- Primary purpose is to "Protect the Public" - Requires a salesperson to be at least 18 years of age - Requires a broker to be at least 20 years of age Sponsor A licensed real estate broker that holds the license of a salesperson. Financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased. Interpreter of the zoning ordinance. Tenancy in common would be the best answer. The house is sold for $250,000. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). Its not typical in single-family homes or apartments. To whom does an agent always owe their fiduciary responsibility? Area of a triangle [triangle=1/2 of rectangle]. A licensed real estate broker that holds the license of a salesperson. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. This site provides you with a step-by-step approach to solving tough challenges. A valuation placed upon property by a public officer or a board, as a basis for taxation. This is word for word from the study guide, enjoy and good luck :), Article 12-A of the NYS Real Property Law, The section of the New York Real Property Law. A voidable contract is a legal agreement between two parties that may be unenforceable for any number of reasons. Proration is the allocation or division of money items at the closing. Demand: This means the desire to buy and an ability to pay. The statute of frauds is a common law concept that requires written contracts for certain agreements to be legally binding. The person who hires or appoints an agent is called the: The person who hires or appoints an agent is called the principal. - 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. Usually, the exam varies between 80-100 national questions and 30-50 state-specific ones, but each state is different. Instead, the mortgage lender holds a lien against the property. Choose the best answer. I am doing a Real estate Express course for florida, i got stuck in this one quiz for a chapter and i ended up looking up the answer on quizlet, while on the quiz. The employer of an agent or broker; the broker's or agent's client. However, it does not directly affect market value. An estate for years is not automatically renewed. The actual interest rate charged, including loan fees and points. - The use of borrowed capital (mortgage) to increase the potential return of an investment. In a single agency relationship a real estate broker represents who? Because they paid for the full year and are selling the property, the buyer will then owe the seller the remaining months of taxes. Remember, liquidated damages are the amount agreed to in advance that will compensate a party for any loss they suffer on a purchase contract. Refusal to lend money within a specific area for various reasons. Government power is the constitutional authority and inherent power of a state to adopt and enforce laws and regulations to promote and support the public health, safety, morals, and general welfare. Trade fixtures refer to items installed in connection with the business, such as stoves or refrigerators in a restaurant. - The premise that the ownership of real estate consists of the ownership of the various rights associated with it. It takes massive preparation. To pass the exam in New York, you'll need to get a score of at least 70%. The lender in a traditional mortgage loan transaction is known as what? i.e. They are a great option for someone who knows they will be owning a specific property for a long time. 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. - A person who on behalf of or for the benefit of another transacts business or handles money or property not the person's own; such relationship implies great confidence and trust. Join over 10,000 subscribers and pass your exam today! Duress is the unlawful constraint or action exercised upon a person whereby the person is forced to perform an act against his or her will. Upon the death of a tenant in common, that share is transferred to the estate or heir of the deceased tenant. 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. Final Real Estate Exam. A cash reserve fund is an account set aside by an individual or business to meet any unexpected future costs, as well as the future costs of upkeep. It is hazardous to health when a possibility exists of exposure to inhalable fibers. During your time as agent you will run into many different types of people from areas across the world. You can check that out right here. A failure to disclose this information may allow the buyer to rescind the contract. Before the Fair Housing Act, some lenders circled certain local areas with a red line on a map, refusing to make loans within the circled areas based on some characteristics of property owners in the area. payable. A right to cross or otherwise use someone else's property for a specified person. A career in real estate sales is one of the most lucrative routes a salesperson can take. Eurocredits; eurodollar. - 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 properly recorded. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. To pass the exam in California, you'll need to get a score of at least 70%. - The sequence of historical transfers of title to a property. There are three different main approaches that appraisers use while they make an appraisal. Legal Agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt. The best way to pass is to use all the resources available to you. 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. 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. *Write the resulting set using the listing method. What is the difference between commingling and conversion in real estate? Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. 2016 Click to Rate "Hated It" Click to Rate "Didn't Like It" Click to Rate "Liked It" Click to Rate "Really Liked It" Click to Rate "Loved It" 5.001 Favorite Add to folderIntroducing Cram Folders! Crash courses are a fantastic way to study for the real estate exam. Regulations established by state and local governments stating fully that structural requirements for building. For 150 questions to simulate the actual exam, use our California Real Estate Practice Exam. The seller ends up obtaining a buyer for the house themselves. - A horizontal structural member that supports a floor. What is the illegal action or practice of lending money at unreasonably high rates of interest? Void contracts are not contracts because they lack an essential element of a contract and are thus unenforceable. In preparing for variable expenses in a property management budget, the property manager should set up a what? It is the _____ duty to explain the purchase agreement and to not mislead any parties. Analysis of the competition in the marketplace that a property will face upon attempts. Assume that x is a binomial random variable with n = 4. The seller is usually entitled to keep the earnest money, because this is considered forfeiture of the contract. Read More Here. Now that I'm about to finish the course and take the practice exam i was reading the section named "it's time to prepare for your exam" and it says at the very end "A final note. - A mortgage 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. - An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period. 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 ability to buy and sell is also known as what essential element of value? What is the seller in this situation? Test the null hypothesis $H_0: \mu_d \geq 110$ versus $H_a: \mu_d<110$ by setting $\alpha$ equal to $.05$ and $.01$. A material used in pipes and paint of many older homes. - Considered real property, which is conveyed by a deed. Most real estate sales contracts include contingency clauses, making them voidable. Value = Income / Rate. Structural walls that transfer building loads down to the foundations. - A tenant who remains in possession of leased property after the expiration of the lease term. Anything that lessens the bundle of rights. In title theory states, banks or mortgage lenders hold the title of a property until it is paid in full. - A chronic lung disease caused by inhaling asbestos fibers. Can be quite complex or quite simpledepending on the type of real estate transaction. Vertical framing members found in wall construction. Regulation Z/Truth in Lending Act of 1968. What best describes the type of agency typical in property management - in which an agent has limited power? An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. A chronic lung disease caused by inhaling asbestos fibers. The use of borrowed capital (mortgage) to increase the potential return of an investment. Requires public accommodations to remove barriers in existing buildings such as adding braille markings to elevator buttons, is a requirement of which law? A lien that only binds to a specific asset or property. - 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 balloon loan is a mortgage which does not fully amortize over the term. - Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. Considered real property, which is conveyed by a deed. - Rights in real property to use the space above the surface of the land. - A crime punishable by up to a year in prison and/or a $1,000 fine. The key concepts and words you have to study are essential for obtaining your real estate license, so you must learn and become familiarized with them. Each square, six miles by six miles, is called a township. 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. Horizontal structural member that supports a floor. A company, individual or institution that originates mortgages. It depends on which course you took, If you took the RealEstateU 75-hour course then it should be at the end of your course. A lease commonly found in a building with a single, long-term tenant. Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right the bequeath and the right to do none of the foregoing. Need state practice? This type of deed contains the strongest guarantee of title. The Environmental Protection Agency (EPA) is the federal agency responsible for dealing with environmental issues. - The amount of expenses that must be paid out of pocket before an insurer will pay any expenses. Riparian literally means "riverbank". - The developer or owner organizing and offering for sale a condominium or cooperative development. In this situation, the new offer cannot be accepted unless the seller's counteroffer is withdrawn or hypothetically rejected. A deed which conveys simply the grantor's rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants; usually used to remove a cloud from the title. 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