real estate u final exam quizlet

A written document produced by an Architect that describes the QUALITY of construction for a building. A fixture is any physical property that is permanently attached to real property. RE is one of the few industries that you could literally make one sale a month and live comfortably. Learn about property rights, contract clauses, government powers, agency relationships, and so much more. One main duty is to maintain the essential character of the neighborhoods. Reverse mortgages can provide much-needed cash for seniors whose net worth is mostly tied up in the value of their home. An agreement between members of a trade to refrain from competition in specific market areas. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. The lease does not transfer title, does not contain a bargain purchase option, and the equipment is not of a specialized nature. - A tenant who remains in possession of leased property after the expiration of the lease term. Must complete required state approved pre-licensing courses. Real Estate U Final Exam 4.8 (77 reviews) Term 1 / 193 Article 12-A of the NYS Real Property Law Click the card to flip Definition 1 / 193 - The section of the New York Real Property Law pertaining to real estate salespersons and brokers. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. If it's for less than one year, it can be oral with some exceptions. An accounting statement that forecasts income and expenses for a, The ability to have cash readily available to support the demands of running and maintaining real property, The total amount collected from rents and other income producing. 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. 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. - A right to cross or otherwise use someone else's property for a specified purpose. NY Code provides minimum standards for all buildings in NY. 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 balloon loan is different as not all payments are the equally divided and the most substantial payments are called Balloon payments. Also determines the 'bulk' of a house or a building, meaning the maximum size of the structure (height, square footage, size of floor plate). The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. The developer or owner organizing and offering for sale a condominium or cooperative development. Again, it varies per state, so check out our state requirements page for more detailed information. 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. Similar real estate exam preparation courses charge anywhere from $49 to $200. Travel Inc. receives a commission of 6% of the total price. Passing the real estate exam takes more than completing any pre-licensing course. Closing is called many names depending on which region of the U.S you are from. 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. that must be transacted for a successful transfer of ownership to take place. - A lease commonly found in a building with a single, long-term tenant. Fee simple absolute is the greatest interest in a parcel of land that one can possibly own. Remember DUST and your essential elements of value. - A measure of land equaling 43,560 square feet. - Agent may be liable for costly mistakes. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. The main purpose of the CCR's is to maintain the look and feel of the community. A lien imposed by law upon a property to secure the payment of taxes. The safety valves for electrical systems. a Federal law that makes real estate licensees liable for the disclosure of LEAD PAINT. The actual exam has 150 questions and 3 hours 15 minutes is given to complete it. - The process by which a loan principal decreases over the life of a loan. Closing is known by many names. This free practice exam is here to help you master the national portion of the real estate exam. Real Estate Finance 30 Final Exam & Answer Key 1) For all practical purposes, an "Alienation Clause" is basically the same as a: a) Call Clause . A company, individual or institution that originates mortgages. The best way to pass is to use all the resources available to you. A leasehold estate for any specific period of time. Federal law designed to control air pollution on a national level. Typically placed 12", 16" or 24" on center. - The sequence of historical transfers of title to a property. - Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. - 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. Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. Under a lease for a commercial property, a tenant agrees to pay $3,000 per month plus 4% of the gross monthly sales. Ex: Mortgage. With exclusive agency listings agents only get paid if they sell the property. A company, individual or institution that originates mortgages. - A mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. Lenders are required to disclose prepayment penalties at closing in the form of a prepayment penalty clause. Utility: The item satisfies a human need or desire; such as shelter, income, or recreation. Per 16 CFR 310.2. A town or city that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. Refusal to lend money within a specific area for various reasons. Most real estate sales contracts include contingency clauses, making them voidable. A lease commonly found in a building with a single, long-term tenant. A deed which conveys simply the grantor's rights or interest in real estate. Anything that lessens the bundle of rights. Building superintendents or maintenance workers who perform tasks such as rent collecting for one owner, entity or company. Eurocredits; eurodollar. If a contract has prepayment penalties, they can be found in which real estate contract clause? Monthly payment by owner of a condominium. - A person that provides services to another under terms specified in a contract or within a verbal agreement. 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. An individual seeking to be excused from the requirements of a zoning ordinance needs a variance. Read More Here. Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. Holding earnest money is only legal with written authorization, and even then it's best to deposit it as soon as possible. The use of borrowed capital (mortgage) to increase the potential return of an investment. That section can be used to study the topics featured on those 80 questions. Rules in a cooperative that cover common issues including garbage disposal, maintenance, noise, and conflict resolution. For help with the national we have our free national real estate practice exam. The refusal to lend money within a specific area for various reasons. The binomial probability distribution is a family of probability distributions with each single distribution depending on the values of n and p . Someone authorized to transact every kind of business for the principal. Generally speaking, homeowners should have a solid credit score to refinance, although there are a few exceptions in government run loan assistance programs. Article 12-A of the NYS Real Property Law, - The section of the New York Real Property Law. - Monthly payments by a shareholder to a cooperative corporation. Circuit breakers perform a similar function but are more convenient and safer than fuses. - Obtained after your register for the New York State Salesperson exam using eAccessNY. The program was established by the United States Department of Veterans Affairs and has been a strong success ever since. They made this test to trick you on purpose. -Must be 18 years old, if younger it is voidable. 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. 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. Choose the best answer. Obsolescence may be either economic or functional. The math looks like this: Gross Rent Multiplier = Property Price / Gross Rental Income. A document acknowledging the payment of a mortgage debt. Salesperson Test : Questions. - 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. The agent is not entitled to any compensation. - The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. 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 Which answer includes 3 actual types of business structures? 200 cards Real Estate Real Estate Principles Practice all cards The set of rights enjoyed by the owner of real property are commonly referred to as the? What is the key difference between a Less than Freehold Estate and a Freehold estate is, Estates can be divided into two different sections: freehold estates, and less than freehold estates(or leasehold estates).The key difference between a leasehold estate and a freehold estate is the limitation of time. - A card issued by the Department of State to each licensee which contains the photo, name and business address of the licensee, and, in the case of a real estate salesperson, the name and business address of the broker with whom he or she is associated and shall certify that the person whose name appears thereon is a licensed real estate broker or salesperson. 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 $5.$ Keep scrolling for more! This scenario only works because it is an exclusive agency listing. Can be quite complex or quite simpledepending on the type of real estate transaction. $$, Define each of the following terms: Once youre there, you can post any exam-related question you may have or answer other peoples questions too. - Federal law designed to control air pollution on a national level. Final Real Estate Exam. RESPA (Real Estate Settlement Procedures Act) -- Consumer protection statute passed in 1974. Has no exemptions and contains the blanket statements that 'citizens have the same rights to inherit, buy, sell, or lease real and personal property.' Remember, were all in this together. Its important to know and understand the ones that deal with real estate as they directly relate to how you function as an agent. It amended the comprehensive environmental response, compensation, and liability act. PCBs known to leak into the ground from electrical transformers. Real Estate Part 2 Chapter Quiz Q/A Green-Correct CHAPTER 3 1. There are online platforms you can get answers to the real estate exam. The authorization to improve or develop a particular property in a manner not authorized by zoning. The practice of inducing homeowners in a particular neighborhood to sell their homes quickly, often at below market rates, 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 colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. Trusts can be created during an individual's lifetime, or they can be established following someone's death. Responsible for determining a municipality's tax rate. To whom does an agent always owe their fiduciary responsibility?