real estate u final exam quizlet

A person that provides services to another under, The premise that the ownership of real estate consists of the ownership of. A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc., that must be transacted for a successful transfer of ownership to take place. 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. The existing use is not as-of-right. Federal law designed to control air pollution on a national level. Article 12-A of the NYS Real Property Law. Read More Here. Read More Here. A seller is asked whether any known plumbing defects exist on her property. A contract entered into under duress is voidable. This entity is typically referred to as the lender. $$ If Federal or City building code is more stringent on particular issue, the more stringent Code will supersede the State code. Because they paid for the full year and are selling the property, the buyer will then owe the seller the remaining months of taxes. Considered a proprietary lease and personal property (NOT real property.). Also determines the 'bulk' of a house or a building, meaning the maximum size of the structure (height, square footage, size of floor plate). Determines the usage allowed for a building or subdivision. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. - The employer of an agent or broker; the broker's or agent's client. Below we put together a complete list of extra free study resources in hopes that you can pass your real estate exam the first time. 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. 3% on a $400,000 property is $12,000. - Rights in real property to use the space above the surface of the land. The Americans with Disabilities Act (ADA) prohibits discrimination against people with disabilities in several areas, including employment, transportation, public accommodations, communications and access to state and local government' programs and services. Warehousing has to deal with loans and the secondary market. A document issued by a governmental authority that a building is ready and fit for occupancy. Or a conditional use permit. Enacted in 1974, which of the following is a regulation that aims to give all legal individuals an equal opportunity to apply for loans? A document acknowledging the payment of a mortgage debt. A licensed real estate broker that holds the license of a salesperson. - A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. A lease commonly found in a building with a single, long-term tenant. It takes massive preparation. - One of the more serious fiduciary responsibilities. - 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. Purpose: 1) Help consumers become better shoppers for settlement services. Federal prohibition that protects buyer/renter of a dwelling from seller/landlord discrimination with regards to race, color, religion, gender, national origin, familial status, or disability. 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 market. An employment contract between principal and agent, authorizing the, A card issued by the Department of State to each licensee which contains the, A person who on behalf of or for the benefit of another transacts business or, Disclosure Regarding Real Estate Agency Relationships Form, An agreement of employment of a broker to the exclusion of all other. They also come packaged with lower interest rates so if you qualify VA loans are the way to go. Rights in real property to use the space above the surface of the land. Generally speaking, homeowners should have a solid credit score to refinance, although there are a few exceptions in government run loan assistance programs. This practice is illegal. 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. Since the question says may be valid it is voidable. - A lien imposed by law upon a property to secure the payment of taxes. TIC is when a parcel of real estate is owned by two or more tenants. Your satisfaction is important to us, which is why we offer a no questions asked 30-day money back guarantee. The seller is usually entitled to keep the earnest money, because this is considered forfeiture of the contract. An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period. This type of deed contains the strongest guarantee of title. It may be limited by the life of the person holding it or by the life of another person. Cash received in a tax-deferred exchange. Who owns the land under this navigable river? - The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on. Most probable price that a property should bring if exposed for sale in the open market for a reasonable period of time, with both buyer and seller aware of current market conditions, neither being under duress. An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter's property. The sequence of historical transfers of title to a property. This often happens for land that is required for infrastructure like highways, major pipelines, railroads etc. A horizontal structural member that supports a floor. It is also the same study guide in the quizlet link: https://quizlet.com/602634854/realestateu-final-exam-flash-cards/ The study guide is basically all the definitions you need to pass the course exam, NOT the NYS Exam. 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. The authorization to improve or develop a particular property in a manner not authorized by zoning. - The total amount collected from rents and other income producing opportunities. Remember, if a new offer is accepted two valid contracts could exist, so the first step must be to withdraw the counteroffer. A licensed real estate broker that holds the license of a salesperson. Someone authorized to transact every kind of business for the principal. One of the most essential parts of the real estate exam is vocabulary. Final Real Estate Exam. For help with the national we have our free national real estate practice exam. It generally has to do with performance. - A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. 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. A single agency has a relationship with the buyer or the seller, but not both. - Obtained after you register for the New York State. \{x|x \text{ is a month starting with } M\} Disclosure Regarding Real Estate Agency Relationships Form. A town or city that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. You are given expert assistance in 64 subjects. What are they? The key difference between a leasehold estate and a freehold estate is the limitation of time. Riparian literally means "riverbank.". Partition is a term used in real estate to describe an act, by a court order, to divide up a concurrent estate into separate portions representing interests of the owners of a property. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. By far, the most substantial chunk of the real estate license exam is the vocabulary. * Taxes, mortgages, mechanic's lien, etc. Both terms pertain to spouses. Lien= a claim or encumbrance on a property for payment of some debt, obligation or duty Qualified right that a creditor has in or over specific property of a debtor as security for the debt or for performance of some act. Which of the following fits the description? If it's for less than one year, it can be oral with some exceptions. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. 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. A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. Here are what topics you are expected to know:if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'realestatelicensewizard_com-box-4','ezslot_14',696,'0','0'])};__ez_fad_position('div-gpt-ad-realestatelicensewizard_com-box-4-0'); It depends. Which of the following is not a type of depreciation used in the cost approach? 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 lease commonly found in a building with a single, long-term tenant. A legal way to dissolve the relationship when the parties don't voluntarily agree to its termination is called. The act specifically requires reasonable accommodations must be provided to people with disabilities. It runs from the present owner back to the original owner of the property. It may also provide liability coverage against accidents in the home or on the property. A lien imposed by law upon a property to secure the payment of taxes. A borrower is a mortgagor while the lender is the mortgagee. The number of questions on the real estate exam depends on which state you are taking the exam in. Responsible for determining a municipality's tax rate. All states require a high school diploma or G.E.D equivalent. What is the highest form of real estate ownership that is recognized by law, in which the owner can enjoy the property to its fullest extent? RE is one of the few industries that you could literally make one sale a month and live comfortably. Regulation Z/Truth in Lending Act of 1968. What is an item on a property that is installed by the tenant, and is related to the tenant's business classified as? - Rules in a cooperative that cover common issues including garbage disposal, maintenance, noise, pets, and conflict resolution. Such restrictions are either written in the deeds to the property or into the bylaws for the subdivision, which the deeds will reference. I.E. - The actual interest rate charged, including loan fees and points. The Americans with Disabilities Act (ADA) became law in 1990. *Write the resulting set using the listing method. An example of an easement in gross is an easement to a utility company to run a power line across a burdened piece of property. Who dictates trust accounts and when to deposit earnest money or other trust funds? - A crime punishable by up to a year in prison and/or a $1,000 fine. Which act amended the comprehensive environmental response, compensation, and liability act (also known as CERCLA)? Trusts can be created during an individual's lifetime, or they can be established following someone's death. They would most likely qualify for a refinance and they would definitely derive the most value from it. The practice of inducing homeowners in a 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 a precipitous decline in property values. Which answer includes 3 actual types of business structures? This deposit is referred to as earnest money. In retrospect, antitrust laws protect the consumer and are healthy for a stable economy. Vertical framing members found in wall construction. - Vertical framing members found in wall construction. There are online platforms you can get answers to the real estate exam. So in plain terms, a Purchase Agreement is the document buyers and sellers sign with all the terms and conditions of their transaction on it. Doing the math that gives you $15,000.00. Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. Choose the best answer. The use of borrowed capital (mortgage) to increase the potential return of an investment. 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. Click the card to flip Flashcards Learn Test Match Created by Terms in this set (157) - An agreement between members of a trade conspiring to refrain from competition in specific market areas. - A crime punishable by up to a year in prison and/or a $1,000 fine. In South Carolina, the score to pass is 56 and 28. A fixture is any physical property that is permanently attached to real property. Joists, beams, and roofs are typically supported by these. The idea is that when a community is organized, it is more attractive, safer and has fewer conflicts among people. If a buyer refuses to go ahead with a purchase of property which he has signed a contract, what usually happens to the earnest money? Why is an oral lease for two years not generally enforceable in law? Before I took the real estate express final exam I re-read every chapter summary and I quizzed myself on all the "check your understanding" questions. Dont forget to read the explanations so you fully understand the question. 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. An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. 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