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Kelly's Blue Highlights Flashcards | StudBud
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Kelly's Blue Highlights
Kelly's Blue Highlights
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Exactly what the title says. Studying for the Real Estate course exam.
Flashcards
99 cards
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Practice quiz
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Host live
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Questions
99
Answers
1
Chapter 475, the Real Estate Professional Practice Act, Part IV, pertains to _____.
Real estate appraisers
Real estate brokerage
Broker lien rights for earned commission
Broker lien rights for earned commission on a lease
2
State documentary stamp tax on promissory notes is entered as a ____ to the buyer.
Credit
Debit
3
How do you accomplish constructive (legal) notice?
Recording a document in the public records
Posting it on your blog
Signing a document with your ink or e-signature
Shouting it to the world
4
T/F: VA loans do not have a due-on-sale clause, so they are assumable.
True
False
5
At the end of a formal hearing, what happens?
The respondent submits a stipulation
The law judge writes a final order
The case proceeds to an informal hearing
The law judge submits a recommended order to FREC
6
What is the deposit timeline for a postdated escrow check?
"Immediately" when the check becomes current
There is no exact timeline
On the exact day the check becomes current
Within 30 days of when the check becomes current
7
How many years must brokers retain brokerage relationship disclosures?
5
10
Forever
20
8
Monthly PITI plus PMI divided by monthly gross income = ?
Housing Expense Ratio
Conventional Mortgage Rate
Total Obligations Ratio
Interest Rate
9
T/F: Sellers are required to test for lead-based paint if the buyer requests it.
False
True
10
Which of the following deeds contains a covenant of further assurance?
Special Warranty deed
General Warranty deed
Bargain and Sale deed
Quitclaim deed
11
What's the acronym to help you remember the 4 duties that apply only to single agency relationships?
COLD
CORN
CRAB
COPY
12
How many FREC members are there?
6
5
4
7
13
______ is a professional service used to maintain and manage property on behalf of property owners.
Real estate management
Property management
Owner management
Real estate
14
What contracts are licensees able to assist buyers and sellers with?
Option contracts
Buyer brokerage agreements
All of the above
Listing agreements/sale and purchase contracts
15
What does "caveat emptor" mean?
"Cancellation of exemptions"
"Let the buyer beware"
It's a fancy type of wine
"Hands off my body"
16
Chapter 475, the Real Estate Professional Practice Act, Part III, pertains to _____.
Real estate brokerage
Real estate appraisers
Broker lien rights for earned commission
Broker lien rights for earned commission on a lease
17
______ is a gift of real property.
Devise
Testatrix
Testator
Bequest
18
What is the covenant of seisin in a deed?
A covenant of the bible quoted on every deed in the US
A promise that the grantor owns the property & has the right to transfer it
It states the grantor's intention to transfer title
It defines the bundle of legal rights to a life estate
19
Chapter 475, the Real Estate Professional Practice Act, Part II, pertains to _____.
Real estate appraisers
Real estate brokerage
Broker lien rights for earned commission on a lease
Broker lien rights for earned commission
20
____________ requires contracts conveying an interest in real property related to 1 year to be in writing.
Statute of Contracts
Statue of frauds
Statute of limitations
Statute of Writing
21
What must be ontained before accepting a postdated escrow check?
The bank's approval
All of the above
The broker's approval
The seller's approval
22
_______ is when a state has comprable education and experience requirements.
Mutual recognition agreements
Mutuality
Real Estate Exchanges
Mutual recriprocity agreements
23
What is Florida Statute 120 about?
Disciplinary processes
FREC rules
DBPR rules
All of the above
24
What prevents buyers from assuming the existing mortgage?
A lien clause
A due-on-sale clause
A mortgage saving clause
A caveat emptor clause
25
What is a notice of noncompliance?
DBPR issues it for serious offenses
DBPR issues it for a first time minor violation
A notice for being awesome
The first step to supsending a license
26
What is a group license?
A license given to a brokerage who qualifies as more than 1 business entity
The right of a realtor to form a specific team
A special type of license only brokerages can obtain
When an owner-developer owns multiple properties and its associates sell
27
T/F: As soon as you pass the test, you can start working even if a broker hasn't hired you.
True
False
28
A landlord has to do
what
within 30 days of a tenant vacating the premises?
Notify the tenant of intentions ot impose a claim on the deposit
Return their security deposit
Post a new rental listing
File an eviction with court
29
What kind of license do you need to sell or lease business opportunities?
Business Opportunity License
Brokerage license
Active Real Estate License
None
30
T/F: As soon as you pass the test, you can start working even if DBPR hasn't recorded your brokerage.
False
True
31
A _____________ is an interest in real property that a tenant possesses.
rental notice
reversion estate
leasehold estate
rental estate
32
T/F: An offer is terminated when a counteroffer is made. (The counteroffer nullifies the original offer).
False
True
33
What about Owner's Policy title insurance is TRUE?
All of the above
It is not transferable to another owner
It is issued for the total purchase price of the property
It helps protect the new owner against risks
34
How many days does a licensee have to respond to a notice of noncompliance?
15 days
30 business days
7 days
3 business days
35
What is the cost of doing business plus profit called?
Revenue
Total Expenses
Margin
Profit
36
Who retains title to the propery in a Lien Theory State?
The borrower
The government
The lender
The President of Liens
37
Which one is a third degree felony?
Not liking cats
Faililng to provide accurate rental information for a fee
False advertising
Providing real estate services without an active license
38
What is added to the margin to give you interest rate?
Index
PITI
Profit
Margin
39
What is the primary purpose of Owner's Policy title insurance?
To protect the seller
To protect the buyer
40
A _____________ is what the landlord possesses when the tenant has a leasehold estate.
leasehold estate
rental estate
rental notice
reversion estate
41
It is unlawful for a licensee to pay an unlicensed person for performing real estate services, EXCEPT ____________.
giving a $50 referral fee for apartment tenants
giving referral fees to friends and family
giving a $100 referral fee to apartment tenants
All of the above are acceptable
42
_________ is "worldly goods"
Bequest
Testatrix
Testator
Devise
43
The Lead-Based Paint Hazard Reduction Act Requires what for buying or selling pre-1978 housing?
Give the buyers a pamphlet about the dangers of lead-based paint
Give buyers a 10-day period to conduct an inspection
All of the above
Disclose the presence of lead-based paint in properties builit before 1978
44
A _______'s maximum penalty is 1 year in prison or $1,000.
2nd degree misdemeanor
3rd degree misdemanor
1st degree misdemeanor
3rd degree felony
45
The Interstate Land Sales Full Disclosure Act (ISLA) is administered by ______.
Elsa and Anna
FREC
The Consumer Financial Protection Bureau
DBPR
46
If DBPR has to issue a license without the person taking the prelicense class or exam, that person's state had ______.
Military benefits
Fingerprinting
Reciprocity
All of the above
47
I really don't know how to make questions for this so just make sure you study chapter 10 on the grid system stuff ok?
Cats
Okeeee
Yes ma'am
No
48
Kuzco, the government, takes your house away to use it as a [public] swimming pool. He has the power to do this through:
Taxation
Easements
Police power
Eminent Domain
49
T/F: If you have a 4 year real estate degree, you are exempt from post-licenseing.
True
False
50
T/F: The escrow deposit timeline is the same for both sale and rental escrow checks.
False
True
51
What entities do you need to send your fingerprints to for licensing? (There are 2 ans but i dont have quiz premium)
Department of Home Security
Florida Department of Law Enforcement (FDLE)
FBI
CIA
52
When selling rentals, any rental income collected in advance belongs to the new _____ as of the date of closing.
Seller
Tenant
Cat
Buyer
53
What requires that buyers have an option for energy-efficiency rating to see if they qualify for a special mortgage?
Energy Efficiency Disclosure Act
Energy Efficiency Rating Act
Engery Savings Act
People are Broke Act
54
Unpaid property taxes appear as _____ to the buyer and _____ to the seller.
Debit, credit
Debit, debit
Credit, credit
Credit, debit
55
Where do brokers have to display their official sign?
Interior only is acceptable
Exterior only is acceptable
Either interior or exterior of the entrance to their office
The entrance to the building as well as the street corner
56
A landlord has to do
what
within 15 days of a tenant vacating the premises?
Notify the tenant of intentions ot impose a claim on the deposit
Post a new rental listing
File an eviction with court
Return their security deposit
57
A licensee who has been involuntary inactive for more than 12 months needs to take ______ hours of CE.
42
14
28
0
58
T/F: Brokers should retain files of properties that have failed to close.
True
False
59
Of the 7 FREC members, 1 must be ________.
Active brokers with no experience requirement
Consumer members
Active sales associates or broker associates (2 years experience)
Active brokers with 5 years active
60
What is to use or misuse of client/customer money?
Commingle
Conversion
Concealment
Cuplable negligence
61
Which of the following is an example of a material defect? (HINT-- Remember it's "not readily observable")
The insluation in the attic is old
Snoop Dogg lives in the basement
The couch is on fire
The sink is exploding
62
What will the Real Restate Recovery Fund reimburse people for?
attorney's fees
compensatory (actual) damages
punitive damages
court costs
63
Do you know how to do the Discount Point Calculations from Chapter 12?
I don't remember
I'm just here for snacks
Hell no
Yes
64
What is "Interval" time-share ownership?
All of the above
Ownership in specific time increments
A deeded interest time-share
It allows buyers to purchase a fractional interest in a unit
65
How long do you have to live in Florida to be defined as a FL resident?
6 continuous months
4 non continuous months
6 noncontinuous months
4 continuous months
66
What must be displayed at real estate offices and other businesses involved in the housing industry?
The language of the Civil Rights Act of 1968
The Equal Housing Opportunity Poster
Clear brokerage signage
An "I love cats" poster
67
Developers who sell or lease raw land (lots) must register _____________ with the CFPB before offering lots in commerce.
a full list of their developing services
subdivisions of 100 or more lots
subdivisions of 100 or fewer lots
the amount of lots they own
68
A _____ contract is one that courts will enforce.
Enforceable
Unenforceable
Voidable
Void
69
The power of FREC to enact rules and bylaws is known as ________ powers.
Quasi-executive
Quasi-legislative
Quasi-judicial
Executive
70
What is NOT an example of a fixture to real estate propety? (Classified legally as part of the real property)
A bathtub
A toilet
A dining room table
A patio
71
Which of the following IS recorded to establish constructive notice?
Mortgages
IOU notes
Leases
Sale contracts
72
T/F: A notice of noncompliance involves a hearing from FREC.
False
True
73
The Fair Housing Act does not protect individuals based on age, as well as _____________.
Occupation
All of the above
Sexual Orientation
Marital Status
74
Which of the following offers the MOST protection to the buyer?
General Warranty deed
Special Warranty deed
Quitclaim deed
Bargain and Sale deed
75
Do you know how to calculate the rent owed for a varilable lease?
I need to study that...
What is that again?
Yes
No
76
What are the actions undertaken by the Federal Reserve to influence money known as?
Straw selling
Monetary processes
Monetary policy
Straw buying
77
Only a __________ can draft a rental agreement.
Sales associate
Broker
Broker associate
FL attorney
78
Kelly the sales associate gets an escrow check on Tuesday. What day must the BROKER deposit the check?
Tuesday
Monday
Friday
Thursday
79
Licensees who receive a citation have 30 days to ________.
File a written response
Pay the fine
Call DBPR and respond
Appear in court
80
Of the 7 FREC members, 4 must be ________.
Active brokers with no experience requirement
Active sales associates or broker associates (2 years experience)
Active brokers with 5 years active
Consumer members
81
An unlicensed assistant can do all of the following EXCEPT ________.
Conduct an open house on behalf of the associate
Place phonecalls for late rent payments
Write ads for the approval of the licensee and broker
Assemble documents for closing
82
What responsibilities do ALL brokerage relationships owe to their customers/clients?
Deal honestly and fairly
All of the above
Account for all funds
Disclose all known facts that affect the value of residential property
83
What is the correct order of the three general phases of development and construction?
Subdividing and development, recording the plat map, land acquisition
Land acquisition, recording the plat map, subdividing and development
Recording the plat map, land acquisition, subdividing and development
Land acquisition, subdividing and development, and recording the plat map
84
Of the 7 FREC members, 2 must be ________.
Active sales associates or broker associates (2 years experience)
Consumer members
Active brokers with no experience requirement
Active brokers with 5 years active
85
Deposits and advanced rent funds must be deposited within what timeline?
Same timeline as responding to a notice of noncompliance (within 15 days)
I can't think of another answer sorry
Their own specific timeline (within 13 days)
Same timeline as escrow funds (end of the 3rd business day)
86
What is price-fixing?
Adjusting the price of a listing to reflect depreciation
When brokers split up the competitive market areas
When competing brokers conspire to establish a standard commission rate
When the president fixes the prices of everything
87
Make sure you know how to do the property tax math stuff from Chapter 13 okay?
No :)
Um ok
Sure
Nah
88
Is there any age requirements for the FREC?
Yes: at least 1 member must be 55+
Yes: you must be 55+
Yes: at least one member must be 60+
No
89
If a licensee does not dispute a citation, then it becomes ___________.
Inactive
An Effective Final Order
Null and void
The broker's responsibility
90
Does the statute of frauds apply to a 180 day listing agreement?
Yes because it is related to property
Yes because it is an agreement
No because it is not covered by the statute topics
No because it's less than 1 year
91
A _____ contract only obligatees one party; there is no obligation to the other party.
Unilateral
Bilateral
Option
Solo-lateral
92
Mutual recognition agreements apply EXLUSIVELY to _______.
Nonresidents licensed in another jurisdiction
Nonresidents
Residents
Residents licensed in another jurisdiction
93
Chapter 475, the Real Estate Professional Practice Act, Part I, pertains to _____.
Real estate appraisers
Broker lien rights for earned commission
Broker lien rights for earned commission on a lease
Real estate brokerage
94
Oral contracts are enforceable within ___ years of the contract.
4
3
2
1
95
T/F: Licensees are allowed to draft/write deeds.
True
False
96
Where is the scope of the work of a property management detailed in?
The compensation structure
State statutes
The rental agreement
The management agreement
97
T/F: If you have a 4-year real estate degree, you are exempt from the state exam.
False
True
98
A _______'s maximum penalty is 5 years in prison or $5,000.
1st degree misdemeanor
3rd degree felony
3rd degree misdemanor
2nd degree misdemeanor
99
The ________________ is when the grantor promises to sign and deliver anything required to make the title good.
Covenant of quiet enjoyment
Covenant of further assurance
Convenant of seisin
Covenant against encumbrances
