Yes. weekly- regardless of interest from buyers/sellers. 30. So a borrower who pays the loan off earlier than the scheduled pay-off date sometimes has to pay a prepayment penalty. Ad Valorem Taxes are based on the assessed value of the real property. If there are contingencies (Title search, survey, physical inspections, and financing availability) that are not fulfilled, the contract is subject to possible rescission by either party. A property that is valued so much above the typical market price (such as a multi-million-dollar home) may require special advertising in media that reaches beyond the local market, such as. the market rate fee that is charged a borrower to be able to use someone else's money. Signed a 90-day, $10\%$ note, for $\$12,000.00$ with Northstar National Bank. Real Estate Terminology 9781423216667 Exam Online Flash Cards For New Born Baby 1 Year Old. Last week the city council passed a zoning ordinance that prohibits packaged food sales in the area where the couple's grocery store is located. Get fingerprinted and pass a background check Complete 180 hours required pre-license courses Pass the Pre-License Course Final Exam b. the original loan plus an additional loan amount. Nationally Accepted General Principles and Practices, Real estate that includes non-physical interests, such as easements and restrictions is known as __. A lease that requires the tenant to pay, in addition to rent, some or all of the property expenses that normally would be paid by the property owner. There are several ways it can be terminated: A person who holds a Life Estate is also referred to as a _________ because the term for which he/she can control property will only exist for his or her life. A subagent is an "agent of an agent." A licensee should track and repeat those direct e-mail advertising campaigns that show results. They believed that private property ownership, as defined under common law, pre-existed government. An easement is a recorded right to cross or use someone else's property. 5. community property laws and elective share laws. Gary then asked if he could take the watch with him without paying, so that he could wear it to his grandmothers birthday party. These include expenses such as real estate taxes, insurance, maintenance, repairs, utilities, and other items. This free practice exam is here to help you master the state-specific portion of the Kentucky real estate exam. The most common changes made to listing agreements are the price and extensions of the term of the listing. Limited Partners cannot participate in the management decisions and are only liable for the money that they have invested. D.$597.50 After the death of the person who is the "measuring life" (either the life tenant or someone else under the term "pur autre vie") of a Life Estate, the ownership will either revert to the "grantor" (of the life estate) or will be passed on to a "remainderman. covenants, conditions, and restrictions (CC&Rs). Work station: plant asset No. C. an encumbrance. the cost of a property that the IRS uses to determine annual depreciation and gain or loss on the sale of an asset is known as, the amount of earnest money deposited is determined by, under common law of agency, the real estate broker has a fiduciary relationship with, title to real property is passed when a deed is. TS41. b. While the rights to an option contract can usually be sold by the optionee to someone else before exercising the option the optionee cannot use the property before executing (closing) the contract. Some of the properties in every community are exempt from real estate and other property taxes. Click the card to flip Definition 1 / 157 A customer. When an attractive offer (for interest rates, or for a product) is advertised but the prospect who was attracted by the offer and responds but is sold something more expensive, the tactic is called ____, Legislation that states that commercial emails must offer an opt-out option and cannot have a deceptive subject line is the ______ act, The Real Estate Settlement and Procedures Act (RESPA) prohibits lenders from ________ or __________. A contractor planning to build a new apartment complex, needs to be sure that the architect drawing the plans has consulted the Americans with Disabilities Act to include the latest rulings and avoid any potential fines. A managing broker should hold staff meetings and/or sales meetings to make sure all agents and clerical help are given and hear the same information. The sales tax rate is $6\%$. E. $550. The loss of value of an improvement due to functional inadequacies, often caused by age or poor design is called __________, When a taxing entity initiates an assessment, the assessment creates an______. Georgia Real Estate Exam Prep Practice Exam GA.Real Estate Agent License Practice Test Tests com. 2. R454. The loan was made by a state chartered bank. He refuses to rent the other side to Marian, a single black woman with good credit and income, because he wants to "choose" his neighbors. are regulated by The Department of Housing and Urban Development (HUD). What type of income does a creditor expect from providing financial resources to an organization or business? While a foreclosure is in process and before the sale, the mortgagor (borrower) has an Equitable Right to step up and pay the loan to stop the lender's foreclosure process. a. M30 and R457. A court can order a trust fund disbursement. You cannot use a smartphone or any calculator that includes an alphabet. Georgia Real Estate Exam Prep admin 2022-10-28T18:42:26-04:00. A contract having no legal force or binding effect. A tenant who fails to pay rent has abandoned his duty and the landlord can terminate the lease and evict the tenant. B. Real Estate License Exams For Dummies Cheat Sheet. A building that is old, in a poor location, and poorly maintained would be classified as a CLASS D Building. The two most effective study tools for the state exam are practice exams and learning the state-specific license laws. In that case the winning bid gets a _____. (5:00 PM doesn't mean 5:15PM). That study guide is free. Gary also informed Mike that the watch had been given to him by his grandmother who was celebrating her hundredth birthday in two days. An FHA loan insures the borrower for about 20% of their loan amount while a VA loan guarantees a portion of the loan amount. Quizlet Flash Card For Real Estate Exam chapter 12 real estate brokerage and listing contracts, flashcard 28 of the . A tenant who has signed a lease usually has the right to exclusively occupy and use the property covered by the lease. A licensee should show sellers, near the end of a listing presentation, a blank copy of the purchase agreement to help them become more familiar with the upcoming transaction. a broker receives a commission only if she produces a buyer before someone else sells the property. If one of the parties does not comply with the terms of the contract as written, they can be declared in breach of the contract and may not only lose their rights but be subject to possible legal action requiring specific performance or payment of monetary damages. the borrower's credit rating is damaged for a significant time period. This may involve using either the date that the mechanic's work began on the property or the date the mechanic's work was completed. A. Government-owned buildings are usually classified as ___________. So, 5,280 x 5,280 = 27,878,400 square feet. Implied c. Invalid d. Valid A common consequence suffered by a mortgagor in a foreclosure procedure is ___. A ________ survey with Townships Ranges, Sections, Meridians and Base Lines is an accepted method of legal description. $100. If a property owner does not pay the taxes for a property by the date set for being "delinquent," the property can be sold at auction to collect the taxes. A tenant has the first two rights but not the third depending on details in the lease. Qualified fee simple estate b. Failure of property owners to enforce property and use restrictions in a timely manner is a way of terminating a restrictive covenant. 9 25 2016 real estate final ch 4 6 flashcards quizlet 1 12 real estate final ch 4 6 42 terms by marissa fraser c while most real property in the united states chronological age is greater than its effective age. This is known as. A seller who only wants to warrant no problems during the period of time he owned the property will provide a___________. Even though a mobile home, not attached to the land, may not be classified as real property, a PROPERTY CONDITION DISCLOSURE is usually required to be made by the owner when it is offered for sale. Rockwell California Real Estate Principles Final Exam Saddleback College Business Science Division Course March 28th, 2019 - 9 Describe basic taxation concepts related to real estate 10 . $3,120. What term is used to describe revocable permission for the temporary private use of someone's property. Wraparound mortgages are second (junior) mortgages on the property and include. The clause in a note or mortgage that can be enforced to make the entire debt due immediately if the mortgagor defaults. Are they as effective as the lien. The lender files suit asking a court to order the borrower to pay the mortgage debt by a certain date or the lender will automatically gain full title to the property. The level of government that is charged with collecting taxes on real property is the _____. A consumer is someone owns a home, who wants to buy a home or who is renting a home. But PUBLICLY OWNED property that has been acquired through Eminent Domain can be LEASED to a private entity for a use that the public will have access to, and the right to enjoyment such as a sports complex or entertainment center. 28. an agreement between a property owner and a single broker authorizing that broker to seek a buyer for the property in exchange for compensation Fair Housing Laws laws that protect the rights of certain citizens in housing transactions Fiduciary a person who is obligated to act in the best interest of another Fraud Typically, at least an acre of property per home is required for an individual septic system to provide ample room for the distribution field. In that event, to fulfill the objective of zoning, which is to "protect the people" a more moderate use will be allowed between the two zoned areas, called _____. A construction loan is usually a higher risk than a residential loan. When a seller transfers title to his property to a buyer under a general warranty deed, he is warranting that the title is good and marketable and has no defects. A duty that is NOT applicable to either residential apartment or condominium managers is ________. Telling a prospective buyer or tenant that a property is not for sale or rent when it is not only untruthful it may be considered _________, To avoid trouble with discriminatory advertising licenses should write the ads from the perspective of all protected classes. it must operate, maintain and repair the building and pay all costs. a suit for specific performance of real estate contract asks for, when 2 or more owners of real estate have concurrent unequal interest in the same property, they will hold the property as, Martin explains that he holds a fee simple title in severalty to her office unit and has an undivided interest in all of the common elements of the property with other unit owners. When a property goes on the auction block for failure to pay taxes a buyer at the auction receives a _______ allowing him to apply for a tax deed after a certain period, if the defaulting owner of the property ultimately fails to pay the taxes in the time allowed. property restrictions terminated by non-enforcement. _____ Agency means one agent, but the owner can sell, too. Then the liens against the property, ranked in order by filing date, until the money is exhausted. The bill for the repair came to more than $375. What is subject to this act? 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. One mile is 5,280 square feet. Open a plant asset record for each item. spot assessments. and is NOT allowed unless a material use of the property is changed. 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