Easement Appurtenant (Easement by Necessity). As a seller's agent, you sell a house for $135,000. Two years later, the seller's brother came forth and claimed he had an ownership interest in the property. Total Housing Debt / Gross Monthly Income, Total Installment Debt / Gross Monthly Income, Mortgage Insurance for Conventional Loans. Encompasses existing mortgages but is junior or subordinate to them. STUDY. kchughes33. (Washer, dryer, drapes, refrigerator, stove). -Best method for appraising single-family dwellings. 1968: Prohibits discrimination in housing based on race, color, religion or national origin. Principal and agent enter into a contract giving the agent the authority to conduct several activities-show property to renters, check references and negotiate leases. four characteristics: utility, scarcity, transferablility and effective demand, "most reasonable price" not the sales price and is estimated by an appraiser, estimates the value of property based on its use or purpose, value of a property to someone who wishes to use the property for a specific purpose, value placed on the property by the governent for taxes, proportionality-maximum value is realized when the factors are in balance (ie a neighborhood with homes in the 200-250 range and a new home at 1m is built then the values are thrown out of balance). has an interest rate and, therefore, a payment amount that remains the same for the life of the mortgage. Suppression: Withholding of material fact(s) that the agent knows is important to the client. -Market Data Method (Comparison Approach). A mortgage loan of $417,000 or less, with higher limits in high cost areas. under federal law, an LLC may choose to be taxed as a corporation or as a partnership. an option to buy and open listings), both parties exchange promises ot perform some action. For all 300 Questions with complete sections check out the Real Estate Agent License Practice Exam - it will help you pass your State Real Estate Agent License Exam the first time. An easement is the right to use land for a specific purpose. Clear title that is reasonably free from the risk of litigation over possible defects. With a dual agency the broker is not able to tell the buyer if the property is overpriced or if another property is better. ______ requires that all deeds be in writing. Allows for additional borrowing on the same note (home equity line of credit / HELOC), A mortgage, used in the purchase of new residential property which, in addition to real property, covers certain personal property items and equipment. The prepayment penalty is charged only on the principal, not on interest. person or company licensed to buy, sell, or lease real … A way to describe a mortgage that can be prepaid at anytime without a penalty. Create. Each exam question and answer is written by real estate … How useful a property is to the marketplace is a very big factor in determining its value. The Alabama Center for Real Estate (ACRE) is supported by a $___ fee at the time of licensure, then a fee of $5 per renew period afterward. A variance is also required if the owner wants to expand on the nonconforming use. The TILA-RESPA Integrated Disclosure Rule, Truth-in-Lending Act (TILA) / Regulation Z, -Covers loans for one-to-four family dwelling. A statement of opinion on the status of the title to a parcel of real property based on an examination of specified public records. Choose your answer to the question and click 'Continue' to see how you did. Costs that usually fluctuate with operating level of property (as opposed to fixed expenses). -Intentional Misrepresentation (Active Fraud), -Negligent Misrepresentation (agent fails to do something that a responsible agent would have done). To use property as collateral for a debt without giving up possession of it. Real Estate Exam Prep Final Free Practice Test Instructions Choose your answer to the question and click 'Continue' to see how you did. loyalty, obedience, disclosure, confidentiality and resoanable care and diligence and accountablility. Title is the (intangible) ownership of land and bundle of rights associated with ownership. On February 1, a licensee with ABC Realty takes a 3month exclusive right-to-sell listing on a house. One of the largest sections on the Real Estate License exam, Real Estate Practice and Disclosures makes up about 22-25% of what you’ll be tested on. Test. The most realistic use that will produce highest present value for a parcel of property (don't over-improve or under-improve a property). may be zoned for a mix types of land use. The comparable should be adjusted downward. a long-range plan for the land tha tforms a particular governmental unit such as a city, town, or region. If a property is useful to the marketplace and it is in scarce supply - it will have greater value. transaction or facilitative-the agent faciliates the transaction by showing properties and assisting with paperwork. Grantor guarantees there will not be anyone later claiming an interest in the property. A dual agent cannot fully represent both parties so the agent designates another agent in their office to respresent either party-usually the buyer. written legal document that conveys and is evidence of a person's legal right to ownership of a particular property. Grantor warrants that they own the property and have the right to convey title. Deposit of funds and/or documents with neutral third party along with instructions as to how to conduct the closing. Our Alabama real estate exam prep has helped thousands of test-takers pass their real estate test, and comes with unlimited access to over 500 practice real estate exam questions, and 450 vocabulary test … Provides the greatest protection to the buyer; grantor is making certain promises/warranties. Each separate email in violation of CAN‐SPAM Law is liable for a fine of up to $___. Log in Sign up ... Alabama Real Estate Exam - Questions I've Struggled With. Hostile way to gain an easement (use of the property). A document that reports the amount owed on the loan and the interest rate. … Monuments - fixed objects the identify the POB and intersecting boundaries. A Competitive Market Analysis (CMA) considers: -Competitive properties that are also on the market. This exam does vary from state to state, but generally you can expect it to take anywhere from 1.5 hours to 3.5 hours. it is not between the agent and the seller but between the seller and the broker. no commission is paid if the buyer finds his own property. It is developed and then reviewed periodically with a single purpose.The master plan is put into practice … a legal arrangement in which the owner (trustor) conveys the ownership of the propertyto the trust, thus giving another (trustee) the power to manage the poperty/trust for the benefit of a third party (beneficiary), a trustor creates the trust to be effective during his or her lifetime, a trustor leaves instructions in his or her will about establishing a trust that will not be effective until after he or she dies. Fair Housing Act, Part 109-words used to describe dwelling, landlord, and tenants (white private home, hispanic residence and adult building are evidence of discrimination, Penalities for HUD discrimination include, payment of damages, which include humiliation, pain and suffering, right of govt to regulate the use of private property-purpose is to regulate the conduct of people for the common good, general public welfare, order and safety, hears applicants for relief from zoning ordinances, most common form divides a city into geographic areas, and each area is designated for a certain use, if a developer is denied a building permit he can seek relief by applying for a variance from the local zoing board of adjustment. ex. Paid off slowly over time in equal payments (principal + interest) until the balance is zero. one for which the parties have fulfilled the terms and conditions of the contract. It remains a valid exclusive right-to-sell listing contract with ABC Realty. an offer or counteroffer, when ACCEPTED, becomes a contract when the offer is notified. Metes and Bounds always start at the ______. They enter into a contract that stipulates how the task will be done-multiple listings of the property, commission paid etc. group of people or business entities that combine to invest in real estate. Homes built before ______ should be checked for lead. Value of an inferior property increases when located in an area of superior properties. involuntary and specific lien levied by a contractor who performed a service on/at a property and was not paid. time period for the buyer to change their mind, who pays for inspection, who pays closing costs, title searches and insurance, proration of taxes, and inclusion of a "time of the essence" clause. lists the key termsof the acceptance and binds them to continue working towards a final sales contract. -Created by the government when Fannie Mae became private. Start studying Alabama Real Estate Exam. A history of the ownership of a parcel of land which lists transfers of title, rights, and liabilities. an exception bsed on a use tht is not permitted in the zone in question (ie a garage apartment). (Doesn't cover 4+ family dwellings or business or commercial property.). Allows brokers to share listings and commissions. a use or structure that is out of character with the surrounding neighborhood and it predates the zoning. Exclusive buyer agency-exclusive right to represent. buyer enters into an agreement with a number of brokers to find a property. a written document, signed and witnessed, delivered and accepted, provides the fullest protection to the buyer (grantee)-no expiration date, guarantees that the grantor owns the property and has the right to transfer ownership, title to the property will not be claimed by a third party, grantor guarantees that there are no encumbrances such as liens or easements-that are otherwise stated, grantor promises to provide any documents or perform any actions needed to clear up any errors or problems with the deed, guarantees only the actions of the person conveying the title (NOT the complete history)-used mostly for forclosed properties, gives the tenant the right to purchase the premises. Proof before an authorized official (notary public) that a person is who he/she say they are. Real estate exam alabama. Fines up to $10,000 or be sentenced up to 5yrs or both. Reproduction Cost is the cost of creating an exact copy. The use must be considered inherently beneficial or peculiarly fitted to the property. Preexisting use of property is different from new zoning code for that area. Alabama Real Estate Salesperson Exam Prep. Salesperson applicants must pass State Exam within ___ months of finishing the pre-license course. Fee Simple-(fee absolute and indefeasible fee estates). Great news! Exam Prep Edge included … A portion is set aside of open space. Data reflects the previous 12 months and is updated the 10th of every month. broker receives the difference between the selling price and the price that the owner wants. legal document that conveys and is evidence of a person's right to possess property. presence of lead paint in homes built before 1978. rental of a parcel of unimproved land with the intention that the tenant will build on it wihtin the term of the lease-typically multi-year leases. cannot discriminate against race, religion, age, familial status (covers pregnant women and adults in the process of gaining custody of children under 18), handicap etc. Sorting is available on School Name, Location, Course Type, and each Percentage Passed column. Owner-occupied buildings with no more than 4 units. Purchasing property today with the expectation of some an eventual benefit. Learn. What is the approximate prepayment penalty? This is a knowledge-based test. Upon death of a life tenant, the life estate passes to someone else. -Prohibits lenders from discriminating against credit applicants based on: -Are guaranteed (different from being insured). protection against employment, use of common areas, eliminates architectual barriers in new construction. Grantor promises to obtain and deliver any instrument needed to make the title good. To claim Fraud or Misrepresentation, a buyer must show: -Misrepresentation: A false representation of an important fact or issue. Recovery Fund maximums are $___ per transaction or $___ per licensee. Often used by a developer in the financing of undeveloped lots. A mortgage securing a loan made by investors without governmental underwriting, i.e., which is not FHA insured or VA guaranteed. Then click 'Next Question' to answer the next question. general real estate taxes, taxes for special assessments, mortgage and so forth. Allows the borrower to pay off all debts and regain ownership AFTER the actual foreclosure sale occurs. Borrower buys down the interest rate on a mortgage buy paying discount points (1%). The type customarily made by a bank or savings and loan association. A Lot and Block legal description is also called a _______, and is used in subdivisions. Right to employ the property in productive ways such as farming or leasing and to sell, bequesth, give or lease the property in part or in total. A licensee's duties to a buyer or customer are fairness, honesty, and accuracy. exception froma zoning law that involves yard or lot size, floor area ration or building height. The cost of making an improvement compared to that increase or decrease in property value that it causes. Summary report of what the title search found. Read carefully and get your calculator for the math questions. If a Qualifying Broker dies or becomes disabled, the company can designate a temporary Qualifying Broker within ___ days, and that temporary Qualifying Broker can serve a maximum of ___. FHA-insured loans are entitled to see the closing costs one day before closing. Which of the following should the licensee recommend to buyers? PERFORMANCE- happy seller and happy buyer at closing, Real estate settlement procedures act (RESPA), a federal law requires certain disclosures such as a standard Good Faith Estimate (GFE) that explains key loat terms and escribes a best estimate of closing costs. Usually owned by government, government agency, or public utility (utilities, roadway widening, etc). The broker is paid a commission even if the buyer buys a property during the time period of the agreement without the brokers help. 100 Terms. binds the broker to look out for the buyers best interests. Increasing / Decreasing Returns (Cost-Benefit Analysis). gives the broker the exclusive right to help a buyer find a property. Therefore, one must determine how much the new principal loan balance will. taxes, zoning, rent control, limits on growth, enviromental restrictions, and building and health codes. promise to repay a loan for purchase of property. Terms in this set (617) broker. Quizlet is a lightning fast way to learn vocabulary. A policy that protects the insured against loss or damage due to defects in title bought by the buyer. If accessory use is forbidden by the zoning ordiance, then the dry cleaner would have to seek a variance use. Giving notice to the world of legal rights in a property via public records. ... Join the 26,000+ people who passed their real estate exam … local economy, interest rates, vacancies, rents, parking, corner influence, and plottage. (ex. An office building is valued at $800,000 when the annual net income is capitalized at a rate of 20%. Make sure you have studied Fair Housing laws, ethics, … $30 Licensees pay $___ to the Recovery Fund at the time of … Don't rely on the outdated material on other real estate practice exam sites. Statement of opinion of title's status on date certificate is issued. Welcome to Our Free Real Estate Exam! Requires 3 conditions: Four pieces of determining whether something is real or personal property: A ______ is personal property that has been attached, making it real property. a seller asks an agent for advice on ways to sell her house, then that agent brings buyers to see the house), One party promises to do something if the other party does something. A transaction in which an owner sells his or her improved property and, as part of the same transaction, signs a long-term lease to remain in possession of the premises. Sometimes a good faith payment is made by the buyer. Spell. most profitable and legally permissible use for a property. cannot make any statement that indicates a limitation on race, color, national origin, religion sex, familial status or handicap. Real Estate Settlement Procedures Act (RESPA). tenant pays utilities, all repair and maintenance costs and real estate taxes. Multiple listing systems or services are marketing tools. On March 1, the licensee moves out of state and inactivates his license. Purpose is to create orderly growth for the welfare of the people otherwise haphazard growth occurs. Of the 100-150 questions, 60-80 will be state-specific questions, while the other 80-100 will be general real estate concepts. Credit-money paid by one party to the other. Owner of property voluntarily transferring or conveying title by either making a gift or selling a property. You can view pages 11-12 of the Candidate Handbook for more information on exam … tenant agrees to pay the same amount of rent each month and the landlord pays all taxes, liability insurance and maintenance cost. loan that requires the borrower to make loan payments every two weeks instead of once a month. Regardless of who finds a ready, willing and able buyer, the broker receives a commission. some states require disclosures of sex offenders due to Megan's Law. Great for someone who is expecting their salary to increase. has an initial period in which only the interest on the mortgage is paid, then its amortized over the shorter repayment period, and the payment amount increases, often substantially. Occurs when real estate salespersons induce owners to list property for sale or rent by telling them that persons of a particular race, color, religion, sex national origin, handicap or familial status are moving into the area. Entirety of remaining principal (and last month's interest) is paid at the end of the loan. 9 commissioners; 5 years per term; 2 consecutive term max. A mortgage given by the seller to the buyer to cover all or part of the sale price. Three percent of any outstanding loan principal would be charged by the lender if the owner paid off the principal before the scheduled time. Temporary Licenses are only valid for ___ year(s), and cannot be renewed. The lender requests the court to order the delinquent borrower to pay the debt within a certain period of time. We help thousands of people pass their exam each month and we can help you too. Most mortgages today are open mortgages except for refinance mortgages. general- must agree to all activites related to a property such as selling, mortgaging and management of the property. After passing State Exam, candidate can apply for a Temporary License and pay a fee of $___. Browse. Owner wants a use for property that varies from zoning law but use is in best interest of the public (daycare center, school, country club, etc.). Maximum property values are achieved when properties are similar in STYLE and SIZE. After completing the post-license course, candidate can apply for an Original License and pay a fee of $___. A type of seller financing where the seller CONVEYS TITLE to a buyer and holds a mortgage as security. Licensee has ___ days to notify commission when an action BEGINS involving criminal prosecution, civil complaint involving a real estate transaction, or goodwill of an existing real estate business. gives a person the right to buy property within a stated period of time for a stated price. The Real Estate Broker Practice Exam … bridge loan-used when the buyer doesn't have the funds immediately available to close on the sale. Permanent exception to the zoning law (owner petitions appropriate authorities). The broker is given exclusivity over other agents to find a property for the buyer, but if the buyer finds a property he does not have to pay the broker a fee. Payments are PARTIALLY AMORTIZED. Value of a superior property decreases when located in an area of inferior properties. The monthly house payment, $296.88, includes both interest and principal. Similar to commercial easements in gross except: A building or structure that crosses the property line of a neighbor. if a owner wanted to build a gardend shed, they would go before the zoning board and request a variance. Right of survivorship, if one dies, the other tenants automatically take ownership of the deceased's share. interest rate adjust monthly, semiannually, or annually for the life of the mortgage. Use our free Real Estate practice exams (updated for 2020) to pass the Real Estate License Exam - an assessment taken by candidates who wish to become a Real Estate Agent or Broker.Real Estate Agents work to advise home buyers and sellers on market conditions, real estate … usually 3 days for both parties and their attorneys to review and accept or deny the contract, at the time of the final contract signing, the buyer is said to receive equitable title but Legal title still resides with the seller until closing, Land sales contract, installment sales contract, installment contract and contract for deed. Penalties for Violating the Fair Housing Act of 1968. 8 steps: define the problem, conduct an analysis, collect and analyze data, determine highest and best use, estimate value, apply sales/cost or comparable approach to valuing property, reconcile the approaches and write up and deliver report. Centers on whether people have the ABILITY to fulfill their desires. This period begins on the FIRST DAY of the month AFTER passing the state exam. The Alabama real estate licensing exam has national questions and state-specific questions. owns shares in the underlying corporation and therefore does not get a deed. Whether or not ownership can easily be transferred. If refinancing a mortgage of a principal residence or taking out a junior mortgage, homeowner is given three-day right of rescission. before the law it is considered an individual entity, and, therefore, has sole ownership, or renancy in severalty, of its property. 2. Gravity. What happens to this listing? competent parties-legally competent (not mentally ill, under duress or influence of drugs and alcohol)*However tenants in common can sell their half if the other is incompetent or unwilling. Limited to claims against the title during the period of ownership of the grantor. The variance must be shown not to cause substantial detriment to the public good or impair the zoning plan. map indicating the size and placement of individual lots, streets,power lines and any common buildings or features, such as a clubhouse or wimming pool in a subdivision.
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