REAL ESTATE 45 HOUR

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to correct many of the problems discovered during the collapse of lending institutions in the us, congress created what

FIRREA

chris inherited property and found out if he left the existing structures untouched the property would be worth 500000. an appraisal est the property to be worth 800000 if he spends about 150000 improving the real estate. he elects to make the recommended real estate improvements. which appraisal applies to this situation

Highest and best use

whenever a licensee negotiates a contract for the resale of a timeshare resale unit, the contract must contain specific language ?

-common area expenses -ad valorem taxes -other ownership charges

F.S 455 defines current mailing address as the current residential address, which is used by a licensee to receive mail through US Postal Service. a licensee is required to notofy the department in writing of their current mailing address and any change in the current mailing address within how many days after the change?

10 days

a licensee must notify the DBPR w/in how many days after changing their employer?

10 days

Which property would NOT make the best choice as a comparable property when performing a CMA on a subject property?

A property next-door that sold over two years ago

you are performing a cma on a subject property by using comparable properties a b and c. comparable property c has one less bathroom than the subject property. what adjustments should be made

A property next-door that sold over two years ago

You are listing a property for sale tonight and have done your CMA. The subject property you are listing has 4 bedrooms but one of the comparables you used only has 3 bedrooms. What should your adjustment be?

Add the value of a bedroom to the comparable

the comparable sales approach is based on the appraisal principle of substitution. which statement best demonstrates this principle

Among 3 comparable properties, the one with the lowest list price attracts the most demand due to buyers not wanting to pay more than necessary.

a licensee advertises false, inaccurate, misleading, or exaggerated information. in addition to being issued a citation, how much would they likely be fined?

$500

which type of plumbing supply line piping material, still in use today for hot and cold water distribution, has been reported to leak around the joints

PB Pipe

When licensees prepare a Comparative Market Analysis (CMA), they should base their estimate of value on similar properties according to what criteria?

Properties that have sold within the last 6 months in the same neighborhood

The subject property in a CMA has four bedrooms and two bathrooms. A good comparable property has four bedrooms and three bathrooms. A bathroom is valued at $5000. Which adjustment should be made?

Subtract $5000 from the price of the comparable.

while preparing a comparative market analysis (cma) a licensee comes across two identical homes in the same neighborhood with the exception that one is lake front and the other is not. the home on the lake is sold for 375000 and the other sold for 355000. based on this scenario, what assumption can the licensee make

The approximate added value of a lake lot is $20,000

Which of the following statements best describes the principle of substitution?

The buyer purchases the lowest priced property that meets his/her needs in the neighborhood.

Why is the information on pending sales not as reliable as information on recently sold homes?

The price shown is the listing price, not the sales price.

title xi of firrea was directed toward the appraisal profession and required that appraisals utilized by federally regulated lenders in federally related transactions be developed and reported in conformity with what entity

USPAP Unif stand of proff appraisail practice

the commission has heard cases where the sales associates employing broker does not handle property management, so the sales associate set up their own company to handle property management. example of

a licensee acting beyond the scope of their license

the r-value is a measurment of what aspect of a building

ability of insultating material to resist heat flow

the type of brokerage relationship between a customer and a licensee determines the duties of the licensee to that customer. however all licensees in any brokerage relationship are required to perform the following duties except for which one answer: full confidentiality

all licensees in any relationship must: -deal honestly and fairly -account for all funds, -disclose all known facts that affect the value of residential property. full confidentially, obedience, loyalty, ad full disclosure are due only in a single agency relationship.

which property would most likely be appraised using the income approach

an apartment building

When licensees prepare a CMA for a seller, they must be careful not to refer to the CMA as which term?

an appraisal

in the state of FL, all of these may prepare a bpo except which one

anyone going to class to be a sales associate in the state of Florida

in the early 1980s banks as well as savings and loan associations in the us went through a period of instability. part of the responsibility was placed on whom?

appraisers

what other term refers to the ad valorem value assigned by the country property appraiser to a property

assessed value

which type of value is the value assigned by the property appraiser for ad valorem tax purposes

assessed value

Typically appraisers employ all of the following appraisal methods, EXCEPT:

automated valuation model

a bpo is sometimes referred to as what

automated valuation model

an appraiser conducts an independent, impartial, and objective analysis based on research and data pertaining to the value of what

based on research and data pertaining to the value of the specified real property

institutional and noninstituional lenders are different in the following significant way except

based on their regulation, not their tax status

which statement describes a characteristic of fully-amortized fixed-rate loan when the borrowers monthly payments are the same each month and each payment includes both an interest and principal payment amount

borrower has the same payment every month

a lender has come into ownership of a property due to a foreclosure. This type of property is commonly called a Real Estate Owned (REO) property. In order to determine the value of the property, what would the lender request?

bpo

florida real estate law requires that all of the following changes be reported to the dbpr, except which one

change of specialty are from residential sales to property management

which statute regulates florida real estate licensees, schools, and appraisers

chapter 475

a licensee must never refer to a cma as what

coma is a value est based on recent sales of similar properties in the same neighborhood, utilized many of the appraiasal concept. *appraisail

which of these entities is not a secondary lender

commercial bank

Which valuation approach do licensees use when similar properties in the same neighborhood are compared to each other based on their "sold" prices?

comparable sales approach

the three approaches to value typically used by a certufied appraiser include all of the following, except which one

comparative market analysis

what are the unique duties of a licensee in a single agent relationship

confidentiality, obedience, loyalty, and full disclosure are fiduciary duties that are unique to a single agency relationship and are not required for transaction broker or no brokerage relationship.

Before listing their property the seller remodeled their kitchen at a cost of $75,000. Based on the selling prices in the neighborhood, the real estate licensee estimates that the improvements to the kitchen increased the home's value by $60,000. What is this appraisal principle called?

contribution

a seller remodels the kitchen, adding $30000, to the value of the property. what is this $30000 referred to in appraisal terms

contribution value

All of the following information about the subject property is obtained as part of the first step of preparing a CMA EXCEPT which one?

crime rates, ethnic make up of the community, and quality of local schools.

a sales associate may only receive compensation from who, and not from any other source in regards to the transaction of real estate?

employing broker

which is an example of a secondary mortgage market lender

fannie mae

which of these entities is the oldest and largest participant in the secondary mortgage market

fannie mae

what term refers to a real estate financial transaction that a federal financial institution regulatory agency has either contracted for or regulates, and requires the services of an appraiser

federally related transaction

which shows the penalties for violations of florida real estate license law in order of least to most severe

fine, suspension, revocation

florida statues require that a licensee report to the commission within 30 days after being convicted, found guilty, or entering no contest or guilty to a crime. the penalty resulting from a first violation of this law is likely to include all of the following disciplinary actions except which one?

first violation- 250-1000 and license suspension to revocation second violation- a fine ranging from 1000 to 5000 and license suspension to revocation -full disciplinary hearing and penalties ANSWER: PROBATION

which type of roof is particularly susceptible to wear from standing water

flat roof

which of the following is a benefit of owning a corner lot

flexibility in building design

what reporting process is preferred for most residential appraisals

form reports

which of these entities is a stockholder-owned for-profit corporation, which operates as a function of the hud

freddie mac

which of these entities assists in the financing of urban renewal and housing projects by offering below-market interest rates to low-income families by guaranteeing payment of securities backed by residential mortgages

ginnie mae

which type of door is prohibited for the use listed

hollow core doors, metal interior doors leading to the garage

a temperature and pressure relief valve is an important safety feature of which component of a residential building

hot water heater

usury laws that protect consumers by limiting the rate of interest that may be charged. what lenders are subject to usary laws

iNONISNTITUTIONAL nstiutional may charge any rate of interest. noninstitut make loans that are subject to usury laws, thereby limiting the rate of interest that may be charged

under what condition may a real estate licensee who is not a state certified appraiser perform an appraisal

if the valuation is not to be used in a federally related transaction

all of the following actions would be a violation of FAC 61J2 as it applies to adv except

including the brokerage name adjacent to, immediately above or below point of contact info

Which appraisal approach is used by investors when purchasing a property expected to bring a positive cash flow?

income approach

what appraisal approach do investors use to determine how much they will pay for an apartment building, office building, shopping mall, or some other like property

income approach

by definition, an institutional lender is what

institutions pool the funds of their depositors and invest the funds in real estate loans, making them financial intermediaries.

what style of window typically seen in older florida homes, has a series of small horizontal panes that open and close all at once by turning a crank

jalousie windows

a licensee who practices beyond their scope as a sales associate could be subject to a full disciplinary hearing and what other penalty for their first violation

license suspension to revocation or $250-$1000

when a seller of a home knows of facts that materially affect the value of the property, are not readily observable, and are not known to the buyer, the seller has a duty to disclose the. this obligation also passes to whom?

licensee

which type of lender, organized as either a mutual or a stock company, is the largest source of funds for financing apartment complexes and commercial properties

life insurance companies

what is one similarity between a flag lot and a key lot

may not conform to current building codes, as codes frequently specify street or road frontage at min. widths and width at the building line

a licensee attempts to negotiate a rental for a fee paid by the tenant. if the tenant applicant does not like any of the rental properties available, what are they entitled to request within 30 days of the contract date?

may request 75% refund of fee paid

when performing the data collection and analysis is to step of an appraisal, all of the following are conditions for highest and best use analysis except which one

min. productive

appraisers follow a defined appraisal process when developing and reporting their opinions and conclusions. all of these are part of that process except which one

mls search for active listings

what is the term used for someone who arranges loans by taking mortgage applications and searching for lenders who offeror the lowest interest rate and easiest borrower qualifications, without actually making any loans

mortgage loan originators- do not make loans, but rather arrange loans by taking mortgage applications and searching for lenders who offer the lowest interest rates and easiest borrower qualifications. they also charge borrowers an application fee and often earn a finders fee or commission for arranging loans.

a licensee is required to provide written disclosure, which specifies the nature of the relationship they have with a member of the public. which relationship does not require such disclosure?

no broker relationship

sales associate, chris, receives a deposit check from a buyer during the business day on monday. what must chris do

no later than the next business day. failure can result in a full disciplinary hearing and additional penalties.

which basic feature of most mortgage loans is used by the lender to cover loan costs and increase profit on their investment

obtaining income in the form of interest and finance charges on the loan, thus making the loan an investment for the lender

a(n) ___ is an asset management company that handles the entire process from the time it is assigned to a broker to the sale

outsourcer

sales assoc must accomplish all of the following before their first renewal deadline except

pass a state post licensing exam with a 75%

the plumbing system consists of water supply lines, water disposal lines, hot water heaters, and what else

plumbing fixtures (sink and toilets)

which of the following terms best describes the amount which is actually paid in a real estate transaction

price

which term represents the total amount paid by the buyer

price

where do borrowers and mortgage originators come together to negotiate terms and effect mortgage transactions

primary mortgage

alicia has 30 yr full amortizing, fixed rate loan with fixed monthly payments, each containing a principal payment portion and an interest payment portion. which statement is true regarding her monthly payments

principal payment is small, take several years for borrower to increase their equity in the property. closer to end of repayment period, borrowers equity increases much more quickly

tim and sue have the smallest home in a sought after neighborhood. the value of their home is increased because of the higher value of the other homes in the neighborhood.

progression

a variety of situations may call for an appraisal. all of these are valid reasons except which one

property lien evaluations

what is the main advantage of masonry (concrete block) exterior walls as opposed to wood framed exterior walls

provides stronger structure

if a licensee acts as an investor, the licensee must ensure that all parties are aware that the licensee is not acting as a what

real estate licensee

a lender requests an opinion of value for a bank-owned property. which valuation method would most likely need to be performed

real estate professional to perform a bpo

what should a licensee do to avoid negligence in regard to full disclosure of property issues

recommend multiple home inspections

by definition, a noninstitutionalized lender is what

relatively free of regulations. private parties, syndications, private loan companies

which brokerage relationship situation is not permitted in the following instance under florida laws and rules

representing a buyer with limited confidentiality in a single agency relationship

after the 1st renewal has been completed, what is the license status if the licensee fails to complete their 14 hours of continuing education by the 2nd renewal date

reverts to involuntarily inactive, licensee has 12 months to complete the 14 hours of CE and pay a late fee

who may directly compensate a sales associate for performing a service of real estate

sales assoc employing broker

which statement correctly describes the role of the sale assoc

sales assoc is an agent of the employing broker and acts on behalf of the broker. the broker is employed by and represents the principal

which relationship is allowed under florida real estate laws and rule

sales assoc represents a buyer or seller. but not both in a single agency relationship

a real estate licensee performing a comparative market analysis coma should base their analysis on which type of property

similar properties that sold within the last six months in the same neighborhood

which principle of value is the comparable sales approach based on

substitution

which system, referred to as an "on-demand" system, provides heated water only when needed

tankless water heater

all of the following items are components of a typical central air conditioning system, except which one

temperature and pressure relief value

which component of a residential building is considered to be part of the substructure that supports the buildings weight

the foundation

there are three mathematical methods that appraisers can employ to estimate the value of a subject property. all of these are used to apply the value except which one

the substitution cost approach

how is the loan-to-value ratio typically used for

to determine the max amount of their loans

Title XI of FIRREA requires appraisals used in federally-related transactions to be developed in conformity with which standards?

uspap


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