Real Estate

Property owners who wish to request to file a petition with the Value Adjustment Board (VAB) must do so within ______ days of receiving their TRIM notice.

25

According to the EPA, at what level does radon become a health concern requiring mitigation?

4.0 picocuries

How many feet in an acre?

43,560

How many feet in a mile?

5280

Which option is a legal license association in Florida?

A broker working at his own firm while working as a broker associate at another firm

Which of the following is true about inadvertent misrepresentation?

A false statement was made

leasehold mortgage

A long-term estate for years pledged to the lender instead of the property, often used when the property is vacant land that must be developed

Which of the following best describes a tenant's right to quiet enjoyment?

A tenant has the right to enjoy lawful use of the property without being dispossessed or trespassed upon, even by the landlord.

Fair Housing Amendments Act of 1988

Added Disability and familial status to protected classes.

______ is called the "silent killer" because it's odorless, tasteless, and deadly.

Carbon monoxide

Renae moved to the U.S. from Nigeria and became a citizen. Which act specifically provides Renae with the right to buy, sell, convey, inherit, and possess property?

Civil Rights Act of 1866

When prices go down because there are too many homes on the market and too few buyers, what economic principle is at work?

Competition

Which method of transferring ownership to real property will real estate professionals most often encounter?

Deed

The Richards family farm is located on a 10-acre parcel of land, which is very rare to come by in their area. However, the house is rundown and in need of many repairs. Buyers in the area looking for a move-in ready home would need to either look elsewhere or wait several months for the home to be renovated. Which factor is most negatively impacting the value of the Richards' property?

Demand

Which of these actions is allowed but avoids the licensee illegally practicing law?

Filling in blanks on an association-approved purchase contract

One of the benefits of the ______ is protection of the family in the event of the death of a married person.

Florida Homestead Law

When a Florida real estate licensee moves out of the state, the licensee is required to _______________.

Inform FREC of the licensee's new mailing address within 60 days

Robert did not complete his post-licensing education before his first license expiration date. May he continue to work as a sales associate?

No, his license will be null and void if he does not complete the education requirement and renew on time.

As a sales associate, with how many employing brokers may you register at a time?

One

The new governor is seating a real estate commission in Florida. Which of the following is a qualification for commission membership?

Real estate broker for the past 5 years

In the real estate business, whose primary role is it to provide clients with the information they need to make informed decisions about their own specific real estate interests?

Real estate counselor

How do you change supervising brokerages in Florida?

Request that your existing and new brokers complete the termination and affiliation processes respectively.

Radon is found in well water and where else?

Soil

Which of the following is a true statement about the MLS and sellers?

The MLS is available via a fee-based subscription and is an option that most sellers prefer.

Ad valorem taxes are based on what?

The property's assessed value

Why is it important to publicly record a deed?

Title representatives and attorneys who perform title searches look for documents that are publicly recorded.

What's the purpose of an assessor's parcel number?

To identify a property for tax purposes

Alison is providing limited representation to Jeremy, a buyer, and Susie, a seller in a single residential transaction. What role has she taken on?

Transaction brokerage

There are a lot more sellers than buyers in the current market. How does this demand influence value?

Value is pushed downward

Ken signed a contract to purchase Debra's condo. Ken signed the contract two weeks prior to turning 18, which is the age of majority in his state. Debra found out about his age prior to the closing but honored the contract, and they closed on the condo a month after Ken's birthday. What was the status of the contract when Ken and Debra entered into it?

Voidable

When is an administrative fee acceptable, according to RESPA?

When you are the only one receiving the fee and have actually performed some service in addition to the one provided by the SSP.

What can tax losses be used to offset?

active and passive income

Which of the following provides an opinion of list price range by looking at recently sold properties, comparing current competing properties and properties that didn't sell, and estimating buyer appeal regarding the style, location, and size?

comparative market analysis

The rate at which a bank can obtain a loan from its Federal Reserve bank when using commercial paper as collateral is called the ______ rate.

discount

The power to regulate and enforce license law falls under the FREC's ___________________ responsibility.

executive

In order to work in Florida with a seller as a customer in a residential transaction, what type of brokerage relationship should a licensee disclose?

no brokerage relationship

A cooperative is a(n) _____.

not-for-profit corporation

What does a mortgage real estate investment trust invest in?

real estate debt

Microscopic pieces of mold that float around in the air are called what?

spores

Why might the DBPR issue an emergency suspension order against a licensee?

the licensee is doing something that endangers the public welfare

Lenders must disclose prepayment penalties to borrowers. T/F

true

Within how many days must escrow funds must be deposited?

within 3 business days