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. An accounting statement that forecasts income and expenses for a period of a time, typically five or more years. This free practice exam is here to help you master the state-specific portion of the Missouri real estate exam. Each state determines the rules for brokerage firm trust accounts and how earnest money must be deposited. Choose the best answer. Such restrictions are either written in the deeds to the property or into the bylaws for the subdivision, which the deeds will reference. The actual interest rate charged, including loan fees and points. Also known as the "to have and to hold'" clause. Which of the following statements is NOT true about radon? - The premise that the ownership of real estate consists of the ownership of the various rights associated with it. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. When an asset is no longer useful to its owner, then it is said to be past its economic life. A balloon loan is a mortgage which does not fully amortize over the term. - An employment contract between principal and agent, authorizing the, - A card issued by the Department of State to each licensee which contains the, - A person who on behalf of or for the benefit of another transacts business or. What is the first step the seller should make? Anything that lessens the bundle of rights. Per 16 CFR 310.2. Final Real Estate Exam. A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. A material used in pipes and paint of many older homes. Holding earnest money is only legal with written authorization, and even then it's best to deposit it as soon as possible. - A person who on behalf of or for the benefit of another transacts business or handles money or property not the person's own; such relationship implies great confidence and trust. Right of the gov't to acquire property for necessary public use by condemnation; the owner must be fairly compensated. Duress is the unlawful constraint or action exercised upon a person whereby the person is forced to perform an act against his or her will. Mrs. Jackson signs an open listing on her home with three different brokers. A series of documents submitted for review by a cooperative board. that must be transacted for a successful transfer of ownership to take place. (e) Supplies. This site provides you with a step-by-step approach to solving tough challenges. Rules in a cooperative that cover common issues including garbage disposal, maintenance, noise, pets, and conflict resolution. Usury is a form of predatory lending. When pre-existing use of property in a zoned area is different from that specified zoning. Monthly payments by a shareholder to a cooperative corporation. Ex: Mortgage. A lien imposed by law upon a property to secure the payment of taxes. - An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. Quizlet This platform allows you to key in a topic. The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. - A chronic lung disease caused by inhaling asbestos fibers. Someone authorized to transact every kind of business for the principal. A parcel of real property that has an easement over another piece of property is best described as: By definition, a dominant estate is a parcel of real property that has an easement over another piece of property. Purpose: 1) Help consumers become better shoppers for settlement services. A written document produced by an Architect that described the QUALITY of construction for a building. A person whose principal business is the originating, financing, closing, selling and servicing of loans secured by the real property for institutional lenders on a contractual basis is referred to as a? VA loans are only for active military service members, veterans, and certain military spouses. Upon payment and delivery of the deed, the seller should also deliver what? 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? 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So knowing that Tina and Tom do not have a right to survivorship and are unmarried, we can assume they have a tenancy in common. A contract agreed to and signed under duress is what? A bit of a trick question. This designated person is called a life tenant. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. Choose the best answer. A leasehold estate for any specific period of time. 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. A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. The statute applies to land sales and most purchases of goods over $500 (this includes real estate sales agreements). a lien or a mortgage. The math looks like this: Gross Rent Multiplier = Property Price / Gross Rental Income. Disclosure Regarding Real Estate Agency Relationships Form. Circuit breakers perform a similar function but are more convenient and safer than fuses. With a total of 75 questions, that means the score to pass is 53. In title theory states, banks or mortgage lenders hold the title of a property until it is paid in full. The amount of expenses that must be paid out of pocket before an insurer will pay any expenses. So in plain terms, a Purchase Agreement is the document buyers and sellers sign with all the terms and conditions of their transaction on it. A seller is asked whether any known plumbing defects exist on her property. What does the Federal Housing Administration do? Easement - An agreement between members of a trade conspiring to refrain from competition in specific market areas. A horizontal structural member that supports a floor. The safety valves for electrical systems. - The premise that the ownership of real estate consists of the ownership of various rights associated with it. A deed which conveys simply the grantor's rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants; usually used to remove a cloud from the title. Also called excess insurance. Value=Income/Rate. - A lien imposed by law upon a property to secure the payment of taxes. An appraisal technique whereby the value of an income producing property is estimating by capitalizing its net operating income using an appropriate capitalization rate. The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. Obtained after your register for the New York State. Conspiring to establish fixed fees or prices for services or products. Legal proceeding by a lessor landlord to recover possession of leased property after the expiration of the lease term. Click on the buttons below for a free state real estate practice exam. The Market Data Approach is also commonly called the sales comparison approach. An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. Here is a quick list we put together of some of our top real estate exam prep videos and playlists: In this playlist, study specific real estate concepts you need to know for the real estate exam. A contract entered into under duress is voidable. Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. CMA is NOT an appraisal. - A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Doing the math that gives you $15,000.00. A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. Instead, it is an opinion of value. A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the market. A career in real estate sales is one of the most lucrative routes a salesperson can take. Responsible for determining a municipality's tax rate. payable. The key concepts and words you have to study are essential for obtaining your real estate license, so you must learn and become familiarized with them. Federal law designed to control air pollution on a national level. What is the commission? Normally if a background check is required so is the submission of fingerprints although they are usually handled at the same time and do not require additional steps. 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