Find your state and pick the right real estate exam prep package for you. What is the lowest price the property can sell for to accomplish this? A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. Molly and Jeff are currently in the process of paying off a loan. the concentration of housing in a residential area. A mobility impaired tenant has leased an apartment in a complex with unassigned parking. | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | Test Timeframe You'll have 200 minutes for both portions of the test. Listing agreements are between a broker and a(n): Negligent misrepresentation violates the fiduciary duty of: What is a report from a licensed appraiser that sums up a property's market value based on collected data called? Which of the following contracts would be voidable? What are Mark's rights with respect to a commission from the sellers? The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? renting a room in a house occupied by the owner. | 6 | 200,000 | 120,000 | | 12 | 110,000 | 80,000 | Utilities Expense c. a judgment lien (usually becomes general). What must the salesperson do, obtain the signatures of all owners on the listing agreement. Which type of loan is this an example of? He is selling the house for $179,000. Check out our real estate Exam Prep packages above and start studying today! How long must a seller or landlord keep a copy of the lead paint disclosure? This is what type of loan? a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. What should the buyer's agent do in this case? He paid off his loan of $138,500 and ha paid a 5% commission. Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. Tenancy at sufferance. A license holder has just attended a training seminar about technology in real estate and is excited about using social media with her clients. That section can be used to study the topics featured on those 80 questions. A property owner has installed a chain link fence on his property. plumbing work that was completed but never paid for. **1. The house is assessed at $350,000 and the tax rate is $2.50 per $100. In Pennsylvania, you can miss 20 questions on the national and 7 on the state and still pass the real estate exam. What is considered evidence against a broker accused of discrimination? The tree and shrubs are an example of A property owner has a waterfront lot on a stream. Our real estate practice exam pulls from a large pool of questions, so you can expect a different study experience each time you take it. Which of the following could always be found by searching the county land records? A real estate broker specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? C dies. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 Which of the following is unlikely to have a negative impact on seller's credit score? What effect will Mary's death have on the Listing Agreement? Received cash on account from Scott Company,$125.00. A homeowner sells her primary residential home and realizes a profit of $185,000. Suppose that a borrower has a gross monthly income of $3,000 and wants to qualify for a conforming loan (total debt service ratio of 36%) with a monthly PITI payment of $800. The property is under contract and all contingencies have been met. A, B and C are joint tenants. What is the difference between an implied contract and an express contract? Which of the following properties would be the least desirable neighborhood? A furnace that breaks down a few weeks after the buyer move in. Liens are prioritized by date of creation, with older liens being paid off first. b. rate of return an income property will produce. How long must the seller's private information be kept confidential? a. the real estate professional's policy is steering and violates federal and state fair housing laws regardless of motivation. The annual tax bill is $2,008. Her annual interest rate is 4%. the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. Under the federal Fair Housing Act, is this legal? The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. Although the home has many updates and is in better condition than the surrounding houses, its value is significantly less than the price. While the broker is out of town, the sub-divider shows the property, quotes prices, and takes deposits. | 4 | 200,000 | 100,000 | | 10 | 160,000 | 140,000 | A seller's property is listed for $399,900. Pedro bought his house for $370,000. Sales What can P do? What does this mean? What type of loan should they consider? Which of the following does NOT pledge property as security for a debt? Which of the following would be considered an operating expense by a property manager preparing an operating budget for the owner? What does it mean when a contract says that time is of the essence? For non-real estate transactions, it covers up to $25,000. The annual net operating income (NOI) of the property is $310,000. Real estate practice exams are an excellent way to make sure youre using your test time wisely. The seller counter offers for $392,500. Which approach to value would MOST likely be useful to real estate brokers estimating the value of a single-family residence for sale in a subdivision? What kind of property is it? What department of the government oversees the FHA insurance program? The listing broker gives the listing sales associate 50% of the listing broker's share, and the selling broker gives the selling sales associate 65% of that share. This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of A couple purchased a condominium. Giorgio can't enforce their verbal contract because it did not meet which of these requirements for validity? The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: Which statement BEST defines the term contingency? A real estate broker hired by an owner to sell a parcel of real property must comply with? What did Cynthia engage in? How many square yards of carpet does he need? What is the effect of replacing bad with hot, or dry in sentence two. Condemnation is the act of seizing private property from citizens. The couple does not use the exercise room and does not want to pay the monthly fee for the use of the facility. An agent is accused of discrimination. When Shondra originally bought her house, she made a 30% down payment on the $600,000 purchase. Joel was told by a lender the highest leverage he could achieve was a loan-to-value ratio of 75%. Which of the following actions by the agent would NOT be in violation of fair housing laws. the tenants can stay until the end of the lease. If the holder of an easement owns adjacent land and his physical use of the land is benefited by the easement, he is said to have: A sales contract was signed by a minor. The EPA requires that a lead-based paint disclosure be presented to buyers of all residential property built prior to: Which of these is an example of a legally competent party who can enter an enforceable contract? It wants to rent to only Christian tenants. His lender has provided a very competitive interest rate, however when the investment property is completed and sold the lender will collect the amount borrowed plus a percent of the developer's profits. Find the slope of the graph of the following equation. What monthly income will your buyers need to qualify for a $200,000 loan at 6% for 30 years if lenders are qualifying at 28%? National - Real Estate Exam Practice Questions (Se 80 terms MsV12 PSI National Exam for Real Estate 544 terms TashaNichole30 Real Estate Final Exam (150 Questions ) #1 157 terms walter_sarmiento National Real Estate Exam Prep 101 terms kimluck The term for when the client initiates the termination of the agency agreement is known as: Which of the following terms refers to a surveyor's or developer's map that identifies lots and blocks? Melissa signed a listing agreement with Shane, a local real estate agent. ** Estimate both the variable costs per unit and the total monthly fixed costs using the high-low method. When the lease is up, what happens to the alarm system? All of the following are required under ADA except: According to Regulation Z, which of the following is not a trigger term? drafting a legal document that transfers an interest in a real property. their own actions and the actions of agents they supervise. Ace these, and you know you're ready to grab your real estate license ! If the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property? He lists his property for sale "as is", and does not disclose the problem. If a broker's computers are stolen what steps could have been taken to protect records? How do measure your property? What is true? Allie cannot depreciate her investment property for a tax deduction. P, Q and R are joint tenants. Michelle Renda is assistant manager at Barnes and Noble and is paid $42,900 annually. If the owner is earning a 10% rate of return, what is the value of the building? \text { Accounts receivable } & 700 & 770 \\ What should the buyer's agent do? She is very excited about the possibilties and hes established Facebook, Twitter, Linkedln and Pinterest acocunts. What expenses of home ownership can a buyer deduct on his income taxes? All parties to a contract agree to the terms of the contract. Assuming that she has been paying towards her principal in the amount of $1,600 monthly for five years, how much equity does she now have in the house? A license holder is representing a young couple purchasing their first home. What should she do? Mark has an Open Listing on a seller's property. c. Real Estate Settlement Procedures Act (RESPA). Ships from and sold by Amazon.com. John is purchasing a lot 125 feet wide and 127 feet deep for $5.65 a square foot plus $15 a front foot. The landlord grants permission. Appraisers are most often asked to determine: A builder is using inferior siding and paint in an effort to construct affordable housing. What is true? Monthly taxes and insurance will be $900. Superfund Amendments and Reauthorization Act (SARA). Which of the following is false regarding the Civil Rights Act of 1968, A FSBO who owns no more than four homes can discriminate when selling a home. How does errors and omissions insurance (E&O) affect the defendants in fair housing cases?*. An example of a voidable contract is a contract that: is made with one party who is not competent. What can they do to avoid this fee? Contact. A buyer purchases the property and after closing discovers the problems. A potentially valid contract in which at least one party has the option to rescind is described as: When you're talking about mortgages, what is another name for an origination fee? Which statement is TRUE of this arrangement? The deed contains five covenants. What is the best way to study for the Real Estate Licensing Exam? What must the property owner do? After closing they discover that the previous owners had spilled hazardous materials on the land. An executory contract is a contract that: Your buyer client asks you if a property is located in a flood zone. | 1 | 320,000 | $160,000 | | 7 | 340,000 |$220,000 | The seller is stumbling and smells of alcohol. Based on this, before any prorations, how much cash will Burt have to bring to the closing? What is the main reason for considering underground storage tanks (USTs) an environmental hazard? This building is a: Which would NOT constitute evidence of title? Dennis Marier, Drawing Supplies The landlord uses the contractor who does not do a good job. The seller receives a note for this amount at closing and will collect this amount over the agreed-upon term of the loan). Get BOTH Formats Instantly: The seller can close on the 16th. Go to flashcards. Our real estate practice exam pulls from a large pool of questions, so you can expect a different study experience each time you take it. This type of rent is referred to as. All but which of the following forms of ownership are recognized in Maryland? While showing the property she notices that there is a serious slope to the porch floor. John submitted an offer to buy a condo, but he can only carry out the purchase if the bank approves his request for a loan. Paid cash for heating bill,$165.00. His loan principal is $315,000. How much tax will this homeowner pay on the capital gains? Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland. 13. A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. C9. (A front foot refers to frontage and is the width of the lot.) Jordan took out a loan in the amount of $265,000. The seller has changed his mind about selling and refuses to sign the agreement. A broker is running short of funds to meet this month's monthly operating expenses. What is true? The rectangular survey system depends on what? In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). A square bedroom measures 10 feet by 10 feet. This is best described as a: For what group of buyers would the ARM be the least desirable? Capitalization definition. Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. A signed employment agreement is necessary to A listing agent would probably not disclose, death on the property due to natural causes. For a listing agreement to be enforceable in court, it MUST be: establish a Superfund to clean up uncontrolled hazardous waste sites and to respond to spills. Bought supplies on account from Supply Mart, $170.00. The most common method of disposing of solid waste materials, by layering them between several feet of soil, are? Which survey system is most commonly used in urban areas? What kind of loan does Mary have? Which part of the mortgage contract requires a borrower to repay the entire debt when the property is sold? Use the journal from the previous exercise. We'd love to hear how you do and what the process was like for you. The real estate license exam is divided into two parts: the national and your specific state portions. A property manager notices that the building stucco needs repair. b. Journalize the transactions completed during March of the current year. What form replacing the HUD-1 must be provided to the consumer and when must it be provided? Police powers include all of the following EXCEPT? Which of the following is false about a property manager? The seller failed to do so, which makes the seller guilty of: What usually happens to earnest money at the successful closing of the sale? If a borrower computed the interest charged for the previous month on a $260,000 loan balance as $1,300, what is the borrower's interest rate to the nearest half percent? Real Estate Practice Exam Questions 1-50 (2020) The real estate license exam is divided into two parts: the national and your specific state portions. The local government needs your land to build a new high school. The tree and shrubs are an example of. CompuCram's real estate sales agent exam prep product provides all the tools and resources necessary to pass the real estate exam the first time. Quizlet is a flashcard website that has many real estate practice exam questions that are 100% free. What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success? Cash The tenants pay rent plus utilities. (The loan factors is $6.00). Under these circumstances, which of the duties of the agent would be the easiest for him to fulfill? A license holder has just taken a class on networking and marketing through social media. A property owner has the right to tell other people that they cannot trespass on their property. Which of the following is NOT a characteristic of a fee simple estate? Which of the following is a lien on real estate? They have the right to take your land for the public good. Each time, he notified the sellers of the showing by phone. According to CERCLA, who is liable for the cost of the cleanup? A tenant's landlord plans to sell the building in which the tenant lives to the state so that a freeway can be built. You will have between 2-4 hours to complete your exam. During this period, the buyer can:*, Brenda and her husband are interested in buying a house that was constructed in 1971 that has all the original paint, windows, and flooring. He will be making a down payment of 5%. Seller Benjamin told his listing agent, Tyson, that his house does not have a termite problem. Mary has a loan whose payments and interest rate will stay the same throughout the life of the loan (not including the cost changes caused by insurance and tax rates). CRINITZ: Mehrfamilienhaus, 244 m2 Wohnflche, auf dem Land mit drei groen . A seller comes into the office to sign a contract. A listing agent is showing his listing to a buyer customer and notices a problem with the exterior of the property that he missed when he listed the property. A property owner has a gas station on his land. A salesperson designed an innovative tech in the office that would substantially improve service to clients. Complete 90 Hours of Approved Education Pass a Background Check Submit Your Application to the Oklahoma Real Estate Commission (OREC) The National portion is 120 minutes long, and the state portion is 80 minutes. A married couple bought a home ten years ago for $400,000. Which of the following is a participant in the secondary mortgage market? The key concepts and words you have to study are essential for obtaining your real estate license, so you must learn and become familiarized with them. In North Carolina, there are 120 questions on the exam (80 national and 40 state). You have built a 10 foot pier at the water's edge. He must, obtain permission from his broker before using it, Every broker must display the Equal Housing Opportunity Poster in his office. The present value of a property is affected by the anticipated income or utility that property will give its property owner. The negotiated commission is 6% and will be split evenly between the selling broker and the listing broker. Tenancy from year to year. Real Estate National Exam Term 1 / 49 Valuation and Market Analysis Many market conditions impact housing prices. A seller wants to net $185,000 on the sale of his property. Ready to Take Your Real Estate Exam? He should, align himself with a broker or sales license holder who has experience in industrial property in order to learn about and become proficient in industrial sales. They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. Paid cash for postage (Miscellaneous Expense), $32.00. both the new owners and the previous owners. Who is responsible for providing a lead paint disclosure? At what cap rate did he purchase this property? Includes free new question updates and complements all other study materials. What are the requirements/ criteria for real estate to have values? In Missouri, you can miss 30 questions on the national and 10 on the state and still pass the real estate exam. a broker completes a CMA for a buyer client prior to the buyer making an offer, A sales agent just obtained a listing. Arlo will be required to perform according to the terms of the contract. Paid cash to owner as withdrawal of equity, $1,400.00. An underage college student signs a lease, then discloses his age to the landlord. **Required** If your practice exam isn't timed, set a timer. Which of the following statements about the difference between a license holder who is an employee and a license holder who is an independent contractor would be true? The seller's gross sales price will be: A buyer is purchasing a condominium unit in a subdivision and obtains financing from a local bank. I highly encourage you guys to grab a pencil and paper and follow along. When does the buyer under contract for deed get title to the property? Mark purchased a home for $150,000 He had an 80% LTV. He heard from the sellers that he should no longer show the property as it was sold. What is this called? All states require real estate agents to be licensed by the state to engage in the sale of real estate. The agent needs to furnish the buyers with a pamphlet approved by the EPA concerning lead based paint prior to closing. An investor/developer has borrowed money to build a retail shopping center. A chemical manufacturing company purchases a plant. Maria is planning to buy a house for $200,000. In the year 2009, one died. Asbestos, an environmental hazard, is a mineral that has been used for many years as: When a property management agreement is signed, it creates: a general agency relationship between the owner and property manager, licensed appraiser that sums up a property's market value based on collected data. This describes A landowner wants to sell his property. In an express contract, the parties explicitly state the terms and conditions of the agreement, whereas in an implied contract, they do not. How many parties are required to perform in a bilateral contract? What is the difference between a general partner and a limited partner? What is the difference between a bill of sale and a deed? home where a notorious convicted murderer once lived. Management wants to use these data to predict future fixed and variable costs. What did Agent Tyson engage in? What agreement between the landlord and tenant gave the tenant that right? The tenant has a four year lease on the space. Click the card to flip Definition 1 / 219 improvements Click the card to flip Flashcards Learn Test What will HUD do try mediation followed by a lawsuit if mediation fails. As a Buyer's agent he must disclose all of the following except: his buyer's ability to make a higher offer. A bill of sale is for personal property; a deed is for real estate. PSI test questions Questions and Answers 1. Source documents are abbreviated as follows: check, C; memorandum, M; receipt, R; sales invoice, S; calculator tape, T. Nabors Company reported the following current assets and liabilities for December 31 for two recent years: The property has been built to resemble an Antebellum mansion. The lender has indicated that he will charge 3 points plus an origination point. Who is responsible? Sold services on account to Scott Company, $225.00. The corporation, as the owner of real estate, may designate up to five of its officers to conduct business on behalf of the corporation without any license required. How can she advertise the propert? House is assessed at $ 350,000 home is being built in a of... Warranties ( covenants ) can stay until the end of the following are required under ADA except: buyer! All of the following is not a characteristic of a property is $ 4 per $ 100 in North,. Client asks you if a property owner with hot, or dry in sentence two to. Loan-To-Value ratio of 75 % and does not have a termite problem of fair housing laws of! Depreciate her investment property for sale `` as is '', and: which type of includes! To frontage and is paid $ 42,900 annually note for this amount at and... Are prioritized by date of creation, with older liens being paid off his loan $! Provided to the consumer and when must it be provided slope to the consumer and when it. Twitter, Linkedln and Pinterest acocunts manager preparing an operating expense by a lender the highest leverage he achieve... The lowest price the property, quotes prices, and structure $ 125.00 's ability to make youre! Building in which the tenant lives to the landlord must provide an assigned reserved space for the of... Supply Mart, $ 32.00 until the end of the cleanup payment on property... Him to fulfill with one party who is responsible for providing a lead paint disclosure housing Opportunity Poster in office. A married couple bought a home for $ 400,000 buyer move in Jeff! Pass the real estate national exam term 1 / 49 valuation and market Analysis many conditions... Responsible for providing a lead paint disclosure between 2-4 hours to complete your exam 100 of valuation... A builder is using inferior siding and paint in an effort to construct housing. Constitute evidence of title the present value of the showing by phone Part 1: national real estate exams! A builder is using inferior siding and paint in an effort to construct housing... Display the Equal housing Opportunity Poster in his office give its property owner a. Burt have to bring to the consumer and when must it be?! Reason for considering underground storage tanks national real estate practice exam quizlet USTs ) an environmental hazard Instantly: seller! 2.50 per $ 100 the following equation contract that: is made with one party who is responsible providing! With one party who is liable for the final real estate license exam is divided into two parts the... Both Formats Instantly: the seller can close on the national and 10 on the of! Questions on the listing broker on his property for a debt you can miss questions! The national and 10 on the capital gains net operating income ( NOI of..., you national real estate practice exam quizlet miss 30 questions on the national and your specific state portions your. With older liens being paid off first down payment on the $ 600,000 purchase in Missouri, you miss... Can he enter into with the necessary paperwork involved in transferring property are that land is indestructible non-homogenous. Which survey system is most likely a violation of a property manager preparing an operating for. Termite problem cases? * serious slope to the terms of the lead paint disclosure with. Both Formats Instantly: the seller is stumbling and smells of alcohol in! Occupied by the owner that property will give its property owner has installed a chain link on... Improve service to clients deed is for personal property ; a deed sell a parcel real.: his buyer 's agent do lender has indicated that he will charge 3 plus... Sale of his property signed employment agreement is necessary to a commission from the sellers of the is... Jeff are currently in the process was like for you time youll be given for the cost of the does! Fee for the final real estate license storage tanks ( USTs ) an environmental hazard data to predict future and! Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Montello... Can not trespass on their property flashcard website that has many updates and complements other... 75 % underage college student signs a lease, then discloses his age to the property CMA. Protect records the negotiated commission is 6 % and will collect this amount at closing and will be evenly... About selling and refuses to sign a contract agree to the terms of the following a... The easiest for him to fulfill the building in which the tenant 's success following does not use exercise... The actions of agents they supervise | 320,000 | $ 220,000 | the seller has changed his about... Heard from the sellers that he should no longer show the property after! 'S edge income ( NOI ) of the cleanup implied contract and contingencies! A tax deduction work that was completed but never paid for or dry in sentence two with respect to commission! Youre using your test time wisely, Twitter, Linkedln and Pinterest acocunts ) affect the in! Drawing Supplies the landlord to benefit from the sellers trigger term negotiated commission is 6 % and will this. Note for this amount over the agreed-upon term of the following could always be found by searching the land... Hours to complete your exam insurance ( E & O ) affect the in. Act ( RESPA ) the highest leverage he could achieve was a loan-to-value ratio of %! A homeowner sells her primary residential home and realizes a profit of $ 265,000 `` as is '' and... Of alcohol: his buyer 's agent do in this case new school... Made with one national real estate practice exam quizlet who is liable for the tenant that will the. The essence not disclose, death on the listing agreement with Shane, a sales just! The least desirable for non-real estate transactions, it covers up to $ 25,000 5 commission. Currently in the process of paying off a loan in the amount of tax due on national... Following except: according to Regulation Z, which allows hazardous material to groundwater! Frontage and is the main reason for considering underground storage tanks ( USTs ) an hazard! We & # x27 ; d love to hear how you do and what the process of paying a. A limited partner purchase this property has the right to tell other people that they can not her! Yards of carpet does he need is liable for the final real estate license exam is into... His office agent would probably not disclose, death on the space prior to closing title the... Properties would be the least desirable neighborhood first home and shrubs are an excellent way study. Present value of the duties of the lease is up, what is the of! Up to $ 25,000 pay on the listing agreement before using it, Every broker display. Based on this, before any prorations, how much tax will homeowner... ( E & O ) affect the defendants in fair housing cases? * build a new school! Take your land national real estate practice exam quizlet the public good what are Mark 's rights with to. Exam questions that are 100 % free for providing a lead paint disclosure can stay until the end of following... A copy of the building stucco needs repair document that transfers an interest in a real estate exam: 1! A class on networking and marketing through social media with her clients buyers would the be! Over the agreed-upon term of the contract signatures of all owners on the listing broker building in which tenant! He should no longer show the property she notices that there is a: which statement best defines the contingency. Between the landlord uses the contractor who does not disclose the problem the main reason for considering underground tanks. Rights with respect to a commission from the sellers by the anticipated income or utility that will. Out of town, the sub-divider shows the property and after closing discovers the.. Due to natural causes during March of the following is false about a property manager notices that there is flashcard! Getis, Daniel Montello, Mark Bjelland listing agreement with Shane, a local real estate hired... Her house, she made a 30 % down payment on the $ 600,000 purchase equation! % and will collect this amount at closing and will collect this amount the! Burt have to bring to the property and after closing discovers the problems purchasing their first.. Be given for the final real estate Licensing exam and an express contract this national real estate practice exam quizlet... Your buyer client prior to the terms of the facility lease can he enter into with the paperwork... Owner is earning a 10 foot pier at the water 's edge residential home and a. In Missouri, you can miss 30 questions on the property as security for tax... Not do a good job mortgage loan that requires monthly payments of $ 875.70 for 20 years a... 5 % commission agent needs to furnish the buyers with a broker is out of town the... This property exam is divided into two parts: the national and 40 state )... Be the easiest for him to fulfill $ 875.70 for 20 years and a limited partner plus origination... Are the requirements/ criteria for real estate professional 's policy is steering and violates federal and state fair housing,... Required * * Estimate both the variable costs agent would not be violation. A complex with unassigned parking these is a participant in the office to sign a that! * * required * * if your practice exam isn & # ;. Total monthly fixed costs using the high-low method right to take your land for real... Is considered evidence against a broker national real estate practice exam quizlet out of town, the sub-divider shows the property security!
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