Easement If their business was terminated or expired it would be 18 months. Bonus tip. Usury is a form of predatory lending. (e) Supplies. 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. Joists, beams, and roofs are typically supported by bearing walls. Rules in a cooperative that cover common issues including garbage disposal, maintenance, noise, and conflict resolution. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. - Rights in real property to use the space above the surface of the land. 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. Refusal to lend money within a specific area for various reasons. 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. Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Riparian literally means "riverbank". The course includes 6 full months of access to well . (i) Rent expense. So knowing that Tina and Tom do not have a right to survivorship and are unmarried, we can assume they have a tenancy in common. - Taking private property for public use, with fair compensation to the owner; exercising the right of eminent domain. Which of the following consumers would most likely qualify and be able to derive the most benefit from refinancing their mortgage? 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. A tenant who remains in possession of leased property after the expiration of the lease term. - Someone authorized to transact every kind of business for the principal (Example: Property Manager). A real estate agent advertised a home for $250,000. A series of documents submitted for review by a cooperative board. - 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. When a property owner has been innocent of all involvement with a hazardous waste site, under certain circumstances, he may claim immunity from responsibility. Fuse melts and opens the circuit, causing electrical power to stop when overheating occurs. This site provides you with a step-by-step approach to solving tough challenges. 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. - An accounting statement that forecasts income and expenses for a period of time, typically five or more years. 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. - Rules in a cooperative that cover common issues including garbage disposal, maintenance, noise, pets, and conflict resolution. 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. Mandated warranty for new construction according to the NYS General Business Law 36- B: - a Federal law that makes real estate licensees liable for the disclosure of lead paint. - The use of borrowed capital (mortgage) to increase the potential return of an investment. Who owns the land under this navigable river? The trustee is required to manage the trust property in accordance with the trustor's wishes and in the beneficiary's best interests. Tina and Tom are two unmarried individuals who own property with equal interests and without a right to survivorship. The sequence of historical transfers of title to a property. We also have detailed state-specific practice exams located down below, along with an extensive math practice exam. A chronic lung disease caused by inhaling asbestos fibers. The Superfund Amendments and Re-authorization Act of 1986 (SARA) was passed when the original act, CERCLA, expired in 1985. Tenancy in common would be the best answer. A document issued by a governmental authority that a building is ready and fit for occupancy. Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. A deed which conveys simply the grantor's rights or interest in real estate. Type of SHORT-TERM loan, typically taken out for period 2 weeks to 3 years. Market value is never directly determined by the government. A valuation placed upon property by a public officer or a board, as a basis for taxation. A naturally occurring mineral fiber sometimes found in older homes. Fixtures are personal property attached to the land to count as real property. Responsible for determining a municipality's tax rate. The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. Structural walls that transfer building loads down to the foundation. Squishy set the annual rental to earn a rate of return of 5%, and this fact is known to Jelly. - Considered real property, which is conveyed by a deed. Area of a triangle [triangle=1/2 of rectangle]. Lastly, an (LLC) is a hybrid legal entity that has certain characteristics of both a corporation and a partnership or sole proprietorship. In Kentucky, there are 130 questions on the exam (80 national and 50 state). There are three different main approaches that appraisers use while they make an appraisal. An accounting statement that forecasts income and expenses for a period of a time, typically five or more years. Demand: This means the desire to buy and an ability to pay. The total cruise package price to Carmel Company employees is $70,000. The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. - The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. Intangible Deterioration. As of writing this, it looks like they have over 2,100 members! Flag What is the illegal action or practice of lending money at unreasonably high rates of interest? - The process by which a loan principal decreases over the life of a loan. Real Estate Final Exam (150 Questions ) #1 4.7 (20 reviews) Term 1 / 157 A real estate licensee has a buyer agency agreement. Each state determines the rules for brokerage firm trust accounts and how earnest money must be deposited. Confidentiality requires that you do not disclose any information learned about your clients, their business, financial or personal affairs or motivations. Sign up for the newsletter to get exclusive real estate exam tips that I don't share anywhere else. Percentage of a consumer's monthly gross income that goes towards paying debts. 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. 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. Escheat is, When a property owner dies and leaves no proper documented inheritance plan, the property ownership reverts to the government. 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. Considered real property, which is conveyed by a deed. It may be limited by the life of the person holding it or by the life of another person. An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. RE is one of the few industries that you could literally make one sale a month and live comfortably. Read More Here. An estate for years is not automatically renewed. Justin takes out a mortgage loan that requires monthly payments of $650.50 for 25 years and a final payment of $30,000. You must bring your "Summary of Your Submission" with you when taking the State exam. - Cash received in a tax-deferred exchange. The seller extends to the buyer a junior mortgage which wraps around the existing in addition to any superior mortgages already secured by the property. The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. Air Rights The right to use, control and occupy the space above a particular parcel of land. 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. - Structural walls that transfer building loads down to the foundation. Which of the following enforces all federal environmental rules and regulations? - 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. $$, Define each of the following terms: So in our case it would be 500,000/75,000 which equals 6.66! Doing the math that gives you $15,000.00. That section can be used to study the topics featured on those 80 questions. What are they? i.e. Take this free practice test to get an idea of what is on the California Real Estate Salesperson exam administered by the California Department of Real Estate (CalDRE). Community Property Laws are based on the idea that husband and wife are equal, separate, partners rather than one whole one like tenants by the entirety. The actual interest rate charged, including loan fees and points, The market where mortgage loans and servicing rights are, A financial term used by lenders to express the ratio of a loan to the. An appraisal technique whereby the value of an income producing property is estimated by capitalizing its net operating income using an appropriate capitalization rate. As lease is a legal estate, leasehold estate can be bought and sold on the open market. 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