Building additions usually require a CO. A building inspector performs an inspection before the CO is issued and also checks properties for violations. Halley owns 25 acres of land in a residential area and wants to develop a real estate complex containing 50 single family homes. What type of mortgage can she obtain that will permit her to pay it off as she sells each home? A blanket mortgage is a commercial mortgage often used by real estate developers to finance a project.
At least two parcels of property are pledged as collateral. The release clause allows the lien to be lifted on particular parcels when a certain amount of the loan balance is paid, such as when a new home is sold and the developer uses the proceeds from the sale to pay off a portion of the Blanket mortgage.
PMI is private mortgage insurance, which is not a type of mortgage. An insurance premium is typically added to the monthly mortgage payment. A Pledged Account involves the purchaser placing money in a savings account and using the earned interest to supplement the mortgage payment. The City of Glass wants to expand a public park. It needs to obtain the necessary land from private landowners. What government power can be used to obtain the land needed to expand the park?
Eminent domain is the government power permitting it to obtain private property for public use. Condemnation is the actual taking of the property pursuant to the eminent domain power. Municipal forfeiture and public seizure are not formal terms. After-tax cash flow is calculated by adding back the tax loss to the income and then multiplying by the tax rate. A tax savings is possible when a tax loss can reduce the taxable income of a separate investment. Wetlands are protected areas that include swamps, marshes, wet meadows and bogs.
They may serve as protection for storm and flood water and help control erosion and pollution. They also serve as sanctuaries for wildlife and the natural landscape. An outlet center with clothing and furniture stores are similar commercial uses, so no mixed use exists.
A building with a steakhouse on the first floor and offices on the second floor combine two separate uses, restaurant and office space. A shipping warehouse adjoining an office suite center combine a warehouse and office space.
A religious prayer facility with residential housing above it combines a religious use with a residential use. Julie is looking to buy her first home. She locates one and her offer is accepted. Julie applies for a mortgage.
Paula applies for a mortgage. The contract requires her to get a document from her mortgage lender stating that the lender will be loaning her the necessary funds. What is that document called? The note also contains the principal balance owned and the interest rate. A letter of approval may refer to a pre-approval letter issued by the lender to show potential sellers that the borrower may be approved for a loan for a particular amount.
Biff is hired by owner Gilligan to oversee a residential property complex, including supervising complex employees and maintenance, but he has limited authority. Biff is the:. A property manager oversees the property on behalf of the owner and is typically required to oversee employees and maintenance and protect the interests of and obtain the optimum financial return for the property owner who employs the manager. A lessee is the tenant of a property pursuant to a lease.
A managing agent has more power than a property manager, including the ability to use their judgment and discretion in matters affecting the property. Barbali manages a commercial office building. One of the tenants contacts her to complain about a broken door lock. What type of maintenance is necessary to repair the lock?
Corrective maintenance is repairing something that is already malfunctioning e. Preventative maintenance refers to inspecting equipment pursuant to a schedule and making repairs when necessary. Property maintenance refers to the overall maintenance of a property. Capital gains represent the profits on a capital investment, such as real estate. The profit realized from the sale of real estate held for 3 years is long term capital gains. Long term capital gains are profits on assets that are owned for more than 12 months.
Arkansas Real Estate Commission AREC requires all applicants for original licensure as a real estate salesperson or broker to complete a state and federal criminal background check.
This requirement applies to both resident and nonresident applicants. Please review the updated application procedure for Arkansas residents. Applicant will apply with the AREC, submitting the following: a. Completed application form b. AREC will notify the Applicant when the application has been processed.
The notification will include information regarding completing the fingerprint process. Applicant will contact a certified fingerprint harvester for collection of fingerprints. It is very important that candidates provide accurate and legible email addresses on their applications to ensure timely communication with the AREC. Applicants currently licensed in another state:. An applicant currently licensed in another state and seeking licensure in Arkansas at the same level, may request a waiver of the GENERAL portion of the examination.
The purpose of this is to give you the tools and expertise to master real estate math. Students will love the hands-on practice problems and detailed, clear descriptions of the purpose, use and formulas. MathMaster is an excellent crash course to help you prepare for the exam and a successful real estate career.
With more than 20 years in the real estate education field, we applied our research, expertise and experience to build an exam prep course comprised of the major testing formats and questions found in real estate state exam testing. This includes the ten crucial topics found on all testing service exams as well as the majority of state exams. Additional highlights include 2 question practice exams one for salesperson and one for broker.
All in all, our exam prep covers 1, questions on real estate content. A sophisticated exam prep tool that leverages adaptive learning technology to tailor study materials to meet your individual needs. Its personalized learning paths provide the optimal study experience to prepare you for the national information on your upcoming real estate license exam.
This product should be used only after completion of the state pre-licensing course requirement. Arkansas Sales Pre-License Complete Package — 60 hours Our Quality Guarantee: In the unlikely instance that one of our online students completes the online course and doe s not feel prepared for the exam or does not pass the exam on their first try, Arkansas Real Estate School will allow that student to attend class in our live Zoom instruction at no charge for up to one year after the start date of the online course.
Gain the solid foundation needed to succeed in modern real estate. Have confidence in yourself and your real estate knowledge.
0コメント