This is an example of the principle of, A meatpacking plant has just been built one block from your house. The Federal Trade Commission might require all of the following EXCEPT ______. Identifying the purpose of the appraisal leads the appraiser to do what next? 40+ Free Virginia Real Estate Practice Exam Questions (October 2022) Is this okay? Her property went to auction, but the lender didn't accept the high bid. Money or papers which represent unsettled financial transactions. Which of the following is true about ownership or title to a property? Which agency is involved in purchasing government-related loans? Which covenant provided by the general warranty deed may prevent her from doing so? Carly's closing on an REO property was suddenly delayed due to an internal audit. Her rent payment includes all utilities and property taxes, but she pays separately for custodial services. George, a single taxpayer, earns $80,000 in taxable income and $6,000 in interest from an investment in the City of Normal Bonds. A form of concurrent ownership, which occurs when two or more persons own a single estate in land, with right of survivor-ship. What happens now? 3. agreeing to set sales commissions and management rates. As a licensee is showing a property contiguous to a lake, the licensee notices that the lake has a large amount of algae. While working with a buyer client, Jeffrey filled in the blanks on the purchase agreement, drafted an early occupancy addendum, and assured his buyer that she was "fully protected" and would get her earnest money back if the sale didn't close. The appraiser should NOT use which of the following types of information, A house that is the least expensive in its neighborhood has nevertheless grown significantly in value over the years because of an increasing number of larger, more expensive houses being built nearby. d. that is less than or. While every state provides its own state-specific real estate licensing exam, most states also include a national portion common to many other states. A federal law requiring full disclosures when extending or advertising credit. When is a cease and desist order effective? Your tenancy would be considered to be an, A commercial lease that allows rent to be increased or decreased periodically based on changes in economic indicators is a. Alexandra sells her house to Clark for $178,000. "CO", the value of a lower-end property can be increased or positively affected by other higher-end property in the same neighborhood or locality, if your home is worth $500,000 and it is surrounded by $1,000,000 homes, the value of your property will go up. The lenders subsequently entered into an agreement in which First Bank moved into a first lien position. A legal easement can be created by any of the following except, Projects the impact on the environment of a proposed project, A formal appraisal will always be required when the, lender wants to sell the mortgage to the secondary market. A ______ is a method of conveying real property from one party to another. That section can be used to study the topics featured on those 80 questions. Which of these statements accurately describes finance- and housing-related legislation? a percentage of the property's true value, Tenant pays rents, landlord pays all expenses of property; most common form of residential lease. Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it (air rights) or the minerals below the surface (subsurface rights). Simon is looking for a facility for a large grocery distribution operation. Easy financing and low down payments." This free practice exam is here to help you master the state-specific portion of the Virginia real estate exam. The Perfect Home brokerage firm was found guilty of running deceptive ads. The Comprehensive Environmental Response Compensation and Liability Act (CERCLA) created: a Superfund to clean up hazardous waste sites. The seller's property disclosure states there are no problems. With regard to the Lead Based Paint requirements under federal law, what is required? What happens when two fiduciary duties conflict? What does the FTC consider to be a deceptive ad? A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called a contract Antitrust laws prohibit competing brokers from all of the following 1. boycotting other brokers in the marketplace. Their outstanding loan balance is $240,000. One wants to sell but the other does not which of the following statement describes the legal rights of the party who wants to sell? PSI National Real Estate License Exam Prep 2020-2021: A Study Guide The listing price is $150,000. Clause in a contract that protects a broker from losing a commission in the event a transaction is not completed or is intentionally delayed until after the listing expires. What's this an example of? Using a calendar-year proration method for calculations, how will these amounts appear on Sue's closing statement? Determine how earnest money is to be distributed in case of a dispute. Belinda is a licensee whose client asked her to draft an addendum containing complicated terms that even Belinda doesn't fully understand. When a buyer and a seller enter into a purchase agreement (contract of sale), the legal remedy that each has to force the other transaction is, A licensee when showing property MUST disclose, material facts of which the licensee is aware. Two years later, Ken died. These are the 100 questions (and correct answers) in the PSI Practice > Test I paid $24.99 to take online at psiexams.com. Marsha's title insurance policy was issued on closing day, June 18. PSI Real Estate Salesperson exam 1 Flashcards | Quizlet The tenant needs a ramp to gain access to the property. Write. What is the best course of action for houses Agent A? Bonnie is calculating the square footage of a listing. Layla has mentioned a few homes that she thinks Marcus might be interested in. When his application is rejected, he feels it's due to his disability. The licensee is permitted to list other properties for sale, even if they're competing properties. The home inspection report reveals that certain aspects of the house don't meet the current building code. Will was sued for damages related to a car accident in which he was involved last year. !It is important to check with your home state to see what pre-licensing education, licensing and testing is required to become a real estate agent, as each state has different expectations. FREE PSI Exam Practice Test National Real Estate Salesperson - YouTube . The city or other governing authority establishes the air lot's height. Marlon and Leah are interested in buying a home in a new homeowner opportunity area. Ray purchased a new home and soon discovered an issue with one of the windows. Encourage the buyer to have an authoritative party investigate the algae growth. Louisiana Real Estate Commission. Morris, who's licensed independently, finds a buyer customer for Greg's listing with Marvel Homes and is obligated to act in the best interest of Marvel Homes' client. Plug in the numbers using the amortization chart in your resources see what the payment per month would be. Recording which of the following documents will provide notice that the mortgage lien has been removed, Salesperson Alvarez for broker Brooks has listed a home. An appraiser MUST be licensed or certified to handle Federally related work on residential property valued at more than.. formula for estimating property value: the gross annual rent rather than monthly, a primary home for mortgage interest deduction purposes. Using the U.S. Tax rate schedule for year 2016, what is the effective tax rate(rounded)? In what way is a townhome similar to a single-family detached home? Mario lives in a state that requires an abstract of title for property conveyance. They're about three weeks into the transaction, with several terms of the agreement yet to be met. No, since the sales price is less than $400,000. The seller wishes to sell to the second buyer. If the principal insists that she will not sell her house to black families, the broker must. Thad received multiple offers on his property and is reviewing them with his agent Nora. What's the biggest reason why it's important for your buyers to know this? The deed provides the greatest protection available from a grantor to a grantee. Net to seller in this problem is $80,000. What covenant is Ari in danger of violating? What type of lien is this? Other Information. Which of these factors indicates that she's classified as an employee? National Real Estate Broker Exam - Apr 2021. The assessed value of the property is $387,000. Local authorities lack police power over which of the following? Aidan accepted a contract for the sale of his home. How does the insurance company determine the replacement value of her home? We don't like the exam material in this one as much but it can still be fantastic review and practice for your real estate test. persona 5 royal hangout guide. Match. Which statement most accurately describes the type of notice provided by recording a change of ownership document? The 100-year-old row house was renovated and is like new on the inside. What are the two categories of comparison when evaluating comparables to a subject property in the market comparison approach? Marcus has told Layla the type of home and locations he's interested in. PSI National Exam Flashcards | Quizlet The seller sells the property to a neighbor and pays the broker a full commission, What type of listing agreement was signed? Marketo Building Designs is selling the air rights above its office building. What kind of notice does Jansen, his agent, the buyer, and the buyer's agent have regarding the sale of Jansen's house? The questions are direct, to the point, and designed to test your understanding. Real Estate Finance Fundamentals Real Estate Taxes Metes And Bounds Civil Rights Terms in this set (203) biggest difference between tenancy in common and joint tenancy is who acquires the interest. *, Exaggerated or superlative comments or opinions. The Gomez family just moved into their dream home. He, At the time of listing, the seller tells the listing agent they are moving because the neighbor has loud parties every weekend. Home inspector Maura was walking Thad through a property inspection. c. is divided by a positive integer. In most listing contracts the broker has earned his commision when: depreciation resulting from outside forces and factors, laws designed to preserve free enterprise in the marketplace by making certain activities illegal i.e "price fixing", an agreement among firms to charge one price for the same good - which is ILLEGAL, "according to value" - real estate taxes in relation to value assessed on the property for tax purposes, Money or property given to make up for value inequities in an exchange of property, process where banks and other lenders make mortgage loans assembled into one package. He bought it several years ago for $139,900 with a $100,000 loan. He applies more weight to two comparables over several others he used. How much is Heather putting down on the purchase? Two buyers bought a house with a $178,000 mortgage. Reuben purchased a property from a seller who gave him a general warranty deed. The cost approach method Burt used before investing in his new community was highly dependent on his depreciation estimates. Featuring interactive study tools, dynamic practice tests & simulated exams. Why was Maura noting this as a concern? Which of the following is a true statement about this situation? Shakira is attending an association meeting when, in a small group breakout, her group begins discussing how to deal with the new kid in town: a real estate firm that charges a flat $500 to list properties, then lets the sellers fend for themselves. Which of the following is an example of an agent exercising the duties owed to customers and other parties? Your client is purchasing a single-family home with a conventional loan. These rights include access to and use of the water. Gravity. items permanently affixed - land or building. PSI NATIONAL REAL ESTATE QUESTIONS Flashcards | Quizlet used to describe or identify that part of a parcel of land which faces the street. What statement, Lender may pursue the seller for a deficiency judgment of $60,000. Share Add to book club Not in a club? To recover the money lost in anticipated interest. if a seller receives an offer better than 1st offer - can accept the second offer if: the seller withdraws the counteroffer before it is accepted, a gross lease can be best defined as one where the tenant pays, no operating expenses of the leased space, who has the utimate responsibility for the sales persons actions, during the listing presentation, the seller questions the amount of commissions. ;)This is a video practice test for YouTube using actual questions from the PSI Exams Practice Test.The exam questions here are randomly pulled from the real estate license practice test that I had paid for.You can use this as a study guide to prepare to apply for a Real Estate Salesperson License.I am hoping to create a few more of these videos using questions from the PSI website.Enjoy and good luck! Georgina is an escrow agent who's holding funds for several transactions. Reschedule 2 days in advance before 5:00 PM Pacific Standard Time. Property ownership gives the title holder a bundle of rights. The house is probably not required to meet the current code. Kennedy agrees and tells Matthew she'll perform all the tasks she'd perform for any listing, though she has no written agency agreement with Matthew. A buyer and seller have a contract which states the buyer can buy the property for $120,000 and close the sale before 12/31/2014. Ashton, an appraiser, is estimating value using the sales comparison approach. Salesperson Cooke for broker Davidson is acting as a buyer's agent and is trying to sell the same home to his buyer. Ron's company leased a building so that they could build an escape room experience. A requirement that all property owners in a subdivision have a six-foot privacy fence surrounding their entire property is an example of a _______. On which date was the first listing agreement MOST likely to terminate and why, September 12, because the owner breached the first listing agreement by signing a second, An option prior to being exercised, is an example of, Which of the following is a similarity between an exclusive-right-to-sell listing and an exclusive-agency listing, Both give the responsibility of representing the seller to just one brokerage firm, A buyer has entered into agency agreement with more than one buyers agent but only owes compensation to the one who puts an actual transaction together. Don't forget to read the explanations so you fully understand the question. There is a limit to the amount of adjustments called a cap. Ron may take the fixtures as long as he repairs any damage caused by removal. Real Estate Sales Exam Prep - PSI National Portion - CompuCram Jericho and Cindy, an unmarried couple, have three children, ages 3, 5, and 12. Miguel follows his client's request to only show him properties where the neighborhood is mainly Hispanic. 2021 Virginia PSI Real Estate Exam Prep Questions and Answers: Study Real Estate Licensure - PSI Online In which of these situations did the licensee breach the fiduciary duty of loyalty? The listing will stay with the former brokerage firm of the salesperson, A salesperson presented an offer that was accepted and received an earnest money payments for $2,000. Purchase a third-party home warranty to protect the buyer. What is the most common way that asbestos enters the body? In Virginia, there are 120 questions on the exam (80 national and 40 state). Which of these properly identifies the status of Mario's title? Todd and Tory sign a contract agreeing to falsify the cost of roofing repairs on Todd's house so Tory can collect more insurance money. Salesperson Cooke is primarily responsible to, In MOST states, the listing broker has a fiduciary duty with, A broker was employed by an owner, as an agent to sell her home. PSI Online - One stop Solution for Test Takers PSI worked with industry experts to develop over 300 new items for our real estate item pools used for our national tests. PSI National Real Estate License Exam Prep: A Study Guide with 465 Test What is the duration of a home warranty's coverage? It's a description of the act of conveyance. Which of these tasks would NOT be considered unauthorized practice of law? This exemption allows. What are the obligations of the seller once the buyer has provided objections to matters found during an inspection? Based on licensee expertise, Uptown Homes agrees with Country Cottage Realty to focus exclusively on suburban, rather than rural, homes. a right to the undisturbed use and enjoyment of real property by a tenant or landowner. up board exam date 2022 . Nico is buying a home for $625,000. He found two options, one of which is offering him a triple net lease and the other an absolute net lease. What must sellers provide prospective buyers of homes built prior to 1978, in addition to the appropriate disclosure form? State of Maryland Real Estate Commission Chelsea's mother owns several rental properties and intends to keep them to pass on to the family. Yes. If the transaction doesn't close, Georgina will disburse the earnest money as instructed by the parties or according to state law. Two essential elements of a deed are the ______. kyoko sakura birthday. With the cost approach to value, what is the replacement cost? Nail Technician Practice . Psi maryland real estate practice exam - kosihikari.info Learn more Kindle $2.99 She can take the seller to court and sue for the commission, Commissions and fees paid by the seller to a listing agency are determined by, negotiations between the seller and the listing licensee. 9071 Interline Avenue. A real estate committee met and decided to simplify real estate in an area by having one commission structure at a low rate for all consumers. What is the most common next step? What should a buyer include in an offer to purchase that gives them the ability to financing is not approved? "Didn't the home inspection identify all of the issues?" After operating for two years, their attendance (and thus their profits) started to drop significantly, so they decided it was time to close the location. The seller gave you a counteroffer for $218,000. Land is held under the allodial system in the United States. Professional PSI National Real Estate License Exam Prep: A Study Guide with 465 Test Questions and Answers Explanations (6 Practice Tests, 3 for Brokers and 3 for Salespersons) by Newstone Real Estate Team (Author) 308 ratings ISBN-13: 978-1989726181 ISBN-10: 1989726186 Why is ISBN important? While waiting for an inspection, the buyers see another property that they like even better. Layla's actions may have created an implied agency agreement with Marcus. EXAMS TALK. In order to be sure they'll get the PMI waived, what will they need to have? What type of deed would the son sign to convey ownership to the new buyer? In writing, and in accordance with uniform standards. Her attorney recently informed her that her state grants HOA-related liens a super lien status. Which one of these would NOT be an element of comparison an appraiser would use when applying the sales comparison approach to a property valuation? Which mortgage clause permits her lender to do this? He has excellent credit and has had the same job for a long time. That's why her family is so upset to learn that she plans to sell the bungalow as soon as she gets it cleaned out. If the disability for which the tenant is making the request is obvious, the landlord may not ask why it is needed. Select the statement that accurately describes an abstract of title. In order for a property manager to determine the net operating income for the investor/owner, which fees or expenses are subtracted from the effective gross income? Bonnie's MLS system disregards below-grade square footage. Does this situation require a licensed or certified appraiser? Which of the following may be considered a stigmatized property? What process is he utilizing? Which economic characteristic of real property is this? completed but NOT fully performed/both sides still have duties to perform, party A is obligated to act when and if party B performs a certain act (option to buy), promise for a promise (for the exchange of goods or property). An agency relationship between a property owner and a property manager is usually created by, as disclosed in the contract that offers the warranty. The landlord has given them written notice to quit and refused to accept rent. For help with the national we have our free national real estate practice quiz. This is called a. Be licensed to practice real estate in another state. Which of these is an example of illegal market allocation? Legal right to use another person's land for as long as the owner owns that land. Juan has decided to invest his small inheritance in real estate. The broker may succeed in collecting an earned commission from the owner, On July 1 an owner and a salesperson entered into a six-month exclusive-right-to-sell agreement for residential property. He filed a claim with the warranty provider, but it was denied. A seller is listing their $350,000 house. What legal principle applies here? This conversation sounds like it might become an antitrust violation. How would you determine the air lot height in order to calculate the area? "Why would I need a warranty?" joint tenancy- remaining parties acquire interest equally tenancy in common- interest granted to the heirs of party A "homes for sale" magazine contains the following ad: "One-bedroom condo. (property tax). He's been spelunking for about three years and looks forward to exploring the caves on weekends. What type of easement is this? What type of estate does Sebastian own? Sample problem a) The seller will get 93% of the amount that the property sells for (100% of selling price minus the 7% commission) and the seller wants this net amount to be $80,000. A clause used in leases and mortgages that cancels a specified right upon the occurrence of a certain condition, such as cancellation of a mortgage upon repayment of the mortgage loan. What kind of easement is this? The seller has made the payment due on June 1. The assessment ratio for their area is 25%, and the tax rate for their area is 2.8%.
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