Principles of Real Estate Exam With 100% Correct Answers 2024

Principles of Real Estate Exam With 100% Correct Answers 2024 Zoning is under the control of: - answergovernment agencies Easements appurtenant are for the benefit of: - answeradjoining (neighboring) landowners A contract that is binding and enforceable in a court of law is said to be: - answervalid Who makes an offer on a property that is for sale? - answerOfferor (Buyer) Escrows base monthly prorations on how many days? - answer30 The process of proportionally dividing rents, property taxes, and fire insurance is called: - answerproration The area of a rectangular lot is 50 feet wide by 100 feet deep is: - answer5000 sq. ft. If the Internal Revenue Service is using a minimum of 39 years for straight-line depreciaiton on commercial properties, what would be the annual depreciation on a newly constructed apartment that cost $1,950,000 and had an orginal land cost of $585,000? - answer$ 35,000 For how much assessed value is the Homeowner's Property Tax Exemption - answer$ 7,000 The difference between property taxes and special assessments is that: - answerspecial assessments are levied for the cost of specific local improvements, while property tax revenue goes into the general fund Misuse of the real estate appraisal report or coercion of the appraiser are now: - answerfederal felonies Which of the following is TRUE concerning the Cap Rate? - answer-The greater the risk, the greater the Cap Rate -Appraised value increases when the Cap Rate decreases -Finding the Cap Rate is the most difficult step in the income approach A person who is authorized by the Secretary of State to witness the acknowledgement of documents is known as a(n): - answernotary public An estate for years is an example of a: - answerLess-than-freehold estate for a fixed period of time A broker who mixes personal funds with his or her principal's funds is guilty of: - answercommingling The Real Estate Commissioner enforces provisions of the: - answerReal Estate Law Real property consist of: - answer-Land and structures on the land -Anything incidental to the land -Anything appurtenant to the land Determining the present value of a property based upon its anticipated future income and expenses is called the: - answercapitalization or income approach which of the following is NOT one of the forces that affect the value of a neighborhood? - answerPast sales considerations The right to reasonable use of water from a river or stream, if the land borders it, is called: - answera riparian right The federal civil rights law that applies to Americans with disabilities and protects them from discrimination is the: - answerAmericans With Disabilities Act A zoning act that requires disclosure of a property's vicinity to hazardous earthquake faults is known as: - answerAlquist-Priolo Special Studies Zones Act When prices rise due to shortages of available properties, it is known as a: - answerseller's market The higher your credit score: - answerthe better your interest rate and loan terms Other than the initial small deposit to open the account, when are money deposits the personal property of the broker? - answerNeve