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Learn All The Topics On The National Real Estate Exam

Property Ownership
Land Use Controls And Regulations
Valuation And Market Analysis
Financing
General Principles Of Agency
Property Disclosures
Contracts
Leasing And Property Management
Transfer Of Title
Practice Of Real Estate
Real Estate Calculations

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The Key To Passing The National Exam Is Understanding The Topic Areas


National Exam Topics Pie Chart


Friday's Free Key Points
Key Point's are important bullet points that relate to National exam topic areas.

Property Ownership

Government Survey / Rectangular Survey System is a method of specifying the location of parcel of land using prime meridians, base lines, standard parallels, guide meridians, townships and sections.

Land Use Controls And Regulations

Federal Emergency Management Agency created a flood zone map that designates areas at different levels of flood risk.

Valuation And Market Analysis

Principle of Substitution is the basis for the comparison market data.

Financing

The Equal Credit Opportunity Act (ECOA) is a federal law that prohibits discrimination in the granting of credit based on certain personal characteristics, such as race, color, religion, national origin, sex, marital status, age, or receipt of public assistance.

General Principles Of Agency

A real estate brokerage is a company that employs real estate agents and brokers and is responsible for overseeing the transactions and ensuring that all agents and brokers comply with state and federal regulations.

Property Disclosures

If the property was built before the 1980s, the seller must disclose any knowledge of asbestos on the property.

Contracts

Once an option is executed, the contract only binds one party to performance, the seller.

Leasing And Property Management

Failure to comply with ADA and FHA regulations can result in legal action and fines.

Transfer Of Title

A history of conveyances and encumbrances affecting title to real property is known as a Chain of Title.

Practice Of Real Estate

Customers may be contacted up to 3 months after the last contact. If the customer or client asks the agent to not call them, they must stop, even if there was an established business relationship.

Real Estate Calculations

The gross rent multiplier is used to estimate the value of income-producing properties.

Friday's Free Practice Questions

What is the process of going from personal to real property called


A.) Annexation
B.) Severance
C.) Trade Fixture
D.) Emblements


A
B
C
D

This Is A Property Ownership Question



You Answered:


What is the process of going from personal to real property called


Correct Answer:
Annexation

Annexation is the process of going from personal property to real property.



Next Question →

What type of lease doesn't spell out a specific ending date but does specify periods of tenancy and rent payment


A.) Estate from period to period
B.) Estate for years
C.) Estate at will
D.) Estate at sufferance


A
B
C
D

This Is A Leasing And Property Management Question


You Answered:

What type of lease doesn't spell out a specific ending date but does specify periods of tenancy and rent payment


Correct Answer:
Estate from period to period

Also known as a Periodic Tenancy, an estate from period to period lease doesn't spell out a specific ending date but does specify periods of tenancy and rent payment, such as month-to-month. Both the tenant and landlord must give notice to vacate, as there is no defined termination date for this type of lease.



Next Question →

Unknown to the seller, the offeror died four hours prior to the seller's acceptance of the offer to purchase. Concerning the preceding, which of the following is most correct


A.) A contract exists, but either party may rescind within a reasonable length of time
B.) A contract exists and it may not be rescinded by the executor of the offeror's estate
C.) The offer was revoked by operation of law upon the offeror's death
D.) A contract exists, but it may be rescinded by the executor of the offeror's estate.


A
B
C
D

This Is A Contracts Question


You Answered:

Unknown to the seller, the offeror died four hours prior to the seller's acceptance of the offer to purchase. Concerning the preceding, which of the following is most correct


Correct Answer:
The offer was revoked by operation of law upon the offeror's death

A binding contract does not exist until an offer has been accepted and the acceptance of the offer communicated back to the offeror. Prior to the acceptance being communicated to the offeror they could withdraw for any reason whatsoever. In the situation presented, the offeror's death automatically terminates the offer.



Next Question →

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