Real Estate
Ileanel is starting a new job as a property manager. She asks you for advice on what she should focus her efforts on. You tell her:
"Focus on realizing the highest return possible on the owners investment."
Virginia leases a property through a percentage lease. Her base rent is $1,200. In June, her property earns $5,000. Last month her rent was $3,000. 3% of her monthly sales go towards rent. Her operating expenses are $450. How much did Virginia pay for rent in June?
$1,350
Marcel is a homeowner. His monthly principal and interest payment is $1,250. His annual insurance payment is $2,220. His annual property taxes are $4,200. Calculate his monthly PITI/mortgage payment.
$1,785
Jeff is selling his 1,100-square-foot house for $214,000. What's the price per square foot?
$194.55
Larissa owns a property worth $640,000. She owes the bank $430,000 on her mortgage. How much equity does Larissa currently have in the property?
$210,000
Samantha bought 4 discount points for $14,000. What is her loan principal?
$350,000
Using the cost approach formula, find a property's value using the following information: The subject property is 20 years old and has 30 remaining years of economic life. The cost of reproduction of the subject property is $500,000. The subject property's land value is $100,000.
$400,000
A property is sold for $350,000. The buyer has paid $12,000 in earnest money and is obtaining a 70% loan. Based on the information provided, how much additional cash will the buyer have to bring to the closing day?
$93,000
Ozzy bought a house. He put down $85,000. The purchase price of the house was $320,000. What percentage did Ozzy put down?
26.5%
Kaitlyn is applying for her Florida sales associate license. How many days does the FREC have to notify her of any errors or omissions in her application?
30 days
A town has a total assessed value of $60,000,000 and total exemptions of $9,000,000. If the town's budget is $225,000, what is its tax rate?
4.4 mills
Sarah's living room is 28' x 15'. About how many square feet of carpet will it take to cover the living room floor?
420
What is the loan-to-value ratio of a loan of $198,000 on a property that sold for $220,000?
90%
In a contract for deed, what does the buyer receive (until they pay off the entire loan)?
A contract for deed is a sales contract in which the buyer pays the seller for the property in multiple installments for a predetermined length of time. It's also known as an installment sales contract or land contract. The buyer receives equitable title until they pay their final installment to the buyer. Then they get legal title.
Choose the survey method that would result in this legal description: "Beginning at the intersection of the north boundary of Jolie Dr. and the east boundary of Midnight Rd.; then proceed due north along the east line of Midnight Rd. 120 ft. to its intersection with the center line of Deep River; then proceeding northeasterly 70 degrees along the center line of Deep River 400 ft. to the oak tree; then due south 300 ft. to the benchmark; then proceeding due west along the northern boundary of Jolie Dr. 300 feet, returning to the point of beginning."
A government survey system description would look something like "SW 1⁄4 of SW 1⁄4 of NE 1⁄4." A type of legal land description that starts and ends with a point of beginning, references landmarks, and gives directions and distances is the metes and bounds system
Marianne, a sales associate, receives a license suspension for the maximum amount of time. For how long is her license suspended?
A license can be suspended for up to 10 years by FREC.
Jamar specializes exclusively in commercial real estate sales. Which of the following properties fall under this category?
A single-family home does not generate revenue; therefore, it is not considered a commercial property. The correct answer is a movie theater. Remember that commercial property revolves around the idea that commercial properties generate revenue for their owners.
Which of the following is the BEST example of agency by ratification?
A store manager honors a refund the assistant manager made the night before, even though the assistant manager did not have the authority to offer the refund.
A tenant has recently signed a lease for a new commercial property. According to the lease terms, the tenant pays only a monthly rent, and the landlord covers all of the maintenance and other property expenses. Name what kind of lease this tenant has.
A triple net lease requires the tenant to pay a prorated portion of ALL the operating expenses for the property, which is not the case here. The lease is actually a gross lease, which means that there is just one flat payment, and the landlord covers all other expenses.
Rhoda has a sales associate license in Mississippi. She has been living in a hotel in Florida for two months. Evaluate whether or not she would be eligible for mutual recognition.
Actually, it's the opposite. Reciprocity is only for active and recently discharged military personnel and their spouses. Rhoda would be eligible for mutual recognition, because Mississippi is a mutual recognition state and she has only been living in Florida for two months. Remember that it takes four months of living in Florida (including in a hotel) to become a Florida resident.
Which of these situations BEST describes a buyer assuming a mortgage?
Alice took over the seller's mortgage payments when she bought her home. The lender approved the transfer and Alice makes payments directly to the lender.
Which of these is an example of a monument?
An engraved brass disc placed by the U.S. Geological Survey is an example of a benchmark, which are permanent markers of known location and elevation as established by a government survey team. Monuments are fixed landmarks, either natural or human-made. Natural monuments can include things like streams, large boulders, or trees. A wooden stake put in the ground by a surveyor is also considered a monument.
Jamie, a buyer's agent, is pretty sure that the listing agent will receive multiple offers on a home. Should Jamie include an escalation clause in his offer?
An escalation clause is a clause in an offer stating that the buyer will automatically increase their offer price by a certain increment if the seller receives a better offer on the same property. Since Jamie believes there will be multiple offers, an escalation clause might be a good idea. Otherwise, it can be risky. If a property is not as hot as the buyer thinks, they could expose their upper limit (and therefore weaken their bargaining power) for no reason.
When an agent enters into an agency relationship, despite the fact that no compensation is offered or paid, they are providing:
An implied agency relationship arises when a party assumes consent to the relationship based solely upon inferences formed by the actions, conduct, and words of either or both parties. With implied agency, the party and agent may never explicitly state the nature or terms of the relationship. Gratuitous agency is created when an agent enters into an agency relationship despite the fact that no compensation is offered or paid.
Broker Blessing is caught in the middle of a buyer's and seller's claims that they have the right to the escrow money. While the buyer and seller resolve their disputes in court, Blessing knows she has no claim to the escrow funds. Blessing pursues a(n):
Arbitration is a process whereby the parties to a dispute present their conflict to a disinterested third party. In the question's scenario, the parties are pursuing litigation, which is the legal process of resolving a dispute in court that involves an interpleader or declaratory judgment. An interpleader is a court procedure meant to resolve a dispute when a party holds funds they know they do not own, but to which multiple other parties lay claim.
Zora is purchasing a property in Florida. When she closes, the seller will transfer her shares of a corporation. She will also be given a proprietary lease to the unit she will live in. What kind of property is Zora most likely purchasing?
Because Zora is buying shares in a corporation (and getting a proprietary lease for her unit), she is most likely buying a co-op.
Two of the three authorized relationships in Florida residential real estate require a written brokerage relationship disclosure notice. One does not. What is the relationship that does NOT require disclosure, and why is the disclosure not required?
Because transaction brokerage is the presumed broker relationship in Florida, there is no need to disclose it
Which of the following best explains the purpose of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)?
CERCLA provides broad federal authority to respond directly to releases of hazardous substances that may endanger public health or the environment
Cammy takes out a fully-amortized, fixed-rate loan for her new vacation home on Lake Placid. When Cammy's mother asks her to fly to Singapore for their family vacation, Cammy tells her mother she doesn't know if she can afford it, as her loan payments could fluctuate. Analyze if Cammy is correct.
Cammy's loan payments will not fluctuate. Cammy has a fully-amortized, fixed-rate loan, so she knows exactly how much her loan payments will be every month.
Karen is selling her house and wants to receive a profit of at least $50,000. She has $210,000 remaining on her mortgage, $12,000 in closing costs, and will pay her listing agent a 6% sale commission. Approximately, which is the LEAST the home can sell for in order to net the profit Karen desires?
Close! You found the amount for which Karen would have to sell the house if the 6% commission wasn't accounted for. To find the amount with the 6% commission accounted for, add all the known values: $210,000 + $12,000 + $50,000 = $272,000. This is the amount for which Jan would need to sell the house without the 6% commission. $272,000 is 94% of what Jan needs to sell her house for, so using the equation Part ÷ Percentage = Total, we plug in $272,000 ÷ 0.94 = approximately $290,000.
Arnav is interested in a residential property because he loves the antique light fixtures installed in every room. Corey is the license holder helping Arnav find a property. What is Corey's responsibility regarding the light fixtures?
Corey should specify in writing whether the light fixtures are the seller's personal property
Which of these people is a registered sales associate?
Ella is licensed. She will be considered registered when she registers her information with the DBPS and her status on the website is listed as active.
What is it called when a borrower pledges an asset as collateral to borrow money to buy the pledged asset?
Equity of redemption is a borrower in default's right to pay an entire mortgage (plus fees) and regain the property before foreclosure. Hypothecation is when you pledge an asset as collateral for a loan to buy that asset.
FHA loans are usually funded by:
FHA-approved lenders
Nadeem took out a $300,000, 30-year amortized mortgage with an interest rate of 7.3%. His monthly payment is $2,056. If he pays the exact monthly payment every month, how much money in interest will he end up paying after 30 years?
For this loan, Nadeem will end up paying $440,160 in interest. This is found by multiplying the monthly payment amount ($2,056) by the total number of payments made (360), and then subtracting the original loan principal ($300,000) from the total loan cost ($740,160). $740,160 - $300,000 = $440,160
The government seizes Farsch's property to expand a highway. What is this an example of?
Foreclosure can happen if an owner falls behind on payments. It is the legal process whereby a lender takes control of a property held by a borrower in default and sells it to recover the lender's losses. Eminent domain is the right of the government to take private property for public use. The government does NOT need the owner's consent to take the property, making it an example of involuntary alienation.
When the price of real estate is high in a given market, what can you predict about supply and demand in that market?
Higher sales prices will likely result in more supply (not less) as development and sales of properties increase. In markets where sales prices are high, supply will increase as more sellers are motivated to fetch higher prices. Demand will decrease as fewer buyers are willing to pay high prices.
After two years, an involuntarily inactive license:
Ineffective licenses are ones that are voluntarily or involuntarily inactive, suspended for a disciplinary action, or on a military deferred renewal. After two years, an involuntarily inactive license becomes void, meaning that it becomes invalid.
What is common law?
It can be traced back to customs and precedent established by court decisions over the centuries in England
Johan has a monthly income of $5,000. He also has a monthly student loan payment of $500. The mortgage he wants to take out limits the borrower's debt-to-income ratio to 43%. What is the highest monthly payment Johan will be allowed?
It looks like you added the student loan payment of $500. 43% of $5,000 is equal to $2,150. If you subtract Johan's student loan debt from $2.150, you get the highest monthly payment Johan will be allowed, which is $1,650.
License Holder Jenny knew her neighbor Tom was considering selling his house. Although Tom hadn't entered into an agency agreement of any type with Jenny, he also didn't object when Jenny brought clients by to see his place. Things got ugly, though, when some buyers made an offer on Tom's house only to hear it really wasn't for sale. The buyers, who missed out on the opportunity to make an offer on another home because of their interest in Tom's place, sued both Tom and Jenny. What form of agency might be used as the legal basis for the buyers' lawsuit?
Jenny and Tom had not entered into any type of agency agreement, gratuitous or not, but they allow the impression of agency to exist — which hurt the buyers. If the courts find Jenny and Tom liable for the buyers' damages, it will be ruling that agency by estoppel exists. (Agency by estoppel is created AFTER the actions giving the impression of agency have already occurred. It is used to create legal accountability for the agent or the principal responsible for creating the impression of agency when that impression hurts a third party. Both Jenny and Tom gave the buyers the impression that Jenny was representing Tom when she showed them Tom's place.)
Joey's agency agreement ended when the home he was going to purchase washed away in a flood. Peter terminated his agency agreement because he didn't trust his broker any longer. What can be said of Joey's and Peter's causes for agency termination?
Joey's agency agreement terminated as a result of an "operation of law" known as "destruction" whereas Peter ended his agency agreement through "acts of the parties," specifically, by what is known as "revocation."
Mutual agreement, revocation, renunciation, and breach of agreement are all causes for termination of agency due to:
Mutual agreement, revocation, renunciation, and breach of agreement are all causes for termination of agency due to what are known as acts of the parties.
How is real estate different from real property?
Real estate is land and improvements. Real property is land, improvements, and the bundle of rights.
Todd buys an office building for $700,000 and puts $100,000 worth of work into it. His closing costs when he buys it are $9,000. Todd rents it out to tenants for six years, claiming $16,500 per year in depreciation. Six years on, Todd sells it for $2,200,000. It costs him $75,000 to sell it. What is his capital gain?
Realized gain - Adjusted basis = Capital gain. Start with Basis + Cost of improvements + Qualified closing costs - Realized depreciation = Adjusted basis (investment property). That is, $700,000 + $100,000 + $9,000 - 99,000(because it's $16,500 x 6 years) = $710,000. Sales price - Selling costs = Realized gain, so $2,200,000 - $75,000 = $2,125,000. Back to the Capital gain formula: $2,125,000 - $710,000 = $1,415,000
Which of these properties is the LEAST liquid?
Recall that the bigger, more expensive, and more specialized a property is, the more illiquid it is. The retail center is the least liquid.
Savannah took out a $500,000, 30-year amortized loan. Her monthly payment is $2,500. How much will she end up paying in interest after the 30 years of paying the loan?
Savannah will end up paying $400,000 in interest over the life of the loan. This is found by multiplying the monthly payment amount ($2,500) by the total number of payments made (360), and then subtracting the original loan principal ($500,000) from the total loan cost ($900,000).
Seth has filed a certiorari proceeding. This means that:
Seth has filed a lawsuit against the county property appraiser and tax collector in order to protest the assessment amount of his property.
Graciela is leaving Atlas Realty and moving to another brokerage. She can't wait to tell her new brokerage all the details about her most recent transaction at her old brokerage. Graciela should remember:
She must keep confidential information confidential even after her employment terminates.
Manuela violates Florida's Telemarketing Act by calling several hundred people who are on the National Do Not Call Registry. What penalty will she likely incur?
Suspension of telemarketing rights is not a penalty associated with violating Florida's Telemarketing Act. The penalty for violating Florida's Telemarketing Act is $10,000 per call.
The Brokerage Relationship Disclosure Act does not specify a need for a written disclosure for a transaction broker. This is because:
The Brokerage Relationship Disclosure Act does not specify a need for a written disclosure for a transaction broker because the Act declares a presumption of transaction brokerage, meaning that, unless disclosed in writing to be otherwise, the relationship between a party and a licensee is one of transaction brokerage. And if that relationship is presumed, it need not be disclosed.
Which Act requires developers engaged in the interstate sale or leasing of 100 or more lots to file a statement of record and register the subdivision with the CFPB?
The Equal Credit Opportunity Act (ECOA) is a fair lending law that aims to bar discriminatory lending practices. The Interstate Land Sales Full Disclosure Act of 1968 requires developers engaged in the interstate sale or leasing of 100 or more lots to file a statement of record and register the subdivision with the Consumer Financial Protection Bureau (CFPB).
What's a good way for an agent to practice fair housing?
The agent should start by finding available homes within the clients price range. The agent should pick homes in different areas and neighborhoods.
On New Year's Day, Emily signed a six-month listing agreement with Broker Blake to sell her home. As of July 1st, a buyer had not been found. Do Emily and Blake still have a contract, or has it been discharged? If so, for what reason and how would it be classified?
The contract was discharged due to expiration, which would be classified as operation of law.
The sales associate with whom Robin was working to sell her condo died of a heart attack just two days after Robin signed a listing agreement. Is Robin now free to list her property with whomever she pleases?
The death of Robin's sales associate does NOT release her from the listing agreement. That's because agency relationships are created at the broker level.
When Toni signed an option to buy some undeveloped land outside of the city she lived in, she fully expected to be in a position build on it before the option window closed. Now, with six months remaining on her option, Toni sees that is no longer a possibility for her. Unfortunately, the seller has made it clear that they are not willing to return the option fee to Toni. So, short of purchasing the property (exercising the option), is there anything that Toni can do to keep from losing part or all of the option fee she paid?
The option fee is NOT refundable. To salvage part or all of the option fee she paid, however, Toni could assign the option to another individual if the contract doesn't forbid it.
Tim takes out a partially amortized loan. Fifteen years later, at the end of the loan's term, Tim is hit with a bill for upwards of $250,000. Where have Tim's monthly payments been going?
The payments would go to the lender. A partially amortized loan is a shorter-term loan that has a lower monthly payment amount with a balloon payment at the end. This arrangement keeps the monthly payments lower, but much of the payment is going to pay interest. So, Tim was just paying down the interest along with some principal. At the end of the term, the remaining principal balance came due.
A landlord has not repaired a broken window in a tenant's unit, even though the lease states that all repairs must be made within a week. What should the tenant do?
The tenant should deliver WRITTEN notice to the landlord, stating that if the landlord doesn't fix the window in SEVEN days, they will move out. This is per the Florida Residential Landlord and Tenant Act.
When a broker moves a client from a single agent relationship to a transaction broker relationship, the consent to transition notice disclosure is required. Why is that so?
The transition lowers the degree of representation that the client would be getting
Why does each party in a designated sales associate transaction have two disclosures to sign?
The use of designated sales associates in a nonresidential in-house transaction allows a brokerage to offer fiduciary representation to both sides of the transaction under certain circumstances. One of those circumstances is that parties to the in-house transaction must sign a disclosure notice consenting to the use of designated sales associates, and declaring that they are financially eligible (both parties must have assets of one million dollars or more).
Married couple Rick and Jonas have a home in the city of Miami. It's a five-bed, five-bath, 4,000-square foot single-family home on an acre of land, and it's their primary residence. Can they homestead the property? Why or why not?
There is no rule about how many square feet a homesteaded home can be, but there is a rule that the property can't be more than 0.5 acres. To qualify for a homestead exemption, properties must be a primary residence, and no larger than 0.5 acres in a city or 160 acres outside of a city.
How would an appraiser be able to adjust for the size of the property using the sales comparison approach?
They would need to find the price per square foot of the comparable property
Which of these would be considered a tangible asset of a business?
This is an example of an intangible asset - something that doesn't exist as a physical item but nonetheless has value. Personal property is a tangible asset.
Which of these scenarios best illustrates positive leverage?
This is an example of negative leverage. Positive leverage is borrowing money to extend your investment reach and profits.
Target marketing involves agents utilizing a farm area. Which of the following describes an agent utilizing a farm area?
This is incorrect because Ashanti is focusing on the entirety of her city instead of just one particular area.A farm area is a specific area that a real estate associate chooses to specialize in and become an expert in.
You're the listing agent meeting with the seller of a renovated 1969 home. The seller asks if they will need to give a lead-based paint disclosure to buyers, considering its recent renovation and great condition. You should tell the seller that a lead-based paint disclosure:
This is incorrect because home renovations do not affect the disclosure requirement. Lead-based paint disclosure is required for all residences built prior to 1978, regardless of renovations.
David is conveying the title to his three-bedroom home to a buyer, Alexis, and agrees to use a special warranty deed. Five months after conveying the property title, a mechanic's lien on the property surfaces. It was established before David took title, but Alexis insists he needs to help clear it up. David says he is not required to. Who is correct, and why?
This is incorrect because quitclaim deeds allow the grantor to transfer an uncertain interest in real property, not special warranty deeds. One important difference between a general warranty deed and a special warranty deed is that general warranty deeds cover any title issue, but special warranty deeds ONLY cover issues that occurred while the grantor held the title. So David would still be correct in this scenario, but for a different reason.
Florida's Greenbelt Law protects:
This is incorrect. The Greenbelt Law protects farmers by assessing farmland on its current character and use, not on any future use (like commercial development). An agricultural land classification means a lower property assessment and thus lower property taxes.
Brokers must deposit escrow funds immediately. When defining the term "immediately," what is an important point to consider?
This is not correct. The state of Florida defines "immediately" as by the end of the third business day after the sales associate or broker receives the funds. Saturdays, Sundays, and legal holidays are not counted as business days.
While drinking at the waterfront bar & grill, John and Barry came to a verbal agreement regarding the launch of a fishing lure business as a side hustle to their day jobs. John will produce the lures, Barry will sell them, and they'll split the money, 50-50. Is this an enforceable agreement?
To be enforceable all contracts must possess the essential elements of offer & acceptance, legally competent parties, consideration, and lawful objective. As long as neither John nor Barry was under the influence of alcohol when entering into the agreement, their business contract is valid.
You're doing a CMA on a five-bedroom, three-bath, 2,700-square-foot property. Your comp is a five-bedroom, four-bath, 2,900-square-foot home that recently sold for $540,000. In your area, bedrooms are worth $20,000, baths $10,000, and square footage $200 per square foot. What is the adjusted value of your comp?
To find the adjusted value of the comp, make the following adjustments: Comp sales price - (Price per sq. ft x Difference in sq. ft.) - Cost of bathroom = Adjusted value of comp. So, $540,000 - ($200 x 200 sq. ft. = $40,000) - $10,000 = $490,000
Which of the following people is eligible to apply to take the Florida broker exam?
Tomas would still need to complete Course II and meet the experience requirements (being an active sales associate for 24 months over the last four years). Tammy is the only qualified applicant.
Toni and Karl own a home. It's their primary residence, and they have homesteaded it. They have two kids. If Karl dies, who owns the home?
Toni would have a life estate, and the kids would be the remaindermen
A former tenant receives written notification 15 days after their move-out that the landlord intends to use part of their security deposit to pay for damages caused by the tenant. How long does the tenant have to file an objection to the landlord's claim on the security deposit?
Under the Florida Residential Landlord and Tenant Act, if the tenant does not reply to the landlord objecting to the claim within 15 days after receipt of the landlord's notice, the landlord will collect the claim and must mail the tenant the remaining deposit, if any.
Luca got into some trouble with his finances and went into default on his home. His lender decided to foreclose. Thanks to the power of sale clause in Luca's deed of trust, the lender advertised the sale in the paper, then sold his property at auction without filing a lawsuit against Luca. What can we deduce from Luca's foreclosure process?
We do not have enough information to know whether Luca had a blanket loan, which is a loan where more than one collateral property acts as security. Title theory states are those that convey the title to the lender or, more commonly, to a third-party trustee (operating on behalf of the lender) for the life of the loan. So while the borrower is allowed to live in the home while they are paying off their mortgage, they don't actually have title to the property. Because the lender already held the title, it's likely that Luca lives in a title theory state.
The day before Jacob was to close on a new home, a telecommunications satellite unexpectedly fell from the sky, landing right on the place. Where once was a charming three-bedroom split-level, is now a scorched-earth crater. Not surprisingly, Jacob got out of the contract. How would you classify the discharge of Jacob's contract?
When contracts discharge due to acts of the parties, it means that at least one party initiated the efforts or actions that led to the discharge. That's not what's happening here. Instead, the destruction of the improvements to the subject property would be cause for contract termination due to the inability to complete the transaction as planned. Inability to complete falls under the classification of discharge due to operation of law.
Fred wants to live in the guest room of Barney's flagstone townhouse. Barney verbally agrees to let Fred move in — even though there has been no discussion of what Barney gets out of this arrangement. Has a valid, legally binding contract been entered into?
Without evidence of the exchange of consideration, this arrangement does not constitute a valid, legally binding contract
A property's annual property taxes equaled $6,480. The seller owes the buyer for 1 month and 15 days of prorated property taxes. Using the 360-day calendar, how much does the seller owe the buyer?
You may have found the monthly rate but had trouble with the cost of the additional 15 days. Let's check: To find the monthly rate, just divide $6,480 by 12 ($6,480 ÷ 12 = $540). Next, to find the daily rate, you just need to divide $6,480 by 360 ($6,480 ÷ 360 = $18). So, $18 per day multiplied by 15 days ($18 x 15 = $270). So, $540 for the month plus $270 for the 15 days equals $810.
Two members of FREC are deliberating about whether or not there is enough evidence for a formal complaint to be filed against a license holder. These two members of FREC are:
a probable-cause panel
Tony is a sales associate who focuses on the sales of movie theaters, bars, restaurants, and entertainment venues. This real estate specialization could best be described as:
commercial real estate
Kenya purchased a vacation property. She owns the unit itself individually, and she is a co-owner of the common elements like the pool, playground, and gym. What kind of property is Kenya's vacation home most likely to be?
condo
Baruch states in the deed that he will pay $350,000 for a property. The $350,000 is the:
consideration
The FREC has executive, quasi-judicial, and quasi-legislative powers. Select the FREC duty that would be categorized as an executive power.
determining fee amounts for applications and exams
A real estate purchase contract has been signed. Both parties have obligations they need to fulfill before the closing, which happens in two weeks. In what status is the contract?
executory
Petunia, a sales associate, notices that the plumbing system in a home is in very poor condition. However, during a walkthrough with the buyer, she lies and says, "Oh, the water pressure is low all over town today. Didn't you see it on the news? By tomorrow, it'll be fine." Petunia has committed:
fraudulent misrepresentation
Ariel plans to move to a different city to be closer to her family. She loves her beautiful, beachfront property, though. She wishes she could take her current real estate with her to the new city, but she can't. Which characteristic of land is this?
immobility
In order for the DBPR to investigate a complaint, the complaint must be:
in writing and legally sufficient
Real estate licensee Jamie discovers that there is an increase in the number of building permits being issued in her town. What can she expect will result from this?
increase in supply
Stevie receives an offer for his house. He takes part of that offer and adds new language. He sends it to the buyer. This revised offer:
is a counteroffer and is considered a new offer
Four investors agree to co-ownership of an investment property. They have arranged the ownership structure so that if one of them dies, their ownership stake passes to the remaining investors. What form of co-ownership do the investors have?
joint tenancy
Aurora has no formal training in urban planning, but she volunteers her time to represent her community and make decisions about its future growth. Aurora is most likely a member of the:
local planning board
A homebuyer is looking to find a mortgage. He goes to the office of Bert Applebee, who presents him with some options for mortgages. The homebuyer chooses one he likes, and Bert contacts the lender and negotiates the terms for the homebuyer. The lender then originates the loan for the homebuyer. What job does Bert Applebee most likely have?
mortgage broker
A landlord of a large apartment complex is changing how they hold their tenants' advance rents and security deposits. By law, what is the landlord required to do?
notify the tenants within 30 days after the change
Fran wants to file a fair housing violation with HUD. How long does she have, from the alleged violation?
one year
A ceiling fan, still in its original packaging and NOT attached to the ceiling, is an example of:
personal property
Yolanda is a homeowner with a mortgage. She paid it off. What is the clause that requires the lender to remove the lien from her property, now that she's repaid her debt?
satisfaction of mortgage clause
After arguing that it will be for the public good in a public hearing, an assisted living facility for the elderly is allowed to open in a residential zone. What type of variance is this an example of?
special exception
Which of these is a document that provides a detailed list of each party's expenses at closing?
the Closing Disclosure
When Dave's lease starts, he pays $2,100 in rent per month. Two years into his lease, he pays $3,000 per month. Dave's monthly payments have increased over time in specific increments. What kind of lease does Dave have?
variable lease
A buyer recently purchased a lovely home on Seabrook Drive. There were several listing agents doing all sorts of things to sell the property, and now they are trying to determine who deserves the listing commission. What will be the determining factor?
which listing agent is considered the procuring cause
