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END OF COURSE PRACTICE
END OF COURSE PRACTICE
100 terms
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StudBud Administration
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Florida 63-Hour Pre-Licensing Course
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100 cards
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100
Answers
1
FREC RULES DEFINE A FL RESIDENT AS A PERSON WHO
HAS RESIDED IN FL FOR AT LEAST 4 CALENDAR MONTHS WITHIN TH PRECEEDING YEAR
CAN PROVIDE PROOF OF VOTER REGISTRATION IN ANY COUNTY IN FL
HOLDS A VALID FL DRIVER LICENSE
CAN PROVIDE PROOF OF FL RESIDENTIAL ADDRESS
2
WHAT INFORMATION DOES
NOT
NEED TO BE DISCLOSED WHEN SUBMITTING A REAL ESTATE LICENSE APPLICATION
SHPLIFTING CONVICTION WHEN A TEENAGER
A CONVICTION OF A MISDEMEANOR TO WHICH ADJUDICATION WAS WITHHELD
PLEADING NOLO CONTENDRE FOR DISORDERLY CONDUCT IN A TAVERN
TICKET FOR RUNNING A RED LIGHT
3
1.AN EXAMPLE OF A SPECIFIC LIEN IS
Income Tax
Estate Tax
Judgement
Vendor
4
A BROKER WHO CHOOSES TO MAINTAIN AN ESCROW ACCT. MAY NOT ESTABLISH THE ACCOUNT IN
A FL BANK
A STOCK BROKERAGE COMPANY IN FL
A CREDIT UNION LOCATED IN FL
A FL SAVING ASSOC
5
A BUYER CANCELS A CONTRACT TO BUY A CONDO WITHIN THE RESCISSION PERIOD. SELLER DEMANDS ESCROW. BY LAW THE BROKER MUST
REQUEST AN INTERPLEADER
RETURN THE DEPOSIT TO THE BUYER
RETAIN THE DEPOSIT AS LIQUIDATED DAMAGES
FILE LIS PENDENS
6
A HOMEOWNER IS REPLACING HIS ROOF FIBERGLASS SHINGLES ARE $35,000 THE ADDED VALUE IS $15,000 THIS WOULD BE CLASSIFIED AS
ACCRUED DEPRECIATION
AN OVERIMPROVEMENT
SUBSTITUTION
COST-EFFECTIVE
7
IF A CLIENT ASKS IF A PROSPECT'S SKIN IS "DARK" HOW SHOULD A SALES ASSOCIATE RESPOND
CANCEL THE CONTRACT WITH THE CLIENT AND TURN THEM OVER TO HUD
TELL THE CLIENT THE RACE IS NOT RELEVANT & IT IS VIOLATION OF HOUSING LAW
ANSWER TRUTHFULLY, & REMIND THE CLIENT IT IS VIOLATION OF FAIR HOUSING ACT
ANSWER TRUTHFULLY
8
THE DBPR SECRETARY IS
APPOINTED BY THE STATE SENANTE SUBJECT TO CONFIRMATION BY THE GOVERNOR
APPOINTED BY THE GOVERNOR, SUBJECT TO FREC APPROVAL
APPOINTED BY THE GOVERNOR SUBJECT TO STATE SENATE CONFIRMATION
APPOINTED BY THE STATE SENATE SUBJECT TO FREC APPROVAL
9
BROKER OWNS A FLORIDA BROKERAGE MOVES A DIFFERENT STATE WANTS TO OPERATE A BROKERAGE IN FLORIDA. WHICH STATEMENT APPLIES
THE BROKER MUST NOTIFY THE DBPR OF CHANGE IN ADDRESS WITHIN 15 DAYS
HE MUST TELL THE DBPR THAT HE PLANS TO KEEP HIS OFFICE IN FL.
NOTIFY FREC OF CHANGE IN RESIDENCY WITHIN 60 DAYS OF MOVING OUT OF STATE
HE DOESNT HAVE TO DO ANYTHING BECAUSE HE STILL OWNS THE FL. BROKERAGE
10
HOA DISCLOSURE LAW IS GOVERNED BY WHICH FLORIDA STATUTE
475
720
120
455
11
WHICH STATEMENT IS
FALSE
REGARDING POST DATED EARNEST MONEY DEPOSIT
THE SELLERS APPROVAL MUST BE OBTAINED BEFORE ACCEPTING A POST DATED CHECK
A POST DATED CHECK IS A PROMISSORY NOTE
THE BROKER MUST SECURE THE CHECK UNTIL THE DATE ON CHECK BECOMES CURRENT
BROKER FOLLOWS RULE BUT IF POST DATED CHECK UNCOLLECTABLE FREC DISCIPLINES
12
WHICH ITEM WOULD BE CLASSIFIED AS AN EXPENSE IN CALCULATING NET OPERATING INCOME
MORTGAGE PAYMENT
WATER BILL
DEPRECIATION
HAZARD INSURANCE
13
THE DIRECTION OPPOSITE SOUTH 20 DEGREES WEST IN A METES & BOUNDS DESCRIPTION IS
NORTH 40 DEGREES EAST
SOUTH 40 DEGREES EAST
NORTH 20 DEGREES EAST
NORTH 20 DEGREES WEST
14
BROKER WRITTEN NOTICE THE BUYER IS UNABLE TO SECURE FINANCING. IF THE SELLER DEMANDS THE DEPOSIT THE BROKER MUST LEGALLY
REQUEST AN EDO
RETURN THE DEPOSIT TO THE BUYER
NOTIFY THE FREC OF CONFLICTING DEMANDS
RETAIN THE DEPOSIT FOR THE SELLER
15
A BUYER WHO DID NOT RECEIVE THE HOA DISCLOSURE NOTICE AT THE TIME OF ENTERING INTO CONTRACT. THE CONTRACT IS
EXPRESS
VOID
VOIDABLE
ILLEGAL
16
WHICH STATEMENT IS
FALSE
CONCERNING FEDERALLY RELATED TRANSACTIONS?
FEDERALLY RELATED TRANSACTIONS DO NOT INCLUDE REFINANCING REAL PROPERTY
FEDERALLY RELATED TRANSACTIONS INVOLVE A FEDERAL FINANCIAL INSTITUTION
FEDERALLY RELATED TRANSACTIONS REQUIRE WRITTEN APPRAISALS
FEDERALLY RELATED TRANSACTIONS INCLUDE TRANSACTIONS FOR SALE LEASE PURCHASE
17
A BROKER REQUESTS AN EDO BEFORE THE EDO WAS ISSUED THE MATTER WAS SETTLED. HOW LONG DOES THE BROKER HAVE TO NOTIFY FREC
5 DAYS
10 DAYS
15 DAYS AND AN ADDITIONAL 15 DAYS TO SEND THE SIGNED SETTLEMENT AGREEMENT
30 DAYS
18
THE ATTORNEYS FOR DRE & BROKER'S ATTORNEYS REACH AN AGREEMENT AS TO THE PENALTY FOR THE VIOLATION. THIS AGREEMENT IS
CITATION
SETTLEMENT STIPULATION
RECOMMENDED ORDER
FINDING OF FACT
19
WHICH SOLUTION IS
NOT
REMEDY FOR BREACH OF CONTRACT
CLAIM AGAINST THE REAL ESTATE RECOVERY FUND
PROVISION FOR LIQUIDATED DAMAGES
SUIT FOR COMPENSATORY DAMAGES
SUIT FOR SPECIFIC PERFORMANCE
20
WHAT IS THE LOAN-TO-VALUE RATIO FOR A HOME PURCHASED FOR $285,000 WITH A DOWN PAYMENT OF $57,000
25%
80%
75%
70%
21
A SALES ASSOC. RECEIVED EARNEST $ SAT. @ 9AM. THE SA MUST DELIVER THE DEPOSIT TO THE BROKER BY END OF BUSINESS WHAT DAY
FRIDAY
WEDNESDAY
TUESDAY
MONDAY
22
WHICH DOCUMENT MUST A DEVELOPER OF 20 OR MORE NEW RESIDENTIAL CONDO UNITS GIVE TO PROSPECTIVE BUYERS
GOVERNANCE FORM
PROSPECTUS
RULES OF THE ASSOCIATION
MOST RECENT YEAR-END FINANCIAL REPORT
23
AN APPRAISER ADJUST THE VALUE OF A PROPERTY DUE TO POOR CONDITION OF THE ROOF SHINGLES THIS DEFICIENCY IS CLASSIFIED AS
FUNCTIONAL OBSOLESCENCE
EXTERNAL OBSOLESCENCE
ECONOMIC OBSOLESCENCE
PHYSICAL DETERIORATION
24
THE FHA TERM FOR THE AMOUNT OF MONEY A BUYER MUST PAY IN CASH OR ITS EQUIVALENT WHEN APPLYING FOR A FHA LOAN IS
DOWN PAYMENT
INITIAL INVESTMENT
EARNEST MONEY DEPOSIT
MINIMUM CASH INVESTMENT
25
A SELLER LISTS HIS HOME WITH 1 BROKERAGE & RESERVES THE RIGHT TO SELL IT HIMSELF & NOT PAY COMMISSION. THIS IS A
EXCLUSIVE-RIGHT-OF-SALE LISTING
EXCLUSIVE- AGENCY LISTING
OPEN LISTING
NET LISTING
26
WHICH STATEMENT REGARDING A TITLE COMPANY HOLDING ESCROWED FUNDS IS
TRUE
THE BROKER MUST BE A SIGNATORY ON THE ACCOUNT
A BROKER MUST PROVIDE THE PRINCIPAL WITH THE ACCOUNT NUMBER
WITHIN 10 BUSINESS DAYS AFTER DEPOSIT BROKER MUST MAKE REQUEST FOR RECEIPT
ASK FREC TO INVESTIGATE THE TITLE COMPANY FOR AN EDO
27
THE APPROPRIATE TYPE OF BROKERAGE RELATIONSHIP IS DETERMINED BY THE
BROKER
BUYER
LISTING AGENT
SELLER
28
WHICH TYPE OF DEED WARRANTS ONLY THE ACTS BY THE GRANTOR AND IS MOST OFTEN GIVEN BY LARGE CORPORATIONS
QUITCLAIM
GENERAL WARRANTY
SPECIAL WARRANTY
BARGIN & SALE
29
WHICH REMEDY FOR BREACH OF CONTRACT REQUESTS THE COURTS AWARDS DAMAGES FOR THE EXTENT OF THE LOSS SUFFERED?
COMPENSATORY DAMAGES
LIQUIDATED DAMAGES
SPECIFIC PERFORMANCE
RESCISSION ON BREACH OF CONTRACT
30
IN FL. WHEN A MORTGAGE IS PAID OFF, WHICH INSTRUMENT IS PREPARED BY THE LENDER AND GIVEN TO THE BORROWER
SUBORDINATION AGREEMENT
SATISFACTION OF MORTGAGE
DEED OF RECONVEYANCE
CERTIFICATE OF TITLE
31
WHICH INSTRUMENT IS USED TO TRANSFER OWNERSHIP OF A MORTGAGE FROM ONE COMPANY OR INDIVIDUAL TO ANOTHER
SATISFACTION OF MORTGAGE
ASSIGNMENT OF MORTGAGE
NOVATION
ESTOPPEL CERTIFICATE
32
HOW IS A NEW PURCHASE MONEY MORTGAGE (PMM) ENTERED ON A CLOSING DISCLOSURE?
DEBIT TO THE SELLER ONLY
DEBIT TO THE SELLER, CREDIT TO THE BUYER
DEBIT TO THE BUYER ONLY
DEBIT TO THE BUYER, CREDIT TO THE SELLER
33
AN ELDERY COUPLE PAID OFF THEIR HOME & NEEDS MORE INCOME DUE TO RISING MEDICAL EXPENSES WHAT MORT. MAY BE BENEFICIAL
ADJUSTABLE RATE
FIVE-YR TERM
REVERSE
PARTIALLY AMORTIZED
34
IN FLORIDA WHICH TYPE OF BROKERAGE RELATIONSHIP IS ASSUMED?
SINGLE AGENT
GENERAL
NO BROKERAGE RELATIONSHIP
TRANSACTION BROKER
35
AN UNLICENSED PERSONAL ASSISTANT MAY
NOT
PERFORM WHICH ACTIVITY
PLACE ROUTINE TELEPHONE CALLS FOR LATE RENT PAYMENTS
CONDUCT LISTING APPOINTMENTS ON BEHALF OF THE LICENSEE
WRITE ADS FOR APPROVAL OF THE LICENSEE AND THE SUPERVISING BROKER
ASSEMBLE DOCUMENTS FOR A CLOSING
36
A SELLER RETAINED OIL RIGHTS TO A PARCEL OF LAND HE IS SELLING. WHICH TYPE OF PROPERTY RIGHTS HAS HE RETAINED?
RIPARIAN
SURFACE
LITTORAL
SUBSURFACE
37
WHAT SECTION IS DIRECTLY NORTH OF SECTION 23 IN A GIVEN TOWNSHIP
24
14
13
22
38
WHICH CHARACTERISTIC DOES
NOT
DESCRIBE THE REAL ESTATE MARKET
EACH PARCEL OF LAND IS UNIQUE NO 2 TRACTS ARE IDENTICAL
RE MARKET IS FLUID & CAN RESPOND QUICK TO CHANGES IN SUPPLY & DEMAND
THE GEOGRAPHIC LOCATION OF REAL ESTATE IS FIXED
GOVERNMENT CONTROLS PLAY AN IMPORTANT ROLE IN THE REAL ESTATE MARKET
39
A SALES ASSOCIATED IS WHAT TYPE OF AGENT OF THE EMPLOYING BROKER
UNIVERSAL
DUAL
SPECIAL
GENERAL
40
WHICH TYPE OF ALIENATION IS VOLUNTARY?
ADVERSE POSSESSION
WILL
ESCHEAT
DESCENT
41
WHICH TYPE OF VALUE TAKES INTO CONSIDERATION AN INDIVIDUAL'S EQUITY & INCOME TAX IMPLICATIONS
INVESTMENT
MARKET
UNIQUE
GOING-CONCERN
42
WHICH EXPENSE IS DEDUCTED TO DERIVE EFFECTIVE GROSS INCOME
RESERVE FOR REPLACEMENTS
MISCELLANEOUS INCOME
VACANCY & COLLECTION lOSSES
FIXED EXPENSES
43
A SALES ASSOC. DECIDES TO HAVE KEY RINGS MADE WHICH IS TRUE REGARDING THE KEY RINGS
WHATEVER HE WANTS; HE'S PAYING FOR THEM
THE ASSOC. LICENSE NUMBER MUST BE ON THEM
ONLY HIS NAME & PHONE NUMBER ON THEM
THE NAME OF THE BROKERAGE FIRM THE ASSOC. WORKS FOR MUST BE ON THEM
44
WHICH MORTGAGE CLAUSE PREVENTS A BUYER FROM ASSUMING AN EXISTING MORTGAGE LOAN?
PREPAYMENT PENALTY CLAUSE
DUE-ON-SALE CLAUSE
RIGHT TO REINSTATE
ACCELERATION CLAUSE
45
BUYING A NEW CONDO FROM A DEVELOPER A BUYER THE RIGHT TO RESCIND CONTRACT WITHIN HOW MANY DAYS OF RECEIPT OF CONDO DOCS.
10 DAYS
3 DAYS
15 DAYS
30 DAYS
46
WHICH ITEM WOULD BE MOST LIKELY CLASSIFIED AS A FIXTURE ONCE INCORPORATED INTO REAL PROPERTY
REFRIGERATOR
CHAIN LINK FENCE
COUNTER TOP MICROWAVE
AREA RUG
47
DISPUTING PARTIES AGREE TO SUBMIT THE DISPUTE TO A 3RD PARTY FOR A BINDING DETERMINATION REGARDING THE MATTER IS CALLED
ARBITRATION
MEDIATION
LITIGATION
COUNSELING
48
WHICH LEGAL INSTRUMENT STATES THE LOAN AMOUNT, INTEREST RATE, REPAYMENT METHOD, & MATURITY DATE?
DEED
NOTE
OPTION
LEASE
49
THE SUBJECT PROPERTY HAS A POOL; THE COMP SOLD FOR $253,500 HAS NO POOL (PRICE DIF. OF $21,500) THE ADJUST SHOULD BE
A PLUS $21,500 TO THE COMP
A MINUS $21,500 TO THE COMP
PLUS $21,500 TO THE SUBJECT
A MINUS $21,500 TO THE SUBJECT
50
WHICH BUSINESS ENTITY MAY NOT REGISTER AS A BROKERAGE
CORPORATION
LIMITED LIABILITY PARTNERSHIP
CORPORATION SOLE
NONPROFIT CORPORATION
51
WHICH STATEMENT IS TRUE REGARDING OFFER & COUNTEROFFER
THE SELLER CANNOT ACCEPT ORIG. OFFER, ITS KILLED WHEN THE COUNTER WAS MADE
THE SELLER HAS BREACHED TEH BUYERS CONTRACT & CAN SUE FOR THE LOWER PRICE
THE SELLER & BUYER HAVE ENTERED INTO CONTRACT FOR 225K
THE SELLER CAN REVOKE THE OFFER & ACCEPT THE ORIG. OFFER UNTIL MIDNIGHT
52
A LENDER CHARGES 6% INTEREST PLUS 6 POINTS ON A CONVEN. MORTGAGE LOAN. WHAT IS THE LENDERS APROX. YIELD ON THE LOAN?
6.75%
7.0%
6.5%
6.25%
53
WHICH TYPE OF CONTRACT WILL BE UPHELD IN COURT OF LAW
VOIDABLE
ENFORCEABLE
UNENFORCEABLE
VOID
54
PART III OF THE FLORIDA STATUTE PERTAINS TO
REAL ESTATE LICENSEES
LICENSED AND CERTIFIED APPRAISERS
LIENS ASSOCIATED WITH RESIDENTIAL RENTAL UNITS
LIENS FOR COMMISSIONS EARNED ON COMMERCIAL REAL ESTATE SALES
55
THE CALCULATED INTEREST RATE OF AN ADJUSTABLE RATE MORTGAGE IS ARRIVED AT BY ADDING
INDEX + PERIODIC INTEREST CAP RATE
INDEX + MARGIN
MARGIN + PERIODIC INTEREST CAP RATE
MARGIN + LIFETIME INTEREST CAP RATE
56
WHICH REMEDY FOR BREACH OF CONTRACT ASKS THE COURT TO FORCE THE OTHER PARTY TO PROCEED AS THE CONTRACT STATES
COMPENSATORY DAMAGES
SPECIFIC PERFORMANCE
LIQUIDATED DAMAGES
RESCISSION ON BREACH OF CONTRACT
57
WHICH ACTIVITY MAY
NOT
BE PERFORMED BY AN UNLICENSED ASSITANT
HAND OUT BROCHURES
GATHER INFORMATION FOR A CMA
NEGOTIATE A LISTING ON BEHALF OF THE SALES ASSOCIATE
PLACE FOR SALE SIGNS ON LISTED PROPERTIES
58
A BROKER IS HIRED TO MANAGE AN APARTMENT COMPLEX. HOW MUST THE BROKER HANDLE SECURITY DEPOSITS AND ADVANCE RENT?
PLACE THE FUNDS INTO THE BROKER'S ESCROW ACCOUNT
PLACE THE FUNDS INTO AN INTEREST BEARING ACCOUNT IN A FL BANK
POST A SURETY BOND FOR $50,000 AND DEPOSIT THE FUNDS INTO THE BROKER ACCT
PLACE THE FUNDS INTO THE BROKER'S OPERATING ACCOUNT
59
A FORMER ACTIVE DUTY MEMBER WHO HOLDS A VALID MICHIGAN RE LIC. APPLIES FOR A FL RE LIC. THE APPLICANT MUST
SUBMIT A FL REAL ESTATE LICENSE APPLICATION
COMPLETE THE SALES ASSOCIATE PRE-LICENSING COURSE
PASS THE 40 QUESTION FL LICENSE LAW EXAM
PASS THE STATE EXAM FOR FL RE SALES ASSOCIATE LICENSE
60
WHICH DUTY IS ONLY REQUIRED IN A SINGLE AGENT RELATIONSHIP
PRESENT ALL OFFERS & COUNTEROFFERS
USE SKILL, CARE, & DILLIGENCE
DEAL HONESTLY & FAIRLY
FULL DISCLOSURE
61
THE TENANT PAYS A FIXED RENT EACH MONTH. THE LANDLORD PAYS THE TAXES INSURANCE & MAINTENANCE COSTS. THIS IS EXAMPLE OF
NET LEASE
EXPENSE LEASE
GROSS LEASE
PERCENTAGE LEASE
62
WHAT ESSENTIAL ELEMENT IS NECESSARY FOR A CONTRACT TO BE VALID
SIGNATURE OF 2 WITNESSES
NOTARIZATION
OFFER & ACCEPTANCE
GOOD FAITH DEPOSIT
63
A TENANT SIGNS A 6 MONTH LEASE. THE OWNER HIRES A PROP. MNGR. TO MAINTAIN THE PROP. WHO HOLDS A LEASEHOLD ESTATE?
PROPERTY MANAGER
LEASEHOLD ESTATES ONLY APPLY TO LEASE TERMS LONGER THAN 1 YR
OWNER
TENANT
64
AN OWNER OF AN APARTMENT COMPLEX PAYS $50 TO EACH TENANT WHO REFERS A PERSON WHO BECOMES A TENANT. THIS IS
ILLEGAL BECAUSE THE AMOUNT OF COMPENSATION EXCEEDS THE ALLOWABLE $25 AMOUNT
A VIOLATION OF THE FAIR HOUSING LAW
AN ILLEGAL KICKBACK
LEGAL UNDER CHAPTER 475, FLORIDA STATUTE
65
WHICH TYPE OF DOCUMENT MAY
NOT
BE PREPARED BY A LICENSED REAL ESTATE BROKER?
DEED
BUYER BROKERAGE AGREEMENT
OPTION CONTRACT
LISTING CONTRACT
66
SOMETHING REMAINS TO BE COMPLETED BY ONE/BOTH PARTIES TO A CONTRACT TO SATISFY THE FULL TERMS OF THE CONTRACT. THIS IS
EXECUTORY
INFORMAL
UNILATERAL
EXPRESS
67
WHICH DEFICIENCY WOULD BE DESCRIBED AS A FUNCTIONAL OBSOLESCENCE?
THE ROOF SHIGLES ARE BRITTLE FROM EXPOSURE TO SUN
ROAD DUST & TRAFFIC NOISE PREVENT THE WINDOW FROM BEING OPENED
TO GET TO THE THIRD BEDROOM ONE MUST WALK THROUGH THE SECOND BEDROOM
SUBTERRANEAN INSECT HAVE INFESTED WOOD SIDING NEAR THE CONCRETE FOUNDATION
68
A DEED THAT CONTAINS A SEISIN CLAUSE PROMISES THE NEW OWNER THAT THE PREVIOUS OWNER
OWNS THE PROPERTY AND HAS THE LEGAL RIGHT TO SELL IT
HAS PLACED NO LIENS OR ENCUMBRANCES ON THE PROPERTY UNLESS SO DECLARED
HAS NOT RESERVED OR SEIZED ANY PORTION OF THE PROPERTY FOR THE GRANTORS USE
SELLER WILL DEFEND THE TITLE CONVEYED AGAINST CHALLENGE OR SEIZURE
69
DEVELOPERS OF 25 LOTS OR MORE MUST PROVIDE THIS DOCUMENT TO BUYERS PRIOR TO SIGNING THE SALE CONTRACT
SURVEY
PROSPECTUS
PROPERTY REPORT
DECLARATION
70
A NEWLY LIC. SA FINDS A BROKER & AGREES TO WORK AT THE LOCAL BROKERAGE OFFICE. THE LICENSEE MAY
WORK WITH ONLY BUYERS UNTIL SHE GETS MORE EXPERIENCE WRITING LISTING AGRMTS
NOTIFY THE DBPR WITH 10 DAYS OF CHOOSING HER NEW EMPLOYER
BEGIN WORKING AS SOON AS THE LIC. STATUS IS ACTIVE UNDER THE NEW EMPLOYER
START WORKING IMMEDIATELY; THEY'RE ALREADY LICENSED
71
WITHIN HOW MANY DAYS MUST THE LANDLORD NOTIFY THE TENANT OF INTENTIONS TO CLAIM ALL/PART OF THE SECURITY DEPOSIT?
15
3
7
30
72
A BROKER FOLLOWS AN EDO & IS LATER SUED, $5,000 AWARDED TO THE PLANTIFF- PAYMENT FROM RECOVERY FUND WILL CAUSE FREC TO
AUTOMATICALLY SUSPEND THE BROKER'S LICENSE UNTIL THE BROKER REPAYS PLUS INT
INITIATE A FORMAL INVESTIGATION AGAINST THE BROKER
TAKE NO ACTION AGAINST THE BROKER
REVOKE THE BROKER'S LICENSE
73
WHICH LIEN IS CLASSIFIED AS A VOLUNTARY LIEN
ESTATE TAX LIEN
JUDGEMENT LIEN
INCOME TAX LIEN
VENDOR'S LIEN
74
FLORIDA LICENSE LAW REQUIRES ALL ACTIVE REAL ESTATE BROKERS TO HAVE
A TELEPHONE LISTING
BUSINESS CHECKING ACCOUNT
AN ESCROW ACCOUNT
AN ENTRANCE SIGN
75
WHICH INSTRUMENT IS USUALLY RECORDED
PROMISSORY NOTE
PURCHASE & SALE CONTRACT
MORTGAGE
RESIDENTIAL LEASE AGREEMENT
76
WHEN SELLING A BUSINESS, THE PURPOSE OF A DUE DILIGENCE PERIOD IS TO ALLOW THE BUYER TO
COORDINATE A DATE FOR CLOSING TEH TRANSACTION
CONDUCT A FINAL WALK-THROUGH
SECURE FINANCING
INSPECT THE FINANCIALS OF THE BUSINESS
77
A LEAD BASED PAINT DISCLOSURE MUST BE GIVEN TO
BUYERS OF ALL SINGLE FAMILY HOMES
TENANTS & BUYERS OF ALL RENTAL PROPRTY IF A FAMILY MEMEBER IS LESS THAN 2YR
TENANTS AND BUYERS OF ALL RESIDENTIAL PROPERTY
TENANTS AND BUYERS OF ALL RESIDENTIAL PROPERTY BUILT BEFOR 1978
78
A BROKERAGE FIRM REPRESENTS A SELLER AS A SINGLE AGENT. THE BROKERAGE CAN WORK WITH THE BUYER IN THE SAME TRANSACTION AS
AS A TRANSACTION BROKER
IN ANY RELATIONSHIP PROVIDED THE BROKER APPOINTS A DIFFERENT LICENSEE
IN A NO BROKERAGE RELATIONSHIP
A SINGLE AGENT
79
A PROPERTY COSTS $32,670 PER ACRE. WHAT IS THE COST PER SQ. FOOT OF THE PROPERTY?
$7.50
$3.75
0.75
$1.33
80
IN STATES WHICH SUBSCRIBE TO TITLE THEORY A MORTGAGE
TRANSFERS TITLE TO THE MORTGAGEE OR AN AGENT UNTIL THE LOAN IS PAID OFF
CREATES A CONTRACT FOR DEED BETWEEN THE MORTGAGOR & THE MORTGAGEE
CREATES TENANCY IN COMMON BETWEEN THE MORGAGOR & MORTGAGEE
TRANSFERS THE RIGHT OF POSSESSION TO THE MORTGAGEE
81
AN INVESTOR'S OWN FUNDS USED TO PURCHASE INVESTMENT REAL ESTATE IS CALLED
INTEREST
CASH FLOW
EQUITY
LEVERAGE
82
A SALES ASSOC. HAS HELD AN ACTIVE LICENSE FOR 1 YR & WANTS TO BE A BROKER TO BE ELIGIBLE THE ASSOC. MUST
HAVE HAD AN ACTIVE RE LIC. FOR AT LEAST 24 MONTHS OF THE PRECEEDING 5 YR .
COMPLETE 14 HR OF CE
WAIT AT LEAST 12 MONTHS BEFORE SUBMITTING BROKER APPLICATION
COMPLETE 10 RE TRANSACTIONS
83
WHICH DISCLOSURE MUST BE SIGNED BY BOTH PARTIES IN NONRESIDENTIAL TRANSACTIONS, 2 SA'S ACT AS SINGLE AGENTS IN SAME DEAL
TRANSACTION BROKER NOTICE
CONSENT TO TRANSITION TO TRANSACTION BROKER NOTICE
NOTICE OF DUAL AGENCY WAIVER
DESIGNATED SALES ASSOCIATE NOTICE
84
MAKING STATEMENTS ABOUT MINORITY GROUPS MOVING INTO A NEIGHBORHOOD IN ORDER TO PERSUADE EXISTING OWNERS TO SELL
REDLINING
BLOCKBUSTING
UNETHICAL BUT NOT ILLEGAL
STEERING
85
WHICH TYPE OF LEGAL DESCRIPTION IS USED ONLY WHERE PLAT MAPS HAVE BEEN RECORDED IN THE PUBLIC RECORDS
TAX ASSESSOR'S MAP
LOT & BLOCK
METES & BOUNDS
GOVERNMENT SURVEY
86
WHICH ACTION DOES
NOT
TERMINATE A SINGLE-AGENT BROKERAGE RELATIONSHIP WITH THE SELLER
BANKRUPTCY OF THE PRINCIPAL
WITHDRAWL OF AN OFFER TO PURCHASE
DEATH OF A SELLER'S BROKER
FULFILLMENT OF THE BROKERAGE RELATIONSHIP'S PURPOSE
87
RIGHT OF SURVIVORSHIP IS CONTAINED IN WHICH TENANCY?
IN COMMON
AT WILL
BY THE ENTIRETIES
ESTATE FOR YEARS
88
1.A SALES ASSOCIATE WHO DECIDES TO GO TO A DIFFERENT BROKERAGE FIRM
SHOULD TAKE COPIES OF ALL THE LISTINGS THE ASSOCIATE PERSONALLY OBTAINED
STILL OWES THE DUTY OF TRUST, CONFIDENCE AND MAY NOT DISCLOSE CONFIDENTIAL
SHOULD CONVINCE OTHER AGENTS TO LEAVE TOO
Should not Tell anyone
89
WHICH STANDARD CAN BE USED FOR JUDGING WHETHER AN ITEM IS A FIXTURE
RELATIONSHIP OR AGREEMENT OF THE PARTIES
SIZE OF THE ITEM
COST TO INSTALL THE ITEM
DATE THE ITEM WAS PURCHASED
90
WHEN ITEMIZING DEDUCTIONS A HOMEOWNER MAY DEDUCT WHICH EXPENSE
MORTGAGE PAYMENTS ON A PRINCIPLE RESIDENCE
MAINTENANCE EXPENSES ON A PRINCIPLE RESIDENCE
PROPERTY INSURANCE ON A SECOND HOME
POINTS CHARGED ON A MORTGAGE LOAN TO PURCHASE A PRINCIPLE RESIDENCE
91
THE STATUTE OF FRAUDS REQUIRES THAT
SUITS CONCERNING WRITTEN CONTRACTS BE FILED WITHIN 5 YRS
ANY LICENSEE WHO TAKES ADVANTAGE OF A CONSUMER BE CHARGED WITH FRAUD
DOCUMENTS THAT TRANSFER REAL PROPERTY MUST BE IN WRITING TO BE ENFORCEABLE
BROKERS WHO INTENTIONALLY MISREPRESENT FACTS IN RE TRANSACTION GO TO JAIL
92
IN ORDER TO ENLARGE YOUR HOME BY EXTENDING THE SIDE OF BEYOND THE SETBACK BOUNDARY YOU MUST FIRST OBTAIN
SITE PLAN APPROVAL
A NONCONFORMING USE
A SPECIAL EXCEPTION
A VARIANCE
93
WHICH ACTION ASSOCIATED WITH WATER RIGHTS WILL CAUSE THE UNCOVERING OF ADDITIONAL LAND BY THE GRADUAL RECEDING OF WATER
RELICTION
ALLUVION
ACCRETION
EROSION
94
WHICH STATEMENT IS TRUE REGARDING A SALES ASSOCIATES REGISTERED NAME
MAY FORM A CORPORATION
MAY BE REGISTERED UNDER A TRADE NAME
MAY FORM A LLC FOR INCOME TAX PURPOSES & REGISTER WITH LLC AFTER NAME
MAY REGISTER A SOLE PROPRIETORSHIP
95
WHICH LEGAL INSTRUMENT AUTHORIZES A PERSON TO ACT FOR AND ON BEHALF OF ANOTHER PERSON
POWER OF ATTORNEY
NOVATION
OPTION
ACKNOWLEDGEMENT
96
WHICH BROKERAGE RELATIONSHIP IS BEST SUITED FOR A COUPLE WHO WANTS A FIDUCIARY RELATIONSHIP IN ALL NEGOTIATIONS
NO BROKERAGE RELATIONSHIP
DESIGNATED SALES ASSOCIATE
SINGLE AGENCY
TRANSACTION BROKER
97
IF APPLICABLE PRORATED RENT PAID IN ADVANCE WILL NORMALLY APPEAR ON THE CLOSING DISCLOSURE AS
CREDIT TO THE SELLER, DEBIT TO THE BUYER
A CREDIT TO THE BUYER, DEBIT TO THE SELLER
CREDIT TO THE BROKER
AN EXPENSE
98
WHICH REQUIREMENT IS ONE OF TEH ESSENTIAL ELEMENTS OF A VALID REAL ESTATE CONTRACT
EARNEST MONEY DEPOSIT
LEGALITY OF THE OBJECT
WITNESSED BY 2 PARTIES
ACKNOWLEDGED AND NOTARIZED
99
WHICH DOCUMENT MUST A PROSPECTIVE BUYER OF AN EXISTING CONDO RECEIVE?
PROSPECTUS
GOVERNANCE FORM
ESTIMATED OPERATING BUDGET
COPY OF THE EXTENDED COVERAGE INSURANCE POLICY
100
RECORDING A MORTGAGE IN PUBLIC RECORD IS AN EXAMPLE OF WHAT TYPE OF NOTICE
ADMINISTRATIVE
ACTUAL
GOVERNMENT
CONSTRUCTIVE
