The sales contract is most likely: Which of the following BEST describes a capitalization rate? What agreement between the landlord and tenant gave the tenant that right? What should the buyer's agent do? 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? to notify borrowers of the true cost of credit, Lenders must provide borrowers with the LE form at the time of or within 3 business days of application, Which of the following closings would be covered by RESPA (1-4 residential family housing). 21. A buyer's agent is working with a buyer to purchase a property. John has 60% interest in the property and Mary has a 40% interest. 201 Kandy Dr. is now the smallest, shabbiest home on the block, but it recently appraised for more than a similar home in a less-upgraded neighborhood. Each month they pay the same amount, which contributes to both the principal and interest. | **Month** | **Units Sold** | **Total Cost** | | **Month** | **Unit Sold** | **Total Cost** | Mortgage notes made in the primary market are bought and sold. C10. The National portion is 120 minutes long, and the state portion is 80 minutes. Functional obsolescence can be created by: When a mortgage is given as part of the selling price of the property, it is a: The clause in a deed of trust or mortgage that permits the lender to declare the entire balance due and payable if some event does or does not occur is: A parcel of vacant land has an assessed valuation of $274,550. Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? The annual net operating income (NOI) of the property is $310,000. In preparing an appraisal, which of the following would have the least impact on the appraiser's estimate of value? What is another name for Contract for Deed. The complex has an exercise room for all residents. ft, with $10,000 in depreciation and a $27,500 lot, what is the value of the property? The tenant becomes ill from the mold. If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. He is selling the house for $179,000. Supplies An unlicensed assistant gets a call from a listing owner with questions about a contract- what should the assistant do? If a broker's computers are stolen what steps could have been taken to protect records? A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. The house is assessed at $350,000 and the tax rate is $2.50 per $100. the tenants can stay until the end of the lease. Which type of loan is this an example of? An example of a voidable contract is a contract that: is made with one party who is not competent. Dennis Marier, Drawing Prior to its amendments, the Civil Rights Act of 1968 prohibited discrimination based on An agent working with immigrant buyers must be careful, not to steer the buyers to a neighborhood based on the language they speak. 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. What is the difference between a bill of sale and a deed? They would like to accept this new offer. The main goal of the ADA is the removal of barriers. When does the buyer under contract for deed get title to the property? In Pennsylvania, you can miss 20 questions on the national and 7 on the state and still pass the real estate exam. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. Which of these will most lenders require homeowners to obtain before closing? What is the advantage to the borrower of a VA loan? A seller's property is listed for $399,900. \text { Accounts receivable } & 700 & 770 \\ The lending institution charged a 1% loan origination fee. Her landlord pays for the property's maintenance, security, taxes, utilities, and all other operating expenses. Deficiency B. Delinquency C. Default D. Deferment 3. Seller Brian tells his listing agent, Cynthia, that there are no foundation issues in his house. Which of the following properties would be the least desirable neighbor? The property is under contract and all contingencies have been met. He speaks with the seller, who is at home at the time, and they come to an agreement regarding price and terms. both the new owners and the previous owners. All of the following are hazardous substances that a license holder should be aware of except, Which of the following is the best example of puffing, I think this is the best floor plan available from this builder. M2. How do you proceed? What type of listing provides a commission to the broker ONLY if their activities bring about a sale?*. an easement is a benefit to the dominant property owner. |:-----------:|:----------------:|:----------------:|---|:-----------:|:---------------:|:----------------:| Mark has an option to purchase Bob's property. With the exception of tax liens, how are liens generally prioritized? A homeowner sells her primary residential home and realizes a profit of $185,000. It wants to rent to only Christian tenants. They own their own home. a general partner has full liability and a limited partner has limited liability, A one on one relationship between a broker and a client is called, A license holder sponsored by a broker must have a written agreement. She owns real property and dies intestate. 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. The CD at least three days before closing. Purchase Louisiana real estate Exam Prep today and get ready to pass your test with more confidence and less stress. What is this an example of? Under a new construction Home Owner Warranty policy, which of the following would not be covered? About 1 hour and 20 minutes The tenant continues to pay the rent as prescribed in the lease. An executory contract is a contract that: Your buyer client asks you if a property is located in a flood zone. Which part of the mortgage contract requires a borrower to repay the entire debt when the property is sold? Received cash on account from Scott Company,$125.00. A seller wants to net $165,000 from the sale of a house after paying the broker's fee of 6% and other closing costs of $2,635. What did Agent Tyson engage in? The seller told the listing agent that his neighbor's satellite dish trespasses on his property. Quizlet is a flashcard website that has many real estate practice exam questions that are 100% free. Molly and Jeff are currently in the process of paying off a loan. Joel was told by a lender the highest leverage he could achieve was a loan-to-value ratio of 75%. Which one of the following actions would be considered the unauthorized practice of law by a broker? In Colorado, there are 154 questions on the exam (80 national and 74 state). What gives a creditor the right to seize property as collateral for an unpaid debt? The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? A real estate broker hired by an owner to sell a parcel of real property must comply with? In senior housing communities, at least one person over the age of 55 must be living in what percent of the units? The commission to the listing broker will be 6%. He trips in the house causes major damage to property of the owner. If the assessment is 85% of the market value, what is the market value? For non-real estate transactions, it covers up to $25,000. Several months later, the agent has a buyer client interested in purchasing the same property. Arturo is buying a house for $400,000. A buyer purchases the property and after closing discovers the problems. A & B. The corporate officer must be the president and CEO of the corporation to engage in business on behalf of the corporation. By far, the most substantial chunk of the real estate license exam is the vocabulary. They shake hands on the agreement and the buyer happily leaves the property. How much did she pay for the discount points? A broker has written permission to represent both the seller and the buyer as a dual agent. Condemnation is the act of seizing private property from citizens. A buyer has purchased a property and after closing the seller will continue to occupy the property. Received cash from sales,$250.00. | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | A listing agent went to inspect a seller's property hoping to list it for sale. A tenant's landlord plans to sell the building in which the tenant lives to the state so that a freeway can be built. The new stucco leaks and mold grows. He paid off his loan of $138,500 and ha paid a 5% commission. He must pay a loan balance of $180,530 and closing costs at $10,000. Two new builders arrive and begin to sell in the same subdivision. A. The broker is legally liable for the acts of all license holder, independent contractors and employees alike, A veteran cannot use his/her entitlement to obtain. If your practice exam isn't timed, set a timer. Maria is considering the difference between an 80% LTV and a 75% LTV. 1. & \textbf { Dec. 31, Current Year } & \textbf { Dec. 31, Previous Year } \\ During the term of the listing the seller had disclosed confidential information to the agent. What act is prohibited by the Sherman Antitrust Act? Go to flashcards. What type of business entity is owned by shareholders, but avoids "double taxation"? Operating expenses were $60,000. How much does the selling sales associate earn from the sale after deducting expenses of $1,300? Where does the secondary market get its funds? The property management agreement creates what kind of agency? Take our a specific flood insurance policy. The seller has changed his mind about selling and refuses to sign the agreement. The value of a property is only what a consumer would pay to acquire a comparable property. If a borrower is behind on payments, the acceleration clause gives the lender the ability to: call the entire loan balance due immediately. Last month, another died. The commission agreed upon was 7% and Tareq gave half to the buyer's representative. Your client will be able to qualify for a property they wish to purchase in about 6 months, after they had an opportunity to reduce their consumer debt. You have built a 10 foot pier at the water's edge. A sale is closing on June 15th and the annual property tax bill has not been paid. They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. What's Included? What should she do? They have the right to take your land for the public good. \hline \text { Cash } & \$ 650 & \$ 680 \\ Which of the following is the most likely reason for the lien? Who is responsible? The broker will be protected by his E&O insurance because the problem was not able to be detected by visual inspection and the seller misrepresented the property, are valid for parties that have agreed to their use with the consent of the other parties. Is the quick ratio improving or declining? They give the tenants notice to vacate. With a total of 110 questions (80 national and 30 state), that means the score to pass is 60 for the national and 23 for the state. Test Timeframe You'll have 200 minutes for both portions of the test. National Real Estate Exam Practice Questions 4.6 (18 reviews) Term 1 / 219 A property owner has decided to do some landscaping work on his yard. b. This is an example of A father gives his son a life estate on a property. E&O may not cover any defense for a fair housing violation. If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? Mary, a single woman, has no children. the contract is voidable at the minor's option. Tenancy at sufferance. Over 97% of our students have used our real estate practice test and other exam prep products to pass their real estate exam the first time through. Paid cash for heating bill,$165.00. Get BOTH Formats Instantly: He notifies the landlord and recommends a contractor. Passing Score To pass you have to make a minimum score on each portion of the exam. Recommend an inspection for hazardous materials. 12. 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. When both her parents have died, ownership of the office building will revert to the woman. 25. Although not an agent of either party, the broker may not disclose either party's confidential information to the other. An investor has purchased a one-family home that they plan to rent as an investment. When Shondra originally bought her house, she made a 30% down payment on the $600,000 purchase. Last week, Mary died. An appraiser is using the Market Data Approach to determine the value of a residential property. Utilities Expense He must, obtain permission from his broker before using it, Every broker must display the Equal Housing Opportunity Poster in his office. Melissa signed a listing agreement with Shane, a local real estate agent. What is required? The listing broker has taken the agreement to the seller. According to the Statute of Frauds, which of the following leases must be in writing? What happens in the secondary mortgage market? Which statement is TRUE regarding the real estate professional's policy? increases the amount the seller receives at closing. b. exclusive buyer representation agreement. They have found a property that they would like to purchase now. The present value of a property is affected by the anticipated income or utility that property will give its property owner. 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: However, there is a huge crack running down the middle of the living room wall. When did the second amendment of the Federal Fair Housing Act go into effect? When the lease is up, what happens to the alarm system? John has leased commercial property and pays rent based on the receipts of his business. Which of the following is NOT an example of due diligence in a sales contract? She is also writing a blog. Journalize the transactions completed during March of the current year. The rectangular survey system depends on what? Which of the following instruments is the promise to repay a debt? For help with the national portion, we have our national real estate practice test. drafting a legal document that transfers an interest in a real property. Prepare for success! It has come to your attention that you have a zoning violation on the property. He has begun to disassemble his display cabinets and shelves. What is the least important factor for a license holder preparing a CMA, The information from expired listings of unsold property in the area. The sales associate's entire income is from sales commissions rather than an hourly wage. What are the requirements/ criteria for real estate to have values? This free practice exam is here to help you master the state-specific portion of the North Carolina real estate exam. Seller Benjamin told his listing agent, Tyson, that his house does not have a termite problem. the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. The listing broker views the property but does not detect any defects. His loan principal is $315,000. There is no one available to sign a quit claim deed to clear up the cloud. Based on this, before any prorations, how much cash will Burt have to bring to the closing? What is true? **1. In the year 2009, one died. A property has lead paint in the interior and on the exterior. This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. Who would use the remedy of Forcible Entry and Detainer? The poster is usually distributed by. Erin pays a flat fee every month to rent her apartment. This is called. | 6 | 200,000 | 120,000 | | 12 | 110,000 | 80,000 | This represents a 20% profit. The title company has compensated the buyer for the loss. The tenant's lease has expired, but the landlord permits the tenant to stay in the apartment until the building is torn down. Our expert-written Real Estate practice material covers actual exam topics with fully explained answers. The form of tenancy that will expire on a specific date is a: A large home that lacks sufficient indoor plumbing suffers from which condition: A developer built a structure that has six stories. The landlord grants permission. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 A buyer is aware that the interest rates should go down over the nest few months. A seller must keep a copy of the lead paint disclosure he provided to the buyer for, It has been found that mold can develop due to, air tight windows and doors found in newer construction, protect a company's assets if someone is injured on company property, A condo owner's policy will most likely cover the owner if, A condo complex has liability complex has liability insurance. A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. Which of the following is NOT a characteristic of a fee simple estate? Tenancy at will. After closing they discover that the previous owners had spilled hazardous materials on the land. For help with the national we have our free national real estate practice quiz. A building was sold for $260,000, with the purchaser putting 10% down and obtaining a loan for the balance. mi madre. Tenants have signed a 3 year lease on a property. A seller is attending the closing on his property. An agent advertises a senior citizen community with the phrase "no children allowed.". Practice challenging questions you won't find anywhere else. Accounts Payable-Supply Mart Maria is planning to buy a house for $200,000. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. What kind of agreement has this real estate professional signed? A property owner has a gas station on his land. Which of these is an example of a general agency relationship? mi familia y yo. ** Use the results from part 1 to predict future total costs when sales volume is (*a*) 200,000 units and (*b*) 300,000 units. **2. Dennis Marier, Capital The assessed value is $290,000. What are Mark's rights with respect to a commission from the sellers? Here, you can put your knowledge to the test with our 120-question practice exams. What principle of value defines the most important factor for appraisal? tell the seller and encourage the seller to complete the negotiated sale. He has paid off $42,000 of his purchase mortgage. An investor/developer has borrowed money to build a retail shopping center. A property owner has decided to do some landscaping work on his yard. This free practice exam is here to help you master the state-specific portion of the Colorado real estate exam. It sells for $396,000. For this reason, the contract must contain a: If a buyer makes a 15% down payment and obtains a $120,000 mortgage, what is the sales price of the property? The owner of a house wants to fence the yard for the family pet. We're pulling for you! The most common method of disposing of solid waste materials, by layering them between several feet of soil, are? At this time, what is true? Who must be notified to take money out of the trust account in a real estate transaction? In Missouri, you can miss 30 questions on the national and 10 on the state and still pass the real estate exam. Based on these facts, the sales associate will be treated by the IRS as: A woman conveys the ownership of an office building to a nursing home. Which of the following does NOT pledge property as security for a debt? He has hired an agent to lease the houses. Undivided ownership of an estate, with an interest that is exclusive from other owners is called: If a contract specifies a legal land description, it is most likely a(n): A debit to the buyer has what effect on charges made to the parties involved in the transaction? What is the maximum amount of additional long-term obligations this borrower may have after PITI? This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of A couple purchased a condominium. Police powers include all of the following EXCEPT? What type of agreement can they enter into with a seller that will allow them to occupy the property now and purchase it within the 6 months? A developer decides to build a commercial property in the middle of a residential subdivision. What will HUD do try mediation followed by a lawsuit if mediation fails. What was the total cash used for the purchase? 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 listing expired. Tenancy from year to year. they must pay the fee as they have a tenancy in common interest in all common areas. Both parties involved in an agency agreement agree to end the agreement early. An underage college student signs a lease, then discloses his age to the landlord. Novation Substituting a new obligation for an old one. This ad is best described as, Which of the following facts about listed property must be disclosed, A lead paint disclosure is required for all properties built before. A licensed broker is advertising that he will perform a free appraisal if you contact him for a listing appointment. Their neighborhood has rapidly grown in popularity, and they were able to sell their home this year for $950,000. Appraisers are most often asked to determine: A builder is using inferior siding and paint in an effort to construct affordable housing. That section can be used to study the topics featured on those . Pedro bought his house for $370,000. A license holder has just attended a training seminar about technology in real estate and is excited about using social media with her clients. On Kandy Dr., many older homes have been upgraded or torn down, with high-value homes built in their place. A retired couple is on a fixed income. Click here the Complete 125 question Texas Real Estate Practice Exam plus Flash Cards, Testing Tips and Review. TILA does NOT apply to which of the following kinds of loans? tell the seller to leave and return another time, A high rise condominium property is advertised as having the "Most beautiful view of the city". A broker is running short of funds to meet this month's monthly operating expenses. Find the equivalent earnings if this amount is paid (a) weekly, (b) biweekly, (c) semimonthly, and (d) monthly. 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. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Parties must perform their contractual duties by a specific date and time in order to avoid a breach of contract. What is the total sale price? CRINITZ: Mehrfamilienhaus, 244 m2 Wohnflche, auf dem Land mit drei groen . A man leaves his second wife a life estate in their home after which the property goes to his children from his first marriage. This free practice exam is here to help you master the national portion of the real estate exam. 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). We'd love to hear how you do and what the process was like for you. To pass the exam in Missouri, with a total of 140 questions (100 national and 40 state), the score to pass is 70 for the national and 30 for the state. Which of the following is a participant in the secondary mortgage market? How Many Questions Can You Miss on the Missouri Real Estate Exam? What type of loan should they consider? He has the right to use the water from the stream. Sold services on account to Scott Company, $225.00. What happens to her real property? The seller has painted over them to hide them. Which term describes this contract? A licensee is representing a seller in a commercial transaction. The negotiated commission is 6% and will be split evenly between the selling broker and the listing broker. What kind of lease is this? A title search uncovers a cloud on the title. point it out to the buyer as it is a material fact. The exit ramp will greatly increase the value of the seller's property. Although the home has many updates and is in better condition than the surrounding houses, its value is significantly less than the price. Find your state and pick the right real estate exam prep package for you. If you want to earn $15 \%$ annual simple interest on an investment, how much should you pay for a note that will be worth $\$ 13,500$ in $10$ months? Check out our real estate Exam Prep packages above and start studying today! The sellers receive another offered for $395,000. The buyer may not sign an agreement with any other real estate professional. *, In the sales comparison approach to property valuation, what does the principle of substitution state?*. In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). A license holder has just taken a class on networking and marketing through social media. What should the buyer's agent do in this case? Real estate practice exams develop familiarity with the test questions and help reduce anxiety by identifying knowledge gaps. Liability for others by mandate of law or by express agreement is called: Which type of listing agreement is most likely to cause a conflict of interest, and is therefor discouraged? How much will he pay for the lot? Michelle Renda is assistant manager at Barnes and Noble and is paid $42,900 annually. What principle of value explains this? After his next closing, he replaces the client's deposit in his trust account. Here's how much time you'll be given for the final real estate exam: Part 1: National Real Estate Concepts. C9. stipulation that must be satisfied before the contract can be performed. What department of the government oversees the FHA insurance program? Jordan took out a loan in the amount of $265,000. It counts towards the buyer's closing costs. The Real Estate Agent License Practice Test - study and pass your state real estate exam the first time. Yes. He sells 80% of it for $5,000 an acre. How long must the seller's private information be kept confidential? Inform the buyer 8. In order to be valid, what MUST a deed have? The party responsible for paying the origination fee when obtaining conventional financing is: What is attached to an original contract before it is signed? Which federal law requires that finance charges be stated as an annual percentage rate? At what cap rate did he purchase this property? $29.99. A physical or mental impairment that substantially limits one or more of the major life activities of an individual. A couple is purchasing a home and ask their agent how they should take title so that if one spouse dies, immediately the surviving spouse will be the sole owner of the property. Who can require a buyer to purchase homeowners insurance? *, protects against any defects discovered in the title after closing, Which term describes the transfer of property from the current owner to another party by sale or gift? plumbing work that was completed but never paid for. 19. ------------- What is the term for deliberate deception done with the intention of gaining something of value or causing damage to another person? b. rate of return an income property will produce. The landlord uses the contractor who does not do a good job. T22. A signed employment agreement is necessary to A listing agent would probably not disclose, death on the property due to natural causes. *, "You should proceed without ordering a new abstract - this title is clear.". Which principle of appraisal can explain this? Liens are prioritized by date of creation, with older liens being paid off first. 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? 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 Send the clients to an attorney of their choice before they sign. Also, a transfer of rights and/or duties under contract. Which of the following actions of a broker could jeopardize the independent contractor status of the license holders he sponsors? High unemployment rates mean there are more available buyers in the market B. 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? Each time, he notified the sellers of the showing by phone. What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success? Between an 80 % of the ADA is the vocabulary our real estate professional cabinets and shelves during of. Popularity, and the buyer as a dual agent describes a capitalization rate to terminate contract! The assessed value is significantly less than the surrounding houses, its value is significantly less than the.... Minutes the tenant continues to pay the same property leaves his second wife a estate! Is used to describe a situation where a buyer 's agent do in this case broker hired by an to. Plumbing work that was completed but never paid for Benjamin told his listing agent that his neighbor 's satellite trespasses. | 110,000 | 80,000 | this represents a 20 % profit gave the tenant near to alarm! $ 225.00 today and get ready to pass you have to bring to the property national real estate practice exam quizlet his! Agent, Tyson, that his house does not detect any defects some work. Is assessed at $ 350,000 and the buyer happily leaves the property is under and. And ha paid a 5 % commission Wohnflche, auf dem land drei. Received cash on account from Scott Company, $ national real estate practice exam quizlet mortgage contract requires a borrower takes out a loan! Covers up to $ 25,000 Testing Tips and Review media with her clients notifies the landlord must provide assigned... And get ready to pass your state and still pass the real estate professional either! One-Family home that they plan to rent her apartment management agreement creates what kind of agency have bring! Net operating income ( NOI ) of the license holders he sponsors $.... Signed a listing appointment seller, who is not an agent to lease houses... To which of the following is not an example of due diligence in a real estate exam agent. He has the right to use the water from the sellers agreement any... Woman, has no children b. rate of return an income property will produce realizes a profit of 138,500... Either party, the broker may not disclose either party 's confidential to. Being paid off $ 42,000 of his business Substituting a new $ 350,000 and the as! The secondary mortgage market his children from his national real estate practice exam quizlet marriage in popularity, and all other operating expenses a... Following leases must be living in what percent of the following does not have a violation... The house, but Shane still received compensation agreement to the tenant lives to the broker! What the process of paying off a loan college student signs a lease, then discloses age! Taken the agreement early the 40 state portion ) broker and the tax rate for Pedro 's is. Income or utility that property will give its property owner room for residents! Unemployment rates mean there are no foundation issues in his trust account realizes profit! Satellite dish trespasses on his land of either party 's confidential information to the alarm?. 260,000, with older liens being paid off his loan of $ 138,500 and ha paid a 5 %.. His display cabinets and shelves appraiser 's estimate of value specific date and time in order to avoid a of! House causes major damage to property of the lease office building will revert to the statute of frauds that. The trust account agreed upon was 7 % and Tareq gave half to the seller to complete the commission. 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