Tip: Click the ("plain-text" link in this section to view all text in this description) ---- An appraiser has selected a comparable sale that recently sold for $86,000 for inclusion in an appraisal. The comparable has 3 bedrooms, 1 bath, and a fireplace. The subject property has 3 bedrooms, 2 baths, and no fireplace. Analysis by the appraiser indicates a bathroom is worth $2,500 and a fireplace is worth $1,200. What is the adjusted sales price of the comparable property? Which type of obsolescence, in the cost approach to appraisal, is almost always incurable? When estimating depreciation of an improvement, which age will the appraiser use? Which act requires lenders to judge loan applicants on the basis of credit rating, income, expenses, and assets without regard to their age, race, religion, sex, marital status, or nationality? What problem does a property that is overimproved, poorly designed, or has outmoded fixtures suffer from? Which statement best describes a void contract? What should a broker's initial action be when entertaining doubt as to which person is entitled to the delivery of escrowed property? What is a transaction broker? Which type of deed would be the best to convey property from the standpoint of the grantor? Which statute stipulates the time periods during which a party may sue for the enforcement of a contract? Which document is filed by the mortgagee in a lien theory state to document that the mortgage debt has been paid in full? What is the IRS-established depreciation schedule for a single-family home? All of the following statements are true regarding a broker's office, EXCEPT: On a closing statement, each of the following items are typically prorated, EXCEPT: Better Brokerage Inc. runs the following ad: "Large 3-bedroom, pool home located on the golf course. New baths and kitchen. Call Harry at 954-424-6565". Which statement correctly applies to this ad? Which statement about the real estate brokerage office is true? What will a private lender require the mortgagor to pay on a conventional loan, if the loan-to-value ratio is greater than 80%? All of the following would be considered an operating expense on an income producing property, EXCEPT: A city is in need of additional land for a new school. What right would the city have to acquire the land, even over the objections of the property owner? Which clause is required in all deeds? These are all remedies for breach of a real estate contract between a buyer and seller, EXCEPT: A seller and broker enter into a six-month agreement where the seller agrees to pay a commission to the broker, regardless of who actually sells the property. What type of contract is this? To qualify for an FHA loan, the housing expense ratio and total obligations ratio, correspondingly, cannot exceed which of the following limits? In a township, which section is two sections west of Section 10? Which concept of value pertains to appraisals of profitable business enterprises or opportunities? These are all ways to terminate an offer, EXCEPT: What is required in order to create a valid real estate sales contract? Which approach to value would most likely be selected to determine the value of the county court house? Which of the following may be used to cure a defect in title to real property? When a sales contract for residential real property includes the "as is" provision, which statement correctly applies? A person has had his application for licensure denied because he has been found guilty of crimes of moral turpitude. Which of the following groups is responsible for denying his application? A buyer who is assuming a mortgage would normally pay which of the following taxes? Bill's home is assessed for $185,000. The tax rate is 22.5 mills including a city millage of 6 mills, county millage of 7.5 mills, and school millage of 9 mills. Bill is eligible for the standard homestead tax exemption. What is the amount of Bill's property taxes? Sally received her initial sales associate's license on July 19, 2024 with an expiration date of March 31, 2026. What is the status of her license if she does not complete a 45-hour post-license course prior to expiration? Which right would an owner have whose property borders a river? Ted, a Michigan real estate broker, referred a customer to broker Wendy in Tampa with the understanding that Ted would receive a portion of any commission earned. The customer purchased a home with Wendy's assistance. If Ted did not participate in the transaction and Wendy mailed Ted a portion of the commission, which of the following statements applies? Which statement correctly applies to a real estate broker who represents both parties as a single agent in a transaction? The Federal Government provides income tax benefits for private home ownership. These tax benefits include homeowner deductions for all of the following, EXCEPT: In a lien theory state, who holds title to mortgaged real property? What legal tests may be used by a court to determine if an item is a fixture or not? What is the opposite of erosion? A homeowner defaults on the mortgage. The homeowner owes the lender $200,000. The home is sold at public auction and the sale produces $240,000. Where does the surplus amount of the balance due on the promissory note go? Which statement is correct concerning a property held in an estate by the entireties? The concept that states that an informed buyer will pay no more for a property than the cost of acquiring another equally desirable property with the same or equal utility is based upon which of the following? A broker gave permission for a real estate sales associate to deal directly with the broker's principal. Which statement correctly applies? The interest rate on a loan is 5.75%. The lender is charging four points. What is the lender's approximate effective yield? Which survey system is normally used today to describe property located in residential subdivisions? A real estate licensee working with a seller in limited representation receives a telephone call from another real estate agent working with the buyer. The agent's opening comments state the following. "Hi, this is Robert Dawson, with East Side Realty. I am standing in front of a house that has your name on the listing sign and I am with my principal. I have a few questions to ask you about the property." Based on the buyer's agent's comments, what should the licensee working with the seller conclude? The seller wishes to convey the property to a new owner. The seller arrives at the title company office prepared to sign the papers, and he dies at the table before anything can be signed. Can the property legally be transferred at this time? Which right would an owner have whose property borders a river? 1month Real Estate Pre-License Exam Prep/Guide-$19 Tip: Click the ("plain-text" link in this section to view all text in this description) ---- CHECK OUT www.PassRealtyU.com for better prices. After payment , YOU MUST EMAIL US AT PassRealtyU@yahoo.com TO GAIN ACCESS TO www.PassRealtyU.com CONTENT OF YOUR SUBSCRIPTION. so we can make an account for you on our website.. Or just get it from our website for faster service. CHECK OUT www.PassRealtyU.com for better prices. please include.. 1) your email 2) any Username you would like for our site 3) any Password you would like for our site 4) optional - receipt of payment made for the subscription accounts usually are created in minutes but please allow up to 24hours for your account to be created. we prefer email thank you!