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National Real Estate Exam Portion for Ohio questions and answers graded A+ 2024/2025
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National Real Estate Exam Portion for Ohio questions and answers graded A+ 2024/2025
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National Real Estate Exam Portion forOhio
Tenancy at Will - ANSNo written agreement, and may be terminated at any time by landlord or
tenant
Tenancy at sufferance - ANSTenant is authorized to live on property after rent is over but before
they're pressured off the belongings
Tenants in common - ANSOwnership where tenants ought to have one-of-a-kind quantities of
possession. If exceeded away inheritor will take over the undivided possession (no survivorship)
Joint Tenants - ANS2 or more people personal identical rights with the proper of survivorship
Tenancy with the aid of the Entirety - ANSSpouses with identical undivided possession interests
Net Lease - ANSlessee can pay a portion or all of the taxes, insurance costs, and upkeep
expenses for a property further to rent
Actual Eviction - ANSphysical expulsion of someone from land or apartment belongings
(relieves lessee from owing lease)
Constructive Eviction - ANSLandlord so materially disturbs a tenant's amusement of the leased
premises that the tenant is compelled to transport out and terminate the hire
Percentage Lease - ANSBased on a percent of the month-to-month or annual gross sales made
at the premises
Ground Lease - ANSA hire of land simplest, on which the tenant generally owns a building or is
needed to construct as special within the rent. Such leases are typically long-time period
internet rentals; the tenant's rights and obligations hold until the hire expires or is terminated
through default.
Hold over Tenant - ANSA lessee who remains on property after the expiration of the hire, can
work inside the lessee's prefer if the lessor keeps to accept hire, however the lessee can be
evicted if now not
Gross Lease - ANSLessee pays the belongings proprietor a flat rental fee in exchange for the
specific use of the assets (includes taxes, utilities, and coverage)
, Multi Peril Insurance - ANSinsurance that bundles collectively more than one coverages
(commercial enterprise crime, enterprise vehicle, boiler and machinery, marine, or farm)
Capital Gain - ANSNet selling fee of a belongings - its adjusted foundation
Adjusted Basis - ANSInvestor's initial fee + fee of physical enhancements - depreciation claimed
as a tax deduction
Title Theory State - ANSBanks or loan lenders maintain the identify of a belongings until it's far
paid in full
Foreclosure takes place thru non-judicial proceedings, so creditors can foreclose with out a
listening to
Lien Theory State (Ohio) - ANSBanks or loan lenders in no way keep title to the property.
Instead, the loan lender holds a lien against the belongings
Foreclosure happens with judicial techniques (court cases)
Acres to Square Feet - ANS1 acre = 43,560
Acres to Square Yards - ANS1 acre = 4840
Acres in a Section - ANS640
Sections in a Township - ANS36
Capitalization Rate - ANSIndicates the charge of go back this is expected to be generated on a
actual property investment assets
Formula:
Net Operating Income / Current Market Value
Land Contract (Contract for Deed) - ANSA written agreement of dealer financing, in which the
client makes bills till the fee is paid in complete. As quickly because the customer is making
payments, they have got an equitable name to the belongings
Mortgagor - ANSBorrower
Mortgagee - ANSLender
General Lien - ANSApplies to all assets
Specific Lien - ANSonly applies to a particular property
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