Real Estate Principles Study guides, Class notes & Summaries

Principles of Real Estate 1 Final Exam Questions and Answers If a real estate salesperson closes on a transaction, who pays the salesperson their commission? - Answer- The salesperson's sponsoring broker A means of comparing similar type properties, which have recently sold, to the subject property is known as the? - Answer- Market Comparison Approach The market comparison approach is commonly used for this property type? - Answer- Residential The amount of goods offered for sale within...

REAL ESTATE 2024 QUESTIONS AND ANSWERS Real Estate Broker - Answer- a person who is licensed as a broker that peforms brokerage activities and collects compensation. Real Estate Salesperson - Answer- a person who peforms real estate activities while associated with a licensed real estate broker. licensee - Answer- a person holding a valid real estate license appraiser - Answer- a person whos certified to estimate the value of a real property according to standardized principles of valuati...

Illinois Real Estate Practice Exam Questions and Answers Objectives of Federal Reserve System - Answer- To counteract inflationary and deflationary trends, to create a favorable economic climate, to maintain sound credit conditions but NOT to control the secondary mortgage market Remainder Interest - Answer- A fee simple holder of a parcel of real estate grants a life estate to her daughter and stipulates that upon the daughters death, the property will pass to her grandson. The second es...

NATIONAL REAL ESTATE EXAM PRACTICE TEST 100% SOLVED 2024 In most cases, broker compensation, as a percentage of home price, falls somewhere between: - Answer- 5-7% A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal Fair Housing Act, is this legal? - Answer- Yes. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act What happens to trade fixtures after a business moves out of a leased...

Real Estate Principles Final Exam 2024 Questions and Answers Anything that is fastened or attached to real property permanently is considered to be: - Answer- Real Property A quitclaim deed releases all present claims, rights and title of the: - Answer- Grantor When a creditor wants to satisfy a judgement which was levied against another person, the creditor would: - Answer- Obtain a writ of execution Before a mechanics lien is effective it must be: - Answer- Verified and recorded Discri...

NYS Real Estate Practice Exam Questions and Answers What agency issues real estate licenses? - Answer- The New York State Department of State (NYDOS), Divison of Licensing Services At what age can you become a real estate salesperson? - Answer- 18 Do you need experience in the field to become a sales person? - Answer- No What is the minimum age to become a real estate broker? - Answer- 20 If your license is revoked, how long do you have to wait to re-apply for it? - Answer- One year Do ...

REAL ESTATE TERMINOLOGY EXAM QUESTIONS AND ANSWERS A summary of digest of the conveyance, transfer and any othe facts elide on as evidence of title, together with any other elements of record which may impair the title - Answer- ABSTRACT OF TITLE A clause in a trust deed or mortgage giving the lender the right to call all sums owing him to be immediately due andpayable upon the happening of a certain event - Answer- ACCELERATION CLAUSE The right of the owner to everything produced, incor...

Real Estate Principles Final Exam Anything that is fastened or attached to real property permanently is considered to be: - Answer- Real Property A quitclaim deed releases all present claims, rights and title of the: - Answer- Grantor When a creditor wants to satisfy a judgement which was levied against another person, the creditor would: - Answer- Obtain a writ of execution Before a mechanics lien is effective it must be: - Answer- Verified and recorded Discrimination by ...

REAL ESTATE PRINCIPLES MIDTERM AND FINAL EXAM 250+ (GRADED A+) QUESTONS AND ANSWERS BY EXPERT

REAL ESTATE PRINCIPLES MIDTERM AND FINAL EXAM 250+ (GRADED A+) QUESTONS AND ANSWERS BY EXPERT