RE Brokers Exam

Millpond Bread Company is for sale. The company makes high-quality bread, enjoys a loyal customer base, and has little direct competition. Millpond Bread Company is being sold, complete with its ovens, other specialized bread baking equipment, and bread recipes. The store is located in leased space. What type of value should the appraiser use to estimate the value of Millpond Bread Company?

Going-concern value

What mortgage right allows a borrower to prevent a foreclosure by paying the entire balance due to the lender?

Equity of redemption

If a licensee intends to give limited representation to a homeseller, which brokerage relationship disclosure(s) is (are) required?

No disclosures required

Licensed personal assistants may:

be employed by sales associates but must be paid commissions by the firm's broker In Florida, sales associates must be paid only by their registered broker. A sales associate may not pay another sales associate

The Federal Housing Administration (FHA) program that insures condominium mortgage loans is a Section:

234(c)

An owner has a capital gain of $147,000 on the sale of her home. She has owned the property for three years. The sale price was $325,000. Costs of the sale were $5,000, qualified fix-up costs were $1,000, and moving costs were $4,000. How much must she pay in capital gains taxes on this sale if her normal tax rate is 20%?

$0

An investor purchases an office building for $700,000. He pays $4,000 for an appraisal, $1,000 for a survey, $30,000 for his broker's commission, and $3,000 for title insurance. The appraisal indicated that the total property value was $700,000 and the land was worth $140,000. What is the allowed depreciation deduction per year?

$15,138.46

The subject property is a four-bedroom, three-bath home with a screened porch. Comp A's transaction price was $205,000. The appraiser made a $5,000 adjustment because A does not have a screened porch. The appraiser made two additional adjustments to A because the comparable had an extra half-bath ($15,000 adjustment) and was in superior condition compared with the subject property ($10,000 adjustment). What is the final adjusted sale price of A?

$185,000

A buyer of a new home for $240,000 will have annual taxes of $5,200 and insurance for $1,200. She gets a new 90% conventional mortgage for 30 years at 7.25%. The monthly mortgage insurance premium is $110. The loan constant from a mortgage payment table is .0068218. Using this information, what will be the new homeowner's total monthly payments of principal, interest, taxes, and insurance (PITI)?

$2,116.84

A buyer of a new home for $695,000 is assuming the existing $240,325 mortgage. The owner is providing a new purchase money mortgage in the amount of $346,019, and the buyer will pay cash for the balance. What is total of the documentary stamp taxes and intangible taxes on the financing?

$2,744.79

During the last calendar month, a broker deposited three earnest money deposit checks totaling $25,000. The bank statement for that month reflects two outstanding checks totaling $5,000. (The balance was zero at the beginning of the month.) What is the broker's trust liability for the month?

$20,000

The reproduction cost new of a structure is $215,000 and the land value is $30,000. The structure is 9 years old and has an effective age of 7 years. Assuming a total economic life of 60 years, calculate the accrued depreciation using the age-life method. (Round to the nearest dollar.)

$25,083

Hazel's brokerage firm has an annual expense budget of $162,000 that includes her own salary. She wants to make $20,000 profit. If she has seven sales associates, what must each sales associate generate in company dollars for Hazel to achieve her goal?

$26,000

What is the maximum allowable reimbursement from the recovery fund for financial losses suffered as a result of a licensee's unlawful acts?

$50,000 per transaction, up to a maximum of $150,000 for multiple transactions

A broker's bank statement indicates an ending balance of $95,000 for the previous month. Deposits totaling $2,000 of deposits are in transit, and $18,000 in checks are outstanding. What is the adjusted bank balance?

$79,000

What is found on the third page of the Closing Disclosure?

- total amount due from the buyer and the total amount due to the seller - the calculation of cash to close -prorations -the amount of the deposits & mortgages

A successive sale was located in the subject property neighborhood. The initial sale price was $62,500, and 18 months later the property sold for $75,000. What is the monthly rate of change?

.0111

An owners association is defined as a community association under Chapter 468, F.S., if it has more than how many units and an annual budget exceeding how much?

10; $100,000

A licensed Florida real estate sales associate is also an active member of The Florida Bar. She wants to become a broker. She is exempt from which requirement?

14-hour continuing education

The maximum long-term capital gains tax rate is:

20%

When an improved investment property is sold, the tax rate on depreciation that has been previously deducted is generally:

25%

If the closing is on July 6, the prepaid interest on a new institutional mortgage covers a period of how many days and is charged to whom?

26 days; buyer

A building has effective gross income of $350,000. The operating expenses are $146,000. What is the operating expense ratio?

41.7%

Which statement BEST describes the purpose of a Phase I environmental assessment?

A detailed study to discover potential contamination or noncompliance with environmental laws

Which type of real property does NOT allow the owner to deduct depreciation for federal tax purposes? A) A homebuilder's inventory of unsold homes B) The business office of a homebuilder C) A commercial store operated as a trade or business D) A residential apartment building

A) A homebuilder's inventory of unsold homes

Which statement is FALSE regarding the Interstate Land Sales Full Disclosure Act (ILSA)? A) Developers must register subdivisions of 25 or more lots with the Bureau of Consumer Financial Protection before they can offer unimproved lots in interstate commerce. B)Developers who market subdivisions of fewer than 25 lots are exempt from ILSA regulations. C) Developers of 25 or more lots must provide buyers with a property report before signing the sale contract. D) ILSA is intended to prevent fraudulent marketing schemes when land is sold without being seen by purchasers.

A) Developers must register subdivisions of 25 or more lots with the Bureau of Consumer Financial Protection before they can offer unimproved lots in interstate commerce.

Which statement is FALSE concerning escrow or trust accounts? A) Florida Real Estate Commission (FREC) rules require the word "escrow," or "trust," to appear in the name of the account. B) Escrow accounts are used to hold other people's monies, including earnest money deposits, advance rent, and security deposits. C) Brokers may deposit up to $5,000 of personal funds in a property management escrow account. D) Brokers who have an interest-bearing sales escrow account and a non-interest-bearing sales escrow account may keep up to $1,000 of personal funds in each account.

A) Florida Real Estate Commission (FREC) rules require the word "escrow," or "trust," to appear in the name of the account

Mike has recently passed the broker license exam. He plans to open his own real estate brokerage as a sole proprietorship. Mike intends to name his brokerage Mike's Complete Real Estate Services. Which statement is FALSE? A) If another business entity has previously registered Mike's Complete Real Estate Services with the Florida Department of State, Mike may not use this trade name. B) Mike must hold an active broker license in order to deal with the public. C) Mike must register his trade name with the Department of Business and Professional Regulation (DBPR). D) Mike must register his business address with the DBPR.

A) If another business entity has previously registered Mike's Complete Real Estate Services with the Florida Department of State, Mike may not use this trade name

Which statement applies to real estate offices under the Americans with Disabilities Act? A) The real estate office is considered to be both a commercial facility and a public accommodation and as such must be accessible to people with physical or mental disabilities. B) Existing structures are not required to be modified under Americans with Disabilities Act (ADA) guidelines unless an employee requires special accommodations. C) Real estate offices that have fewer than 10 employees are exempt from ADA requirements. D) Brokers who lease office space are not required to modify the office space.

A) The real estate office is considered to be both a commercial facility and a public accommodation and as such must be accessible to people with physical or mental disabilities.

Which statement is TRUE concerning radon? A) Two homes next door to each other may have very different levels of radon. B) Federal law requires testing for radon. C) Florida law exempts lease contracts from the radon disclosure requirements. D) Buyers who include a radon inspection contingency agreement in a real estate contract and later cancel the contract because the radon exceeds a level specified in the contract must agree to surrender the deposit to the seller as liquidated damages.

A) Two homes next door to each other may have very different levels of radon

The Florida Real Estate Commission (FREC) does NOT have the authority to impose which penalty when a licensee violates Chapter 475 of the Florida Statutes? A)Prison sentence B)Citation C)Letter of guidance D)Fine up to $5,000 per violation

A)Prison sentence

The cost approach is MOST applicable to which appraisal assignment? A) Millpond Bread Company—real estate and business value B) 1-year-old duplex in an area of mixed use C) 20-year-old residential home in a fully developed subdivision D) 5-year-old gasoline station on an exit of Interstate 75

B) 1-year-old duplex in an area of mixed use

Which statement is TRUE regarding the National Flood Insurance Program (NFIP)? A) Structures located in a special flood hazard area (SFHA) are exempt from flood insurance requirements. B) For homeowners to be eligible to purchase national flood insurance, the community must participate in the National Flood Insurance Program. C) The National Flood Insurance Program is administered by the Department of Housing and Urban Development. D) All existing structures located in a special flood hazard area (SFHA) must be elevated to or above the base flood elevation.

B) For homeowners to be eligible to purchase national flood insurance, the community must participate in the National Flood Insurance Program

Able Realty Company is having an exterior entrance sign made for a new branch office location. What information need NOT be included on the entrance sign? A) Licensed (or Lic.) Real Estate Broker B) The words "Branch Office" C) The broker's name D) Able Realty Company

B) The words "Branch Office"

When preparing a residential lease agreement: A) the property owner may personally fill in the blanks only on a form approved by the Florida Supreme Court. B) a broker may prepare only the residential lease forms approved by the Florida Supreme Court. C) a broker may use either a lease form prepared by an attorney or one that has been approved by the Florida Supreme Court. D) a broker may personally prepare any lease form that she and the tenant agree on.

B) a broker may prepare only the residential lease forms approved by the Florida Supreme Court

A landlord's responsibilities under the lead-based paint requirements do NOT include: A) disclosing all known lead-based paint hazards. B) giving renters a 10-day inspection period to test for lead. C) giving renters the required Environmental Protection Agency (EPA) pamphlet. D) securing completed and signed statements verifying completion of the lead-based paint requirements.

B) giving renters a 10-day inspection period to test for lead

A broker is a buyer agent for a buyer. The buyer has hired the broker to conduct an appraisal on the property he is purchasing for the purpose of securing a mortgage from a local credit union. Which statement is TRUE regarding this situation?

Because this is a federally related transaction, the appraisal must be conducted by a state-certified or state-licensed appraiser

What is the formula to calculate the equity dividend rate?

Before-tax cash flow divided by the owner's equity

What type of mortgage encumbers more than one parcel of property?

Blanket (It is usually originated by a lender for a developer who wants to sell lots from a larger piece of property.)

In order to transition from a single agent to a transaction broker, the broker must secure the buyer's or the seller's signature on which document?

Consent to transition to transaction broker

Jack and Jill form a general partnership real estate brokerage entity. Jill has an active broker license, but Jack does not. Jill is killed in a car accident. Which statement is TRUE regarding this situation? A) The new brokerage business may continue without interruption. B) The partnership is automatically dissolved. C) A new active broker must fill the vacancy within 14 calendar days and register with the DBPR. D) Because there is one remaining partner, Jack need not notify the Department of Business and Professional Regulation (DBPR).

C) A new active broker must fill the vacancy within 14 calendar days and register with the DBPR

Who would NOT be considered a potentially responsible person (PRP) under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)? A) Past owners and operators that owned or operated the site at the time the hazardous substance came to be located at the site B) Present owners and operators of a contaminated site C) A prospective buyer of a contaminated site who executed an offer to purchase D) People who arranged for the transportation of the hazardous substance to the site

C) A prospective buyer of a contaminated site who executed an offer to purchase

Which statement is TRUE regarding the national do-not-call laws? A) Calling an FSBO seller to solicit listings is punishable by a maximum fine of $1,000 per call under federal laws. B) Real estate licensees are exempt from all state and federal telemarketing laws with regard to prospecting for listings. C) Federal law allows real estate licensees to contact a FSBO seller if they have an actual buyer interested in the property. D) Federal telemarketing laws allow licensees to contact FSBO sellers to solicit listings if they have a yard sign.

C) Federal law allows real estate licensees to contact a FSBO seller if they have an actual buyer interested in the property

Which would NOT qualify as a like-kind exchange of property allowing the investor to defer the gain on disposition? A) Hotel for apartment property B) Industrial property for a shopping center C) Office building for a personal residence D) Office building for vacant land

C) Office building for a personal residence

Which statement applies only to restricted appraisal reports? A) The appraisal must indicate the property rights that were appraised. B) A signed certification must be included. C) The intended user of the appraisal is exclusively the client. D) The appraisal must state and define the type of value that was estimated.

C) The intended user of the appraisal is exclusively the client.

Which statement describes the principle of substitution as it applies to the cost approach? A) The theory is that the value of a property tends to be related to its competitive position among substitute investment choices producing equivalent investment returns and risk. B) The theory is that value is created by expectation of future benefits. C) The theory is that a knowledgeable purchaser would pay no more for a property than the cost of acquiring an equally desirable site, combined with building an acceptable substitute structure. D) The theory is that a knowledgeable purchaser would pay no more for a property than the cost of acquiring an acceptable substitute property.

C) The theory is that a knowledgeable purchaser would pay no more for a property than the cost of acquiring an equally desirable site, combined with building an acceptable substitute structure.

Which form does the Real Estate Settlement Procedures Act (RESPA) require to be given to borrowers at LEAST three days before the closing of a real estate transaction?

Closing Disclosure

Which individual is required to hold a Florida real estate license? A) An employee of Sand Pebble Mobile Home Park who is paid on a salary plus bonus structure to rent mobile home lots B) The treasurer of Mississippi River Fuel Company, who negotiates oil leases on behalf of the company and is paid on a salary basis only C) An employee of Forest Lawn who sells cemetery plots D) An individual who negotiates long-term lease agreements for commercial property

D) An individual who negotiates long-term lease agreements for commercial property

Which statement regarding corporations is FALSE? A) Ownership in a corporation is transferred by the purchase and sale of stock. B) All the officers and directors of a real estate brokerage corporation must be registered with the Department of Business and Professional Regulation (DBPR). C) Corporations are dissolved by filing a dissolution of corporation with the Division of Corporations. D) Florida Real Estate Commission (FREC) rules prohibit a not-for-profit corporation from registering as a real estate brokerage entity.

D) Florida Real Estate Commission (FREC) rules prohibit a not-for-profit corporation from registering as a real estate brokerage entity

Which is FALSE about adjustable-rate mortgages? A) The rate is calculated by adding the margin to the index. B) The index changes periodically. C) The margin remains constant throughout the loan period. D) It is unpopular because it has negative amortization of the principal.

D) It is unpopular because it has negative amortization of the principal

Which statement concerning the Uniform Standards of Professional Appraisal Practice (USPAP) applies to licensed real estate brokers? A) Real estate brokers are required to abide by the USPAP when preparing CMAs. B) Real estate brokers are required to comply with the USPAP only if preparing an appraisal associated with a federally related transaction. C) Real estate brokers are exempt from the USPAP requirements. D) Real estate brokers who prepare real estate appraisals are required to comply with the USPAP.

D) Real estate brokers who prepare real estate appraisals are required to comply with the USPAP

The broker complied with an escrow disbursement order (EDO) but was sued by the seller. The seller was awarded a judgment against the broker. The seller has made a claim against the recovery fund. Which statement is TRUE regarding the Real Estate Recovery Fund? A) The Commission may sanction the broker administrative fines and other penalties associated with the recovery fund claim. B) The broker is subject to automatic suspension of his real estate license until he has repaid the recovery claim in full. C) The broker may avoid having to reimburse the recovery fund by filing bankruptcy. D) The Commission will take no action against the broker's license as a result of the claim against the recovery fund.

D) The Commission will take no action against the broker's license as a result of the claim against the recovery fund.

Which statement applies to notices of noncompliance? A) A licensee must take action to correct the violation within 30 days. B) A notice of noncompliance is a type of civil penalty. C) A notice of noncompliance typically involves a fine of $100 to $1,000 per offense. D) The Department of Business and Professional Regulation (DBPR) may issue a notice of noncompliance as a first response to a minor violation.

D) The Department of Business and Professional Regulation (DBPR) may issue a notice of noncompliance as a first response to a minor violation

Which statement is TRUE regarding a title company holding the escrow funds? A) Within 5 business days after the deposit is due under the terms of the contract, the broker must telephone the title company to confirm that the deposit has been placed in escrow. B) If the buyer and the seller made demands for the escrowed funds, the broker must make a timely report of conflicting demands to the DBPR. C) The broker must be a signatory on the title company's escrow account if the title company's escrow account is being used in lieu of the broker's own escrow account. D) Within 10 business days after the date the broker requests written verification of receipt of the deposit, the broker must provide the seller's broker with a copy of the verification.

D) Within 10 business days after the date the broker requests written verification of receipt of the deposit, the broker must provide the seller's broker with a copy of the verification.

Which statement is FALSE regarding advertising real estate listings? A) A newspaper advertisement of a listed property that includes only the address of the property and a telephone number to call for information is a blind ad B) Sales associates and their brokers should review ads for accuracy and make certain the ad is canceled when, due to sale or expiration of the listing, the property is no longer on the market. C) All advertising of listed property must include the name of the brokerage company in the advertisement. D) A real estate team working for a licensed brokerage may develop its own business cards and exclusively use the team name on its business cards.

D) a real estate team working for a licensed brokerage may develop its own business cards and exclusively use the team name on its business cards.

The duties of a transaction broker do NOT include: A) presenting all offers and counteroffers in a timely manner. B) accounting for all funds. C) using skill, care, and diligence in the transaction. D) confidentiality.

D) confidentiality.

A buyer agreed to purchase a building site for $17,000. She gave the broker a good-faith deposit of $11,000 in cash and agreed to close the property within 60 days and pay the balance in cash. The sale was contingent on the buyer receiving acceptable soil tests from an engineering firm and determining that the land use allowed a mobile home. The broker: A) must place the deposit in his trust account by the end of the next business day. B) should not have written a contingency contract for land use. C) violated Chapter 475, F.S., by accepting a cash deposit greater than $10,000. D) must report the transaction to the Internal Revenue Service (IRS) on Form 8300.

D) must report the transaction to the Internal Revenue Service (IRS) on Form 8300

A 10-year lease requires the tenant to pay $4,000 per month, as well as taxes, insurance, and maintenance on the building. What type of lease is this?

Net

A licensed Florida real estate broker decides to move to Quebec, Canada. What must the broker do regarding his license?

Notify the Commission of his nonresident status within 60 days of the change in residency

A closing scheduled for last Friday did not occur because the buyer did not show up. The broker is still holding a $5,000 earnest money deposit for that sale in her escrow account. The broker has been unable to locate the buyer, and the seller has made no demands regarding the earnest money deposit. What should the broker do?

Notify the FREC that the broker has a good-faith doubt regarding the escrowed funds

An active New York broker has held a license since 2010. She has lived in Jacksonville, Florida for a year, and wants a Florida real estate broker's license. Which statement applies to this situation?

She must successfully complete the broker prelicense course and pass the state broker license examination

An owner agreed to sell his restaurant property. The buyer gave the broker an earnest money deposit of $4,000. One day before closing, the buyer told the broker she had found another property and would not be closing the transaction. The owner lost more than $12,000 because of the default. What remedy would BEST compensate the owner?

Suit for compensatory damages

Which type of ownership allows property to be inherited?

Tenancy in severalty and tenancy in common

Which statement applies to the situation where a classified advertisement includes the phrase "wheelchair ramp at front entrance"?

The Fair Housing Act allows advertisements to describe specific accessibility features that a property includes.

What does the Closing Disclosure replace?

The HUD-1 Settlement Section & The Truth-in-Lending Act

A developer owns an office building that is encumbered by a mortgage. He leases 10,000 square feet to a tenant for 10 years at a very attractive rate. Six months later, the bank forecloses on the mortgage and ends up as the property owner. What is the status of the tenant's lease?

The bank may terminate the tenant's lease

A prospective buyer came into the listing company's real estate office on Monday morning and left with the receptionist a written offer accompanied by an earnest money check to purchase a vacant lot. Which statement is TRUE regarding this situation? A) The broker must deposit the escrow check into the escrow account no later than the end of business on Wednesday of the same week. B) The receptionist must turn the deposit over to the listing sales associate within one business day. C) The broker must deposit the escrow check into the escrow account no later than the end of business on Thursday of the same week. D) Unlicensed receptionists are not allowed to accept escrow money.

The broker must deposit the escrow check into the escrow account no later than the end of business on Thursday of the same week

An executed contract for sale and purchase fails to close. What is the requirement regarding retention of the brokerage relationship documents associated with the transaction?

The broker must retain the file with the brokerage relationship documents for five years.

Finders Realty Company represents a buyer as a transaction broker. To whom must the sales associate for Finders Realty give the no brokerage relationship notice?

To all for-sale-by-owner (FSBO) sellers before showing a FSBO to the buyer

Community Association

a community that is "greater than 10 units or has an annual budget in excess of $100,000"

An appraiser is preparing an appraisal of an improved property. The property is located on a major street, and a 20-year-old concrete block strip development is situated on the property. The appraiser is considering whether it would be prudent to demolish the existing structure and build a new office complex. The appraiser is conducting:

a highest and best use analysis of the property as improved

A local gasoline station that has been in business for 30 years is in an area subsequently zoned for multifamily. The gas station is considered:

a legally nonconforming use

Legally nonconforming use

a use established before zoning or before the present zoning classification and as such is allowed to continue despite its noncompliance with the zoning code

PHASE I ESA

an investigative phase during which the due diligence work takes place

Which element of comparison is adjusted to derive a normal sale price using the sales comparison approach?

conditions of sale

Required maintenance on a property that the owner cannot or will NOT do is called:

deferred maintenance

A licensed Florida sales associate who wants to apply for a broker's license must:

disclose the applicant's Social Security number on the license application.

A business appraiser calculates a company's current ratio by:

dividing current assets by current liabilities

In a market with many vacancies:

economic oversupply occurs when available space is priced beyond the means of potential tenants

A veteran can have his previously used entitlement restored to buy another home with a Department of Veterans Administration (VA) loan if he:

has paid off the previous loan and sold the original house

A 57-year-old woman applies for a mortgage loan. The loan officer tells her that because of her age, her income is not likely to continue for as long as the mortgage loan. He suggests that she apply at her credit union instead. Based on this information, the loan officer:

has violated the Equal Credit Opportunity Act

An administrative complaint was filed against a broker. The probable-cause panel found reasonable grounds for prosecution. The broker has received a formal complaint. He disagrees with the violations alleged in the formal complaint. The broker:

is entitled to have the case heard by an administrative law judge in a formal hearing

The MOST common tenant complaint in apartment properties centers on:

maintenance service requests

A business appraiser, when valuing assets of a going concern should use:

market value

When a broker receives an earnest money deposit from a buyer, the broker:

may accept it in the form of a postdated check with the seller's approval

The Closing Disclosure:

must be used for all real estate transactions covered under the Real Estate Settlement Procedures Act (RESPA) requirements The Closing Disclosure replaced the HUD-1 Settlement Statement and the Truth-in-Lending Act

A title insurance company offers to pay a real estate sales associate $50 for each Real Estate Settlement Procedures Act (RESPA) closing she refers to the company. This is:

prohibited under RESPA No person may give or accept anything of value (kickback) for referrals of settlement service business associated with a federally related mortgage loan. Neither may a person give or accept any part of a charge for services that are not performed

After an appraiser has derived three separate indicated values using the various approaches to value, the appraiser then calculates a final estimate of value using

reconciliation

If a broker knows that there is a structural defect that affects the value of residential property, the broker is obligated to disclose this information to the buyer:

regardless of the type of brokerage relationship that exists with the buyer and the seller

Jack and Jill form a limited partnership to broker real estate. They are NOT required to:

register all limited partners with the DBPR

Positive leverage results when:

the annual constant on the debt service is less than the overall rate (OAR)

Construction of a proposed residential development may not start until a new sewage treatment plant is completed. The legal authority to block or postpone development comes from:

the concurrency provision of the Community Planning Act

Equal Credit Opportunity Act

this act prohibits discrimination based on race, color, religion, sex, national origin, marital status, age, applicant's receipt of income from public assistance, and an applicant's exercise, in good faith, of any right under the Consumer Credit Protection Act

Fair Housing Act

this allows advertisements to describe specific accessibility features that a property includes. Real estate advertisements should not contain explicit exclusions or limitations based on handicap, such as "no wheelchairs." Advertisements that describe the conduct required of residents, such as "nonsmoking," do not violate the act. Advertisements may describe accessibility features, such as "wheelchair ramp."

reconciliation

this is the process of evaluating and weighing each value indication obtained from the various approaches to value

Going-concern value

this is the value of an income-producing property or business enterprise, characterized by a significant operating history. It is the type of value estimated when the business will continue in operation, however ownership is being transferred.

Economic oversupply

this occurs when available space is priced beyond the means of potential tenants

Technical oversupply

this occurs when available units outnumber potential tenants, while economic oversupply occurs when available space is priced beyond the purchasing power of potential tenants.

Net lease

this type of lease implies that the tenant is responsible for taxes, maintenance, and property insurance

If the required Homeowners Association/Community Disclosure summary was NOT provided to the prospective buyer before the buyer executed the purchase contract, the status of the contract is:

voidable by the buyer