YOU WERE LOOKING FOR: Principles Of Real Estate 2 Exam Answers
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All real estate agents are responsible for knowing the laws and legality of the contracts they are using. Understanding the laws behind the creation of these contracts, including but not limited to the residential contracts, listing agreements, buyer representation agreements, information about brokerage services is probably the most important responsibilities an agent has. Of any course offered as a mandatory qualifying course, this course is probably the most relevant as it is imperative that agents know and understand the Promulgated Contract Forms.
Agents will be dealing with these forms on a daily basis and must The course will focus on the One-to-Four Family Residential Contract, the Condominium Contract and all supplemental addenda. The purpose of the Real Estate Finance course is to fulfill the required topics of the mandatory course required to obtain a real estate license. The overall purpose is to give the student a basic understanding of the history of finance, how the monetary systems work, the role of the government in making funds available for purchasers, giving the student a basic understanding of the various types of loans available and a working knowledge of the process a purchaser goes through in obtaining financing.
Real estate finance for the new student can be intimidating as well as confusing. There are many laws and agencies that either govern or influence the actions of lenders, borrowers, real estate agents and others. This course is designed to introduce the soon to be real estate agent to some of these concepts and to guide them through the many nuances. Exam Preparation Our exam prep is an integral part of the systematic way we educate and prepare you for the state licensing exam. Live classroom or online, this course condenses, distills and consolidates the six courses into just the pertinent data you need for the State exam. How it works In our live classroom course, we start with a sample exam, score it and then spend time going over that data. We cover the math formulas, the terminology and concepts you will need to understand and test-taking techniques.
We end the course with another sample exam. If you pass the second exam, go take your state exam. If for some reason you do not pass the second sample exam in class, do not take the state exam. Instead come back and take your exam prep course again, with our compliments. It is all designed to culminate with you comprehending and understanding the material the Texas Real Estate Commission wants you to know to become licensed. The prep is intense, fast-paced, and is designed to assist you in passing the state exam and obtaining your license.
Our prep is also available online to students who are not able to attend the live exam prep course. You will receive unlimited access to questions that will cover the concepts you will need to know. Now learn Business Principles and Strategies. Do you want to be IN the real estate business? Or do you want to OWN a real estate business? These classes are taught Experiential Learning; simulated business games, activities, rock and roll music and lots of fun.
Business education? Financial Freedom? Where people excel, businesses flourish and success becomes normal! NOTE: This course is offered twice a year only. Any agent who is in the real estate business will have the opportunity to work with buyers. Legal Update I 4 hours — Legal Update I is a TREC required course for any licensee once they have been licensed and in their first two years of licensure and every two years after that. The course includes statutory changes, TREC rule changes, proposed rule changes and any other topics that TREC feels needs addressing to update licensees in the state of Texas.
Similar to Legal Update I, this course will cover contract changes, ethics, federal laws hat impact real estate licensee and hot topics. AND Have a Life! Payment plans available.
Most states administer the tests in two parts, and require that the candidate pass both. The general part of the exam is broken into several categories, similar to the categories you will see in this sample practice test below. Another test to determine whether an item is a fixture is whether the item is so adapted to the real property, that to remove the item will diminish the value or utility of the real property.
Of course, if the purchase contract specifically includes a certain item with the sale of the property, that item must be regarded as a fixture, whether it meets the legal definition of fixture or not. Likewise if the purchase contract specifically excludes an item from the sale, it must be regarded as personal property, and should be removed. Incorrect answer. Please choose another answer. Which of the following lists correctly describes the physical and economic characteristics of real estate? Immovable, indestructible, unique, scarce. Depreciable, indestructible, scarce, unique.
Unique, immovable, abundant, indestructible. Moveable, indestructible, scarce, unique. Land is characterized as immovable because an entire parcel of real estate cannot be moved to another site. Land is considered unique because, at the very least, each parcel of real estate has its own different and distinct place on the planet. Finally, land is considered scarce because entire new parcels of real estate cannot be manufactured. Test-Taking Tip: Because the words "unique" and "indestructible" are in each answer choice, you do not need to spend valuable exam time considering them. B is incorrect. Land does not depreciate. Why not? Because, in contrast to a house or a building, an entire parcel of land does not wear out and need to be replaced. Test-Taking Tip: Make sure you remember this rule for your exam: Land does not depreciate.
C is incorrect. Despite there being a lot of land, land is considered scarce as brand-new parcels of land cannot be created through human labor. D is incorrect. Land is not considered moveable. While topsoil or even a building can be moved, an entire parcel of real estate cannot be moved to a new location. Freehold Estates 3. If a person has complete control over their property, and the ownership in the property is not defeasible, what interest does the person have in the property? Defeasible estates estates which can be defeated give a person or entity control over a property only so long as certain conditions are met or avoided. Ulyanna and Daniel own two contiguous properties situated on the shores of a fast-moving river. Ulyanna's parcel is situated upstream from Daniel's parcel. Over time, the action of the river's water has moved some silt and dirt from the shores of Ursula's property and deposited it downstream on the shores of Daniel's property.
Based upon this fact pattern, which of the following lists best describes what has occurred on Daniel's property? Alienation, attachment, alluvium b. Accession, littoral, standing water c. Assemblage, plottage, increased value d. Accession, accretion, alluvium This series of words best describes what has happened on Daniel's property. As it pertains to real estate, "accession" means to acquire more land, even a small amount of land. Here, what happened on Daniel's land is accession by accretion because the natural action of the river's water deposited silt on the shores of Daniel's property. A is incorrect. Alienation can occur either through voluntary means e. Here, Daniel is acquiring property, not losing it. Answer Choice "A" is also incorrect because of the word "attachment. For example, if a tenant had rented Daniel's property, constructed a shed on it, and then left the shed after the lease was over, that would have been an example of accession by attachment.
Here, Daniel is gaining additional property through the natural action of the river's water i. Littoral has to do with rights of owners who live by standing water, like a lake, a pond, or the ocean. There is nothing in the fact pattern to suggest either parcel of property is near a body of standing water. These terms are used by appraisers to describe the increase in value when an owner combines several contiguous or touching parcels into one large parcel.
The act of combining several parcels into one parcel is called "assemblage. Real Estate Ownership 5. Which of the following is the difference between the value of a property and the total amount of liens against the property? Many owners are under the misguided belief that a high down payment will always result in high equity. This is only true if the market value of the property remains the same as it is when the down payment is given; or increases after the down payment is given. If the market value of the property decreases, the equity in the property will decrease also, regardless of the purchase price and down payment amount. A parcel of residential real estate is held in a life estate. The life tenancy is held by a woman, and she is the measuring life. Her nephew is the remainderman. The life tenant wants to take out a loan using the property as collateral. Which of the following statements is correct? No lender will lend money when the collateral is real estate held in a life estate.
The remainderman's signature on the loan documents is irrelevant to the lender's security interest in the realty. Because she is merely a life tenant, the woman holds a nonfreehold estate. Both the life tenant and the remainderman will need to sign the loan documents to protect the lender's security interest in the property. The life tenant i. However, if only the life tenant life signs the loan documents, then the debt will die with her. In order to protect the lender's security interest in the event of the aunt's death, both the life tenant and the remainderman will need to sign the loan documents. The same would be true if the property were being sold: Both the life tenant and the remainderman would need to sign the deed in order to ensure that the buyer's ownership interest in the property would continue after the life tenant dies. Test-Taking Tip: Remember a life estate is an estate of ownership aka a "freehold" estate.
With a life estate, there is a "present interest" and a "future interest. Provided that both the life tenant and the remainderman sign the loan documents, the lender's security interest in the real estate will be protected if the life tenant dies during the term of the loan. If the remainderman does not sign the loan documents, the lender's security interest in the real estate will terminate upon the death of the life tenant.
A nonfreehold estate is a leasehold estate. A life estate, by contrast, is a freehold estate i. There are four separate, recently-sold parcels of real estate on Main Street. Parcel 1 was owned by a Real Estate Investment Trust and was voluntarily conveyed to the City where the property is situated. Parcel 2 was owned by four unmarried brothers and was voluntarily conveyed to their father. Parcel 3 was owned by two corporations, until one corporation recently sold its ownership interest in the property to the other corporation. Parcel 4 was owned by Mr. What do all of these buyers have in common? Concurrent ownership. Fractional, but undivided ownership. Right of survivorship. Ownership in severalty occurs when there is only one owner of a parcel of real estate. The owner can be, for example, an individual, a corporation, a governmental entity, a trust, or a partnership.
As long as it is sole ownership, it is an ownership in severalty aka "an estate in severalty". Test-Taking Tip: This is frequently tested because of the word "several" in "severalty. Concurrent ownership occurs when there are multiple owners of the same parcel of real estate holding title together at the same time. If there are multiple owners e. If two owners hold title with a right of survivorship, and one owner dies, then the survivor acquires the decedent's interest in the property automatically, through operation of law. When properly written, it is acceptable and enforceable in all court jurisdictions, and can be created for any parcel of property.
Oftentimes, a deed will contain two types of land description. Generally, a metes and bounds description is accompanied by a rectangular survey or government survey description or lot, block and tract description. Non-monetary Encumbrances 9. Your neighbors use a portion of your property to reach their guest apartment, which is on their property. As far as you can recall, you never gave them permission to use your property, and you discuss with your attorney the possibility of preventing the neighbors from using your property.
Your attorney explains that the ownership of the neighbors' real estate includes an easement appurtenant giving them the right to use that portion of your property. In this case, your property is servient because it is the one burdened by the easement while your neighbor's is dominant since it is the one that benefits. If you would have given permission to the neighbors to use your driveway, you would have effectively licensed the neighbors, not the property. The word "license" is not typically used as an adjective for the word property.
The course covers basic real property concepts and characteristics, legal considerations associated with defining, using, and transferring real estate, financing real estate, externalities that influence real estate value, classic economic principles, the application of economic principles to real estate, real estate markets and analysis, and ethics as they relate to the appraiser.
This course represents a critical piece of the knowledge foundation that is required for a student to begin their appraisal career. For each chapter in the course there are key vocabulary words, examples, quizzes, and exams that are provided to reinforce important concepts and test the students' knowledge. The final exam must be taken under the supervision of a proctor. The guidelines for identifying and utilizing a qualified proctor are provided under the Testing link above. Additionally, the student must submit an affidavit certifying that the person receiving credit for the course is the same person who took the course. All exams are taken on the Internet, and the exams are instantly graded. Using the Course Materials The course is designed to use the course textbook in close conjunction with the internet material as follows: Read the online learning objectives associated with each chapter Study the corresponding chapter in the textbook Take the online practice quizzes, typically covering two to three pages of textbook material Work the online exercise problems at the completion of each chapter Study the online flashcards, and Complete the online chapter exam All chapter exams must be successfully completed prior to taking the online final exam.
Quizzes, exercises and exams are all graded instantly. Exercises include mathematical calculators, interactive worksheets, keyword concepts and short answers. The instructor's responses to the exercises are provided immediately after the student submits his or her answers. Testing All testing and grading will occur online. Testing includes quizzes, section exams, and a final exam. Quizzes are intended to reinforce important concepts and are distributed throughout the course. There is typically one quiz for each two or three pages of text material and each quiz question references the relevant page in the text. If, after two attempts, there are still incorrect answers to the quiz, the correct answers are provided.
All quizzes within a section must be completed prior to taking the section exam. There are two types of exams: section exams, and a final exam. A passing score of 75 percent is required for each exam, and students must pass all exams to complete the course. Exams are graded immediately and results provided online. If a passing score is not achieved, the student is told which questions were answered incorrectly and given a 'study hint' that points to the material the student should review before attempting the exam again. Final Exam Proctor Step 1: Identify a Proctor Identify a proctor from one of the following two categories: Verified Approval: This can be a librarian, clergy or notary public.
For these proctors ONLY, electronic verification is required. Go directly to Step 2 below. Students should make arrangements with the proctor of your choice prior to showing up to take the exam. Not all entities provide proctoring services, or provide them only by appointment. Be sure to include a copy of the proctor's government issued photo ID with the Proctor Approval Form.
You may NOT access the exam until we approve your proctor. The approval is sent to your email address that we have on file during our normal business hours of 9am to 5pm Mountain time. Please plan accordingly. Step 3: Complete the Online Exam The proctor you are using must be identified prior to starting the exam. For Verified Approval proctors Step 1A , you must enter the proctor name online before the exam will begin.
For Advanced Approval proctors Step 1B , the proctor name that VanEd has pre-approved will be shown to you prior to starting the exam. In either case, the proctor identified prior to the exam must match the affidavits submitted after you pass the exam or completion certificates may be withheld. Calculators ARE allowed. Copying, printing, or otherwise removing material from the exam is prohibited. All proctor information submitted will be verified for both the Verified Approval proctors as well as the Advanced Approval proctors. Submission of incomplete or incorrect proctor information is grounds for certificates of completion to be withheld. Students who take this course are encouraged to provide IDECC with feedback about their learning experience.
The Appraisal Foundation's Appraisal Qualifications Board AQB uses independent appraisal educators who are selected for their knowledge and experience in appraising to review all courses that are approved by the AQB. The AQB chief reviewer also reviews the courses to assure objectivity and quality control.
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