mississippi real estate exam quizlet
B) If the property increases in equity, the stock will go up in value. The bookstore has large reading tables fastened to the walls and bookshelves bolted to both the ceiling and the floor that create aisles from the front of the store to the back. The nursing home gets to keep it. Find the answers to all your real estate license questions here: Real estate license requirements vary from state to state. Insurance police power. D) eminent domain. A) Assemblage Residency and Age: Salesperson Applicant must be a resident of Mississippi when application is submitted and be eighteen (18) years of age or older. states may levy property taxes but many delegate this power to county and local government; states can impose a tax lien against real property. Written, chronological record of the title records affecting rights and interests in a parcel of real property. C) B) leasehold Most current listing forms require the seller to disclose the condition of the property to prospective buyers. D) Because the business is a tenant, the shelves and tables are fixtures and may not be removed except with the building owner's permission. The term nonhomogeneity refers to: OUR REAL ESTATE EXAM PREP INCLUDES. D) The appraiser examines one or more new structures that are similar to the subject's improvements, determines a cost per unit for the benchmark structures, and multiplies this cost per unit times the number of units in the subject. A) determinable fee. D) D) Mississippi agents owe their clients six fiduciary responsibilities: Loyalty (1), Obedience (2), Disclosure (3), Confidentiality (4), Reasonable skill care and diligence (5), and Full accounting(6). Per Mississippi Rule 8.2, what is the organized body consisting of the owners of timeshare interests in a timeshare plan? This provision is necessary because the rose bushes are ordinarily considered to be: You must answer 32 of the state-specific questions correctly and 60 of the national questions correctly to pass. Commingling is a breach of trust in which a fiduciary mixes funds held in care for a client with their own funds. C) D) In order to prevent property from being ownerless or abandoned, the government acquires property through the process of: The unit of measurement is most commonly denominated in square feet. Leasehold: distinguished by its specific duration, as represented by the lease term. Community property Novation: Parties to a contract can agree to terminate the contract. The real estate license exam is divided into two parts: the national and your specific state portions. 73-35-35 Rule 1.2 Changing the Status of a License. A)Houses will likely become less expensive. Possession. There are many free real estate exam prep resources available for free. If a condominium unit owner has not paid homeowners association fees for the length of time required by state law, the HOA's remedy may be to Estate for years C) If that owner signs and delivers a deed to the buyer, which of these statements is TRUE? A loss of value to improved property. the reversionary interest. A trust or impound account used for the proper handling of funds and documents in the closing of a real property transaction. D) Technically, the seller pays the listing broker (their sponsoring broker) who then pays the listing agent or salesperson. Real estate agents work to advise home buyers and sellers on market conditions, real estate prices, mortgages, and how to best present their homes to sell at the best price. To qualify to take your states real estate licensing exam, you will first have to complete a state-specific pre-licensing education program. Transaction broker who assists principal parties in completing a transaction without acting as a fiduciary agent of either party. Mississippi is a title theory state. C)Adaptation In February, a seller conveyed an undivided one-half interest in a parcel of land to buyer A. A sales contract explicitly excludes some rose bushes from the sale. conformity B) A buyer makes an offer contingent upon securing financing for the property under certain terms on or before a certain date. Client. For a more comprehensive view into the types of questions you can expect on the exam, sign up for our free assessment. owned by two or more individuals. C) A) Be first to know about the latest update and access free materials only for subscribers! Private mortgage insurance generally applies to loans that are not backed by the Federal Housing Administration (FHA) or Veterans Administration (VA) and that have a down payment of less than 20% of the property value. C) realty. B) The company is BEST described as D) maritime law. Code Ann. Destruction of property/death of principal Condition that must be met before the contract is enforceable.The most common contingency concerns financing. B) In this type of agency relationship, the broker represents each party. D) Lease which requires a tenant to pay rent as well as a share of the property's operating expenses to the extent provided for in the lease contract, Lease of the land-only portion of a parcel A homestead is a legal life estate in real estate that is Contribution held by one individual for the benefit of another. A) 2. provide the borrower with a free copy of any valuation used promptly when completed and no later than three days before closing C) D)Monetary policy, A person licensed to sell, buy, lease, or exchange real property for others for a fee is a: C) How many hours of continuing education are required for Mississippi real estate licensees? D) C)accretion. C)a home inspector. legal owner, expressed as the difference between the property's market value and all loan balances outstanding on the property. rarely performs all the services or handles all classes of property. immobility, indestructibility, and heterogeneity. B)real estate transactions. survivorship tenancy. D)two usescommercial and residentialin the same building. However, you must take an in-person exam to earn your Mississippi real estate license. B)erect No Trespassing signs. Ownership of property by two people is considered A licensed real estate broker is permitted to charge a fee for providing services involving real estate EXCEPT: A real estate licensee shall immediately (at the time of signing) deliver a true and correctcopy of any instrument to any party or parties executing the same. Per Miss. B) B) To change a license from active to inactive status, the licensee shall notify the Commission in writing, shall ensure that the license is returned to the Commission, and shall pay the appropriate fee. Per Miss. Per Miss. trust. What happens to the deceased's $250,000 estate? A) A patient died in a nursing home. C)factories. A) We designed a real estate practice exam with 30 questions covering all the major topics you'll encounter on your state licensure exam. The concept that no two parcels of property are exactly the same or in the same location is called: D) Property is generally worth what other, similar properties are worth. Welcome to the Mississippi Real Estate Commission on the World Wide Web. A) Change In title theory states the lender holds title to the property in the name of the borrower through a Deed of Trust. Tenancy by the entirety C) describes property by landmarks, monuments, distances and angles. They may pay the full premium at that time if they desire. Miss. Which of the following is MOST likely evidence of ownership in a cooperative? cooperative unit ownership. building support systems such as life safety, electrical, mechanical, and utility systems. Read more Download the app and start studying for free today C)improvements to the land. even the most simple real estate transaction. concurrent ownership. C) enter the property and confiscate the personal possessions of the occupant. Sign up for the newsletter to get exclusive real estate exam tips that I don't share anywhere else. must have acquired rights simultaneously with the other owner(s). Shortcut method for estimating the value of an income property. A)enjoy profits from its ownership. What is the maximum amount of jail time imposed on a person for a FIRST-time offense pertaining to a violation of Mississippi License Law? A)can employ other sales associates. How long does the Mississippi real estate exam take? Review 300+ flashcards focusing on vocabulary terms. condemned The procedure involves multiplying the property's gross monthly rent times a multiplier that reflects the ratio between gross monthly rent and sale price that is typical for similar properties in the area. An individual's or company's interest in or right to use someone else's land that is not adjacent to or near property of the individual or company is an easement: Landlocked property that requires passage to the street, B) B) Ready to Take Your Real Estate Exam? Members of the Mississippi Real Estate Commission are appointed by, The Mississippi Real Estate Commission is composed of five members, all of which are appointed by the Governor. A) a remainder. Sales Comparison Approach/estimating value. Mississippi allows up to 3 attempts to pass both the exam's national and state law portions. immobility. As part of their application for licensure, a broker candidate must submit recommendations from how many Mississippi citizens? "Association" means the organized body consisting of the owners of timeshare interests in a timeshare plan. C) an easement in gross. authority. the legal life estate. C) a living will. Here is our list of recommended Real Estate Statutes and Regulations you need to know: NOTE: State websites update semi-frequently and sometimes their website URLs change. a testamentary trust. Economic and utilization the law of agency. nonuse of a prescriptive easement. D) release of the right of easement to the dominant tenement. Per Miss. Customize your study reminder to receive a notification at any time you want. Note that answers are only provided upon purchasing Exam Prep. StockMarketData\begin{matrix}\text{Stock Market Data}\\\end{matrix} C) The development of a parcel of land can have a significant impact on its value, as well as the value of nearby parcels, because of the economic characteristic that considers: rule of law. Title A parcel of land that has no direct access to a street or public way, except over land of its previous owner, will benefit from: C) rarely performs all the services or handles all classes of property, Commercial real estate includes: Power of a government to force the sale of private property for public use. A)avulsion. You must complete 30 of the state-specific questions correctly and 56 of the national questions correctly to pass the exam successfully. A real estate sales associate: Long-time unauthorized usage In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. commingling of monies belonging to others with his own funds. Per Miss. C)price is not affected. The heir of the deceased inherits the property as is, The characteristics of real property fall into which two broad categories? From whom does a provisional salesperson receive their compensation in Mississippi? At the owner's death, which is TRUE? B)indestructible. A)subdivision plat abandonment of easement. Join over 10,000 subscribers and pass your exam today! *Estate tax, assessment, inheritance tax, Federal income tax liens Easement by necessity In a large highrise condominium, each unit is owned by individual owners.
