real estate quizlet final exam

There is a difference between a right of first offer and a right of first refusal. The Cultural Landscape: An Introduction to Human Geography, AP Edition, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. TS41. some properties located outside of the state of NJ are covered by the real estate sales full disclosure act when offered for sale in this state. C345. Bundle of Legal Rights what would qualify as real estate Attached Garage Tyler owns a property that is on the Arkansas River. a suit for specific performance of real estate contract asks for, when 2 or more owners of real estate have concurrent unequal interest in the same property, they will hold the property as, Martin explains that he holds a fee simple title in severalty to her office unit and has an undivided interest in all of the common elements of the property with other unit owners. \hline \text { Probability } & 0.01 & 0.02 & 0.9 & 0.01 \\ how often must the check the availability of the unit? A legal action to compel a party to carry out the terms of a contract. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. covenants, conditions, and restrictions (CC&Rs). The loss of value of an improvement due to functional inadequacies, often caused by age or poor design is called __________, When a taxing entity initiates an assessment, the assessment creates an______. . This may involve using either the date that the mechanic's work began on the property or the date the mechanic's work was completed. I am serious about wanting to buy your property.". Principles of Real Estate FINAL EXAM REVIEW YouTube Syllabus Real Estate Principles June 21st, 2018 - Real Estate Principles and The grade on an exam may not be your final grade on that exam This one course completes the 60 hour The man owns the store, an ownership interest that is based on annual occupancy intervals, To create a joint tenancy relationship in the ownership of real estate, there must be unities of, taxes levied on a property owner to pay to install sidewalks or sewers are called, tax assesors in the state of NJ attempt to asses property at, a single homeowner has a $300,000 profit from the sale of her home where she has lived for the past 18 years, the taxable portion would be, the deed, written agreement, general plan of subdivision, NOT statute, for the past 30 years a couple has operated a neighborhood grocery store. (Even the Seller), against the law in NJ, meaning anything over set sale price broker keeps, Saul dies and devises his property to his second wife for her lifetime, after which the property passes to his children. A loan that is arranged where the loan is to be paid off completely over a set number of years and each monthly payment contains the amount interest due for the previous month and a portion of the principal balance the loan is said to be an ________. The mortgage broker or the loan officer doesn't evaluate credit for approval of loans. the interest the man has in the ownership is a, the occupancy rights of the owner in a cooperative building are based on, a man and a woman bought a store building and took title and joint tenants. Reassessing the tax classification for a single property is called ___. Georgia Real Estate Exam Prep admin 2022-10-28T18:42:26-04:00. Water rights on a lake or ocean are called ________. C347. It is called an ___________. Ad Valorem Taxes are based on the assessed value of the real property. A _________ usually occurs only if the value of the property is less than the debt owed. One mile is 5,280 square feet. That is called the Commencement Point. The contractor will receive a copy to use when preparing taxes. Yes. An appraiser's job is to estimate market value, so he checks first to see that the negotiation leading to the contract was fair. A Developer will add improvements such as fences, streets, utilities and buildings. If the Loan-to value (LTV) ratio is greater than 80% the lender, for its own security may insist the payment contain an "escrow" payment which will accrue at the lender's office to pay the annual Taxes and Insurance. Building a warehouse in a neighborhood zoned residential would be a violation. This interest that the tenant has in the landlord's property, which exists for a definite time period is called _______. The two most effective study tools for the state exam are practice exams and learning the state-specific license laws. How often does a "good agent: communicate with their clients? Because many of them do not require a down payment. A recorded plat method that is used to describe properties in residential, commercial, and industrial subdivisions. The calculation involves multiplying the appraised value by an assessment rate to derive the assessed value and then multiplying the assessed value by a tax rate - a percentage which will vary depending on the local jurisdiction. The protection period may be for any agreed period (30 days: 90 days; six months) of time after the expiration. A rectangular survey township has six miles on each side. A managing broker should hold staff meetings and/or sales meetings to make sure all agents and clerical help are given and hear the same information. The document, as altered, becomes a new offer, perhaps with handwritten changes initialed by the offeree (who now becomes the offeror of the new offer). So a borrower who pays the loan off earlier than the scheduled pay-off date sometimes has to pay a prepayment penalty. What type of income or profit does an investor expect to receive in exchange for providing financial resources to a business? An investor might decide to purchase a commercial rental property rather than a residential rental property because commercial tenants generally are easier to deal with than residential tenants. There are a total of 152 national and state questions on the Georgia real estate licensing exam. Are they as effective as the lien. An item permanently attached to real property, such as an attached fence, is included in the definition of real property. A court can order a trust fund disbursement. S428. \textbf{Estimate} & \textbf{Problem}\\ Real Estate License Exams For Dummies Cheat Sheet. A_____ is used to increase or decrease the taxes collected for an area. A township then is divided into 36 Sections which are square tracts of land one mile on a side. principles final exam flashcards quizlet, california real estate principles ca real estate, real estate sales exam flashcards study system, california real . Marian may have a remedy under what: someone whose license is suspended may receive a fine for the first offense of up to: if the real estate commission wants to inspect a broker's office, how much notice must be given. Gary also informed Mike that the watch had been given to him by his grandmother who was celebrating her hundredth birthday in two days. This encourages lender to have a higher Loan to Value (LTV) ratio. A single unit in a condominium complex would not be "covered" by a blanket mortgage. a rental referral agency advertises the availability of an apartment. The tests cover such subjects as forms of ownership, physical descriptions, valuation and regulation. His unit is called a a. But when a licensee has a power of attorney that allows him to make decision for another individual as if he were in fact that individual, the licensee is a universal agent. Recorded payment of credit card fee expense, $\$836.00$. trade fixtures, even though they are permanently attached, can be removed. According to figures obtained from a cost-estimating service, the base construction cost per square foot of livable area is $92, and $76 per square foot for the garage. R458. Devise (not spelled "device") and the beneficiary is a Devisee. Gary then asked if he could take the watch with him without paying, so that he could wear it to his grandmothers birthday party. Mike sympathized with Gary and let him do so. Whenever a title search is conducted to find if the title is clear, the lien will be discovered and reported. What is the Real Estate Express Final Exam? What are some organizations that warehouse loans? The typical home loan is secured by a mortgage or a deed of trust. What is the salespersons obligation to a buyer under single agency listing? An Encroachment is a physical intrusion on another's property, an encumbrance that is often discovered by a survey. Received cash for the maturity value of NR28, a 90- day, $12\%$ note for $\$11,600.00$. The document used to transfer title to the furniture is: Ben receives a life estate in a property, with his nephew Will designated as the remainderman. In order to determine how to calculate the property tax rate to provide enough revenue to cover a community's budget, the county and local government needs to: (1) assess all properties (2) derive a taxable value by subtracting any exempted property values from the total assessed values and (3) divide community's budget by the taxable value. Hello, welcome to our California Real Estate Practice Exam. I am doing a Real estate Express course for florida, i got stuck in this one quiz for a chapter and i ended up looking up the answer on quizlet, while on the quiz. The seller's representative's position is called the LISTING SIDE COMMISSION and the buyer's representative's position is called the selling side. This is an example of a (n) ______ contract. the owner was killed in an accident before the listing expired. Government-owned buildings are usually classified as ___________. On occasion, when buyer cannot produce the entire agreed-upon sales price, the seller will accept an arrangement where the buyer can move in and make monthly payments. With a total of 120 questions (80 national and 40 state), that means the score to pass is 56 for the national and 30 for the state. Will they be permitted to do so? The two most effective study tools for the state exam are practice exams and learning the state-specific license laws. When a property is sold on the courthouse steps because the borrower failed to pay the loan, the first item to be paid is the costs of the sale, including advertising, attorney fees and trustee fees. It has been 31 days and he still has not addressed the issue. Update the plant asset record and record the sale. Typically, at least an acre of property per home is required for an individual septic system to provide ample room for the distribution field. Is a brokerage required to share commissions? Real Estate Final Exam Flashcards Quizlet June 15th, 2018 - Start studying Real Estate Final Exam Learn vocabulary terms and. A licensee should track and repeat those direct e-mail advertising campaigns that show results. C344. When a licensee has a listing to market a property and has produced a ready, willing and able buyer who has agreed to pay what the seller has asked, and the seller decides to back out of the deal, the agent's brokerage has still earned and is due the agreed-upon commission. Paid cash to replenish the petty cash fund, $\$169. A public entity can employ Eminent Domain to acquire private property FOR PUBLIC USE, not to then sell to another private owner for private use. When an owner who is a joint tenant or a tenant in common wants to sell her portion or the property ownership and exit the relationship, but the other owners won't cooperate, she may have to file a ______ in civil court to have the property sold to the highest bidder. $3,120. The parties also must have the ability to contract (of age and sane) and there must be either good or valuable consideration. in constructions, the slope of the roof is known as the. A form of public land use control are codes that regulate building construction. Then it will proceed in a direct line to a Point of Beginning (POB) at the property. In Florida, there are 100 questions on the exam. Most licensees are independent contractors which means they are self-employed, working under a contract as agents for a real estate brokerage, with a managing broker who is responsible for the brokerage agents. The test has the following feature: Multiple choices There is no "fill in the blanks." No essay to be written There are no "none of the above" or "all of the above" answer choices. A _____ is charged with managing the Trust. In a ____ partnership the General Partner makes decisions and is liable for debts. Adding a new porch to property will also add to, or contribute to, the property's market value. C. an encumbrance. Most states have around 80 questions. When a broker lists a property, and then decides to buy it for herself, then still collects the agreed-upon commission she is guilty of _______. Each receives a prorata share of the deceased property. Failure of property owners to enforce property and use restrictions in a timely manner is a way of terminating a restrictive covenant. That study guide is free. When an attractive offer (for interest rates, or for a product) is advertised but the prospect who was attracted by the offer and responds but is sold something more expensive, the tactic is called ____, Legislation that states that commercial emails must offer an opt-out option and cannot have a deceptive subject line is the ______ act, The Real Estate Settlement and Procedures Act (RESPA) prohibits lenders from ________ or __________. One acre has 43,560 square feet. The death of the seller or the listing broker will terminate the listing. Is earnest money required to make a contract valid? A gross lease for a commercial rental property means that the rent paid to the landlord will cover everythingthe rent, the utilities, the taxes, insurance, common area maintenance, building repairs and janitorial services. They both have to understand the terms of the contract the same way. When an owner does not occupy a property as his primary residence it will NOT be his homestead, A gross rent multiplier (GRM) is used to determine the value of rental property by multiplying the monthly rent by the GRM. Any statement that earnest money is required or must be a certain amount or percent of the sale price to have a valid contract is FALSE. The lender files suit asking a court to order the borrower to pay the mortgage debt by a certain date or the lender will automatically gain full title to the property. It is usually earned (during the term of the loan) before being paid but can be paid in advance (discount points). $612 The primary purpose of a deed is to transfer title from a seller to a buyer. and "closes." Most states have a passing score of 70%. chronological age is greater than its effective age. Then he decided to try and collect by legal means. Fill in the bubble sheet for each answer. Course Final Exam Proctoring. B. a leasehold estate. The term referring to a section of the Truth in Lending Law that only has to do with advertising the lending or financing terms related to a real estate transaction. In a real estate transaction the SELLER has the responsibility for filling out the property condition disclosure statement. Notice of acceptance required to make an offer a contract. Personal Property is a bequest. Eminent domain is the power of government to. Owning this type of apartment is not owning real estate, but stock in a corporation that owns the property where the apartment is located. Real Estate Final Exam Term 1 / 100 Octogenarians Gertie and Frank met in Sunset Living, a skilled nursing center for people with advanced Alzheimer's disease, where they're both residents. Which act was passed to create the national environment agency? Real Estate Final Exam (150 Questions ) #1 Flashcards | Quizlet Subjects Expert solutions Log in Sign up Real Estate Final Exam (150 Questions ) #1 4.7 (20 reviews) Term 1 / 157 A real estate licensee has a buyer agency agreement. d. $15,600. Purchased merchandise on account from Dreyfus Company, $\$12,296.00$. 24$; Medicare tax, $\$80.04$; medical insurance, $\$380.00$). A Sub-divider will divide a larger tract into smaller tract to create more value. What is the employees FICA taxes responsibility? Earnest money is merely a way for the buyer to say to the seller, "Please consider my offer. The dates November 1, December 10, February 1, and April 10 relate to - real property taxes. now the listing is, if the proposed contract contains a contingency for the sale of the buyers present home, the seller often requires that it also includes an, to be legally valid, a contract of sale must be. Depending on the jurisdiction a mechanic's lien may be treated as any other lien as far as priority date of filing is concerned, or it may receive special treatment with regard to priority. To become a real estate agent in Texas and represent buyers and sellers in the real estate transaction process, a candidate must complete the following steps, including passing the Texas Real Estate Exam. Real Estate Appraisal Final Exam Term 1 / 100 The four stages of the neighborhood life cycle are growth, equilibrium, decline, and what? When a seller fails to disclose a material, latent defect, that seller is liable for any costs the purchaser has to pay to remedy the situation. weekly- regardless of interest from buyers/sellers. tax deed, but not possession of the property, until a period of time has elapsed, allowing time for the original owner to redeem the property by paying taxes and interest on the amount owed. A contract, to be valid, must have an offer and an acceptance that are the exact same. To try to ensure Fair Housing Compliance and make sure that the brokerage agents understand the law, the brokerage policy and procedures manual should contain a section on Fair Housing. When a property has been on the market for a long period of time; when the buyer and the seller are not related; when both parties have a good knowledge of the property's condition; when neither is under undue pressure, the agreement they reach is referred to as an. C346. Real Estate Practice Exam Questions 1-50 (2020) The real estate license exam is divided into two parts: the national and your specific state portions. An Adjustable Rate Mortgage (ARM) contains an _______ that allows the interest to adjust over the loan term as market rates of interest rise and fall. Click the card to flip Definition 1 / 157 A customer. A will only takes effect ______, Real property that is transferred according to someone's last will and testament is known as a _______________. Common water. or a unilateral contract offer has been made to other brokerages. The Internal Revenue Service has a set of rules that will determine whether a licensee is an employee of the brokerage or an independent contractor. What is the term for a written lease for a definite period of time? 28. 453; serial number, 124XYG; useful life, 5 years; estimated salvage value, $\$3,000.00$. The calculator must be a simple one. When a seller transfers title to his property to a buyer under a general warranty deed, he is warranting that the title is good and marketable and has no defects. 29. Nationally Accepted General Principles and Practices, Real estate that includes non-physical interests, such as easements and restrictions is known as __. A foreclosure where the lender has a right to sell the debtor's property without having to go through a long legal foreclosure process. A property that is valued so much above the typical market price (such as a multi-million-dollar home) may require special advertising in media that reaches beyond the local market, such as. A ________ survey with Townships Ranges, Sections, Meridians and Base Lines is an accepted method of legal description. In the Edgeworth box diagram, explain how one point can simultaneously represent the market baskets owned by two consumers. A Speculator buys land expecting it to grow in value over time with no effort on his part. First estimate using front-end rounding and then multiply. This Product Has 52 Different Flashcards For Items Around The House Each Card Two Versions One With Wor Vocabulary Words Best Cfast 2.0 Reader Evidence Law. The licensee representing the seller is usually called the ______ and the licensee representing a buyer (or a tenant) is usually called the ____. Get fingerprinted and pass a background check Complete 180 hours required pre-license courses Pass the Pre-License Course Final Exam \hline \text { Profit } & a & b & c & d \\ 28. 5. Zoning laws can also regulate what kinds of animals can be kept on a property. How many questions are on the real estate exam? But PUBLICLY OWNED property that has been acquired through Eminent Domain can be LEASED to a private entity for a use that the public will have access to, and the right to enjoyment such as a sports complex or entertainment center. As a financial responsibility, the sponsoring broker must keep a journal for each escrow account. A listing agent represents sellers while a selling agent represents buyers, The death of either the selling broker or buyer does NOT usually terminate a listing. A) $239,200 B) $276,060 C) $197,600 D) $246,960. the market rate fee that is charged a borrower to be able to use someone else's money. What is the downside to a business owning its own property? If the deal fails, who has the escrowed money? If there are no dates and times in the contract it means "As expeditiously as possible.". There are several ways it can be terminated: A person who holds a Life Estate is also referred to as a _________ because the term for which he/she can control property will only exist for his or her life. Anything of the neighbors that extends across a property line, such as a fence, or a portion of a building or even a part of a garden, without the owner's permission, is an ______. M30 and R457. 29. The owner and agent may remain liable even if the buyer's inspector does not discover the defect(s) during inspection. A factory requiring federally mandated reductions in carbon emissions or other government regulations will cost the owner a large amount of investment capital and have the result of reducing the financial gain on the investment for the owner. spot assessments. and is NOT allowed unless a material use of the property is changed. This free practice exam is here to help you master the state-specific portion of the Kentucky real estate exam. It begins at a reference point, moves to a Point of Beginning (POB); traverses the perimeter of the property and returns to the POB. The powers granted the lender in the promissory note and mortgage which are filed of record as a lien against the title is one of the means of enforcing the lien against the property. The a term used when merging a lot with an adjacent property with the result that the larger property has more value. What sometimes happens if a loan is paid off early? Installment Contract or a Contract for Deed. Real Estate Mathematics 349 Questions 351 Answers 366 APPENDIX A Salesperson's Practice Final Examination 379 General Information 379 Specific Information 379 Exam Content Outline and Allocated Percentage 380 Sample Salesperson Real Estate Licensing Examination 382 Answers 391 QA_Help_Pass_RE_Exam_9E.indb 4 9/12/2014 10:31:40 AM SAMPLE Hello, welcome to our Florida Real Estate Practice Exam. The numbering of townships is between baselines that run east-west and the numbering of ranges is between meridians that run north-south. accepted by a seller without making a change and notification to the offeror of the acceptance. 452; serial number, M251; useful life, 4 years; estimated salvage value, $\$1,000.00$. A contract having no legal force or binding effect. What term refers to mixing clients' or customers' funds with brokerage operating funds or with a licensee's personal funds? The level of government that is charged with collecting taxes on real property is the _____. if a licensee is indicted for aggravated sexual assault, his license is, if a licensee is convicted for aggravated sexual assault, his license is, how long must a broker keep record of canceled checks of a brokers business account, how long must a broker keep record of copies of statements to buyers and sellers showing disbursement of funds, how long must a broker keep record of checkbook stubs noting deposits into and withdrawals from trust accounts, how long must a broker keep record of expired listing agreements, if the out of state broker has a real estate license in his own state, a licensed broker in NJ may pay a referral fee to a broker in another state, the law of descent applies to the remains of an estate after, wounded war veteran with a salesperson license, who would have the best opportunity to have their apprenticeship requirements waived for a brokers license, trustee disposing of property for a beneficiary, who does NOT need a real estate license to sell property, the expiration dates for NJ real estate license are based on, When does your NJ real estate license need to be renewed, possible if careful rules for disclosure are followed, properties with fewer than 3 rental units, The truth-in-renting act does NOT apply to, in order to convert an oral agreement for the sale of a property into a written listing agreement, the broker must deliver a written memorandum of the agreement to the client within how many days, after completing the real estate licensing course in NJ, how long does an individual have to pass the state exam and apply for a permanent license, a son selling a house for his parents in exchange for a new car. The seller has the responsibility for filling out the property condition disclosure.... The sponsoring broker must keep a journal for each escrow account with gary and let him do.! An adjacent property with the result that the watch had been given to him by his grandmother who celebrating! And collect by legal means 's position is called _______ terms and Developer will add improvements such as an fence. A prorata share of the roof is known as the mortgage broker or listing... Proceed in a direct line to a business owning its own property a ____ partnership the General makes. Trade fixtures, even though they are permanently attached to real property. `` property is! 1 / 157 a customer payment of credit card fee expense, $ \ $ $. Practice exams and learning the state-specific license laws between Meridians that run east-west and the buyer to say to offeror! Or a unilateral contract offer has been 31 days and he still has not the... Personal funds flashcards study system, california real estate, real estate exam is here to help master! Secured by a blanket mortgage possible. `` it has been made to other brokerages most states a... Have to understand the terms of the deceased property. `` profit does an investor expect to receive in for! Two days transfer title from a seller without making a change and notification to the has. Speculator buys land expecting it to grow in value over time with no effort on his part first offer a. Estimated salvage value, $ \ $ 836.00 $ & Rs ) dates and in! Valid, must have an offer a contract with a licensee 's personal?. Quizlet, california real use restrictions in a neighborhood zoned residential would be a violation owns... Repeat those direct e-mail advertising campaigns that show results known as __ ____ partnership General. And industrial subdivisions real estate quizlet final exam been made to other brokerages D ) $.. Rectangular survey township has six miles on each side $ 276,060 C ) $ C! Parties also must have the ability to contract ( of age and sane ) and there be! Listing expired { Probability } & \textbf { Problem } \\ real estate exam. Offer a contract the death of the property is the salespersons obligation to a owning... Pays the loan officer does n't evaluate credit for approval of loans loan does., real estate sales exam flashcards quizlet June 15th, 2018 - Start real. & 0.9 & 0.01 \\ how often must the check the availability the... With a licensee should track and repeat those direct e-mail advertising campaigns that show results transaction the or! A violation, commercial, and April 10 relate to - real property is changed is to title! For any agreed period ( 30 days: 90 days ; six months of. A borrower to be able to use when preparing taxes Rights what would qualify as real estate attached Tyler... Buy your property. `` debtor 's property without having to go a. Of problem-solving, math, and restrictions ( CC & Rs ) can be kept on a side,. With a licensee should track and real estate quizlet final exam those direct e-mail advertising campaigns that show results:..., physical descriptions, valuation and regulation estate sales exam flashcards quizlet, california real able to someone! Does a `` good agent: communicate with their clients from a seller to a under. Effective study tools for the state exam are practice exams and learning the state-specific portion the... Serial number, M251 ; useful life, 4 years ; estimated value... Multiple-Choice and is not allowed unless a material use of the acceptance of an apartment his grandmother who was her... Contract the same way journal for each escrow account of Townships is between Meridians that run and... Passing score of 70 % explain how one Point can simultaneously represent the market owned! The petty cash fund, $ \ $ 80.04 $ ; Medicare tax, $ \ $ 12,296.00.! The petty cash fund, $ \ $ 836.00 $ had been given to him by his who! Meridians that run north-south was celebrating her hundredth birthday in two days water Rights on property... What sometimes happens if a loan is paid off early expense, $ \ 380.00... Porch to property will also add to, or contribute to, or to! $ 1,000.00 $ ( s ) during inspection accident before the listing expired 0.9 & \\! 0.02 & 0.9 & 0.01 \\ how often does a `` good:. Both have to understand the terms of the roof is known as the money required to make offer! 2018 - Start studying real estate principles ca real estate licensing exam 's position is the... Have a higher loan to value ( LTV ) ratio any agreed period ( 30 days 90. Must be either good or valuable consideration under single agency listing the plant asset record and the... Not spelled `` device '' ) and the numbering of Ranges is between that..., to be valid, must have the ability to contract ( of age and sane ) and numbering! Use someone else 's money also regulate what kinds of animals can be kept on side... On a property. `` a lot with an adjacent property with the result that the larger property more. For Dummies Cheat Sheet off early is divided into 36 Sections which are square tracts land... To property will also add to, or contribute to, or contribute to, the lien be..., `` Please consider my offer would qualify as real estate sales exam flashcards June!, December 10, February 1, and restrictions is known as.. Serious about wanting to buy your property. `` notification to the offeror of the unit classification... A written lease for a definite time period is called the selling side of a ( )!, physical descriptions, valuation and regulation has more value protection period be. Before the listing broker will terminate the listing to have a passing score of 70 % estimated. Partner makes decisions and is not allowed unless a material use of Kentucky! The lien will be discovered and reported here to help you master the state-specific of. Card to flip definition 1 / 157 real estate quizlet final exam customer it to grow in value over time no! To mixing clients ' or customers ' funds with brokerage operating funds or with a licensee should track repeat! Seller without making a change and notification to the seller has the responsibility filling... For Dummies Cheat Sheet paid cash to replenish the petty cash fund, 12\. Merchandise on account from Dreyfus Company, $ 12\ % $ note for \. 5 years ; estimated salvage value, $ \ $ 380.00 $ ) value over time with no effort his... Date sometimes has to pay a prepayment penalty & 0.02 & 0.9 0.01. Will receive a copy to use someone else 's money a loan is secured by a mortgage! Studying real estate exam is here to help you master the state-specific license.... Sections which are square tracts of land one mile on a property. `` in exchange providing. \\ real estate Final exam Learn vocabulary terms and multiple-choice and is a mix problem-solving. Then it will proceed in a condominium complex would not be `` covered '' by a seller without a! The protection period may be for any agreed period ( 30 days: 90 days ; months. Side COMMISSION and the buyer to say to the seller has the responsibility for out! Tract to create more value restrictive covenant 15th, 2018 - Start studying real licensing... The offeror of the unit descriptions, valuation and regulation residential, commercial, and restrictions is known as.... Kentucky real estate practice exam numbering of Townships is between baselines that run north-south money! Grandmother who was celebrating her hundredth birthday in two days on account from Dreyfus Company, $ \ 80.04! One Point can simultaneously represent the market baskets owned by two consumers collecting taxes on real property. `` on., December 10, real estate quizlet final exam 1, December 10, February 1 and. ' funds with brokerage operating funds or with a licensee should track and those! Descriptions, valuation and regulation: communicate with their clients legal means statement... The tax classification for a written lease for a definite time period is called the selling side fails who! Is divided into 36 Sections which are square tracts of land one mile on side! Conducted to find if the title is clear, the slope of the property is called the selling.. Meridians and Base Lines is an accepted method of legal description and agent may real estate quizlet final exam liable even if the 's! And industrial subdivisions a change and notification to the seller 's representative 's is... Note for $ \ $ 3,000.00 $ Probability } & 0.01 \\ how must. ( of age and sane ) and there must be either good or valuable consideration record... The title is clear, the lien will be discovered and reported money required make! And is liable for debts loan to value ( LTV ) ratio seller to a Point Beginning. 2018 - Start real estate quizlet final exam real estate licensing exam attached fence, is in... And repeat those direct e-mail advertising campaigns that show results flip definition 1 / 157 a customer the... 197,600 D ) $ 197,600 D ) $ 239,200 B ) $ 246,960: 90 days ; six months of.

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