Beams are typically wood, cold formed metal framing or steel. 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. When pre-existing use of property in a zoned area is different from that specified zoning. In Kentucky, there are 130 questions on the exam (80 national and 50 state). Device used in electrical systems to protect against excessive current. Specifications- A document provided by Architects that describes the QUALITY of construction. A lease commonly found in a building with a single, long-term tenant. A contract between the owner of a property and someone who, An accounting report issued periodically by the property, Operations Management: Sustainability and Supply Chain Management, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. When a property owner has been innocent of all involvement with a hazardous waste site, under certain circumstances, he may claim immunity from responsibility. Remember DUST and your essential elements of value. What is the difference between commingling and conversion in real estate? Is the seller in violation of her disclosure responsibilities? - The safety valves for electrical systems. They cover an individual's house and assets in the home. There are 3 acceptable types of property descriptions: Deed contains the broadest form of guarantee of title of any type of deed and provides the greatest protection to the grantee. Legal Agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt. A written document produced by an Architect that describes the QUALITY of construction for a building. 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). They would most likely qualify for a refinance and they would definitely derive the most value from it. A legal proceeding by a lessor landlord to recover possession of real property. This practice is illegal. From the question above; "Corporation, Sole Proprietorship, Limited Liability Company" are all real business structures. What are they? Passing the real estate exam takes more than completing any pre-licensing course. - The practice of inducing homeowners in a particular neighborhood to sell their homes quickly, often at below market prices, by creating the fear that the entry of a minority group or groups into the neighborhood will cause a precipitous decline in property values. A licensed real estate broker that holds the license of a salesperson. Dont forget to read the explanations so you fully understand the question. What type of loan is this? The five most popular types of businesses are Sole Proprietorship, General Partnership, Limited Partnership, Corporation, and Limited Liability Company (LLC). Aaron can't get to his property from a public road without crossing over his neighbor Ron's property. 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 contract between the owner of a property and someone who agrees to manage it. ILLEGAL. There are three different main approaches that appraisers use while they make an appraisal. A horizontal structural member that supports a floor. They made this test to trick you on purpose. - Conspiring to establish fixed fees or prices for services or products. Eurocredits; eurodollar. A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. Need state practice? Its important to know and understand the ones that deal with real estate as they directly relate to how you function as an agent. When applied together, the various valuation methods provide the best estimate of the value of the income-producing real estate under evaluation. A licensed real estate broker that holds the license of a salesperson. The deed must contain an adequate formal legal description. Since each township is six miles by six miles, townships contain 36 square miles, each one forming a section. Real estate express Its important the buyer and seller clearly understand the document as it becomes legally binding as soon as both parties sign. 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. If Federal or City building code is more stringent on particular issue, the more stringent Code will supersede the State code. Test the null hypothesis $H_0: \mu_d \geq 110$ versus $H_a: \mu_d<110$ by setting $\alpha$ equal to $.05$ and $.01$. 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. A property owner wishes to build a neighborhood grocery store in an area zoned for residential use. As of writing this, it looks like they have over 2,100 members! Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. Any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments. - A person that provides services to another under. Assume that x is a binomial random variable with n = 4. A clause in a contract that states a mortgage must be obtained in order for the contract to be binding. These rates can vary significantly by state and may differ depending on the type of financial product youre using. So in plain terms, a Purchase Agreement is the document buyers and sellers sign with all the terms and conditions of their transaction on it. Because they paid for the full year and are selling the property, the buyer will then owe the seller the remaining months of taxes. A collection of federal and state government laws that regulate the conduct and organization of business corporations, normally to promote fair competition for the benefit of consumers. The seller is usually entitled to keep the earnest money, because this is considered forfeiture of the contract. A naturally occurring mineral fiber sometimes found in older homes. A fixture used in commercial property for business or industry Real estate includes land and buildings Bundle of Rights The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property. Eminent Domain is a term used to describe the right of the government to takeover privately owned real estate usually despite the owners wishes. 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. However, it does not directly affect market value. So in this case take $250,000 and multiply it by .06 or 6%. The house is sold for $250,000. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. In this example the answer is indefinitely, since they are a past client. A VA loan is a mortgage loan available for military service members, veterans, and eligible surviving spouses. If one has a possessory interest in property, that individual cannot own? This is common in commercial properties such as apartment complexes, and its not uncommon in multi-family homes such as duplexes and fourplexes. 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. A series of documents submitted for the review by a cooperative board. Quizlet This platform allows you to key in a topic. Beams are typically wood, cold formed metal framing or steel. - A clause in a contract that states a mortgage must be obtained in order for the contract to be binding. Article 12-A of the NYS Real Property Law, - The section of the New York Real Property Law. - The amount of expenses that must be paid out of pocket before an insurer will pay any expenses. A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. Taking private property for public use, with fair compensation to the owner; exercising the right of eminent domain. - Federal law designed to control air pollution on a national level. So in short, commingling refers to the act of mixing a client's funds with the brokers own funds. Building superintendents or maintenance workers who perform tasks such as rent collecting for one owner, entity or company. An estate for years is not automatically renewed. In most cases, a tenant in an apartment holds: A less than freehold estate (also known as a leasehold estate) is an estate held by one who rents or leases property. Bundle of Legal Rights what would qualify as real estate Attached Garage Tyler owns a property that is on the Arkansas River. Fee simple absolute is the greatest interest in a parcel of land that one can possibly own. A parcel of real property that has an easement over another piece of property is best described as: By definition, a dominant estate is a parcel of real property that has an easement over another piece of property. - Drawings produced by Architects that describe the quantities of a building. 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. that must be transacted for a successful transfer of ownership to take place. - Primary purpose is to "Protect the Public" Justin takes out a mortgage loan that requires monthly payments of $650.50 for 25 years and a final payment of $30,000. Some but not all states require proof of errors and omissions insurance. 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. Since the question says may be valid it is voidable. Per 16 CFR 310.2. - The employer of an agent or broker; the broker's or agent's client. A lien that only binds to a specific asset or property (Example: mortgage). Rights in real property to use the space above the surface of the land. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. Ex: Property Manager. Easement A material used in pipes and paint of many older homes. A tenant who remains in possession of leased property after the expiration of the lease term. - Regulations established by state or local governments stating fully that structural requirements for building. In retrospect, antitrust laws protect the consumer and are healthy for a stable economy. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. - An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. Disclosure Regarding Real Estate Agency Relationships Form, - An agreement of employment of a broker to the exclusion of all other brokers; if sale is made by any other broker during term of employment, broker holding. States that the borrower can pay off the loan at any time before expiration of the full mortgage term without a financial penalty for early payoff. 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. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. Financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased. The actual interest rate charged, including loan fees and points. Also known as the "to have and to hold'" clause. All states require up to date forms of government-approved I.D (drivers license, U.S. Passport, birth certificate). Our real estate practice exam pulls from a large pool of questions, so you can expect a different study experience each time you take it. 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. Monthly payments by a shareholder to a cooperative corporation. A document acknowledging the payment of a mortgage debt. Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. Severance is taking an item that is attached to the land and removing it as personal property. Intangible Deterioration. This practice is illegal. Article 12-A of the NYS Real Property Law. An accounting statement that forecasts income and expenses for a period of time, typically five or more years. The statute of frauds is a legal concept that requires certain types of contracts to be executed in writing (real estate included). A horizontal structural member that supports a floor. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. The rule of thumb is that refinancing is a good idea if you can reduce your interest rate by at least 2%. Fuse melts and opens the circuit, causing electrical power to stop when overheating occurs. Liquidated damage is most likely to be found in which of the following documents? Formula: Recurring monthly debt/Gross Monthly Income. AKA Slope. - A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. Severance is the opposite of attachment. 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. Trade fixtures refer to items installed in connection with the business, such as stoves or refrigerators in a restaurant. Each square, six miles by six miles, is called a township. 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 the bequeath and the right to do none of the foregoing. 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. Join over 10,000 subscribers and pass your exam today! Joists, beams, and roofs are typically supported by these. 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? The actual exam has 150 questions and 3 hours 15 minutes is given to complete it. The primary private land-use control is deed restrictions or restrictive covenants, which limit what can be done on the property by the owner. Considered real property, which is conveyed by a deed. The use of borrowed capital (mortgage) to increase the potential return of an investment. Again, this duty lasts forever. "A mortgage loan available for military service members, veterans, and eligible surviving spouses; which often comes with better terms than a traditional mortgage.". Must pay state mandated real estate agent fees. - 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. This designated person is called a life tenant. In South Carolina, the score to pass is 56 and 28. Remember, community property and tenants by the entirety is through marriage. - An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter's property. Beams, and eligible surviving spouses looks like they have over 2,100 members area is different from that zoning... 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