A sales associate can form what type of company under a registered name?

Can form a LLC for income tax purposes and register with the name and llc

What would be considered personal property?

Anything movable,not attached to real property

What does the radon disclosure require?

Purchaser must be made aware at the time or before they enter a contract.

What is functional obsolescence?

Type of depreciation, anything inferior due to bad design,changing tastes

when would a complaint be considered legally sufficient?

whenever there are facts indicating a violation has occurred

What is interval ownership?

Rights in timeshares where buyer can rent/sell interest in the property

What is the purpose of a subordination agreement/clause?

Allows another mortgage to take priority over one created earlier on.

What is the tax rate for state intangibles taxes on new mortgages?

Two mills per dollar of new debt

What happens to the original offer if a counteroffer is made?

The original offer is terminated and cannot be accepted

What is another name for the preclosing inspection,and when is it required?

A walk through, required before closing.(preliminary steps to closing)

Under the Truth in Lending Act,what is considered a “triggering term”?

Anything advertising specific credit metrics.(% of down payment,etc)

What is the definition of situs?

People’s preference for a specific location,economic characteristic

What is price fixing?

Illegal scheme where brokers use competing rates instead of the open market

What defines a Florida resident?

Someone who resided in the state for atleast 4 months within the year

The worth of a property is also known as what?

The value (appraised amount is equal to the value)

List the remedies for the breach of a real estate sale contract?

Specific performance ,rescission, liquidated/compensatory damages

What is the formula to determine an adjusted rental rate for a variable lease?

(New index/original index)*original rental rate

What is the formula to calculate the overall capitalization rate(OAR)?

Net operating income(NOI)/value (sale price)

What areas of responsibility do city planning commissions have authority over?

Subdivision plat approval,site plan approved,sign control

What is the purpose of Fannie Mae?

Secondary participant that purchases conforming loans from commercial banks

If a sales associate changes employers(brokers), when does the fiduciary relationship with the previous brokerage end?

it doesnt,the licensee will still owe fiduciary duties in the form of trust

When must a property report be provided to a buyer?

25 or more lots, must be provided prior to signing sale contract

what is the penalty for violating Floridas telemarketing law?

violators may be fined for each illegal call

What does the statute of frauds require for documents to be enforceable?

Must be in writing(unless specific conditions exist)

What is a straw buyer?

Type of mortgage fraud where a buyer uses false info to secure a loan.

settlement procedure where dispute is turned over to an agreed third party

what brokerage relationships are allowed for a buyer and seller both using the same brokerage for the same transaction?

seller as single agent= buyer must be in no brokerage relationship

What is an open listing?

Listing where the seller can list property with multiple brokers

What defines an executory contract?

Contract where one or both still need to fulfill conditions of contract

under chapter 475 of the Florida statutes,what types of property are considered residential real estate?

improved/unimproved prop. for 4 units,agricultural prop 10 acres or less

What is target marketing?

advertising to a specific audience

Which items are credited to the SELLER in a contract?

Total purchase price,prepaid items

what happens to the earnest money deposit if the buyer is unable to secure proper financing?

the broker should return the deposit to the buyer

What is required for a title to a parcel of real property to be effectively conveyed?

A valid deed must be voluntarily delivered and accepted

When calculating the interest rate of an adjustable rate mortgage,what is the margin value?

The lenders estimated overhead plus profit

What is the maximum penalty for a first degree misdemeanor?

A $1,000 fine/ up to one year imprisonment

Unauthorized use/retention of money/property that belongs to someone else.

What is the purpose of seisin clause?

In a deed,it’s a promise that the grantor owns the estate being conveyed.

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2022 tsre

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Answers

1
An unlicensed personal assistant can negotiate a listing on behalf of a sales associate.
True
False
2
A sales associate can form what type of company under a registered name?
Can form a LLC for income tax purposes and register with the name and llc
A sales associate can form a limited liability partnership(llp)
3
What would be considered personal property?
Anything movable,not attached to real property
Anything immovable,attached to real property
4
How many square feet are in one acre?
43,500 sq ft.
43,360
40,356 sq ft.
43,560 sq ft.
5
What does the radon disclosure require?
Purchaser must not be made aware before they enter a contract
Purchaser must be made aware at the time or before they enter a contract.
6
What is functional obsolescence?
A type of appreciation where
Type of depreciation, anything inferior due to bad design,changing tastes
7
when would a complaint be considered legally sufficient?
whenever there are facts indicating a violation has occurred
whenever there are facts a violation has not occurred
8
What is interval ownership?
Rights for owners where they sell interest in the property
Rights in timeshares where buyer can rent/sell interest in the property
9
What is the purpose of a subordination agreement/clause?
Allows another mortgage to take priority over one created later on.
Allows another mortgage to take priority over one created earlier on.
10
What is the tax rate for state intangibles taxes on new mortgages?
Three mills per dollar of new debt
Four mills per dollar of new debt
Two mills per dollar of new debt
11
What happens to the original offer if a counteroffer is made?
The original offer is terminated and rewritten to be accepted
The original offer is to be accepted
The original offer is terminated and cannot be accepted
12
What is another name for the preclosing inspection,and when is it required?
A walk through, required before closing.(preliminary steps to closing)
A walkthrough, required after closing
A walkthrough,required during closing
13
Under the Truth in Lending Act,what is considered a “triggering term”?
Anything advertising specific credit metrics.(% of down payment,etc)
Anything advertising loans(commercial bank loans)
14
What is the definition of situs?
People’s preference for a specific location,economic characteristic
People’s preference for specific land
15
What is price fixing?
Illegal scheme to get owners to sell on false premises
Illegal scheme where brokers use competing rates instead of the open market
16
What defines a Florida resident?
Someone who lived in the state for atleast 3 months within the year
Someone who resided in the state for atleast 4 months within the year
Someone who lived in the state for atleast 5 months within the last 2 years
17
The worth of a property is also known as what?
The appraised amount is more than the value
The value (appraised amount is equal to the value)
The appraised amount is less than the value
18
List the remedies for the breach of a real estate sale contract?
Rescission,specific performance,designated owner,compensatory fees
Specific performance ,rescission, liquidated/compensatory damages
Compensatory funds,rescission, specified owner
19
What is the formula to determine an adjusted rental rate for a variable lease?
(Original index/interest rate)* original rental rate
(Original rental rate/original index)*New index
(New index/original index)*original rental rate
20
A joint venture can be licensed as a real estate broker.
True
False
21
What is the formula to calculate the overall capitalization rate(OAR)?
Net operating income(NOI)/value (sale price)
Value(sale price)/net operating income(NOI)
22
What is the formula to determine the gross rent multiplier(GRM)?
Sale price/gross monthly rent
New index/sale price* original rental rate
Gross monthly rent/sale price
23
What does an administrative law judge issue at the end of a formal hearing?
Order for retrial
Order to go to appeals court
A recommended order
24
What areas of responsibility do city planning commissions have authority over?
Sign control, mortgage,buyers
Subdivision plat approval,site plan approved,sign control
Mortgage,property lines,creditors
25
What is the purpose of Fannie Mae?
Secondary participant that purchases conforming loans from commercial banks
Third party that purchases homes using bank loans
Third party participants that purchase conforming loans
26
If a sales associate changes employers(brokers), when does the fiduciary relationship with the previous brokerage end?
it does, all outstanding trusts are nulled
it doesnt,the licensee will still owe fiduciary duties in the form of trust
27
How long must a broker retain documents, even if the transaction failed to close?
Six years
Five years
Three years
Two years
28
When must a property report be provided to a buyer?
25 or more lots, must be provided prior to signing sale contract
20 or more lots, must be provided after signing sale contract
29
what is the penalty for violating Floridas telemarketing law?
violators may be fined for each illegal call
violators may not be fined for each illegal call
30
Is an active real estate license required for a property manager?
False
True
31
What does the statute of frauds require for documents to be enforceable?
Must be faxed(unless specific conditions exist)
Must be via email(unless specific conditions exist)
Must be in writing(unless specific conditions exist)
32
What is a straw buyer?
Type of buyer fraud where plans are installed but never fulfilled
Type of mortgage fraud where a buyer uses false info to secure a loan.
33
what is arbitration?
settlement procedure where dispute is turned over to an agreed third party
settlement procedure where buyer and seller do not have to agree
settlement procedure where dispute is not turned over
34
what brokerage relationships are allowed for a buyer and seller both using the same brokerage for the same transaction?
seller as single agent= buyer must not be in a brokerage relationship
seller as single agent= buyer must be in no brokerage relationship
35
What is an open listing?
Listing where both parties have yet to complete the contract
Listing where the seller can list property with multiple brokers
Listing where the seller can list property with only one broker
36
What defines an executory contract?
Contract where all conditions have been fulfilled
Contract where one party has passed on
Contract where one or both still need to fulfill conditions of contract
37
The NW1/4 of the SW1/4 of the NW1/4 of section 15 contains how many acres?
10 acres 640/4/4/4=10
2.5 acres 640/4/4/4/4=2.5
160 acres 640/4=160
40 acres 640/4/4=40
38
How many days does a buyer have to rescind a contract when purchasing a condo from a developer?
Within 15 days after receipt
Within 25 days after receipt
39
under chapter 475 of the Florida statutes,what types of property are considered residential real estate?
improved/unimproved prop. for 4 units,agricultural prop 10 acres or less
improved/unimproved prop. for 6 units,agricultural prop 20 acres or less
improved/unimproved prop. for 7 units,agricultural prop 15 acres or less
40
What is target marketing?
marketing to all (no specific audience)
advertising to a specific audience
41
Which items are credited to the SELLER in a contract?
Total purchase price,prepaid items
Total owed,rented items
42
What feature is specific to a lenders (mortgagee)title insurance policy?
The policy is not transferrable
The policy is transferable
43
which branch of the FREC can determine license law violations?
quasi legislative
executive branch
quasi-judicial branch
44
what happens to the earnest money deposit if the buyer is unable to secure proper financing?
the broker should return the deposit to the seller
the broker should return the deposit to the buyer
the broker should return the deposit to the renter
45
What is required for a title to a parcel of real property to be effectively conveyed?
A valid title must be voluntarily delivered and accepted
A valid deed must be voluntarily delivered and accepted
A valid will must be voluntarily delivered and accepted
46
When calculating the interest rate of an adjustable rate mortgage,what is the margin value?
The lenders exact profit overhead estimated
The lenders estimated overhead plus profit
47
What is the maximum penalty for a first degree misdemeanor?
No fine/ up to five years imprisonment
A $500 fine/ up to six months imprisonment
A $1,000 fine/ up to one year imprisonment
48
What is conversion?
Using competing rates rather than the market value
Unauthorized use/retention of money/property that belongs to someone else.
Authorized use of someone else’s money/property
49
can an unlicensed personal assistant negotiate a listing on behalf of a sales associate?
no
yes
yes, with permission
50
Is U.S citizenship required for sales associate licensees?
No, it is not required
yes, it is required
51
What is the purpose of seisin clause?
In a will,it’s a promise that the grantor owns the estate being conveyed.
In a mortgage,its a promise that the grantor owns the estate being conveyed
In a deed,it’s a promise that the grantor owns the estate being conveyed.
52
Mortgage insurance premiums are charged for VA loans.
False
True
53
what does it mean if two people are dealing “at arms length” in a transaction?
diff adverse interests when negotiating a sale/ equal bargaining position
share adverse interests when negotiating a sale/ equal bargaining position
share adverse interests when negotiating a sale/ lower bargaining position
54
When can a new licensee begin working as an agent?
Once DBPR sees the license is active and registers with a brokerage.
As soon as the test is passed
As soon as the license is active
55
What or who is a devisee?
The recipient of property by forced sale
The recipient of property by false sale
The recipient of property by will
56
Which branch of the FREC can revise administrative rules?
Quasi judicial
Quasi-legislative
Executive
57
What determines a net lease?
In a commercial lease, owners pay property taxes
In a commercial lease, tenants pay property taxes and maintenance fees
In a commercial lease,tenants pay prop taxes,insurance,and maintenance fees
58
If a licensee received a citation and a fine but it was issued in error, what must the licensee do?
File a written objection within 15 days explaining the error
File a written objection within 25 days explaining the error
File a written objection within 30 days explaining the error
59
What is the opposite of West 45 degrees South in a metes-and-bounds description?
East 45 South
East 80 degrees South
East 45 degrees North
60
For out-of-state broker applicants, how many years of active experience is required in order to qualify?
4 years of active experience within the last 6 years
1 year of active experience within the last 5 years
2 years of active experience within the last 5 years
3 years of active experience within last 4 years
61
What is blockbusting?
Illegal activity where agent persuades owner to sell prop due to damage
Illegal activity where agents persuade owners to sell prop on rumors
62
What is the maximum amount that can be awarded from the real estate recovery fund for claims from a transaction?
25,000
75,000
90,000
50,000
63
What are the owner license exemptions for real estate services specified by the Florida statutes?
Property owners,officers/directors,partners,time share owners
property renters, partners not in partnership, officers not in corporation
64
Rental security deposits kept by a broker who is acting as a property owner can be held where?
In the brokers escrow account, and must keep a record of tenant deposits.
In the buyers escrow account, and must keep a record of tenant deposits.
65
which of the following meet all marketing requirements?
Call Tom at ABC Realty (813)-555-0505
Call Tom Jones Realtor at (813)-555-0505
Call Tom Jones, ABC Realty (813)-555-0505 (cell)
Call Tom Jones license #123456 at (813)-555-0505
66
Which section pertains to licensed and certified appraisers?
part 2 of Florida statute 475
part 3 of Florida statute 475
part 8 of Florida statute 475
part 7 of Florida statute 475
67
The 3-day right of rescission period for consumers who are refinancing residential mortgage loans applies to which types
Home equity line of credit,second mortgages,refinancing loans
Home equity, commercial loans, third party transfer
Home equity,first mortgages,second mortgages
68
what level of misdemeanor would apply to someone who collected fees for inaccurate/out of date rental information?
a first degree misdemeanor
a second degree misdemeanor
a first degree felony
69
What is the definition of equity?
Mortgage term,value of home
Accounting term describing market value less mortgage debt
70
Who is responsible for compensating a licensed sales associate who prepares broker price opinions(BPOs)?
Buyers
The employing broker
Real estate agent
71
What is the asset life for nonresidential income producing properties under the IRS code?
20 years
39 years
40 years
35 years
72
What section in a given township is directly South of section 14?
Section 20
Section 23
Section 25
Section 16
73
One member of the florida real estate commission can be a sales associate or broker with how much experience?
three years preceding appointment of active experience
one year preceding appointment of active experience
two years preceding appointment of active experience
four years preceding appointment of active experience
74
What type of lien is a vendors lien?
A specific lien
A tax lien
Mortgage lien
75
What does caveat emptor mean?
“Buyer beware”
“Not for sale”
“Do not buy”
76
A deed can be prepared by a licensed real estate broker.
True
False
77
What is accretion?
The process of water build up from water-borne rock and soil
The process of land buildup from water-borne rock and soil
78
how long does a licensee have to notify the DBPR of a guilty plea in another state?
must report the guilty plea within 20 days
must report the guilty plea within 15 days
must report the guilty plea within 30 days
79
What is required by law for all brokerage offices?
A welcome sign
An open house sign
A real estate agent advertisement
An entrance sign
80
What methods are used to determine if an item is a fixture?
Relationship,Method,Intent,Adaptation
Intent,Relationship,Adaptation,Method
Intent, Relationship,Method,Adaptation
Adaptation,Method,Relationship,Intent
81
Real estate brokers are required by law to display the equal opportunity posters in the office.
True
False
82
An absentee owner can find what information in the management agreement?
The property taxes
The total purchase price
The compensation structure for property management services.
83
Punitive damages and interest can be reimbursed from the real estate recovery fund.
True
False
84
If a license applicant has a criminal conviction on their record, what must they include when asked on the application?
They can apply if the record is passed four years
They can’t apply to be a licensee
Should attach all details of the case, even if adjudication was withheld.
85
What is a net listing?
Listing where the seller specifies minimum amount needed to close
Listing where the buyer specifies minimum amount needed to close.
Listing where the seller specifies maximum amount needed to close.
86
What is the maximum tenant referral fee?
$50
$150
$75
$55
87
Who is exempt from the sales associate post licensing course?
One who has atleast a 2 year degree in real estate from a higher institute
One who has atleast a 6 year degree in real estate from a higher institute
One who has atleast a 4 year degree in real estate from a higher institute
88
What are the purpose of zoning ordinances?
They give you info on amount of acres.
They direct owners around the property
They are Local laws that implement the comprehensive plan
89
How do you adjust the sale price of a comparable?
CIA= Central Intelligence Agency,CBS= Comparable broadcasting system
CBS=comparable better subtract, CIA=comparable inferior add
90
what is a writ of supersedeas?
order issued by appeals court doesnt allow licensees to practice
order issued by appeals court to allow licensees to practice awaiting trial
91
When is a notice of noncompliance issued by the DBPR?
When first time offense is ignored
When licensee encounters forced sale
licensee commits a minor,first time offense and must fix it within 15 days
92
how long does a broker have to notify FREC of conflicting demands?
in writing, within 25 business days of the dispute
in writing, within 10 business days of the dispute
in writing, within 15 business days of the dispute
93
What does the due on sale in a mortgage prevent?
The seller from assuming an existing buyers loan
The buyer from assuming a specific lien
The buyer from assuming an existing mortgage loan
94
Why is a U.S social security number required to apply for a license?
to prove citizenship
to prove residency
to prove child support payment status
95
How long does a listing contract need to be to be covered by the statute of frauds?
No more than one year
No less than two years
No less than one year
96
brokers can be disciplined by FREC for accepting a postdated check that becomes uncollectable due to reasons outside
True
False
97
What is a life estate?
Estate in real property limited to the life duration of broker
Estate in real property limited to the life duration of seller
Estate in real property limited to the life duration of owner/assigned prsn
98
What must ALWAYS be disclosed to a prospective buyer regarding the property?
All past property history
All past owner history
All known material facts
All past buyer history.
99
What does the constitutional homestead law protect real property from in case of delinquent credit card debt ?
Protects from forced buying
Protects from forced sale
Reduces risk of no payment
100
what is needed if a licensee is a broker for more than one real estate company?
multiple licenses
one license
three licenses

2022 tsre Flashcards | StudBud