NATIONAL REAL ESTATE EXAM PRACTICE TEST ALL SOLUTIONS CORRECT!!

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NATIONAL REAL ESTATE EXAM PRACTICE TEST ALL SOLUTIONS CORRECT!! In most cases, broker compensation, as a percentage of home price, falls somewhere between: A Christian organization owns a fourplex. I... t wants to rent to only Christian tenants. Under the federal Fair Housing Act, is this legal? What happens to trade fixtures after a business moves out of a leased property? Suppose that a borrower has a gross monthly income of $3,000 and wants to qualify for a conforming loan (total debt service ratio of 36%) with a monthly PITI payment of $800. What is the maximum amount of additional long-term obligations this borrower may have after PITI? A square bedroom measures 10 feet by 10 feet. What is the area of the room? Which of these is an economic characteristic that makes land a distinctive commodity?* In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is: Which is exempt from the federal Fair Housing Act? The Americans with Disabilities Act applies to: Condemnation is the act of seizing private property from citizens. What gives the government the right to do this? The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: Which statement BEST defines the term contingency? If a borrower is behind on payments, the acceleration clause gives the lender the ability to: A metes and bounds legal description always returns to: What should a license holder do if a client instructs them to do something that would discriminate against a protected class? What is a novation? A married couple bought a home ten years ago for $400,000. Their neighborhood has rapidly grown in popularity, and they were able to sell their home this year for $950,000. How much of that money will they be required to pay capital gains tax on? Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? Deanna wants to sue her real estate agent, but finds out that she has no legal recourse because too many years have passed since the offending incident. What is this an example of? Pedro bought his house for $370,000. The assessed value is $290,000. If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? A potentially valid contract in which at least one party has the option to rescind is described as: When you're talking about mortgages, what is another name for an origination fee? Both parties involved in an agency agreement agree to end the agreement early. What is this called? What does a standard title insurance policy do?* Which term describes the transfer of property from the current owner to another party by sale or gift?* In the sales comparison approach to property valuation, what does the principle of substitution state?* Who can require a buyer to purchase homeowners insurance? Which of the following statements may represent the unauthorized practice of law?* A property owner has the right to tell other people that they cannot trespass on their property. What is this right called? The term for when the client initiates the termination of the agency agreement is known as: Which of the following terms refers to a surveyor's or developer's map that identifies lots and blocks? The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? Which of these scenarios does NOT violate fair housing law?." What is the difference between a bill of sale and a deed? A buyer offers additional consideration to add a 10-day option period to the sales contract. During this period, the buyer can:* Brenda and her husband are interested in buying a house that was constructed in 1971 that has all the original paint, windows, and flooring. What is required from the listing agent in this situation?*. In order to be valid, what MUST a deed have? Hans bought an investment property for $5,250,000. The NOI of this property is $367,500. At what cap rate did he purchase this property? What does the principle of anticipation state about the valuation of property? Which of these is a naturally occurring mineral that is commonly used in insulation, but if airborne or inhaled, can cause severe respiratory health issues? How long after an incident does a victim of housing discrimination have to file a complaint with HUD? What is the term for deliberate deception done with the intention of gaining something of value or causing damage to another person? Mary has a loan whose payments and interest rate will stay the same throughout the life of the loan (not including the cost changes caused by insurance and tax rates). What kind of loan does Mary have? Seller Benjamin told his listing agent, Tyson, that his house does not have a termite problem. Tyson doesn't see any visible evidence of pests. Tyson then relays this information to a buyer, citing Benjamin as his source. The buyer later finds out the home has a termite infestation. What did Agent Tyson engage in? Melissa signed a listing agreement with Shane, a local real estate agent. Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. What type of listing agreement did Melissa and Shane sign? What is unique about an exclusive right-to-sell listing agreement? Which one of the following actions would be considered the unauthorized practice of law by a broker? Which of these is an example of a general agency relationship? What is the defining feature of an estate for years? Which federal law amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)? Which of these is a protected class under the federal Fair Housing law? An example of a voidable contract is a contract that: An investor has purchased a one-family home that they plan to rent as an investment. Which of these statements accurately describes how it can be depreciated? In general, a broker is responsible for: A contract is not considered valid unless consideration is involved. This is due to the idea that a person: How can homeowners get insurance coverage in case of a flood? Which survey system is most commonly used in urban areas? Jordan took out a loan in the amount of $265,000. Her annual interest rate is 4%. What will she pay monthly in interest? Which of the following is a participant in the secondary mortgage market? Who must fill out the Seller's Disclosure Notice? For a listing agreement to be enforceable in court, it MUST be: CERCLA was passed in 1980 to: Sabrina accepted Rebecca's offer to purchase her house, and the closing date is in a few weeks. Until then, what does Rebecca have? Steering is the practice of: Darla is suing Arlo for specific performance. If she is successful, what will happen? Undivided ownership of an estate, with an interest that is exclusive from other owners is called: [Show More]

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