**Transactions:** This is: acceptable as long as he has written records. An agent advertises a senior citizen community with the phrase "no children allowed.". What are the requirements/ criteria for real estate to have values? Today we go through 50 questions from our real estate practice exam. P wants to sell the property, but Q and R do not. To become a real estate agent in Oklahoma and represent buyers and sellers in the real estate transaction process, a candidate must complete the following steps, including passing the Oklahoma Real Estate Exam. Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? Your client will be able to qualify for a property they wish to purchase in about 6 months, after they had an opportunity to reduce their consumer debt. Practice challenging questions you won't find anywhere else. This type of rent is referred to as. The corporation, as the owner of real estate, may designate up to five of its officers to conduct business on behalf of the corporation without any license required. Mary, a single woman, has no children. The property owner must obey whichever rules are the strictest or most limiting. 4. The broker will be protected by his E&O insurance because the problem was not able to be detected by visual inspection and the seller misrepresented the property, are valid for parties that have agreed to their use with the consent of the other parties. PrepAgent offers real estate exam prep for all 50 states. An appraiser has been hired to value a commercial office building that is fully leased. Ben manages an apartment complex that has an effective gross income of $100,000. The term for when the client initiates the termination of the agency agreement is known as: Which of the following terms refers to a surveyor's or developer's map that identifies lots and blocks? Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. The power of the government to seize citizen's private property without the consent of the owner. The commission agreed upon was 7% and Tareq gave half to the buyer's representative. The seller receives a note for this amount at closing and will collect this amount over the agreed-upon term of the loan). Which of the following statements about an easement is true? Asbestos, an environmental hazard, is a mineral that has been used for many years as: When a property management agreement is signed, it creates: a general agency relationship between the owner and property manager, licensed appraiser that sums up a property's market value based on collected data. Which of the following is false about a property manager? \end{array} | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | A property is surveyed to determine a legal description. Burt is buying a house for $100,000 and is making a 20% down payment. Pedro bought his house for $370,000. Arturo is buying a house for $400,000. What type of loan is this? For non-real estate transactions, it covers up to $25,000. (A take back is seller financing. How is earnest money recorded on the closing disclosure, What type of mortgage loan would allow the property owner to borrow additional funds at future dates. In terms of contract validity, what does mutual consent mean? Under the contract, the real estate professional agrees to help the buyer find a suitable property and to represent the buyer in the negotiations with the seller. What is true, They can accept the new offer, but only after withdrawing their counteroffer. Which of these is an example of a general agency relationship? It has a vacancy rate of 15%. A property owner has installed a chain link fence on his property. (A front foot refers to frontage and is the width of the lot.) Practice of Real Estate Remedies under the new amendment include: 1) a civil penalty, not exceeding $16,000 for the first offense 2) a penalty not exceeding $37,500, if another offense was committed within the past 5 years 3) a penalty not exceeding $65,000 if two or more discriminatory practices have been found in the past 7 years Over 97% of our students have used our real estate practice test and other exam prep products to pass their real estate exam the first time through. He must pay a loan balance of $180,530 and closing costs at $10,000. The property is under contract and all contingencies have been met. Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? What is the advantage to the borrower of a VA loan? The seller has painted over them to hide them. What type of business entity is owned by shareholders, but avoids "double taxation"? A couple is purchasing a home and ask their agent how they should take title so that if one spouse dies, immediately the surviving spouse will be the sole owner of the property. Each question has four answer options. He had shown the property three times to the same potential buyers. The seller can close on the 16th. For help with the national portion we have our national real estate practice exam. Who must fill out the Seller's Disclosure Notice? Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. Paid cash for heating bill,$165.00. How Many Questions Can You Miss on the Missouri Real Estate Exam? A listing agent went to inspect a seller's property hoping to list it for sale. Failure to make payments on time. A buyer's agent has helped a buyer to find a home. If a borrower is behind on payments, the acceleration clause gives the lender the ability to: call the entire loan balance due immediately. A property manager notices that the building stucco needs repair. The annual tax bill is $2,008. That way, it's . The buyer may not sign an agreement with any other real estate professional. A seller is closing on the sale of his home on April 23rd. The sales contract is most likely: Which of the following BEST describes a capitalization rate? Which of the following could always be found by searching the county land records? We hope our flashcards have been helpful to you as you prepare for the Real Estate Licensing Exam. His heirs inherit the property. The property management agreement creates what kind of agency? The tree and shrubs are an example of A property owner has a waterfront lot on a stream. By far, the most substantial chunk of the real estate license exam is the vocabulary. A buyer offers additional consideration to add a 10-day option period to the sales contract. Yearly expenses for the property toatl $115,000. Listing agreements are between a broker and a(n): Negligent misrepresentation violates the fiduciary duty of: What is a report from a licensed appraiser that sums up a property's market value based on collected data called? The assessed value is $290,000. On June 12th the listing agent calls the buyer's agent and tells him the seller will be unable to close on the 14th. | **Month** | **Units Sold** | **Total Cost** | | **Month** | **Unit Sold** | **Total Cost** | What act is prohibited by the Sherman Antitrust Act? Hans bought an investment property for $5,250,000. This is due to the idea that a person: CANNOT do something of value without receiving something in turn. Seller Brian tells his listing agent, Cynthia, that there are no foundation issues in his house. He had closing costs of $10,000. He is selling the house for $179,000. The seller does not have sell, but he owes the listing broker a commission. He is paying a 1-point origination fee to a mortgage lender, $500 for a new survey, and $800 for an environmental report. Tyson then relays this information to a buyer, citing Benjamin as his source. If a person dies without a will, who receives their estate? A property owner has decided to do some landscaping work on his yard. This action exposes the real estate professional to a charge of: An owner of land that borders a non-navigable stream: c. owns the land under the water to the exact center line of the waterway. What is true? failure to display the equal housing poster in their office, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Literature and Composition: Reading, Writing,Thinking, Carol Jago, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Spell each of the following words, adding the suffix that is given. Which of these is a protected class under the federal Fair Housing law? A sale is closing on June 15th and the annual property tax bill has not been paid. Several years later, an ordinance was passed in that area banning any building six stories or higher. The current value of a property is $140,000. Michelle Renda is assistant manager at Barnes and Noble and is paid $42,900 annually. What are an agents duties to his principal? Which of the following used in 1978 is both extremely hazardous and friable? If a borrower computed the interest charged for the previous month on a $260,000 loan balance as $1,300, what is the borrower's interest rate to the nearest half percent? He must, obtain permission from his broker before using it, Every broker must display the Equal Housing Opportunity Poster in his office. They do not want it and they sell it. Tenancy at sufferance. The CE Shop students have achieved an impressive 90% National pass rate. Interpret the company's quick ratio. Deanna wants to sue her real estate agent, but finds out that she has no legal recourse because too many years have passed since the offending incident. What was the total cash used for the purchase? Tenancy from year to year. 12. What's Included? All experience a lower level of profit. What is this called? Which of the following is NOT an example of due diligence in a sales contract? educate consumers about closing and settlement services. Which of the following statements may represent the unauthorized practice of law? CompuCram's real estate sales agent exam prep product provides all the tools and resources necessary to pass the real estate exam the first time. Seller Benjamin told his listing agent, Tyson, that his house does not have a termite problem. The form of tenancy that will expire on a specific date is a: A large home that lacks sufficient indoor plumbing suffers from which condition: A developer built a structure that has six stories. She is also writing a blog. 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