Real Estate

A married couple who meets the ownership and occupancy requirements may sell a principal residence with no federal capital gains tax on profit of up to: A. $125,000 B. $250,000 C. $500,000 D. any amount (Ans- C. $500,000 The amount of commission due a salesperson is determined by A. agreement between broker and seller B. agreement between broker and salesperson C. the local association of REALTORS D. state law (Ans- B. agreement between broker and salespersonIn a real estate sale, t...

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25 pages

Written in 2024/2025

Grade A+

Joy100

A broker has listed a seller's property. The seller travels extensively and would like the broker to have the authority to accept a full price offer if he receives one. The seller's layers prepare a limited power of attorney authorizing the broker to accept any offer for at least list price. Once the broker has the authority to accept a full price or better offer for the seller, what is his agency role with that seller? (Ans- He is a General Agent A signed employment agreement is ne...

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28 pages

Written in 2024/2025

Grade A+

Joy100

Which type of insurance coverage protects against claims alleging negligence resulting in bodily injury or property damage? (Ans- Liability Insurance Which type of home insurance policy covers condominium unit owners? (Ans- HO-6 A real property tax is what type of encumbrance on a property? (Ans- Appurtenance Which group is not eligible for a reduction or exemption in real property taxes? (Ans- Second home (Vacation) Owners If a property's market value is $180,000 and the community...

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9 pages

Written in 2024/2025

Grade A+

Joy100

Alienation (Ans- The transfer of ownership or an interest in property from one person to another, by any means. Alienation Clause (Ans- A contract clause that gives the lender certain stated rights when there's a transfer of ownership in the property. Upon sale of, or even a transfer of, significant interest in the property, the lender will often have the right to accelerate the debt (here called a due on sale clause), change the interest rate, or charge a hefty assumption fee (FHA an...

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27 pages

Written in 2024/2025

Grade A+

Joy100

Property Condition Disclosure Statement (Ansrequires the seller to submit to the buyer, a Property Condition Disclosure Statement, prior to signing the contract of sale If the property condition disclosure statement is not signed, the buyer shall (Ans- receive a $500 credit against the purchase price of the property. Real property (Ans- the land and improvements, and all legal rights, powers, and privileges of real estate ownership. Personal property is also known as (Ans- Chattel Fix...

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36 pages

Written in 2024/2025

Grade A+

Joy100

Who determines what the commission will be on a real estate sale? (Ans- Client and Broker If someone dies without having a valid will, this is called? (Ans- Intestate If someone dies without having a valid will or heirs or creditors, that persons property reverts to the state through a process called? (Ans- Escheat What is the name of the standardized closing statement or settlement statement, required by RESPA? (Ans- HUD-1 What is a synonym for proration? (Ans- Adjustment What is th...

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25 pages

Written in 2024/2025

Grade A+

Joy100

A lease that provides for the lessee to pay all or part of the expenses of the property in addition to rent is called a(n): a. estate at sufferance b. net lease c. sale and leaseback d. gross lease (Ans- B: In a net lease, the tenant pays some or all of the expenses. When a lessee transfers the entire remaining interest of his lease to another party who then must pay the owner, is called a(n): a. novation b. sublease c. assignment d. lis pendens (Ans- C: The assignment of the lease ...

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43 pages

Written in 2024/2025

Grade A+

Joy100

A buyer wanted to use a promissory note for consideration on the purchase of a property. Can he do this? (Ans- Yes. This is acceptable as long as the seller agrees. If advertised alone, which would be in violation of Truth in Lending? (Ans- "No down payment required." Why would a mortgagee have an appraisal on the property? (Ans- To assure the property value is sufficient to cover the loan Seller Jolita lists her house with Broker Fred. Fred then buys Jolita's house and collects...

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32 pages

Written in 2024/2025

Grade A+

Joy100

What happens if any of the principals in a transaction refuse to grant consent to dual agency...? A. The buyer must find a new agent B. The parties cannot proceed with dual agency C. The seller must find a new agent D. The transaction can close nonetheless (Ans- B. The parties cannot proceed with dual agency According to an Exclusive Right to Sell agreement, what price is listed in the agreement...? A. The Sale Price B. The Listing Price C. The Fair Market Value Price D. The price as...

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26 pages

Written in 2024/2025

Grade A+

Joy100

Which of the following building components is primarily used to prevent water from entering a structure at a joint, corner, or bend? (Ans- Flashing Which of the following structural members is set in the soil and supports the building's foundation wall? (Ans- Footing Building contractors use which of the following detailed building plans to build a house? (Ans- Blueprints Which of the following is a chemical compound used in refrigerants? (Ans- CFC's Which of the following build...

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13 pages

Written in 2024/2025

Grade A+

Joy100

A property was sold for $845,000. The total commission for the transaction was 6%. The listing broker and buyer's broker agreed to split the commission 50/50. What is the amount of commission paid to the buyer's broker...? A. 25350 B. 20350 C. 50700 D. 30350 (Ans- A. 25350 A general agent is typically granted more power than what other type of agent...? A. Universal Agent B. Legal Agent C. Special Agent D. Trust Agent (Ans- C. Special AgentThe broker, as a franchisee of a na...

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25 pages

Written in 2024/2025

Grade A+

Joy100

Pocket Card (Ans- A card issued by the Department of State to each licensee which contains the photo, name and business address of the licensee, and, in the case of a real estate salesperson, the name and business address of the broker with whom he or she is associated and shall certify that the person whose name appears thereon is a licensed real estate broker or salesperson Real Estate Appraiser (Ans- A practitioner who has the knowledge and expertise necessary to estimate the value...

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9 pages

Written in 2024/2025

Grade A+

Joy100

Real Estate U Final Exam:Nys Real Estate U Final Exam:NYS Real Estate Practice Exam:Real Estate U Final Exam Study Guide:New York State Real Estate Salesperson Licensing Exam:Real Estate Final Exam:PSI NJ Real Estate Exam, PSI Practice Test:Real Estate U Final Exam Study Guide: Latest Updated Solutions

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24 items

Joy100

Affirmative Easement Appurtenant (Ans- Parcels without access to a public way may have an easement of access over adjacent land if crossing that land is absolutely necessary to reach the landlocked parcel and there has been some original intent to provide the lot with access. Full Covenant and Warranty Deed (Ans- A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee. This type of deed contains the ...

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22 pages

Written in 2024/2025

Grade A+

Joy100

In an exclusive right-to-sell listing, an owner lists the property for sale with how many brokers? (Ans- One A prospective buyer made an offer to purchase a property. The owner responded with a counteroffer. While the buyer was reviewing the counteroffer, the owner received a better offer. The owner can accept the second offer if (Ans- the owner withdraws the counteroffer before it is accepted. Antitrust laws prohibit competing brokers from all of the following EXCEPT (Ans- receiving c...

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28 pages

Written in 2024/2025

Grade A+

Joy100

Misrepresentation (Ans- Making an intentionally false statement to induce someone to contract. Positive misrepresentation (AnsMeans the broker concealed a material defect from the buyer. Self-dealing is an example Unintentional misrepresentation (Ans- Occurs when the broker makes a false statement to the buyer about the property and the broker does not know whether the statement is true or false. Property Condition Disclosure Statement (Ans- Requires the seller to submit to the buyer,...

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77 pages

Written in 2024/2025

Grade A+

Joy100

Essential Element of a Contract (Ans- 1) Consideration 2) Must be in writing 3) Must have competent parties Estate for Years (Ans- A leasehold estate for any specific period of time . not automatically renewed Fixed period of time Express Contract (Ans- A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). Attorney Review Clause (Ans- A clause found in real estate contracts that may allow buyers to walk away from an agreed upon sa...

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19 pages

Written in 2024/2025

Grade A+

Joy100

If you buy materials from a supply house and fail to pay them, they can file a? (Ans- Mechanics Lien How is an example of a formal legal description (FLD)? (Ans- Metes and Bounds, Block and Lot, Section What is not a FLD? (Ans- Street name and Street address Who determines what the commission will be on a real estate sale? (Ans- Client and Broker If someone dies without having a valid will, this is called? (Ans- Intestate If someone dies without having a valid will or heirs or credito...

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26 pages

Written in 2024/2025

Grade A+

Joy100

What is the right to use another's land that falls short of ownership called? (Ans- Easement Joe was not paid for the supplies and labor he provided to homeowner Smith. What kind of lien will he file against Smith? (Ans- Mechanics Lien What serves the same function as a circuit breaker? (Ans- Fuse What type of estate is created when only one person holds title to real property? (Ans- Ownership in severalty How much should the seller reimburse the buyer for refusing to provide a pr...

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11 pages

Written in 2024/2025

Grade A+

Joy100

Which of the following should an agent recommend to their client as a means to verify the financial capabilities of the client...? (Ans- Have the buyer obtain a pre-approval letter from a lender The amount of commission paid to an agent for a residential rental transaction is typically based on a percentage of this amount...? (Ans- Total annual rent A person that provides services to another under terms specified in a contract or within a verbal agreement is known as an...? (Ans- Indepen...

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120 pages

Written in 2024/2025

Grade A+

Joy100