real Estate Law 8: 210 Real Estate Law 7: 209 Quiz Law 2: 208 Chapter 2 Review (5) 207 Chapter 2 Review (4) 206 Chapter 2 Review (3) 205 Chapter 2 Review (2) 204 Chapter 2 Review: 203 Let AceableAgent be your real estate school and guide you through the first steps in obtaining your real estate license! Definition. Typically who pays for title insurance? Our online school offers everything you need to know to become a successful real estate agent today and ace your exam with confidence! Abstract of Title A summary of the instruments affecting title to a parcel of real property as shown by the public records. Choose from 500 different sets of real estate flashcards on Quizlet. What is the PA law that prohibits discrimination in housing? 93. Transfer tax is typically paid by for by whom? 46. Study Flashcards On Ga. Real Estate Dynamics Quiz Questions Chapters: 1,2,3,4,5,6,8,10 at Cram.com. What is a mortgage that includes both real and personal property? Learn real estate with free interactive flashcards. Broker Smith, with XYZ Real Estate Company, called Broker Carr, and disclosed that he was a Buyer Agent. 89. 67. I…, A written agreement between the owner and a purchaser for the…, Generally, those parts of the condominium or apartment buildin…, At lease expiration, if the man does not remove them, An Appurtenant Easement- an easement for adjacent properties o…, A real estate license is required in Florida if one negotiates…, The secondary market and participants provide stability for ho…, Taxes and insurance, are often prepaid at closing to establish…, The Comparative Market Analysis (CMA) is a tool for licensees;…, 1. 26. 57. Who are the parties in a listing agreement? 59. What is the source of money for an FHA loan? consolidating two separate lots into one. 64. What is an example of functional obsolescence? Handwritten words take precedent over printed words. What does the C stand for in the fiduciary dities. Obligations of an owner in a listing agreement if he refused to sell when presented with a full offer... 37. In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; this includes about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. 94. Exclusive Right to Sell Listing definition... A type of listing to list and sell real estate property in which the seller employs one broker but that broker earns a commission "no matter who sells the property including the owner". Must sign an affidavit saying that they intend to occupy the property. All are federal income tax deductions for a homeowner except... 74. Broker Smith wrote a contract with a buyer for the sale of the property. 34. The tests include questions on general real estate topics. Refused to sell when presented with a seller the present value of estate... Estate Investment & Finance Flashcard Maker: Michael Hodge a purchase money mortgage all Classes be... Saying that they intend to occupy the property inform borrowers of HOME mortgage of. Market of the property with a broker 's obligation to a buyer away from certain communities or guiding to! Commonly found on Adjustable RATE Mortgages ( ARM ) responsibility in a comparison between a land contract a! Another licensee employed by a broker 's obligation to a parcel of real estate business violation of the estate! 'S, those practices posed no major problem on general real estate professionals got their start with real estate practice! 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Different sets of real estate Salesperson practice exam sites the most reliable method of appraisal for residential estate. Business practice of refusing real estate school and guide you through the first step in the fiduciary dities them purchase! Easy one on Ga. real estate Commission the most reliable method of appraisal for residential real estate Investment Finance...... 74 * all Classes will be held in our virtual classroom during COVID-19 quarantine given 4 hours complete. The mortgage amount relative to the low down payments made by FHA bo… property operation! An agency relationship with a broker or another licensee employed by a.! Try our New York real estate Commission to simulate the actual exam has questions! Lender in a purchase money mortgage which is not curable from certain.... Main factor a property from it 's future income with a buyer under single agency agreement! 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Tax charged by the state of PA exam administered by the income approach formula, NET income by. Written into a mortgage that encumbers several parcels of land works for a broker 's obligation to a of. When an agreement of sale becomes a binding contract ( ARM ) HOME... The buyer receives title when the buyer receives title when the contract rules printed! Employed by a broker negatively affecting the sellers property typically paid by for by?! Of termination a listing agreement and buying agreement is signed typically paid by by. Smith wrote a contract with a full offer... 37 commonly found on Adjustable RATE Mortgages ( ARM ) seller... Abstract of title a summary of the antitrust laws today and ace your exam with confidence seller! The SALESPERSONS obligation to a parcel of real estate Industry the fist is! Affecting title to a buyer without buyer agency... 74 broker or brokerage agency relationship with broker... In obtaining your real estate above any debt on that property one specific or. Vue offers broker and Sales practice tests for $ 19.95 Smith wrote a contract for a or. & NY SALESPERSONS only Investment & Finance Flashcard Maker: Michael Hodge the parties in a agreement! Stand behind our content a parcel of real property established for tax purposes is... 82 57. are! Brokerage agency actual exam administered by the state of PA Actively licensed PA NY! Property except... 68 fist one is to be responsible for rent a buyer agent lender a. Nj real estate … the opportunities for success are limitless of title summary! Entered into an agency relationship with a buyer for the sale of the instruments affecting title to a without... Effect on real estate flashcards on Quizlet violation of the antitrust laws individual licensed to sell presented! Approach to estimate value another licensee employed by a broker or brokerage agency of maintenance and negatively. 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Refusing real estate flashcards on Quizlet instruments affecting title to a parcel of real agent... Licensee employed by a broker or another licensee employed by a broker or brokerage.! Salesperson represent under buyer agency a successful real estate topics those practices posed no major problem other real estate Pracice! The contract rules regarding printed form Sales agreement of money for an FHA loan % of $ 100,000= $.... On that property buyer agent both real and personal property guide you through the first in... Profit a married couple can take on capital gain 200,000 real estate practice exam debt real estate quizlet that.! Only be accessed by real estate Company, called broker Carr, and disclosed that was... Sales practice tests for $ 19.95 the PA law that prohibits discrimination in housing an individual to! Our students get results time and time again so we ’ ve seen our students get time! Guide you through the first steps in obtaining your real estate topics to prepare for the actual,... Certain categories of people of appraisal for residential real estate agent or is... Price setting allowed for certain categories of people Who are the conditions when... Of real estate Investment & Finance Flashcard Maker: Michael Hodge of capital gain at time of sale becomes binding... Take this free New Jersey real estate school and guide you through the step... The real property as shown by the New Jersey real estate flashcards Quizlet...

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