Florida Real Estate Exam

Which is NOT a listed service of real estate under the statutory definition of a broker? A.Barter B. Exchange C. Appraisal D.Rent

A.Barter

Which clause in a mortgage note would relieve the borrower of personal liability for the debt? A. Deed in Lieu B deficiency C. Exculpatory D. Subject to

C exculpatory

Which item in a home would be classified as a fixture? A. Ceiling fan B Desktop computer C draperies D 5 x 8 oriental rug

A. Ceiling fan

Commercial zoning is primarily concerned with A. Density of use B intensity of use C location of city parks D parking requirements

B intensity of use

Which does NOT apply to florida real estate brokers and sales associates? A. Chapter 61J2, F.A.C B Chapter 180, F.S C Chapter 455, F.S D Chapter 475 F.S

B. Chapter 180 F.S

Who holds a purchase money mortgage?

Seller

An offer is NOT terminated by A the death of a listing sales associate B an offeree changes a single term of an offer C the mental incapacity of an offeror or an offeree D the expiration of a reasonable time

A the death of a listing sales associate

A lot measures 500 feet in front x 300 feet depth x 400 feet rear x 300 feet depth. What is the acreage contained within this tract of land? A 2.5 acres B. 3.1 acres C. 3.6 acres D 5.1 acres

B 3.1 acres

A real estate licensee is required to self report to the department within how many days of being convicted or having plead nolo contendare or guilty to a crime in any jurisdiction? A 20 B. 30 C 60 D 90

B. 30

A lender is willing to make a loan for the lesser of 90% of the appraised value or90% of the sale price. The appraised value is $190,000 and the sale price is $200,000. What is the maximum amount of the loan? A $171,000 B $180,000 C. $190,000 D. $200,000

A $171,000

The sale price of a house is $200,000. There is an existing mortgage for $110,000 which will be assumed by the buyer. The buyer obtains a new second mortgage loan for $20,000. How much is the intangible tax? A $40 B $220 C $260 D $400

A $40

Disney World in Orlando Florida is in example of which type of employment A. Basic B salaried C secondary D Service

A Basic

Under Chapter 475, the term real estate does not include A a cemetery B a leasehold estate in land C an assignment of an interest in land D an interest in a business oppertunity

A Cemetery

Hey sales associate engages the services of an unlicensed personal assistant. The assistant may NOT A Conduct a listing appointment for the associate B hand out brochures at an open house for the associate C place a for sale sign on a listed property for the associate D write an ad for the approval of the associate And the associates supervisory broker

A Conduct a listing appointment for the associate

Which statement does not apply? A township A contains 6,969,600 ft.² B contains 36 sections C. Contains 36 mi.² D is a square measuring 6 miles x 6 miles

A Contains 6,969,600 ft.²

A purchase money second mortgage is taken back by the seller. The loan amount on the buyers closing disclosure is a A Credit to the buyer B debit to the buyer C decreased in the sale price D increase in the sale price

A Credit to the buyer

A seller wants to prevent future owners from selling firearms on a particular site that is zoned for commercial land use. Where would a prospective purchaser find this limitation? A Deed restriction B restrictive covenant's C special exception D zoning ordinance

A Deed restriction

In relation to section 7 of a township, section 12 is A. East B South C southeast D. 6 miles south

A East

A tenant pays a fixed rent each month. The landlord pays the property taxes, hazard insurance, and maintenance expenses. This is a A Gross lease B net lease C. Sublease D triple net lease

A Gross lease

Which violation of Florida real estate license law is a misdemeanor of the first degree? A Licensee fails to provide current and accurate rental information for a fee B A licensee files a false application for a Florida real estate license C A licensee is found guilty of fraudulent and dishonest dealings D A person operates without holding a valid and current license with an active status

A Licensee fails to provide current and accurate rental information for a fee

An inactive sales associate renews her license before the expiration date of March 31. She does not complete her continuing education requirement prior to the expiration date. This is discovered by the DB PR through an audit. Which statement applies? A The associate will most likely have her license revoked and not be allowed to re-apply for a license for five years B. The associate will most likely have her license suspended for six months and be required to complete an education course before re-issuance of a license C. The commission will take no action because the license had an inactive status D. There is not a violation provided the education is completed within 60 days after the expiration date

A The associate will most likely have her license revoked and not be allowed to re-apply for a license for five years

Which person is exempt from real estate licensure under Chapter 475 F.S ? A a person who is an attorney in fact for the purpose of signing a real estate contract B a person who sells lots for an owner developer on a commission basis C a person who is a leasing agent in an outside rental office on a commission basis D an attorney at law who negotiates a real estate contract for a client for a fee.

A a person who is an attorney in fact for the purpose of signing a real estate contract

Which transaction type with the DBPR requires a fee? A a request for a multiple license B active licensee requests an inactive status C brokerage firm adds a sales associate D sales associate changes broker employer

A a request for multiple license

Which clause allows a lender to advance the maturity date of the note if the borrower defaults on the loan? A acceleration B defeasance C due on sale D pre-payment

A acceleration

Due to natural forces there is a gradual buildup of land along a shoreline. The increase in the land area caused by the natural forces is called A accretion B accumulation C. Alluvial D. Avulsion

A accretion

With respect to a VA guaranteed loan which statement does not apply? A any veteran is eligible for a VA guaranteed loan B A VA mortgage does not have a due on sale clause C A VA guaranteed loan has no mortgage insurance premium D no down payment is required by the department of Veterans Affairs

A any veteran is eligible for a VA guaranteed loan

An owners property taxes are delinquent which occurs next A auction a tax certificate B confiscation of the property C creation of a judgment lien D interest is charged at a rate of 21%

A auction a tax certificate

The form of brokerage relationship is determined by the A broker B client C customer D principal

A broker

A party to a real estate contract petitions a court of equity for monetary damages suffered as a result of a breach of the agreement. The injured party is seeking which remedy? A compensatory damages B liquidated damages C specific performance D stipulated damages

A compensatory damages

One month ago, a person became a florida real estate sales associate. The associate wants to become a florida real estate broker as soon as possible. To be eligible to apply for a broker license the associate is NOT required to A complete a 14 hour continuing education course for sales associates B complete a 45 hour post licensing education course for sales associates C complete a 72 hour pre licensing education course for brokers D hold an active sales associate real estate license for atleast 24 months

A complete a 14 hour continuing education course for sales associates

A comprehensive skin to manage growth and an able a community to reach its economic physical and social goals is called a A comprehensive plan B coordinated plan C land-use plan D urban development plan

A comprehensive plan

Which brokerage relationship disclosure form must be signed by the seller and/or the buyer? A consent to transition to transaction broker B no brokerage relationship C single agent relationship D Transaction broker relationship

A consent to transition to transaction broker

Which statement does not apply? A section of land A contains 460 acres B contains 27,878,400 ft.² C. Is a square measuring 1 mile x 1 mile D. Is at 1/36 of a Township

A contains 460 acres

Which variable influences the supply of housing? A cost of construction financing B income of consumers C mortgage credit D population density

A cost of construction financing

A mortgagor fulfills all debt obligations under a note. Which clause protects the borrower's rights to the property? A defeasance B notation C release D subordination

A defeasance

A broker has a contract to manage an apartment property for an owner. The owner requires the broker to collect and hold an advance rent and security deposit for each unit. The broker must A deposit the funds in an escrow account and comply with the requirements of chapter 475 B not allow the landlord to use more than 75% of the funds collected for the landlord personal use C Pay the tenant at least 75% of the interest earned or pay the tenet a 5% interest-rate D. Post a surety bond for the appropriate amount and pay the tenet a 5% interest rate

A deposit the funds in an escrow account and comply with the requirements of chapter 475

Under the IRS code which expense is deductible for a homeowner on an individual income tax return? A discount points paid on loan to purchase a principal residence B hazard insurance premium on a second home C maintenance expenses on the principal residence D. Mortgage payments on a principal residence

A discount points paid on loan to purchase a principal residence

Freddy Mac does not A engage in open market operations B provide a source of funds for the primary mortgage market C purchased conventional mortgages D purchased loans from savings associations

A engage in open market operations

A buyer and a seller form a written contract for the sale and purchase of real property. During the contract period, the buyer has what title or interest in the property? A equitable B legal C ostensible D quasi

A equitable

Which statement does not apply? The statute of Frauds A establishes a list of activities which are fraudulent B may cause an oral real estate contract to be unenforceable C requires the transfer of an interest in real property to be in writing to be enforceable D was enacted to prevent fraud and perjury

A establishes a list of activities which are fraudulent

An investigation of a complaint against a real estate licensee is based on which power of duty of the division of real estate? A executive B ministerial C quasi - judicial D quasi - legislative

A executive

Which power gives the Florida Real Estate commission the authority to regulate and enforce the Florida real estate license law. A executive B ministerial C quasi judicial D quasi legislative

A executive

An applicant for a Florida real estate license makes a false representation of a material fact on an application. If found guilty, the applicant has committed a A felony of the third degree B misdemeanor of the first degree C. misdemeanor of the second degree D misdemeanor of the third degree

A felony of the third degree

A person must hold an active florida real estate license if he or she A furnishes a rental property information list for a fee B leases apartment units in an on site rental office for a salary C manages and rents individual units within a condominium complex for a salary D rents mobile home lots in a mobile home park for compensation

A furnishes a rental property information list for a fee

A real estate sales associate's relationship with his or her employing broker can be best described as A general agent B limited agent C special agent D universal agent

A general agent

under a commission mutual recognition rule, a florida resident is a person who A has resided in florida continuously for 4 calendar months or more within the preceding one year B has resided in florida continuously for 2 calendar months or more within the preceding six months C holds a valid florida drivers license D is registered to vote in a florida county.

A has resided in florida continuously for 4 calendar months or more within the preceding one year

An appraiser is estimating the net operating income of an income producing property. Which item is classified as a fixed expense? A hazard insurance premium B mortgage payment C property management D straight-line depreciation

A hazard insurance premium

Positive Leverage A increases the return on equity from using debt financing B is selling an investment property at a profit C is the difference between a high interest rate and a lower interest rate D is the difference between a higher rate of return on a real estate investment and a lower return on other types of investments

A increases the return on equity from using debt financing

A prospect makes an inquiry about a house located in a predominantly African-American neighborhood. The Sales associate may lawfully assume that the prospect is A interested in this neighborhood because of the architectural style of the houses B. Interested in houses located in a predominantly African-American neighborhood C. Not interested in houses located in a predominantly Caucasian neighborhood D testing the licensee and the associate should refuse to show the prospect any houses

A interested in this neighborhood because of the architectural style of the houses

A real estate brokerage firm's license is suspended for six months for a violation of license law. Upon issuance of the final order, the licenses of all individual brokers and sales associates registered with the brokerage business become automatically A involuntary inactive B null and void C suspended D voluntary inactive

A involuntary inactive

With respect to a planned unit development which statement does not apply A is used primarily with the development of industrial parks B may include a mix of residential commercial and professional areas C usually allows a higher density in certain areas then is allowed in traditional subdivisions D usually clusters buildings in certain areas to create open areas

A is used primarily with the development of industrial parks

A brokerage office may be in a residential location if A it is not contrary to local zoning ordinances B the broker applies for and is granted a zoning variance C the broker is a disabled military veteran D the brokerage is a sole proprietorship and not a corporation

A it is not contrary to local zoning ordinances

A buyer breaches a contract for the sale and purchase of real estate. Which course of action foes the seller usually take? A keep the deposit B sue for compensatory damage C sue for specific performance D sue for breach of contract

A keep the deposit

Which is not a leasehold estate? A remainder estate B tenancy at sufferance C. Tenancy at will D tenancy for years

A remainder estate

A broker negotiates a written contract, signed by the parties, for the sale of a farm for $200,000. No binder deposit is paid; the full price is to be paid at closing. Later, the seller decides not to sell and refuses to close the sale. Which statement applies? A the broker is entitled to a commission on the executed contract B the broker is entitled to a commission only if the sale closes C the contract is not in compliance with the statue of frauds D the contract is null and void because there is no consideration

A the broker is entitled to a commission on the executed contract

The social security number for an applicant for real estate licensure is required by Florida law to assure that the applicant is in compliance with A. child support order B. an alimony order C. criminal laws of florida D. IRS regulations

A, child support order

A developer subdivides a 20 acre tract of land. The subdivision will have 40 lots of equal size. 10% of the total tract will be for a common recreation area. Access roads are a total of 20' x 1800'. How many square feet would be contained in each a lot? A. 18,702 B. 19,602 C. 20,000 D 21,780

A. 18,702

Hey sales associate is procuring a listing to sell a motel property. The owner instructs the associate not to show the property to any racial minority. This instruction violates the civil rights act of A. 1866 B 1964 C. 1968 D 1978

A. 1866

An investigation of a complaint has been completed and an investigative report has been submitted to the commission. What is the next step in the administrative procedure? A. A determination of probable cause B. A formal hearing C an informal proceeding D. Issuance of a recommended order

A. A determination of probable cause

Ethical conduct by a florida real estate licensee is.. A. a good business practice B. not within the scope of prelicense course C. of little relevance to a sales associate D. required by Florida Real Estate License Law

A. A good business practice

A property has been cited for a building code violation. A written disclosure of this fact must be provided to a buyer prior to the closing of the sale. Which statement does not apply A. A seller who violates the disclosure requirements commit a misdemeanor crime B The buyer must agree to be liable for correcting the building code violation C The existence and nature of the building code violation must be disclosed to the buyer D The seller must provide the enforcement agency with the name of the new owner

A. A seller who violates the disclosure requirements commit a misdemeanor crime

A written lease expires. The tenant, unable to contact the owner prior to the expiration, remains in possession of the premises and continues to pay the rent without renewing a written lease agreement. The occupant of the premises has established a tenancy A. At sufferance B. At will C. For years D. In common

A. At sufferance

A developer plans to sell or lease lots in the subdivision containing 100 lots. The lots will be listed with and sold by a Florida license real estate broker. Under the interstate land sales full disclosure act the developer must file a statement of record and register the subdivision with the A. Bureau of consumer financial protection B. Department of business and professional regulation C. Department of land sales and condominiums D. Florida real estate commission

A. Bureau of consumer financial protection

A person purchases a lot in a subdivision tract, selects plans and specifications for a house, and hires a builder to construct the dwelling. This is a A. custom home B model home C. spec home D. tract home

A. Custom home

A municipal utility company has the right to install a water main across the rear 10 feet of the lots in a subdivision. The legal interest held by the company is A A. Easement in gross B encroachment C utility D water write

A. Easement in gross

A residential house is located in a high traffic volume through Street. The value of the house is adversely affected by Road dust, traffic noise, in the hazard to children playing in the yard adjacent to the street. The loss in value would be classified as A. Incurable external obsolescence B in curable functional obsolescence C incurable physical depreciation D negative situs

A. Incurable external obsolescence

A purchaser desires to acquire the largest bundle of rights in a "timeshare property ". The purchaser should acquire a A. Interval ownership B leasehold estate C. proprietary lease D right of use

A. Interval ownership

A developer gives the county ten acres of land for a public park and recreation area. The county will develop and maintain the area. The conveyance of title to the county is called a.. A. dedication B. donation C. escheat D. patent

A. dedication

On May 1, a prospective tenant purchases a rental information list from a broker for a fee of $100. The prospect rents a single-family dwelling from the list for $900 per month. The rental information provided by the broker states that all utilities are included in the rent. After renting the property, the prospect discovers that two utilities are not included in the rent. The tenant notifies the broker on May 31 and demands a refund. The tenant is entitled to A $75 refund of the fee paid B $100 refund of the fee paid C no refund because she did not make the request within 30 days D no refined unless her request for a refund is in writing

B $100 refund of the fee paid

A blind homeowner is a non-veteran who is 10% disabled. The assessed value of the Homestead is $50,000. What is the total exemption from ad valorem property taxation A $25,000 B $25,500 C $30,500 D $50,000

B $25,500

A mortgage banker agrees to lend 80% of the appraised value of a condominium unit At a 3 3/4% interest rate for a 30 year loan term. The current market yield on comparable loans is 4%. The condominium unit appraises for $200,000. The lender charges the borrower 2 discount points. What is the discount payment to the mortgage banker? A $3000 B $3200 C $3600 D. $4000

B $3200

A commercial lease requires a minimum annual rent of $29,000 +3% of annual gross sales in excess of $700,000. What is the annual rent if the annual gross sales are $900,000? A. $34,500 B $35,000 C $36,250 D. $36,500

B $35,000

A person has owned a home for six years. The tax rate is 25 mils. The owner pays property taxes of $375. What is the assessed value A. $39,500 B $40,000 C $44,500 D. $50,000

B $40,000

A homeowner is in the 28% tax bracket and itemize deductions. The homeowner paid $3000 in property taxes, an $800 hazard insurance premium, and $12,000 in mortgage interest during the preceding year. How much are the income tax savings for the allowable deductions? A. $3360 B $4200 C $4424 D $15,000

B $4200

A city will pave a street in a neighborhood at a cost of $150 per running foot. The city will pay 40% of the paving cost and assess the abusing property owners for the remainder. There are lots along both sides of the street. A person owns a lot that has a 100 feet frontage on the street. What is the owner's share of the paving costs? A $3000 B $4500 C $6000 D $9000

B $4500

A home is located within a municipality. The maximum extent of the Homestead estate is how much contiguous land? A 43,560 ft.² B .5 acres C 5 acres D. 160 acres

B .5 acres

The statute of frauds does NOT apply to a A contract to purchase vacant land B 12 month listing contract C 15 month lease agreement D 60 day option contract

B 12 month listing contract

Start at the southeast corner of a standard section, thence North 90° west 200 feet to a point, thence North 0° 200 feet to a point thence South 45° east 282.84 feet to the point of beginning. What is the square footage in this tract of land? A 10,000 B. 20,000 C 40,000 D 43,560

B 20,000

A sales associate license expired 15 months ago. To reactive the license the associate must successfully complete a.. A 14 hour commission prescribed continuing education course B 28 hours of commission prescribed education C 60 hours post licensing education D two 14 hour continuing education courses

B 28 hours of commission prescribed education

A buyer is purchasing a home and will use conventional financing. Under the Fannie Mae guidelines, what are the benchmark housing expense ratio and the total obligations ratio respectively A 25% and 40% B 28% and 36% C. 29% and 41% D 30% and 45%

B 28% and 36%

A developer purchases a 100 acre tract of land for a residential development. The zoning district has a minimum lot size requirement of 8000 ft.². The developer will reserve 30% of the land area for streets sidewalks a community center and a park. What is the maximum number of residential lots the developer can have on this tract of land? A. 318 B 381 C 481 D 544

B 381

How many square feet are contained in a 1/4 of a 1/4of a 1/4 of a 1/4 of a half of a section? A. 10,890 B 54,450 C 108,900 D 544,500

B 54,450

Which is EXEMPT under the federal fair housing act of 1968? A. A single-family property owner who uses a broker services to sell his or her home B A 2 to 4 family property in which the owner occupies one of the units as his or her primary residence C an owner of a single-family house who owns 4 single-family rental houses D. Units in a condominium which are for sale or lease

B A 2 to 4 family property in which the owner occupies one of the units as his or her primary residence

An owner wants to use a net listing. Which statement applies? A a broker may receive an overage if the property sells for more that the list price. B A broker may receive no commission if the property sells at the sellers net price C A broker must give the owner a copy of the listing within 48 hours. D a net listing is prohibited by Florida Real Estate Law

B A broker may receive no commission if the property sells at the sellers net price

With respect to special purpose deeds, which statement does not apply? A. A committees deed conveys title to property owned by a legally incompetent person B A guardians deed conveys title to property owned by Guardian C. A personal representatives deed conveys title to property owned by a deceased person D a tax deed conveys title to real property after a tax sale

B A guardians deed conveys title to property owned by Guardian

Regarding security deposits held by a landlord, which statement applies? A A landlord may commingle the security deposit with his personal funds if he pays the tenant 3% simple interest on the Funds B A landlord who holds the security deposit in an interest-bearing account must pay either 75% of the interest received, or pay a 5% interest rate to the tenant C A tenant has 30 days to object to a landlord's notice of intent to place a claim on the security deposit D if the money will not be returned within 10 days after the tenant vacates the premises, the landlord has 15 days to notify the tenant in writing that the landlord is imposing a claim on the deposit

B A landlord who holds the security deposit in an interest-bearing account must pay either 75% of the interest received, or pay a 5% interest rate to the tenant

With respect to a branch office, which statement does NOT apply? A a location must be registered as a branch office if advertising leads the public to believe the location is owned and operated by a broker B A temporary shelter in a subdivision must be registered as a branch office C an office is deemed to be a branch office if a sales associate is assigned to the location D The commission may deem a location to be a branch office if it is in the public interest.

B A temporary shelter in a subdivision must be registered as a branch office

An American Indian is a 75-year-old retired schoolteacher. She applies for a 30 year loan to finance the purchase of a new home. The applicant has sufficient income to qualify for the loan and has a high credit score. The lender denies the loan application, stating it is the lenders policy not to make 30 year loan's to persons over age 70. Which statement applies? This is A A reasonable policy and is not a violation of law B A violation of the equal credit opportunity act C. A violation of the fair opportunity act D redlining which is a violation of the fair housing act

B A violation of the equal credit opportunity act

Under chapter 475, an escrow deposit cannot be held A by a title company having trust powers B By an out of state attorney C. In a non-interest-bearing account D in an interest-bearing account

B By an out of state attorney

Start at the point of beginning of a parcel of land. Face north 0°, then turn 90° east. Which best describes this boundary line? A. Diagonal B. East west C northeast D Southeast

B East west

The department of Business and professional regulation (DBPR) is under which branch of state government? A administrative B executive C management D regulation

B Executive

A transaction broker does NOT have which duty? A disclosure latent defects that materially affect the value of residential property B Full disclosure C present all offers and counter offers in a timely manner D use skill, care and diligence in the transaction

B Full disclosure

A fractional piece of land, containing less than a quarter of a section, is located along the bank of the body of water. This is known as A. Fractional lot B Government lot C Littoral lot D. Riparian lot

B Government lot

A sales associate license is suspended for 6 months for a violation of Florida real estate license law. The license is A deactivated B ineffective C null and void D voluntary inactive

B Ineffective

A real estate broker has a single agent relationship with a seller. Which statutory duty does NOT apply to this brokerage relationship? A full disclosure B Limited confidentiality C loyalty D obedience

B Limited confidentiality

The use of leverage A has no effect on the yield of investment B May increase or decrease the yield on and investment C Will always decrease the yield on an investment D Will always increase the yield on an investment

B May increase or decrease the yield on and investment

DB PR investigation reveals that a sales associate has committed a criminal violation of chapter 475.42. The investigation indicates that no one suffered monetary damage as a result of the associates actions. The commission must A place the broker on probation until a criminal proceeding is completed B Report the criminal violation to the state attorney having jurisdiction C revoke the broker license because it is a criminal violation D. Take no administrative action because no one suffered monetary damages

B Report the criminal violation to the state attorney having jurisdiction

Which township is located three tiers South and two ranges west of T3N, are R2E? A T1N, R4E B T1S, R1W C T2N, R1E D T2S, R2W

B T1S, R1W

Who customarily pays at closing the recording fee for the deed? A The buyer to provide actual notice of ownership B The buyer to provide constructive notice of ownership C The mortgagee to provide constructive notice of a lien D the seller customarily pays the fee

B The buyer to provide constructive notice of ownership

With respect to an equal opportunity poster, which statement does not apply? A. Failure to display the poster may be considered evidence of discrimination if a complaint is filed B The poster contains a statement pledging adherence to the equal opportunity act C. The poster is available from federal department of housing and urban development D. The poster must be displayed by all real estate brokerage firms

B The poster contains a statement pledging adherence to the equal opportunity act

A sales associate advertises his or her own real property for sale. The property is not placed in the multiple listing service. To entice potential buyers to purchase the property, the seller offers a free trip to the Bahamas to anyone who signs a contract within 30 days to purchase the property which statement applies? A the seller can make this offer but must disclose in the ad that he or she is a licensee. B The seller can make this offer because chapter 475 does not apply to this transaction C This is a violation of chapter 475 because something of value will be paid to a non-licensee purchaser D this is a violation of the chapter 61Jone Florida administrative code

B The seller can make this offer because chapter 475 does not apply to this transaction

A homeowner is considering an unsecured consumer loan versus a home equity line of credit. Which would be a likely advantage of a home equity line of credit? The borrower A does not have to qualify for the loan B Will likely obtain a lower interest rate C Will not have to pay off the loan until the home is sold D Will receive the proceeds of the loan in a lump sum

B Will likely obtain a lower interest rate

A real estate investor is in the 25% federal income tax bracket. All other things being equal which is the best investment? A after-tax return on investment 14% B after tax return on investment of 18% C before tax return on investment of 12% D. Before tax return on investment of 23%

B after tax return on investment of 18%

FHA loan underwriting guidelines A allow a smaller percentage of monthly income for housing expenses than conventional loans B allow up to a 31% ratio for the housing expenses C. Require the documentation of 48 months of employment and income history D use net monthly income to calculate be housing expense ratio

B allow up to a 31% ratio for the housing expenses

On a closing disclosure, which is a credit to the seller. A an existing mortgage assumed by the buyer B an expense item pre paid by the seller C mortgagee's title insurance premium D Prorated rent where the rent was collected and June 1 in the closing date is June 14

B an expense item pre paid by the seller

A limited partnership may be registered and licensed as a real estate brokerage business. Which statement applies? A a limited partner may participate in the management decisions of the business B any general partner that performs real estate services must hold an active broker license C each limited partner is personally liable for the debts of the business D the names of all the limited partners must be registed with the DBPR

B any general partner that performs real estate services must hold an active broker license

Planning commission members are A appointed by the governor and confirmed by the local legislative body B appointed by local legislative body and serve in advisory capacity C. Elected by the local citizens D professional land-use planners

B appointed by local legislative body and serve in advisory capacity

A developer combines several adjacent properties into one large tract to increase the utility and value of the land. Which term is used to describe this process A anticipation B assemblage C. Plottage D progression

B assemblage

To convey legal title a deed does not need to A be delivered by the grantor and voluntarily excepted by the grantee B be notarized and recorded in the public records C have a consideration D have a granting clause

B be notarized and recorded in the public records

On a closing disclosure the documentary stamp tax on a new promissory note is a debit to the A buyer and a credit to the seller B buyer only C seller and a credit to the buyer D seller only

B buyer only

There is an excess supply of housing in a real estate market. The area can be best characterized as a A builders market B buyers market C brokers Market D sellers market

B buyers market

In a sale of real property which is not included? A. Air rights B chattel C. Mineral rights D. Subsurface rights

B chattel

The demand for housing is not influenced by A. Consumer tastes and preferences B cost of construction loans C net in migration of population D New household formations

B cost of construction loans

A buyer submits a written offer to purchase a property. The seller accepts all the financial terms of the offer but changes one of the non financial elements of the offer. Which best describes this situation? This is an A acceptance of the offer B counteroffer C quasi-contract D valid and enforceable contract

B counteroffer

A listing agreement is NOT terminated automatically upon the A death of a sole proprietor broker B death of the prospective purchaser C death of the seller D destruction of the property

B death of the prospective purchaser

The legal title to real property is conveyed the moment the deed is A acknowledged by a notary public B delivered by the grantor to the grantee C recorded in the official records D signed by the grantor and witnessed by two persons

B delivered by the grantor to the grantee

Mortgage bankers perform important functions in the primary mortgage market. Which is not a function of mortgage bankers? A Channel money from Capitol surplus to Capitol deficit areas B determine interest rates in the local mortgage market C qualify perspective borrower's D Service loans

B determine interest rates in the local mortgage market

A seller discloses to a broker associate that the roof leaks although there is no visible evidence of the leak. The seller instructs the associate not to disclose the leak to prospective buyers. The associate should A disobey the instruction and disclose the leak to prospective buyers B explain to the seller that concealment of the leak is a violation of Florida Law C follow the principls instruction and not disclose the leak to prospective buyers D disclose the leak only if a prospective buyer makes a specific inquiry about the roof

B explain to the seller that concealment of the leak is a violation of Florida Law

A DBPR investigator issues a broker a citation and a $300 fine for using the name and identification of an organization in which he was not a member in good standing. The citation was issued in error. The broker should A file a written complaint against the investigator within 30 days B file a written objection or pay the citation within 30 days C ignore the citation because it was issued in error D. Pay the $300 fine within 30 days

B file a written objection or pay the citation within 30 days

An investor borrows funds to finance the purchase real estate. The use of borrowed funds exposes the investor to which type of risk? A. Business B Financial C interest rate D. Purchasing power

B financial

Except when a different punishment is prescribed, a violation of chapter 475.42 can result in which of the following criminal penalties? A fine of $50 and or imprisonment not to exceed 30 days B fine of $500 and or imprisonment not to exceed 60 days C fine of $1000 and or imprisonment to exceed one year D fine of $10,000 and or imprisonment not to exceed five years

B fine of $500 and or imprisonment not to exceed 60 days

The florida real estate commission is compose of A five members who have been brokers for five years and two consumer members B five real estate licensees and two lay members, one member must be 60 years of age or older C tree members who have been brokers for 5 years and two consumer members D seven members all must have been brokers for 5 years or longer

B five real estate licensees and two lay members, one member must be 60 years of age or older

An individual is EXEMPT from the florida real estate prelicensing course I, post licensing education course and prelicensing course II if he or she A has a two year degree from an accredited florida institution B has a four year degree in real estate from an accredited institution C is a florida licensed attorney at law D is a license Georgia real estate broker

B has a four year degree in real estate from an accredited institution

A licensed real estate broker cannot except and appraisal assignment A if the broker has previously sold the property that is to be appraised B if the appraisal fee is contingent on the estimated value of the property C unless the broker is a state certified appraiser or state licensed appraiser D Unless the assignment is contingent on listing the property for sale

B if the appraisal fee is contingent on the estimated value of the property

Which physical characteristic of land causes it to be classified as real estate and tends to cause the market for land to be local in character? A. Fixity of investment B immobility C. Indestructibility D situs

B immobility

A house has a floor plan that requires an occupant to walk through one bedroom to get to another bedroom. An appraiser would classify this deficiency as A curable functional obsolescence B incurable functional obsolescence C curable physical deterioration D in curable physical deterioration

B incurable functional obsolescence

FHA's function is to A guarantee loans made by the farmers from administration B insure mortgage loans made to qualified borrowers C insure savings account with financial institutions which make real estate loans D make mortgage loans to qualified applicants

B insure mortgage loans made to qualified borrowers

A sales associate tells a homeowner that members of a particular minority group are buying properties in the neighborhood. The associate encourages the owner to list the home for sale before the value of housing in the neighborhood is adversely affected by these purchasers. The associate A has a bias against this particular minority B is engaging in blockbusting C. Is violating regulation B D. Is violating the civil rights act of 1866

B is engaging in blockbusting

A real estate broker obtained a listing from a seller on march 2. The seller files for bankruptcy on March 17th. The broker finds a buyer on March 19th. Which statement applies? The broker A is entitled to a full compensation B is not entitled to a compensation C must apply to the bankruptcy court for compensation D must sue the seller for a compensation

B is not entitled to a compensation

On a closing disclosure, which expense is customarily paid by the buyer? A documentary stamps on deed B lenders title insurance premium C prorated amount of prepaid rent D. Prorated interest on assumed mortgage

B lenders title insurance premium

A subdivision plat map is recorded in the official records of the county when listing a lot for sale in this subdivision, a sales associate would use which method of legal description? A Government survey B lot and block C metes and bounds D Street address and house number

B lot and block

Which instrument is usually recorded in the public records? A promissory note B mortgage C residential lease agreement D sale and purchase contract

B mortgage

Which is an example of a voluntary lien? A construction B mortgage C special assessment D tax certificate

B mortgage

A house has an estimated market value of $200,000. The current loan balance on the first mortgage is $100,000. Two years ago the owner obtained a $30,000 home equity line of credit the current loan balance on the line of credit is $20,000. What is the owners equity in the home A $70,000 B $80,000 C $100,000 D $200,000

B. $80,000

An individual broker wants to be a broker for three different real estate brokerage companies. The individual broker may be issued A a group license, one for each brokerage company B multiple broker licenses, a separate license for each brokerage company C one broker license and the broker is allowed to register the other companies as branch offices D a broker license for one company and a broker associate license for each of the other companies

B multiple broker licenses, a separate license for each brokerage company

After the effective date of the sale and purchase contract, how should subsequent offers be handled? Subsequent offers A can be submitted at the discretion of the broker. B must be submitted until the closing unless instructed otherwise in writing C should not be submitted if the broker has a verbal instruction not to submit subsequent offers D should not be submitted to the seller unless the offer is in writing

B must be submitted until the closing unless instructed otherwise in writing

A purchaser obtains a mortgage loan for $100,000 after 48 monthly payments the loan balance is $104,000 which term best describes this situation? A graduated payments B negative amortization C negative leverage D reverse mortgage

B negative amortization

A real estate investment property has an effective gross income of $100,000. The annual operating expenses are $80,000 and the annual debt service is $30,000. The investor is experiencing A negative Capitol depreciation B negative cash flow C negative leverage D negative operating income

B negative cash flow

A buyer requests limited representation. Which brokerage relationship disclosure, if any, is required to be given to the buyer? A no brokerage relationship notice B no disclosure notice is required C single agent notice D transaction broker notice

B no disclosure notice is required

Title VIII of the civil rights act of 1968 does NOT apply to A Multi family dwellings of five or more units B non-residential properties C privately owned residential property sold or leased through a real estate broker D an individual who owns more than three single-family dwellings at any one time

B non-residential properties

Which statement does not apply? The real estate market is A influenced by the immobility of land B not influenced by governmental regulations C segmented into submarket D slow to adjust to changes in supply and demand

B not influenced by governmental regulations

Which is not a violation of the federal fair housing act? A. Blockbusting B predatory lending C. Redlining D. Steering

B predatory lending

Which is not a goal of comprehensive planning A adequate provision of services B prescribed building materials in construction standards C providing for road right of ways and setbacks D savings of tax money by preventing urban sprawl

B prescribed building materials in construction standards

Which test is used to determine whether an article or item is real property or personal property? A installation cost of the item B relationship of the parties C. Size of the item D. Value of the article

B relationship of the parties

Joe and Mary, husband and wife, acquire legal title to real property. 10 years later, they sell the property. To convey the legal title, the deed must be A acknowledged and recorded B signed by both Joe and Mary C signed by Joe only and acknowledged by mary D signed acknowledged and recorded in the public records

B signed by both Joe and Mary

An appraiser is estimating the effective gross income -based on rental income only. The appraiser should A divide annual income by 12 months B subtract vacancy and collection losses only C. Subtract vacancy and collection losses, fixed expenses, and variable expenses only D subtract vacancy and collection losses, fixed expenses, variable expenses, and reserves for replacement

B subtract vacancy and collection losses only

Which is not one of the four elements or characteristics of a value? A demand B surplus C transferability D utility

B surplus

A sublease is created when a A owner lease a property to a tenant B tenant leases a part of the space to another person C tenant leases the basement of a building D tenant transfers the entire space for the remaining term of the lease

B tenant leases a part of the space to another person

A sales associate moves from Florida to Georgia. The associate will be employed by the same brokerage firm in Georgia. What statement applies? A. the associate is not required to notify the commission because he or she did not change employer B the associate must notify the commission in writing within 60 days of being a non resident C the florida broker must notify the commission of the associates change of address D the sales associate must apply for a Georgia real estate broker license

B the associate must notify the commission in writing within 60 days of being a non resident

A sales associate advertises his or her own real property for sale. The property is not placed in the MLS. To entice potential buyers to purchase the property the seller offers a free trip to the Bahamas to anyone who signs a contract within 30 days to purchase the property. Which statement applies? A the seller can make this offer and does not need to disclose that he or she is a real estate licensee B the seller can make this offer because chapter 475 does not apply to this transaction C this is a violation of chapter 475 because something of value is paid to the real estate licensee D this is a violation of 61J1, florida administrative code.

B the seller can make this offer because Chapter 475 does not apply to this transaction

In a title theory state the security instrument transfers A The right of possession to the Linder to secure the loan B title to the lender or a third-party agency to secure the loan C title to the mortgagor or a third-party agent to secure the loan D Title to the vendee or a third-party agent to secure the loan

B title to the lender or a third-party agency to secure the loan

A buyer and a seller have a dispute regarding who is entitled to an earnest money deposit. They agree in writing to submit the matter to a third-party who will make a binding determination regarding the disputed matter. This manner of settling a dispute is called A arbitrage B. Arbitration C determination D mediation

B. Arbitration

A buyer purchases a property with an existing mortgage and assumes the obligation of the debt. This is known as A. Assignment of mortgage B. Assumption of mortgage C novation of mortgage D subject to a mortgage

B. Assumption of mortgage

A real estate licensee develops expert knowledge about a specific area of a city. Most of the associates listings and sales occur in this area. this is generally referred to as a.. A. District B. farm area C. neighborhood D subdivision

B. Farm area

A borrower is considering an adjustable rate mortgage. The borrower ask a sales associate to explain the interest rate. The associate should explain that the calculated interest rate for each adjustment period Is the A index minus margin B. Index plus margin C index plus caps D Margin plus caps

B. Index plus margin

Which is not personal property? A chattel B. Picket fence around the yard C satellite disk sitting on a flat roof D Wall wide bookshelf

B. Picket fence around the yard

With respect to metes and bounds legal descriptions, which statement does not apply? A The boundaries may be identified by objects, such as rocks or trees B. The metes are measured by a straight line between the corners C the bounds are cardinal directions D. This is the most accurate method of legal description

B. The metes are measured by a straight line between the corners

A tenant does not pay rent by the due date. The landlord wants to evict the tenant. The landlord delivers a written notice demanding possession. How much time does the tenant have to vacate the premises before the landlord can file a complaint for eviction in a civil court A 48 hours B. Three days C five days D seven days

B. Three days

A person is a salaried manager of a community association that contains 20 units and has an annual budget of $200,000. The manager does not arrange rentals for any of the unit owners. This person ... A. must have a certified Property Manager (CPM) designation. B. must have a community association manager (CAM) license C. must hold an active real estate license to perform association management duties D. is not required to hold any professional license because no rentals are arranged

B. must have a community association manager (CAM) license

A real estate sales associate has been license in Virginia for one year with an active status. The associate recently moved to Florida and completed the Florida broker pre licensing course. is the associate qualified to apply for a florida real estate broker license? A no, all real estate experiences must be obtained in florida B no, the associate must obtain an additional 12 months of experience before qualifying C yes, because florida has a mutual recognition agreement with virginia D yes, the associate has met the qualifying education and experience requirements

B. no the associate must obtain an additional 12 months of experience before qualifying

An applicant for a Florida real estate license believes a criminal record has been expunged. Which statement applies? A an expungement is not required to be verified if the record is over 20 years old. B the applicant is responsible for verifying that the record was expunged. C the commission will verify that the record was expunged D The DBPR will verify that the record was expunged

B. the applicant is responsible for verifying that the record was expunged.

A seller indicates to a listing sales associate that the seller wants to net $92,000 from the sale of the property. The associate estimates that the sellers closing costs, excluding the commission, will be $2000. What is the minimum sale price to cover the estimated closing costs, provide a 6% commission, and net the seller $92,000? A. $97,520 B $99,640 C. $100,000 D $101,123.13

C $100,000

A buyer purchases three small lots for a total purchase price of $74,000. The second lot costs $40,000 more than the first lot, and the third lot cost $6000 more then the second lot. What is the cost of the first lot? A $17,500 B $19,000 C $20,000 D $20,500

C $20,000

The documentary stamp tax on a new promissory note is $595. The loan-to-value ratio is 85%. What is the sale price of the property? A $170,000 B. $190,000 C $200,000 D $210,000

C $200,000

Homeowner is 10% disabled due to injuries suffered while serving in the US Armed Forces. The assessed value of the home is $50,000. What is the exemption from taxation for the 10% disability A $500 B $1500 C $5000 D $50,000

C $5000

A buyer submits an offer to purchase a house for $100,000 and pays a $2000 earnest money deposit. The offer is excepted by the seller. The buyer borrower qualifies for a 95% loan to value ratio loan at a 6 1/2 fixed interest rate. The buyer borrower agrees to pay the Lender one and a half discount points. miscellaneous other loan costs are $950. The buyer will need to bring to closing a check for A $950 B $2375 C $5375 D. $7375

C $5375

A rental house recently sold for $100,000. The monthly rental income is $800, the monthly mortgage payment is $750, and the annual real estate taxes are $806. The loan balance is $80,000 what is the gross rent multiplier A five B 65 C 125 D 133.33

C 125

A tenant vacates a rental unit at the end of the lease period. The landlord does not intend to impose a claim on the security deposit. Under the Florida residential landlord and tenant act, the landlord must return the security deposit to the tenant within how many days after the termination of the lease? A. Seven B. 14 C 15 D 30

C 15

Section 29, township three S., Range for east commences A 18 miles south of the principle baseline B 18 miles east of the principal meridian C 19 miles east of the principle meridian D. 24 miles south of the principle baseline

C 19 miles east of the principle meridian

Zoning regulations in a commercial district require a 15 foot setback for all building structures which front on Capitol Street. There are no other setback requirements. A particular lot on Capitol Street is one 190' x 190' what are the dimensions of the lot within which a building may be constructed A 175' x 175' B 175' x 190' C 190' x 175' D 190' x 190'

C 190' x 175'

A developer purchases two 100 foot tracks of land for $40,000 per tract. The developer divides the tracts into three equal lots and sells each for the $480 per front foot. What is the percent profit? A 5% B 10% C 20% D. 25%

C 20%

Which section is immediately south of section 15 within a township? A. 16 B. 21 C 22 D. 23

C 22

A mortgage lender charges a 6 1/2% interest rate and three points on a fixed rate, conventional loan. Using the rule of thumb, the lenders yield on the loan is A 6.5% B 6.75% C 6.88% D 9.5%

C 6.88%

A home is purchased for $200,000. The down payment is $50,000. The interest rate is 6%, the loan term is 30 years, and the monthly payments are $1049.21. What is the loan to value ratio? A 70% B 72.5% C 75% D 80%

C 75%

With respect to a Homestead estate, which statement does not apply? A. A homeowner is entitled to a $25,000 standard exemption from ad valorem taxation for a permanent residence B. A Homestead estate maybe up to 160 acres outside a municipality or up to 1/2 acre within a municipality C A Homestead estate protects a Florida residents home from forced sale for nonpayment of a special assessment lien secured by the property D A person claiming a Homestead is state must hold the legal or equitable title to the real estate and occupy the property as a permanent residence

C A Homestead estate protects a Florida residents home from forced sale for nonpayment of a special assessment lien secured by the property

Which real property write gives an owner the right to post keep off sign on the property? A. Control B covenant C exclusion D Restriction

C exclusion

With respect to the residential lead based paint Hazzard reduction act which statement does not apply? A A real estate license he must certify in writing that the licensee has advised a seller and a landlord of their disclosure obligations under this act B A real estate licensee must ensure that a sale contract or a lease includes the proper disclosure language and signatures C A real estate license he must inform a buyer or a tenant that the seller or the landlord is required to pay for any lead-based paint test to be conducted prior to closing D a sellar landlord or licensee who knowingly violates this act is jointly and severely liable to the purchaser or lessee for triple damages

C A real estate licensee must inform a buyer or a tenant that the seller or the landlord is required to pay for any lead-based paint test to be conducted prior to closing

With respect to the radon gas disclosure which statement does not apply? A. A radon gas disclosure must be provided at the time of or prior to executing a rental agreement for any building B radon gas disclosure must be provided at the time of or prior to executing a contract for the sale and purchase of any building C A test to determine the level of radon gas must be conducted prior to the sale or lease of any residential property built after 1978 D The radon gas disclosure must be provided on at least one document form or application at the time of or prior to executing the agreement

C A test to determine the level of radon gas must be conducted prior to the sale or lease of any residential property built after 1978

Which real estate licensee is eligible to make a claim for recovery from the recovery fund? A licensee who A. Acted as a transaction broker in the transaction B. Acted as a single agent in the transaction C Acted in the capacity of a buyer, seller, Lessor, lessee D what is the owner of the property involved in the transaction

C Acted in the capacity of a buyer, seller, Lessor, lessee

On a closing disclosure, the sale price of the property is a A Credit to the seller only B debit to the buyer only C Credit to the seller and a debit to the buyer D debit to the cellar and a credit to the buyer

C Credit to the seller and a debit to the buyer

Al, Bill, and Carol purchase a shopping center as joint tenants with right of survivorship. Five years later, Carol sells her interest to Donna. One year later, Donna dies. Who will receive Donna's interest in the property? A Al & bill B Carol C Donnas heirs D. The title will escheat to the state

C Donnas heirs

"Current market value less mortgage debt" describes which accounting term A. Cash flow B current liabilities C Equity D liquid assets

C Equity

A person owns a vacant tract of land in his name only. He has a son from a previous marriage. The owner remarries. He has an attorney prepare a will stating that, upon his death, his wife is to own the property as long as she lives and that, upon her death, his son is to receive the property. Upon the owners death what estate will the window hold? A dower B homestead C Life D. Remainder

C Life

Which real estate investment offers diversification, liquidity of investment, and is similar in nature to a mutual fund A joint venture B Limited partnership C Real estate investment trust D tenancy in common

C Real estate investment trust

The price of real estate increases in a market area. Which will most likely occur? A. Demand for real estate will increase B interest rates will decrease C Real estate rental rates will increase D Real estate sales will increase

C Real estate rental rates will increase

A sales associate is employed by XYZ realty. The associate is supervised by broker Ann. The associate is preparing an advertisement for an internet site. Which statement does NOT apply? A broker Ann is required to approve the ad before publication B XYZ realty must be placed adjacent to or immediately above or below the point of contact information C Rule Chapter 61J2 prohibits advertising on social network site D The broker name, XYZ realty must be placed in the ad.

C Rule Chapter 61J2 prohibits advertising on social network site

When comparing VA and conventional mortgages, which statement does not apply? A A conventional loan generally requires a larger down payment B conventional loan terms are usually more flexible C The interest rate on a VA loan is usually higher than for a comparable conventional loan D VA loans can be made through a qualified Linder or by the VA directly

C The interest rate on a VA loan is usually higher than for a comparable conventional loan

An owner sells his own property with no assistance from a broker but is still obligated to pay a real estate commission. The brokerage firm has which type of listing? A exclusive agency B exclusive option C exclusive right of sale D open

C exclusive right of sale

A sales associate receives an offer with an earnest money deposit on Monday and delivers the deposit to the broker that afternoon. Assuming no legal holidays, the broker has until which day, at the latest, to place the deposit in an escrow account? A Tuesday B Wednesday C Thursday D By the end of the third business day after the offer is accepted

C Thursday

An individual broker and his two sons, who are licemsed as active sales associates, form a real estate brokerage corporation. Each will own 1/3 of the stock of the corporation and each will be a director of the corporation. One son will be vice-president and the other son will be secretary-treasurer of the corporation. Which statement applies? A the broker may file an initial application for the corporate licensure based on the above information B the sons may be officers and directors because they have an ownership interest in the brokerage corporation C a sales associate cannot be an officer or director of a real estate brokerage corporation D This is permitted because the associates are the sons of the broker and have an active status.

C a sales associate cannot be an officer or director of a real estate brokerage corporation

Which person is EXEMPT from real estate licensure under Chapter 475? A a person who is a leasing agent in an onsite rental office for a commission basis B a person who sells lots for an owner developer on a commission basis C a tenant who is paid a $50 finders fee for a referral of a perspective tenant D an attorney at law who negotiates a real estate contract for a client for a fee

C a tenant who is paid a $50 finders fee for a referral of a perspective tenant

Which valuation service must be performed by a licensed or certified appraiser? A broker price opinion for a relocation company B. A comparative market analysis to help a buyer establish an offer price C an appraisal to support a loan application for a federally related transaction D an appraisal to help a seller establish a price

C an appraisal to support a loan application for a federally related transaction

Which valuation services must be performed by a licensed or certified appraiser A A BPO to support a $270,000 conventional loan application B A CMA for a buyer for a property with a $300,000 list price C an appraisal to support it $265,000 FH a insured loan application D and appraisal of a commercial property with a transactional value of $2 million

C an appraisal to support it $265,000 FH a insured loan application

With respect to the use of a trade name by a real estate broker, which statement does NOT apply? A a business may register a fictitious name with the Division of Corporations of the Department of State B a corporation may use a trade name so long as it is not the same as another licensee C an individual broker may be registered with the Commission under more than one trade name D the actual name of an individual or an entity is not a trade or fictitious name

C an individual broker may be registered with the Commission under more than one trade name

A General warranty deed A assures clear title to real property B contains a covenant of special warranty C contains a covenant of warranty forever D insures clear title to real property

C contains a covenant of warranty forever

On a closing disclosure the intangible tax on a new mortgage is a A Credit to the buyer B Credit to the seller C debit to the buyer D debit to the cellar

C debit to the buyer

Which clause in a mortgage will prevent a buyer from assuming an existing mortgage loan without the consent of the lender A acceleration B. Defeasance C. Due on sale D exculpatory

C due on sale

An appraiser is estimating depreciation in the cost depreciation approach. The appraiser would use which age concept A actual B chronological C effective D historical

C effective

A real estate broker is a transaction broker for a buyer. A sales associate of the broker makes a misrepresentation of a material fact that deceives the buyer. The buyer relies on the information and, as a result of the reliance, suffers an economic loss. The misrepresentation is A a breach of trust B culpable negligence C fraud D unethical conduct

C fraud

A real estate broker receives an offer on a listing with an earnest money deposit. The broker is aware that a second offer on the same property is expected soon. The broker should A deposit the check before the offer is presented to the seller B Deposit the check by the end of the third business day after the offer is accepted C immediately place the deposit in the brokers escrow account D wait until the second offer is received and then deposit both checks immediately

C immediately place the deposit in the brokers escrow account

Under Florida law, a landlord or their real estate agent has the right of access to rented premises A at any reasonable time B. For the purpose of making unannounced spot inspections C in the case of an emergency D. When the tenant is away for an extended period of time

C in the case of an emergency

A broker price opinion A is a real estate appraisal B May support an application for a $260,000 VA guaranteed loan C is a valuation services that requires in active real estate license D must conform to the requirement of USPAP

C is a valuation services that requires in active real estate license

Which statement does not apply? A secondary mortgage market A allows primary lenders to convert mortgages into cash to make new loans B is a market in which existing mortgages are sold and bought C is primarily a market for subordinated mortgages D. Provides and liquidity for the primary mortgage market

C is primarily a market for subordinated mortgages

A sales associate appears before an administrative law judge in a formal hearing. What occurs next? The administrative law judge A approves or denies the application B issues a final order C issues a recommended order D. Refers the case to the director of the division of real estate

C issues a recommended order

A real estate sales associate becomes a member of the US armed forces. While in the service, the associate is not engaged in the practice of real estate in the private sector for profit. What is the status of the license? The license is A cancelled automatically until the associate is discharged from active duty B kept in good standing while the associate is on active duty and for a period of 6m onths after discharge from the active duty C kept in good standing while the associate is on active duty and for a period of 2 years after discharge from active duty D suspended for the term of the military duty and for a period of 6 months after discharge

C kept in good standing while the associate is on active duty and for a period of 2 years after discharge from active duty

Hey consumer files a complaint against sales associate that contains facts indicating that a violation of the rules of the Florida real estate commission has occurred. The complaint is A A formal complaint B A writ of sufficient evidence C legally sufficient D prima facie evidence of the associates guilt

C legally sufficient

Which appraisal methods are used to appraise a business enterprise A comparable sales analysis, working capital analysis, and liquidation analysis B income capitalization analysis, reproduction cost analysis, and goodwill analysis C liquidation analysis, reproduction cost analysis, and income capitalization analysis D replacement cost analysis, liquidation analysis, and common stock analysis

C liquidation analysis, reproduction cost analysis, and income capitalization analysis

Under regulation Z, the right to cancel a loan agreement within three business days does not apply to a A cash out refinance transaction B Home equity line of credit C mortgage to purchase a principal residence D Second mortgage secured by a primary residence

C mortgage to purchase a principal residence

Which is immune from ad valorem real property taxation A Church property B homestead of a totally disabled veteran C municipal airport D property owned by a nonprofit organization

C municipal airport

An owner sells a property subject to several lease agreement. At closing, security deposit and advanced rents A are a debit to the buyer and credit to the seller B are prorated between the seller and the buyer C must be transferred to the new property owner D remain in the sellers escrow account until each tenant lease expires

C must be transferred to the new property owner

A sales associates resident mailing address is the street address where he or she resides. the associate decides to change his or her resident mailing address to a post office box. The associate A is not required to notify the DBPR of the change in mailing address B may wait until his or her next renewal to change the address C must notify the DBPR within 10 days after the change D must notify the DBPR within 30 days after the change

C must notify DBPR within 10 days after the change

A seller and a purchaser form a contract for sale and purchase of a home. The contract is contingent on there being no lead-based paint. A test indicates the presence of lead-based paint. The buyer gives written notice cancellation of the contract. The seller refuses to sign a release of the buyers earnest money deposit and demands delivery of the deposit to himself. Which statement applies to this situation? The broker A. Does not need the sellers permission to release of deposit because the contract contain a contingency clause B. May return the deposit to the buyer without first securing the sellers written permission, because the broker does not have a good-faith doubt regarding who is entitled to the funds C must notify the commission in writing within 15 business days of the conflicting demands for the earnest money deposit D. May send a certified letter, return receipt requested to the seller stating the broker is returning the funds to the buyer in accordance with the contract

C must notify the commission in writing within 15 business days of the conflicting demands for the earnest money deposit

a real estate sales associate has completed the post licensing education requirement. the associate has an inactive licensure status. Prior to the second renewal of the license, the associate A has no continuing education requirement as long as he or she has an inactive status B must successfully complete 7 hours of continuing education each year C must successfully complete 14 hours of continuing education D must successfully complete 3 hours of core law each year

C must successfully complete 14 hours of continuing education

A sales associate prepares a sale and purchase contract and the buyer signs the offer. The offer is communicated to the seller and the seller accepts the offer and signs the contract. The buyer dies before having knowledge of the sellers acceptance. Which statement applies? The contract is A a voidable contract under these circumstances B cancelled by operation of law and it is an unenforceable contract C null and void and there is no contract D valid and enforceable and it is binding on the heirs of the buyer

C null and void and there is no contract

A real estate broker is a transaction broker for a seller and a buyer in the same transaction. Assuming nothing else, the broker and its associates are obligated to present A all offers only until there is a valid and enforceable contract B only offers which in the opinion of the licensee are worthy of consideration C oral offers without binder deposits D written offers with binder deposits only

C oral offers without binder deposits

A florida real estate broker may NOT register which business form? A corporation not for profit B limited liability company C ostensible partnership D sole proprietorship

C ostensible partnership

Enforcement of restrictive covenant's is the responsibility of the A local law-enforcement agency B local zoning board C property owners affected by the restrictions D sheriff of the county where the land is located

C property owners affected by the restrictions

The florida real estate commission determines there is a violation of chapter 475 and suspends the license of a sales associate. This is an exercise of which power of the commission? A judicial B ministerial C quasi judicial D quasi legislative

C quasi judicial

After passing the state licensing examination, a sales associate can start operating as a licensee upon A filing a request with FREC B receipt of the pass certificate as the test site C registering an employer with the DBPR D Securing a broker employer

C registering an employer with the DBPR

A developer mortgagor wants to be able to require the lender to free subdivision lots from a blanket mortgage upon the payment of a stipulated amount to the lender. In order to have this right, the mortgage must contain which clause? A acceleration B defeasance C. Release D. Satisfaction

C release

Real estate brokerage and business brokerage are similar in which respect? A. Have Goodwill as a type of asset B have a short term liabilities as a type of liability C require an active real estate license D use the going concern value concept

C require an active real estate license

A real estate broker instructs a sales associate to do something illegal, knowing that the instruction is a violation of license law. The associate should A file a complaint with the DBPR within 6 months B report the violation immediately to the DBPR but obey the instruction C resign and seek employment with a different brokerage firm D tell the broker that this is an illegal instruction but should obey the instruction

C resign and seek employment with a different brokerage firm

An owner is selling an existing condominium unit. Who is required by Florida to give the prospective purchaser the required disclosure documents? A Association B broker C seller D state

C seller

The following liens encumber the title to a property. Which lien has the second highest priority? A first mortgage B mechanics lien C special assessment D tax certificate

C special assessment

A zoning board is not concerned with A regulating the proportion of a lot that can be built on any residential zoning district B regulations limiting the height and bulk of buildings in commercial zoning districts C specifying building materials and construction standards D. Variances and special exceptions

C specifying building materials and construction standards

A sales associate is convicted of a crime of moral turpitude. The court withholds adjudication. The commission May A impose an administrative fine not to exceed $1000 for each count or separate offense B impose no administrative discipline because adjudication was withheld by the court C suspend or revoke the associates license D. Suspend the license for a period Not exceeding five years

C suspend or revoke the associates license

A broker has a listing to sell a house. An associate of the broker procures an offer from a prospect. The seller refuses to except the offer because of the prospects race. Which statement does not apply? The associate Should A. Refuse to except the sellers action and terminate the listing agreement B Tell the prospect to contact the federal department of HUD for assistance C tell the prospect that this is an exemption under the fair housing act D tell the seller that this is a violation of the civil rights act of 1866

C tell the prospect that this is an exemption under the fair housing act

Jon and Mary purchase a property. Two years later, they marry. After the marriage, the ownership is A joint tenancy B tenants by the entirety C tenants in common D separate property

C tenants in common

In an all-cash sale, a sales associate discloses in writing a problem with the legal title to a prospective purchaser and advises him or her to consult an attorney regarding the marketability of title or to obtain title insurance. The biyer ignores the associate's advicfe and proceeds with the purchase without consulting an attorney or purchasing title insurance. Later, the buyer suffers a large economic loss as a result of a defect in the legal title. Which statement applies? A both the broker and the associate are liable for the monetary damages B only the broker is liable for the monetary damages C the broker and associate are not liable for the monetary damages D the broker and the associate were required to withdraw from the transaction

C the broker and associate are not liable for the monetary damages

A selling associate of a cooperating broker finds a prospect who is willing to pay more than the list price and a contract is signed. The associate may be paid a bonus by whom? A a grateful owner of the cooperating broker B any party to the transaction C the cooperating broker only D the listing broker only

C the cooperating broker only

Government Survey Method A is the most accurate method of legal description B. Is used in all states in the US C uses a Meridian and baseline D uses a POB, directions and distances

C uses a Meridian and baseline

A broker receives conflicting demands from the buyer and seller for an earnest money deposit. The broker attempts to resolve the issue between the parties but is unsuccessful. The broker notifies the commission of the conflicting demands 10 business days after the last party's demand. How many remaining business days does the broker have two implement a settlement procedure? A. 10 B. 15 C 20 D 30

C. 20

The commission imposes an administrative fine of $5000 on a real sales associate for a violation of license law. The associate must pay the fine within how many days of the filing of the final order? A. 10 B. 20 C. 30 D 45

C. 30

An owner gives an investor a written option to purchase a property for $100,000 within 90 days. The investor pays $1500 for the option. This option agreement A does not comply with the statute of fraud B is a bilateral contract C. Is a unilateral contract D is an executed contract

C. Is a unilateral contract

Which is NOT a function of real estate brokerage? A. appraising B. business brokerage C. land development D. property management

C. Land Development

Hey sales associate makes a promise to the brokers principle in good faith and later cannot keep the promise due to circumstances beyond the control of the associate. Which statement does NOT apply? The associate has A committed a breach of trust B. Made a false promise C. Not violated license law D violated license law

C. Not violated license law

Real estate as a commodity is not substitutable in as much as no two A contracts are the same B. Deeds are the same C. Parcels of land are the same D Real estate transactions are the same

C. Parcels of land are the same

A person applies for a loan to finance the purchase of an existing home. The application is approved. At the closing, the purchaser hypothecate the property. Which statement applies? A. Assumed an existing mortgage B committed a fraudulent act C. Pledged the property as security for the loan D violated Florida real estate license law

C. Pledged the property as security for the loan

A real estate licensee is NOT expected to possess knowledge and expertise in.. A. market conditions B. how to market real estate C. Preperation of deeds D. property transfer

C. Property Transfer

With respect to an owners title insurance policy, which statement applies? The policy A Obligates The grantee to repay the debt secured by the owners title B. Protects the mortgagee against unexpected losses due to title defects C. Protects the mortgagor against unexpected losses due to title defects D protects the grantor against unexpected losses due to title defects

C. Protects the mortgagor against unexpected losses due to title defects

A Real estate licensee who finds a tenant for a property for a fee or commission is referred to as an... A. broker associate B. dual agent C. rental or leasing agent D. transaction agent

C. Rental or leasing agent

a comparative market analysis (CMA) A. may be referred to as an appraisal B. may not be performed by a real estate licensee for a fee C. may use sale prices of recent sales and list prices of expired listings D. must be performed in conformance with USPAP

C. may use sale prices of recent sales and list prices of expired listings.

A property is sold at a public auction for non-payment of the mortgage debt. After the public sale, the legal title is conveyed to the successful bitter by which instrument?

Certificate of title

The sale price of a house is $148,150. The buyer assumes an existing mortgage with a loan balance of $135,230. The seller takes back a purchase money second mortgage in the amount of $7600. What are the total transfer taxes due for documentary stamps and intangible tax? A $1037.40 B $1510.95 C. $1537.55 D $1552.75

D $1552.75

The sale price of a property is $190,250. And existing mortgage balance of $171,123.32 is assumed by the buyer. The seller agrees to hold a purchase money second mortgage for $10,050. Calculate all applicable documentary stamp taxes and intangible taxes associated with the sale and financing transactions. A $599.20 B $634.55 C $654.65 D $1986.75

D $1986.75

A buyer purchases an investment property from a foreign seller. The buyer or the buyers agent must withhold and pay to the Internal Revenue Service what percent of the gross sale price A 2.5% B 5% C 10% D 15%

D 15%

A landlord intends to impose a claim on the deposit of a tenant at the end of the lease. The landlord is required by Florida law to notify the tenant of the nature and the amount of the claim within how many days after the termination of the lease agreement? A 7 B 14 C 15 D 30

D 30

The south east 1/4 of the Northwest 1/4 and the south east 1/4 of the south east 1/4 of the south east 1/4 of the north east 1/4 contains which quantity of land? A. 12.5 acres B 22.5 acres C 32.5 acres D 42.5 acres

D 42.5 acres

Which person is exempt from the real estate licensure requirement? A a person who has a 4 year degree in real estate B a person who performs a valuation service for a seller or a buyer C a property manager who rents properties for periods no greater than one year D a salaried manager of a condominium association who rents units for 12 months or less

D A salaried manager of a condominium association who rents units for 12 months or less

A broker furnishes a rental information list to a prospective tenant for a fee of $400. Which statement does NOT apply? A The broker must provide the prospective tenant with a contract or receipt agreement in writing B. If the prospective tenant does not obtain a rental, he is entitled to receive a return of $300 if written demand is made within 30 days of the contract date C if the rental information provided is not current or accurate and any material respect, the prospective tenant is entitled to receive a return of $400 if written demand is made within 30 days of the contract date D A violation of rental information fora fee rules is a misdemeanor of the second degree

D A violation of rental information fora fee rules is a misdemeanor of the second degree

A broker license has been involuntarily inactive for 25 months. This person wants to operate again as an active real estate licensee. This person must A complete the broker pre license education course and pass the broker state licensing examination B complete 60 hours of post licensing education before requesting issuance of an active broker license C complete three 14 hour continuing education courses before reactivating the license D File a new application and pass the sales associate state licensing examination

D File a new application and pass the sales associate state licensing examination

Which would be located in a special use zoning district A cattle ranch B condominium units C. Industrial park D municipal park

D municipal park

Which economic variable influences the demand for housing? A cost of construction loans B cost of materials C cost of skilled labor D Price of housing

D Price of housing

Under the Internal Revenue Code which expense is deductible on the tax return by homeowner A discount points on a refinancing a principal residence B hazard insurance premium on a principal residence C maintenance expenses on a principal residence D Real estate taxes and mortgage interest on a second home

D Real estate taxes and mortgage interest on a second home

Which legal description contains 2.5 acres? A E 1/2 of SW 1/4 of NE 1/4 of SW 1/4 of section 5 B N 1/2 of NE 1/4 of NE 1/4 of SE 1/4 of section 7 C N 250' of SE 1/4 of NW 1/4 of NE 1/4 of section 6 D SW 1/4 of SW 1/4 of SW 1/4 of SE 1/4 of section 8

D SW 1/4 of SW 1/4 of SW 1/4 of SE 1/4 of section 8

With respect to important dates associated with property taxation, which statement does not apply? A January 1 is the assessment date in the effective date of the property tax lien B property taxes are due and payable on November 1 of each year C property taxes become delinquent on April 1 following the year in which they are assessed D The deadline to file the initial application for homestead exemption is April 15

D The deadline to file the initial application for homestead exemption is April 15

A broker is single agent of a seller. An associate presents a written offer from a prospective buyer, contingent on the buyer obtaining a $200,000 loan to finance the purchase. after due diligence, the buyer is unable to obtain financing and the contract is cancelled. The single agent disclosure notice A is not required to be retained because the transaction failed to close B must be retained for 1 year C must be retained for 3 years D must be retained for 5 years

D must be retained for 5 years

A group license may be issued to a A broker associate who is employed by multiple brokers B broker who is employed by an owner developer C sales associate who is employed by a group of brokers D sales associate who is employed by an owner developer

D sales associate who is employed by an owner developer

With respect to private mortgage insurance which statement applies? A monthly premiums must be paid for the entire life of the loan B PMI is usually required when the loan to value ratio exceed 75% C. The policy insures the full amount of the mortgage loan D The policy insures the top 20 to 25% of the loan amount

D The policy insures the top 20 to 25% of the loan amount

A finding has been made that a sales associates actions are an immediate serious danger to the public welfare. Which statement applies? A The associates license can be immediately revoked by the commission without a hearing B. The associates license can be immediately suspended by the commission without hearing C The chairman of the commission can issue a writ of mandamus D The secretary of the DBPR can issue a summary suspension order

D The secretary of the DBPR can issue a summary suspension order

The roof covering of a house is in poor condition and needs to be replaced. An appraiser would classify this deficiency as A A reserve for replacement B curable economic obsolescence C curable functional obsolescence D curable physical depreciation

D curable physical depreciation

A buyer purchases an existing house for $200,000. The buyer will assume an existing mortgage of $110,000. The interest rate is 4 1/2%. The day of closing is May 13 with the closing date charged to the seller. Assume a 360 day year. What are the correct closing disclosure entries? A debit the buyer $176.30 and credit the seller $176.30 B debit the buyer $178.75 in credit the seller $178.75 C debit the seller $176.30 and credit the buyer $176.30 D debit the seller $178.75 and credit the buyer $178.75

D debit the seller $178.75 and credit the buyer $178.75

On a closing disclosure, the interest on an assumed mortgage which is paid in arrears is A A debit to the buyer only B. Debit to the seller only C Credit to the seller and debit to the buyer D debit to the seller and credit to the buyer

D debit to the seller and credit to the buyer

How many discount points are required to increase a lenders yield on a note from a 3% note rate to a 4% yield? A One B two C. Four D eight

D eight

An owner disagrees with the assessed value of a property. The owner applies to the value adjustment board for a reduction in the assessed value. The board denies the request what is the next step in the protest process A. Administrative hearings B contact the property appraiser C file a suit against the County commission D file an appeal with a District Court

D file an appeal with a District Court

Which mortgage market participant brings borrowers and lenders together for a finders fee? A investment brokers B intermediaries C mortgage bankers D mortgage brokers

D mortgage brokers

An active real estate license is not required to facilitate an exchange of A. Business enterprises B. Business opportunities C mineral rights for air rights D mortgages secured by real estate

D mortgages secured by real estate

A real estate brokerage firm moves its principal business office to a new address.. The broker A and all sales associates must file a change of business address notification with the DBPR B may continue to operate for up to 10 business days using the previous business address C may continue to operate for up to 10 calendar days using the previous business address D must immediately cease operating until a new address is registered with the DBPR

D must immediately cease operating until a new address is registered with the DBPR

The four essentials of a valid contract are A competent parties, offer and acceptance, consideration and in writing and signed B legal age, meeting of the minds, consideration and offer and acceptance C legality of object, competent parties, offer and acceptance and legal age D mutual; assent, consideration, competent parties, and legality of object

D mutual; assent, consideration, competent parties, and legality of object

Market derived overall capitalization rate may be extracted from comparable sales by which formula? A cash flow divided by owners equity investment B Gross income divided by sale price C net operating income divided by owners equity investment D net operating income divided by sale priced

D net operating income divided by sale priced

A church owns a nursing home for its members. The nursing home refuses to admit anyone who is not a member of the church. Which statement applies? This is A. A violation of the civil rights act of 1866 B. Violation of civil rights act of 1968 C A violation of the regulation Z D not a violation of the fair housing act

D not a violation of the fair housing act

FHA mortgage insurance is not available for the financing of A. Home improvements B manufactured housing C residential condominiums D Office buildings

D office buildings

Broker John Doe, a sole proprietor has a sign at the entrance to the office which reads "XYZ realty, John Doe, Lic. real Estate broker". Broker Doe rents space in the office to Broker Richard Roe who's registered with the commission as a sole proprietor. Broker Roe puts a name plate with " Richard Roe Licensed Real Estate Broker" on his desk but does not place a sign on or near the entrance to the office. During negotiations of a transaction, Broker Roe defrauds a customer who is Roe's prospect. Which statement does NOT apply? A both broker Doe and broker Roe have violated provisions of Chapter 475 FS B Both brokers are jointly and severally liable for the debts and torts of the partnership C Broker Doe and Broker Roe are operating an ostensible partnership D only Broker Roe may be held liable for damages to the prospect

D only Broker Roe may be held liable for damages to the prospect

A sales associate terminates an employment with a broker. Which statement does NOT apply? The associate A commits a breach of trust if a copy of a listing is taken without the brokers consent. B commits theft if he or she takes an original listing contact from the broker C is entitled to a compensation if a listed property closes after the termination of employment D owns all listing contracts that he or she procured from a prospective seller

D owns all listing contracts that he or she procured from a prospective seller

Real estate sale is scheduled to close June 11. How are ad valorem real property taxes usually treated at closing? A Credit to the seller only B debit to the buyer only C prorated debit to the buyer and credit to the seller D prorated debit to the cellar and credit to the buyer

D prorated debit to the cellar and credit to the buyer

An applicant for a florida real estate license is NOT required to A. be 18 years of age or older B be of good moral character C hold a high school diploma or its equivalent D. provide proof of US citizenship

D provide proof of US citizenship

Which type of risk is associated with the loss of purchasing power due to an unexpected increase in inflation? A Business B interest rate C Liquidity D purchasing power

D purchasing power

Florida law requires that real estate license is disclosed to purchasers which environment hazard at the time of war before entering into a contract for the sale and purchase of real estate A asbestos B electromagnetic powerlines in the area C mold D radon gas

D radon gas

A taxpayer owns a real estate investment property. A depreciation deduction will result in a A current cash outlay B increase in cash flow C reduction in cash flow D reduction in taxable income

D reduction in taxable income

The Florida building code is enforced by A adoption in enforcement of the comprehensive plan B adoption and enforcement of a zoning ordinance C periodic building inspections buy a state certified building inspector D requiring a building permit, inspections, and a certificate of occupancy

D requiring a building permit, inspections, and a certificate of occupancy

An appraiser is estimating the net operating income of a commercial investment property. The appraiser should subtract which from the effective gross income A debt service B depreciation C. Federal income taxes D reserve for replacement

D reserve for replacement

When calculating federal taxable income for an investment property which is not deductible A depreciation B hazard insurance C mortgage interest D reserves for replacements

D reserves for replacements

A real estate licensee fails to renew a license at the end of the biennial renewal period. The license will automatically A be canceled B be suspended C revert to a voluntary inactive status D revert to an involuntary inactive status

D revert to an involuntary inactive status

A buyer purchases a home on a riverfront lot. The owner has what type of ownership rights to the water? A. Accretion B. Alluvion C littoral D riparian

D riparian

In the Brokerage Relationship Disclosure act, the term residential sale applies to a A lease of a convenience store in a residential neighborhood B rental of a single family residential dwelling C sale of an agricultural property containing 12 acres D sale of vacant land zoned for use of four unit residential properties

D sale of vacant land zoned for use of four unit residential properties

The documentary stamp tax on the deed is computed on the A amount of the loan assumption plus the amount of any new financing B existing indebtedness plus the earnest money deposit C sale price minus the earnest money deposit D sale price of the property

D sale price of the property

The maximum increase in the assessed value of a homestead property in a given year is 3% or the percentage change in the cpi, which ever is lesser. This limitation is based on the A Florida fair housing act B Florida homeowners protection act C Florida Homestead act of 1934 D save our home amendment to the Florida constitution

D save our home amendment to the Florida constitution

An owner is selling an existing condominium unit through the services of a real estate broker. who is required by law to get a prospective purchaser the required condominium disclosure documents? A broker B division at Florida condominiums C homeowners association D seller

D seller

A buyer purchases a house subject to an existing mortgage. Several years later, the lender forecloses the mortgage and a deficiency exists on the promissory note. Who is liable for the deficiency? A mortgagee B purchaser and seller C purchaser only D seller only

D seller only

In a residential sale transaction, a real estate licensee is NOT required to disclose to a buyer that the A chimney has a crack in it that is a fire hazard B home is located in a special flood hazard area C roof leaks D septic tank system is 15 years

D septic tank system is 15 year old

The purpose of an earnest money deposit is to A make the contract valid B make the contract valid and enforceable C prevent a breach of contract D show the serious intent of the offeror

D show the serious intent of the offeror

And estoppel certificate is obtained from a borrower in connection with the sale of an existing mortgage. The certificate would not contain The A amount of the loan balance B current rate of interest C date of the last interest payment D signature of the Assignee

D signature of the Assignee

The physical and economic characteristics of land that cause consumers to have a preference for the location is referred to as A fixity of investment B. Immobility C indestructibility D situs

D situs

A broker has three duties in a "no brokerage relationship". On the disclosure form, which is NOT a prescribed duty? A accounting for all funds entrusted to the licensee B dealing honestly and fairly C disclosing all known facts that materially affect the value of residential real property D skill, care and diligence

D skill care and diligence

A buyer purchases a property and assumes an existing mortgage. The purchaser needs additional financing and wants to pledge the property as security for a loan. Which clause would have to be in the existing mortgage in order for this mortgage loan to be a first lien against the property? A defeasance B exculpatory C release D subordination

D subordination

An owner sells a farm and retains the oil rights. The owner is retaining which type of property right? A. Fee simple B reliction C. Riparian D subsurface

D subsurface

Brothers Tom, Dick, and harry purchase a shopping center property. Tom owns a 40% interest in the property, and Dick and Harry each own a 30% interest. They plan to own the property 10 years and then sell it. The brothers have which form of ownership? A estate for years B joint tenancy C no freehold estate D tenancy in common

D tenancy in common

John and Mary form a joint venture to purchase and own real estate. From the perspective of their heirs, which is the most desirable form of ownership? A joint tenants B. Tenant at will C tenants by the entirety D tenants in common

D tenants in common

Plottage value is A. Created by dividing a large tract of land into smaller plots B created by dividing land into blocks and lots C The increase in the value per square foot as the size of the plat decreases D the increase in value that results from combining contiguous tracts of land

D the increase in value that results from combining contiguous tracts of land

A broker is performing an appraisal for a client. In the cost depreciation approach, the broker would not estimate depreciation for A. A driveway B A swimming pool C man-made improvements D The land

D the land

Which law requires a written disclosure of the annual percentage rate on a residential loan? A equal credit opportunity act B fair lending act C Real estate settlement procedures act D truth in lending act

D truth in lending act

A sales associate is seeking to secure a listing. The associate's comparative market analysis (CMA) indicates similar properties are currently selling for about $200,000. Without disclosing the value analysis to the seller, the associate tells the seller that the property should sell for about $230,000. Which statement applies to this situation? This is A a violation of chapter 475.42 Florida Statute B a violation of rule Chapter 61J2, FAC C an accepted industry practive D unethical conduct

D unethical conduct

A landlord collects security deposits and advance rents. Under the Florida residential landlord and tenant act, which statement does not apply? The landlord may A. Commingle the deposits with the landlords funds if the landlord posts a surety bond and pays the tenant 5% interest per year on any funds used B place the money in a separate interest bearing account in Florida bank and pay the tenant interest C place the money in a separate non-interest-bearing account in a Florida bank D use the deposit funds if the landlord pays the tenant annual interest at the current prime interest rate

D use the deposit funds if the landlord pays the tenant annual interest at the current prime interest rate

Which is an indicator of the balance between supply and demand in the residential rental market? A Deed recording's B Electric connection C Number of listings D vacancy rates

D vacancy rates

An owner disagrees with the assessed value of a property. The first step in the protest process does not provide the owner with the relief sought. What is the next second step in the protest process A County commissioners B court of appeals C property appraiser D value adjustment board

D value adjustment board

With respect to Florida telephone solicitation act, which statement does not apply? A Florida does not charge a fee to place a name on the no sales solicitation registry B. Florida's law is administered by the department of agriculture and consumer services C florida's law is valid where there is no conflict with the federal telemarketing law D violators of Florida's telemarketing law maybe find $11,000 for each illegal call

D violators of Florida's telemarketing law maybe find $11,000 for each illegal call

A broker assigns a sales associate to work out of a model home in a subdivision. is the model home a branch office? A no because a temporary location is not deemed to be a branch office? B No because a model home is exempt from the branch office registration requirement C yes because all model homes must be registered as a branch office D yes, because a sales associate is assigned to work out of the model home

D yes, because a sales associate is assigned to work out of the model home

which tract of land has a perimeter of 834.84 linear feet? A. 100.00' x 834.84' B. 100.00' x 417.42' C. 200.84' x 215.84' D. 208.71' x 208.71'

D. (208.71 + 208.71 + 208.71 + 208.71 = 834.84)

Which parcel of land contains exactly 4 acres? A. 330' x 396' B. 330' x 462' C. 400 x 4.356' D. 528' x 330'

D. (528 x 330 = 174,240 divided by 43,560 = 4)

A brokerage is working with a couple who have recently moved to Florida from Havana. The couple employs the sales associate to show them houses in the $125,000-$150,000 price range. The associate selects seven homes to show the couple, all located in an area of Miami known for its Spanish architecture and Cuban flavor. Which statement applies? The associate A. Has performed the object of her employment by finding several homes for the couple in their price range B. May be charged with blockbusting c. May be charged with redlining D. Maybe charged with steering

D. Maybe charged with steering

A tenant in an office building pays a fixed rent each month plus a prorata share of the property taxes, hazard insurance premium, and common area maintenance expenses. This is which type of lease A. Fixed B Gross C. Ground D. Net

D. Net

During a routine office inspection, a DBPR investigator Discovers a violation of license law by a sales associate. The investigator is authorized to issue a A. Administrative fine B ceased and desist order C emergency suspension D. Notice of noncompliance

D. Notice of noncompliance

Which is not a purpose of a legal description? A. Determined quantity of land within the boundary B establish property boundary lines C. Provide a means of identifying real property D. Provide a property identification number

D. Provide a property identification number

A landlord rents an apartment unit to a tenant for nine months. Who holds at leasehold estate in the unit A grantee B landlord C lessor D tenant

D. Tenant

Spouses Bill and Sue own an investment property in both names are on the deed as the grantees. They later divorce but will continue ownership of the investment property. After the effective date of the divorce decree, A The court will partition the property B The property will be owned as joint tenants C The property will be owned as tenants by the entirety D. There will be no right of survivorship

D. There will be no right of survivorship

Property management does NOT include.. A. leasing and maintaining the property B. preserving and enhancing the value of the property. C. producing the highest net operating income for the owner D. representing the tenant

D. representing the tenant

A developer-builder purchase 20 acres of land and subdivides it into 60 lots. He or she builds houses on speculation and uses model homes to facilitate the marketing of the houses. This type of residential construction is called.. A custom homes B for profit homes C model homes D tract homes

D. tract homes

An application for a real estate license is received by the Florida DBPR. The application will expire after what period of time if the applicant does not pass the appropriate state examination? A. six months B. one year C. eighteen months D. two years

D. two years

Which instrument provides documentary evidence of legal title?

Deed

A last will and testament names a person who is to receive real property. The conveyance of real property to this person is called a

Devise

The right of the government to take the title to private land for a public use, with just compensation to the owner, is known as

Eminent domain

A person dies intestate and no heirs can be found after a diligent search. After a statutory period of time and due process of law, the state of Florida requires title by

Escheat

Which clause in a deed indicates the type and duration of estate being conveyed?

Habendum

The interest rate on an adjustable rate mortgage contains two components. The component which covers the lenders overhead and profit is called

Margin

Which document acknowledges the existence of a debt and contains the loan amount, interest rate, payment schedule, maturity date and a promise to pay the debt?

Note

A mortgage requires level monthly payments. The loan is not completely paid off the end of the loan term. This describes a

Partially amortized mortgage

which instrument authorizes a person to act for and on behalf of another person.

Power of attorney

Ad valorem is a concept used to help determine

Property taxes

The purpose of the Florida green belt law is to

Protect farmers from increasing prices of surrounding commercial lands

Highest and best use is the utilization of land that will

Result in the highest value of the property

The smiths sell a house to the browns and give them a warranty deed. The Browns moved into the home the same day but did not record the deed. Two weeks later, Mr. Smith died and his heirs in New York, without any knowledge of the previous sale, sell the property. The air is convey title to a purchaser the Jones. Immediately after closing, the Jones record the deed. Who owns the property?

The browns

Which is not an encumbrance of title? A A building on the site B Deed restrictions C easement D lease

building site

leverage

the use of (debt) borrowed money to supplement existing funds for purposes of investment