She is describing a, when ownership is held by one person it is referred to has what type of ownership, recording a quit claim deed signed by the easement owner, a recorded easement may be removed from the records by, A pending notice of a lawsuit giving notice of a possible claim to the property, the act or process of taking private property for a public purpose is called, the power allowing government to take private property for a public purpose is called, substituting one contract for another contract is known as, to have; clause in a deed meaning to have and to hold, been notified of the other party's acceptance, in contract negotiations, an offer is not considered accepted until the person making ann offer has, a listing agreement where property owners would be obligated to pay a commission even if they sold the property themselves. A public entity can employ Eminent Domain to acquire private property FOR PUBLIC USE, not to then sell to another private owner for private use. 30. Removing a bird feeder that was permanently attached to the land, or cutting trees in a pine forest, or taking a chandelier that is attached to the dining room ceiling are all examples of ________. 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. It is usually earned (during the term of the loan) before being paid but can be paid in advance (discount points). A tenant who has signed a lease usually has the right to exclusively occupy and use the property covered by the lease. Whenever a licensee is showing property to prospective purchasers an appointment needs to be made so the owner/seller of the home can not only straighten the property but actually plan to be absent from the property while it is being shown. A licensee who has not signed a brokerage services agreement has to be fair and honest with all parties. the owner was killed in an accident before the listing expired. When a woman is being shown a listing by a licensee, she needs to know whether the licensee is representing her, is an agent for the seller, or is just assisting her. A rent roll is a listing of occupied units in an apartment complex and the amount of money each is currently paying or will be required to pay in the future. Most property managers prepare regular reports for owners. $$ Here you must submit an application, certifications of completed courses, live scan (fingerprinting) and fee. 200 cards Zach V. Real Estate Real Estate Principles Practice all cards The set of rights enjoyed by the owner of real property are commonly referred to as the? The homeowner receives (rather than pays) monthly payments. 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. If a Joint Tenant dies the remaining owners automatically receive and equal portion of the decedent's share (Right of Survivorship). When the first of the month came around, Gary did not pay. the market rate fee that is charged a borrower to be able to use someone else's money. C. an encumbrance. Its legal description contains angles and distances. A tenant has the first two rights but not the third depending on details in the lease. What are the seven basic fair housing categories? Work station: plant asset No. Georgia Real Estate Exam Prep admin 2022-10-28T18:42:26-04:00. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. But when a licensee has a power of attorney that allows him to make decision for another individual as if he were in fact that individual, the licensee is a universal agent. If the original offeror (now the offeree) accepts the changes by initialing them, the document, with approved changes, becomes a new offer. Final Real Estate Exam. A typical residential septic system for a property outside of the community's sewer system will have a distribution box for treating effluent and an underground septic field for the distribution of the treated effluent. All state exams are multiple-choice. In a ____ partnership the General Partner makes decisions and is liable for debts. A rectangular survey township has six miles on each side. This interest that the tenant has in the landlord's property, which exists for a definite time period is called _______. they are guilty of, revocation by principal, mutual consent, renunciation by agent, but NOT reciprocity, the civil rights act of 1866 prohibits discrimination in housing based on, It is illegal for a lending institution to refuse to make a residential real estate loan in a particular area only because of the, title VIII of the Civil Rights Act of 1968, the fair housing act of 1968 is contained in. Because a lender is in the business of earning money by charging interest, the longer the loan term the greater the income. That's why agency disclosure laws exist. If the deal fails, who has the escrowed money? 4. An important part of a property management report is the number of _________. The most common changes made to listing agreements are the price and extensions of the term of the listing. A court can order a trust fund disbursement. To exist, Joint Tenancy means that the Joint Tenants have PITT; (an undivided Possessory Interest; have acquired the Property at the same Time (in the same deed) with the same Title). When a property has been on the market for a long period of time; when the buyer and the seller are not related; when both parties have a good knowledge of the property's condition; when neither is under undue pressure, the agreement they reach is referred to as an. Because the end of the term is unknown, a life estate is also a freehold estate. c. interest-only payments. A_____ is used to increase or decrease the taxes collected for an area. When a listing agreement is signed a seller does have the right to reject the use of a sub-agent by the agent who is obtaining the listing from the seller. 2. The Cultural Landscape: An Introduction to Human Geography, AP Edition, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. Recorded payment of credit card fee expense, $\$836.00$. According to figures obtained from a cost-estimating service, the base construction cost per square foot of livable area is $92, and $76 per square foot for the garage. Two reasons to have a caravan to tour homes that are for sale: (1) Allow the brokerage agents to view as many properties as possible and (2) to get feedback in the form of written evaluations and suggestions for improving the attractiveness of the property. Gary Meter took his very expensive watch in for repair to Mikes service center. For example, when a loan secured by a mortgage is obtained, a document is filed by a lender at the county courthouse as a Lien to give public notice of the "cloud" on the title to the property being used as security. 92$: supplies, $\$25.00$; advertising, $\$100.00$; miscellaneous, $\$44.74$; cash short, $\$0.18$. It has been 31 days and he still has not addressed the issue. Issued 300 shares of $5\%$, $\$50.00$ par value preferred stock at par value, $\$15,000.00$. A client is a principal, someone who has signed a written bi-lateral brokerage services agreement with a licensed brokerage. Earnest money is NOT required in order to have a valid contract. An investor might decide to purchase a commercial rental property rather than a residential rental property because commercial tenants generally are easier to deal with than residential tenants. If it passes inspection a ______ will be issued. Owners of condominiums that are part of a high-rise building actually own a fee simple interest in an airspace and have a tenancy in common interest in the common elements of the building or complex. What Score Do I Need to Pass the Real Estate Exam? 1 Quiz - The Real Estate Transaction, Chp. C. None, only the employer pays FICA taxes When a deed is recorded, the purpose is to protect the owner's rights but also to provide notice to any buyer regarding any liens or attachments provided regarding the condition of the title of the property they are buying. the property is the, a man and a woman are next-door neighbors. A provisional sales associate must successfully complete a 45-hour post-license course during. 29. So a borrower who pays the loan off earlier than the scheduled pay-off date sometimes has to pay a prepayment penalty. The term referring to a section of the Truth in Lending Law that only has to do with advertising the lending or financing terms related to a real estate transaction. A township then is divided into 36 Sections which are square tracts of land one mile on a side. The chronology of successive owners of record of a parcel of real estate is known as the ______, If a licensee believes he is being approached by a fair housing tester he/she should _____. A township then is divided into 36 Sections which are square tracts of land one mile on a side. C344. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. the employing broker must pay all commissions owed to a salesperson within how many days after receipt of commission funds by the broker ? \hline \text { Profit } & a & b & c & d \\ 284, $\$300.00$. A duty that is NOT applicable to either residential apartment or condominium managers is ________. After the sale has been completed the former owner (borrower) then has a Statutory Right to redeem his or her property (for a period of time depending on local law). on completion they filed a lien for nonpayment, this is MOST likely a, the amount of money flowing in and out of a property, a tax levied on the assessed value of real and personal property, in voluntary, the tenant with a month to month tenancy must give the landlord how much notice of intention to vacate, zoning ordinances are usually established by the. A _________ usually occurs only if the value of the property is less than the debt owed. The most common definition of when market value occurs is the moment a buyer and a seller agree on a price after an arms-length negotiation. The loan was made by a state chartered bank. A person who has wanted to buy a property may get the right to make the first offer, whereas a person who has the right to take accept or refuse a deal that the seller has already gotten has a right of first refusal. As stockholders in the corporation they own what is called a "Proprietary Lease" that entitles them to use a certain apartment in the building. The dates November 1, December 10, February 1, and April 10 relate to - real property taxes. What are his other alternatives? Then any outstanding property taxes are paid. April 1st, 2019 - California Real Estate Principles Final Exam Answers PRINCIPLES OF 1 / 6. Harrison moves his mobile home onto the land, had a well drilled, and lived there for the past 22 years. The millage rate that is derived is used to multiply against the value of a property to determine the tax owed on that property. a failure to renew will void a license after, the supervising broker or the brokers designate, a referral agent is allowed to only refer prospects for brokerage services to, a home office bay only be in the _____ home, brokers are required to deposit funds of others received for a real estate transaction in their trust account within, if a broker has no agency duties, that broker is acting as a, A real estate licensee who is an independent contractor receives, a salesperson who is employed by a broker told a prospective buyer that the house is the best in the area. The primary purpose of a deed is to transfer title from a seller to a buyer. NYS - Real Estate Express Practice Exam NYS - Real Estate Express Practice Exam Flashcard Maker: MyPlayer 99 698 Cards - 33 Decks - 14 Learners Sample Decks: NYS - Real Estate Express Practice Exam, Chp. 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