Requiring his license holders to work scheduled hours. Which of the following is NOT a characteristic of a fee simple estate? Login. A seller is attending the closing on his property. Using a 360-day year, how much will the seller owe for the taxes at closing (to the nearest dollar) and how will this be shown on the CD? A building was sold for $260,000, with the purchaser putting 10% down and obtaining a loan for the balance. How does errors and omissions insurance (E&O) affect the defendants in fair housing cases?*. Test Timeframe You'll have 200 minutes for both portions of the test. They give the tenants notice to vacate. **Transactions:** About 1 hour and 20 minutes A buyer offers additional consideration to add a 10-day option period to the sales contract. Homeowners are exempt from capital gains up to $250,000 per person every two years. In the second year the owner dies and his heirs inherit the property. The CD at least three days before closing. What can P do? How much of that money will they be required to pay capital gains tax on? A bank refuses to issue mortgages to a historically Black part of town. Mark has an Open Listing on a seller's property. Tyson then relays this information to a buyer, citing Benjamin as his source. Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property? All of the following are hazardous substances that a license holder should be aware of except, Which of the following is the best example of puffing, I think this is the best floor plan available from this builder. Recommend an inspection for hazardous materials. This is: acceptable as long as he has written records. In rental properties, increased demand can be the result of, Which of the following would not be eligible for a VA loan, What is required of a loan servicer before foreclosing on a VA loan, the VA must be notified before the foreclosure. | **Month** | **Units Sold** | **Total Cost** | | **Month** | **Unit Sold** | **Total Cost** | Jordan took out a loan in the amount of $265,000. Interpret the company's quick ratio. The CE Shop students have achieved an impressive 90% National pass rate. A property owner receives a notice that his land is in an improvement district. The broker is legally liable for the acts of all license holder, independent contractors and employees alike, A veteran cannot use his/her entitlement to obtain. A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. This is called. When should an agent advise a client to get title work done? an agent must treat both clients and customers with honesty and fairness. What department of the government oversees the FHA insurance program? ft, with $10,000 in depreciation and a $27,500 lot, what is the value of the property? Based on this, before any prorations, how much cash will Burt have to bring to the closing? Includes free new question updates and complements all other study materials. What type of business entity is owned by shareholders, but avoids "double taxation"? A tenant's landlord plans to sell the building in which the tenant lives to the state so that a freeway can be built. What type of loan has a rate linked to an economic index? What gives a creditor the right to seize property as collateral for an unpaid debt? How much does the selling sales associate earn from the sale after deducting expenses of $1,300? The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. For help with the national we have our free national quiz. It has a definite ending period and there is no automatic renewal. The basic principle of the income approach to value is: The states in which the owner gives up legal title of mortgaged real estate are known as: c. used in the capitalization/income approach to value. **Example 1. Each month they pay the same amount, which contributes to both the principal and interest. In Virginia, there are 120 questions on the exam (80 national and 40 state). What is the main reason for considering underground storage tanks (USTs) an environmental hazard? The form of tenancy that will expire on a specific date is a: A large home that lacks sufficient indoor plumbing suffers from which condition: A developer built a structure that has six stories. Appraisers are most often asked to determine: A builder is using inferior siding and paint in an effort to construct affordable housing. Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? The property management agreement creates what kind of agency? the property owner must remediate the presence of lead. Which type of loan is this an example of? Which of these is a protected class under the federal Fair Housing law? P wants to sell the property, but Q and R do not. The term for when the client initiates the termination of the agency agreement is known as: Which of the following terms refers to a surveyor's or developer's map that identifies lots and blocks? Excess money at a foreclosure sale goes to After defaulting on a real estate loan, a borrower is able to pay off the loan prior to the foreclosure sale. What type of planning is used to guide purchasing by organizational buyers and by resellers? A leased property is not for sale at this time. **2. Try our FREE real estate practice exam after you . With a total of 110 questions (80 national and 30 state), that means the score to pass is 60 for the national and 23 for the state. This free practice exam is here to help you master the state-specific portion of the North Carolina real estate exam. How long must the seller's private information be kept confidential? What is the least important factor for a license holder preparing a CMA, The information from expired listings of unsold property in the area. ** necessary $+\mathrm{ly}=$ $\underline{\text{necessarily}}$ The broker is BEST described as a(n): In most suburbs, which method of description would be used today? Arturo is buying a house for $400,000. A license holder advertises a listed property as having the most beautiful landscaping in the neighborhood. an easement is a benefit to the dominant property owner. The surveyor works from a point of beginning, and measures terminal points and angles. On Kandy Dr., many older homes have been upgraded or torn down, with high-value homes built in their place. The seller receives a note for this amount at closing and will collect this amount over the agreed-upon term of the loan). The tenant removes their trade fixtures and takes them upon moving out. What is the lowest price the property can sell for to accomplish this? the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. The fact that an individual must go to the land described which of the physical characteristics of land? The tenants pay rent plus utilities. Suppose that a borrower has a gross monthly income of $3,000 and wants to qualify for a conforming loan (total debt service ratio of 36%) with a monthly PITI payment of $800. C6. The tree and shrubs are an example of. The value of a property is only what a consumer would pay to acquire a comparable property. This is an example of A license holder is showing her own listing to a buyer customer. Which of the following statements about lead is NOT true? This is MOST likely a? Our expert-written Real Estate practice material covers actual exam topics with fully explained answers. Source documents are abbreviated as follows: check, C; memorandum, M; receipt, R; sales invoice, S; calculator tape, T. Nabors Company reported the following current assets and liabilities for December 31 for two recent years: Which of the following is false regarding the Civil Rights Act of 1968, A FSBO who owns no more than four homes can discriminate when selling a home. Cash A listing agent went to inspect a seller's property hoping to list it for sale. Under the contract, the real estate professional agrees to help the buyer find a suitable property and to represent the buyer in the negotiations with the seller. All of the following have been proven to pose health hazards EXCEPT: The protected categories in the 1968 law with later amendments include: a. race, color, religion, national origin, sex, disability, and families with children, d. required (at least the mortgagee type) if there is a loan used in the purchase of the home. They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. Which must the property owner obey? What type of loan should he get to enable him to buy now and take advantage of declining rates in the future? Who would use the remedy of Forcible Entry and Detainer? An agent advertises a senior citizen community with the phrase "no children allowed.". Based on these facts, which of the following correctly describes the remaining woman's ownership interest in the house? Which type of agreement transforms the customer into a client and the broker into a listing agent? Get BOTH Formats Instantly: Go to flashcards. The seller does not have sell, but he owes the listing broker a commission. Practice of Real Estate Remedies under the new amendment include: 1) a civil penalty, not exceeding $16,000 for the first offense 2) a penalty not exceeding $37,500, if another offense was committed within the past 5 years 3) a penalty not exceeding $65,000 if two or more discriminatory practices have been found in the past 7 years What is true? What agreement between the landlord and tenant gave the tenant that right? A sales agent is showing a property. Which of these statements accurately describes how it can be depreciated? Under a new construction Home Owner Warranty policy, which of the following would not be covered? Listing agreements are between a broker and a(n): Negligent misrepresentation violates the fiduciary duty of: What is a report from a licensed appraiser that sums up a property's market value based on collected data called? At this time, what is true? Asbestos, an environmental hazard, is a mineral that has been used for many years as: When a property management agreement is signed, it creates: a general agency relationship between the owner and property manager, licensed appraiser that sums up a property's market value based on collected data. Round your answer to the nearest cent. What type of permission allows an individual property to deviate from a specific provision of a zoning ordinance? Paid cash for rent, $400.00. An investor has 15 rent houses. Jesse later decided that he would like to keep his house instead. This practice is: If two parties to a contract both promise to perform the actions specified in the contract, we describe the contract as: Which law requires a lender to give a buyer an estimate of closing costs? Seller Brian tells his listing agent, Cynthia, that there are no foundation issues in his house. The sales associate's entire income is from sales commissions rather than an hourly wage. 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