What must a licensee do when entering a plea of guilty to a crime in a state other than Florida

Must report guilty plea to DBPR within 30 days

Which of the following documents must a buyer of a resale condominium receive?

Copy of Frequently Asked Questions

How are property taxes shown on a closing statement?

Pro-ration Debit to buyer; Credit to seller

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

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

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

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Real Estate Class Exam

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

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