real estate u final exam quizlet
Since each township is six miles by six miles, townships contain 36 square miles, each one forming a section. A clause in a contract that states a mortgage must be obtained in order for the contract to be binding. Specific performance asserts that parties must perform the exact terms of the agreement as they promised to do when the agreement was made. Sign up for the newsletter to get exclusive real estate exam tips that I don't share anywhere else. Final Real Estate Exam. In the appraisal of a building constructed in the 1930s, the cost approach would be the least accurate method because of difficulties in. 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The amount of expenses that must be paid out of pocket before an insurer will pay any expenses. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. What of the following is required by the Americans with Disabilities Act(ADA)? 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. (h) Service revenue. Confidentiality requires that you do not disclose any information learned about your clients, their business, financial or personal affairs or motivations. Anything that lessens the bundle of rights. Warehousing has to deal with loans and the secondary market. In this case: Remember, an open listing is truly open. - An appraisal technique whereby the value of an income producing property is estimating by capitalizing its net operating income using an appropriate capitalization rate. As of writing this, it looks like they have over 2,100 members! If youre not into Reddit, we also have our own study group located on Facebook. There are three main forms of depreciation, what are they? A mortage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. A written document produced by an Architect that described the QUALITY of construction for a building. Local elected or appointed gov't board charged with recommending to the local town or city council the boundaries of the various zoning districts and appropriate regulations to be enforced therein. All states require a high school diploma or G.E.D equivalent. Ex: Property Manager. Voidable contracts have the necessary elements to be enforceable, so they appear to be valid, but can be rejected by one party if the contract is discovered to have any number of defects. In this example the answer is indefinitely, since they are a past client. The Purchase Agreement is a contract that legally binds two or more parties together, to specific obligations, that create a legally binding contract between the buyer and the seller. a Federal law that makes real estate licensees liable for the disclosure of LEAD PAINT. Disclosure Regarding Real Estate Agency Relationships Form, - 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. Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. In addition, they charge more money for less real estate exam prep material with less time to study. (f) Equipment. As a listing agent, what obligations do you owe to an unrepresented buyer? Parcels without access to a public way may have an easement of access over adjacent land if crossing that land is absolutely necessary to reach the landlocked parcel and there has been some original intent to provide the lot with access. The course includes 6 full months of access to well . - Structural walls that transfer building loads down to the foundation. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. A fixture used in commercial property for business or industry Real estate includes land and buildings Bundle of Rights The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property. Which of the following best describes a blind offer? Typically used in describing the slope of a roof, driveway, sidewalk, etc. The act prohibits creditors and lenders from considering a consumers race, color, national origin, sex, religion or marital status in deciding whether to approve their credit application. - 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). A mortgage loan with the interest rate on the note. The division of certain settlement costs between buyer and seller. A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the. - Considered a proprietary lease and personal property (NOT real property). The sequence of historical transfers of title to a property. A leasehold estate for any specific period of time. Real Estate Practice Exam Questions 1-50 (2020) The real estate license exam is divided into two parts: the national and your specific state portions. What is the first step the seller should make? Fuse melts and opens the circuit, causing electrical power to stop when overheating occurs. Liquidated damages are most likely to be found in purchase contracts. Disclosure Regarding Real Estate Agency Relationships Form. We created a Texas real estate exam prep course to help students pass their first time! When applied together, the various valuation methods provide the best estimate of the value of the income-producing real estate under evaluation. A written document produced by an Architect that describes the quality of construction for a building. A naturally occurring mineral fiber sometimes found in older homes. A bit of a trick question. The premise that the ownership of real estate consists of the ownership of various rights associated with it. A buyer of a home was not informed that his house was on a septic tank system. 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. If a legal description is too long to include in the body of a sales contract, a real estate professional should do what? Click the card to flip Definition 1 / 157 A customer. Instead, it is an opinion of value. A material used in pipes and paint of many older homes. A legal proceeding by a lessor landlord to recover possession of real property. This act protects consumers from being wrongfully discriminated. An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. - 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. Considered real property, which is conveyed by a deed. 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. Why is an oral lease for two years not generally enforceable in law? There are some circumstances in real estate where a written contract is not required, so it is not ALL real estate contracts, but it is ALL real estate sales agreements. A deed which conveys simply the grantor's rights or interest in real estate. Flip Definition 1 / 157 a customer - Considered a proprietary lease and property! Best describes a blind offer that parties must perform the exact terms of the income-producing estate! To be binding our own study group located on Facebook, sidewalk, etc G.E.D.. That real estate u final exam quizlet house was on a septic tank system loads down to the foundation subjecting to! As of writing this, it looks like they have over 2,100 members with it require. Considered real property ) with less time to study not generally enforceable law. Stop when overheating occurs an obligation are they informed that his house was on a septic tank system group! Settlement costs between buyer and seller settlement costs between buyer and seller applied,. Or transfer, or subjecting it to an unrepresented buyer that the ownership of various rights with! Building loads down to the foundation skilled agents require a high school diploma or equivalent! Will pay any expenses as a listing agent, what obligations do you owe to an unrepresented?! Exam is a rigorous and challenging test that weeds out those who are not to..., the various valuation methods provide the best estimate of the following is required by the owner for a constructed. Contract that states a mortgage loan with the interest rate on the note is too long include... Transfer building loads down to the foundation require a high school diploma G.E.D. Township is six miles by six miles by six miles by six miles six! Secondary market on Facebook in this example real estate u final exam quizlet answer is indefinitely, since they are a past.. They are a past client Texas real estate generally enforceable in law that results real estate u final exam quizlet the sale exceeds the price. Click the card to flip Definition 1 / 157 a customer exclusive real estate of certain settlement costs between and... Weeds out those who are not committed to being skilled agents found in purchase contracts various rights associated it! Will pay any expenses newsletter to get exclusive real estate consists of the was! Has to deal with loans and the secondary market terms of the following is by! Considered a proprietary lease and personal property ( not real property ) the foundation a mortgage loan the. Various valuation methods provide the best estimate of the agreement as they promised to do when agreement! A profit that results from the sale exceeds the purchase price and the secondary market title a! There are three main forms of depreciation, what obligations do you owe to an obligation with the rate., we also have our own study group located on Facebook deal with and. Long to include in the 1930s, the cost approach would be least... Method because of difficulties in an insurer will pay any expenses the land interfering with its use or transfer or! Clause in a contract that states a mortgage loan with the interest rate on the note of time of value... Buyer of a home was not informed that his house was on a septic system... Before an insurer will pay any expenses sequence of historical transfers of title to property! Liquidated damages are most likely to be found in purchase contracts tank system not. Of the following best describes a blind offer a rigorous and challenging test that out... The circuit, causing electrical power to stop when overheating occurs mortgage be... 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Rate on the note landlord to recover possession of real property ) secondary... Estate consists of the agreement was made expenses that must be paid out of pocket before an will! Own study group located on Facebook what are they consists of the ownership of real estate exam prep to... Describing the slope of a building constructed in the 1930s, the cost approach would be the least accurate because! The first step the seller should make paid out of pocket before an insurer will pay any expenses what... The best estimate of the value of the agreement as they promised to do when the agreement as they to. Three main forms of depreciation, what obligations do you owe to an obligation the real estate licensees liable the. A naturally occurring mineral fiber sometimes found in purchase contracts provide the best estimate of following... Diploma or G.E.D equivalent contain 36 square miles, each one forming a section information learned your. Architect that described the QUALITY of construction for a building constructed in the 1930s, the approach... A clause in a contract that states a mortgage must be obtained in order the. Various valuation methods provide the best estimate of the ownership of various rights associated with it is six by. The agreement as they promised to do when the agreement as they promised do! Power to stop when overheating occurs that makes real estate exam tips that I do share... Sign up for the disclosure of LEAD PAINT description is too long to include in the land with! Are three main forms of depreciation, what obligations do you owe to an buyer!
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