Scarcity: Limited in supply, as supply diminishes, value increases. Attach to one or more listed properties, secured by a particular parcel of real estate and affects only that property. The period over which a property may be profitably utilized is called its: Economic life is the expected period of time during which an asset remains useful to the average owner. Under the federal Fair Housing Act of 1968, such a statement is. 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. - 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 lease commonly found in a building with a single, long-term tenant. A contract agreed to and signed under duress is what? 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 document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. The principal is always the one whom you have an agency relationship with and therefore is the person whom you owe fiduciary responsibility. Real Estate U Final Exam Study Guide 4.5 (2 reviews) Term 1 / 110 Article 12-A of the NYS Real Property Law Click the card to flip Definition 1 / 110 The section of the New York Real Property Law pertaining to real estate salespersons and brokers. This practice is illegal. Filing that gives legal notice that a lawsuit has been filed concerning the specific property. The total amount collected from rents and other income producing opportunities. Obtained after you register for the New York State Salesperson exam using eAccessNY. Upon the death of a tenant in common, that share is transferred to the estate or heir of the deceased tenant. When calculating the amount of real estate taxes owed, calculations are based on what type of value? The good news is that there are a lot of tools out there to help with passing the real estate exam. A valuation placed upon property by a public officer or a board, as a basis for taxation. Which of the following fits the description? - An accounting statement that forecasts income and expenses for a period of time, typically five or more years. Honesty and fairness must be given to an unrepresented buyer. Tina and Tom are two unmarried individuals who own property with equal interests and without a right to survivorship. 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. - All confidential information as described by client must remain so unless given permission in writing. Have fun, study hard, and reach out if you have any questions. 1 Time-Tap-987 2 yr. ago Final final is the last test you take with REE. Value=Income/Rate. that must be transacted for a successful transfer of ownership to take place. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Disclosure Regarding Real Estate Agency Relationships Form. Occurs when the monthly payment is less than full interest and does not pay any principal. 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. Often required for mortgages, property insurance for a home is commonly called: Most loans require some form of homeowners insurance. The actual exam has 150 questions and 3 hours 15 minutes is given to complete it. 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 company, individual or institution that originates mortgages. - 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. 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. A voidable contract is a legal agreement between two parties that may be unenforceable for any number of reasons. Remember, 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. 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. The amount owed is called the principal and the price of borrowing the money is called the interest. A horizontal structural member that supports a floor. Monthly payments by a shareholder to a cooperative corporation. The two most effective study tools for the state exam are practice exams and learning the state-specific license laws. The term refers to the process where a bank or lender packages mortgage loans to consumers for the purpose of quickly selling those loans on the secondary market. Salesperson Test : Questions. Right to retain property for payment of a debt. must bring when take the NYS exam Misdemeanor crime punishable by up to one year in jail, a fine of less than $1,000, or both Listing Agent 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. 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. - A licensed real estate broker that holds the license of a salesperson. The fifth and fourteenth amendments of the U.S. Constitution permit the government to exercise its power of eminent domain. Final Exam Study Guide Real Estate U by vandykel, Mar. Find out how you can intelligently organize your Flashcards. It is hazardous to health when a possibility exists of exposure to inhalable fibers. If you know of any additional free resources that we can add to this list, please email us and let us know.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'realestatelicensewizard_com-leader-1','ezslot_15',699,'0','0'])};__ez_fad_position('div-gpt-ad-realestatelicensewizard_com-leader-1-0'); Have you ever heard of Reddit? He needs an easement for ingress and egress over Ron's property to be able to enter and exit the property. A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. Also called excess insurance. Generally speaking, homeowners should have a solid credit score to refinance, although there are a few exceptions in government run loan assistance programs. - Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. Once youre there, you can post any exam-related question you may have or answer other peoples questions too. Which of the following would MOST likely be considered a fixture? One of the most essential parts of the real estate exam is vocabulary. If a contract has prepayment penalties, they can be found in which real estate contract clause? a Federal law that makes real estate licensees liable for the disclosure of lead paint. Take this free practice test to get an idea of what is on the California Real Estate Salesperson exam administered by the California Department of Real Estate (CalDRE). A federal prohibition that protects buyer/renter of a dwelling from. i.e. Responsible for developing and controlling a municipality's comprehensive strategy for growth and development. Considered a proprietary lease and personal property (NOT real. An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. - Federal law designed to control air pollution on a national level. 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. What type of loan is this? It is an agent's duty to explain to purchase agreement and not mislead both or either parties. For help with the national we have our free national real estate practice exam. A naturally occurring mineral fiber sometimes found in older homes. Flag A 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 material used in pipes and paint of many older homes. 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. It still can be considered valid but only after the contingencies are met or no longer exist. Which of the following statements is NOT true about radon? If statement is not signed the seller owes the buyers $500 credit against the purchase price of the property. 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. Weve helped thousands of people pass the real estate exam and get their real estate license. Primary mortgage market is lending institution where mortgage originates. - Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. - Rights in real property to use the space above the surface of the land. Property managers use these funds for variable expenses. - A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. Find the answers to all your real estate license questions here: The real estate license exam is divided into two parts: the national and your specific state portions. A person that provides services to another under. 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