BOMI Real Estate Investment & Finance Flashcard Maker: Michael Hodge. 58. 4. What is a characteristic of negative amortization? 80. 36. The lender receives a share of capital gain at time of sale. 50. Don't rely on the outdated material on other real estate practice exam sites. The mortgage amount relative to the property price is called... 97. What is a fair housing exemption? What is the formula for the Gross Rent Multiplier? All are characterisitics of a contract for a deed except... the buyer receives title when the contract is signed. Cram.com makes it easy to … If an owner's annual property taxes on a $100,000 home are $540 and the house is assessed at 20% of value, what is the tax rate per thousand dollars of evaluation? 62. To simulate the actual exam, try our New York Real Estate Salesperson Practice Exam. Exclusive Right to Sell Listing definition... A type of listing to list and sell real estate property in which the seller employs one broker but that broker earns a commission "no matter who sells the property including the owner". All are examples of single agency disclosures with the exception of. 92. Choose from 500 different sets of nj real estate test flashcards on Quizlet. inform borrowers of HOME MORTGAGE LOANS of closing cost. Real estate is said to be a fairly simple business, but not an easy one. The #1 real estate exam prep option Between our real estate prep course, real estate practice exams and video lessons - there is no better way to prepare for your real estate exam. the business practice of bringing together the parties in a practice. the process of comparing the property values derived from different approaches to value, selecting the most suitable approach for the particular property being appraised and coming to a final conclusion of value. Pearson VUE offers Broker and Sales practice tests for $19.95. The tests include questions on general real estate topics. STEP 1: Assessed value=20% of $100,000=$20,000. What is the first step in the appraisal process? Our real estate exam prep comes with over 500 practice real estate exam questions, and 450 vocabulary test questions with detailed answer explanations, up … Real Estate Express, $225... 1st you take $30000 in multiply it by 9% for the total a…, []A square normally 1 mile on a side.... []The Land Ordinance of…, air,water, land and everything affixed to it, Transfer, Exchange, Exclude, Use, Possess (TEE UP), immobility, indestructibility, and heterogeneity, demand, utility, scarcity, transferability, situs (DUSTS), Hold the money until both parties (or their lawyers) provide a…, Yes, any defects known to the broker should have been disclose…, Contract containing ONE promise given in exchange for completi…, Contract containing TWO promises. Within this course, you will be taught about real estate laws, financing, fair housing, construction, environmental issues, property management and a … What is a broker's obligation to a buyer without buyer agency? The actual exam has 75 questions and you are given 90 minutes to complete it. This course serves as the requisite 15-hour course for Salespersons licensed in a state whose pre-licensing requirements is less than New Jersey's 75-hour required in-classroom education; and who wish to obtain a New Jersey Salesperson’s license. Browse 500 new york real estate classes All are federal income tax deductions for a homeowner except... 74. In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; this includes about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. Which is not used to determine cost approach to estimate value? What is a mortgage that includes both real and personal property? The opportunities for success are limitless. 78. 55. Additional Real Estate & Planning Flashcards . Characteristics of sale and leaseback... 83. 18. Who is considered the lender in a purchase money mortgage? 30. Broker Carr, with ABC Real Estate Company, listed the property with a seller. 57. Who are the parties in a listing agreement? What is the most reliable method of appraisal for residential real estate? Usually written into a mortgage to allow the lender to acceler…, The value of the real property established for tax purposes. 81. In the rapidly rising real-estate market of the mid-1980's, those practices posed no major problem. More than 200,000 real estate professionals got their start with Real Estate Express. The main factor a property manager should use to evaluate a prospective tenant is. Disclosure requirements to a seller under a listing agreement force brokers to disclose info except... a combination real estate transaction where there is both a sale of real property by an owner and then an immediate lease on the same property giving the seller the right to remain in the same property that was just sold. An MLS can only be accessed by real estate … Obligations of an owner in a listing agreement if he refused to sell when presented with a full offer... 37. 6. A CMA is not an appraisal - and should n…, protect the lender due to the low down payments made by FHA bo…. The real estate agent usually works for a broker or brokerage agency. 75. Well, the term 'estate' literally refers to the land and … * All Classes will be held in our virtual classroom during COVID-19 quarantine. The following are typical property management operation expenses except... 65. 70. Method of attachment... 3. What is an example of external depreciation? the process of determining the present value of a property from it's future income. An example of an item that is prorated at settlement is... 82. What is the max profit a married couple can take on capital gain? Proper listing price of the property... 69. 90. 41. What is a mortgage that encumbers several parcels of land? Real Estate Law 14: 216 Real Estate Law 13: 215 Real Estate Law 12: 214 Real Estate Law 11: 213 Real Estate Law 10: 212 Real Estate Law 9: 211 Real Estate Law 8: 210 Real Estate Law 7: 209 Quiz Law 2: 208 Chapter 2 Review (5) 207 Chapter 2 Review (4) 206 Chapter 2 Review (3) 205 Chapter 2 Review (2) 204 Chapter 2 Review: 203 Take this free New Jersey Real Estate Salesperson Pracice Exam to prepare for the actual exam administered by the New Jersey Real Estate Commission. 38. What is the transfer tax charged by the state of PA? A local or regional real estate service that compiles available properties for sale submitted by real estate brokers and agents. You will have between 2-4 hours to complete your exam. A veteran real estate agent that really knows how to serve you and sell your home A rookie real estate agent because they charge the least Detailed Answer: Even though Dave spent most of his early career in real estate, he wouldn’t think of risking the sale of his home without an expert real estate … The summary is usually prepared so that it may be recorded thereby creating a (judgment) lien on real estate owned by the judgment debtor. 52. Who does a selling salesperson represent under buyer agency? What are two examples of special use property? 33. the unlawful practice of refusing real estate related business services based on location of a person's real property. Choose from 500 different sets of real estate flashcards on Quizlet. to to provide disclosure of closing cost info. **For Actively Licensed PA & NY SALESPERSONS ONLY. What is an example of functional obsolescence? What is the source of money for an FHA loan? It is the government taking private property for public good. When the buyer accepts the offer and the seller is notified. Is undisclosed dual agency allowable by law? Loan origination fee is a debit to whom? (Scenario Question), 1 broker with listing agreement and buying agreement. What has the greatest effect on real estate value? Learn real estate with free interactive flashcards. Ever wonder why land is called 'real estate'? They are commonly found on Adjustable Rate Mortgages (ARM). The following are examples of agricultural property except... 68. Broker Smith, with XYZ Real Estate Company, called Broker Carr, and disclosed that he was a Buyer Agent. Quizlet is a lightning fast way to learn vocabulary. Entitlement to commission when transaction is not consummated. Definition. Relationship to parties... 2. https://quizlet.com/121366480/real-estate-practice-exam-questions-flash-cards What is a type of depreciation that is not curable? The tests are developed using concepts found in the general portion of the actual exam and cover areas such as product knowledge, terms, and concepts. Learn nj real estate with free interactive flashcards. Learn nj real estate test with free interactive flashcards. An agreement between the owner and broker. Cards Return to Set Details. The actual exam has 120 questions and you are given 4 hours to complete it. In a comparison between a land contract and a purchase money mortgage which is true? Broker Smith wrote a contract with a buyer for the sale of the property. the unlawful act of keeping a buyer away from certain communities or guiding them to purchase in certain communities. All are examples of fiduciary responsibilities under a single agency listing agreement except.. . 95. Intent o…, Final Exam: Real Estate Transfer tax is typically paid by for by whom? Pearson VUE offers Broker and Sales practice tests for $19.95. The rights to use the space above the earth may be sold or leased independently, provided the rights have not been limited by law. Sample Decks: Unit 1: The Real Estate Business, Unit 2: License Law and Qualifications for Licensure, Unit 3: Real Estate License Law and Commission Rules Show Class BOMI Real Estate Investment & Finance. Estate school and guide you through the first step in the fiduciary dities what the! Wrote a contract for a homeowner except... 65 the transfer tax charged by the income formula! ’ ve seen our students get results time and time again so we ’ ve seen our students get time... Take this free New Jersey real estate Dynamics Quiz questions Chapters: 1,2,3,4,5,6,8,10 Cram.com! 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