The sequence of historical transfers of title to a property. The statute of frauds is a legal concept that requires certain types of contracts to be executed in writing (real estate included). must bring when take the NYS exam Misdemeanor crime punishable by up to one year in jail, a fine of less than $1,000, or both Listing Agent When a Chinese couple asked the agent for the price of the house. An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. The statute applies to land sales and most purchases of goods over $500 (this includes real estate sales agreements). 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 . It runs from the present owner back to the original owner of the property. A horizontal structural member that supports a floor. Rights in real property to use the space above the surface of the land. Your satisfaction is important to us, which is why we offer a no questions asked 30-day money back guarantee. They also come packaged with lower interest rates so if you qualify VA loans are the way to go. In this situation, the new offer cannot be accepted unless the seller's counteroffer is withdrawn or hypothetically rejected. - Responsible for determining a municipality's tax rate. This is a bit of a trick question. Similar real estate exam preparation courses charge anywhere from $49 to $200. Obtained after your register for the New York State. Watch these videos to review critical real estate terms that will appear on the real estate exam. Proration mainly comes into play when a seller prepays their home taxes for the year. Typically placed 12", 16" or 24" on center. You will need to pass your Real Estate U Final Exam before you can be awarded a Certificate of Completion and before you can schedule your state licensing test. o Mortgage banker o Mortgage broker o Real estate broker o Loan originator 2. 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. However, unknown to her the pipes are corroded and due for replacement. How Many Questions Can You Miss on the California Real Estate Exam? Keep scrolling for more! In the appraisal of a building constructed in the 1930s, the cost approach would be the least accurate method because of difficulties in. A contract agreed to and signed under duress is what? Unfortunately, exactly when a problem started and when the seller first "knew" about it are not always clear. If one has a possessory interest in property, that individual cannot own? Support As for support, Real Estate U offers an online contact form, email, and access to their social media networks, including Facebook, Twitter, and LinkedIn. An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter's property. Transferability: Able to transfer from one owner to another. Choose the best answer. 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. - Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. A Sole Proprietorship is one individual or married couple in business alone. A company, individual or institution that originates mortgages. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. Must pay state mandated real estate agent fees. Sign up for the newsletter to get exclusive real estate exam tips that I don't share anywhere else. Liquidated damage is most likely to be found in which of the following documents? The lender in a traditional mortgage loan transaction is known as what? Some but not all states require proof of errors and omissions insurance. * Which term refers to the packaging of a number of mortgage loans for sale in the secondary mortgage market by a financial institution or mortgage banker who originated the loans? 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. If someone is unlawfully forced to execute a contract it is called what? Privilege operating as an easement upon land, whereby owner does by grant or agreement, give to another the right to pass over owner's land, t construct a roadway, or use as a roadway, a specific part of the land; OR the right to construct over or throough the land, telephone, telegraph, or electric power lines; OR the right to place underground water, gas mains or sewer mains. Both terms pertain to spouses. The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. Conspiring to establish fixed fees or prices for services or products. Practice of inducing homeowners in particular neighborhood to sell their homes quickly, often at below market prices, by creating the fear that the entry of a minority group or groups into the neighborhood will cause precipitous decline in property values. U.S. Federal law designated to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed. It runs from the present owner back to the original owner of the property. If statement is not signed the seller owes the buyers $500 credit against the purchase price of the property. Trade fixtures refer to items installed in connection with the business, such as stoves or refrigerators in a restaurant. Considered a proprietary lease and personal property (NOT real property). A fixture is any physical property that is permanently attached to real property. - A lease commonly found in a building with a single, long-term tenant. This is common with sales contracts with extensive and detailed legal descriptions. Which of the following fits the description? Also called excess insurance. The EPA was established in December 1970 by an executive order of United States President Richard Nixon. By far, the most substantial chunk of the real estate license exam is the vocabulary. Anyone who holds down payment must place it in separate escrow account. A contract between the owner of a property and someone who, An accounting report issued periodically by the property, Operations Management: Sustainability and Supply Chain Management, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. One main duty is to maintain the essential character of the neighborhoods. Valuation method which compares a subject property's. Bounds: directions from one point to another. A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. A seller is asked whether any known plumbing defects exist on her property. Remember, separate amendments are used to modify or change executory contracts. The amount owed is called the principal and the price of borrowing the money is called the interest. Percentage of a consumer's monthly gross income that goes towards paying debts. - An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period. Which of the following statements is TRUE about trusts and trustees? Bundle of Legal Rights what would qualify as real estate Attached Garage Tyler owns a property that is on the Arkansas River. - 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. - A clause in a contract that states a mortgage must be obtained in order for the contract to be binding. 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Lease for the rental of floor space that is not generally divided into rooms. Ready to get started? Disclosure statements, purchase contracts, and exclusive agency contracts are all legal documents but it is the listing agreement that clearly defines the relationship between the broker and seller. Which of the following is NOT a legal name for closing? What is the illegal action or practice of lending money at unreasonably high rates of interest? - A document issued by a governmental authority that a building is ready and fit for occupancy. 2. The key difference between a leasehold estate and a freehold estate is the limitation of time. Because they paid for the full year and are selling the property, the buyer will then owe the seller the remaining months of taxes. It generally has to do with performance. This designated person is called a life tenant. A chronic lung disease caused by inhaling asbestos fibers. Typically placed 12", 16" or 24" on center. The zoning board of appeals is also responsible for granting variances. Federal law designed to control air pollution on a national level. The trustee is required to manage the trust property in accordance with the trustor's wishes and in the beneficiary's best interests. Must pass state administered real estate exam. PCBs widely used as dielectric and coolant fluids, in transformers, capacitors, and electric motors. Read More Here, An interest in real property which is held for the duration of the life of a designated person is called a, A life estate is an interest in real property which is held for the duration of the life of a designated person. Has no exemptions and contains the blanket statements that 'citizens have the same rights to inherit, buy, sell, or lease real and personal property.' Need state practice? A mortgage loan with the interest rate on the note. - A lien that only binds to a specific asset or property (Example: mortgage). 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. Final Real Estate Exam. Severance is the opposite of attachment. A prepayment penalty clause states that a lender can penalize a borrower if the borrower pays off the mortgage much sooner than usual. Riparian literally means "riverbank.". Air Rights The right to use, control and occupy the space above a particular parcel of land. - The ability to have cash readily available to support the demands of running and maintaining real property. Final Exam Study Guide Real Estate U by vandykel, Mar. (i) Rent expense. Read More Here, Tenants by the Entirety and Community Property both generally pertain to. In lien theory states: The correct statement is: In title theory states, banks or mortgage lenders hold the title of a property until it is paid in full. 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 practice is illegal. Honesty and fairness must be given to an unrepresented buyer. Specific range of tasks, but multiple, not same as special agent who has narrow authorization like a real estate agent. - The process by which a loan principal decreases over the life of a loan. Disclosure Regarding Real Estate Agency Relationships Form. Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. Time this up with when your exam is scheduled, and practice an exam question every day. "A mortgage loan available for military service members, veterans, and eligible surviving spouses; which often comes with better terms than a traditional mortgage.". Primary purpose is to ensure a safe, properly functioning environment for the occupants. Similar to a receipt, a bill of sale is a written instrument that attests to a buyer's purchase of property from a seller. The premise that the ownership of real estate consists of the ownership of various rights associated with it. payable. Why is an oral lease for two years not generally enforceable in law? To pass the exam in California, you'll need to get a score of at least 70%. A crime punishable by up to a year in prison and/or a $1,000 fine. Which of the following consumers would most likely qualify and be able to derive the most benefit from refinancing their mortgage? 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 contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). This is very common in property management situations. All states require a high school diploma or G.E.D equivalent. The total amount collected from rents and other income producing opportunities. - An agreement of employment of a broker to the exclusion of all other brokers; if sale is made by any other broker during term of employment, broker holding exclusive agency is entitled to commissions in addition to the commissions payable to the broker who effected the transaction. 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. - A person that provides services to another under terms specified in a contract or within a verbal agreement. - A contract between the owner of a property and someone who agrees to manage it. 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 property recorded. Obsolescence may be either economic or functional. A crime punishable by up to a year in prison and/or a $1,000 fine. The cost approach is considered to be reliable when used on newer buildings, and not as reliable with older. Oversees and upholds the quality and aesthetics of a neighborhood, town or city. Signed the seller 's counteroffer is withdrawn or hypothetically rejected the real estate exam the appraisal of property... Statute of frauds is a rigorous and challenging test that weeds out those who are not clear! - Responsible for granting variances and most purchases of goods over $ 500 ( this includes estate. Most purchases of goods over $ 500 credit against the purchase price of the property appear on the.... Omissions insurance individual or institution that originates mortgages G.E.D equivalent money back guarantee consumer 's monthly gross income that towards... X27 ; ll need to get a score of at least 70 % are the way go... 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