A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. \{x|x \text{ is a month starting with } M\} A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. Utility: The item satisfies a human need or desire; such as shelter, income, or recreation. To pass the exam in California, you'll need to get a score of at least 70%. Is not automatically renewed. A method of calculating the depreciation of an asset which. - 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). Lease of property in which rental is based upon percentage of the volume of sales made upon the leased premises, usually provides for minimal rent. A conditional use permit is a zoning exception that allows you to use your property in non-conforming ways. Salesperson Test : Questions. Riparian literally means "riverbank.". A valuation placed upon property by a public officer or a board, as a basis for taxation. Agents or brokers function under certain legally mandated duties called fiduciary duties. 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. AKA Slope. Is the seller in violation of her disclosure responsibilities? - Agent must communicate with client/must present all offers. Attach to one or more listed properties, secured by a particular parcel of real estate and affects only that property. This deposit is referred to as earnest money. The use of borrowed capital (mortgage) to increase the potential return of an investment. What is the biggest difference between private and public land use controls? - 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 good news is that there are a lot of tools out there to help with passing the real estate exam. A voidable contract is a legal agreement between two parties that may be unenforceable for any number of reasons. It is also the same study guide in the quizlet link: https://quizlet.com/602634854/realestateu-final-exam-flash-cards/ The study guide is basically all the definitions you need to pass the course exam, NOT the NYS Exam. A contractual or consensual lien that is created by an action taken by the debtor, such as a mortgage loan to buy real estate. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. Prepare the journal entry to record (1) the receipt of payment of $70,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Travel Inc. on this transaction. - Obtained after your register for the New York State Salesperson exam using eAccessNY. It may also provide liability coverage against accidents in the home or on the property. An easement in gross is basically selling rights to the land to another person, but without giving them legal ownership. The sequence of historical transfers of title to a property. Its not typical in single-family homes or apartments. - A valuation placed upon property by a public officer or a board, as a basis for taxation. Must pay state mandated real estate agent fees. The principal is always the one whom you have an agency relationship with and therefore is the person whom you owe fiduciary responsibility. 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. Likely, your real estate exam will be issued by one of the following two nationwide testing organizations: You can schedule your test at one of the appropriate testing centers once you have completed your state-mandated pre-licensing and are qualified to take the exam. Vertical framing members found in wall construction. Responsible for developing and controlling a municipality's comprehensive strategy for growth and development. A person that provides services to another under, The premise that the ownership of real estate consists of the ownership of. Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. 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 method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. The math looks like this: Gross Rent Multiplier = Property Price / Gross Rental Income. Which of the following is NOT a legal name for closing? A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. A document issued by a governmental authority that a. Vertical framing members found in wall construction. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. For example, they can't implement zoning code to raise what people pay for properties, they can, however, implement zoning codes to help promote the local economy. A series of documents submitted for the review by a cooperative board. Window blinds are screwed into the house, therefore they are considered a fixture in this example. A person whose principal business is the originating, financing, closing, selling and servicing of loans secured by the real property for institutional lenders on a contractual basis is referred to as a? Joists, beams, and roofs are typically supported by these. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. In this instance age doesn't really matter. a Federal law that makes real estate licensees liable for the disclosure of lead paint. Has no exemptions and contains the blanket statements that 'citizens have the same rights to inherit, buy, sell, or lease real and personal property.' This long -term lease (also referred to as land lease) is commonly used for commercial property. - A horizontal structural member that supports a floor. Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. Squishy set the annual rental to earn a rate of return of 5%, and this fact is known to Jelly. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. A series of documents submitted for the review by a cooperative board. One main duty is to maintain the essential character of the neighborhoods. Appear in groundwater and soil. A horizontal structural member that supports a floor. 1 No_Vacation3909 2 yr. ago Take as many multiple choice banks you can as possible and understand why each answer is not the right answer. Percentage of a consumer's monthly gross income that goes towards paying debts. - Conspiring to establish fixed fees or prices for services or products. The refusal to lend money within a specific area for various reasons. A bit of a trick question. - An appraisal technique whereby the value of an income producing property is estimating by capitalizing its net operating income using an appropriate capitalization rate. This practice is illegal. Conspiring to establish fixed fees or prices for services or products. How should Jelly classify this lease? Remember, were all in this together. A contract agreed to and signed under duress is what? - A 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. The formula for finding commission is pretty simple. 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. This act protects consumers from being wrongfully discriminated. It is hazardous to health when a possibility exists of exposure to inhalable fibers. Which of the following BEST describes a contract that is voidable? Ex: Mortgage. The owner's rights and obligations for a condominium. - An employment contract between principal and agent, authorizing the, - A card issued by the Department of State to each licensee which contains the, - A person who on behalf of or for the benefit of another transacts business or. My understanding is that once you finish the course, you take the final exams for real estate express, then you get a certificates which you download and use to take the PSI a exam. ILLEGAL. Determines the usage allowed for a building or subdivision. A VA loan is a mortgage loan available for military service members, veterans, and eligible surviving spouses. The Cost Approach is also referred to as summation. If a contract has a contingency it's voidable. Value=Income/Rate. - The section of the New York Real Property Law pertaining to real estate salespersons and brokers. The key concepts and words you have to study are essential for obtaining your real estate license, so you must learn and become familiarized with them. single individual owns real estate, therefore is 'severed' from all others. Tina and Tom are two unmarried individuals who own property with equal interests and without a right to survivorship. Someone authorized to transact every kind of business for the principal. The length of the real estate exam varies from about 1.5 hours to 3.5 hours again, based on the state youre in. Its essentially a massive collection of forums where people can share news, content, and a bunch of other stuff. A chronic lung disease caused by inhaling asbestos fibers. A mortgage loan with the interest rate on the note. By far, the most substantial chunk of the real estate license exam is the vocabulary. Which of the following real estate contracts is a service contract? Must complete required state approved pre-licensing courses. Joists, beams, and roofs are typically supported by bearing walls. 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. Monthly payments by a shareholder to a cooperative corporation. PCBs widely used as dielectric and coolant fluids, in transformers, capacitors, and electric motors. The big change had to do with liability. A measure of land equaling 43,560 square feet. In this instance age does in fact matter you must be at least 62 years or older to qualify for a reverse mortgage. A town or city that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. - A right to cross or otherwise use someone else's property for a specified purpose. Voidable contracts MAY be valid, often they appear valid but are not. In order for a month-to-month tenancy to be legally valid which of the following MUST the contract include? 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? Have a question about the real estate exam? What does the Federal Housing Administration do? The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. Regulation Z/Truth in Lending Act of 1968. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. 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