By far, the most substantial chunk of the real estate license exam is the vocabulary. A home that is specially built for a buyer using his/her blueprints is called. Maryland Real Estate Practice Exam When a property is owned by joint tenants, the interest of a deceased owner automatically gets transferred to the remaining surviving owners. A contract may include a clause that limits the amount of money to which the seller is entitled in case the buyer breaches the contract. A Life estate B When real estate agents alert the members of a neighborhood that it is "changing" and that they should sell their property. Your friend Andrew, who is not a real estate licensee, asks if you will pay him $250 for every sales lead he sends you. A licensee represents a buyer to purchase property for $300,000. Sometimes people forget there are hundreds of others in the same boat. Anything else would be deemed unethical and potentially illegal. c. Received cash from fees earned for managing rental property, $7,200. Free Maine Real Estate Practice Exam Questions (July 2023) 40+ Maine Real Estate Nutrition The program was established by the United States Department of Veterans Affairs and has been a strong success ever since. Which action is legal as a real estate agent? Tennessee Real Estate. A licensee is not required to provide a copy of the Real Estate Brokerage Relationship Disclosure form to a prospective buyer or seller in which (if any) of the following circumstances? kimberlyvanaken. Your success is everything to us, which is why we offer a no-questions-asked 30-day money-back guarantee. What is the difference between a lease option contract and lease purchase contract? Match. amybunnell1976. Michigan Real Estate Exam Study Cards. WebStudy with Quizlet and memorize flashcards containing terms like What is a branch office?, How old must you be to apply for a real estate license in Maine?, What is the maximum Farm equipment C. Air rights D. Barns, An owner of a 90 acre parcel of land wishes to split the land without platting. Which of the following best describes the term "emblements? Fixing is the practice of setting the price of a good or service to make a particular price a standard. WebStudy with Quizlet and memorize flashcards containing terms like A broker receives an earnest money deposit from the buyer for an offer on a house. cw1023. A person or company licensed to buy, sell, exchange, or lease real property for others for compensation and who may. The designated broker shall maintain trust accounts and supporting records in a manner prescribed by commission rule. Per Maine Real Estate License Act Chapter 114:13069. 180 days. real estate This free practice exam is here to help you master the national portion of the real estate exam. One of the biggest advantages of a VA loan is in some circumstances people dont even need a down deposit for the property they want. What is a legally enforceable obligation that arises from one or more parties due to the parties actions, conduct, or circumstances? Creates a fiduciary relationship. Richard is renting property from Becky. What form of legal land description uses a plat map? Brokerage Responsibility and Agency Management. An applicant for an associate broker license must have practiced as a real estate sales agent for 2 years within the 5 years immediately preceding the date of application and satisfactorily completed a course of study meeting guidelines established by the commission. Per Maine Real Estate License Act Chapter 114:13199. The Maine Human Rights Act differs from the Federal Fair Housing Act because Maine Fair housing prohibits discrimination due to which of the following? Study with Quizlet and memorize flashcards containing terms like Which would a buyer prefer: Land installment contract or purchase money mortgage?, spot zoning, defeasance clause and more. Commingling is forbidden. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Johnny is purchasing a house and does not want to purchase all of the furniture that is being left behind. In real estate, a deed is best defined as: A deed is a written legal document by which ownership of real estate is conveyed from one party to another. What is this called? In Maine, which of the following is exempt from continuing education? Each was 150 feet deep. Choose the best answer. 9 studiers today. Generally speaking, what happens when the supply of available houses in an area decreases significantly? the purpose of the Tennessee Real Estate Education and Recovery Account is. and more. Utility: The item satisfies a human need or desire; such as shelter, income, or recreation. Real Estate 0.33 or $3.30 per $1,000. The contract must hold mutual consent or be agreed upon by both parties. This type of lease is called a: A percentage lease is a lease in which all or part of the rental is a specified percentage of gross income from the total sales made upon the property. Click on the buttons below for a free state real estate practice exam or pass your exams today by enrolling in one of our comprehensive courses. Timothy owns a real estate investment consulting firm in Bowling Green. Arkansas Real Estate Exam Commercial real estate is d efined as: Other than 1 to 4 family dwelling units. 1 History and Development of Hawaii Real Estate 2. Maine Real Estate Webwhen 2 or more owners of real estate have concurrent unequal interest in the same property, they will hold the property as. What is Fannie Maes primary responsibility? What is the total acreage of the two plots?, A secretary in a real estate office has passed the salesperson's exam but has not yet received a license. Be done by a lawyer b. Subjects. The real estate exam can be scary at first, but you can conquer the real estate exam with the right study materials. She shows rental units, collects security deposit checks made payable to the owner, and $102,500 b.$111,500 c. $112,500 d.$290,000. Maine A listing licensee shall be responsible for obtaining information necessary to make disclosures to buyers and shall make a reasonable effort to assure that the information is conveyed to a selling licensee. Per Section 6 Maine Real Estate License Commission. 100-year-old trees surround her home, and her neighbor Mr. Joe claims the trees are on his property and is planning on cutting them down. WebStudy with Quizlet and memorize flashcards containing terms like Truth in Lending, Freehold estates include:, Constructive Notice and more. If a dispute is pending, the court will likely issue an injunction preventing Mr. Joe from cutting down the trees until they are entirely resolved. The rectangular survey system consists of principal meridian lines that cover most states in the US, running north to south and baselines running east to west. (state exam)Real Estate. Real Estate Exam An implied contract is a legally enforceable obligation that arises from one or more parties due to the parties actions, conduct, or circumstances. The government seizes Mr. Johnsons property and gives him $150,000 for it. Murphy is the hypothetical elderly widow who has converted a portion of her home into a rental apartment to supplement her limited income. Maine Real Estate Which of the following would be considered commingling? WebThe number of questions on the real estate exam depends on which state you are taking the exam in. A type of land ownership in medieval Europe, whereby only the king could hold absolute title to real property. Pedro bought his house for $370,000. Images. The seller sued the broker and obtained a judgment against the broker for the $15,000 in damage plus $10,000 in attorney's fees and court costs. The tests cover such subjects as forms of ownership, physical descriptions, valuation and regulation. WebMaryland Real Estate review Learn with flashcards, games, and more for free. How long must real estate brokers keep records in Maine? Purchased office supplies on account,$1,200. Which of the following best describes the term "encroachment?". Maryland Council on Housing Matters. and more. Amortization is when payments divide into equal amounts for the duration of the loan. 49 terms. How often is continuing education required for Maine real estate salespersons? What is the maximum payment from the Recovery Fund for this claim? johnsoj9 Teacher. WebStudy with Quizlet and memorize flashcards containing terms like An object that has been attached to land so as to become real estate. Any agreement even if it just implied with other brokerages to set a standard commission rate is a violation of the antitrust laws. The state needs the space on either side of the bridge to widen the road. Which of the following acts is an unlicensed real estate assistant in Maine permitted to do? Determine the amount of depletion expense for the current year. 70 terms. The effective date is what? Real property can be converted to personal property by. 195 terms. He is no longer the listing agent, he MUST inform the caller that information. The annual net income for an office building is $20k. If a legal description is too long to include in the body of a sales contract, a real estate professional should do what? Maine Real Estate Law Exam Prep! Commission members terms. The Commission is authorized to pay. Weight is not covered. Kreynolds781. Sign up. 33 terms. The theory of supply and demand supports this. Maine Real Estate Exam. accounting. WebReceiving a lease or lease application for delivery to the principal broker, real estate firm, or owner. Texas Real Estate Exam (State studysmart5634. Preview. The cost of public services is distributed among real estate owners through what? Percolation is the process of a liquid slowly passing through a filter. We also have detailed state-specific practice exams located down below, along with an extensive math practice exam. WebChoose from 5,000 different sets of florida real estate flashcards on Quizlet. Want to practice real estate exam questions every day; this is the perfect playlist for you. Read More Here. Michigan Real Estate Exam Web1. DISCLOSED DUAL AGENT REAL ESTATE BROKERAGE AGENCY REPRESENTING TWO OR MORE CLIENTS WHOSE INTERSTES ARE ADVERSE IN THE SAME TRANSACTION WITH THE KNOWLEDGE Pearson Vue real estate exam Maine Flashcards | Quizlet Again, it varies per state, so check out our state requirements page for more detailed information. Such restrictions are either written in the deeds to the property or into the bylaws for the subdivision, which the deeds will reference. A court ordered injunction can be used to prevent a harmful action, stop ongoing or repeated conduct, or force a defendant to take action to prevent harm. 7 studiers in 3 days. In Maine, the designated broker must do which of the following? Rescission or rescinding a contract is when a contract is rendered null and void and is no longer recognized as legally binding. Aaron can't get to his property from a public road without crossing over his neighbor Ron's property. Maine Real Estate Exam Study Guide. The owner would be unsuccessful because the owner's property extends only to the high-water mark. The property owner is typically the beneficiary and directs the trustee in all matters relating to the management of the property, as outlined in the trust agreement or deed. The results of a percolation test are required to properly design a septic system. Unlock with Premium. Interestingly an owner may transfer rights without transferring the subsurface rights. He has planted a tree surrounded by some flowering shrubs. We and our partners use cookies to Store and/or access information on a device. WebStart studying Real Estate Learning Course Practice Exam. 350 terms. Created by. victor_lausell. 59 terms. During your time as agent you will run into many different types of people from areas across the world. Maine Real Estate Exam Flashcards | Quizlet Learn. The alienation clause is a contract provision that comes into effect when ownership of a specified asset is transferred or sold. Receive compensation for finding a buyer for a piece of property. msbrown_27. The most common example of real estate police power is zoning. The consent submitted will only be used for data processing originating from this website. Who must comply with Maine Fair Housing law? Real Estate Exam Prior to OR during the preparation of an offer.Such information and any other information pertinent to the heating system(s) and/or source(s) shall be conveyed, in writing, to a buyer prior to or during the preparation of an offer. Per Maine Real Estate Law 02-039 Chapter 410. Fannie Mae, is a private corporation that buys loans from private lenders, assembles them into mortgage-backed securities to maintain an active secondary market. Kentucky real estate license exam Its market value is $250,000. WebHer license is valid for ______. Maine Real Estate Practice Exam #1 Flashcards | Quizlet He owns property in cities like Pittsburgh, Philadelphia, and D.C. is four years, staggered, and all terms begin on June 1. That said, there are three basic steps that most states follow. Read More Here. which statement is ture. WebStudy with Quizlet and memorize flashcards containing terms like Homeowner Dean owns the Northwestern 1/2 of the Northwestern 1/2 of the Northeastern 1/4 of the southwestern 1/4 of the south western 1/4 of section 31. how many acres is that property? Here are the general real estate license requirements that apply to all: For specifics look at our full guide on Real Estate License Requirements by State. Puffing is usually common for a lot of sales people. Choose the best answer. Estimated cost of total fees and license: $206, Duties and Powers of Maine Real Estate Commission, Maine License Law and Rules of Commission. 1 / 10. sdebuf. Think of supply and demand like a scale usually if one side raises, the other will lower or vice versa. Guadalupe_Tijerina5 Teacher. Real Estate Exam They are designed to protect professionals from the risk of not being paid for services. When the deal satisfies both aspects of due diligence, the two parties can finalize and correctly price the transaction. Real Estate Exam WebA professional member of the commission must have been. 2. submit an application with or without a sponsoring broker. 0.23 or $2.30 per thousand. A mother wants to know how much money her son owes on his mortgage loan. An offer from a third party does not affect someone else's offer. Real Estate Exam 2018 Michigan If the system is used correctly and with proper ventilation, gas is controlled. A real estate contract can be rescinded because of what? However, if not there can be immediate and serious health risks. Can the broker accept the certificate?, A With a lease option the buyer is not forced to buy the property, if they change their mind or cannot obtain financing. An insurance contract or a reward contract are both examples of unilateral contracts. In real estate transactions, restrictive covenants are binding legal obligations written into the deed of a property by the seller. WebTexas Real Estate Exam. In many instances, the execution and effective dates are the same; however, that is not the case in some circumstances. Active associate brokers, brokers, and designated brokers are required to complete 21 clock hours of approved continuing education, which includes the 3 clock hour core course that is mandatory at the time of renewal, as a prerequisite to the renewal of a license. Per Maine Real Estate Commission. According to the Do Not Call list and Established Business Relationship (EBR) Rules, how many months does a real estate professional have to call an expired listing client to solicit new business (referral)? Minnesota Real Estate Test. Acct 210 Test 2. Maine specific- Real Estate Exam prep Flashcards | Quizlet Click the link here or head to Reddit and search for the real estate exam to find the forum. Keep scrolling for more! Other Quizlet sets. VA loans are only for active military service members, veterans, and certain military spouses. The Mrs. Other Quizlet sets. As long as the seller and broker agree compensation no matter how much, when, or in any avenue is legal. Remember DUST and your essential elements of value. A. to protect the health, safety, and welfare of the community B. to prevent people from A balloon loan is different as not all payments are the equally divided and the most substantial payments are called Balloon payments. Texas Real Estate Exam How many members of the Maine Real Estate Commission are there in total? It's how coffee is usually made. Valid for 2 years. $2,997,340. Neither he nor any of his staff is licensed. Small particles inhaled into lungs can cause cancer. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Rate of return on sales b. 95 WebStudy with Quizlet and memorize flashcards containing terms like If a loan goes to _______________, the lender must mail and record certain documents in case they have to foreclose on the property., What does the Real Estate Settlements Procedures Act cover?, If land is acquired by accretion, who is the beneficiary of such acquisition? a. the broker only b. no one c. the salesperson only d. the broker and the salesperson according to prior agreement, If a salesperson license is issued on According to 10 M.R.S. Novation is the procedure in which an original contract is terminated and replaced with a new one. Real Estate Exam Flashcards. What is the difference between void and voidable contracts? Real Estate Brokers. WebStart studying Maine Real Estate Exam. WebCA Real Estate Exam 2023. real estate exam WebNJ Real Estate License Exam. The Maine Real Estate Salesperson Exam is administered to individuals looking to obtain their sales agent license in ME. They often come with better terms than a traditional mortgage which is why they are commonly sought. Transactions involving two agents in the same brokerage: Designated Agency. WebStart studying Maine Law Real Estate TRELG. If a court decides a remedy for a seller compelling them to sell the property, it is known as what? 4.8 (8 reviews) Get a hint. Flashcards. Florida Real Estate Exam Prep WebStudy with Quizlet and memorize flashcards containing terms like Chp. and more. A man named Troy lives in California, but owns property across the U.S. The listing contract states that Josh will receive a fee of $15,000 from Susan at closing, regardless of the sales price. Religion is protected under Federal Fair Housing Law. A net listing shall be prohibited. real estate The act specifically requires reasonable accommodations must be provided to people with disabilities. Obedience. Per Maine Chapter 114: Real Estate Brokerage License Act. Below we put together a complete list of extra free study resources in hopes that you can pass your real estate exam the first time. All of the following actions are prohibited aside from having keys made for agency listings, order surveys, home inspections, wastewater disposal system inspections, or other such similar tasks. 65 Marsha and Paula both work for Undertow Realty in Castine. Verified answer. Which of the following real estate contract clauses is typically seen in blanket mortgages and allows for the freeing of all or part of a property from a claim through a proportional or full amount of the mortgage being paid off? bharm24. NJ Real Estate License Exam Join over 10,000 subscribers and pass your exam today! Closing is called many names depending on which region of the U.S you are from. Scheduled maintenance: July 23, an appraiser must properly identify the problem to be addressed and have the knowledge and experience in the property type and location to complete the assignment competently. Aside from that, most VA loans require moderate credit. These principal meridian lines are named or numbered to identify their location. Dont forget to read the explanations so you fully understand the question. In this example the answer is 18 months. An implied contract is presumed to exist but does not require written or verbal confirmation. The appeal for a hearing before the Commission shall be in writing within thirty (30) days following the receipt of the decision of the Director. Per Maine Real Estate License Act Chapter 114:13195. The owner learned that the local citizens had been walking along this beach for half a century. A Dominant Estate is a parcel of real property that has an easement over another piece of property. Other Types of Real Estate Licensees. Real Estate Exam Vocabulary

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