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1. 1. Which of the following is a private land use control rather than a government power?

   • A. A city zoning ordinance
   • B. A recorded deed restriction in a subdivision
   • C. The power of eminent domain
   • D. The annual real property tax
   Mostra risposta e spiegazione

   Risposta: B. A recorded deed restriction in a subdivision

   Deed restrictions, sometimes called covenants, are created by a private owner or developer and recorded against the land, and neighbors or an owners association enforce them in court. Government controls come from the four public powers, usually remembered as police power, eminent domain, taxation and escheat. Zoning is an exercise of police power, and it is set locally, so what is allowed on a lot varies from town to town. When a private restriction and a zoning rule disagree, the stricter of the two controls what the owner may actually do.

2. 2. Which method of legal description identifies a parcel by referring to a map recorded in the public records?

   • A. Metes and bounds
   • B. The rectangular government survey
   • C. Lot, block and subdivision
   • D. The property's street address
   Mostra risposta e spiegazione

   Risposta: C. Lot, block and subdivision

   The lot and block method, also called the recorded plat method, points to a subdivision map on file with the county and names the lot and block on it. Metes and bounds walks the boundary from a point of beginning using distances and directions, and it must close back where it started. The rectangular government survey divides land into townships and sections, where one section is one square mile and contains 640 acres. A street address is never a legal description, because addresses get reassigned and do not fix a boundary.

3. 3. A homeowner holds a recorded right to cross her neighbor's land to reach her garage. The parcel that benefits from that right is called:

   • A. The dominant tenement
   • B. The servient tenement
   • C. An easement in gross
   • D. A license
   Mostra risposta e spiegazione

   Risposta: A. The dominant tenement

   In an easement appurtenant there are two parcels: the dominant tenement gets the benefit and the servient tenement carries the burden. Because the easement attaches to the land rather than to the person, it normally passes to the next owner of each parcel automatically. An easement in gross benefits a person or a company instead of a parcel, which is how utility lines are usually held. A license is only permission, it is personal and it can be revoked, so it is much weaker than an easement.

4. 4. Several claims are recorded against the same property. Which one generally takes priority over the others regardless of when it was recorded?

   • A. A recorded first mortgage
   • B. A mechanic's lien filed last year
   • C. An unpaid general real property tax lien
   • D. A judgment lien from a lawsuit
   Mostra risposta e spiegazione

   Risposta: C. An unpaid general real property tax lien

   Most liens rank by the date they were recorded, first in time being first in right. Real property tax and special assessment liens are the standard exception, because they are given priority by statute and jump ahead of earlier recorded claims. Tax liens are also specific liens, meaning they attach to one identified parcel, while a judgment lien is general and attaches to everything the debtor owns in that jurisdiction. The exact ranking below taxes is set by state law, so check your own statute for where mechanics liens fall.

5. 5. An owner hires a property manager under a written management agreement to run an apartment building. What is the manager's relationship to the owner?

   • A. An independent vendor who owes the owner no fiduciary duties
   • B. A general agent, authorized to handle a continuing series of transactions
   • C. A special agent, authorized for one transaction only
   • D. A trustee who holds legal title to the building
   Mostra risposta e spiegazione

   Risposta: B. A general agent, authorized to handle a continuing series of transactions

   A property manager acts for the owner over and over, signing leases, collecting rent, hiring repairs and paying bills, so the agreement creates a general agency with full fiduciary duties. A listing broker is the classic special agent, hired for one transaction with narrow authority. The manager's job is to produce the best net operating income the property can sustain while keeping it in good physical condition, and both halves of that matter. Tenant screening, advertising and rules must follow the federal Fair Housing Act exactly the way a sale must.

6. 6. What does the statute of frauds require before a contract for the sale of real property can be enforced in court?

   • A. It must be notarized
   • B. It must be recorded before closing
   • C. It must be in writing and signed by the party being held to it
   • D. It must be signed in front of two witnesses
   Mostra risposta e spiegazione

   Risposta: C. It must be in writing and signed by the party being held to it

   Every state has a statute of frauds, and real estate sale contracts are on the list of agreements it requires to be written and signed. Writing is on top of the ordinary elements of a valid contract: mutual assent through offer and acceptance, consideration, legally competent parties and a lawful object. Notarizing and recording serve other purposes, mainly proving a signature and giving public notice, and neither is what makes the promise enforceable. Some states add their own formalities for particular documents, so follow the forms your prelicense course gives you.

7. 7. A buyer submits a written offer. The seller changes the closing date, signs the changed document and returns it. What is the legal effect?

   • A. The seller has made a counteroffer, and the buyer's original offer is no longer open
   • B. The seller has accepted, and a binding contract now exists on the buyer's terms
   • C. The original offer stays open, and the buyer must go through with the purchase
   • D. Nothing happens, because only the buyer may propose terms
   Mostra risposta e spiegazione

   Risposta: A. The seller has made a counteroffer, and the buyer's original offer is no longer open

   Acceptance has to mirror the offer exactly. Any change in terms is a counteroffer, which rejects the original offer and puts the seller in the offering position, so the buyer is now free to accept, counter again or walk away. That is why sellers who counter can lose a buyer who has since found another house. Contingencies work differently: a financing or inspection contingency written into an accepted contract keeps the contract alive but lets the named party exit or renegotiate if the stated condition is not met by the deadline.

8. 8. Which statement describes a deed of trust?

   • A. It transfers ownership of the property to the lender at closing
   • B. It is a lease that gives the tenant an option to buy
   • C. It is a two party instrument in which the lender takes possession of the property
   • D. It is a three party instrument in which a neutral trustee holds title or the power of sale until the debt is paid
   Mostra risposta e spiegazione

   Risposta: D. It is a three party instrument in which a neutral trustee holds title or the power of sale until the debt is paid

   A mortgage names two parties, the borrower as mortgagor and the lender as mortgagee. A deed of trust names three: the borrower as trustor, the lender as beneficiary and a neutral trustee who holds bare legal title or the power of sale and reconveys it when the loan is paid. Which instrument is used, and whether the state follows title theory or lien theory, is decided by state law, and it drives how foreclosure works there. In either arrangement the borrower keeps possession and the right to use the property while paying.

9. 9. A title company offers a brokerage a fee for every buyer the brokerage sends its way. Which federal law does that arrangement run into?

   • A. The Truth in Lending Act
   • B. The Americans with Disabilities Act
   • C. The Fair Housing Act
   • D. The Real Estate Settlement Procedures Act
   Mostra risposta e spiegazione

   Risposta: D. The Real Estate Settlement Procedures Act

   RESPA governs settlement services on most residential mortgage loans, and it prohibits giving or accepting anything of value for referring settlement service business, including title work, appraisals and insurance. It also drives the Loan Estimate and Closing Disclosure timing that borrowers see. The Truth in Lending Act is about disclosing the cost of credit, mainly the annual percentage rate and the finance charge, and about advertising rules. Nothing here is legal advice, and RESPA enforcement questions belong with a lawyer or your state commission.

10. 10. Which of the following are duties a listing agent owes to the seller who is the agent's client?

    Seleziona tutte le risposte corrette.

    • A. Obeying the client's lawful instructions
    • B. Keeping the client's finances and motivation to sell confidential
    • C. Guaranteeing the property will sell for the asking price
    • D. Accounting for every dollar of the client's money handled by the brokerage
    • E. Concealing a known material defect from the buyer if the seller asks
    • F. Deciding which offer to take without telling the seller the others exist
    Mostra risposta e spiegazione

    Risposta: A. Obeying the client's lawful instructions, B. Keeping the client's finances and motivation to sell confidential, D. Accounting for every dollar of the client's money handled by the brokerage

    The classic fiduciary duties are obedience, loyalty, disclosure to the client, confidentiality, accounting and reasonable care. Obedience stops at the law: an instruction to hide a known material defect or to discriminate is one the agent must refuse, and in most states known material defects about the property have to be disclosed to the buyer as well. No agent can promise a sale price, because the market sets it. Presenting every offer is a core duty, since only the seller decides which one to take.

11. 11. Which of the following are protected classes under the federal Fair Housing Act?

    Seleziona tutte le risposte corrette.

    • A. Occupation
    • B. Familial status, meaning households with children under 18
    • C. Source of income
    • D. National origin
    • E. Disability
    • F. Level of education
    Mostra risposta e spiegazione

    Risposta: B. Familial status, meaning households with children under 18, D. National origin, E. Disability

    The federal list is race, color, religion, sex, national origin, familial status and disability, and HUD applies sex to include sexual orientation and gender identity. Occupation, source of income, marital status and age are not on the federal list, but many states, counties and cities add them, so your state portion may treat them as protected where you practice. Disability also brings affirmative obligations, including allowing reasonable modifications and making reasonable accommodations in rules. Always answer national portion questions from the federal list and check your own state's additions separately.

12. 12. Which statements about the three appraisal approaches to value are correct?

    Seleziona tutte le risposte corrette.

    • A. The income approach is the usual choice for an owner occupied single family home
    • B. The cost approach adds land value to what it would cost to rebuild the improvements, minus depreciation
    • C. The sales comparison approach adjusts the prices of similar properties that recently sold
    • D. The income approach divides net operating income by a capitalization rate
    • E. An appraisal and an agent's comparative market analysis are the same thing
    Mostra risposta e spiegazione

    Risposta: B. The cost approach adds land value to what it would cost to rebuild the improvements, minus depreciation, C. The sales comparison approach adjusts the prices of similar properties that recently sold, D. The income approach divides net operating income by a capitalization rate

    Sales comparison leads for houses, because there are plenty of recent sales to adjust against. The cost approach carries the most weight for new construction and for special purpose buildings such as a school or a church, where comparable sales barely exist. The income approach fits property bought for the income it throws off, and the basic relationship is value equals net operating income divided by the capitalization rate. An appraisal is an independent opinion of value by a licensed appraiser, while a comparative market analysis is a pricing tool an agent prepares, and confusing the two is a common exam trap.

13. 13. Complete the sentence.

    A home sells for $320,000. The seller agreed to a 6 percent commission, and the listing and selling brokerages split it evenly. Each brokerage receives _____.

    Opzioni per lo spazio 1: $4,800, $9,600, $16,000, $19,200

    Mostra risposta e spiegazione

    Risposta: $9,600

    Six percent of $320,000 is $19,200, and half of that is $9,600 per brokerage. Read these questions carefully, because they often ask for one agent's share rather than the whole fee, which means a second split between the brokerage and its agent. Commission rates and splits are always negotiable between the parties, and no law, board or association may set them.

14. 14. Complete the sentence.

    The annual property tax on a home is $3,600 and it is paid in arrears. The sale closes on June 1, and the closing agent prorates using twelve equal months, charging the seller through May 31. The seller's share of the tax is _____.

    Opzioni per lo spazio 1: $1,200, $1,500, $1,800, $2,100

    Mostra risposta e spiegazione

    Risposta: $1,500

    Divide $3,600 by 12 to get $300 a month, then count the months the seller owned the home, January through May, which is five months, for $1,500. Because the tax is paid in arrears, that amount is a credit to the buyer and a debit to the seller at settlement. Proration conventions differ: some closings use a 360 day year with 30 day months, others use the actual 365 days, and whether the day of closing belongs to the seller or the buyer is set by the contract or by local custom.

15. 15. Complete the sentence.

    A buyer purchases a home for $300,000 and puts $60,000 down, leaving a $240,000 loan. The loan to value ratio is _____. The lender charges two discount points on that loan, which costs the buyer _____ at closing.

    Opzioni per lo spazio 1: 70 percent, 75 percent, 80 percent, 90 percent

    Opzioni per lo spazio 2: $2,400, $4,800, $6,000, $9,600

    Mostra risposta e spiegazione

    Risposta: 80 percent, $4,800

    Loan to value is the loan divided by value, so $240,000 divided by $300,000 is 80 percent. When the sale price and the appraised value differ, lenders base the ratio on the lower of the two. One discount point is 1 percent of the loan amount, never of the sale price, so two points on $240,000 is $4,800, and points are paid up front to buy the interest rate down. On a conventional loan an LTV above 80 percent normally triggers private mortgage insurance, which is one reason 20 percent down is such a common target.

Cosa chiede davvero l'esame di abilitazione immobiliare

L'abilitazione immobiliare negli Stati Uniti è materia dei singoli stati, non federale. La real estate commission del tuo stato decide chi può sostenere l'esame, quante ore di formazione prelicense servono prima, quale fornitore eroga il test, quante domande ha, quanto tempo hai e quale punteggio lo supera. Due stati confinanti possono differire su ognuno di questi punti, quindi gli unici numeri di cui fidarti sono quelli del candidate handbook del tuo stato. Quel manuale è gratuito, lo pubblica il fornitore con cui il tuo stato ha un contratto, ed è la prima cosa da scaricare.

Quello che quasi tutti gli stati hanno in comune è la struttura in due parti. C'è una parte nazionale che copre i principi e le prassi sostanzialmente uguali ovunque, e una parte statale che copre la license law del tuo stato, le regole sull'agency, i moduli di informativa e i regolamenti della commissione. Molti stati valutano le due parti separatamente, il che significa che puoi superarne una e non superare l'altra e dover tornare per la metà che ti è mancata.

Questo assaggio copre solo la parte nazionale. Quella parte chiede di solito di proprietà immobiliare e vincoli d'uso del suolo, descrizioni legali, gravami, rapporti di agency e obblighi di informativa, contratti, finanziamenti, valutazione, gestione immobiliare, la normativa federale fair housing e i calcoli di chiusura. Niente in questa pagina è consulenza legale, e niente sostituisce le regole del tuo stato.

Come usare questo assaggio e come studiare la materia

Fai tutte e 15 le domande d'un fiato senza appunti, poi leggi la spiegazione di ogni domanda, comprese quelle che hai azzeccato. Indovinare e sapere perché sono due cose diverse, e solo una delle due arriva viva al giorno dell'esame. Tratta ogni risposta sbagliata come un argomento e non come un dato isolato. Se hai sbagliato la domanda sulla servitù e quella sulla priorità dei gravami, ripassa i gravami nel loro insieme, perché sono la stessa idea vista da due angolazioni.

La parte nazionale premia il lessico più di quanto la gente si aspetti. Espressioni come dominant tenement, servient tenement, general agent, special agent, appurtenant e consideration hanno significati giuridici stretti, e l'esame costruisce i distrattori proprio con i termini che suonano vicini. Tieni una lista aggiornata dei termini che continui a confondere e allenati su quelle coppie contrapposte invece di rileggere il capitolo.

Fai i calcoli con la matita, non riconoscendo la risposta. Divisione delle commissioni, ripartizioni pro rata, punti, loan to value e imposta di trasferimento seguono tutti lo stesso schema: individua la base, applica l'aliquota, poi controlla se la domanda vuole la cifra intera o la quota di una sola parte. È per questo che qui le tre domande a completamento di frase sono tutte di calcolo. Poi siediti a parte con la tua parte statale, visto che in questa pagina non è coperta.

Come StudyPDF crea test completi dal tuo libro di preparazione

Quindici domande ti mostrano dove traballi. Da sole non bastano per arrivare pronto, e una banca dati nazionale generica non dice niente sulla metà del tuo esame fatta di legge statale.

StudyPDF prende un'altra strada e parte dal tuo materiale. Carichi il libro di preparazione che hai comprato, le dispense del corso prelicense approvato dal tuo stato, le slide del docente o il manuale di agenzia che ti hanno dato, e Bo, l'agente di studio, crea test completi da quelle pagine esatte. È l'unico modo pratico per allenare la parte statale, perché la license law del tuo stato vive nei tuoi materiali del corso e non in una banca dati nazionale. Ogni domanda nasce dalle tue pagine e ogni spiegazione indica da dove viene la risposta, così puoi tornare subito alla fonte quando qualcosa non ti torna. Genera test nuovi quante volte vuoi, restringili a una sola area come l'agency o i finanziamenti, e tieni traccia dei concetti che continui a sbagliare.

Per iniziare non serve caricare niente. Se i materiali del corso sono ancora per posta, nomina invece un argomento, per esempio servitù e gravami o i calcoli di loan to value, e Bo ci scrive sopra un test. Inizi gratis, e si incastra intorno a un lavoro, che è come studia per questo esame la maggior parte delle persone.