Dummy estate exam license real

This series of words best describes what has happened on Daniel's property. As it pertains to real estate, "accession" means to acquire more land, even a small amount of land. Here, what happened on Daniel's land is accession by accretion because the natural action of the river's water deposited silt on the shores of Daniel's property.

A is incorrect. Alienation can occur either through voluntary means e. Here, Daniel is acquiring property, not losing it. Answer Choice "A" is also incorrect because of the word "attachment. For example, if a tenant had rented Daniel's property, constructed a shed on it, and then left the shed after the lease was over, that would have been an example of accession by attachment. Here, Daniel is gaining additional property through the natural action of the river's water i. Littoral has to do with rights of owners who live by standing water, like a lake, a pond, or the ocean.

There is nothing in the fact pattern to suggest either parcel of property is near a body of standing water. These terms are used by appraisers to describe the increase in value when an owner combines several contiguous or touching parcels into one large parcel.

The act of combining several parcels into one parcel is called "assemblage. Equity is not directly affected by the purchase price for the property; nor is it directly affected by the amount of down payment put forth at the time of the purchase.

Many owners are under the misguided belief that a high down payment will always result in high equity. This is only true if the market value of the property remains the same as it is when the down payment is given; or increases after the down payment is given. If the market value of the property decreases, the equity in the property will decrease also, regardless of the purchase price and down payment amount.

The life tenant i. However, if only the life tenant life signs the loan documents, then the debt will die with her.

In order to protect the lender's security interest in the event of the aunt's death, both the life tenant and the remainderman will need to sign the loan documents. The same would be true if the property were being sold: Both the life tenant and the remainderman would need to sign the deed in order to ensure that the buyer's ownership interest in the property would continue after the life tenant dies.

Test-Taking Tip: Remember a life estate is an estate of ownership aka a "freehold" estate. With a life estate, there is a "present interest" and a "future interest. Provided that both the life tenant and the remainderman sign the loan documents, the lender's security interest in the real estate will be protected if the life tenant dies during the term of the loan.

If the remainderman does not sign the loan documents, the lender's security interest in the real estate will terminate upon the death of the life tenant. A nonfreehold estate is a leasehold estate. A life estate, by contrast, is a freehold estate i. Ownership in severalty occurs when there is only one owner of a parcel of real estate. The owner can be, for example, an individual, a corporation, a governmental entity, a trust, or a partnership.

As long as it is sole ownership, it is an ownership in severalty aka "an estate in severalty". Test-Taking Tip: This is frequently tested because of the word "several" in "severalty. Concurrent ownership occurs when there are multiple owners of the same parcel of real estate holding title together at the same time.

If there are multiple owners e. If two owners hold title with a right of survivorship, and one owner dies, then the survivor acquires the decedent's interest in the property automatically, through operation of law.

A metes and bounds legal description begins at a well-defined point point of beginning or POB and follows the boundaries of a parcel of land, using directions and distances around the tract, and ends at the point of beginning.

When properly written, it is acceptable and enforceable in all court jurisdictions, and can be created for any parcel of property. Oftentimes, a deed will contain two types of land description. Generally, a metes and bounds description is accompanied by a rectangular survey or government survey description or lot, block and tract description.

An easement appurtenant allows the holder of one property to benefit from another's. In this case, your property is servient because it is the one burdened by the easement while your neighbor's is dominant since it is the one that benefits.

If you would have given permission to the neighbors to use your driveway, you would have effectively licensed the neighbors, not the property. The word "license" is not typically used as an adjective for the word property. The easement described in the test question is an easement appurtenant. The old owner, who split his large parcel in two, created the easement by reserving it in the deed to the individual who first purchased Parcel South.

In an easement appurtenant, there is a dominant tenement i. Here, the parcel that benefits from the easement is Parcel North because the easement allows the owner to cross over the westerly 8 feet of Parcel South to get access to the road. Parcel South is burdened with the easement because people who don't even own the land are allowed to use the westerly 8 feet of Parcel South for ingress and egress purposes. The owner of a parcel of real estate burdened with a servient tenement cannot unilaterally terminate an easement appurtenant.

An easement appurtenant "runs with the land" and transfers with the deed. Therefore, by fencing in Parcel South, the new owner of Parcel South will most likely be found to have violated the easement conditions and will lose the lawsuit. An easement in gross only has one parcel of land a servient tenement. The classic example of an easement in gross is a public utilities easement. The public utility does not need to own a contiguous parcel in order to have an easement in gross.

This test question states that there are two parcels of land, a dominant and a servient tenement. Therefore, this fact pattern does not describe an easement in gross. A landlocked property is one without access to a street or road.

An easement by necessity is created by the courts when a property is landlocked--provided that the owner of the landlocked parcel did not create the problem. Here, when the old owner split the large parcel into two, the old owner carefully reserved an easement over Parcel South, preventing Parcel North from becoming landlocked.

Because the old owner reserved an easement in the deed, there was no need to go to court and ask for an easement by necessity. This answer choice states the general rule, but the owner of Parcel South purchased the property subject to the easement. Because easements appurtenant run with the land, the easement is binding on the new owner of Parcel South.

Test-Taking Tip: Pay close attention when you see answer choices that are almost identical like "A" and "B. As stated in the Fifth Amendment to the U. Constitution, governmental entities have the right to "take" private property for public purposes.

This power is called eminent domain. Taking private property to widen a highway is a classic example of when the government e.

However, the Fifth Amendment to the U. Constitution does state that government entities exercising this power must pay the private property owners just or fair compensation. Condemnation is the name for the legal proceeding to determine what just or fair compensation is for each parcel of real estate taken by the government.

It is not the name of the government power itself. The government's police power is the right of the government to establish and enact laws to promote public health, public safety, public welfare, and morals. Two classic examples of police power are zoning and building codes.

Test-Taking Tip: When the government exercises its police powers, typically no compensation need be paid to affected property owners. In our legal system, real estate must be owned by someone. In England, if the owner abandoned a parcel of real estate or died without a will i. In the United States, this parcel of real estate would revert back to the state.

This governmental power is called "escheat. These are four separate powers. Be careful not to let the examiners trick you into lumping several powers into, say, police power.

There are no nationwide or statewide zoning ordinances but governments may regulate land use through special legislation such as national park regulations, wildlife preserves, coastal management, and environmental laws. Zoning laws, as implemented in cities and counties, identify the permitted use of each parcel of land. Blockbusting, for the most part, is no longer a common practice, although it may happen indirectly through inappropriate conversations and statements by real estate licensees.

The purpose of the blockbusting scheme is to get the homeowners to sell out at a deflated price; then sell the vacated homes to minority group members at an inflated price. Involvement in a blockbusting scheme is grounds for criminal charges. The U. Constitution limits government power, and requires that governmental actions and statutory regulations cannot take away property rights without due process, unless there is a compelling government interest to do so.

Protecting the health, safety and welfare of the citizens of the community has long been accepted as such a compelling government interest. Police power is the power of the state to enforce laws and rules that protect the members of the community.

Since owners take title to their property subject to zoning laws, enforcement of the zoning laws is constitutional. Specific liens are secured by a specific piece of property. General liens are secured by the collective assets of the debtor. Many borrowers are under the misguided impression that there is no collateral securing a general lien such as a credit card lien or signature loan.

While both types of liens require collateral, general liens are actually secured by more collateral than specific liens. A lienholder of a general lien is within its rights to foreclose on any of the assets of the debtor; whereas a lienholder of a specific lien may only foreclose on the specific collateral named in the lien. The test question states that the listing agreement was formalized in writing. An express agency is one that was formalized--before the fact--either verbally or in writing.

The traditional rule in the "Statute of Frauds" states that a listing agreement cannot be enforced in court unless it is in writing and signed by the party to be charged. Test-Taking Tip: Because it is frequently tested, it is worth reviewing the other promises, agreements, and contracts that must be in writing to satisfy the Statute of Frauds.

A general agency usually gives the agent a limited ability to bind the principal e. This is typically used in an ongoing business, where the agent has multiple duties to perform.

In contrast, the special agent acting under the authority of the exclusive right-to-sell listing agreement typically only has the sole duty of finding a buyer. Special agency is an advisory position, and the agent traditionally lacks the authority to bind the principal e.

A universal agency gives the agent broad powers, including the authority to bind the principal. A "Power of Attorney" is an example of a document that might set up a universal agency.

An implied agency is created through the actions of the two parties. Here, the test question states this listing agreement was created before the fact and is in writing, making it an express agency not an implied agency. The broker is the agent. The salesperson owes all of the fiduciary duties to the client principal that an agent owes, but most all of the agent's real estate related activities must be supervised by a broker.

Study Online Instantly. A company dollar is what the brokerage firm has left after licensee commissions have been paid. A company dollar is what the brokerage firm has left after not before paying licensee commissions.

This answer choice describes the term "desk fee. The term "company dollar" is not associated with the IRS tax-deferred exchange. Under Section of the United States Internal Revenue Code, capital gains taxes may be deferred for real estate used for business or investment purposes--if the parcel of realty is exchanged for another "like-kind" parcel.

This allows property owners to defer paying federal capital gains taxes until the new parcel of real estate is sold. Note: In a exchange, "like-kind" doesn't mean identical. A like-kind parcel of real estate is one that is used for business or investment purposes, meaning an office building could be exchanged for an apartment building. An advance fee given by the seller to cover advertising costs is considered trust funds.

Most states have very strict rules governing the handling of trust funds. Generally the funds must be used only for their intended purpose; and an accounting of all expenditures must be provided to the principal. If the money is not used for its intended purpose, it must be returned to the principal. In an exclusive agency listing agreement, if a buyer is found, the licensee will earn a commission, unless the seller finds the buyer.

With the exclusive agency listing agreement, there is only one brokerage firm. Also, the licensee has a limited, clearly-defined period of time in which to find a buyer.

Finally, the exclusive agency listing agreement is a bilateral contract. A bilateral contract is the exchange of a promise for a promise. The seller promises to pay the commission if the licensee finds a buyer. Your ticket to passing the real estate license exam As the housing market begins to recover, jobs are becoming available in the real estate sector and hard-working, competitive people are taking them.

In this simple course, which includes both the Colorado state and PSI question and answer exam prep study guide, not only will you learn to pass the state licensing exam, you will also learn: - How to. Pass the Florida Real Estate Sales Associate Exam effortlessly on your 1st try with exam questions, answers and explanations.

In this simple course not only will you learn to pass the state licensing exam, you will also learn: - How to study for the FL exam quickly and effectively. In this simple course, which includes both the New York state and question and answer exam prep study guide, not only will you learn to pass the state licensing exam, you will also learn: - How to. After that, when I went and tried to take the state exam, they told me about the 60 hour pre-license course. I was shocked and caught way off guard, had NO idea about it.

But, when I did take the pre-license course, because of what I learned in this app, I was able to breeze through the course in 6, I repeat 6 days, then passed the state exam on the first try.

Although the material in this app is not state-specific, it is VERY informative and when you take pre-license, you will learn your state specific criteria. One of the best parts of this app is that the quick-start questions pull from each of the units randomly, so you learn a little from each unit as opposed to one unit at a time like the pre-license course. I could not have gotten my license or began my real estate career without THIS app. Now go ahead and hit download and start studying!!

My previous life was Tech Consulting and cloud systems integration along with Marketing so it struck me you could be capitalizing more on the app by making this function readily available. Your state real estate commission website has the info on what percentage of questions are on what topics.

The ones in this app are not it. If you're looking to start a career as an Agent, our guide app will help you feel confident and to be ready for the real test! Developed by experts, our app contains learning flashcards for practice and not a complex textbook to read it cover to cover. Please contact us if you have any questions, suggestions, or comments - support hltcorp.

This version includes a few improvements to make your experience smoother. Let us know what you think by emailing us at feedback hltcorp. Silly me, I thought I could just study and take the state exam, so I memorized every bit of this app. After that, when I went and tried to take the state exam, they told me about the 60 hour pre-license course. I was shocked and caught way off guard, had NO idea about it. But, when I did take the pre-license course, because of what I learned in this app, I was able to breeze through the course in 6, I repeat 6 days, then passed the state exam on the first try.

Although the material in this app is not state-specific, it is VERY informative and when you take pre-license, you will learn your state specific criteria. One of the best parts of this app is that the quick-start questions pull from each of the units randomly, so you learn a little from each unit as opposed to one unit at a time like the pre-license course. I could not have gotten my license or began my real estate career without THIS app. Now go ahead and hit download and start studying!!