Va real estate exam 2023 - Study guides, Class notes & Summaries

Colibri Real estate class final exam 2023/2024 Which of the following cannot be a trustee? - ANSWER-CPA The discount points are 3%, which represents $2,700. The buyer down payment is 20%. What is the purchase price of the property - ANSWER-100%-20%= 80% $2,700/3%= $90,000 90,000/80%= $112,500 A method of legal description that uses definite property lines and starting points is called? - ANSWER-Formal metes and bounds The seller wants to net $175, 000 after paying a 6% commission t...

Virginia Real Estate Exam Prep, VA Questions And Answers 2023.

Basic Licensing Terms: Active Status - ANSWER-Any broker salesperson that is legally engaging in regulated acts of real estate brokerage Basic Licensing Terms: Actively Engaged - ANSWER-One with an active licenses, engaged in at least 40 hours per week in regulated real estate activity. This applies to brokers experience requirement (must be salesperson for 36 of 48 months) and to licensees seeking reciprocity. Basic Licensing Terms: Applicant - ANSWER-One who applies to the Board for a re...

Texas Principles of Real Estate II (2023/ 2024) Exam | Guide with Questions and Verified Answers| 100% Correct Q: Principle of Contribution? Answer: A component part of a property is valued in proportion to its contribution to the value of the whole. Holds that maximum values are achieved when the improvements on a site produce the highest (net) return, commensurate with the investment. Q: Principle of Competition? Answer: Holds that profits tend to breed competition and e...

NJ Real Estate Salesperson Exam Question and answers correctly solved 2023/2024 What is the collateral in a home loan? - correct answer The property itself When someone contributes to the construction or rehabilitation of a property with labor or services rather than cash, that contribution is called? - correct answer sweat equity If you were buying a house that included furnishings, you would receive a written document transferring title to the personal property. This document is called ...

Texas Promulgated Contracts - Champions Exam Questions With 100% Correct Answers. The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and . (a) Default (b) Mutual consent (c) Property condition (d) Recording B A(n) contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (d) Void A In the...

Texas Salesperson Real Estate Exam (National) Latest 2023 Graded A Real Property Land and Improvements and the Right to Use Them Fixture Personal property that has been attached. "Installed" or "Annexation" Trade Fixtures Required to run a business. They may be removed from the property prior to the termination of the lease. (Doctors, Dentists, Chef, Barber) Non-homogeneity Land: No two pieces are exactly alike. Immobility Land: Cannot be moved Indestructibility Land: "Durability" - i...

California Real Estate License Exam 1 question and answers rated A+ 2023 updated to pass 1.1. A title was recorded for a parcel of real property vested in the name of Johan Wilson, a single woman. After her marriage to William Roberts, she executed a deed to the property only in the name of Johan Roberts, a married woman. The discrepancy in the grantors name is: A. Valid if William Roberts agrees to it B. A defect on title that may cause title to be vested as tenants in common C. Immateria...

A nonresident who obtains a license as an active salesperson in VA is required to do which of the following? - ANSWER-4. Activate with a VA licensed broker. The purpose of the VA real estate license law and Board related rules and regulations is to... - ANSWER-Protect the public interest Two brokers are involved in a dispute over a commission split. Which of the following could become involved in the settlement dispute? - ANSWER-A court having jurisdiction over the brokers. If the Board...