3) listing price and terms of sale. Maine real estate exam Utilizing the 28/36 rule, if Rebbecas gross income is $4,500 a month, she would need to spend less than ______ in housing costs a month to qualify for most loans. Mrs. He owns property in cities like Pittsburgh, Philadelphia, and D.C. Generally speaking, what happens when the supply of available houses in an area decreases significantly? A listing agreement is a personal service contract. If inhaled, causes red blood cells to deprive the body of oxygen. Manage Settings The amount is completely up to the agreement between the parties. These principal meridian lines are named or numbered to identify their location. 1 / 80 Maine real estate exam prep. These include: 1. Creates a fiduciary relationship. licensed as a real estate broker, associate, or salesperson for at least ten years and residents in area which appointed for five years immediately before appointment. They differ from regular condominiums as they typically are exclusively for vacations. The number of questions on the real estate exam depends on which state you are taking the exam in. If an appraiser uses the cost approach to determine the value of a two story building 128 x 97 at $120/sq. Must pass state administered real estate exam. The real estate exam can be scary at first, but you can conquer the real estate exam with the right study materials. ", The habendum clause is the statement in a contract that describes the rights and interests being given. Maine Real Estate Steering is the illegal practice of channeling home seekers to particular areas, either to maintain the homogeneity of an area or to change the character of an area, which limits their choices of where they can live. WebThe four components of a monthly mortgage payment on impounded loans are: Principle, interest, taxes, and insurance. Maine Practice Exam #5 cw1023. Under agency law in Maine, dual agency is. Community Property Laws are based on the idea that husband and wife are equal, separate, partners rather than one whole one like tenants by the entirety. WebStudy with Quizlet and memorize flashcards containing terms like What is a branch office?, How old must you be to apply for a real estate license in Maine?, What is the maximum fine that LUPC can impose for a violation? 4.8 (8 reviews) Get a hint. Established business relationship means a relationship between a seller and a consumer based on.. the consumer's purchase, rental, or lease of the seller's goods or services or a financial transaction between the consumer and seller, within the eighteen (18) months. Per 16 CFR 310.2. Typically a trust is a _____ -party relationship. Maine - Real Estate Exam Prep. Real Estate Final Exam 3. Real Estate Exam Receive compensation for finding a buyer for a piece of property. Per Maine Real Estate Commission. Free Real Estate Practice Exam Questions (July 2023) 100+ The acceleration clause is a contract provision that requires a borrower to repay all of an outstanding loan if upon a breach of the contract. Any applicant who issues a dishonored check to the New Hampshire Real Estate Commission must pay a fee equal to: $25 or 5% of the face amount of the check, whichever is greater. Advertising must be done in the real estate brokerage agencys trade name as licensed with the Commission, and the trade name must be prominently displayed. Per Maine Real Estate License Act Chapter 410. Crash courses are a fantastic way to study for the real estate exam. Michigan Real Estate Exam Practice. Holding earnest money without depositing it, is what? Farm equipment C. Air rights D. Barns, An owner of a 90 acre parcel of land wishes to split the land without platting. Mr Jays example is an example of eminent domain. Free Maine Real Estate Practice Exam Questions (July 2023) 40+ A sole proprietor may purchase property for both personal and business use through his own name or through the name of his business. The buyer has the right to: An agent must reveal all property facts and defects known at the point of sale. Dual agency is a situation where one or more licensee (s) (or one agency) represent (s) two WebStudy with Quizlet and memorize flashcards containing terms like Chp. Property tax is an ad valorem tax assessed on real estate by a local government and paid by the property owner. Massachusetts Real Estate Exam Antitrust Laws are a collection of federal and state government laws that regulate the conduct and organization of business corporations, normally to promote fair competition for the benefit of consumers. Which of the following is a violation of Maine license law? A parcel of land that is subject to an easement is best described as: By definition, a servient estate is a parcel of land that is subject to an easement. The real estate is land without a residential dwelling unit or is land with more than 4 residential dwelling units; The licensee is acting solely as a principal in a real estate transaction; The written communication from the licensee is a solicitation of business; or The licensee has knowledge, or may reasonably assume, that another licensee has given a copy of the form to a prospective buyer or seller in that transaction. Per Maine Real Estate Law 02-039 Chapter 410. life estate. howard can do?, 1. meeting of the minds 2. competent parties 3. lawful objective, document intended to obligate the parties to the Which of the following acts is prohibited for an unlicensed real estate assistant in Maine? taggart2001 PLUS. Flashcards. she realized she did not want the property and did not exercise her opinion. Read More Here. The Federal Fair Housing Act is a law that prohibits discrimination in the buying, selling, renting or financing of housing. Compensation is negotiated between the broker and the seller and may be transferred and distributed in many ways. Transferability: Able to transfer from one owner to another. Which of the following fits the description? Extreme exposure cuts off oxygen and cause death within 30 mins or less. Per Maine License Law, what information must be included in advertising placed by a licensee affiliated with an agency? A counteroffer by that offeree would affect an offer, however, as well as a cancellation or death of the offeror before the offer is accepted. Having verbal authority is not good enough, and in many states is considered illegal. A mechanics lien must be brought within _____ days after the last date that labor was performed or materials furnished: 120. Other Types of Real Estate Licensees. Public services for real estate owners are paid by real property tax. The listing contract states that Josh will receive a fee of $15,000 from Susan at closing, regardless of the sales price. Mrs. Jane lives in a small residential neighborhood. 140 terms. It is illegal and real estate agents must be aware of the action. $520 - 300,000.00 x 52% = 156,000 x .40 = 6240 divided by 12 months. Compliance with zoning ordinances is monitored through the issuance of. Select a Flashcard Set to begin. When she sold one acre to her friend, she reserved for herself and family an appurtenant easement over the friend's land for ingress and egress. A lease purchase agreement commits both parties to the sale barring breach of contract or the buyer's inability to secure a mortgage. The execution date or date executed is the day the contract is signed. Log in. Study sets, textbooks, questions 62 studiers today. WebStudy with Quizlet and memorize flashcards containing terms like Product that a real estate sales associate must market _____ _____, The three areas of expertise that real estate licensees bring to the transaction:, Five major sales specialties: and more. The act specifically requires reasonable accommodations must be provided to people with disabilities. Kreynolds781. There is a difference, make sure to understand it! When the remaining spouse passes away, the children inherit the property. Trusts can be created during an individual's lifetime, or they can be established following someone's death. Improve your grades and reach your goals with flashcards, practice tests and expert-written solutions today. Preview. A potentially valid contract in which at least one party has the option to rescind is described as: voidable. (4) Licensee fails to complete required continuing education within the prescribed time. 1 (2) LEOWIFE. WebStudy with Quizlet and memorize flashcards containing terms like Fairness and Honesty, Conscientious and Competent Service and Services from others are all obligations under, The number of buyers who want to purchase properties exceeds the available properties (more demand than supply), The number of properties available exceeds the number of Its one of those things that occur often. All of the following actions are prohibited aside from having keys made for agency listings, order surveys, home inspections, wastewater disposal system inspections, or other such similar tasks. Time this up with when your exam is scheduled, and practice an exam question every day. If youre not into Reddit, we also have our own study group located on Facebook. An applicant for an associate broker license must have practiced as a real estate sales agent for 2 years within the 5 years immediately preceding the date of application and satisfactorily completed a course of study meeting guidelines established by the commission. Per Maine Real Estate License Act Chapter 114:13199. Rectangular Survey System. WebStudy with Quizlet and memorize flashcards containing terms like Conventional Mortgages, Conventional with PMI, Adjustable Rate Mortgage (ARM) and more. Michigan Real Estate Exam Study Cards. The execution date might be today, but the effective date will be when you move into your brand new home. Rescinding a contract is an option if there is proof that there was evidence of fraud, errors or mistakes, lack of legal capacity, fraud, and more. In Florida, real property is assessed on January 1 of each year, and property taxes become a lien on the property on. Signing up for a real estate prelicensing course (see our top picks here) 2. WebStudy with Quizlet and memorize flashcards containing terms like In Maine, an agency relationship begins when the, Where a licensee has an agency relationship with a client, economics. Coronary Artery Disease. 32 terms. An implied contract is a legally enforceable obligation that arises from one or more parties due to the parties actions, conduct, or circumstances. This is an example of a balloon loan. Real Estate Exam Vocabulary Sole proprietorship's are the most common form of business structure. If a tree grows over someone's property, or when a fence or another piece of your neighbor's property crosses the property lines. Real Property is all things attached to the land and all the legal rights to it. Per Maine Real Estate Commission. Next. Maine real estate Alabama Real Estate Exam Religion is protected under Federal Fair Housing Law. Each of the side lots was the same size and the same shape. WebStudy with Quizlet and memorize flashcards containing terms like All of the following are real property EXCEPT, A metes and bounds description of real property relies on, Fee Study Study! Real estate police power is the constitutional authority and inherent power of a state to adopt and enforce laws and regulations to promote and support the public health, safety, morals, and general welfare. Remember, a seller cannot force a buyer to buy the property with an option to purchase. Real property is usually things that are immovable such as the home itself or the buildings within the property line. What is dual agency. Which of the following contracts would best be described as a contract in which only one party makes a promise to perform an action? We and our partners use cookies to Store and/or access information on a device. Using a trust typically has advantages and disadvantages. Real Estate Exam Study sets, textbooks, questions. 134 terms. Test. Web14 studiers today. However, the business owner is personally liable for all debts incurred by the business. A balloon loan is different as not all payments are the equally divided and the most substantial payments are called Balloon payments. In Maine, heating system disclosures be presented to the buyer in writing when? Which of the following is an example of Economic Obsolescence? Maine - Real Estate Exam Prep Flashcards | Quizlet The owner would be unsuccessful because the owner's property extends only to the high-water mark. Read More Here. The answer is all the condominium owners in the form of percentage undivided interests because all condominium owners legally own a portion of all the facilities there. The good news is that there are a lot of tools out there to help with passing the real estate exam. They also come packaged with lower interest rates so if you qualify VA loans are the way to go. What form of legal land description consists of principal meridian lines that cover most states in the US, running north to south and baselines running east to west? Receiving a security deposit, rent payment or related payment for delivery to the principal broker, real estate firm, or owner. These properties are typically resort building units, in which multiple parties hold rights to use the property, and each owner of the same accommodation is allotted their period of time. An earnest money deposit received by a designated broker, as trustee, shall be deposited within 5 business days of acceptance of the offer. The 28/36 Rule states: a household should spend a maximum of 28% of its gross monthly income on total housing expenses, and no more than 36% on total debt service. WebMaine Real Estate Agent License Exam Prep 2021 Learn with flashcards, games, and more for free. MORTGAGE tax amount. Blockbusting is when real estate agents try to increase their sales and profit by suggesting that people leave their neighborhoods before property values decrease. This type of business is simple to form and operate and may enjoy greater flexibility of management, fewer legal controls, and fewer taxes. Join over 10,000 subscribers and pass your exam today! NATIONAL REAL ESTATE EXAM PRACTICE TEST A variable-rate mortgage, adjustable-rate mortgage, or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. Click the card to flip . -resident of Texas at the time of application. Nutrition In Maine, there are 120 questions on the exam (80 on the national Here is a quick list we put together of some of our top real estate exam prep videos and playlists: In this playlist, study specific real estate concepts you need to know for the real estate exam. amybunnell1976. Other Quizlet sets. Maine Real Estate 195 terms. Real Estate Exam 15 terms. Some but not all states require proof of errors and omissions insurance. If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? an appraiser must properly identify the problem to be addressed and have the knowledge and experience in the property type and location to complete the assignment competently. A licensee represents a buyer to purchase property for $300,000. Subsurface rights are the rights to the natural resources lying below the earth's surface. Instead of traveling all the way to D.C. to complete all the paperwork, he calls up his buddy Tony. Maine licensees have how many days to appeal the Directors decision? Remember. Likely, your real estate exam will be issued by one of the following two nationwide testing organizations: You can schedule your test at one of the appropriate testing centers once you have completed your state-mandated pre-licensing and are qualified to take the exam. ACLS Study Cards All Answers correct. The fact that land has a number of important uses is the basis for what essential element of value? 3. submit the required fees. WebStudy with Quizlet and memorize flashcards containing terms like A property owner has decided to do some landscaping work on his yard. Real Estate Exam Real Estate Exam Q. It has the same legal effect as an express contract, a contract between two or more parties that is willingly entered into and agreed upon verbally or in writing. Remember, trade fixtures are pieces of equipment used in a business and can usually be easily removed. The surface rights are the rights to use the surface of the earth. In lien theory states banks or mortgage lenders never retain title to the property. revocation of the licensee's license. D. Call bids at a real estate auction., Under Maine law, "real estate When a furnishing company creates materials for the construction of a house and is subsequently not paid, it may file a(n): A mechanics lien also called a construction lien is a lien placed on your property for nonpayment for work you had done on the property. If you know of any additional free resources that we can add to this list, please email us and let us know. 350 terms. If one of your clients is planning to buy landlocked property, don't assume anything. Web86.5% of CompuCram users pass their licensing exam the first time! Which of the following is NOT a legal name for closing? Eminent domain for the federal government is protected under the Fifth Amendment of the Constitution, while for state governments, it is protected under the Fourteenth Amendment. Upon application and payment of the fee as set under section 13007, the commission records must be changed and a new license must be issued for the unexpired term of the current license, if appropriate. Per Maine Real Estate License Act Chapter 114:13175. When contracting parties have signed a contract and both parties have done all they promised to do, it is called an executed contract or executed agreement. Maine exam Taking your states pre-licensing exam. How much did he collect? The seller sued the broker and obtained a judgment against the broker for the $15,000 in damage plus $10,000 in attorney's fees and court costs. When a property is listed for sale in Maine, who is responsible for assembling the information for making property disclosures on heating costs and hazardous waste? A real estate brokerage agency or its affiliated licensees shall not advertise any real estate for sale without first obtaining the written permission of the owner or the owners authorized representative. Per Maine Real Estate License Act Chapter 410. This is a clear antitrust violation. Maine fair housing laws protect against discrimination on race, color, sex, sexual orientation, gender identity, physical or mental disability, religion, ancestry, national origin, and familial status. In order to qualify for the Fair Housing Acts "Housing for Older Persons" Exemption, at least 80 percent of the units must have at least one occupant who is 55 years of age or older OR all units are occupied by residents over the age of 62. What is the test done to locate where to place a septic system? The real estate contract clause that almost always begins with the words "to have and to hold. Real Estate Exam Which of the following best describes the acceleration clause? Which of the following would not be considered real property? (1) A judgment against the licensee has been paid from a recovery fund established under the Act. is divided into areas 6 miles sq. Flashcards. The consent submitted will only be used for data processing originating from this website. CCNA 1 Chapter 7 V4.0. ", Emblements are annual crops cultivated by a tenant that is treated as the tenant's personal property. this unit of land approx 24mi sq. Arkansas Real Estate Exam Real Estate Exam Review Test Mississippi Learn. The execution date or date executed is the day a contract is signed. And Bob can assign an option if he wants. The state wants to widen the bridge due to the higher amounts of traffic reported. Maryland Association of REALTORS. Other sets by this creator. Minnesota Real Estate Test. Maryland Real Estate (Law) Practice Exam WebStudy with Quizlet and memorize flashcards containing terms like Homeowner Dean owns the Northwestern 1/2 of the Northwestern 1/2 of the Northeastern 1/4 of the southwestern 1/4 of the south western 1/4 of section 31. how many acres is that property? Aside from that, most VA loans require moderate credit. Receive compensation for Scheduled maintenance: July 23, 2023 from 04:00 AM to 05:00 AM hello quizlet In contrast, the greater the supply and the lower the demand, the price tends to fall. Michigan Real Estate Exam Verified answer. The sales contract indicates $1,000 in earnest money. Here are Maines requirements: The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. Transactions involving two agents in the same brokerage: Designated Agency. WebMaine Real Estate Exam Terms in this set (128) The most common manner in which to transfer risk in real estate property management is through the use of: A. indemnification The Mrs. Should make clear to non-clients who they represent at the first meeting. Zoning permits are usually required before building permits can be issued. What is this called? Forgery refers to the false making or material alteration of a legal instrument with the specific intent to defraud anyone.