Aceable Agent

A. grantor transfers the title to the grantee

To transfer title, WHO transfers the title to WHOM using a deed? A. grantor transfers the title to the grantee B. grantee transfers the title to the grantor C. grantee transfers the title to grantee D. grantor transfers the title to grantor

B. FALSE

Voidable contracts can never be valid contracts. A. TRUE B. FALSE

B. power of sale clause

What clause pre-authorizes the lender to foreclose and sell the property without court oversight or having to file a lawsuit in a nonjudicial foreclosure? A. pre-authorization clause B. power of sale clause C. acceleration clause D. statutory redemption clause

C. ethics

What dictates what is considered acceptable at a higher level? A. individual opinions B. industry standards C. ethics D. laws

A. it means that the promissory note is transferable and assignable

What is meant when it is said that a promissory note is a negotiable instrument? A. it means that the promissory note is transferable and assignable B. it means that a promissory note is not mandatory, but can be negotiated into existence as a condition of the loan C. it means that the terms contained in the promissory note are not fixed, but can be negotiated whenever the note is transferred D. it means that a promissory note is a living document subject to change, rather than being fixed in nature

C. dual agency

What is the one form of brokerage relationship that the Brokerage Relationship Disclosure Act made a point of calling out as being unauthorized in residential transactions? A. transaction broker B. single agent C. dual agency D. no brokerage

A. None. Sole proprietors are personally liable for their businesses

What protections do a sole proprietor's personal assets have from their business's losses and liabilities? A. None. Sole proprietors are personally liable for their businesses B. It depends on how they registered the sole proprietorship with the state C. Up to $100,000, as long as their income is under $500,000 D. They are shielded from business debts, but not personal debts

C. get it in writing

When it comes to contracts, a best practice is to: A. always use attorneys B. leave yourself as many "outs" as possible C. get it in writing D. use industry jargon

C. Supply will increase as more sellers are motivated to fetch higher prices. Demand will decrease as fewer buyers are willing to pay high prices

When the price of real estate is high in a given market, what can you predict about supply and demand in that market? A. Supply will decrease as fewer developers will want to take on investment risks. Demand will increase as more buyers will want to buy before prices get any higher B. Supply and demand will both decrease as the high prices stagnate economic activity C. Supply will increase as more sellers are motivated to fetch higher prices. Demand will decrease as fewer buyers are willing to pay high prices D. Supply and demand will both increase as the high price indicates a balanced market

D. when a lender is beginning the process of a judicial foreclosure

When would a lis pendens note be used? A. when a buyer is using a contract for deed B. when a seller is trying to sell quickly C. when a lender wants to ensure there are no outstanding liens on a property D. when a lender is beginning the process of a judicial foreclosure

C. The person making the offer is the offeror, and the person receiving the offer is the offeree

Which is true about the parties making and receiving offers? A. The persons making and receiving the offer are offerees B. The persons making and receiving the offer are offerors C. The person making the offer is the offeror, and the person receiving the offer is the offeree D. The person making the offer is the offeree, and the person receiving the offer is the offeror

C. "Brand new condos for young, single living. No children allowed!"

Which of the following advertising descriptions may be a violation of fair housing law? A. "New community. Access to jogging trails, bicycles allowed." B. "Renovated fourth-floor walk up. Pets and children welcome!" C. "Brand new condos for young, single living. No children allowed!" D. "55+ community, non-smoking!"

D. CERCLA provides broad federal authority to respond directly to releases of hazardous substances that may endanger public health or the environment

Which of the following best explains the purpose of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)? A. CERCLA requires federal agencies to assess the environmental effects of their proposed actions prior to making decisions B. CERCLA requires landowners to conduct environmental impact statements before the construction of any dwelling C. CERCLA collects fees from developers and then awards grants to community projects that are environmentally friendly D. CERCLA provides broad federal authority to respond directly to releases of hazardous substances that may endanger public health or the environment

A. Ginger sells her condo to Richard

Which of the following describes voluntary alienation? A. Ginger sells her condo to Richard B. Samuel signs a lease agreement with a tenant C. The government seizes Randals property D. Bobs home is foreclosed on by the bank

D. death of the sales associate

Which of the following events would NOT invalidate a listing agreement? A. death of the listing broker B. death of the seller C. a principal or customer declares bankruptcy D. death of the sales associate

D. whether or not they pledge the property to secure the note

Which of the following is NOT one of the differences between a mortgage and a trust deed? A. ease and expense of foreclosure B. the number of parties involved C. who holds title to the property during the loan D. whether or not they pledge the property to secure the note

A. documented legal precedent for the contingency

Which of the following is NOT one of the elements contained in a properly constructed contingency contract? A. documented legal precedent for the contingency B. contingency performance deadlines C. how to satisfy the contingency D. liable parties for associated costs

B. a financing contingency

Which of the following is NOT required in a sales contract? A. description of the property B. a financing contingency C. purchase price D. names of the parties

D. The defaulting party retains their rights and obligations in the contract

Which of the following is NOT true about breach of contracts? A. There are multiple remedies available to the wronged party B. It is also known as default C. A party fails to perform their duties of the contract without cause D. The defaulting party retains their rights and obligations in the contract

C. It has to do with a statutory time limit of enforcement of agreement terms

Which of the following is NOT true of the statute of frauds? A. It is a state-level law B. It says that certain contracts must be in writing to be enforceable C. It has to do with a statutory time limit of enforcement of agreement terms D. It applies to the conveyance of real property

A. a seller-client's willingness to take a lower price than that appearing in the listing

Which of the following would not be disclosed under a single agent's fiduciary duty of confidentiality? A. a seller-client's willingness to take a lower price than that appearing in the listing B. information that the client specifically instructs the single agent to share C. material facts regarding property condition D. information requested under court order or subpoena

C. lender information

Which of the following would you NOT expect to find in an option contract? A. manner of exercise of option B. consideration C. lender information D. option period timeframe

D. housing for disabled residents

Which of the residential housing options below MUST comply with the Fair Housing Act?" A. housing for senior citizens B. rental of rooms or units in owner-occupied property C. single-family residences sold by owner D. housing for disabled residents

D. Zoning deals with the use of land, whereas building codes deal with building design and safety

Which of these accurately differentiates between zoning ordinances and building codes? A. Zoning regulates residential structures, whereas building codes only apply to commercial property B. Zoning is legally enforceable, whereas building codes are recommendations that cannot be enforced C. Zoning is controlled by state agencies, whereas building codes are created exclusively at the national level D. Zoning deals with the use of land, whereas building codes deal with building design and safety

D. Christine looks up the deed for a property she's interested in buying

Which of these actions would constitute actual notice? A. Charlene lives in a house, and everyone can see her doing just that B. Charles records the deed to the house he just bought with the county C. Chandler publishes a notice about his home in the local paper D. Christine looks up the deed for a property she's interested in buying

D. protection period clause

A buyer purchased a home after the listing agreement between the seller and their listing agent ended. However, the buyer had toured the seller's home during an open house held by the seller's former listing agent. Which clause will BEST determine if the former listing agent is owed compensation? A. parties clause B. legal description clause C. property clause D. protection period clause

B. procuring cause

A buyer recently purchased a lovely home on Seabrook Drive. There were several listing agents listed for the property, and now they are trying to determine who deserves the listing commission. What will be the determining factor? A. performance B. procuring cause C. due diligence D. marketing plan

D. is considered a legal person

A corporation: A. is not equated with the abbreviation "INC" B. may not register as a brokerage in Florida C. does not include nonprofits D. is considered a legal person

A. because the interest payments are always based on the current principal balance

Which of these explains why the amount of money that goes towards interest decreases after each payment? A. because the interest payments are always based on the current principal balance B. because the interest rate is a direct representation of the market rate C. because throughout the life of the loan, the interest rate slowly decreases D. because monthly payments fluctuate over time

B. The lender has a lien on the property

Which of these happens when a borrower takes out a reverse mortgage: A. The borrower pays monthly fees to continue the loan B. The lender has a lien on the property C. The borrower's original mortgage defaults D. The lender takes ownership of the property

D. imprisonment

Which of these is NOT a type of reprimand administered by the Florida Real Estate Commission? A. license revocation B. required education C. license suspension D. imprisonment

D. 15 days after receipt of the landlords notice

A former tenant receives written notification 15 days after their move-out that the landlord intends to use part of their security deposit to pay for damages caused by the tenant. How long does the tenant have to file an objection to the landlords claim on the security deposit? A. 10 days after receipt of the landlords notice B. 30 days after receipt of the landlords notice C. 7 days after receipt of the landlords notice D. 15 days after receipt of the landlords notice

B. the closing disclosure

Which of these is a document that provides a detailed list of each party's expenses at closing? A. Fannie Mae form 14-A B. the closing disclosure C. agency agreement D. the credits and debits form

D. Notify the tenants within 30 days after the change

A landlord of a large apartment complex is changing how they hold their tenants' advance rents and security deposits. By law, what is the landlord required to do? A. Notify the tenants within seven days after the change B. The landlord is not required to do anything C. Notify the tenants within 15 days after the change D. Notify the tenants within 30 days after the change

B. nonrepresentation

A no brokerage relationship is one of: A. fiduciary representation B. nonrepresentation C. base representation D. limited representation

D. Drew inherited her uncle's mansion but she must keep the gas lamps installed and operational. If she fails, his heirs can sue to reclaim the estate

Which of these is a fee simple condition subsequent estate? A. Gerald has been granted the right to use Maria's Miami home for the rest of his life. After he dies, the home will revert to Maria B. Josephine inherited a ranch from her grandpa on the condition that she cares for his elderly horses. If she doesn't the ranch automatically reverts to grandpa's heirs C. Antoine inherited a lake house from his aunt. He has the full bundle of rights to the lake house D. Drew inherited her uncle's mansion but she must keep the gas lamps installed and operational. If she fails, his heirs can sue to reclaim the estate

C. general agency

A property manager handles a variety of jobs on behalf of the property owner, including the ongoing responsibility of maintenance, rent collection, and signing new tenants to lease contracts. Based on this, determine which of the following choices offers the classification(s) of agency most appropriate to the property manager job description. A. no agency B. special agency C. general agency D. universal agency

D. enforcing the license law

Which of these is a responsibility of the Florida Real Estate Commission? A. setting uniform commission rates for brokers B. increasing the profits of brokerages C. creating standardized contracts for real estate transactions D. enforcing the license law

B. FALSE

A real estate agent selling their own condo is exempt from the Fair Housing Act. A. TRUE B. FALSE

B. The closing agent will prorate the cost and add it as a debit to the buyer at closing

A seller paid for their HOA fee at the beginning of the year and then sold their house 2 months later. How will the buyer pay the seller for their share of the HOA fee? A. The seller will ask for the amount in cash B. The closing agent will prorate the cost and add it as a debit to the buyer at closing C. The buyer will pay the seller the whole fee and then wait until the next years bill to charge the seller for 2 months worth D. The closing agent will pay the amount out of their own pocket and then debit the buyer for the prorated amount

D. three

A tenant does not pay rent on the required day. The landlord sends them a written notice stating that they must pay the rent within a certain number of business days, or the landlord will start eviction proceedings. What is this number of days? A. five B. seven C. one D. three

A. Tori can't build higher than two stories on her ocean-view lot

Which of these is an example of a negative easement? A. Tori can't build higher than two stories on her ocean-view lot B. Tim uses part of his neighbors driveway to access his home C. Toby walks across part of his neighbors dock to access his mooring D. Therese has the right to drive her ATV through her neighbors back woods

D. discriminate against any protected group

Which of these is something that a deed restriction CAN'T do? A. make a development single-family-home-only B. require a minimum square footage C. create a height limit for buildings D. discriminate against any protected group

B. conventional loans

Which of these loans is typically seen as a higher risk for lenders? A. government-backed loans B. conventional loans

B. Edward passed the licensing exam. His broker registered him with the DBPS, and the website lists him as active

Which of these people is a registered sales associate? A. Emmet passed the licensing exam. His broker registered him with the DBPS, and the website lists him as inactive B. Edward passed the licensing exam. His broker registered him with the DBPS, and the website lists him as active C. Stephanie has completed course I, submitted her application, and received notice from the testing agency that she can schedule her exam D. Ella passed the licensing exam. She has a picture license with an expiration date on it

D. Alice will inherit a life estate once the measuring life has ended

Which of these people is a remainderman? A. Olivia is the measuring life of a life estate granted to her son Eddie B. Karen was granted a life estate. Her life is the measuring life C. Sally granted a life estate to her aunt, Sylvia. When Sylvia passes, the estate will revert to Sally D. Alice will inherit a life estate once the measuring life has ended

B. An investor buys above market because they know an area is rapidly increasing in value

Which of these situations demonstrates the principle of anticipation? A. This home is worth about the same as another very similar home located nearby B. An investor buys above market because they know an area is rapidly increasing in value C. A homeowner adds a half bath, and it increases the value of their home D. A house loses value, because the other houses on the block are worth much less

D. commericial property

Alberto is a sales associate who is very interested in revenue and profit. A specialization that may serve his interest well is: A. residential property B. agricultural property C. use-based property D. commercial property

A. no money down

All of these describe the typical early mortgage, EXCEPT: A. no money down B. originated by a local lender C. interest-only loans D. shorter terms

D. including an appraisal contingency

All of these will most likely help give your client a better chance of securing a property in a competitive market EXCEPT: A. putting down a larger down payment B. reducing or eliminating contingencies C. purchasing their own home warranty D. including an appraisal contingency

C. 4.125%

Allidile Credit Union is offering a loan at 3.75% interest plus three points. What will their yield be on this loan? A. 3.375% B. 4.25% C. 4.125% D. 6.75%

B. $270

An HOA has an annual, prepaid fee of $1,080. A new buyer closes on a home in the neighborhood with exactly 3 months left in the year. How much will the buyer's prorated fee cost? A. $145 B. $270 C. $300 D. $90

C. Corey should specify in writing whether the light fixtures are the sellers personal property

Arnold is interested in a residential property because he loves the antique light fixtures installed in every room. Corey is the license holder helping Arnold find a property. What is Coreys responsibility regarding the light fixtures? A. Corey should mention the light fixtures to his sponsoring broker in case issues come up later B. Corey should not address the light fixtures, as it is safe to assume light fixtures will convey with property title C. Corey should specify in writing whether the light fixtures are the sellers personal property D. Corey should specify verbally whether the light fixtures are the sellers personal property

D. the lender

Which party typically requires homeowners insurance in order to complete a real estate transaction? A. the buyer's agent B. the insurance company C. the seller D. the lender

B. a lender's title insurance policy

Which type of policy assures a lender that it has a valid first lien against the property? A. a certificate of sale policy B. a lender's title insurance policy C. a residential owner's title policy D. a leasehold title insurance policy

A. upon signing a sales contract

At what point does a buyer get equitable title to a property? A. upon signing a sales contract B. upon making an offer on a property C. upon closing D. upon making the final mortgage payment

C. exemptions to the disclosure requirements of the brokerage relationship disclosure act

Auctions, appraisals, and nonresidential transactions are three examples of: A. types of real estate sales requiring a transaction broker relationship B. circumstances where the disclosure requirements of the brokerage relationship disclosure act apply C. exemptions to the disclosure requirements of the brokerage relationship disclosure act D. circumstances where dual agency is allowed

B. right to reinstate clause

While an acceleration clause demands immediate payment in full of a loan due to payment default, another clause provides the borrower with a way of addressing those consequences and returning to a pre-acceleration environment. What clause is that? A. subordination clause B. right to reinstate clause C. alienation clause D. prepayment clause

A. the Florida legislature

Who created the Broker Relationship Disclosure Act? A. the Florida legislature B. the Florida association of realtors C. the national association of realtors D. the U.S. senate

B. the Florida commission on human relations

Who enforces the Florida Fair Housing Act? A. the Florida department of housing and urban development B. the Florida commission on human relations C. the Florida real estate commission D. the Florida department of human rights

C. the title company

Who uses the sales contract to determine how the expenses in a real estate transaction will be allocated? A. the listing broker B. the lender C. the title company D. the buyer's attorney

D. because the lien will be transferred with the home to the buyer

Why are homes with liens on them hard to sell? A. because the cost of the lien is added to the loan amount B. because the lien will increase property taxes for the buyer C. because the lien can be converted into an easement D. because the lien will be transferred with the home to the buyer

A. a buyer and a broker

Buyer brokerage agreements are service contracts made between: A. a buyer and a broker B. a buyer and a sales associate C. a broker and a seller D. a seller and a buyer

C. mortgagee

College Credit Union has decided to give Melissa a loan. In exchange, they have a mortgage on Melissa's house. Which term best describes College Credit Union? A. mortgagor B. license holder C. mortgagee D. beneficiary

D. corporation

Consider that Big Bucks could have decided to work with Orion and two other investors to purchase Waterfront Towers. They could have: Registered all investors as one single entity in the eyes of the law Purchased Waterfront Towers and continued to do business together This would NOT have been a joint venture, but rather the formation of a: A. limited partnership B. syndicate C. LLC D. corporation

D. $13.20/square foot

Dominique rents a space in a shopping mall and is a party to a variable lease. She pays $15/square foot. Last year, Dominque's index was 0.8. This year, her index will go down to 0.7. What is Dominque's new rent rate? A. $17.00/square foot B. $10.50/square foot C. $12.00/square foot D. $13.20/square foot

A. pay a lot of fees

During the initial phase of developing land, developers will need to be prepared to: A. pay a lot of fees B. dedicate curbs and streets C. contest their land claim D. appear in small claims court

D. special agent

From the customer or client's perspective, what kind of agent is their broker? A. secret agent B. universal agent C. general agent D. special agent

B. through the sales contract

How will closing cost expenses be determined? A. state guidelines B. through the sales contract C. through an amendment to the sales contract D. NAR standards

C. when the request being made is something the single agent thinks is a poor decision

In which of the following scenarios does a single agent still owe a duty of obedience to a client? A. when the request being made violates state or federal fair housing laws B. when the request being made is illegal C. when the request being made is something the single agent thinks is a poor decision D. when the request is clearly unethical

B. $236,000

Jake owns a home that is worth $289,000. He has a mortgage balance of $53,000. Calculate his equity in the property. A. $57,500 B. $236,000 C. $342,000 D. $227,000

D. $500

Jeremy has a monthly income of $2,000. His payment-to-income ratio is 1/4. How much is his monthly payment? A. $1,000 B. $8,000 C. $250 D. $500

B. FREC will deny the license application but allow Kate to apply again

Kate doesn't fill out all of her license renewal application. What is the likely consequence? A. FREC will issue the renewed license and ask Kate verbally over the phone to give the necessary information B. FREC will deny the license application but allow Kate to apply again C. FREC will deny the license application and not allow Kate to apply again D. FREC will issue the renewed license but ask her to add the necessary information in their online database

A. that a meeting of the minds occurs

Making an offer as specific as possible helps to ensure what? A. that a meeting of the minds occurs B. that the contract has a lawful objective C. that both parties are legally competent D. unconditional acceptance of the offer

C. "Your office needs to store the records relevant to your transaction."

Margarita is opening a new brokerage office. She asks you what she needs to maintain a valid office. You tell her: A. "You don't need to register your office with the DBPR, but do register with your local municipal office." B. "Your office will need at least three rooms to ensure all of your transactions are private." C. "Your office needs to store the records relevant to your transaction." D. "Your office must have a separate room designated for your sales associates."

B. 58%

Marie owns an investment property valued at $640,000. She owes the bank $230,000 on her primary mortgage, and another $40,000 on a second loan. How much equity does she have in the property? A. 42% B. 58% C. 64% D. 6%

B. 420

Sarah's living room is 28' x 15'. About how many square feet of carpet will it take to cover the living room floor? A. 86 B. 420 C. 43 D. 350

B. $400,000

Savannah took out a $500,000, 30 year amortized loan. Her monthly payment is $2,500. How much will she end up paying in interest after the 30 years of paying the loan? A. $380,000 B. $400,000 C. $900,000 D. $650,000

B. assuring access to all the information needed for a sensible, unhurried land purchase

The CFPB seeks to protect the consumer by: A. regulating brokerage policies and practices B. assuring access to all the information needed for a sensible, unhurried land purchase C. regulating government lending agencies D. assuring access to free third-party financing

D. 160

The SE 1/4 of a section would measure how many acres? A. 36 B. 640 C. 320 D. 160

A. obedience

The concept that clients are the decision-makers in the real estate transaction relates to which fiduciary duty of a single agent? A. obedience B. disclosure C. confidentiality D. loyalty

A. 325 feet

There are 2 lots side by side on Birdman Avenue. They have the same depth of 200 feet, but each has different frontages. Lot A has an area of 40,000 square feet, while Lot B is 25,000 square feet. What is the total frontage of both Lots A and B? A. 325 feet B. 200 feet C. 250 feet D. 300 feet

B. LLC

A business entity in which parties are protected against personal liability for business debts is a: A. general partnership B. LLC C. limited partnership D. LLP

B. arbitration

A buyer and a seller have conflicting demands regarding how their escrow funds will be dispersed. They try to sort out their demands via mitigation but don't come to a solution. They decide to present their case to a third party. Before doing so, they agree to adhere to the third party's decision, whatever it may be. They are agreeing to: A. interpleader B. arbitration C. escrow disbursement order D. litigation

B. loan origination

A buyer wants to obtain a loan from their local commercial bank, so they begin the multi-step process to obtain a mortgage. This process is: A. mortgagee origination B. loan origination C. mortgagor origination D. banking origination

B. sales price

A commission is commonly a percentage of the: A. listed price B. sales price C. seller's salary D. offer

A. percentage lease

A friend owns a cafe downtown. They ask you to help them calculate how much their rent will be next month. They give you the following information: Fixed rent amount, Sales rate, Projected sales for the coming month..Based off of these data points, what kind of lease do you think they have? A. percentage lease B. variable lease C. net lease D. gross lease

D. a subordination agreement

A lender refinancing a principle loan wants their loan to be the senior lien. Currently, there are two other superior liens. What would the other existing lien-holders need to agree to and sign to make this happen? A. a deed B. an opinion of title C. a priority affidavit D. a subordination agreement

C. $93,000

A property is sold for $350,000. The buyer has paid $12,000 as earnest money and is obtaining a 70% loan. Based on the information provided, how much additional cash will the buyer have to bring to the closing day? A. $140,000 B. $120,000 C. $93,000 D. $105,000

B. special exception

After a public hearing, an assisted living facility for the elderly is allowed to open in a residential zone. What type of variance is this an example of? A. public variance B. special exception C. spot zoning D. area variance

C. 21

Aletheia applied for a sales associate license and was rejected. How many days does she have to request a formal hearing? A. 90 B. 46 C. 21 D. 30

A. 86%

Camila bought a home. The purchase price was $850,000. Her loan amount was $730,000. Calculate her LTV ratio, rounded to the nearest percent. A. 86% B. 82% C. 91% D. 79%

B. FALSE

If a buyer is in the process of countering an offer, the seller cannot sell the property to anyone else. A. TRUE B. FALSE

A. FALSE

Longitude lines, or meridians, run east to west, parallel to the equator. A. FALSE B. TRUE

B. FALSE

Novation is used primarily to terminate a contract when there is no intent to enter into a new one. A. TRUE B. FALSE

D. 1.49

Omar's property measures 300' x 217'. Knowing this, how many acres is the lot? A. 517 B. 6.5 C. 65,100 D. 1.49

C. $87,500

Saeed is a veteran. He is taking out a VA loan for $350,000. How much of his loan will be guaranteed by the government? A. $36,000 B. $35,000 C. $87,500 D. $112,500

C. at the current time

The granting clause should contain an intention to convey a property: A. in the future B. at any point in time C. at the current time D. in the past

C. lien theory and title theory

The two "theories" that most states fall under are: A. title theory and deed theory B. title theory and mortgage theory C. lien theory and title theory D. lien theory and mortgage theory

B. FALSE

There is one standard listing agreement form that all licensees in Florida are required to use. A. TRUE B. FALSE

C. ratio of debt to value of the property

What is LTV? A. ratio of interest to payment on a loan B. payment made on an amortized loan C. ratio of debt to value of the property D. payment made on the value of the property

C. permanent reference marker for both locational and elevation points

What is a benchmark? A. grade of land on which a structure is built B. natural monument such as a tree or boulder C. permanent reference marker for both locational and elevation points D. temporary marker such as a wooden stake in the ground

C. point of beginning

What is an established starting point from which a metes and bounds description begins? A. monument B. benchmark C. point of beginning D. terminus

D. condemnation

What is the name of the process by which the government exercises its right of eminent domain? A. appropriation B. escheat C. reversal D. condemnation

A. March 31, 2022

Zachira got her first sales associate license on June 3rd, 2020. What will her license expiration date be? A. March 31, 2022 B. June 3, 2022 C. September 30, 2021 D. September 30, 2022

C. to the seller

Jim is buying a home, but Bank of Aceable didn't qualify him for the full home price. He takes out a purchase-money mortgage to supplement the rest of the sales price. Where will Jim's payments go for the purchase-money mortgage? A. to the government B. to Bank of Aceable C. to the seller D. the buyer

C. $8,750

What would the minimum down payment be for an FHA loan of $250,000? A. $25,000 B. $50,000 C. $8,750 D. $2,500

D. estoppel certification

When Cari's mortgage was transferred to a new owner, what was given to the new owner to verify the interest rate, remaining balance, and interest paid to date? A. notice of assignment B. trust deed C. hypothecation D. estoppel certification

A. All choices are correct

Which of these is a possible response to a buyer's offer? A. All choices are correct B. totally accepting it C. ignoring it D. rejecting it

C. $841

A tax bill cost $10,092. For proration purposes, what is the monthly tax expense? A. $798 B. $876 C. $841 D. $950

D. an expiration date

All buyer brokerage agreements MUST have: A. a legal property description B. an automatic renewal clause C. a term of at least six weeks D. an expiration date

A. general agent

Anthony is Joe's agent, operating as the property manager of the luxury apartment building Joe owns. Anthony's responsibilities are ongoing and have binding power on Joe. What kind of agent is Anthony? A. general agent B. special agent C. universal agent D. dual agent

B. $1,680

Belle decides to open a coffee shop downtown. She signs a percentage lease with her landlord: Her fixed rent price is $1,500 per month. Her rent cost will include 4% of monthly sales. In October, she earned $4,500 in sales. How much is Belle's rent in October? A. $3,000 B. $1,680 C. $1,500 D. $6,000

D. Ali is correct

Bradley and Ali are sales associates. They are making paper brochures to advertise their brokerage. Bradley says they must include the brokerages phone number, by law. Ali states they don't need to include it and can just provide the email address. Evaluate who is correct A. Neither is correct B. It depends on the municipality's regulations C. Bradley is correct D. Ali is correct

D. broker and seller

Broker Jenna and Seller Melissa recently signed a listing agreement. In exchange for meeting the conditions of the listing agreement, Jenna will earn a 6% commission rate. Who determined this rate? A. broker and sponsored sales associate B. local NAR chapter C. local brokers set the rate D. broker and seller

B. one year

Frank wants to file a fair housing violation with HUD. How long does she have, from the alleged violation? A. two years B. one year C. ten years D. indefinitely

B. seven

George is a member of the United States Army. In Florida, a landlord must complete the processing of George's rental application within how many days after submission? A. fifteen B. seven C. thirty D. five

A. 80%

What is the loan-to-value ration of a loan of $144,000 on a property sold for $180,000? A. 80% B. 65% C. 70% D. 85%

B. $245

Dierk buys a 5-acre property in Alligator County. It sells for $7,000 per acre. What is the documentary stamp tax on his deed? A. $210 B. $245 C. $245,000 D. $21,000

B. enter the apartment to fix the pipe

Elise is going out of town for two weeks on a business trip. She notifies her landlord to let him know. While she is gone, a pipe bursts in her apartment and starts flooding it. Neighbors notify the landlord. What should the landlord do? A. nothing- the landlord cannot enter the apartment while the tenant is away B. enter the apartment to fix the pipe C. enter the apartment only after 12 hours D. enter the apartment only if accompanied by another party

C. Leslie borrowed money to extend her investing power, increasing her profits

Evaluate which of these scenarios best illustrates positive leverage A. Larry got a mortgage to purchase an investment property, but the cost of the loan is more than the profit from the investment B. Louise pays a property manager to manage her investment property C. Leslie borrowed money to extend her investing power, increasing her profits D. Leander needs cash for unexpected expenses, but to get his investment out of his property quickly, he would have to sell the property for much less than it's worth

B. CERCLA will hold Excellent Energy Company responsible, and the company will have to pay for cleanup costs

Excellent Energy Company was drilling for oil when a major accident caused an oil spill that polluted public water. Who will bear the cost of cleanup, and under what law? A. CERCLA will authorize the use of the Superfund to cover expenses associated with cleaning up the oil spill B. CERCLA will hold Excellent Energy Company responsible, and the company will have to pay for cleanup costs C. NEPA will authorize the use of the Superfund to cover expenses associated with cleaning up the oil spill D. NEPA will hold Excellent Energy Company responsible, and the company will have to pay for cleanup costs

B. TRUE

Fair housing laws apply whether or not a fair housing clause is present in the contract. A. FALSE B. TRUE

A. farmers

Floridas greenbelt law protects: A. farmers B. developers C. environmental nonprofits D. brokers

B. No, because they were parking with permission

For the last 23 years, the O'Reilly brothers have parked their motorcycles in Mr. Sanders' side lot, with his permission. Now Mr. Sanders wants to put a garden in the lot, and revokes their parking privileges. They claim they have an easement by prescription. Do they? Why or why not? A. No, because there was no written agreement B. No, because they were parking with permission C. Yes, because it was known to Mr.Sanders and he chose to ignore it D. Yes, because they parked there for 23 years

B. $104,000

Gino owns a home worth $294,000. He owes the bank $190,000. How much equity does he have in the home? A. $494,000 B. $104,000 C. $238,000 D. $294,000

C. she must keep confidential information confidential even after her employment terminates

Graciela is a sales associate. She is quitting her job at Atlas Realty and moving to another brokerage. She can't wait to tell her new brokerage all the details about her most recent transaction. Graciela should remember: A. she can legally share any information after her employment terminates B. though she can legally share any information after her employment terminates, it is unethical C. she must keep confidential information confidential even after her employment terminates D. depending on the stipulations of her employment contract, she may have to keep the information confidential

A. 80%

Hank buys a home for $350,000. He took out a $280,000 mortgage to pay for the home. What is his LTV ratio? A. 80% B. 85% C. 87% D. 90%

A. ostensible partnership

Harold and Naomi are both brokers who run separate offices. Their offices are in the same building and their signage does not make it clear they are separate businesses. Which of the following terms describes Harold and Naomi's relationship? A. ostensible partnership B. general partnership C. liability partnership D. limited partnership

C. severance

Hila wants to remove her kitchen cabinets so she can take them with her when she moves. If Hila does this, she will be performing the act of: A. annexation B. affixation C. severance D. adoption

B. loan terms became longer

How did mortgages change with the creation of the FHA? A. they became uninsured financial instruments B. loan terms became longer C. more money had to be put down as down payment D. people started relying more on local lenders

B. It prohibited discrimination in housing based on race or color

How did the Civil Rights Act of 1866 affect real estate? A. It prohibited discrimination in federally funded housing based on race, color, and religion B. It prohibited discrimination in housing based on race or color C. It decreed that "separate but equal" was permitted in housing D. It allowed Black men to purchase property

A. 43,560 square feet

How many square feet are in an acre? A. 43,560 square feet B. 5,280 square feet C. 63,540 square feet D. 40,300 square feet

B. $2,000

If Greta has an annual interest total of $24,000, how much is her monthly interest payment? A. $1,200 B. $2,000 C. $4,000 D. $2,400

B. $48,000

If Sami's dream home costs $240,000 and she wants to put down 20%, how much does she need for a down payment? A. $54,000 B. $48,000 C. $24,000 D. $36,000

A. $5,000

If a Florida licensee violates their duties, the violation could result in license suspension or revocation, or a penalty (per occurrence) of up to what amount? A. $5,000 B. $10,000 C. $2,000 D. $2,500

C. $3,000

If a loan principal is $150,000, how much would 2 discount points cost? A. $1,500 B. $2,000 C. $3,000 D. $5,000

C. the decedent's spouse

If more than one heir exists, who is generally first in line to inherit property? A. the decedent's siblings B. the decedent's children C. the decedent's spouse D. the decedent's parents

D. A principal revokes and an agent renounces

In regards to agency relationships, which of the following is TRUE about revocation and renunciation? A. A principal can revoke in every instance without liability B. An agent can renounce in every instance without liability C. A principal renounces and an agent revokes D. A principal revokes and an agent renounces

C. They do not always result in discharge

In regards to contracts lacking a legal element, which of the following IS TRUE? A. They have always been that way from inception B. They always result in discharge C. They do not always result in discharge D. They are considered as having been created by an unlawful purpose

A. problems from after the policy was issued

It's important a buyer knows that title insurance will NOT cover: A. problems from after the policy was issued B. deeds that were forged C. problems from before the time of purchase D. a spouse's hidden interest or relevant marital status

A. non-possessory

Jonathan holds an interest in a property, but he does NOT have the right to occupy it. His interest in the property can be described as: A. non-possessory B. possessory C. temporarily possessive D. anti-possessive

A. Kat changed her employing broker without notifying the FREC within 10 days

Kat's sales associate license ceases to be in force. What is the most likely cause for this license status? A. Kat changed her employing broker without notifying the FREC within 10 days B. Kat failed to renew her license before its expiration date C. Kat's license was revoked by the FREC as a disciplinary measure D. Kat voluntarily relinquished her license

D. notice of where security deposit is held within 30 days of receiving it

Landlord Ariel owns a multifamily building of 10 units. What disclosure does she need to provide? A. interstate land sales disclosure notice B. transaction broker notice C. notice of where advance rent is held within 15 days of receiving it D. notice of where security deposit is held within 30 days of receiving it

D. universal agent

Liam would like Hannah to represent him, not only in all of his business affairs but also in all of his personal affairs. To give her complete freedom to act in his name, including the authority to bind him to contracts, Liam signs a power of attorney. What kind of agent does Liam want Hannah to be for him? A. special agent B. general agent C. dual agent D. universal agent

B. taxes, some mechanic liens, and subordination agreements

Liens that are or can be exempt from debt priority include: A. taxes, some mechanic liens, and junior mortgages B. taxes, some mechanic liens, and subordination agreements C. taxes, commercial loans , and subordination agreements D. personal loans, some mechanic liens, and subordination agreements

A. exclusive right-of-sale listing

Melissa signed a listing agreement with Shane, a local real estate agent. Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. What type of listing agreement did Melissa and Shane sign? A. exclusive right-of-sale listing B. open listing C. exclusive-agency listing D. net listing

A. $5,336

Monty took out a mortgage loan for $266,800. He paid two points. What was the total cost of his points? A. $5,336 B. $8,004 C. $2,668 D. $26,680

B. acts of the parties

Mutual agreement, revocation, renunciation, and breach of agreement are all causes of termination of agency due to: A. statutory acts B. acts of the parties C. operation of law D. contractual operation

B. credits to the buyer

New mortgages from banks or other third party sources and binder deposits are: A. credits to the seller B. credits to the buyer C. debits to the buyer D. debits to the seller

C. immediately comply with the principals request

Once a principal expresses a desire to end an agency relationship, the agent must: A. offer gratuitous agency in hopes of salvaging the relationship B. continue to carry out their duties until the sponsoring broker has determined how to respond C. immediately comply with the principals request D. request a written termination letter for documentation

A. non-binding and not executory

Oral agreements to buy real estate are: A. non-binding and not executory B. non-binding and executory C. enforceable and binding D. binding and executory

B. False

Over the course of an amortized loan's life, the borrower's payments will increasingly be allocated towards interest payments. A. True B. False

D. Quinn's property will be distributed among his heirs

Quinn, a husband and father, dies intestate. What will happen to his property? A. Quinn's property will immediately escheat B. Quinn's property will be distributed according to his will C. Quinn's property will be dissolved D. Quinn's property will be distributed among his heirs

B. TRUE

Range lines run parallel to the meridian, running north to south. A. FALSE B. TRUE

B. increase in supply

Real estate licensee Jamie discovers that there is an increase in the number of building permits being issued in her town. What can she expect will result from this? A. seller's market B. increase in supply C. thin market D. increase in demand

B. Dani should list the property on the MLS, per her obligations, but make arrangements to show the property to her buyer as soon as possible

Realtor Dani just acquired a listing for a luxury South Beach condo that appears to tick every box on the wish list of a buyer that she's been working with for the past couple weeks. It's much nicer than anything that has come up on the MLS in months. Given this set of facts, analyze the situation and choose the answer that describes what Dani should do next A. Dani should show the property to her buyer before listing the property on the MLS B. Dani should list the property on the MLS, per her obligations, but make arrangements to show the property to her buyer as soon as possible C. Dani's first obligation is to the MLS, so she should post the listing there and NOT show the property to her client D. Dani's duty to her buyer overrides any obligations she has to her Realtor association's MLS, so she should not post the property there until her client has rejected it first

B. client or principal

Robert is a Florida broker operating as a fiduciary for Mia in a real estate transaction. When introducing Mia to others, Robert should refer to her as his: A. principal or customer B. client or principal C. customer or third party D. client or customer

C. $5,210

Rudy's loan principal is $521,000. What is the cost of one point on his loan? A. $520 B. $2,605 C. $5,210 D. $10,420

D. give these funds to his broker by the end of the next business day

Sales Associate Eric collects rent from an apartment complex. He must: A. deposit these funds into his broker's business account B. give these funds to his broker within three business days C. deposit these funds into his business account D. give these funds to his broker by the end of the next business day

D. commingling

Sales Associate Frank placed escrowed money into his brokerage's operating expenses account. This is an example of: A. misrepresentation B. conversion C. fraud D. commingling

C. offer and acceptance

Seller Romeo and buyer Juliet have finally agreed in principle to all the conditions and terms of a sales contract for Romeos palatial pad. For a while there, it appeared that Juliets request for an inclusion of a mother-in-law suit was going to be a deal-breaker since Juliet said it was a hill she was willing to die on. But, once they settled that point of contention, everything fell into place. Evaluate the scenario, and choose the essential element of a contract that is being illustrated the most. A. lawful objective B. legally competent parties C. offer and acceptance D. consideration

C. agency law and contract law

Service contracts are governed by: A. agency law only B. contract law only C. agency law and contract law D. state law only

A. agricultural sales

Some sales associates will need to have expert knowledge of the economic challenges some farms may have. These sales associates likely specialize in: A. agricultural sales B. commercial sales C. regional sales D. municipal sales

A. is a counteroffer and is considered a new offer

Stevie receives an offer for his house. He takes part of that offer and adds new language. He sends it to the buyer. This revised offer: A. is a counteroffer and is considered a new offer B. is a contingent offer and is considered an extension of the first offer C. is a revoked offer and is considered a termination of the first offer D. is a multiple offer and is considered a new offer

A. $312,500

Tara took out a non-amortized loan with a 4% interest rate. Making steady monthly payments, she ended up paying $12,500 in interest. What was Tara's loan principal? A. $312,500 B. $250,000 C. $50,000 D. $425,000

C. Greta focuses on the south side of town where there are a lot of apartment buildings and condos

Target marketing involves agents utilizing a farm area. Analyze which of the following describes an agent utilizing a farm area: A. Ashley looks for clients throughout her city. She hopes to get a few from each side of town B. Mark decides not to advertise his services but focus on follow-ups and referrals, instead C. Greta focuses on the south side of town where there are a lot of apartment buildings and condos D. John looks for a large piece of rural land to sell to an agricultural investor

D. 30 days

Tenant Sebastian moves out. The landlord wants to make a claim against Sebastian's security deposit. From Sebastian's move-out, how long does the landlord have to make a claim on the deposit? A. 45 days B. 15 days C. 10 days D. 30 days

B. built after 1993

The ADA requires that public accommodations and commercial facilities that are newly constructed be accessible. What does "newly constructed" in this case mean? A. built after 1995 B. built after 1993 C. built after 1985 D. built after 2002

C. funds loans

The FHA does all of the following, EXCEPT: A. provide qualification standards B. insures loans C. funds loans D. provide loan limits

A. sexual orientation

The Fair Housing Act protects all of the following classes EXCEPT: A. sexual orientation B. color C. race D. national origin

A. the statute of limitations

The doctrine of Laches is most similar to: A. the statute of limitations B. the statute of contracts C. the statute of consent D. the statute of frauds

A. define or limit the ownership interest of the grantee

The purpose of a habendum clause is to: A. define or limit the ownership interest of the grantee B. ensure the grantee has complete ownership interest C. name a back-up grantee D. make conveyance contingent upon funding

A. lender's interest

The recording of a lien protects the: A. lender's interest B. broker's interest C. borrower's interest D. title company's interest

C. easement

The right of one party to access or use the land of another is a(n): A. lien B. assessment C. easement D. encroachment

D. administrative law

The rules and regulations coming out of the Florida Real Estate Commission would be an example of: A. statutory law B. a blend of common and statutory law C. common law D. administrative law

B. income, credit, and net worth

The underwriter making the loan decision will consider a borrower's: A. source of income, location of their current property, and credit score B. income, credit, and net worth C. income, number of children, and age D. age, income, and marital status

C. the amount of money the government will guarantee on a home loan

The word entitlement, when referring to VA loans, is: A. the number of years a veteran served in the military B. the same thing as FHA loan qualification C. the amount of money the government will guarantee on a home loan D. the price of a home the veteran can afford

C. pay the loan in full before the property is sold at auction

Tia has missed some mortgage payments and her home has gone into default. If she were to exercise her equity of redemption, what would she have to do? A. deed the property over to the lender B. pay the missed payments, fees, and interest before the property is sold at auction C. pay the loan in full before the property is sold at auction D. get permission from her lender to sell the property for less than the outstanding loan amount

D. BPO

Which answer describes something that: -Does not have to conform to USPAP standards -Is often utilized in the foreclosure process -Is less costly than comparable options A. origination B. appraisal C. CMA D. BPO

D. acceptable

Which of the following is NOT a category that contracts can fall under? A. valid B. voidable C. unenforceable D. acceptable

B. 2.81%

A bank makes a loan at 2.31% interest with four points. What is their approximate yield? A. 3.81% B. 2.81% C. 6.31% D. 1.81%

D. $140,000

A building receives $100,000 in rental income in a year. The unoccupied units would bring in an additional $40,000 if they were occupied. What is the potential gross income of the building? A. $400,000 B. $160,000 C. $60,000 D. $140,000

C. it needs to be legally sufficient

A complaint in Florida has been filed, in writing. What else needs to be true for the complaint to be investigated? A. it needs to concern real estate B. it cannot be anonymous or confidential C. it needs to be legally sufficient D. it needs to concern a violation which occurred in Florida

D. client

A fiduciary is expected to put whose interests ahead of their own? A. prospect B. customer C. third party D. client

D. devise

A gift of real property left by a will is known as a: A. testator B. legacy C. bequest D. devise

A. 2,975 sq. ft.

A home measures 80 feet by 40 feet. The garage is 15 feet by 15 feet. What is the total livable area of the home? A. 2,975 sq. ft. B. 2,225 sq. ft. C. 2,750 sq. ft. D. 3,200 sq. ft.

C. in violation of fair housing legislation, as the couple is protected under familial status

A landlord is showing a young couple around a multi-family building and is ready to accept their rental application. The landlord finds out the couple is pregnant and decides to rent the unit to someone else, as he fears a screaming baby will upset neighbors. The landlord is: A. in violation of fair housing legislation, as the couple is protected under temporary disability B. unethical in his decision, but is not in violation of any federal regulations C. in violation of fair housing legislation, as the couple is protected under familial status D. free to make his own choices and has done nothing wrong in this situation

D. 7 days

A landlord receives written notice from a tenant in which the tenant states that unless the landlord fixes her air-conditioning unit (which the lease specifies that the landlord must do), the tenant will move out. How long does the landlord have to fix the air-conditioning unit before the tenant can move out without penalty? A. 10 days B. 12 days C. 30 days D. 7 days

C. redlining

A lender tells his new hire that as a bank, they have a policy of never giving loans to people who live in a certain neighborhood by the highway. What is this an example of? A. blockbusting B. steering C. redlining D. testing

D. 2,790 sq. ft.

A lot is in the shape of right triangle. The base of the triangle is 62' and the height is 90'. What is the area of the lot? A. 290 sq. ft. B. 3,790 sq. ft. C. 2,190 sq. ft. D. 2,790 sq. ft.

A. principal, interest, taxes, and insurance

A monthly payment includes: A. principal, interest, taxes, and insurance B. principal, taxes, insurance, and prorations C. principal, interest, fees, and insurance D. principal, insurance, taxes, and escrow

D. specific, voluntary lien

A mortgage is an example of a: A. specific, involuntary lien B. general, involuntary lien C. general, voluntary lien D. specific, voluntary lien

B. drawing of a development

A plat map is a(n): A. collection of lots B. drawing of a development C. part or portion of land often used to identify a specific lot within a larger tract of property D. individual piece of land measured and defined by the metes and bounds system

A. title

A restrictive covenant puts restrictions on a property's: A. title B. land C. structures D. insurance

D. 3,000 cubic feet

A room is 20 feet long by 15 feet wide and 10 feet high. What is the volume of this room? A. 300 cubic feet B. 3,000 square feet C. 300 square feet D. 3,000 cubic feet

A. agent

According to Florida statute, a customer may or may not be represented by a real estate licensee in an authorized brokerage relationship. That quote contains several pieces of information. If a licensee is in an authorized relationship as described in the quoted statute, what can you deduce the licensee's role to be? A. agent B. client C. customer D. fiduciary

C. 3 days

Adele is buying a condo from a former owner. How long after receiving her condo documents and signing the contract does she have to cancel the contract? A. 10 days B. 25 days C. 3 days D. 15 days

B. 30 days

After being filed, when does a final order becomes effective? A. 10 days B. 30 days C. 365 days D. 15 days

B. $12,250

Amy took out a non-amortized loan of $350,000 with an interest rate of 3.5%. What is her annual interest payment? A. $9,000 B. $12,250 C. $35,000 D. $1,250

D. 8%

An ARM's margin is 2% and the current index rate is 6%. The interest rate will be: A. 4% B. 6% C. 2% D. 8%

A. abstract of title

An abbreviated history of a property is a(n): A. abstract of title B. chain of title C. color of title D. cloud on the title

D. escrow account

An account that holds something (an asset) on behalf of one party until a transaction is completed and that something can be given to the other party is a(n): A. secondary account B. deposit C. earnest account D. escrow account

B. all terms have been fulfilled by all parties

An executed contract is a contract in which: A. all terms have been put in writing B. all terms have been fulfilled by all parties C. all terms are inferred by the actions of the parties D. only one party is obligated to perform

C. optionor (seller)

An option contract is unilateral, with promises being made by: A. optionee (seller) B. optionee (buyer) C. optionor (seller) D. optionor (buyer)

C. unilateral

Anne posts "Lost Dog: $50 Reward" flyers on telephone poles all over town in hopes that someone will see Buttons, her very naughty and wayward chihuahua. What kind of contract has Anne created? A. unenforceable B. void C. unilateral D. bilateral

B. 30

Ben wants to carpet his bedroom. He measures it as 270 square feet. When he gets to the Carpet Store, he finds that they sell carpet by the square yard. How many square yards is Ben's room? A. 90 B. 30 C. 810 D. None of these are correct

C. $2,400

Bobby agreed to pay the full deed transfer tax on the $400,000 sale of his property in Miami-Dade County. How much will Bobby owe for the deed transfer tax? A. $2,000 B. $2,800 C. $2,400 D. $3,200

C. single agent

Broker Steph always prefers to offer buyers and sellers her full loyalty and to put their interests first in the transactions she oversees. But sometimes, Steph finds that she needs to transition those relationships to a lesser degree of representation for the sake of facilitating an in house transaction. Analyze what you know of about Steph and select the answer that represents her preferred brokerage relationship with buyers and sellers A. no brokerage B. designated agent C. single agent D. transaction broker

D. deposit the money into the property management account

Christopher is a property manager in charge of a property management account. He receives a $575 security deposit from Robin, his tenant. What should Christopher do with this money? deposit the money into the associate broker's account deposit the money into his personal account deposit the money into the property operating expenses account deposit the money into the property management account A. deposit the money into the associate broker's account B. deposit the money into his personal account C. deposit the money into the property operating expenses account D. deposit the money into the property management account

B. $280,000

Comp 1 is 3,000 sq. ft. and was sold for $300,000. The subject property is 2,800 sq. ft. If that was the only difference in the properties, using the sales comparison approach, what would the value of the subject property be? A. $330,000 B. $280,000 C. $250,000 D. $150,000

A. $14,000

A broker complied with an EDO. However, the seller sued the broker, and won. In the judgement, the broker was ordered to pay $7,000 (actual damages), $4,000 (punitive damages), and court costs ($3,000). The seller's attorney fees were $2,000. The broker's attorney fees were also $2,000. The broker made a claim to the recovery fund, which agreed to reimburse. What is the maximum amount the fund will reimburse? A. $14,000 B. $18,000 C. $12,000 D. $4,000

A. now owns the curbs and streets

A developer develops a 20-acre piece of land into a subdivision. They dedicate the streets and curbs to the city. This means the city: A. now owns the curbs and streets B. must repave the streets but can not use them as access roads C. may name the streets whatever they wish D. cannot alter the location of the curbs for street expansion

B. places for the parties to sign and date the form

The No Brokerage Relationship Notice provides a list of the duties that the no brokerage relationship entails and the names of parties involved. What else does it provide? A. an opt-out clause in the event either party decides to terminate the relationship B. places for the parties to sign and date the form C. state-mandated rates for the services required to fulfill the duties that will be performed D. a disclosure notice termination date

A. appointed by the governor of Florida and subject to confirmation by the state senate

The Secretary of the Department of Business and Professional Regulation is: A. appointed by the governor of Florida and subject to confirmation by the state senate B. appointed by the chairperson of FREC and subject to confirmation by the Florida governor C. elected by the DBPR members and subject to confirmation by the Florida governor D. elected by the people of Florida and subject to confirmation by the state senate

B. Alan, a 35-year-old non-U.S. citizen with a high school diploma and the right to work in the U.S.

Which of these people has the qualifications to apply for a sales associate license in Florida? A. Ira, a 40-year-old Italian citizen with a master's degree who is in the U.S. on a tourist visa B. Alan, a 35-year-old non U.S. citizen with a high school diploma and the right to work in the U.S. C. James, a 25-year-old U.S. citizen who did not complete high school D. Georgia, a 17-year-old U.S. citizen with a G.E.D

D. Maria is a licensed sales associate living in Alabama

Which of these people is eligible for mutual recognition in Florida? A. Manuel has a Connecticut broker license, and has been staying with his mother in Florida for six months B. Marcus is a licensed sales associate living in New York C. Melissa is a member of the Florida Bar living in Florida D. Maria is a licensed sales associate living in Alabama

C. Friends Cara and Jose own a condo buiding together. If either one dies, the property will pass to their heirs.

Which of these scenarios BEST describes property held as tenants in common? A. The Moneysworth Corporation owns a mall. It cannot die, because it is not alive. B. Brother and sister Roy and Sasha own a mixed use building together. If either dies, ownership will pass to the other C. Friends Cara and Jose own a condo building together. If either one dies, the property will pass to their heirs. D. Married couple June and Roland own a lake house. If either one dies, the property will pass to the other.

C. Jose said he could fly, then took off into the air

Which of these scenarios is an example of prima facie evidence? A. Jeremiah said he could teleport, then told you to meet him in an hour across town B. Jenny said she was impervious to bullets, then showed you a picture of a bullet C. Jose said he could fly, then took off into the air D. Jeremy said he had an invisibility cloak, but it was at his grandma's house right now so he couldn't show it to you

B. there is no need to disclose something taht is already presumed

Why are there no brokerage relationship disclosure requirements with a transaction broker relationship? A. because the customer has to specifically ask for this type of brokerage relationship, there is no need to disclose it B. there is no need to disclose something that is already presumed C. because the parties can back out of the relationship at any time without liability D. the limited representation it provides poses little risk to the customer

A. general warranty deed

You are a buyer, and a very nervous one, at that. You are checking all of your bases when you go out to buy your first home. To give yourself the greatest protection, you make sure the listing agreement states the property will be conveyed using a: A. general warranty deed B. special warranty deed C. quitclaim deed D. bargain and sale deed

C. general partnership

You want to enter into a partnership in which you share an equal amount of personal responsibility for the financial liabilities and obligations of the business as all the other partners. It would be a good idea for you to enter into a: A. limited partnership B. ostensible partnership C. general partnership D. corporate partnership

D. The buyer is obligated to reject the seller's acceptance of their original offer

A buyer offers in writing to purchase a house for $150,000, including the washer and dryer. The offer is set to expire on Monday at 9 a.m. The seller replies in writing on Thursday and accepts the $150,000 offer, but excludes the washer and dryer. On Friday, while the buyer is thinking this counteroffer over, the seller changes their mind and decides to accept the original offer, washer and dryer included. They state this in writing. What is the buyer obligated to do? A. The buyer can now go through with the sale, since their original offer has been accepted B. The buyer is not obligated to do anything C. The buyer is obligated to buy the house, but not to the washer and dryer D. The buyer is obligated to reject the seller's acceptance of their original offer

B. quitclaim deed

A client is purchasing a house that was sold in a tax sale three years ago. The seller is very enthusiastic. They agree to convey: Interests Title Rights But it sounds too good to be true. You ask the seller if they can guarantee what they agree to convey. When they say no and tell you they can make almost no guarantees. You know they will be using a: A. bargain and sale deed B. quitclaim deed C. general warranty deed D. special warranty deed

A. The complaint is in writing and legally sufficient

A complaint needs to meet two criteria for the DBPR to investigate it. These criteria are: A. The complaint is in writing and legally sufficient B. The complaint concerns a violation that happened in Florida and meets probable cause C. The complaint concerns real estate and is not confidential D. The complaint is under judicial review and is not anonymous

A. the legal document that transfers real estate title from one party to another

A deed is defined as: A. the legal document that transfers real estate title from one party to another B. an outdated tool that property owners used to use C. the behaviors and actions expected in an agency relationship D. a bundle of rights that a property owner holds

B. a legal practice under the Florida residential landlord and tenant act

A florida landlord places all of the security deposits he collects into his business account, and then posts a surety bond which covers the total amount of deposits. This is an example of: A. conversion B. a legal practice under the Florida residential landlord and tenant act C. a violation under the Florida residential landlord and tenant act D. commingling

C. a mortgage

A homebuyer is taking out a loan to purchase a home in Florida. The lender has them sign a promissory note and what other document? A. a trust deed B. an estoppel letter C. a mortgage D. a listing contract

C. be paid off in full with the last scheduled monthly payment

A loan that is fully amortized will: A. only include interest payments until the end of the loans term B. have varying monthly payment amounts C. be paid off in full with the last scheduled monthly payment D. require a balloon payment at the end of the loans term

D. $146,200; no

A married couple bought their primary residence three years ago for $150,000. Their closing costs when they bought the house were only $1,200. When they owned the house, they spent $9,600 on capital improvements. They sell the house for $322,000. The cost of the sale is $15,000. How much is their capital gain? Will they have to pay a capital gains tax on it? A. $689,000; yes B. $307,000; no C. $160,800; yes D. $146,200; no

A. furnished condominium

A package mortgage is MOST likely to be utilized in the purchase of a(n): A. furnished condominium B. new home C. industrial property D. cooperative

B. the property manager is refusing to rent to bob due to bobs disability. This violates the fair housing act

A property manager is talking to Bob, who wants to rent an apartment. Bob mentions that he is autistic. The property manager thinks that dealing with an autistic individual would be too much trouble. He directs Bob to another complex, saying that the complex is better suited to Bob's "needs." Evaluate this situation. A. Disability is not covered under the fair housing act, so the property manager is within his rights to deny bob housing B. the property manager is refusing to rent to bob due to bobs disability. This violates the fair housing act C. The property manager is refusing to rent to bob due to bobs disability. This violates ECOA D. The property manager is refusing to rent to bob due to bobs disability. This violates RESPA

D. The current property management company needs to transfer the tenants' security deposits and advance funds to the new property management company, along with an accounting of how much should be credited to each tenant

A property owner decides to use a new property management company to manage the apartment complex she owns. What needs to happen? A. The current property management company needs to write a check to the property owner that covers all of the security deposits and rents. The property owner will then transfer that money to the new property management company B. The new property management company needs to give a mandatory fair housing course to make sure all employees are knowledgeable before working with the tenants C. The new property management company needs to perform an audit of the tenants and decide if they will ask any of them to move at the end of the lease D. The current property management company needs to transfer the tenants' security deposits and advance funds to the new property management company, along with an accounting of how much should be credited to each tenant

D. This street address is not precise enough; a legal land description is needed

A property that is being sold is exclusively identified on the sales contract as 24029 Wisteria St., Naples, FL 34101. Evaluate the validity of this as a legal description. A. Abbreviations such as "St." and "FL" are permissible on real estate contracts B. This is an acceptable legal description for the property in the contract C. This legal description is invalid because it does not cite latitude and longitude lines D. This street address is not precise enough; a legal land description is needed

C. $810

A property's annual property taxes equalled $6,480. The seller owes the buyer for 1 month and 15 days of prorated property taxes. Using the 360-day calendar, how much does the seller owe the buyer? A. $1080 B. $640 C. $810 D. $540

D. $738 credit to buyer; $738 debit to seller

A property's property taxes toal $1,000 for the year. Yisel buys the property from Jose. At closing, the property's unpaid property taxes total $738. How will this be listed on the closing disclosure form? A. $738 debit to buyer; $262 credit to seller B. $738 credit to buyer; $262 debit to seller C. $738 debit to buyer; $738 credit to seller D. $738 credit to buyer; $738 debit to seller

C. client

A real estate agent works exclusively with buyers. They have chosen a specialization that focuses on the: A. geographical area B. commission split C. client D. property type

B. The sales associate committed concealment by not disclosing a material fact

A sales associate did not disclose to a potential buyer that the property had been treated for mold. Evaluate this situation. A. The sales associate commingled by not disclosing a material fact B. The sales associate committed concealment by not disclosing a material fact C. The sales associate committed conversion by not disclosing a material fact D. The sales associate should have disclosed the material fact, but her concealment was not actually illegal

D. culpable negligence

A sales associate forgot to present an offer to her client. The client ended up accepting a worse offer. When the client found out she could have received more money, she was very angry. What violation did the sales associate commit? A. fraudulent misrepresentation B. commingling C. conversion D. culpable negligence

C. conflicting demands

A sales associate is working with a buyer and a seller who are arguing about how their escrowed money should be disbursed. The sales associate is unsure of what to do so they go to their broker and tell them about the buyer's and seller's opposing, unresolvable: A. litigation concerns B. escrow disbursement orders C. conflicting demands D. interpleader arguments

A. increasing cash flow

A sales associate specializes in commercial sales. They should have expert knowledge of: A. increasing cash flow B. governmental regulations affecting farms C. industrial subdivisions D. schools in the area

C. executory

A sales contract has been signed, but there has not yet been full performance. What kind of contract is this? A. assigned B. executed C. executory D. novatory

B. $640

A seller paid $1536 in HOA fees at the beginning of the year. The buyer closed on the property and took possession with exactly 5 months left in the year. Using the 360 calendar, how much would the buyer owe the seller in prorated HOA fees? A. $156 B. $640 C. $1256 D. $700

A. Leila may remove any personal property found on the premises to or near the property line

A sheriff has executed a writ of possession. What can Landlord Leila now do? A. Leila may remove any personal property found on the premises to or near the property line B. Leila may get a final judgement from the court C. Leila may file a complaint for eviction in the court of the county where the dwelling is located. Typically, the sheriff's department delivers the complaint to the tenant D. Leila may deliver notice to the tenant of their eviction

Yes, because the ADA requires that public accommodations and commercial facilities that are newly constructed (built after 1993) be accessible

A shopping mall was built in 1997. Does the mall need to be accessible to people with disabilities? A. No, because the fair housing act requires that public accommodations and commercial facilities that are newly constructed (built after 2005) be accessible. The mall was built before that time period B. No, because the ADA requires that public accommodations and commercial facilities that are newly constructed (built after 2000) be accessible. The mall was built before that time period C. Yes, because the ADA requires that public accommodations and commercial facilities that are newly constructed (built after 1993) be accessible D. Yes, because the fair housing act requires that public accommodations and commercial facilities that are newly constructed (built after 1995) be accessible

D. confidentiality

A single agent who is able to keep private any client information that could prove harmful to the client in negotiations is said to be demonstrating the fiduciary duty of: A. disclosure B. loyalty C. obedience D. confidentiality

C. a particular piece of property

A specific lien is a claim against: A. a special assessment B. all the property a person owns C. a particular piece of property D. all identified collateral

C. a construction loan

A takeout commitment is likely to help a builder get: A. a code violation B. an FHA loan C. a construction loan D. approved plans

D. three business days

A tenant fails to pay rent. The landlord sends them written notice. The notice states that the tenant must pay rent within what timeframe to avoid getting evicted? A. one business day B. seven business days C. ten business days D. three business days

B. gross lease

A tenant has recently signed a lease for a new commercial property. According to the lease terms, the tenant pays a monthly rent, and the landlord covers maintenance and other property expenses. Name what kind of lease this tenant has. A. percentage lease B. gross lease C. triple net lease D. net lease

B. return the security deposit within 15 days

A tenant moves out of her apartment. She has left the apartment in great shape, so the landlord intends to return her entire security deposit. The landlord needs to: A. return the security deposit within 30 days B. return the security deposit within 15 days C. return the security deposit within 45 days D. return the security deposit within 10 days

C. 4.4 mills

A town has a total assessed value of $60,000,000 and total exemptions of $9,000,000. If the town's budget is $225,000, what is its tax rate? A. 2.5 mills B. 5.1 mills C. 4.4 mills D. 7.1 mills

B. market or customer allocation

A violation of antitrust law in which competitors agree to portion the market amongst themselves is called: A. a group boycott B. market or customer allocation C. price fixing D. TCPA violation

D. Both Barney and his broker are guilty of culpable negligence

After a buyer client's offer on a property was accepted, new Sales Associate Barney did not get the earnest money his client had given him to the seller by the deadline stated in the contract. As a result, Barney's buyer client lost out on the property after all. Evaluate this scenario and select the statement that best describes it. A. Barney is guilty of culpable negligence, but his broker is not B. Neither Barney nor his broker are guilty of anything C. Because Barney is a new licensee, only his broker is guilty of culpable negligence D. Both Barney and his broker are guilty of culpable negligence

A. Yes, she meets the qualifications: she is at least 18, can work in the U.S., and has a high school diploma or the equivalent

Alana is 28, a Canadian citizen with the legal right to work in the U.S., a Florida resident, and has a G.E.D. Evaluate whether she meets the qualifications for a Florida sales associate license. A. Yes, she meets the qualifications: she is at least 18, can work in the U.S., and has a high school diploma or the equivalent B. Yes, she meets the qualifications: she is a Florida resident and at least 21 C. No, she doesn't meet the qualifications because she has a G.E.D. instead of a high school diploma D. No, she doesn't meet the qualifications because she is not a U.S. citizen

C. estate at will

Alana rents a condo from her landlord. She doesn't have an official lease, but she pays her landlord rent every month. Which of these terms best describes her estate in the condo? A. estate for years B. timeshare C. estate at will D. conventional life estate

A. $5,000

Alen received a judgement against a broker: $5,000 compensatory damages; $4,000 punitive damages; and $3,000 in court costs and attorney fees. Alen made a claim to the Recovery Fund, which was accepted. At maximum, how much money will Alen receive from the fund? A. $5,000 B. $12,000 C. $9,000 D. $4,000

C. the sale of a good or service

All of the following are common examples of unilateral contracts EXCEPT: A. a commission B. the offer of a reward C. the sale of a good or service D. a contest

C. notarization

All of the following are essential elements of a legally valid contract EXCEPT: A. legally competent parties B. consideration C. notarization D. lawful objective

A. Disclose the incident and provide court records about their case

An applicant for a sales associate license is filling out their application. A few years ago, they were found guilty of a minor crime, but had the adjudication withheld. Since then, they have served out their probation and not had any more run-ins with the law. What does this candidate need to do when they get to the criminal history box on the application? A. Disclose the incident and provide court records about their case B. They don't need to disclose this, because they have served out their probation and it was a first offense C. Disclose that they have criminal history, but they do not need to provide more information. If the FREC wants to know more about the incident, they will contact them during the 30 day errors and omissions period D. They don't need to disclose this because adjudication was withheld

D. inferences formed by the actions, conduct, and words of either or both parties

An implied agency relationship arises when a party assumes consent to the relationship based solely upon: A. the existence of a written request for agency B. the continuation of a previously existing form of express agency C. an explicit request and agreement to enter into an agency relationship D. inferences formed by the actions, conduct, and words of either or both parties

B. agency by estoppel

An over-anxious license holder named Jenny knew her neighbor Tom was considering selling his house. Although Tom hadn't signed a representation agreement with Jenny, he also didn't object when Jenny brought clients by to see his place. Things got ugly when some buyers made an offer on Tom's house only to hear it really wasn't for sale. The buyers, who missed out on the opportunity to make an offer on another home because of their interest in Tom's place, sued both Tom and Jenny. Evaluate this scenario and choose the form of agency that might used as the legal basis for the buyers' lawsuit? A. gratuitous agency B. agency by estoppel C. express agency D. agency by ratification

B. immobility

Ariel plans to move to a different city to be closer to her family. She loves her beautiful, beachfront property, though. She wishes she could take her current real estate with her to the new city, but she can't. Which characteristic of land is this? A. situs B. immobility C. indestructibility D. modification

D. first in time is first in line

As a rule of thumb, how are many liens prioritized? A. first in line is recent in time B. largest lien takes priority C. smallest lien takes priority D. first in time is first in line

C. $101.27 debit to the seller; $101.27 credit to the buyer

Asmita is selling her property to Lucy. Closing day is February 10. They are figuring out who will be responsible for property taxes and decide Asmita will pay for property taxes on the day of closing. The property taxes for the year will cost $900. It is not a leap year. Calculate the property tax proration using a 365-day year. A. $800.28 debit to the seller; $800.28 credit to the buyer B. $101.27 debit to the buyer; $101.27 credit to the seller C. $101.27 debit to the seller; $101.27 credit to the buyer D. $800.28 debit to the buyer; $800.28 credit to the seller

A. Net Worth

Assets - Debts = A. Net Worth B. Credit Score C. Payment-to-Income Ratio D. Debt Service Ratio

A. 2 additional licensed brokers, one of whom must be at least 60 years old

Assume that the following people are members of the FREC: 2 licensed brokers, ages 35 and 41 1 licensed sales associate, age 54 2 members of the public who have never been licensed, ages 26 and 47 Who should join the commission in order to fulfill the membership requirements? A. 2 additional licensed brokers, one of whom must be at least 60 years old B. 1 additional sales associate of any age C. 1 additional broker or sales associate who is at least 55 years old D. 2 associate brokers of any age

C. 50 front feet

Assuming that the dimensions of 50' + 30' + 30' + 20' + 20' + 50' are written correctly, what is the front footage of Perry's property? A. 30 front feet B. 200 front feet C. 50 front feet D. 20 front feet

D. single agent

Audrey is Matt's fiduciary. Analyze this very short statement and deduce which of the possible authorized brokerage relationships in Florida Audrey has with Matt A. no brokerage B. transaction broker C. dual agent D. single agent

C. local planning board

Aurora has no formal training in urban planning, but she volunteers her time to represent her community and make decisions about its future growth. Aurora is most likely a member of the: A. Department of Economic Opportunity B. support staff C. local planning board D. Florida Real Estate Commission

B. $998.80

Barb took out an amortized loan of $240,000 with a 5% interest rate. Her monthly payment is $1,288.37. How much will she pay in interest on her second monthly payment? A. $1,004.12 B. $998.80 C. $1,000 D. $965.52

B. $1,391.67

Ben has a monthly mortgage payment. His principal and interest payment is $950 per month. His annual insurance premium is $1,100 and his annual property taxes are $4,200. What is his monthly mortgage payment? A. $1,208.33 B. $1391.67 C. $6,250 D. $520.83

B. $20,872.73

Bill buys an apartment building for $950,000. His closing costs are $24,000. He figures out that his land is worth $400,000. What is his annual depreciation allowance? A. $33,397.24 B. $20,872.73 C. $5,740 D. $14,717.95

D. residential because its agricultural property of 10 acres or fewer

Bob's got five acres of undeveloped agricultural property located ten minutes outside of the city limits of the closest town. He approaches Sales Associate Jim about handling the listing. Will Jim handle this as a residential or nonresidential sale? Why? Pick from the following the BEST explanation. A. residential because undeveloped land is always deemed residential until improved B. nonresidential because agricultural property of any size is not residential C. nonresidential because undeveloped property might be developed into something other than residences D. residential because its agricultural property of 10 acres or fewer

B. Buddy and Holly were both offerors and offerees at different times.

Buddy thinks one of Holly's marbles would be a great addition to his collection. As offeror, Buddy proposes a swap: two of his aggies for one of her cat's eyes. Holly listened to Buddy's offer and, then, countered with her own: one of her cat's eyes for two of Buddy's aggies AND one oxblood. Consider what you know of this scenario and select the response that accurately states the roles played by each party to this marble negotiation. A. Buddy was exclusively an offeror, while Holly was exclusively an offeree B. Buddy and Holly were bother offerors and offerees at different times C. Buddy was exclusively an offeree, while Holly was exclusively an offeror D. Buddy and Holly were both exclusively offerors

B. dispute resolution

Buyer Betty has changed her mind about Seller Sue's condo and wants out of the contract. Seller Sue isn't inclined to let Buyer Betty off so easily. They disagree about several issues and seem to be at a standstill. In which paragraph(s) of the contract will Betty and Sue most likely find guidance as to how to settle their differences? A. standards B. dispute resolution C. purchase price D. disclosures

D. transaction broker

Buyer Martha enlisted sales associate rachel to help her buy a home on the gulf coast of Florida. They spent some time on Friday discussing Martha's wish list as well as her ability to get financing. They have not signed any formal relationship agreement as of yet, but they did set a time to look at some properties over the weekend. Analyze what you know about this scenario and select that answer that reflects what you believe to be the agency relationship that presently exists between Martha and Rachel A. dual agency B. single agent C. no brokerage D. transaction broker

A. four corners

Buyer Pete insists that, in multiple conversations, the seller agreed to leave all kitchen appliances in the house. The seller doesn't recall it that way, and the contract makes no mention of this. Which of the following legal concepts will likely come into play here if this dispute becomes a lawsuit? A. four corners B. caveat emptor C. caveat venditor D. ex post facto

A. an installment sales contract

Buyers who can not qualify for traditional financing are more likely to pursue which of the following property purchase arrangements? A. an installment sales contract B. a full cash offer C. an "as is" FAR/BAR contract D. an option contract

B. $2,377

Carl's house has assessed for $200,000. The millage rate for the school district is 9 mills; the millage rate for the city is 8.5 mills; and the millage rate for the county is 7.4 mills. How much does Carl, who is blind, owe for city and county property taxes? Round to the nearest dollar A. $4,767 B. $2,377 C. $1,4950 D. $1,571

C. Catherine's violation was a first-time, minor offense

Catherine, a broker, receives a notice of noncompliance from the DBPR. What does this mean? A. Catherine's violation will earn her a fine of $100 to $500 B. Catherine's violation was a second or subsequent minor offense C. Catherine's violation was a first-time, minor offense D. Catherine's violation was a criminal offense

D. If any of the buyers' agents ask, Charity needs to tell them about the existence of other offers (as long as her seller gives their approval)

Charity is a listing agent. She and her seller have received multiple offers on the seller's home. They decide to tell none of the buyer's agents that there are multiple offers. Evaluate this situation. A. Charity can choose how to respond to the question as long as she keeps her client's interests in mind B. Charity needs to volunteer information about the other offers, even if none of the buyers' agents ask C. If any of the buyers' agents ask, Charity needs to tell them about the existence of the other offers (with or without her seller's approval) D. If any of the buyers' agents ask, Charity needs to tell them about the existence of other offers (as long as her seller gives their approval)

A. A metes and bounds description ends at the point of beginning

Choose the statement about metes and bounds that is accurate. A. A metes and bounds description ends at the point of beginning B. The surveyors path always move in a counterclockwise direction around a parcel of land C. Metes are the compass directions used in creating the boundaries that enclose a parcel of real estate D. Metes refers to the compass directions used in the description

C. $1,325.00

Christine is selling her home in Broward County to Thomas for $150,000. Thomas gets a mortgage for $50,000. In the contract, they agree that Thomas will pay all mortgage-related transfer taxes and the deed transfer tax. Keep in mind the possible transfer taxes in Florida: State Documentary Stamp Tax on Deeds State Documentary Stamp Tax on Promissory Notes State Intangible Tax on New Mortgages How much will Thomas owe in Florida transfer taxes? A. $1,050.00 B. $1,225.00 C. $1,325.00 D. $1,150.00

B. They can't register as a brokerage because they created a joint venture

Claire and Miguel create a temporary business arrangement to complete a single business transaction. They want to register as a brokerage. Evaluate: A. They can register as a brokerage because they created a joint venture B. They can't register as a brokerage because they created a joint venture C. They can register as a brokerage because they created a sole proprietorship D. They can't register as a brokerage because they created a sole proprietorship

C. Lucy gets permission to open her coffee shop in a residential zone

Determine which of the following scenarios involves a use variance. A. Bryans residential neighborhood is re-zoned to be a commercial zone, and he is forced to move out B. Developers leave room for a small park to separate office buildings from an apartment complex C. Lucy gets permission to open her coffee shop in a residential zone D. Rudy has a legal nonconforming use to run his upholstery shop in a residential neighborhood. He sells the property to a pizza chain owner

C. person two

Drake has a percentage lease. He pays $1,000 each month and 3% of monthly sales. He wants to know how much his rent will be if his gross sales are $7,000 in the month. He asks two people to help him and they provide the following calculations: Person One: $1,000 + (1,000 ÷ 0.30) Person Two: $1,000 + ($7,000 x 0.03) Who advised Drake correctly? A. person one B. neither person one nor two C. person two D. both person one and two

C. seisin, encumbrances, quiet enjoyment, further assurances, warranty forever

During a continuing education course, sales associate Jaquan is asked to list all covenants that could be offered through a deed. Choose the best answer for Jaquan. A. seisin, encroachments, sporadic enjoyment, present assurances, generality B. seize, easements, legal enjoyment, past assurances, present warranty C. seisin, encumbrances, quiet enjoyment, further assurances, warranty forever D. seize, appurtenances, quiet enjoyment, varied assurances, warranty forever

C. No, she's missing the declaration

Ella is buying a condo from the current owner. The seller's agent hands her the contract and a packet of documents including: The most recent financial report The rules of the condo association The governance form An FAQ Bylaws The articles of incorporation The agent wants her to sign a form affirming she received the condo documents along with the contract. Should she? A. Yes, she's missing the estimated operating budget, but the cancellation period won't start until she gets it whether she signs or not B. Yes, it's all there C. No, she's missing the declaration D. No, she's missing the prospectus

B. they are created by the government, but privately owned

GSE's are unique in the financial sector because: A. they are owned and operated by the U.S. government B. they are created by the government, but privately owned C. they limit available funds for mortgage origination D. they are chartered privately, but run by the government

B. This is not legally valid. The general partner needs to be a licensed broker

Gail and Marilla form a limited partnership. Gail is a licensed sales associate and registered as a general partner. Marilla is a licensed broker and registered as a limited partner. Marilla focuses on advertising and Gail focuses on monetary brokerage services. Analyze Gail and Marilla's partnership. Are there any problems? A. This is not legally valid. The limited partner may not advertise the brokerage B. This is not legally valid. The general partner needs to be a licensed broker C. This is legally valid because both partners are registered D. This is legally valid because there is one limited and one general partner

C. Geraldine

Geraldine's home has been sold at a foreclosure auction. It has three liens on it: a primary mortgage, a second mortgage, and a mechanic's lien. The proceeds from the sale were used to satisfy all three lien-holders, and there is $50,000 left over. Who gets that money? A. the secondary lender B. the primary lender C. Geraldine D. all three lien-holders split the money

B. $137,000

Geraldo bought a home for $375,000. He put down $75,000. Seven years later, the home is worth $425,000 and he has paid $12,000 of his mortgage principal. What is Geraldo's equity in the home? A. $13,000 B. $137,000 C. $217,000 D. $113,000

A. limited partnership

Given that Zack is a limited partner and Zoe is a general partner, what kind of partnership are they most likely to have? A. limited partnership B. partnership in common C. hybrid partnership D. general partnership

B. professional association or professional LLC

Gonie Falik is a Florida sales associate looking to operate her real estate career in the most tax-friendly manner possible. She gets with her CPA, Mauro Garcia, to discuss the business forms she can operate under. If Gonie is like most licensees, her CPA will suggest that she operate as either of these two business entities: A. sole proprietor or corporation B. professional association or professional LLC C. joint venture or limited partnership D. corporation or general partnership

C. misrepresentation, illegal

Gregory is an agent helping Miranda sell her home. Gregory advertises Miranda's home as "For Sale by Owner," as he thinks this will draw in more customers. Evaluate what this is an example of and whether or not it is legal. A. puffing, illegal B. misrepresentation, legal C. misrepresentation, illegal D. puffing, legal

C. commercial property

Ground leases are most often used in the development of: A. agricultural property B. freehold estates C. commercial property D. residential property

B. conciliation, also known as voluntary compliance

HUD is working with a housing provider to make reparations to a tenant whom the provider admits they discriminated against, albeit unintentionally. Currently, the mediator is drawing up a list of possible actions for the provider to take. What is this process called? A. testing, also known as arbitrating B. conciliation, also known as voluntary compliance C. redlining, also known as mediating D. steering, also known as blockbusting

A. It is not legally acceptable because none of them are licensed brokers

Haley, Denis, and Bianca wish to register their general partnership as a brokerage. They: Are all licensed as sales associates Register their general partnership with the DBPR Evaluate whether or not their registration as a brokerage is legally acceptable. A. It is not legally acceptable because none of them are licensed brokers B. It is legally acceptable because they've registered with the DBPR C. It is not legally acceptable because they must first register as individual general partners D. It is legally acceptable because they are all licensed sales associates

B. 80%

Hank buys a home for $350,000. He took out a $280,000 mortgage to pay for the home. What is his LTV ratio? A. 90% B. 80% C. 20% D. 85%

C. The brokers fiduciary duty of full disclosure compels the broker to share the seller information with the buyer-client

If a broker has entered into a single agent relationship with a buyer, and the brokers learns that the seller of the home the buyer is interested in has accepted a job out of town, is the broker obligated to share that with their buyer-client? If so, why? If not, why not? A. The brokers duty of fairness compels the broker to NOT share this information with the buyer, as it would put the seller in an unfair position B. The broker is obligated to share the information with the buyer but not for reasons related to any specific fiduciary duties C. The brokers fiduciary duty of full disclosure compels the broker to share the seller information with the buyer-client D. The broker is NOT obligated to disclose this to the buyer-client because it is not a fact that materially affects the value of the property

C. reflect both names

If a grantor's name has been changed since the original title was acquired, the deed should: A. reflect only one name but either is acceptable B. reflect the original name only C. reflect both names D. reflect the changed name only

C. Based on the duty owed, the licensees and the party could be in any one of the three authorized relationships in Florida

If a licensee working with a party has the duty to account for all funds entrusted to the licensee, what do you know about the relationship the licensee has with the party? A. Based on the duty owed, you know that the licensee and the party are in a no brokerage relationship B. Based on the duty owed, you know that the licensee and the party are in a single agent relationship C. Based on the duty owed, the licensees and the party could be in any one of the three authorized relationships in Florida D. Based on the duty owed, you know that the licensee and the party are in a transaction broker relationship

B. put a lien on all the property they own

If a property owner does not pay their income taxes, the IRS may: A. put a lien on their real property only B. put a lien on all the property they own C. immediately arrest the owner D. immediately seize the owners property

A. 120 front feet

If a rectangular lot has an area of 14,400 square feet and a depth of 120 feet, what is the frontage of the lot? A. 120 front feet B. 110 front feet C. 150 front feet D. 146 front feet

C. 14 calendar days

If an active broker leaves an office vacancy, it must be filled within: A. 60 calendar days B. 7 calendar days C. 14 calendar days D. 21 calendar days

A. All citizens have the same right as white citizens to inherit, purchase, lease, sell, hold, and convey property

In the case of Jones v. Mayer, the court ruled that: A. All citizens have the same right as white citizens to inherit, purchase, lease, sell, hold, and convey property B. Schools that are "separate but equal" are constitutional C. Only white citizens could purchase property, but all citizens could rent property D. Someone who wants to sell their house may only do so to someone of their own race

C. 26.5%

Owen bought a house. He put down $85,000. The purchase price of the house was $320,000. What percentage did Owen put down? A. 18.5% B. 20% C. 26.5% D. 22.7%

C. taxation

PET stands for police power, eminent domain, and: A. truth B. tacking C. taxation D. title

D. $50,000

Payment from the Recovery Fund for claims arising out of the same real estate transaction is limited to how much? A. There is no limit B. $100,000 C. $150,000 D. $50,000

B. four units or fewer

Per the definition used in the Brokerage Relationship Disclosure Act, how many units may a property have and still be considered a residential property? A. one or two units B. four units or fewer C. one unit D. five units or fewer

C. the degree of representation provided

In what respect can the transaction broker relationship be considered the middle-ground of the three authorized working relationships? A. the license required to practice B. the flexibility of terms for the parties C. the degree of representation provided D. the party designation as customer or client

D. personal services contracts

In what type of contract can a party potentially be exempted due to death or incapacity from their contractual obligations? A. oral contracts B. valid contracts C. bilateral contracts D. personal services contracts

D. it allows lenders to offer lower interest rates since the loan is secured through the use of the property as collateral

In what way does hypothecation benefit borrowers in the financing of a home purchase? A. it demands hyper-transparency in the loan evaluation process B. it allows state and federal agencies to provide government-secured loan rates C. it creates an open marketplace where lenders compete for borrowers meeting select criteria D. it allows lenders to offer lower interest rates since the loan is secured through the use of the property as collateral

A. single agent relationship

In which authorized brokerage relationship in Florida is the party represented referred to as a principal? A. single agent relationship B. no brokerage relationship C. transaction broker relationship D. dual agent relationship

D covenant of seisin

In which covenant does the grantor state that they hold the title that is being conveyed in the deed? A. covenant against encumbrances B. covenant of right to convey C. covenant of quiet enjoyment D covenant of seisin

D. when the request being made is something the single agent thinks is a poor decision

In which of the following scenarios does a single agent still owe a duty of obedience to a client? A. when the request being made violates state or federal fair housing laws B. when the request is clearly unethical C. when the request being made is illegal D. when the request being made is something the single agent thinks is a poor decision

D. without the owner's consent, usually carried out by operation of law

Involuntary alienation is the transfer of title to property: A. with the owner's consent, usually carried out by operation of law B. without the owner's consent, always carried out by the owner in the end C. with the owner's consent, always carried out by the owner in the end D. without the owner's consent, usually carried out by operation of law

B. "appraisals must conform to USPAP standards."

Iris, a seller, is nervous about her valuation product being accurate. She wants it to be highly regulated. As her agent, you tell her that in Florida: A. "CMAs must conform to USPAP standards." B. "Appraisals must conform to USPAP standards." C. "BPOs must conform to USPAP standards." D. "All valuation products must conform to USPAP standards."

C. Yes, because Mary received more than a share of profit proportional to her ownership share, she has been compensated for the sale, and needs to be licensed.

Mary, a non-license holder, lives in Rhode Island. She co-owns a property in Florida with a friend. Mary owns 60% of the property, her friend owns 40%. The friends decide to sell the property. Mary lists and markets it, doing all of the showings herself. When it sells, the friend tells Mary to keep 80% of the profit, since she did all the work. Have they violated Chapter 475, F.S.? A. No, because Mary is from Rhode Island (a mutual recognition state), the sale does not require a license B. Yes, because Mary did not own the property in severalty, she cannot sell it without a license. C. Yes, because Mary received more than a share of profit proportional to her ownership share, she has been compensated for the sale, and needs to be licensed. D. No, because Mary was an owner of the property, she is exempt from needing a license to sell it

D. He has broken the covenant of good repair

Jeremy took out a mortgage to buy a home. Soon after he closes, his house has a tree fall on it, damaging the roof. Jeremy hates paperwork, so he doesn't file an insurance claim. Instead, he lets the home get more and more damaged as rain seeps in and the roof crumbles. Eventually, he receives a notice from his lender that he is in default. Why? A. He has broken the covenant of indebtedness B. He has broken the covenant of removal C. He has broken the covenant to pay insurance D. He has broken the covenant of good repair

C. quitclaim deed

Jessica and Sam are getting a divorce. It's an amicable separation, and it's decided that Jessica will keep their apartment while Sam will keep both cars. What kind of deed will Jessica ask Sam to sign to clarify her sole title on the apartment? A. judicial deed B. bargain and sale deed C. quitclaim deed D. deed of trust

D. Carly will receive compensation as long as someone agrees to purchase Jillian's property within the listing agreement's term

Jillian, a seller, has signed an exclusive right-of-sale listing with Carly, a sales associate. Which of the following statements is MOST TRUE? A. Carly will only receive compensation if she is the procuring cause of the sale B. Carly will receive compensation ONLY if a buyer is found AND the seller is not the procuring cause of the sale C. Carly will receive compensation as long as a buyer is found, regardless of the listing agreement's term D. Carly will receive compensation as long as someone agrees to purchase Jillian's property within the listing agreement's term

B. subprime

Jim has bad credit. He is having trouble finding a lender to lend him a mortgage. He finally finds one that charges him a 10% interest rate. He takes it out. What kind of loan has Jim taken out? A. prime B. subprime C. construction loan D. negatively amortized

A. $1,650

Johan has a monthly income of $5,000. He also has a monthly student loan payment of $500. The mortgage he wants to take out limits the borrower's debt-to-income ratio to 43%. What is the highest monthly payment Johan will be allowed? A. $1,650 B. $1,500 C. $1,725 D. $1,430

B. No, because it does not meet the essential element of a lawful objective

John and Barry have an agreement regarding their illegal drug trade. John obtains the drugs, Barry sells them, and they split the money. Is this an enforceable agreement? A. Yes, as long as John and Barry are both of legal age B. No, because it does not meet the essential element of a lawful objective C. No, the time exceeds the Statute of Limitations D. No, because it was an oral agreement

A. not have a problem as easements run with the land

John has an easement appurtenant that allows him to cross Sallys land. Sally is selling her property. When Sally's property sells, John will: A. not have a problem as easements run with the land B. have to go to court to keep his easement C. lose his right to use Sally's property D. hopefully be able to reason with the new owner

A. the lender John places the loan with

John works for a company that offers loans from different lenders. John gets paid a commission for bringing lenders and borrowers together. Who will fund the loans John gets approved? A. the lender John places the loan with B. John's company C. Fannie Mae D. John

A. Friday. No.

Malik is a broker who has opened an escrow account for his brokerage through a title company. Malik's sales associate receives funds on a Tuesday. The sales associate delivers the funds to Malik on Wednesday. Malik needs to deposit the funds by the end of which day? Does that day change because the escrow account is through a title company? A. Friday. No. B. Friday. Yes. C. Thursday. No. D. Thursday. Yes.

D. broker associate

Manuel has passed the broker exam, but works under a supervising broker. What kind of license does Manuel most likely have? A. supervising broker B. sales associate C. community association manager D. broker associate

C. $10,000 penalty per call

Manuela violates Florida's telemarketing act by calling several hundred people who are on the national do not call registry. What penalty will she likely incur? A. suspension of telemarketing rights B. community service hour requirement C. $10,000 penalty per call D. revocation of license

C. $1,785

Marcel is a homeowner. His monthly principal and interest payment is $1,250. His annual insurance payment is $2,220. His annual property taxes are $4,200. Calculate his monthly PITI/mortgage payment. A. $2,350 B. $1,085 C. $1,785 D. $1,600

B. a CAM license

Marco manages a mobile home park three miles from the beach. There are 15 homes in the park. Marco needs to make sure he has: A. worker's compensation insurance B. a CAM license C. a broker's license D. hazard insurance

C. the condo association or HOA

Maribel owns a condo that has exclusive use of a storage area in the basement. If a pipe breaks and the storage area floods, who is responsible for paying for repairs to the floor? A. the condo developer B. Maribel C. the condo association or HOA D. Maribel and the HOA will split the cost

C. an individual or agent from escaping liability by claiming (after the fact) that agency never existed

The legal principle behind agency by estoppel serves to prevent what? A. agency by ratification by acceptance of an action (after the fact) by an agent B. the creation of gratuitous agency C. an individual or agent from escaping liability by claiming (after the fact) that agency never existed D. the creation of implied agency

A. recorded plat method

The lot and block survey system is also known as the: A. recorded plat method B. tract and plat method C. metes and bounds method D. rectangular survey method

A. section, lot, and block numbers within a subdivision

The lot and block system primarily relies on which of the following to describe land? A. section, lot, and block within a subdivision B. a readily identifiable point of beginning and the boundaries of a property in terms of distances and compass directions C. datum and benchmark placement within a parcel of land D. meridians, base lines, townships, and ranges

A. Toni could assign the option to another individual in exchange for part or all of the fee she originally paid

When Toni signed an option to buy some undeveloped land outside of the city she lived in, she fully expected to be in a position build on it before the option window closed. Now, with six months remaining on her option, Toni sees that is no longer a possibility for her. Unfortunately, the seller has made it clear that they are not willing to return the option fee to Toni. So, short of purchasing the property (exercising the option), is there anything that Toni can do to keep from losing part or all of the option fee she paid? A. Toni could assign the option to another individual in exchange for part or all of the fee she originally paid B. There is nothing that Toni could do to keep from losing her option fee C. In spite of what the seller said, Toni has the right, as the optionee, to demand return of the fee in full anytime before the option window closes D. Toni can demand return of the option fee as unilateral contracts are not enforceable

A. The transaction lowers the degree of representation that client would be getting

When a broker moves a client from a single agent relationship to a transaction broker relationship, the consent to transition notice disclosure is required. Why is that so? Analyze the impact of such a transition and select the answer you think BEST explains why disclosure of the change is required. A. The transaction lowers the degree of representation that client would be getting B. The other party automatically assumes control of the transaction C. Compensation could be adversely affected D. Expense of the transaction could be adversely affected

B. loyalty

When a single agent puts the principal's best interests ahead of their own, they are fulfilling the fiduciary duty of: A. accounting B. loyalty C. confidence D. disclosure

A. loyalty

When a single agent puts the principal's best interests ahead of their own, they are fulfilling the fiduciary duty of: A. loyalty B. confidence C. accounting D. disclosure

A. gratuitous agency

When an agent is held to the obligations of an agency relationship, despite the fact that no compensation is offered or paid, they are providing: A. gratuitous agency B. implied agency C. express agency D. ostensible agency

A. the third business day

When discussing deposits in the state of Florida, depositing funds immediately means by the end of which business day after the sales associate or broker receives the funds? A. the third business day B. the fourth business day C. the second business day D. the fifth business day

C. when used to underscore the legally compelling nature of the cause for the discharge

When might the term "force of law" be used in place of the term "operation of law"? A. when used to underscore the purely administrative nature of the cause for the discharge B. when used in certain regions of the country that are more litigious C. when used to underscore the legally compelling nature of the cause for the discharge D. when a concern for legal accuracy of the term is demanded

C. before the purchase agreement is signed

When must the property report be given to the buyer? A. while the purchase agreement is signed B. two weeks before closing C. before the purchase agreement is signed D. at closing

C. debt-to-income ratio

When qualifying, the FHA will look at a borrower's: A. family history B. medical records C. debt-to-income ratio D. checking account

C. Both the optionor and optionee of the original option contract have the right to assign their interests in that contract to other people as long as the agreement doesn't specifically forbid it

When the option to buy Gator Swamp Putt-Putt Course was exercised, the two parties to the sales contract were not the original optionor and optionee that entered into the option contract to begin with. Is this possible? If so, how so? Evaluate this situation with what you've learned about option contracts and select the best response to these questions. A. This is not possible since the rights of the parties to unilateral contracts are never assignable B. This cannot happen as at least one of the parties to the sales contract must be one of the same parties that originally entered into the option contract C. Both the optionor and optionee of the original option contract have the right to assign their interests in that contract to other people as long as the agreement doesn't specifically forbid it D. This cannot happen as the parties to the sales contract must be the same parties that originally entered into the option contract

B. alienation clause/ due-on-sale clause

Whereas an acceleration clause demands payment in full of the loan due to payment default, another clause demands payment in full of the loan upon the sale or conveyance of the property. What clause is that? A. prepayment clause B. alienation clause/ due-on-sale clause C. exculpatory clause D. subordination clause

B. The interstate land sales full disclosure act

Which act requires developers engaged in the interstate sale or leasing of 100 or more lots to file a statement of record and register the subdivision with the CFPB? A. The residential landlord and tenant act B. The interstate land sales full disclosure act C. RESPA D. ECOA

C. confidentiality and accounting

Which duties survive termination of an agency relationship? A. accounting and loyalty B. confidentiality and disclosure C. confidentiality and accounting D. loyalty and obedience

D. when the offeree communicates acceptance to the offeror

Which is the MOST correct regarding when an offer becomes a contract? A. when the offeror communicates acceptance to the offeree B. when the offer is signed C. when acceptance is put in writing D. when the offeree communicates acceptance to the offeror

D. entry and possession

Which nonjudicial form of foreclosure depends on the borrower's willingness to grant the lender access and occupancy of the property subject to foreclosure? A. entry and foreclosure B. strict foreclosure C. possession and lis pendens D. entry and possession

A. One of the recipients of Felicia's promotional flyers ended up purchasing the property advertised

Which of the examples below best demonstrates the principle of procuring cause? A. One of the recipients of Felicia's promotional flyers ended up purchasing the property advertised B. Heather made a killer listing presentation for her client, who signed the agreement C. James recently signed a listing agreement with a seller D. Adi has a listing agreement for 6601 Marshall Lane that was recently sold

D. a termination date

Which of the following MUST Florida listing agreements have? A. a buyer B. at least 4% commission rate C. a renewal date D. a termination date

D. After the business goal is finished, the investors part ways instead of continuing business together

Which of the following best describes a joint venture? A. It is a type of venture only for sole proprietors B. Joint ventures are only for married couples C. All investors in this format take on unlimited personal responsibility D. After the business goal is finished, the investors part ways instead of continuing business together

A. option contracts

Which of the following can be drawn up by a real estate licensee in Florida? A. option contracts B. promissory notes C. mortgages D. deeds

C. The proceeds from the sale must exceed the outstanding debt

Which of the following does NOT have to be in place in order to pursue a deficiency judgment? A. The mortgage agreement cannot contain an exculpatory clause B. A judge has to review, approve, and award it C. The proceeds from the sale must exceed the outstanding debt D. State law has to allow for its use

A. The seller is represented by Bill's brokerage, therefore, this would have to be handled as an in-house transaction

When Buyer Joey expresses interest in looking at a particular property, Sales Associate Bill told Joey that, if he wanted Bill to continue to represent him, they would need to transition from a single agent relationship to a transaction broker relationship. Analyze the information provided and choose the answer that most likely explains why Bill said this. A. The seller is represented by Bill's brokerage, therefore, this would have to be handled as an in-house transaction B. Bill knew that this relationship would be for the one transaction only C. Bill's sponsoring broker has a policy of transaction brokerage only D. Bill was concerned that there were too many unknowns to commit to a greater degree of representation at that time

A. All claims must be filed prior to the statutory deadline or the legal right to press a claim is barred

Which of the following is TRUE about the statute of limitations? A. All claims must be filed prior to the statutory deadline or the legal right to press a claim is barred B. Statute of limitations are federal-level laws only C. A legitimate complaint for a performance failure related to a valid contract will be considered even if the statute of limitations has expired D. Statute of limitations are state-level laws only

B. Freehold estates are of indefinite duration and leasehold estates are of a definite duration

Which of the following is TRUE regarding freehold estates and leasehold estates? A. Freehold estates and leasehold estates are of an indefinite duration B. Freehold estates are of indefinite duration and leasehold estates are of a definite duration C. Freehold estates and leasehold estates are of a definite duration D. Freehold estates are of a definite duration and leasehold estates are of an indefinite duration

A. it does not exist in an "as is" contract

Which of the following is TRUE regarding the duty to disclose all known facts that materially affect the value of residential real property and are not readily observable? A. it does not exist in an "as is" contract B. it is established by legal precedent C. it is owed by the seller D. it is owed by the listing agent

A. limited confidentiality

Which of the following is a duty owed in a transaction broker relationship but not in a no brokerage relationship? A. limited confidentiality B. accounting of all funds entrusted to the licensee C. disclosure of all known facts that materially affect the value or residential real property and which are not readily observable to the buyer D. honest and fair dealings

B. A store manager honors a refund the assistant manager made the night before, even though the assistant manager did not have the authority to offer the refund

Which of the following is the BEST example of agency by ratification? A. A sales associate brings a buyer to an in-house transaction and receives a share of the commission on the sale B. A store manager honors a refund the assistant manager made the night before, even though the assistant manager did not have the authority to offer the refund C. A client decides not to allow a licensee to show her home while her in-laws are visiting D. A licensee tells a buyer that his seller-client will accept the buyer's offer even though the licensee has yet to communicate the offer to the seller

D. Consideration is exchanged for a promise to either do or NOT do something

Which of the following is true about contracts? A. Consideration must always be in the form of cash B. Consideration is never exchanged for a promise to NOT do something C. Consideration is not necessary for a contract D. Consideration is exchanged for a promise to either do or NOT do something

D. The state will allow the broker to provide the single agent notice as a stand-alone form or as part of another document

Which of the following is true regarding Florida's statutory requirements for the Single Agent Notice? A. The state does not promulgate the single agent notice but does require it to be a stand-alone form B. The state promulgates the single agent notice as a stand alone form C. The state requires the single agent notice to be incorporated into all listing agreements and/or buyer-representation agreements D. The state will allow the broker to provide the single agent notice as a stand-alone form or as part of another document

D. it is permissible as long as the sale is subject to the continued existence of the option

Which of the following is true regarding the sale of a property to a third party while an option on that property is still active? A. it would be permissible only upon a return of the option fee B. it is permissible if the third party is willing to negotiate a new option contract with the optionee C. it would be considered a breach of the option contract D. it is permissible as long as the sale is subject to the continued existence of the option

A. Tonya has a real estate undergrad degree from a four-year institution. She has been an active Florida sales associate for the last three years

Which of the following people is eligible to apply for a Florida broker license? A. Tonya has a real estate undergrad degree from a four-year institution. She has been an active Florida sales associate for the last three years B. Terry has been an active Florida sales associate for the last 18 months. She has completed her 45-hour post-licensing education as well as Course II C. Theo has held an active broker license in Wisconsin for the past five years D. Thomas is a member of the Florida Bar Association in good standing

D. a shopping center

Which of the following properties would be most likely to have a percentage lease? A. an apartment complex B. an REO property C. a school D. a shopping center

C. exclusive

Which of the following words describes an aspect of the relationship a single agent has with a party that is unique, as compared to a no brokerage or transaction broker relationship? A. honest B. skillful C. exclusive D. fair

D. an adult not incapacitated in any manner

Which of the following would be considered a legally competent party to a contract? A. a minor not incapacitated in any manner B. a minor under the influence of drugs C. an intoxicated adult D. an adult not incapacitated in any manner

B. a seller-clients willingness to take a lower price than that appearing in the listing

Which of the following would not be disclosed under a single agent's fiduciary duty of confidentiality? A. material facts regarding property condition B. a seller-clients willingness to take a lower price than that appearing in the listing C. information that the client specifically instructs the single agent to share D. information requested under court order or subpoena

C. Brady is allowed to cross his neighbor's field to reach his home

Which of these describes a dominant tenement? A. Brandon's neighbor's fence is built onto part of his property B. Brienne is required to allow her neighbor to use her beach access C. Brady is allowed to cross his neighbor's field to reach his home D. Bryce allows his landlocked neighbor to use his driveway

A. Roy owns a condo that he rents to a tenant

Which of these describes a property held in severalty? A. Roy owns a condo that he rents to a tenant B. Sarah co-owns a restaurant with her business partners C. Louise is a general partner in a partnership that owns an office building D. Earl and his brother have a lake house they both use

A. assessment

Which of these is NOT an encumbrance? A. assessment B. easement C. lien D. deed restriction

A. the base rent

Which of these is subject to change in a variable lease? A. the base rent B. the terms of the lease C. the parties to the contract D. the length of the lease

A. mechanic's lien

Which of these liens is most likely to be junior lien? A. mechanic's lien B. IRS tax lien C. mortgage lien D. property tax lien

D. Cory, a sales associate with a four-year degree in real estate from an accredited university

Which of these people will need to complete 14 hours of CE before their next renewal? A. Cayley, a sales associate renewing for the first time B. Cambria, a member of the Florida Bar Association and sales associate C. Camilla, a broker renewing for the first time D. Cory, a sales associate with a four-year degree in real estate from an accredited university

A. the maximum possible monthly payment over the life of the loan

Which of these risks should buyers consider before agreeing to an adjustable rate mortgage? A. the maximum possible monthly payment over the life of the loan B. the leverage of the loan C. the amount of money the buyer needs to put into escrow for taxes D. the amortization schedule

A. a retail spot in a mall

Which property sale does the Fair Housing Act NOT cover? A. a retail spot in a mall B. a condominium sale C. a residential property D. an undeveloped tract of land that will be used for a mixed development

A. The FREC consists of seven members, whereas the DBPR is a much larger, multi-division agency

Which statement accurately differentiates between the DBPR regulation and the FREC A. The FREC consists of seven members, whereas the DBPR is a much larger, multi-division agency B. The FREC regulates real estate professionals, whereas the DBPR regulates other professions excluding real estate C. Members of FREC have term limits of five years, whereas members of DBPR have term limits of two years D. Only the chairperson of the FREC is appointed by the governor, whereas all members of DBPR are appointed by the governor

A. net listing

Which type of listing is illegal in many states but legal in Florida? A. net listing B. exclusive right-of-sale listing C. open listing D. exclusive-agency listing

A. mutual agreement

While performance or fulfillment of purpose is the preferred manner in which agency agreements are terminated, what is the preferred manner for EARLY termination of an agency agreement? A. mutual agreement B. breach of contract C. revocation D. renunciation

D. agent and customer

Who are the parties in a no brokerage relationship? A. agent and client B. fiduciary and client C. fiduciary and customer D. agent and customer

D. appraiser

Who is NOT likely to attend the closing of a real estate transaction? A. buyer's agent B. seller C. lender's representative D. appraiser

D. the seller

Who makes the decision on whether or not to accept an offer from a buyer? A the seller and agent jointly B. the broker C. the agent D. the seller

B. A subagent is simply a sponsored licensee, so if the broker is operating as a single agent for a client, so are all that broker's sponsored licensees

Why can a subagent in Florida operate as a single agent? A. A subagent can never operate as a single agent in Florida B. A subagent is simply a sponsored licensee, so if the broker is operating as a single agent for a client, so are all that broker's sponsored licensees C. If the subagent signs a single agent relationship agreement with a client, it doesn't matter what their broker's relationship with the client is D. The client of a broker can allow any of the broker's sponsored licensees to operate as single agents even if the broker doesn't have a single agent relationship with the client

A. because of their location or because they have 15 or more employees

Why do most brokerages fall within the scope of the ADA, and, therefore, must be extra careful about accessibility? A. because of their location or because they have 15 or more employees B. None of the answer choices are correct C. because they have under 15 employees D. because there is an addendum to ADA specifically pertaining to brokerages

D. taxation is linked to foreclosure

Why should you, as a sales associate, need to know about property taxation? A. sales associates help clients pay their property taxes B. sales associates need to calculate exact property tax values C. taxation is a private land-use control D. taxation is linked to foreclosure

D. The party is only interested in representation for the one transaction

Why would a buyer or seller be willing to enter a transaction broker relationship when it only affords limited representation as opposed to the full, fiduciary level of representation afforded by a single agent relationship? Consider what you know about the transaction broker relationship and apply that to the possible motives a party might have in agreeing to enter into such an arrangement. Select the answer that BEST represents your position. A. It is a less expensive form of representation B. It's the only authorized brokerage relationship allowed in Florida C. It allows a residential in-house transaction to take place D. The party is only interested in representation for the one transaction

B. Because if they don't, their mortgage loans are illiquid, and their funds will be tied up in a long-term asset

Why would a lender want to sell their loans on the secondary mortgage market? A. Because federal regulations require that a lender sell 70% of their loans on the secondary market, or else pay an FHA fine B. Because if they don't, their mortgage loans are illiquid, and their funds will be tied up in a long-term asset C. Because the lender will make more money on a loan's fees than they will on the interest payments D. Because mortgage loans are naturally liquid, and selling them will help a borrower find better terms than the lender can offer

C. equitable title

With execution a traditional sales contract and mortgage in Florida, a buyer gets legal title to the property. With an installment sales contract, a buyer gets: A. legal title B. no title or interest C. equitable title D. trust title

C. the greater the obligation of duty

With respect to brokerage relationships, the greater the degree of representation: A. the degree of obligation remains constant B. the smaller the need for disclosure C. the greater the obligation of duty D. the smaller the obligation of duty

A. an encroachment

Without permission, Betsy's neighbor built a fence that extends onto Betsy's property. What is the fence? A. an encroachment B. an estate C. an easement D. an exchange

C. Roberta will owe more money on the balloon payment than she will be able to get from the sale of the house

Roberta took out an interest-only loan on her house. After 5 years, she needs to sell her house, but the property value has plummeted. Which of these describes Roberta's situation? A. Roberta's lender will apply the interest payments towards the principal, so Roberta will not be in debt B. Roberta will most likely avoid the balloon payment because the market value of the house has gone down C. Roberta will owe more money on the balloon payment than she will be able to get from the sale of the house D. Roberta made a good investment and will be able to cover the balloon payment with the proceeds from the sale

C. They revert to Roy, along with the land

Roy has a piece of land that Tom wants to develop into a mixed-use retail and residential building. Roy offers Tom a ground lease for 70 years. At the end of that 70 years, if the lease is not renewed, what happens to Tom's buildings? A. They will be rented out by Roy B. Roy has the option to purchase them at a fair price from Tom C. They revert to Roy, along with the land D. They will be renovated according to Roys wishes

C. a three-bedroom, three-bath, ten-year-old property located a quarter mile away that sold four months ago

You are doing a CMA on a four-bedroom, three-bath, five-year old property. Choose the BEST comp for that property from this list: A. a four-bedroom, two-bath, 12-year-old property located 30 miles away that sold three weeks ago B. a three-bedroom, three-bath, seven-year old property located a quarter mile away that sold three years ago C. a three bedroom, three-bath, ten-year-old property located a quarter mile away that sold four months ago D. a one-bedroom, one-bath, five-year-old property located down the street that sold three weeks ago

D. $490,000

You're doing a CMA on a five-bedroom, three-bath, 2,700-square-foot property. In your area, bedrooms are worth $20,000, baths $10,000, and square footage $200 per square foot. Your comp a five-bedroom, four-bath, 2,900-square-foot home that recently sold for $540,000. What is the adjusted value of your comp? A. $510,000 B. $590,000 C. $570,000 D. $490,000

D. an informal hearing

Zelda is the subject of an investigation. She has not disputed the allegations of material fact. What kind of hearing does her case proceed to? A. a formal hearing B. a stipulation hearing C. a settlement hearing D. an informal hearing

A. commingling

What term refers to the mixing of trust funds held for a customer or client with those of the brokerage? A. commingling B. conversion C. churning D. merging

A. promissory note and security instrument

What two documents make up a mortgage loan agreement? A. promissory note and security instrument B. collateral and interest rate C. lender's agreement and borrower's agreement D. closing disclosure and loan estimate

B. open

What type of listing provides a commission to the broker ONLY if their activities bring about a sale? A. net B. open C. exclusive-agency D. exclusive right-of-sale

B. consideration

What is the term for something of value that is deemed sufficient or appropriate for that which is offered in exchange? A. exchange B. consideration C. contract D. cash

A. "Covenants, warranties, and guarantees all refer to the same thing."

You are discussing transfer of title with a client, trying to explain how the process works. Your client is getting confused between covenants, warranties, and guarantees. To help, you tell them: A. "Covenants, warranties, and guarantees all refer to the same thing." B. "Covenants and warranties are specific to title and guarantees are specific to deeds." C. "Covenants are mandated by Florida law, warranties and guarantees are mandated by federal law." D. "Covenants are granted by the law, warranties and guarantees are granted by the owner."

B. Yes. Religious organizations which rent to tenants for residential purposes are exempt from the fair housing act

A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal Fair Housing Act, is this legal? A. No. While private clubs can discriminate based on their preferences, religious organizations cannot B. Yes. Religious organizations which rent to tenants for residential purposes are exempt from the fair housing act C. No. Religious organizations are never allowed to discriminate based on religious preferences D. Yes. Religious organizations which rent to tenants for both residential and commercial purposes are exempt from the fair housing act

A. $16,000

A broker complied with an EDO. However, the seller sued the broker, and won. In the judgement, the broker was ordered to pay $8,000 (actual damages), $5,000 (punitive damages), and court costs ($2,000). The seller's attorney fees were $3,000. The broker's attorney fees were also $3,000. The broker made a claim to the Recovery Fund, which agreed to reimburse. What is the maximum amount the Fund will reimburse? A. $16,000 B. $21,000 C. $5,000 D. $8,000

B. sell the house more quickly

A builder might offer a buydown on a home in a new development in order to: A. become eligible for VA loans B. sell the house more quickly C. increase the chances of a bidding war D. reduce their tax liability

A. Brittani has a gross lease and Sarah has a net lease

Brittani pays $675 for rent each month. Sarah pays around $700 for rent each month but her rental costs vary. Which of the following is most likely to be TRUE? A. Brittani has a gross lease and Sarah has a net lease B. Brittani and Sarah both have gross leases C. Brittani has a net lease and Sarah has a gross lease D. Brittani and Sarah both have net leases

B. Only the not readily observable signs of flood damage

Broker Betty has entered into a no brokerage relationship with Buyer Wilma. Betty takes Wilma to look at a flagstone house. During the showing, Betty saw extensive and obvious damage to the walls and doors caused by the owners' pets. There was also a smell that would lead one to believe the pets were not always let out to... er, take care of business, as it were. Additionally, although there are no visible signs of it now, Betty happens to know the basement of this house suffered flood damage during last spring's rains. Compare what you know about this scenario to what you know about the duties of a no brokerage relationship and evaluate what, if anything, Betty is obligated to disclose to Wilma. A. Only the signs of pet damage to the walls and doors and the smells B. Only the not readily observable signs of flood damage C. Everything, whether readily observable or not D. nothing whatsoever

A. Casey was correct in not using a disclosure form because Jane's ranch qualified as nonresidential

Broker Casey entered into a single agent relationship with Jane to sell her 13 acre ranch. He did not provide her with a written brokerage relationship disclosure. Was that an error on his part? Evaluate what you know about the authorized brokerage relationship entered into, as well as the type of property being sold, to identify the correct response. A. Casey was correct in not using a disclosure form because Jane's ranch qualified as nonresidential B. Casey was correct because there are no circumstances involving single agent relationships that require a written disclosure C. Casey should have used a disclosure form because the sale of Jane's ranch would be considered a residential transaction D. Casey should have used a disclosure form because the sale of Jane's ranch would be considered a nonresidential transaction

C. $1,300

Bruce took out an amortized loan of $300,000 with a 5.2% interest rate. His monthly payment is $1,647.33. How much will he pay in interest on his first monthly payment? A. $1,000 B. $1,200 C. $1,300 D. $1,150

C. Goodwill increases a business's going concern valuation

Explain how goodwill affects the valuation of a business. A. A business's goodwill is immaterial to its value and would never be considered when putting a price on a business B. The value of a business's goodwill is subtracted from the value of its tangible assets when creating a going concern valuation C. Goodwill increases a business's going concern valuation D. Goodwill decreases a business's liquidation valuation

A. Carmens equity in the home is less than 5%, which allows the traditional lender to retain legal title to the property

Florida is a lien-theory state, which means that, with traditional mortgage lending, a buyer (borrower) will hold deed to the property during the life of the loan while the lender places a lien on the property until the loan is paid in full. Carmen, however has 20 years to go on the loan for her Del Ray Beach condo and she has equitable title only. Evaluate this scenario and choose the answer that BEST explains how this could be A. Carmens equity in the home is less than 5%, which allows the traditional lender to retain legal title to the property B. Carmen has a seller-financed, installment sales contract loan C. Carmen obtained financing froma lender out-of-state that is not subject to lien theory lending rules D. Carmen signed an "equitable title" amendment to her traditional mortgage loan contract with the Florida lender

C. five years

For how long does a brokerage office need to retain their records? A. six years B. three years C. five years D. one year

A. joint tenancy

Four investors agree to co-ownership of an investment property. They have arranged the ownership structure so that if one of them dies, the decedent's ownership stake passes to the remaining investors. What form of co-ownership do the investors have? A. joint tenancy B. sole ownership C. tenants in common D. community property

B. Without evidence of the exchange of consideration, this arrangement is not a valid contract

Fred wants to live in the guest room of Barney's flagstone townhouse, so Barney verbally agrees to let Fred move in. Evaluate this scenario and choose that response that best explains whether or not a valid contract has been entered into A. Because this agreement had a lawful objective, this is a valid contract B. Without evidence of the exchange of consideration, this arrangement is not a valid contract C. Because this arrangement was not put in writing, it is not a valid contract D. Because agreements can be entered into orally, this is a valid contract

B. an accommodation

Hilary asks that the property manager of her complex always call before anyone (like a maintenance worker) comes over, because she has severe anxiety around strangers. What is Hilary requesting? A. special treatment B. an accommodation C. a favor D. a modification

A. it insured deposits, so people knew their money was safe

How did the FDIC work to increase confidence in banks? A. it insured deposits, so people knew their money was safe B. it refinanced their home loans, helping Americans gain capital C. it gave banks a new way to hold peoples money D. it passed legislation that adjusted mortgages to be longer term

C. The duties attached to those brokerage relationships apply to nonresidential transactions, but the disclosure requirements do not

How do nonresidential transactions differ from residential transactions with respect to the three authorized brokerage relationships available in Florida real estate? A. The disclosure requirements attached to those brokerage relationships apply to nonresidential transactions, but the duties do not B. The duties attached to those relationships are greater for nonresidential transactions than they are for residential transactions C. The duties attached to those brokerage relationships apply to nonresidential transactions, but the disclosure requirements do not D. The disclosure requirements attached to those relationships are greater for nonresidential transactions than they are for residential transactions

A. 640

How many acres are there in each square mile (section) in a township? A. 640 B. 240 C. 460 D. 560

D. 320

How many acres are there in the south 1/2 of a section? A. 160 B. 640 C. 80 D. 320

A. 14

How many hours of CE are Florida licensees required to complete per renewal cycle, excluding the first renewal? A. 14 B. 3 C. 45 D. 60

D. 7 members: 4 brokers, 1 broker or sales associate and 2 unlicensed consumer members

How many members make up the Florida Real Estate Commission? A. 9 members: 6 licensed brokers and 3 licensed sales associates B. 6 members: 3 with real estate experience and 3 unlicensed consumer members C. 7 members: all licensed real estate professionals with at least 5 years of experience D. 7 members: 4 brokers, 1 broker or sales associate and 2 unlicensed consumer members

D. They would need to find the price per square foot of the comparable property

How would an appraiser be able to adjust for the size of the property using the sales comparison approach? A. They would use the market rate to find the new value of the land B. They would need o find the value of all the features that are included in the comp property C. They would measure based on the number of units in the property D. They would need to find the price per square foot of the comparable property

C. They are promulgated by the state

In regards to service contracts, which of the following statements is NOT TRUE? A. They indicate the compensation to be earned B. They must have a start and termination date C. They are promulgated by the state D. They cannot contain automatic renewal provisions

D. agency coupled with an interest

What is the term used to describe when a broker has a financial or security interest in the subject property beyond that found in a typical transaction? A. additional agency interest B. agency coupled with obligation C. an agent's interest D. agency coupled with an interest

A. "Focus on realizing the highest return possible on the owners investment"

Ileanel is starting a new job as a property manager. She asks you for advice on what she should focus her efforts on. You tell her: A. "Focus on realizing the highest return possible on the owners investment" B. "Getting tenants is all that matters. Fill your property" C. "Advertising is overrated. Put all your energy into getting referrals" D. "Don't spend too much in the first month. That's a classic management mistake"

C. reciprocal obligations

In a bilateral contract, what kind of obligations are created? A. solitary obligations B. unenforceable obligations C. reciprocal obligations D. double obligations

D. equitable title

In a contract for deed, a buyer's ownership while they are still making payments to the seller is conveyed through a(n): A. land-lease B. subject to mortgage C. legal title D. equitable title

D. equitable title

In a contract for deed, what does the buyer receive (until they pay off the entire loan)? A. estoppel title B. title for deed C. legal title D. equitable title

C. can be both fixed and variable

In a triple-net lease, the expenses that a tenant must pay: A. are always the same rate B. are always variable C. can be both fixed and variable D. are always fixed

B. the listing broker's commission

In a typical listing agreement, the compensation for the buyer's agent (if any) is paid from what amount? A. the local real estate board B. the listing broker's commission C. the seller D. the final sales price

C. the remaining principal

In an amortized loan, the monthly interest payment is always based on: A. the original principal B. the cost of discount points C. the remaining principal D. the last interest payment

C. no brokerage relationship

In an in-house transaction, which form of authorized brokerage relationships gives a party the most freedom in terms of the brokerage relationship of the other party? A. single agent B. transaction broker C. no brokerage relationship D. dual agent

A. Jack's broker is obligated to present all offers, regardless of how the broker feels about them

Jack's broker received three offers on Jack's cottage. The first was a full-price offer without any conditions or contingencies. The second offer was insulting, really... just a handful of beans. The third and last offer was a full-price offer, contingent on Jack not removing the beanstalk from the property when he moved out. Analyze the situation and choose the response that best describes the obligations of Jack's broker. A. Jack's broker is obligated to present all offers, regardless of how the broker feels about them B. Jack's broker is obligated to present the two serious offers, but not the frivolous cottage-for-beans offer C. Jack's broker is obligated to present all offers, in the exact order as they were received D. Jack's broker is obligated to present the best offers only, as part of his duty to get Jack as much as possible for the cottage

C. residential property with more than four units

Jamar wants to know what properties he would be working with if he chose to specialize in commercial real estate sales. His broker informs him he would likely be working with: A. undeveloped land only B. farm operations only C. residential property with more than four units D. industrial warehouses

D. general power of attorney

Janice's elderly mother has legally given Janice the authority to carry out all of her business dealings. Janice has: A. limited power of attorney B. reversionary rights C. tenancy in common D. general power of attorney

D. easement in gross because it's tied to her as a person, not to the land

Janine has an easement that allows her to go through her neighbor's fence to get to the water. If she sells the property, however, the buyer will not be given that same easement. What kind of easement does Janine have? Justify your answer. A. easement in gross because it's not technically necessary B. easement appurtenant because it's not technically necessary C. easement appurtenant because it's tied to her as a person, not to the land D. easement in gross because it's tied to her as a person, not to the land

D. $127,800

Javier wants to put 20% down on a house that costs $639,000. How much does he need? A. $63,900 B. $319,500 C. $221,000 D. $127,800

A. cannot revoke her contract because the "cooling off period" is seven days after the signing of the contract

Jennifer wants to revoke her contract and receive a refund of any monies paid to date. It has been nine days since the signing of the contract. Jennifer: A. cannot revoke her contract because the "cooling off period" is seven days after the signing of the contract B. can contact the developer, in writing, to receive a full refund C. can contact her agent, in writing, to receive a full refund D. cannot revoke her contract because the "cooling off period" is three days after the signing of the contract

D. easement in gross

Jenny has the right to cross her neighbor's property in order to access the boat ramp, but the right ends if she sells her property to another person. What kind of easement does Jenny have? A. floating easement B. easement appurtenant C. dominant estate D. easement in gross

D. the interest rate is fixed for 5 years

Jeremy took out a 5/1 ARM. What does the 5 mean? A. the margin is 5 B. the loan has a 5 year term C. the interest rate will start at 5% D. the interest rate is fixed for 5 years

C. in writing

The best way to create any agency relationship is to do so: A. verbally B. through assumptions C. in writing D. in person

A. condo

Kate purchased a vacation property. She owns the unit itself individually, and she is a co-owner of the common elements like the pool, playground and gym. What kind of property is Kate's vacation home most likely to be: A. condo B. co-op C. timeshare D. PUD

B. working smoke detectors

Landlord Ursula rents a duplex. Under the Florida Residential Landlord and Tenant Act, she must provide the tenants with A. extermination services B. working smoke detectors C. a washer and dryer D. yard keeping services

D. 33%

Larissa owns a property worth $640,000. She owes the bank $430,000. How much equity does she have in the property? A. 21% B. 72% C. 67% D. 33%

A. $70,000

Leandro's bank requires at least a 75% LTV ratio to make a loan. He is looking at a home that costs $280,000. What is the minimum down payment he would need? A. $70,000 B. $210,000 C. $56,000 D. $97,000

A. improvements

Lily buys a tract of land and builds a home on it, puts a fence around its perimeter, and installs a deck in the back of the home for entertaining guests. The home, fence and deck are examples of: A. improvements B. encumbrances C. appurtenances D. emblements

C. price fixing

Linus, Charlie, and Lucy are all agents in Crawlington. They agree to set their commission rates in the same range to even out the playing field (and hopefully earn each of them a higher commission). What illegal activity are Linus, Charlie, and Lucy engaging in? A. illegal email advertising B. illegal telemarketing C. price fixing D. group boycotts

B. remind the listing agent that legal action can be taken if they don't disclose every detail of the multiple offers

Lisa is a buyer's agent. She and her buyer are in a multiple offer situation. She wants to help her buyer navigate this stressful time. She should do all of the below EXCEPT: A. help the buyer pick a good lender and try to limit financial contingencies B. remind the listing agent that legal action can be taken if they don't disclose every detail of the multiple offers C. get on the listing agent's good side and take advantage of open houses D. use escalation clauses wisely

B. The DBPR does not have to notify the subject of an investigation if the violation is a criminal offense. Practicing real estate without a license is a criminal offense

Melissa, a sales associate, is under investigation by the DBPR for practicing real estate without a license. Does the DBPR have to notify Melissa of the investigation? A. The DBPR has to notify the subject of an investigation only if FREC issues a writ of supersedeas B. The DBPR does not have to notify the subject of an investigation if the violation is a criminal offense. Practicing real estate without a license is a criminal offense C. The DBPR always has to notify the subject of an investigation that they are being investigated D. The DBPR has to notify the subject of an investigation only if FREC issues a summary suspension order

D. listing price

Michael is looking at houses on the MLS. On the website, he sees a house that is labeled with the price of $200,000. The figure of $200,000 is most likely the: A. sales price B. dream price C. market value D. listing price

A. licensee one

Ming rents a commercial space through a variable lease. He pays $9/square foot. His index is 1.2. Next year his index will be 1.5. Ming wants to know what his rental rate will be next year. Two licensees advise him and provide the following calculations: Licensee One: (1.5 ÷ 1.2) x $9/square foot Licensee Two: (1.2 ÷ 1.5) x $9/square foot Which sales associate(s) did their calculations correctly? A. licensee one B. neither licensee one nor two C. both licensee one and two D. licensee two

C. a power of attorney

What must a broker have in order to bind a represented buyer or seller to a sales contract? A. a notary license B. a binder broker license C. a power of attorney D. a binder certificate

B. We do not have sufficient information to know under which of the three authorized brokerage relationships Mitch is working

Mitch is a Florida licensee who has the duty to disclose all known facts that materially affect the value of residential real property which are not readily observable to the buyer. Given this information, what can you say with certainty about Mitch? A. Mitch is operating as a single agent B. We do not have sufficient information to know under which of the three authorized brokerage relationships Mitch is working C. Mitch is operating under either a no broker or transaction broker relationship D. Mitch is operating as a transaction broker

D. foreclosure

More than anything else, a state's theory and its choice of security instrument are reflective of that state's attitude about: A. debt priority B. hypothecation C. lawyers D. foreclosure

C. whether or not the loan will be secured by collateral

What is one of the larger factors for lenders in determining the risk of a loan request? A. the intended use of the property purchased with the loan B. the marital status of the applicant C. whether or not the loan will be secured by collateral D. the level of education of the applicant

A. delivery and acceptance

What must happen to a deed for title to be transferred? A. delivery and acceptance B. recording the deed C. title search D. signing the deed

A. Leon, on account of having custody of his five-year-old grandson

Of the below, who is protected by the Fair Housing Act? A. Leon, on account of having custody of his five-year-old grandson B. Darnell, on account of being a minor C. Alicia, on account of being single D. Joe, on account of being a veteran

B. pass the state licensing exam

Oliver is a member of the Florida Bar Association. He has lived in Florida for three years. Assuming he passes the background check and has his application accepted, what ELSE must he do to become a licensed sales associate in Florida? A. complete Course I and pass the state licensing exam B. pass the state licensing exam C. complete Course II and pass the state licensing exam D. pass only the state-specific portion of the licensing exam

B. significant encumbrances and liens

Omar's client is concerned about the marketability of their title. Omar advises that if they want their title to be marketable, they need to focus on clearing up all: A. title plant limitations B. significant encumbrances and liens C. mortgages D. chains of title

D. subagent

Sales Associate Peyton is sponsored by Broker Archie. In that relationship, Peyton is a(n) to Archie's customers and clients: A. cooperative agent B. intermediary C. dual agent D. subagent

B. $350,000

Samantha bought four discount points for $14,000. What is her loan principal? A. $700,000 B. $350,000 C. $550,000 D. $140,000

A. subject to mortgage

Sara is selling her home to Tasha. Tasha wants to take over Sara's loan, because the interest rate Tasha's bank is offering her is much higher than the interest rate on Sara's loan. Sara is behind on her mortgage payments and needs to sell fast. So Sara and Tasha agree not to tell Sara's lender, but to transfer the title to Tasha. Tasha will then pay the mortgage to Sara, who will pay it to the lender. What kind of arrangement do they have? A. subject to mortgage B. blanket mortgage C. contract for deed D. mortgage assumption

A. factoring the debits and credits from the purchase price to determine how much money the buyer and seller must bring to closing

What is reconciliation? A. factoring the debits and credits from the purchase price to determine how much money the buyer and seller must bring to closing B. another term for exchange, where the buyer receives the keys to the property C. the sum of a buyer's closing costs D. the process of figuring out proration amounts

D. 77%

What is the LTV ratio of Sami's loan with a $56,000 down payment and a purchase price of $240,000? A. 62% B. 23% C. 38% D. 77%

C. Sarah does not need to renew her license until two years after she is discharged from active duty

Sarah has an active sales associate license that is set to expire in a few months. She is also in the army and going on active duty. When does she need to renew her license? A. Sarah will need to renew her license before it expires just like other license holders B. Sarah will be expected to renew her expired license within six weeks of returning from active duty C. Sarah does not need to renew her license until two years after she is discharged from active duty D. Sarah will get an extension of six months after her licenses expiration in which she can renew without penalties or late fees

C. open listing

Shane is the listing agent for a single-family home. He knows that he will earn compensation if he procures the buyer for the home, but he will not earn compensation if another broker or the owner procures the buyer. What type of listing agreement does Shane have? A. exclusive agency listing B. exclusive right-of-sale listing C. open listing D. net listing

A. the buyer

Single agent Carl brought a buyer client to the transaction for the purchase of a Daytona, Florida townhouse. He was compensated indirectly by Seller Susan according to the commission split described in the listing agent's MLS listing. Evaluate the facts as presented and decide who was being represented in the transaction by single agent Carl? A. the buyer B. himself C. the seller D. the listing agent

B. mediation

The DBPR can choose to designate certain violations as appropriate for an informal process conducted by neutral third party to settle the complaint. What is this informal process called? A. investigation B. mediation C. judgement D. civil suit

D. administering the Florida Real Estate Commission Education and Research Foundation

The FREC has executive, quasi-judicial, and quasi-legislative powers. Select the FREC duty that would be categorized as an executive power. A. enforcing a regulation that all licensees must follow B. granting a sales associate license to an applicant C. imposing a penalty for a license law violation D. administering the Florida Real Estate Commission Education and Research Foundation

A. All newly constructed multi-family dwellings of four or more units intended for first occupancy after March 13, 1991 must have certain accessibility features

The Fair Housing Act requires that residential buildings be accessible. What does that mean? A. All newly constructed multi-family dwellings of four or more units intended for first occupancy after March 13, 1991 must have certain accessibility features B. All newly constructed multi-family dwellings of five or more units intended for first occupancy after June 11, 1989 must have certain accessibility features C. All newly constructed commercial buildings intended for first occupancy after January 1, 1995 must have certain accessibility features D. All newly constructed commercial buildings intended for first occupancy after May 5, 2000 must have certain accessibility features

A. constructive notice and actual notice

The concept of "giving notice" of one's interest in a real property is broken down into the following two forms: A. constructive notice and actual notice B. real notice and instructive notice C. constructive notice and real notice D. actual notice and instructive notice

B. obedience

The concept that clients are the decision-makers in the real estate transaction relates to which fiduciary duty of a single agent? A. disclosure B. obedience C. confidentiality D. loyalty

D. Destruction of improvements to the land affects "possibility to complete," so the contract would discharge due to operation of law

The day before Jacob was to close on a new home, a Russian satellite unexpectedly fell from the sky, landing right on the place. Where once was a charming three bedroom split-level, is now a scorched-earth crater larger than an Olympic-sized pool. Not surprisingly, Jacob got out of the contract. Given what you know about Jacobs situation, how would you classify the discharge of Jacobs contract? A. Since the home was smashed to smithereens, you now have a lack of legal element, which results in discharge due to operation of law B. A satellite is a human-made-object and therefore, not an act of God. Therefore a discharge of contract would be due to act of the parties C. Jacob's unwillingness to rebuild is an indication this would be discharge due to acts of the parties D. Destruction of improvements to the land affects "possibility to complete", so the contract would discharge due to operation of law

B. time is of the essence

What phrase, commonly used in conjunction with an offer, indicates that the offer comes with an expiration date? A. this is the essence of the offer B. time is of the essence C. response is essential D. it is time to respond

B. as a credit to the seller

The seller of a home paid the current year's HOA fees at the start of the year. The cost will be prorated at closing. How will the cost be counted at closing? A. as a debit to the seller B. as a credit to the seller

D. because the other two duties are already encompassed in the fiduciary duties that come with a single agent relationship

The single agent relationship takes on all three of the DAD duties from the no brokerage relationship, but it takes on only two of the four additional duties that are found in the transaction broker relationship. Why is that? A. because they are presumed, so they don't need to be listed as single agent duties B. because those two duties are exclusive to the transaction broker relationship C. because Florida statute prohibits single agents from performing those duties D. because the other two duties are already encompassed in the fiduciary duties that come with a single agent relationship

D. render unenforceable an otherwise valid contract

The statute of frauds, the statute of limitations, and the doctrine of laches all have the potential to: A. render invalid an otherwise valid contract B. extend the actionable deadlines of valid contracts C. enforce an otherwise invalid contract D. render unenforceable an otherwise valid contract

C. the statutory deadline

The statute of limitations is only concerned with: A. degree of misrepresentation B. whether a written contract exists C. the statutory deadline D. amount of damages sought

D. the designated sales associates notice and the single agent notice

The two disclosure notices associated with the use of designated sales associates in nonresidential in-house transactions are: A. the non residential in house transaction notice and the single agent notice B. the designated sales associates notice and the dual agency notice C. the nonresidential in house seller notice and the nonresidential in house buyer notice D. the designated sales associates notice and the single agent notice

A. residential and commercial

The two primary classifications of properties that are evaluated by underwriters for loan approval are: A. residential and commercial B. leased and owned C. raw and improved D. private and public

C. operation of law and acts of the parties

The two umbrellas or classifications under which most reasons to terminate agency agreements fall are: A. state and federal B. acts of law and operations of the parties C. operation of law and acts of the parties D. common and statutory C

C. Rent rates should go down now that there is more supply in relation to demand

There has been a lot of new construction in Ace City. New apartment complexes have been opening all over town. Assuming that demand remains stable, infer the effect that this will have on rent prices A. Rent rates will be raised to make up for the renters who have switched to homeownership B. Rent rates won't change. Supply does not effect price; only demand affects price C. Rent rates should go down now that there is more supply in relation to demand D. Rent rates should go up in response to the increase in supply

D. V zone

Thomas is building a new home. National flood insurance program regulations require him to build the house on an open foundation and at a certain elevation. Infer which zone the house is located in A. S zone B. A zone C. F zone D. V zone

A. one year

Tiana owns a construction company. She puts a construction lien on a property because the owner didn't pay her for replacing the property's windows. How long does Tiera have to pursue court action and claim her payment? A. one year B. two years C. three years D. six months

C. Mainly towards interest, with some amount going towards the principal

Tim takes out a partially amortized loan. Fifteen years later, at the end of the loan's term, Tim is hit with a bill for upwards of $250,000. Where have Tim's monthly payments been going? A. To the seller. Partially amortized loans pay a seller back in installments, with the last payment being higher B. Towards principal. The balloon payment is made up of the unpaid interest C. Mainly towards interest, with some amount going towards the principal D. Towards paying down the lender's fees. The balloon payment is what Tim owes in unpaid interest and principal

B. 5%

Tina took out a $400,000 loan. Over the first year, she ended up paying $20,000 in interest. What was Tina's interest rate? A. 10% B. 5% C. 7% D. 4%

B. the fair housing act

Title VIII of the Civil Rights Act of 1968 is also known as: A. the Americans with disabilities act B. the fair housing act C. the housing and urban development act D. the equal opportunity and credit act

D. the home-purchase process

Title and inspection fees are examples of non-recurring closing costs that are associated with: A. neither the lender nor the home-purchase process B. title and inspection fees are NOT examples of non-recurring closing costs C. the lender D. the home-purchase process

B. identify its stage of existence

To describe a contract as "executory" is to: A. indicate it can be terminated B. identify its stage of existence C. describe its nature or purpose D. define it as performance-based

C. only clients

To whom is full or complete disclosure owed as a fiduciary duty? A. only customers B. clients and customers C. only clients D. only sponsoring brokers

C. $1,415,000

Todd buys an office building for $700,000 and puts $100,000 worth of work into it. His closing costs when he buys it are $9,000. Todd rents it out to tenants for six years, claiming $16,500 per year in depreciation. Six years on, Todd sells it for $2,200,000. It costs him $75,000 to sell it. What is his capital gain? A. $82,500 B. $726,500 C. $1,415,000 D. $2,125,000

C. Karl would get a life estate, with her mother as the remainder man

Toni owns a home in severalty. It's her primary residence, so she homesteaded it. She is married to Karl, a wealthy real estate developer. Because Karl owns so much other property, she's willed the home to her mother. If Toni were to die, what would happen to her home? A. Her mother would get a life estate, with Karl as the remainder man B. Her mother would inherit it fee simple C. Karl would get a life estate, with her mother as the remainder man D. Karl would inherit it fee simple

D. 36 square miles

Township lines intersect with range lines to create townships, which are how many square miles? A. 6 square miles B. 64 square miles C. 16 square miles D. 36 square miles

C. 6 miles

Township lines run west and east, parallel to the baseline. How many miles apart from each other are they? A. 10 miles B. 4 miles C. 6 miles D. 16 miles

C. modification

Train tracks for a new route were built right behind Joe's home. The train is noisy, and Joe has seen a decrease in the value of his property. What economic characteristic of land does this exemplify? A. illiquidity B. scarcity C. modification D. immobility

B. The parties each have assets of one million dollars or more

Two parties with two fiduciaries in one transaction involving one brokerage - and it's all according to Florida statute. What does this tell you? Analyze the few facts you have, along with your understanding of authorized brokerage relationships in Florida, and deduce which of the following is an accurate statement A. A transaction broker relationship is being used B. The parties each have assets of one million dollars or more C. This is a residential transaction D. Dual agents are being used

C. In a sublease, the original tenant is still responsible for rent. In an assignment, the new tenant takes over responsibility

What is the difference between a sublease and an assignment? A. In a sublease, the new tenant is responsible for all costs. In an assignment, the new tenant pays the old tenant, and they pay the landlord B. In a sublease, the original space is reconfigured to fit two tenants. In an assignment, the tenants share the original space as is C. In a sublease, the original tenant is still responsible for rent. In an assignment, the new tenant takes over responsibility D. In a sublease, the landlord can terminate the contract at any time. In an assignment, they cannot

D. $0.70 per $100 of the full purchase price ($0.60 for Miami-Dade County)

What is the rate for the state documentary stamp tax on deeds in Florida? A. $0.60 per $100 of the full purchase price ($0.70 for Miami-Dade County) B. $1.00 per $100 of the full purchase price ($0.80 for Miami-Dade County) C. $0.50 per $100 of the full purchase price ($0.60 for Miami-Dade County) D. $0.70 per $100 of the full purchase price ($0.60 for Miami-Dade County)

B. 183

Urban Homes purchased a lot in order to build a new apartment building. The lot is 400,000 square feet. City regulations dictate that there can be density no greater than 20 occupants per acre. What's the maximum number of occupants this lot can accommodate? A. 153 B. 183 C. 200 D. 20,000

B. judicial and nonjudicial

What are the two primary categories of foreclosure? A. foreclosure and afterclosure B. judicial and nonjudicial C. nonjudicial and legal D. judicial and administrative

C. deed restrictions and restrictive covenants

What are the two ways private citizens can control how land is used? A. zoning laws and lawsuits B. HOA bylaws and community standards C. deed restrictions and restrictive covenants D. community board rulings and title controls

B. Supply is outpacing demand. Rent prices will be lower to attract renters

What does a high vacancy rate indicate about a rental market? A. It is considered a landlords market since the landlord won't have to offer many incentives B. Supply is outpacing demand. Rent prices will be lower to attract renters C. Demand is outpacing supply. Rent prices will be higher to control the demand D. Developers will be eager to construct more apartments in the area

D. a person dies without having left a valid will

What does intestate mean? A. a person dies having left a valid will B. a person legally appoints a hereditament C. a person legally appoints an heir D. a person dies without having left a valid will

A. The buyer will automatically increase their offer price by a certain increment if the seller receives a better offer on the same property

What does it mean if an offer includes an escalation clause? A. The buyer will automatically increase their offer price by a certain increment if the seller receives a better offer on the same property B. The buyer is stating that they are willing to pay the seller's closing costs up to a certain maximum amount to secure acceptance of the offer C. The buyer is stating that they have submitted their highest and best offer, and that any counteroffers made by the seller will be rejected D. The buyer will automatically lower their offer price by a certain increment if the seller doesn't accept the offer within a specified number of days

A. offer fiduciary representation to both sides of the transaction

What does the use of designated sales associates provide in a nonresidential in-house transaction that is illegal in Florida for residential in-house transactions? A. offer fiduciary representation to both sides of the transaction B. the opportunity to work with two parties with assets of one million dollars or more C. the opportunity for the broker to work directly with both sides of the transaction D. offer limited representation through the use of transaction brokers to both sides of the transaction

B. The original offer becomes null and void and the counteroffer becomes the new offer

What happens when a counteroffer is made? A. The counteroffer must be accepted B. The original offer becomes null and void and the counteroffer becomes the new offer C. No further counteroffers can be made D. The original offer remains active until the counteroffer is accepted

D. the bundle of ownership rights to a property

What is a title? A. an abbreviated history of ownership of a specific property B. a document used to transfer a property to another party C. a loan given to potential homebuyers D. the bundle of ownership rights to a property

D. hypothecation

What is it called when a borrower pledges an asset as collateral to borrow money to buy the pledge asset? A. alienation B. equity of redemption C. estoppel D. hypothecation

B. strict foreclosure does NOT involve a sale

What is one of the biggest differences between judicial foreclosure and strict foreclosure? A. judicial foreclosure does NOT involve a lawsuit B. strict foreclosure does NOT involve a sale C. judicial foreclosure does NOT involve a sale D. strict foreclosure does NOT involve a lawsuit

C. five years

You are a broker. You receive a deposit check for $350. How long should you keep a record of these funds? A. one year because the funds are less than $500 B. no records are necessary because the funds are less than $500 C. five years D. three years

A. likely a branch office

You are a member of the FREC who is trying to decide if a brokerage's temporary shelter qualifies as a branch office. The temporary shelter: Has four sales associates who appear to be working there every day Has had three real estate transaction close there in the past week You decide the temporary shelter is: A. likely a branch office B. a branch office, only because the employing broker has a registered trade name which allows this C. likely NOT a branch office D. not a branch office, only because records relevant to the real estate transactions are stored there

C. Joey/voidable contract; Samantha/valid contract; Jeremy/void contract; and Rachel/unenforceable contract

10-year-old Joey got a newspaper route; 22-year-old Samantha signed a modeling agency contract; 30-year-old Jeremy hired a thug to rough up his boss; and Rachel verbally agreed to buy a house. Based on facts given, choose the answer that correctly matches these people to their contract category. A. Joey/valid contract; Samantha/unenforceable contract; Jeremy/voidable contract; and Rachel/void contract B. Joey/valid contract; Samantha/voidable contract; Jeremy/unenforceable contract; and Rachel/void contract C. Joey/voidable contract; Samantha/valid contract; Jeremy/void contract; and Rachel/unenforceable contract D. Joey/void contract; Samantha/voidable contract; Jeremy/valid contract; and Rachel/unenforceable contract

A. personal property

A ceiling fan, still in its original packaging and NOT attached to the ceiling, is an example of A. personal property B. an emblement C. an improvement D. real property

C. The rate of return is historically one of the highest, compared with other investment vehicles

A friend and potential client comes to you for advice on investing in real estate. They want to know what the pros and cons are. Which of these statements accurately reflects one of the advantages of real estate as an investment? A. It's a very liquid investment, so you can cash out easily at any time B. Theres little to no management work to be done with real estate C. The rate of return is historically one of the highest compared with other investment vehicles D. The costs to obtain and maintain real estate are much lower than the costs to buy and maintain stocks or bonds

B. a 45-hour post-licensing education course

A sales associate's first renewal is coming up in six months. What must they complete before that date, if they want to retain their license? A. 14 hours of continued education B. a 45-hour post-licensing education course C. a 30-hour post-licensing education course, plus 14 house of continued education D. A 60-hour post licensing education course

D. confidentiality

A single agent who is able to keep private any client information that could prove harmful to the client in negotiations is said to be demonstrating the fiduciary duty of: A. disclosure B. obedience C. loyalty D. confidentiality

D. disclose information regarding the financial motivations of one of the parties

All of the following describe duties owed to the customer in a no brokerage relationship EXCEPT: A. disclose all known facts that materially affect the value of residential real property which are not readily observable to the buyer B. account for all funds entrusted to the licensee C. deal honestly and fairly D. disclose information regarding the financial motivations of one of the parties

C. residential property

Aparna is working with single-family residences, vacation properties and multi family residences. She likely specializes in: A. agricultural property B. industrial property C. residential property D. use-based property

B. conforming and non conforming

Conventional loans are divided into two categories. They are: A. adjustable rate and fixed rate B. conforming and non conforming C. first mortgages and second mortgages D. FHA and VA

C. financial implications

Fiduciary relationships are often those having: A. informal agreements B. statutory oversight C. financial implications D. short term goals

C. the recording of property conveyance

Florida has many miles of coastal property. The state helps regulate and protect this coastal property, along with taking a large part of the responsibility of regulating: A. the IRS B. zoning C. the recording of property conveyance D. veterans affairs

C. be a state-licensed and certified appraiser

For federally related real estate transactions in Florida, the appraiser is required to: A. possess only a sales associate license B. possess a sales associate license and be a state-licensed and certified appraiser C. be a state-licensed and certified appraiser D. have no specific license or designation

B. She should order a copy of her criminal record to ensure the misdemeanor has been expunged.

Kim is applying for her sales associate license. She pled guilty to a misdemeanor in her youth, paid a fine, spent some time on probation, and has since lived life on the straight and narrow. She thinks that misdemeanor has been expunged from her record, but she's not completely sure. What is her BEST course of action? A. She should submit her application and if it turns up, she can explain it to FREC then B. She should order a copy of her criminal record to ensure the misdemeanor has been expunged C. She should hire a lawyer to do a full scrub of her past D. She should not apply for a license since she has a criminal record

B. No, he is licensed but not registered, because his status is not yet active

Lorenzo is working toward his sales associate license. He has completed his pre-licensing education, submitted his fingerprints, submitted an application, had the application accepted, taken the state exam, and passed. At the testing center, he was given a license number and a photo-bearing proof of licensure. He asked his sponsoring broker to fill out the paperwork for his employment. Today, he checked the DBPR website and his status is "inactive." Is he registered? Why or why not? A. Yes, because he has found a sponsoring broker, he is registered B. No, he is licensed but not registered, because his status is not yet active C. No, he is not registered, because he is licensed D. Yes, he is licensed and registered because he appears on the DBPR website

B. absentee owner

Miguel owns a beautiful property in Fort Lauderdale. As beautiful as it is, he doesn't live there. Miguel is a(n): A. negligent owner B. absentee owner C. tax-exempt owner D. from-afar owner

D. customer

Per Florida statute, "a member of the public who is or may be a buyer or seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship" is the definition of a(n): A. agent B. prospect C. client D. customer

D. Seth has filed a lawsuit against the county property appraiser and tax collector in order to protest the assessment amount of his property

Seth has filed a certioari proceeding. This means that: A. Seth has been found delinquent in his taxes and is protesting the tax certificate B. Seth has filed an appeal with the value adjustment board, which the board accepted C. Seth has not received a truth in millage notice D. Seth has filed a lawsuit against the county property appraiser and tax collector in order to protest the assessment amount of his property

D. FREC

The DBPR handles the administrative side of licensure in Florida. What is the quasi-judicial agency that handles rule-making, administration, and discipline in the real estate field? A. CREF B. DEC C. DBPR D. FREC

B. protect the public interest

The Florida Real Estate Commission's main purpose is to: A. generate revenue for the state B. protect the public interest C. protect the interests of license holders D. recruit and incentivize new brokers

C. is based on a property's income whereas a flat fee does not vary

The difference between a percentage fee and a flat fee is that a percentage fee: A. does not vary whereas a flat fee is based on a property's income B. is determined by the property manager whereas a flat fee is NOT C. is based on a property's income whereas a flat fee does not vary D. is determined by the property owner whereas a flat fee is NOT

C. common, statutory and administrative law

The law of agency that exists today in Florida is a blend of: A. common, judicial and non statutory law B. express and implied law C. common, statutory, and administrative law D. statutory and non-statutory law

A. power of attorney

Universal agency is usually granted via a(n): A. power of attorney B. attorney in fact C. agency decree D. universal decree

A. licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer

What is meant by presumption of transaction brokerage? A. licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer B. transaction brokers duties are confined to facilitating a transaction C. customers can presume that licensees understand how to operate as transaction brokers D. transaction brokers need only oral disclosure or representation

B. a subagent is simply a sponsored licensee, so if the broker is operating as a single agent for a client, so are all that broker's sponsored licensees

Why can a subagent in Florida operate as a single agent? A. if the subagent signs a single agent relationship agreement with a client, it doesn't matter what their brokers relationship with the client is B. a subagent is simply a sponsored licensee, so if the broker is operating as a single agent for a client, so are all that broker's sponsored licensees C. the client of a broker can allow any of the broker's sponsored licensees to operate as single agents even if the broker doesn't have a single agent relationship with the client D. a subagent can never operate as a single agent in Florida

A. is required for all residences built prior to 1978, regardless of renovations

You're the listing agent meeting with the seller of a renovated 1969 home. The seller asks if they will need to give a lead-based paint disclosure to buyers, considering its recent renovation and great condition. You should tell the seller that lead-based paint disclosure: A. is required for all residences built prior to 1978, regardless of renovations B. won't be required, since the home was renovated well after the lead paint ban went into effect C. may or may not be required, based on the results of lead testing by the seller D. won't be required since the home was built after 1968

A. Chapter 120, F.S.

Belinda is a sales associate applicant who has recently had her application rejected. She wants to appeal. Where is she most likely to find the rules and deadlines for that appeal process? A. Chapter 120, F.S. B. Chapter 475, F.S. C. Chapter 455, F.S. D. Chapter 61J2, F.A.C.

B. The DRE primarily handles administrative duties, whereas the FREC does more decision making

The Division of Real Estate and the Florida Real Estate Commission share their mission to protect the public by regulation of real estate licenses through education and compliance. Which statement accurately differentiates the two agencies? A. The DRE regulates educational courses, whereas the FREC's main duty is to process license renewals B. The DRE primarily handles administrative duties, whereas the FREC does more decision making C. The FREC primarily handles administrative duties, whereas the DRE does more disciplinary duties D. The FREC regulates educational courses, whereas the DRE's main duty is to reprimand violators of license law

B. approved lenders

FHA loans are usually funded by: A. the FHA B. approved lenders C. sellers D. HUD

B. The broker should reprimand Sarah for discrimination. It doesn't matter if Sarah meant it as a compliment

Sarah is an agent. She is helping a Muslim couple find a house. Sarah keeps patting the woman's hijab and calling it "so cute!" The woman is not impressed, and upon return from the property tour, asks to speak to the managing broker. What should the broker do? A. The broker should stand up for Sarah, and tell the Muslim woman that Sarah meant it as a compliment B. The broker should reprimand Sarah for discrimination. It doesn't matter if Sarah meant it as a compliment C. The broker should reprimand Sarah for discrimination, and reassign the couple to a Muslim agent D. The broker should have Sarah apologize, but should also tell the Muslim woman that this was not actually a discriminatory act, since Sarah meant well

D. An appraisal is more detailed and reliable. A CMA is more informal

What is one of the most important differences between an appraisal and a CMA? A. An appraisal affects a seller's title. A CMA does not B. An appraisal is for commercial property. A CMA is for residential property C. An appraisal is used to price a new property. A CMA is used to price a resold property D. An appraisal is more detailed and reliable. A CMA is more informal

B. Chapter 475 is the law; Chapter 61J2 is the rules for carrying out the law

What is the difference between Chapter 475 of the Florida Statues and Chapter 61J2 of the Florida Administrative Code? A. Chapter 475 governs disciplinary actions; Chapter 61J2 governs licensure B. Chapter 475 is the law; Chapter 61J2 is the rules for carrying out the law C. Chapter 475 was created by the FREC; Chapter 61J2 was created by the DBPR D. Chapter 475 governs brokers; Chapter 61J2 governs sales associates

C. They typically require niche knowledge

What might be challenging about managing a special-purpose property such as a sports arena or movie theatre? A. There is no way to predict the behavior of special purpose properties B. They are usually owner-occupied C. They typically require niche knowledge D. They would likely involve managing a mega-retailer warehouse

C. taking on any duties that could be considered outside of the boundaries of limited representation

What should a transaction broker guard against when a customer asks them to assume additional duties that they might not otherwise be expected to take on? A. venturing into areas outside of their personal expertise B. not sufficiently charging the customer for their services C. taking on any duties that could be considered outside of the boundaries of limited representation D. being taken advantage of by an overzealous customer

D. implied authority

What term refers to legitimate actions an agent takes in order to complete duties that the customer or client has already expressly authorized? A. express agency B. express authority C. implied agency D. implied authority

B. every 24 months on either March 31 or September 30

When do real estate licenses need to be renewed? A. every four years, by the license holder's birthday B. every 24 months on either March 31 or September 30 C. every 24 months, by the final day of the year D. every three years from the date of issuance, excluding holidays

C. negotiate for either party

Which of the following can a licensee NOT do while operating under a no brokerage relationship agreement? A. communicate information between the parties B. be compensated for assisting in a transaction C. negotiate for either party D. facilitate a transaction

C. sales prices are more negotiable for buyers

Which of the following describes a buyers market? A. It's likely a seller can easily sell a home for more than the listing price B. Sellers are less likely to have to pay for closing costs C. Sales prices are more negotiable for buyers D. The supply of property in a real estate market is lower

A. neither the listing agreement nor the buyer representation agreement are promulgated contracts

Which of the following is TRUE about listing agreements and buyer representation agreements that are used to create express written agency relationships in Florida? A. neither the listing agreement nor the buyer representation agreement are promulgated contracts B. the sponsoring broker will usually require or instruct the sales associate to create their own agreements from scratch as needed C. local realtor associations rarely provide their members with listing agreements or buyer representations agreements to use D. both the listing agreement and the buyer representation agreement are promulgated contracts

C. a broker and a sponsored licensee

Which of the following is an example of a general agency relationship? A. a broker and a seller B. a licensee and a seller C. a broker and a sponsored licensee D. a broker and a buyer

C. Avery is selling her neighbors home for a commission

Which of the following people needs to have a real estate license? A. Carolina is a salaried employee at an apartment complex who leases units to tenants B. Baz is selling a property his company owns C. Avery is selling her neighbors home for a commission D. David sells cemetery lots

C. exclusive

Which of the following words describes an aspect of the relationship a single agent has with a party that is unique, as compared to a no brokerage or transaction broker relationship? A. honest B. fair C. exclusive D. skillful

B. Karen, an applicant who was honorably discharged from active military duty four months ago.

Which of these applicants will have their application fee waived? A. George, an applicant whose spouse once served on active military duty, more than 60 months ago B. Karen, an applicant who was honorably discharged from active military duty four months ago C. Aaron, who qualifies as a low-income applicant D. Randall, a member of the Florida Bar Association

D. a worker has not been paid for work done on a property

Which of these best describes a scenario that would lead to a construction lien? A. an owner refuses government work within property lines B. a mortgage created for the purpose of financing a home purchase C. a seller paid for work to be done on a property prior to sale D. a worker has not been paid for work done on a property