Review

Which item will show a credit to a buyer on a closing statement

Binder deposit

Which section in a township is north of section 1

36

Which of the following is a characteristics of township

6 miles square, 36 sections

Which statement best describes as void contract

A contract that cannot be enforce and cannot be performed under the loan

An unlicensed individual has been found guilty for operations as a real estate broker in a criminal proceeding. What is the maximum penalty that may be impose for this activity.

A fine up to $5,000 and/or imprisonment of Up to 5 years

Qualification for VA Lon requires all of the following, except

A service related disability

5 investors purchase an investment property and 2 title as tenants in common. All of the following statements apply to their legal interest, Except

All owner has the right of survivorship

3 individuals form a partnership to broker real estate. All 3 wishes to be active in real estate sales and daily activities. Which statement is correct.

All partners must be active brokers on the partnership must also be register with the department.

The estimated value that is determined by the county property appraisal is called

Assessed value

How may contractual rights be transfer from one person to another

Assignment

Mary made a written offer of $78,000 on peters home that was listed with broker Alice. Before the offer could be presented Larry arrives at Alice office and made an oral offer of $82,000 but did not give a deposit. Alice promised Larry that she would submit the oral offer but only present the written offer to peter. Which statement is correct?

Broker Alice should have disclose the details of the oral offer to Peter when she submitted of $78,000

The real estate business is influence by government and the local state federal levels. Which action will take place at the local levels.

Build moratorium

Which of the following establishes minimum standards under which building are designed and constructed

Building codes

All of the following are remedy for breach of a real estate contract between a buyer and seller, except

Claim from the real estate recovery fund

The promise of future money in a contract meets with essential element of a valid real estate sales contract

Consideration

Roberta died with a will and gave her entire asset to charity. Including the principal residents that she share with her family. Which law protects her family from this type of act

Constitutional homestead rights

Recording a deed in the public record is an example of which of the following

Constructive notice

Which business organization can be register as a brokerage

Corporation for profit

A business known as the XYZ is Legally form as what type of business.

Corporation for profit.

Which approach to value would most likely be selected to the term county court house

Cost depreciation

A real estate broker who operates in a careless manner could be charge with which of the following

Culpable negligence

A landlord may commingle tenants security deposits with other business funds under which conditions

The landlord post a surety bond

How are expenses owed by a buyer or seller enter on a closing statement

Debit

Which mortgage clause prevents the lender from taking the property as long as all the mortgage terms are met

Defeasance clause

When estimated the depreciation of an improvement which age will the appraisal use

Effective age

If a Florida spouse dies with a will and cuts his/her spouse out of the will, what can the surviving spouse claim?

Elective share

A city is in need of additional land for a new school what right would the city have to acquire the land even over the objective of the property owner

Eminent domain

After defaulting on mortgage payments but prior to foreclosure the mortgagor has the right to redeem his property by paying the money owed to the lender. What term is used for this right

Equity of redemption

A seller and offer broker enter into a 6 month agreement where the seller agrees to pay a commission to the broker regardless on who sales the property. What type of contract is this

Exclusive right of sale

A subject property that's has been appraised has 4 bedrooms 3 bathrooms and well maintained. Has been freshly painted inside and outside. The landscaping is very nice, it has hurricane window and a grand entrance. Next door is a home that has rust stains from the sprinkler water peeling paint, no flowers, no trees and the grass is brown and patchy. What type depreciation will affect the subject property

External obsolescence

What would a license initial action needs to be in order to Appeal a final order of the FREC

File a petition with district court of appeal within 30 days.

When an individual buys into a cooperative the purchaser receives shares of a stock in a corporations. Which statement is true regarding licensee requirements

Florida considers a cooperative a form of real property and a Florida real estate license is require

Which statement is true regarding single agency as it pertains residential transactions?

Florida prohibits a licensee from representing the buyer & seller as a single agent in the same transaction

In which type of lease does the tenant pay a fix rent while the lessor pays all real estate taxes insurance and maintenance

Gross lease

Which clause/section of a deed specifies to the Grand T the estate or Tennessee that's been conveyed

Habendum clause

Homeowner filing adomize federal income tax returns may deduct all of the following, except

Homeowner insurance premiums

FHA housing expense ration in total obligation ratio cannot exceed which of the following limits

Housing expense: 31% Total Obligation: 43%

Which situation below would meet the test of a legally sufficient complaint

If a sale associate charges a fee to review a lease on behalf of a tenant to rent a space in a apartment building.

If sale associate sherry receives an offer to purchase a listed property which is accompanied by the post dated check. What should she do?

Immediately give the check to Her employer broker

What type of contract has been created if some of the terms and conditions must be understood from the acts or conduct of the parties

Implied contract

Which statement best describes a contract for deed

Installment sales contract where the deed is delivered and seller gets paid

A real estate licensee didn't complete the CE within require time frame of their license of march 31. What is the status of the license on April 1?

Involuntary inactive

The act of transferring ownership title or an interest in real property from one person to another is called alienation. Alienation may be voluntary or involuntary. Which type of ownership transfer are correctly identified as voluntary or involuntary

Involuntary: adverse possession, eminent domain, escheat

What type of relationship has probably been informed if two or more parties agree to combine their efforts for a single business transaction

Joint venture

A buyer and seller has entered into a contract for sale of a duplex. The buyer defaults on the contract and the seller claims the deposit per the agreement. What would the seller look to obtain in a sue

Liquidated damages

Which survey system is normally use today to describe property located in a residential subdivision

Lot and block method

Which method is the most accurate method of land description

Meets and bounds method

On an investment property all of the following are deduction from the gross income when calculating net operating income, Except

Mortgage payment

What is the grace period for a sales associate to complete his or her post license education after the original expiration date of his or her license

None. No grace period

Roberta has been notified that her husband will be transfer to his New York office of his company. Roberta currently has a Florida real estate associate license. She plans to accompany her husband and will like to keep her license. What is Roberta require to do to continue practicing real estate Florida.

Notify the FREC within 60 days of her change in residency and comply with all non resident requirement.

What should a broker initial action be when entertaining doubt as to which person is entitled to the escrow funds

Notify the Florida real estate commission in writing.

What is require in order to create a valid real estate sales contract

Offer and acceptance

In alien theory state when does the mortgagor become the legal owner of the property

On the day of closing

If an owner of real property gave another party the right to buy his/her property for a fixed price to any time during a specified time period. What type of agreement was created

Option contract

A homeowner in a neighborhood with home value of $100,000 with a pool of $75,000

Over improvement

All of the following statements are correct regarding the American disability act, Except?

Owner of existing property must make all necessary modification of their properties to bring them into compliance without regard to such modification

Peter a license sales associate was register with broker Harry when he claim that broker Harry had failed to pay him a sales commission. If peter resigns with the first company and now is employed under broker Norman before the dispute was resolve, which statement would be correct?

Peter cannot bring a legal action for the unclaimed commission against anyone other than broker Harry.

Which clause is require in all deeds

Premises (granting) clause

The sales comparison cost depreciation and income approach are all base on economic theory that a prudent buyer will pay no more for a property than the cost of acquiring equally desirable alternative property. This is known

Principle of substation

Which documents specifies the amount of the mortgage loan the interest rate loan term and repayment schedule

Promissory note

Florida special exemptions for homestead property provide for all of the following items, except

Protection from all deaths

What is the first step a homeowner should take if they disagree with the assessed value of their property

Protest the assessment with the county property appraisal

All of the following are parts of the mortgage loan underwriting process, except

Qualifying the neighborhood where the property is located based on racial or economic conditions

Which type of deed would be the best to convey property from the seller stand point

Quitclaim deed

Which federal law requires that borrowers be informed of all settlement cause involve in the purchase of a home when funds are obtain from a federally regulated lenders

Real estate settlement procedure act (RESPA)

A lender refuse to approve a mortgage loan base on the demographic make Up of the neighborhood What is this called ?

Redlining

If the property returns to the original ground tour when a life state ends. What type of ownership that the original ground tour has

Reversion estate

Roberta purchases a farm property with a river flowing in it. She uses the river for irrigation purposes. Which sets of rights cover situations like this.

Riparian rights

Which statement is correct regarding the difference license type?

Sale and broker associate may be issued a group License

Which documents does the mortgage file to document that the mortgage debt has been paid in full

Satisfaction mortgage

False advertising is subject to which criminal penalty

Second degree misdemeanor

What is the name that is given to property that is consider a non marital asset prior to a marriage

Separate property

Which tax applies to a new mortgage but not an assumed mortgage

State intangible tax

Some contracts need to be in writing to be enforceable. A contract that transfers in interest in real property must be in writing. Which statutes dictates this requirement

Statute of frauds

Which statute stipulates the time periods during which a party may sue for the enforcement of a contract

Statute of limitations

A real estate licensee will not show properties in the Ocala area to the individuals of a selected minorities. This is an example of which prohibited activity?

Steering/channeling

Bob rent his house to Alan at the end of the 1 year lease term. Alan informs Bob that he would like to stay a few more months but does not know exactly when he will be vacating. Bob agrees to this arrangement and they proceed on a verbal month to month relationship. What is Alan classified as?

Tenancy at will

What is the type of tenancy created when real property is purchase by husband and wife

Tenancy by the entireties

A real estate licensee working with a seller in limited representation receives a call from another agent working with a buyer. The buyers agent open in comment states the following "hi, this is bob smith with ABC realty, I'm standing in front of a house with your name in a listing sign. Base on the buyers comment what can the licensee working with the seller conclude ?

The agent representing the buyer is in a single agency relationship

An applicant real estate license application was denied. All of the actions below could have caused that result except?

The applicant was not a U.S citizen

When a sell contract for residential real property includes the as is provision. Which statement correctly apply.

The as is provision does not excuse or circumvent the duty disclose material offers

A Florida attorney refers a seller to a Florida real estate broker. The attorney ask for a referral fee. What may the broker do?

The broker may give the attorney a thank you note and nothing else.

All of the following are exempt of eminent domains, except

The city wish to put up a large land shopping complex

Which act requires lenders to judge lone applicants on the basis of credit rating , income, expenses, and assets without regard to age , sex, religion, nationality, race

The equal credit opportunity act (ECOAA)

An individual has the designation of a broker associate, what does this mean?

The individual is a broker who chooses to work for another broker as a sales associate

A seller chose to work with a licensee without representation. The seller informs the licensee that they are selling their home because of a change of job and for that reason they will take $10,000 below the market value. The licenses disclose to a potential purchaser. Which statement correctly applies to the license actions?

The licensee may disclose the above information in a non representation or no brokerage relationship

Which of the following is a characteristic of a FHA loan section 203B mortgage

The loan may be prepaid without penalty

A broker chooses not to hold escrow deposit and instead places all escrow money with a title company. Which statement is correct regarding this situation?

The name, address, and phone number of the title company must indicate in the written sales contract and the broker is require to request verification of any deposit within 10 business days.

Which statement regarding to closing a real estate transaction is correct

The seller usually provides either an abstract or title insurance of evidence

Which statement is correct regarding an individual who has been convicted of a crime.

They must disclose the conviction on their real estate license application

Sales associate Charlie decides to work for ABC Realty on Monday, Wednesday, Friday and for XYZ realty on Tuesday, Thursday, Saturday. Which statement correctly describes this situation

This is a violation of the F.S 475

A real estate agent that is eager to close a deal inform the buyer that as a house warming present the agent will kick back a portion of his commission. Which statement correctly applies to this arrangement ?

This is acceptable arrangement provided full disclosure to all parties is made.

The receptionist in a real estate broker office receives a deposit on Monday and gives it to the broker that same afternoon. The broker must deposit the fund into a escrow account by which day?

Thursday - 3 days

On a closing statement each of the following items are particularly prorated

Title and insurance

Which institution in the state of Florida are approve depositories for earnest money?

Title companies, banks, saving and loan association and credit union.

A developer that acquired a large tract of land to build houses and also build a model center from where sells will be made. The developer is engaged In which type of building construction?

Tract building

A homeowner of real property enjoy all of the following property rights in a bundle of rights, except

Utility

What is the effect on value if NOI increases and cap rate remains constant

Value will increase

Mary receives her initial sales associate license on July 19,2015 with an expiration date of March 31, 2017. What is the status of her license if she does not complete the 45 hr post license course prior to her expiration?

Void