Real Estate Ownership Property Descriptions. Agency Relationships. Bundle Of Rights. Transfer of Property Title Financing Principles. Real Estate Puffing. Property Management. Real Estate Vocabulary. What are the four kinds of real estate ownership? The real estate exam is no different than any other exam you have taken in your life. You need to learn the material in your class. They have been discussing moving a portion of the national exam to fill in the blank so we do expect the exam to get harder in the future.
This is a loaded question and rightfully so as it depends on the person, their background and level of intellect. Some of our students studied over 20 hours and did not pass while others indicated that they put in less than 3 hours. With our program, you will pass after you can complete all the modules.
The average length of time needed is 1 hour per day for 20 days. What are your goals? We have hundreds of emails every year asking us this question. If your goal is just to learn about real estate, you can do that for free on Google and YouTube.
We only recommend getting your real estate license if your goal is to sell real estate. State License instructions. State Specific Exam Information. Exam Provider. State Authority. Practice Exam.
License Instructions. Alabama Real Estate Commission. Pearson Vue. Alaska Real Estate Commission. Arizona Department Of Real Estate. Arkansas Real Estate Commission. California Department Of Real Estate. Colorado Division Of Real Estate. Connecticut Department Of Consumer Protection. Delaware Division Of Professional Regulation. Florida Real Estate Practice Exam. Georgia Real Estate Commission. Hawaii Real Estate Commission.
Idaho Real Estate Commission. Indiana Real Estate Commission. Iowa Professional Licensing Bureau. Kansas Real Estate Commission. Kentucky Real Estate Commission. Louisiana Real Estate Commission. The Real Estate License Exam is composed of between and multiple-choice questions. It is timed, although the length varies from state to state. Generally, examinees will have anywhere from 90 minutes to four hours to complete the exam in its entirety.
Preparing for the exam is essential for passing it the first time you take it so that you can get licensed quickly and start working in your new career. It also includes items specific to running a real estate agency, such as agency creation and closure, and commissions and fees. A lot of money changes hands in real estate, so knowing about the financial side of things is critical. Make sure you have studied Fair Housing laws, ethics, marketing, continuing education requirements, commercial and industrial properties, inspection reports, and disclosure requirements.
What is a property worth? A realtor will be able to tell you. Purchase individually or upgrade to a premium account to access and download this content. Because the details of this test vary across states, it is crucial that you communicate with the testing center before your test day to know what to bring with you and any other rules or policies that may be important. Each testing center has their own requirements related to what materials to bring, how and when to pay fees, and what identification is acceptable.
Doing this will help you focus fully on the test, rather than becoming distracted by drowsiness or hunger. You will want to check with the testing center before the day of the exam to find out what they require you to bring. You will also want to check to see if you need any testing materials , such as pencils, scratch paper, or a calculator.
While these items are usually allowed, the testing center may provide them for you. The testing center can provide you with a list of prohibited items. Generally speaking, you will not be allowed to have any electronic devices, books, reference material, or other personal items in the exam room while you are taking the test.
A good rule of thumb is also that less is usually better. Some testing centers may have locked storage lockers for personal items, but others may not.
You can check directly with the testing center before the day of your exam if you have questions about particular items. The Real Estate License Exam is entirely multiple-choice, and it lends well to practice exams. Taking practice tests is also a great way to help you identify areas where you should spend more time studying the material.
This process can help you feel completely prepared to get a great score on testing day. Another way to provide yourself with a well-rounded study plan is to supplement it with alternative study methods. Flashcards for the Real Estate License Exam and study guides for the Real Estate License Exam give you an opportunity to see the content in another format.
For many individuals, this can help them learn and retain the information better. The Real Estate License Exam is a long test, frequently with over questions and lasting anywhere from 90 minutes to four hours. This practice will give you an idea of how you perform for that kind of duration, show you how to pace yourself so that you can complete all of the questions, and help you develop strategies to overcome mental fatigue if it begins to set in.
With timed exams, it is easy to misread a question or misunderstand what it is asking. But taking the time to pay attention to the details of a question will help you avoid providing the wrong answer when you actually know the right one—a strategy that can help your overall test score. The Real Estate License Exam is timed, although the amount of time you will have to complete it will vary depending upon your location. By simulating the testing experience that you can expect at your selected testing site, you can determine approximately how long you can spend on each question.
This strategy will ensure that you have ample time to complete the test in its entirety. But, additionally, prospective purchasers must be given a day window to have the home tested for lead-based paint. Prospective buyers can waive testing. In fact, no party is legally obligated to test or pay for removal of lead-based paint.
Finally, even if construction began after January 1, , actual knowledge of lead-based paint on the premises must be disclosed to both prospective tenants and prospective buyers. Note: Federal lead-based paint disclosures are strict because lead poisoning can cause significant neurological damage, particularly to small children.
Test-Taking Tip: Lead-based paint disclosures are the responsibility of the seller or the landlord. However, if there is a real estate licensee involved in a transaction, the licensee has a duty to make sure the client is both aware of—and has complied with—the lead-based paint rules. In fact, licensees, buyers, and sellers all must sign the lead-based paint hazard addendum which is attached to the purchase contract or lease.
With some restrictions, interest on a mortgage loan is also a tax-deductible expense for home owners. In fact, this is considered one of the major tax advantages of homeownership. Note: Discount points i. B is incorrect. Insurance e. Note: Home Owners Association dues and home repairs are not deductible. Study Online Instantly. Only a real estate licensee who is authorized by law to work independently can receive a commission directly from a member of the public.
If not legally authorized to work independently, a real estate licensee can only receive a commission from the employing broker. This gives the employing broker additional control to ensure that, among other things, the transaction record is complete, fair housing laws are followed, and the appropriate disclosures are made in a timely fashion.
Quietly fixing brokerage firm commissions is the anti-competitive, collusive behavior that the federal Sherman Antitrust Act made illegal in A is incorrect. Since the federal Sherman Antitrust Act of was enacted, firms including real estate brokerage firms have been legally prohibited from engaging in anti-competitive activity like fixing prices, fees, or commissions. Other prohibited acts include dividing up geographic territories or boycotting brokers offering cut-rate discounts.
C is incorrect. There is nothing in the test question to suggest that the two brokers are engaging in housing discrimination. D is incorrect. The Statute of Frauds is not related to price fixing. The Statute of Frauds requires certain contracts and agreements be formalized in writing in order to be enforceable in a court of law.
RESPA applies to federally related mortgage loans. Because nearly all loans on residential properties are federally related, RESPA regulations cover the vast majority of residential loans.
Here are some of the loans that are considered federally related: VA guaranteed loans, FHA insured loans, loans intended to be sold onto the secondary mortgage market, lenders with FDIC, etc. A, B, and D are incorrect. Other exempt loans include: commercial loans, business loans, land contracts, and loans for land tracts of 25 or more acres, etc. A deed must be signed by the grantor i. The grantee does not have to sign the deed. The grantee must accept delivery of the deed, but that can be achieved through possession of the deed, taking possession of the property, taking out a loan on the property, etc.
For most states, official records are recorded at the county level. Real estate licensees engaged in panic peddling by frightening homeowners with the prediction that minority members moving into the neighborhood would result in increased crime and declining property values. This now illegal practice was historically profitable for real estate professionals, and frequently resulted in homeowners selling at a loss.
In contrast to the fixed-rate mortgage, the ARM interest rate is tied to an economic index and can go up or down, depending on market trends. Typically, the ARM loan adjusts annually, but lender and borrower can negotiate how frequently an adjustment can occur. The interest rate on an adjustable rate mortgage is periodically adjusted based on an economic index published by a neutral third party.
The loan paperwork states which economic index the lender will follow. C and D are incorrect. The interest rate on an ARM loan is variable and can either rise or fall, depending on current market conditions.
A prospective borrower must be given 3 business days to review the Closing Disclosure prior to the closing. This goal of this 3-day window is to give the consumer time to raise any questions with the lender prior to becoming obligated under the terms of the new loan.
If borrowers are undergoing a personal financial emergency, they can waive taking 3 business days to review the Closing Disclosure. An example of this type of emergency is when a borrower needs a new loan immediately in order to prevent an upcoming foreclosure sale. Note: Lenders are required to provide consumers with both a Loan Estimate and a Closing Disclosure, and are not allowed to charge for either disclosure. The Loan Estimate must be delivered to the consumer within 3 business days after the loan application is submitted.
Redlining is the illegal denial of a loan application based upon the location of the securing property without any consideration of the employment history or creditworthiness of the loan applicant or of the condition of the property itself.
This activity got its name from the maps that lenders used to have up in their offices. A silent second is a loan between the buyer and the seller for part or all of the down payment. Silent seconds are a type of mortgage fraud and are illegal.
An air loan is another type of mortgage fraud perpetrated upon lenders. This involves getting a mortgage loan on a parcel of real estate that does not exist.
A backward application is another type of mortgage fraud committed on lenders. Here, the buyer finds a desirable property and lies about his or her income in order to qualify for a purchase money mortgage. Here, the test question states that the homeowner has a mortgage with a fixed interest rate. Especially when interest rates are low, a mortgage with a fixed interest rate is appealing to borrowers because the interest rate and the amount of the monthly loan payment will not change over the entire term of the loan.
Because the amount of these property-related expenses can change over time, the monthly payment due the lender might vary, even when the loan itself has a fixed interest rate.
This statement accurately describes a mortgage with a fixed interest rate, but does not account for a lender collecting whatever is needed to cover changes in property taxes and insurance premiums.
The fact pattern describes a special agency created by the listing agreement. In a listing agreement, the seller is the principal and the listing broker is the agent. When a special agent, the broker typically has one task or duty. A special agency is an advisory position. Therefore, while the broker can advise the seller as to the merits of each offer, the broker does not have the authority to accept a particular offer and bind the seller to that decision.
In contrast to a special agency, a general agent typically has a number of duties to perform. This type of agency is usually used for ongoing businesses. The general agent does have a limited authority to bind the principal. One frequently-tested example of a general agency is a property manager with the authority to, for example, find and sign well-qualified tenants.
An implied agency can be created unintentionally or by accident.
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