real estate quizlet final exam
S428. county or local (city or town), NOT the state or federal government. Takes about 1-2 months, maybe more if your DRE sites are closed due to COVID-19. If it happens to be sold at a foreclosure sale, after payment of (1) the costs of the sale, including the advertising, the attorney fees, and any trustee fees (2) any owed SPECIAL ASSESSMENTS are collected, then regular unpaid property taxes and then the next lien in priority. An Encroachment is a physical intrusion on another's property, an encumbrance that is often discovered by a survey. Personal Property is a bequest. 30. When a person owns property in _______, they have the right of exclusive occupancy (keep everyone else off); the right of enjoyment without interference; and the right to waste, destroy or sell the property. In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. community property laws and elective share laws. Georgia Real Estate Exam Prep admin 2022-10-28T18:42:26-04:00. Earnest money is NOT required in order to have a valid contract. 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. just email realestate u and they will send it to you. An example might be that the air conditioner is 13 years old, AN example of active fraud or intentional mis-statement is an. 284, $\$300.00$. Eminent domain is the power of government to. Rockwell California Real Estate Principles Final Exam Saddleback College Business Science Division Course March 28th, 2019 - 9 Describe basic taxation concepts related to real estate 10 . R454. Note the last direction - Southeast (Not East). CALIFORNIA REAL ESTATE This PDF book include real estate economics first . Between the two is something referred to as a life tenancy - a person who has a Life Estate that has limited rights like a tenant and an unknown term length. This is known as. A legal action to compel a party to carry out the terms of a contract. Then any outstanding property taxes are paid. National Environmental Policy Act of 1969. A person who owns their home in Fee Simple Absolute is said to have a basic bundle of rights including (1) the right to Exclusive Occupancy (2) the right to Enjoyment Without Interference and (3) the right to Sell, Waste or Destroy the property. The calculator must be a simple one. CA Real Estate Principles Exam Flashcards Quizlet March 8th, 2019 - Prepping for State Exam using Principles Learn with flashcards games A licensee who has not signed a brokerage services agreement has to be fair and honest with all parties. When an old property seems to be newer and in better condition than it should be because it has been constantly maintained and remodeled, in valuation terms its __________________. C345. A landlord who fails to make repairs has abandoned his duty and the tenant can terminate the lease. What are some Sherman anti-trust act violations? Governments offer homestead tax exemptions to homeowners in order to allow tax relief on an owner's ____________. If a property is subject to special tax assessments it is being additionally taxed because it is receiving some special benefit. 31. ", A title that is less than perfect or is not a "clear title" it is said to have a ____. A safety, or protection clause in a listing, also called a carryover clause, will allow a broker to claim a commission, after the listing has expired, if the owner sells directly to a person the broker or one of the broker's agents introduced to the property during the listing period. When the phrase Time is of the Essence is included in a contract it means that the dates and times in the contract must be rigidly adhered to with no slack. Pre-License Course - Answers for Question Sheets - (INCLUDED IN ALL PRE-LICENSE ACCESS PACKAGES)- (PAID SECTION, ANSWERS HERE) Sample Math Questions (ANSWERS) Closing Statement Questions (ANSWERS) Question Set 1 (ANSWERS) Question Set 2 (ANSWERS) Question Set 3 (ANSWERS) Practice Exam Questions (ANSWERS) Closing Transaction Notes. This is referred to as a _________. c. interest-only payments. If an offeror regrets the offer and wants to withdraw, he can revoke the offer assuming the seller has not already accepted it. $$. An Escrow Agent (Closing Agent) would qualify as a disinterested third party in a transaction. Purchased merchandise on account from Dreyfus Company, $\$12,296.00$. April 1st, 2019 - California Real Estate Principles Final Exam Answers PRINCIPLES OF 1 / 6. Does Mike still have an aritsans lien he can enforce against Gary? 28. C. None, only the employer pays FICA taxes \end{array} Zoning laws can also regulate what kinds of animals can be kept on a property. This is called a __, When a new manufacturing plant opens nearby and is offering 1,000 new, high-paying jobs, the likely increase of the area's real estate values will reflect the principle of _____. These include: churches, schools, and other not-for-profit organizations as well as state, county and city owned buildings, such as the Department of Transportation building. a powdery mineral found in older building materials such as sheetrock and insulation and even some glue that holds mirror pans on a wall. The document, as altered, becomes a new offer, perhaps with handwritten changes initialed by the offeree (who now becomes the offeror of the new offer). A rectangular survey township has six miles on each side. The bubble sheet is at the end. Its legal description contains angles and distances. On occasion, when buyer cannot produce the entire agreed-upon sales price, the seller will accept an arrangement where the buyer can move in and make monthly payments. This means he or she has to be __. The law of Supply and Demand applies to money. What type of income does a creditor expect from providing financial resources to an organization or business? Online Real Estate Practice Exams. When a property goes on the auction block for failure to pay taxes a buyer at the auction receives a _______ allowing him to apply for a tax deed after a certain period, if the defaulting owner of the property ultimately fails to pay the taxes in the time allowed. A contractor planning to build a new apartment complex, needs to be sure that the architect drawing the plans has consulted the Americans with Disabilities Act to include the latest rulings and avoid any potential fines. Georgia Real Estate Exam Prep Practice Exam GA.Real Estate Agent License Practice Test Tests com. What sometimes happens if a loan is paid off early? An estate for years (even if its only for 6 months). _______________ property usually refers to Condominiums and Cooperative apartments as well as single family homes, duplexes and multi-units. Reassessing the tax classification for a single property is called ___. A) $239,200 B) $276,060 C) $197,600 D) $246,960. While a brokerage can often have both sides of a transaction, the sales commission from a sales transaction is usually divided between a licensee (the brokerage) whose agent has the listing and a licensee (another brokerage) whose agent brings the buyer to the listing. \hline \text { Probability } & 0.01 & 0.02 & 0.9 & 0.01 \\ When an owner who is a joint tenant or a tenant in common wants to sell her portion or the property ownership and exit the relationship, but the other owners won't cooperate, she may have to file a ______ in civil court to have the property sold to the highest bidder. A _____ is used to collect delinquent taxes by "selling the tax lien" to someone who will most likely simply collect interest when the property owner finally does pay the taxes. 1 Quiz - The Real Estate Transaction, Chp. a set of rules and regulations designed primarily to control the use of property. When a licensee has the authority to manage, lease or sell any of a client's real estate properties, the licensee is a general agent. Type Your Name: Kirin Godhia Type Course Name: Real Estate Principles (RE 100) Final Exam Answer Our real estate practice exam prep comes with 1,000 practice real estate exam questions with detailed answer explanations. All licensees who are entering into an agency relationship should provide a WRITTEN DISCLOSURE, at the FIRST SUBSTANTIVE CONTACT with a potential client what personal interests (if any) the licensee has with either the property, the buyers, the sellers, or any other situation which might affect the agent's ability to be unbiased when providing service. $100. If one of the parties does not comply with the terms of the contract as written, they can be declared in breach of the contract and may not only lose their rights but be subject to possible legal action requiring specific performance or payment of monetary damages. principles final exam flashcards quizlet, california real estate principles ca real estate, real estate sales exam flashcards study system, california real . When a tenant has a right to use the property but limited rights of ownership under a lease, the lease will have a definite termination date and the term used is a Leasehold Estate. A licensee should show sellers, near the end of a listing presentation, a blank copy of the purchase agreement to help them become more familiar with the upcoming transaction. If there are contingencies (Title search, survey, physical inspections, and financing availability) that are not fulfilled, the contract is subject to possible rescission by either party. What does the licensee owe to the listing or buyer once the agency agreement has expired? In a Title Theory state, for the lender, an advantage of a non-judicial foreclosure is the process is quicker since they do not have to go through the courts. (5:00 PM doesn't mean 5:15PM). While most apartments and rental homes are leased on an annual basis, a ground lease might be for as much as 99 years and a Hotel lease is typically for one day. Violating zoning laws is an illegal use of property. Typically, at least an acre of property per home is required for an individual septic system to provide ample room for the distribution field. R459. Pass the real estate exam with confidence! A lease that requires the tenant to pay, in addition to rent, some or all of the property expenses that normally would be paid by the property owner. They fell in love and get hitched, signing a marriage certificate. Devise (not spelled "device") and the beneficiary is a Devisee. Most licensees are independent contractors which means they are self-employed, working under a contract as agents for a real estate brokerage, with a managing broker who is responsible for the brokerage agents. The Internal Revenue Service has a set of rules that will determine whether a licensee is an employee of the brokerage or an independent contractor. TS41. When a property is restricted, and the ownership is dependent (conditioned) on a particular use as set forth in a deed, the condition will remain in effect no matter how many times the property is sold. A will is an amendatory instrument that can be changed at any time during the maker's lifetime. It has been 31 days and he still has not addressed the issue. Agreements, commonly used in insurance policies in which the parties involved do not have to perform a particular action until a specified "chance event" occurs. A ______ is set up while the person establishing the trust, the _____ , is alive. 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