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