The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Beams are typically wood, cold formed metal framing or steel. Is the agent entitled to compensation? A mortgagee is an entity that lends the mortgagor money. Joists, beams, and roofs are typically supported by bearing walls. Generally speaking, homeowners should have a solid credit score to refinance, although there are a few exceptions in government run loan assistance programs. - Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. - A horizontal structural member that supports a floor. - Regulations established by state or local governments stating fully that structural requirements for building. Typically placed 12", 16" or 24" on center. Some areas of the country may call it settlement and transfer some may call it passing papers. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. A person who on behalf of or for the benefit of another transacts business or handles money or property not the person's own; such relationship implies great confidence and trust. If they rise or decrease the same amount, the price remains the same. - Accounts for the majority of mortgages. Also called excess insurance. The agency enforces all federal environmental rules and regulations. Usury is a form of predatory lending. The refusal to lend money within a specific area for various reasons. Closing is called many names depending on which region of the U.S you are from. A material used in pipes and paint of many older homes. 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. An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. 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. They are typically wood, cold formed metal framing or steel. - Legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. 1 Time-Tap-987 2 yr. ago Final final is the last test you take with REE. Choose the best answer. Filing that gives legal notice that a lawsuit has been filed concerning the specific property. The main purpose of the CCR's is to maintain the look and feel of the community. Jelly leases equipment used in its production processes from Squishy, Inc. - The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. 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. The interest rate decreases not the down payment. A lien that only binds to a specific asset or property (Example: mortgage). The cost approach becomes nearly ineffective after 25 years or so because of the difficulty in: estimating depreciation, estimating changes in the cost of construction, and estimating changes in prices of building materials. With a total of 75 questions, that means the score to pass is 53. Antitrust Laws are 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. 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? Aaron can't get to his property from a public road without crossing over his neighbor Ron's property. - Structural walls that transfer building loads down to the foundation. The developer or owner organizing and offering for sale a condominium or cooperative development. - The use of borrowed capital (mortgage) to increase the potential return of an investment. Watch these videos to review critical real estate terms that will appear on the real estate exam. A company, individual or institution that originates mortgages. Join over 10,000 subscribers and pass your exam today! Below we put together a complete list of extra free study resources in hopes that you can pass your real estate exam the first time. The zoning board of appeals is also responsible for granting variances. Right of the gov't to acquire property for necessary public use by condemnation; the owner must be fairly compensated. A contract between the owner of a property and someone who agrees to manage it. Value = Income / Rate. Rules in a cooperative that cover common issues including garbage disposal, maintenance, noise, pets, and conflict resolution. 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. The Federal Housing Administration (FHA) provides mortgage insurance on single-family, multifamily, manufactured home, and hospital loans made by FHA-approved lenders throughout the United States and its territories. - A crime punishable by up to a year in prison and/or a $1,000 fine. (d) Accounts receivable. Interpreter of the zoning ordinance. A written document produced by an Architect that described the QUALITY of construction for a building. - A leasehold estate for any specific period of time. Some include real estate practice exams and interactive real estate exam prep. Now that I'm about to finish the course and take the practice exam i was reading the section named "it's time to prepare for your exam" and it says at the very end "A final note. The statute of frauds is a common law concept that requires written contracts for certain agreements to be legally binding. However, unknown to her the pipes are corroded and due for replacement. - Obtained after you register for the New York State. Which of the following real estate contracts is a service contract? Clauses protect the property owner against increases during the lease term. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. Which act amended the comprehensive environmental response, compensation, and liability act (also known as CERCLA)? There are online platforms you can get answers to the real estate exam. single individual owns real estate, therefore is 'severed' from all others. SARA also required EPA to revise the Hazard Ranking System to ensure that it accurately assessed the relative degree of risk to human health and the environment posed. 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 A town or city that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. - Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to delivery and acceptance, a deed must be properly recorded. 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). They made this test to trick you on purpose. Choose the best answer. Again, it varies per state, so check out our state requirements page for more detailed information. 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. What is the seller in this situation? Monthly payment by an owner of a condominium. The actual exam has 150 questions and 3 hours 15 minutes is given to complete it. Don't make the mistake of paying too much! - Considered a proprietary lease and personal property (NOT real property). Who owns the land under this navigable river? With a total of 120 questions (80 national and 40 state), that means the score to pass is 56 for the national and 28 for the state. that must be transacted for a successful transfer of ownership to take place. - A measure of land equaling 43,560 square feet. This free practice exam is here to help you master the state-specific portion of the Kentucky real estate exam. 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 lease does not transfer title, does not contain a bargain purchase option, and the equipment is not of a specialized nature. - A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. This practice is illegal. Market value is never directly determined by the government. A real estate agent advertised a home for $250,000. Form of secondary financing for the purchase of real property. Suppose a sample of $11$ paired differences that has been randomly selected from a normally distributed population of paired differences yields a sample mean of $103.5$ and a sample standard deviation of $5.$ The type of easement that is a right-of-way for a utility company's power lines is what? REALESTATEU FINAL EXAM Flashcards | Quizlet Social Science Economics REALESTATEU FINAL EXAM Term 1 / 109 Article 12-A of the NYS Real Property Law Click the card to flip Definition 1 / 109 - The section of the New York Real Property Law pertaining to real estate salespersons and brokers. 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. The safety valves for electrical systems. The three main forms of depreciation are : Economic Obsolescence, Functional Obsolescence, and Physical Deterioration. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. 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. i.e. - 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. - 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. Property evaluation that determines property value by comparing similar properties sold within the last year. The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. 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