50 Real Estate Flashcards for Exam Prep [+ Free Download]

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Flashcards are a great way to learn about new topics quickly and easily. They teach you by breaking down text into manageable bits that you can practice in bite-sized chunks. This quiz will help prepare for the 50 most commonly tested concepts on your state real estate exam, so be sure to study it well!

The “real estate flashcards quizlet” is a website that has 50 real estate flashcards for students to study. The site also includes a free download of the flashcards.

Concepts and questions that often occur on the real estate license test are included in real estate flashcards. Students can grasp real estate subjects and pass the test with ease by studying with these flashcards. We’ve included 50 free real estate flashcards below that cover property law, financing, fundamental vocabulary, and ethics to assist prospective agents.

To pass the real estate license test, students will need more than just flashcards. Prelicensing education is required in every state, and it might be challenging to fit into your schedule. Scholar of Real Estate Exams, on the other hand, makes it simple by providing online courses that you can access at any time. To discover more about their well-reviewed program, go to their website.

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50 Real Estate Flashcards are available for free download.

The finest real estate flashcards cover all of the subjects on the license test and offer example explanations to ensure that students grasp real estate ideas completely. Get everything you need to prepare for your real estate test by downloading our 50 free real estate flashcards below.

Exam Preparation: 50 Real Estate Flashcards

While each state’s real estate license test differs, most contain questions on real estate practice, real estate law, terminology, financial responsibility, and ethics. We produced flashcards in these areas to assist you with your test preparation. There are ten questions in each of the categories mentioned below.

The following are 50 real estate flashcard questions that cover all five test topics:

Property Flashcards for Real Estate in General

General property questions are meant to test your understanding of home ownership rights and responsibilities. These inquiries generally pertain to the process of purchasing or selling real estate, as well as the rights of the owner after they have taken ownership of the property.

Question 1: Is it possible for a property owner to obstruct an easement?

No, the answer is no. Because these areas are utilized by public utility providers and community groups, a property owner cannot prevent or limit access to the property easement.

Question 2: What is the meaning of a mutual recognition pact?

Answer: A mutual recognition agreement, often known as reciprocity, allows a real estate agent to represent buyers and sellers in two different states. The licensure education certificates are accepted in both states.

What are the physical features of real estate? Question 3: What are the physical characteristics of real estate?

Immobility, indestructibility, and uniqueness are the three physical properties of real estate.

Question 4: In real estate, what does DUST stand for?

The term DUST stands for four economic features of real estate. Demand, Utility, Scarcity, and Transferability are the acronyms for Demand, Utility, Scarcity, and Transferability.

Question 5: Is an old department store converted into shopping space on the first floor & apartments on the second floor an example of non-conforming use?

Yes, it is correct. Non-conforming use is when a place is permitted by the zoning commission and utilized in a manner that modifies the zoning without requiring a new application.

Question 6: Does the percolation test demonstrate a community’s air quality?

No, the answer is no. The percolation test examines water runoff in a given region to see if it is suitable for a septic system for residential or commercial use.

Question 7: In real estate, what does PETE stand for?

PETE (Police Power, Eminent Domain, Taxation, and Escheat) is an acronym that stands for police power, eminent domain, taxation, and escheat (dying without an heir). In terms of property ownership, these are the government’s rights over individuals.

What is a life estate, exactly?

A life estate is property that is exclusively owned by a person for the duration of their life. The property immediately reverts to the original owner after death and is not included in their inheritance. Someone could gift their mother a house to live in for the rest of her life, but when she dies, the home reverts to the original owner.

What is a period-to-period lease, exactly?

A period-to-period lease, also known as a periodic tenancy, meaning that a property’s lease automatically renews as long as the rent is paid and the owner does not amend the lease contract.

Question 10: What does it mean to have an estate at sufferance?

Answer: Estate at sufferance refers to a failure to evacuate a property after the lease has expired or a mortgage has been defaulted on. The individual is occupying a property without the owner’s permission.

Flashcards on Real Estate Law

Real estate law encompasses all state and federal legal judgments that affect real estate transactions. It’s crucial to note that these flashcards mainly cover national law, while questions on state laws will appear on all licensure tests. Knowing these laws may help an agent stay out of trouble.

Megan’s Law is the first question.

Megan’s Law is a law that deals with sexual predator disclosures in public places. Whether a buyer inquires about sexual predators in the area, the realtor should direct them to the Sex Offender Registry website to see if the area has any known offenders.

Question 2: Which level of government is in charge of zoning regulations in a certain area?

Answer: To satisfy the demands of their community, local governments have the authority to set area zoning regulations. Real estate is not subject to any national or statewide zoning rules.

Question 3: What are the two methods through which the government may seize privately owned land or property?

Eminent domain and escheat are the answers. The process of seizing property for the community’s use and benefit, such as extending a roadway, is known as eminent domain. Escheat occurs when a property is taken by the government after the owner has died without heirs.

Question 4: What are the implications of the Americans with Disabilities Act (ADA) on housing?

The ADA mandates that people with disabilities have physical access to housing and that people with disabilities or handicaps have equal housing possibilities.

Question 5: Does a property owner have the right to sell his or her home?

Yes, it is correct. Only the property owner has the legal authority to sell the property.

Question 6: Is it legal for a property owner to obstruct a stream at the expense of other property owners?

Yes, it is correct. The theory of previous appropriation states that the first person to divert water from a stream for their personal use, even at the expense of other owners, has the right to do so.

What is the Federal Fair Housing Act of 1968, and what does it do?

When it comes to purchasing or leasing property, the Federal Fair Housing Act mandates that everyone be treated equally. Discrimination on the basis of race, religion, sex, or origin is prohibited by the seller or agent.

Question 8: What are the legal procedures for terminating an offer?

Failure to meet the due date, seller rejection, buyer withdrawal, or a legal judgement may all result in the termination of an offer.

Question 9: What is required for a law of frauds to be enforceable?

To be legally enforceable in court, the contract must be in writing, not verbal, according to the statute of frauds.

Question 10: What are real estate subsurface rights?

Answer: Subsurface rights are any advantages derived from under the surface of the property that a person owns, such as minerals, oil, gas, and water.

Flashcards on Basic Real Estate Terminology

The licensure test includes a major portion of real estate definitions. These definitions cover a wide range of topics and provide agents with a basic grasp of real estate transactions and operations. The following definitions apply to all states, while certain states may have extra definitions depending on their specific real estate markets.

Term 1: Market Analysis of Competitors (CMA)

Definition: A comprehensive analysis that a real estate agent provides to a prospective buyer or seller on the market, showing a property’s worth based on characteristics such as community sales and the quality of nearby properties. The CMA must only be represented as an expert judgment by the agent, not as an evaluation.

Term 2: Agreement of Purchase & Sale

Definition: The agreed-upon selling price of a property between the buyer and the seller.

ARV is the third term.

Definition: After-Repair Value is the value of a property after the seller has completed all repairs.

Balloon Mortgage is the fourth term.

Definition: A short-term mortgage with no or only interest payments that requires the loan carrier to pay off the whole loan at the end of the agreed-upon period.

Earnest Money Deposit (Term 5)

The amount of money a buyer provides a seller to ensure that they are interested in completing a transaction. This is not the same as a down payment, although it is often rolled into the down payment after the transaction is completed.

Term 6: Unpredictability

Definition: A contingency is a legal declaration stating that the buyer or seller must meet a specified number of conditions before the sales contract can be concluded.

Term 7: Real Estate

Definition: A physical property, encompassing items such as buildings, land, and property fixtures, as well as ownership rights, is referred to as real property.

Fixture is the eighth term.

Definition: Anything permanently affixed to the land, such as a well, patio, or shed.

Term 9: Inheritance

Hereditament is the land and property that is passed down from one family member to the next via inheritance.

Stigmatized Property is the tenth term.

Definition: A location where a negative occurrence, such as a suicide or murder, occurred. This has a detrimental impact on the seller’s ability to locate a buyer.

Fiduciary & Financial Flashcards

The implicit trust and privacy between the agent and the buyer or seller are covered by fiduciary obligations. Financial responsibility investigates how contracts are handled on both sides of a transaction. The real estate agent has a variety of state and national fiduciary and financial duties, but the following are the most prevalent.

Question 1: What is RESPA & what is its purpose in real estate?

The Real Estate Settlement Procedures Act (RESPA) focuses on revealing how much interest a mortgage would cost over time as well as the total repayment amount during the loan’s term.

Question 2: Can one agent represent both the buyer & the seller?

No, the answer is no. One broker, on the other hand, might represent both the buyer and the seller in their office using distinct agents—or dual agents.

Question 3: How do payouts from the Veterans Administration (VA) safeguard the lender?

Answer: VA entitlements are the guaranteed sums of money that the lender will get if the individual who was authorized for the loan defaults on the loan.

Question 4: How is a property’s Loan-to-Value (LTV) calculated?

Answer: The LTV is calculated by dividing the loan amount by the selling price or appraisal value (whichever is lower).

Is the cost of closing included in the purchase price?

No, the answer is no. Closing expenses are payments for services such as deed registration and property appraisal that are required to make the transaction lawful.

Question 6: What do you mean by points?

In return for a lower interest rate, points are payments paid directly to a lender after closing.

Question 7: When do you collect ad valorem taxes?

Answer: Ad valorem tax is the sales tax that is required when a residence is sold or purchased.

Question 8: What makes usury illegal?

The unfair practice of overcharging interest rates is known as usury. Usury occurs when the average market interest rate is 14 percent and the lender offers 30 percent.

Question 9: What are real estate investment trusts (REITs)?

Individuals and organizations engage in real estate via Real Estate Investment Trusts, or REITs. When the property is sold, each investing entity earns a proportionate return on their investment.

Question 10: What is the formula for calculating net operating income (NOI)?

Answer: Net Operating Income (NOI) is the entire income (from rents, for example) after all losses and expenditures to repair or maintain the property have been deducted.

Real Estate Ethics Flashcards

The behavior of real estate agents and brokers before, during, and after the sale of a property is covered under real estate ethics. Engagement with customers and other agents is part of this. On the licensure test, ethics questions are usually given in a true/false manner.

True/False Statement 1: It is against the law for agents to suggest firms that provide home appraisals.

True is the answer. Home appraisals are conducted independently of the agent, and the agent cannot recommend a particular business for the job.

True/False Statement 2: “Let the buyer beware” is the slogan of the Ethics Code.

False is the answer. The slogan of all real estate ethical codes is “Let the public be served,” which means that the agent must prioritize the client’s needs.

True or False 3: A real estate agent is free to accept any customer.

False is the answer. If your client has already signed a contract or is showing with another buyer or seller agent, you will not be able to accept them or the listing until the contract has expired.

True or False Statement 4: Virtually staging houses or manipulating photographs is fine as long as the alterations are explicitly disclosed.

True is the answer. While photographs or videos are modified to show items that the client will not see when viewing the home, the agent should tell potential purchasers about the changes.

True or False Statement 5: It is permissible to direct a customer to a neighborhood or location that best suits them.

False is the answer. While this is still an ill-advised and immoral practice in most states, it is banned in California.

True or false statement 6: You may show a home to buyers even if the seller has accepted an offer.

True is the answer. You may show these homes to prospective buyers, but you should inform them that the seller has received bids and may close the deal.

True/False Statement 7: You should focus on showing high commission properties &d not low commission properties to increase your income.

False is the answer. If you agree to show a seller’s property, the ethical thing to do is to do so regardless of the compensation arrangement.

Agents may represent family members as long as they disclose their affiliation to the buyer or seller. True/False Statement 8:

True is the answer. Real estate brokers must declare their relationship to family members to any buyers or sellers, according to Article 5 of the NAR Code of Ethics.

True/False Statement 9: You can keep all client money in one escrow as long as you keep the entries separate & clear.

False is the answer. Every customer should have their own escrow account distinct from other clients, according to Article 8 of the Ethics Code.

True/False Statement 10: You have the ability to discuss the reasons why a seller is placing a home on the market.

False is the answer. Clients have a right to privacy that should not be infringed upon.

Exam Preparation Alternatives to Real Estate Flashcards

If you’re worried about taking the real estate license test, you may want to complement your flashcards with some extra exam preparation. Take a look at the following prep programs, study materials, and sample tests to help you ace the exam.

Consider the following three test preparation services:

Real Estate Express is a company that specializes in real estate

Real Estate Express is a company that specializes in real estate offers a coach who focuses on your specific state concepts and your progress with the material. Also, their proprietary Exam Prep Master offers 17 timed practice exams and over 900 questions that mirror the atmosphere of taking the real estate exam. Exam Prep Master is $99 and comes with a Pass or Don’t Pay guarantee.

Mbition – Real Estate Education (formerly Career Webschool)

Mbition – Learn Real Estate provides an easy dashboard with a variety of study tools, practice questions, and timed assessments. Mbition also shows areas of weakness so you may focus on the issues that are causing you problems. For $59, aspiring agents may obtain test prep that is personalized to their specific requirements; the platform’s predictive intelligence detects your weak spots and provides you with the content you need to study.

PrepAgent

PrepAgent provides test candidates with online videos, webinars, practice tests, and audio lectures to assist them concentrate on the topics they need to know to pass the exam. With a money-back guarantee, PrepAgent access is $49 for a week, $69 for a month, or $89 for a year. Get a free practice test from PrepAgent and learn more about their money-back promise.

50-Real-Estate-Flashcards-for-Exam-Prep-Free-Download “Go in with a pleasant mindset and try your best on the exam.” Not everyone passes the first time; in fact, the Department of Real Estate does not anticipate everyone to pass the first time. It is for this reason that follow-up tests are given. Don’t be concerned. The most crucial real estate preparation is ahead of you in the actual world!”

– Jenny Okhovat, Jenny O Homes Real Estate, Jennifer Okhovat, Jennifer Okhovat, Jennifer Okhovat, Jennifer Okhovat, Jennifer Ok

Most Commonly Asked Questions (FAQs)

What are the fees for a prep class & real estate license?

Depending on your state, real estate prep programs might cost anywhere between $400 and $1,000. Extra hours and lessons are required in certain states, which raises the cost. Depending on your state, your real estate license and application will cost about $325 if you pass the test. You may add around $125 to the total if your state demands a background check or fingerprints.

What is the minimum passing score for the real estate exam?

To pass the test, most states require prospective agents to answer correctly 70% to 75% of the questions. If you do not pass the test the first time, you have 21 days to repeat it (in most states). It’s advisable to verify with your state’s real estate board for the actual pass rate.

Is it possible for me to take the real estate test online?

No. While you may be able to attend real estate test preparation programs online, you will not be able to take the real estate exam. To take your exam, you must first register on the website of your state’s Real Estate Commission and then bring your identification to a set testing location at a given time.

Conclusion

Exam prep real estate flashcards assist aspiring real estate agents in memorizing subjects that will be assessed on the real estate licensing exam. All of the subjects on the test are covered in our 50 flashcards, including basic real estate knowledge, legislation, terminology, financials, and ethics. You may download them and study with them as you prepare for the test.

Flashcards aren’t the only tool needed to get your license. Be sure you sign up for prelicensing coursework to meet your state’s education requirements. Scholar of Real Estate Exams makes this easy by providing all courses online so you can access them on your schedule. Learn about the Scholar of Real Estate Exams Pass or Don’t Pay guarantee by signing up today.