Is Cheyenne gonna pass this test?

Wanna be a dog? woof, i mean. :), Yeah, if she walks past it she's good., Mr.stark I don't feel so good, I've got a bad feeling about this.

Why is a social security number required to qualify for a real estate license?

Verification a person is up to date with child support

How is the secretary of the DBPR determined:

Appointed by the Governor and subject to state approval

What will happen to a Broker when money is taken out of the Real Estate Recovery Fund (not EDO)

Suspension of license until fund is reimbursed with interest

If belonging to the seller they are charged with another day

Which individual is exempt from real estate licensure?

Person appointed by the court to liquidate an estate

If an investment property is considered to lack liquidity, that means the property?

can not be sold off quickly at full price

Florida Statute prohibits any member of the Commission from serving more than how long?

Two consecutive four year terms

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Real Estate Class Exam

100 termsStudBud Administration2,213 plays

A #RealEstate quiz to test for the #final based off of Florida Real Estate Principles, Practices & Law.

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Questions 100

Answers

1
Which type of income is used to calculate a (GIM) Gross income multiplier?
Gross Annual Income
Net Monthly Income
Gross Monthly Income
Net Operating Income
2
The strip of land that separates one type of land use from another is?
Nonconforming use
Boundary
Buffer Zone
Easement
3
What is the most important part of the sales transaction that insures continued business
Finding the least expensive property
Assuring closing on time
Follow up
Closing Gift
4
To better estimate demand for dwelling space, experts will use __ as a basis for their analysis
The Houshold
Total Population Size
Average Family Size
Average Family Income
5
A licensee may hold more than one Florida Brokers License.
False
True
6
When someone is payed to apply for a loan using income and credit to deceive a lender this is ?
A Subordination Agreement
Straw Buyer
No Documentation Loan
Co-Signer
7
Which of the following characteristics is an advantage of real estate investments?
Requires active management
Need for property manager
IRS tax treatment
Market is local in nature
8
When filing for Homestead rights in Florida, a person is provided with?
Loss from personal debt
Complete tax exemption
Allows owner to retain the property despite not paying taxes
Ability to avoid loss due to mortgage default
9
The valuation product that banks of distressed properties and relocation companies use is
Appraisal
Comparative Analysis
Non Conforming Valuation Estimate
Broker's Price Opinion
10
Poor condition of a roof is considered __?
External Obsolescence
Economic Obsolescence
Functional Obsolescence
Physical Deterioration
11
What is an agreement reached when an penalty against a broker is decided by DRE for violations?
Informal Hearing
Writ of Supersedes
Stipulation
Stay of Enforcement
12
Encouraging owners to sell because a protected class or minority is moving in is referred to as
Blockbusting
Red;Omomg
Steering
Unethical but not illegal
13
Type of market value takes into consideration a individual's equity and income tax implications
Going Concern
Unique
Market
Investment
14
When buying from a seller, a buyer is warned to verify all information, this is called
Caveat Emptor
Lis Pendens
Constructive Notice
Eminent Domain
15
Is Cheyenne gonna pass this test?
Wanna be a dog? woof, i mean. :)
Yeah, if she walks past it she's good.
Mr.stark I don't feel so good
I've got a bad feeling about this.
16
Whether recovery from RERF is for the pubic or broker following a EDO, reimbursement is not for
Broker's Attorney Fees
Plaintiff's Attorney Fees
Punitive Damages
Defendant's Attorney Fees
17
Why is a social security number required to qualify for a real estate license?
Verification a person is up to date with child support
Proof of legality to work in U.S.
Track taxes
Screen for illegal aliens
18
If a seller decides to accept an original offer after submitting a counter, they keep the first
True
False
19
How is the secretary of the DBPR determined:
Appointed by the Former Secretary of the DBPR
Appointed by the Governor and subject to state approval
Appointed by the Florida association of realtors
Elected by the FREC
20
FHA guarantees loans and VA insures loans
True
False
21
Which legal instrument would contain the interest rate, loan amount, maturity date, and payment
Deed
Note
Closing statment
Lease
22
Calculated Interest Rate for an adjustable rate mortgage is determined by adding:
Index and Margin
Margin and Spread
Margin and Points
Prime Rate and Index
23
The rate of intangible tax on loans is 2 mills per $1 of debt
False
True
24
Government regulations that establish construction requirements are termed?
Building Codes
Master Plans
Health Ordinance
Zoning Regulations
25
Which board endorses uniform examinations for appraisal certification?
Neither A nor B
Both A & B
Appraisal Standards Board
Appraisal Qualifications Board
26
This type of lease is where the tenant pays a fixed rent plus property expenses.
Gross Lease
Variable Lease
Net Lease
Percentage Lease
27
Active duty members holding a real estate license may receive a Florida license by the process
Multiple Licenses
Mutual Recognition
Reciprocity
Dual Licensure
28
What section is located immediately north of Section 24?
13
19
25
23
29
The legal description that uses direction, distance and POB is the?
Lot and Block Method
Rectangular Method
Government Survey Method
Metes and Bounds Method
30
What must a general partner in real estate brokerage have in order to practice real estate?
Active Real Estate License
Active Sale Associate License
Active Broker's License
Business Broker's License
31
In 10 days of requesting a verification of an Escrow account, a broker must provide it
True
False
32
Planning commissions have final authority on special exceptions.
True
False
33
Marlene got an oooee fancy spa tub and is storing it in the garage, what type of property is it
Real Property
Either of the above
Personal Property
None of the above
34
Which of the following loans is classified as a non conventional loan?
Seller financing
Band financing held in portfolio
FHA mortgage loan
Credit union mortgage loan that assumes all the risk
35
How many days must be given to terminate a month to month tenancy at will?
30 days
10 days
7 days
15 days
36
What will happen to a Broker when money is taken out of the Real Estate Recovery Fund (not EDO)
Broker's license is suspended for 10 years
Broker is placed on probation
Suspension of license until fund is reimbursed with interest
Mandatory revocation of Brokers license
37
The day of closing:
Is always charged to the seller
Belonging to the buyer the seller's charged with another day
Is always charged to the buyer
If belonging to the seller they are charged with another day
38
F.S. 20 governs which branch of the government?
Legislative
All of the Above
Judicial
Executive
39
A sale associate has a duty of trust and confidence to a former broker and can't share info out
False
True
40
License Law requires all active Brokers to have
An escrow account
An entrance sign
A business checking account
A telephone listing
41
Unwritten law is commonly called:
Administrative Law
Promulgated Law
Statutory Law
Common Law
42
Which individual is exempt from real estate licensure?
Attorney charging a fee for negotiating a R.E. contract
Person selling new homes for a developer on commission
Leasing agent who is paid on a transnational basis
Person appointed by the court to liquidate an estate
43
Where may brokers place advance rent and security deposits?
Title Company or Attorney
Broker's Escrow Account
Surety Bond
Operating Account
44
What document must developers of 25 or more lots provide buyers with prior to signing?
Property Report
Declaration
Prospectus
Survey
45
If an investment property is considered to lack liquidity, that means the property?
is debt ridden
can not be sold off quickly at full price
represents substantial risk to the investor
has no access to public water supply
46
Florida Statute prohibits any member of the Commission from serving more than how long?
One two-year term
One four-year term
Two consecutive four year terms
Two consecutive two year terms
47
Which statute required that documents transferring interest in real estate must be in writing
Statute of Limitations
Statute 6112
Statute of Frauds
Statute 475
48
A fractional piece of land less than a full quarter acre is known as?
Block
Township
Government Lot
Check
49
Property taxes become lien on real property the first day of which month?
November
April
March
January
50
Who has the authority to issue citations?
DBPR, DRE & FREC
DBPR & FREC
DBPR &DRE
FREC & DRE
51
Zone R-1A typically refers to?
Railroad yards
Rural Areas
Single Family Dwellings
Light Industry
52
How much notice is required to terminate a week to week tenancy?
7 days
15 days
10 days
3 days
53
The practice of using 5-6 Model homes to sell houses in a subdivision is associated with?
Custom Building
Mass Market Building
Spec Building
Tract Building
54
A church is given what type of exemption from property taxes?
Partially
Exempt
Immune
None
55
What is the approximate yield to a lender who charges 5 points plus 3% interest?
3.625%
4.6%
3.5%
3%
56
The Commission may not impose the following disciplinary action against a licensee?
Impose an Administrative Fine
Jail Time
Revoke a License
Suspend a License
57
Which is the only estate that can be willed?
Joint tenants
Tenancy at will
Tenancy at will and tenants in common
Tenants in common
58
The result using land to results in the greatest value is referred to as?
Appraisal
Highest and Best Use
Situs
Green Belt Law
59
Which direction does Township lines run?
Depends of the section number
None of the above
East and West
North and South
60
When the Fed raises the discount rate, how will this affect interest rates on short term credit
Cause them to likely increase
Causing no effect due to the rate charged to borrowers
Causing no effect due to the fact that rate is for mortgage
Cause them to likely decrease
61
Real Property conveyed by the terms of a will is called?
Testatrix
Bequest
Devisee
Devise
62
Which of the following liens is a specific lien?
Vendor Lien
Judgement Lien
Estate Tax Lien
Income Tax Lien
63
The mortgage clause that prevents a buyer from assuming an existing mortgage is the?
Acceleration
Prepayment Penalty
Due on Sale
Right to Reinstate
64
Which statue addresses liens associated with brokerage agreements to lease commercial units?
Ch 475 Part 1
Ch 475 Part 2
Ch 475 Part 3
Ch 475 Part 4
65
This type of cost is calculated using similar materials resulting in equal utility as a subject
Insurance
Reproduction
Accounting
Replacement
66
This legal instrument is used to give constructive notice of a pending legal action:
Novation
Declaration
Lis Pendens
Estoppel
67
The statement that land is non-homogeneous refers to which characteristic of the market?
Real Estate is Unique
Real estate is immobile
The Market's slow to respond to change in supply & demand
Land is indestructable
68
Tax advantages of owning a home include deduction of hazard insurance expense on a residence
True
False
69
Settlement procedure where a buyer and seller submit to a third party who will issue a decision
Litigation
Arbitration
Meditation
Escrow Disbursement Order
70
A sales associate works for a developer wishes to sell at all locations, what license is needed
Dual License
Group License
Affiliates License
Multiple License
71
Brokers must retain agency disclosure notices for how many years, even is the contract fails?
5 years
10 years
3 years
1 year
72
It's OK under the Fair Housing Act for the Catholic Church to only admit members to their homes
True
False
73
Within how many days must a Broker notify FREC of conflicting demands regarding an EDO.
30 days
10 days
15 days
3 days
74
Per the statute of limitations, how many years is a parole contract valid?
2 years
3 years
4 years
5 years
75
How is interest on an assumed mortgage entered on the closing disbursement?
Credit Seller, Debit Buyer
Credit Buyer
Debit Seller, Credit Buyer
Debit Buyer
76
The earnest money is credited to the buyer
False
True
77
By what time frame must a real estate applicant request to review the latest state exam?
30 days
10 days
21 days
14 days
78
Which licensee is not required to complete the Post Licensing Education for Sales Associates?
Inactive Licensees
Non Resident Licensee
Attorney in good standing with the Bar.
4+ year degree in Real Estate
79
The Commission's power to promulgate administrative rules is part of it's?
Judicial Powers
Executive Powers
Quasi-Legislative Powers
Quasi-Judicial Powers
80
What must a licensee do when entering a plea of guilty to a crime in a state other than Florida
Only if the licensee ever applies for a broker's license
Must report guilty plea to DBPR within 30 days
Nothing because the crime was not committed in Florida
Nothing because the sales associate is already licensed
81
How are property taxes shown on a closing statement?
Credit to Seller
Pro-ration Debit to seller; Credit to buyer
Debit to Buyer
Pro-ration Debit to buyer; Credit to seller
82
What is the term for a property owner that does note reside on the property?
Absentee Owner
Non Resident Owner
Real Estate Licensee
Property Manager
83
The right to void a contract can not be waived in writing by the buyer regarding HAD
False
True
84
Licensees who engage in the sale, purchase, or lease of businesses are called:
Realtors
Business Associates
Business Brokers
Brokers
85
When a seller reserves the right to sell, and find their own buyer, this is called?
Exclusive Agency
Net Listing
Exclusive Right To Sell Listing
Open Listing
86
Which statue governs Homeowner Association Disclosure Law?
F.S. 120
F.S. 475
F.S. 720
F.S. 455
87
Building a Recycling plant across the street from your home would be considered which of these?
External obsolescence
None of the above
Physical deterioration
Functional Obsolescence
88
When he supply of apartments increase relative to demand, rent:
Remains Stable
Decreases
Becomes non competitive
Increases
89
What is the minimum cash investment for an FHA loan?
None of the above
3%
3.5%
20%
90
What is the maximum amount legal under CH 475 that a property manager can pay for a referral?
$200
$50
$100
It is illegal due to RESPA
91
Who is responsible for the overall management, leasing, marketing and maintenance of rentals?
Property Manager
Rental Agent
Owner
The Licensee
92
A restaurant owner is allowed to continue operations despite the change in zoning, this is ___?
Special Exception
Variance
Non Conforming Use
Commercial Permit
93
How much experience must a sale associate have before being able to take the Brokers exam (FL)
24 months under a broker or owner developer in any state
24 months under a broker in any state or nation
2 months under a broker in the state of Florida
18 months under a broker in the state of Florida
94
When a promissory note is executed, it becomes?
Conveyance of Interest in real property
Security for the debt
Legal Obligation of the creditor
Evidence of the debt
95
Recording a mortgage in the public records is an example of ___ notice.
Actual notice
Constructive notice
Legal notice
None of the above
96
Which property is considered special use?
Commercial strip center
Wheat farm
Apartments
City Park
97
When a contractor builds before securing a buyer, this construction is called?
Model Home
Spec Home
Custom Home
Tract Home
98
Which of the following documents must a buyer of a resale condominium receive?
Owners names and addresses
Prospectus
Estimated Operating Budget
Copy of Frequently Asked Questions
99
What is the purpose of the Due Diligence period when selling a business?
Coordinate Closing Date
Conduct a final walk through
Inspect the Financials
Secure Financing
100
How many members of FREC must have never held a real estate license?
4
5
2
1

Real Estate Class Exam Flashcards | StudBud