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COMPLETE REAL ESTATE PREP QUESTIONS AND ANSWERS (100% PASS) Section 1.1: The Nature of Real Property - Answer️️ -1. What is the nature of real property? 2. What are the physical and economic characteristics of land? 3. What is the nature of personal property? 4. What are the basic elements and principles that govern the real estate market? 5. What are the main types of real estate in the marketplace? 6. What methods are used to describe land? Leasing - Answer️️ -An agreement whe...

National Real Estate Exam Prep Questions and Answers (100% Pass) Unilateral Contract - Answer️️ -Contract containing ONE promise given in exchange for completing an act. NO obligation to act. Bilateral Contract - Answer️️ -Contract containing TWO promises. Example: A listing agreement is a bilateral contract Client/Principal - Answer️️ -A person who has entered into an agency relationship w/ a licensee & with whom there is a written contract Customer - Answer️️ -Any 3rd p...

Real Estate Review Points Practice Questions and Answers (100% Pass) What does PETE stand for? - Answer️️ -Police Power, Eminent Domain, Taxation, Escheat What is Escheat? - Answer️️ -Abandonment (dying with no will and no heirs with the property being taken by the state government) How is LTV calculated? - Answer️️ -Loan amount divided by sale price or appraised value (whichever is lower) = LTV What is Eminent domain? - Answer️️ -It is the government taking private prop...

Real Estate Exam: Gen Principles of Real Estate 1 Practice Questions and Answers (100% Pass) The purpose of the TRELA is to... - Answer️️ -protect the public against unscrupulous brokers and salespersons. What is required to obtain a license in Texas? - Answer️️ -be a resident of Texas at least 18 yrs of age at the time of application, be of good moral character, must show competency by passing the exam If the licensee pays a commission to any unlicensed person, places a sign offe...

Real Estate Finance: Basics of Real Estate Finance Study Guide 2024/2025 In order for a lender to actually make a real estate loan, the following steps will need to be completed: - Answer️️ -Application; Underwriting; Pre-disclosures; Verification, title work and appraisal; Final underwriting; Processing loan documents; Signing of loan documents, final disclosures and waiting periods (if any); Funding and closing. The parties with whom the real estate licensees and buyer may work ...

Modern Real Estate Practice Chapter 9 Real Estate Brokerage Quiz with 100% Correct Answers The client must make an express or implied agreement to pay a commission to the broker. - Answer️️ -Explain this sentence. "To recover a commission for brokerage services, a broker must be employed as the agent of the client." Independent Contractors - Answer️️ -Sales associates who are paid in a lump sum and who are personally responsible for paying their own taxes are probably treated fo...

CA Real Estate Principles - Addt'l Review Study Guide with Complete Solutions Acre - Answer️️ -4840 square yards; 43560 square feet Test for fixtures - Answer️️ -1. Relationship to parties 2. Method of attachment 3. Intent of the parties Bill of sale - Answer️️ -Transfers title to personal property US Government Survey uses - Answer️️ -Sections and Townships Ranges - Answer️️ -6 mile increments running north and south An estate for years is for - Answer️️ -a fix...

PSI REAL ESTATE PRACTICE QUESTIONS AND ANSWERS (100% PASS) The ability of the government to acquire real property against the owner for the benefit of the public. - Answer️️ -Eminent Domain When real property is conveyed to a party through a will. the real property is referred by what term? - Answer️️ -Devise What is the most complete estate in real property? - Answer️️ -Fee Simple What is an exaggerated term from a real estate agent,that would be considered not true? - Answe...

PSI Real Estate Exam Practice Questions and Answers (100% Pass) Bilateral - Answer️️ -What is a type of contract in which two parties are legally bound to act? Functional Obsolence - Answer️️ -What is one kind of real property depreciation caused by poor design? Grantee - Answer️️ -What is the name of the party who aquires the title to real property in a deed? Biennial - Answer️️ -What is one word that indicates how often a PA salesperson's license is required to be rene...

PSI questions with 100% correct answers (updated 2024) Answer : Mortgage lien - Answer️️ -When a land owner uses his land as security for a loan, the encumbrances created is called ? Answer : Question the seller to any known defects - Answer️️ -If an owner wants to list a property for sale "as is" the listing agent should Answer : Licensee must hold a timeshare license - Answer️️ -According to the New Jersey real estate timeshare act, if a licensee is selling a timeshare loca...