Wv real estate exam - Study guides, Class notes & Summaries

What are the types of fee simple estates? - Fee Simple Absolute Fee Simple Defeasable Fee Simple Absolute - The best type of ownership you can get. Fee Simple Defeasible - Subject to occurrences or non occurrences of specified time. Two types of fee simple defeasible? - Fee simple determinable 2 Condition subsequent Fee Simple Defeasible - Will include: so long as, while, during and includes the term reverter. Reverter - Former owner can take back land with no legal action if ...

Bundle of rights of real property - correct answer 1.Possession of Property ol ment usion 5. Disposition ( sell, will, transfer the property. Price Fixing - correct answer When two or more companies collude to set a product's price. Cooperative - correct answer Propriety lease- You purchase stock in the company that owns the land and holds the deed Good Faith Estimate - correct answer An estimate of the fees due at closing for a mortgage loan that must be provided by a lend...

WV REAL ESTATE EXAM 2024/2025 WITH 100% CORRECT ANSWERS

What are the types of fee simple estates? - correct answer Fee Simple Absolute Fee Simple Defeasable Fee Simple Absolute - correct answer The best type of ownership you can get. Fee Simple Defeasible - correct answer Subject to occurrences or non occurrences of specified time. Two types of fee simple defeasible? - correct answer Fee simple determinable 2 Condition subsequent Fee Simple Defeasible - correct answer Will include: so long as, while, during and includes...

Broker - Answer- A person or company licensed to buy, sell, exchange, or lease real property for others and to charge a fee for these services. Appraisal - Answer- A process of developing an opinion of a property's market value based on established methods and the appraiser's professional judgement. What are the six categories of real property? - Answer- residential, commercial, mixed use, industrial, agricultural, special purpose What are the factors that affect the supply of real es...

Broker CORRECT ANSWER A person or company licensed to buy, sell, exchange, or lease real property for others and to charge a fee for these services. Appraisal CORRECT ANSWER A process of developing an opinion of a property's market value based on established methods and the appraiser's professional judgement. What are the six categories of real property? CORRECT ANSWER residential, commercial, mixed use, industrial, agricultural, special purpose What are the factors that affect the su...

Salesperson Nellie finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of land. For all of her extra efforts, she can legally receive a performance bonus from CORRECT ANSWER her broker. A sales associates contract with her broker states that she is not an employee. In the past year, less than half her income was commission, with the rest an hourly wage paid by the broker. The IRS would classify her as CORRECT ANSWER an employee. Landowner Sh...

All members of the West Virginia Real Estate Commission must have been residents of the state for at least the previous___________. - 6 years What are the requirements necessary for a West Virginia salesperson licensee to obtain a broker license - - Served an apprenticeship as a licensed salesperson for two years and experience the equivalent of a full-time license sales agent. - Completed the broker required education.. (90 hours) -The overall requirement is 180 hours which would have been obta...

WV REAL ESTATE FINAL EXAM QUESTIONS AND ANSWERS GRADED A+ The purpose of the West Virginia License Act is to --- limit competition in the real estate industry. protect the public in real estate transactions. regulate the limit for brokerage compensation. impose license fees to generate income. protect the public in real estate transactions. Jim acquires a West Virginia broker license. He wants to sell real estate without opening a business so he decides to remain at his...