https:\/\/learnexams.com\/search\/study?query=<\/a><\/p>\n\n\n\nTemporary Incapacitation of license
mandatory suspension<\/p>\n\n\n\n
out of state broker receives a commission
cannot participate in the transaction<\/p>\n\n\n\n
city needs a new school, acquire land by
eminent domain<\/p>\n\n\n\n
All legal rights transferred (100%)
assignment<\/p>\n\n\n\n
Dual Agency
Representing both parties to a transaction. This is unethical unless both parties agree to it, and it is illegal in many states (Violation of Florida Statute 475<\/p>\n\n\n\n
Combining two or more parcels of land
assemblage<\/p>\n\n\n\n
Real Estate Recovery fund is funded by
fines and fees paid by licensees<\/p>\n\n\n\n
Riparian Rights
An owner’s rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.<\/p>\n\n\n\n
Broker hiding value of property
Could be charged with concealment<\/p>\n\n\n\n
If office is closed, reopened, in same license period
request a reissue- no fee<\/p>\n\n\n\n
real estate taxes are
Ad Valorem tax<\/p>\n\n\n\n
The four factors of production
land, labor, capital, and entrepreneurial ability<\/p>\n\n\n\n
Maximum number of years on FREC
no limit<\/p>\n\n\n\n
Land, improvements, interest and rights
Real Property<\/p>\n\n\n\n
Gross lease
Tenant pays a fixed rent and the landlord (Lesser) pays all property expenses<\/p>\n\n\n\n
To cure a defect or cloud on the title to a piece of property, the parties should:
quitclam deed<\/p>\n\n\n\n
Sales associate working for a broker
general agency relationship<\/p>\n\n\n\n
Brokers office
Building of stationary construction<\/p>\n\n\n\n
More than 1 active broker, 1 license revoked
no affect on other licenses<\/p>\n\n\n\n
Corporation registered to broker real estate
at least 1 officer licensed as an active broker<\/p>\n\n\n\n
Equal DUE rights, same or different deeds
Tenancy in common<\/p>\n\n\n\n
rental property is temporarily diminished
see temporary reduction of rent from court<\/p>\n\n\n\n
property to property with same utility
Principle of Substitution<\/p>\n\n\n\n
Broker refuses to pay a commission due
Charged with Failure to Account<\/p>\n\n\n\n
$50,000
Single judgement from Real Estate Recovery Fund<\/p>\n\n\n\n
Post-dated check
Legal- give to broker immediately<\/p>\n\n\n\n
Business known as a company
is a corporation for profit<\/p>\n\n\n\n
Broker represents as escrow agent
Buyer and seller<\/p>\n\n\n\n
Expert knowledge by RE licensees
Valuation, Marketing, Property Transfer<\/p>\n\n\n\n
Financial protection due to defective title
Title insurance<\/p>\n\n\n\n
1 bath in a 4 bed home
functional obsolescence<\/p>\n\n\n\n
Least effective method of the FED Reserve
Changing the discount rate<\/p>\n\n\n\n
Seeking testimony from a witness
Administrative law judge will subpoena<\/p>\n\n\n\n
Tenant in property with temporary agreement
Tenancy at will<\/p>\n\n\n\n
Cannot comply with legal instructions
Withdraw from the transaction<\/p>\n\n\n\n
Developer conveys ownership-streets etc.
Dedication<\/p>\n\n\n\n
Deed Promise- no hostile claims made
Warrant of quiet enjoyment<\/p>\n\n\n\n
In closing statement title insurance
not prorated<\/p>\n\n\n\n
No brokerage relationship
Customer refused representation<\/p>\n\n\n\n
sales associate leaves broker and joins another
must obtain a reissue of license with new broker<\/p>\n\n\n\n
Chairperson of FREC powers
Executive<\/p>\n\n\n\n
Issued by owner-employer multiple location
Group license<\/p>\n\n\n\n
Lien Theory State
Title held by mortgagor (borrower)<\/p>\n\n\n\n
Most important factor for investment
economic soundness<\/p>\n\n\n\n
expenses of buyer\/seller to 3rd party
On closing statement, entered a debits<\/p>\n\n\n\n
Joint Tenancy
Possession, interest, time & title (PITT)<\/p>\n\n\n\n
Inducing to list\/sell – minorities moving in
Blockbusting<\/p>\n\n\n\n
Policy and procedures manual
Helpful but not required by law<\/p>\n\n\n\n
Brokers disagree on amount of commission
Retain exact amount is the escrow account<\/p>\n\n\n\n
Cannot register to broker real estate
Corporation Sole, Co-op Assoc, business trust<\/p>\n\n\n\n
To obtain a listing
must have an active license<\/p>\n\n\n\n
Person with power of attorney
Attorney- in- fact<\/p>\n\n\n\n
Licensed sales associate
paid only by his\/her broker<\/p>\n\n\n\n
Landlord posts a surety bond
May commingle security deposits<\/p>\n\n\n\n
Investigator for DBPR sees minor violation
Usually issues a notice of noncompliance<\/p>\n\n\n\n
Get listings from a particular neighborhood
Farming<\/p>\n\n\n\n
Licensee advertised property in own name
Must own the actual property<\/p>\n\n\n\n
Evidence of merchantable title
the seller is usually responsible<\/p>\n\n\n\n
Sales Associate did not complete 45 hours post license
license status is void<\/p>\n\n\n\n
Agreement to rent for a specified period of time
Tenancy for years<\/p>\n\n\n\n
Ownership one unit in multi-unit complex
Condominium<\/p>\n\n\n\n
No license, act as a broker, get commission
DBPR can subpoena, cease and desist, fine<\/p>\n\n\n\n
Losing title by failing to recoprd deed
Estoppel<\/p>\n\n\n\n
Real estate securities
DPP containing a flow-through of tax<\/p>\n\n\n\n
PUD zoning
Cluster zoning, Zero lot lines<\/p>\n\n\n\n
Multiple brokers establishing comm rates
violation of Sherman-Clayton Anti-Trust act<\/p>\n\n\n\n
Functional Obsolescence
Over improved property<\/p>\n\n\n\n
share office space without separate status
Ostensible partnership<\/p>\n\n\n\n
broker doubt about entitlement of escrow
notify FREC in writing<\/p>\n\n\n\n
type of business dollars from in community
service business<\/p>\n\n\n\n
complaint filed- probable cause found
formal complaint filed<\/p>\n\n\n\n
Bill of Interpleader
Inform the court-no claim rights to a deposit<\/p>\n\n\n\n
Owner- employers
Registered, but not licensed<\/p>\n\n\n\n
Operate in excessively reckless manner
Culpable negligence<\/p>\n\n\n\n
Church constructed in residential area
may be a special exception to zoning ordinance<\/p>\n\n\n\n
Real Estate Market
local in nature<\/p>\n\n\n\n
A valid real estate sale contract
offer and acceptance is communicated<\/p>\n\n\n\n
No license- working in on-site leasing office
paid on a salary basis only<\/p>\n\n\n\n
right to buy, fixed price, specified time
Option Contract<\/p>\n\n\n\n
To direct a sales force or advertise
must have an active brokers license<\/p>\n\n\n\n
to receive a commission
Must be licensed- Marry commission\/license<\/p>\n\n\n\n
Unlicensed person acting as a broker
May get $5000 fine & imprisonment to 5 years<\/p>\n\n\n\n
Generates greatest return on land
Highest and best legal use<\/p>\n\n\n\n
Declaratory decree
inform the court- entitled to deposit<\/p>\n\n\n\n
Earnest money depositories
Title company, banks, S&L, credit unions in Fl<\/p>\n\n\n\n
Seller financing on investment property
no down payment required<\/p>\n\n\n\n
Payment made from Real Estate Recovery Fund
License suspended till reimbursed and interest<\/p>\n\n\n\n
Guilty of violation of rules of FREC
reprimand, suspension, revocation<\/p>\n\n\n\n
Murder-suicide occurred in house
not a material fact for disclosure<\/p>\n\n\n\n
Brokerage partnership- all provide Real estate service
All partners licensed as a active broker<\/p>\n\n\n\n
Real Estate Brokerage Sign
name of broker plus “licensed real estate broker”<\/p>\n\n\n\n
License expired on March 31st- no action
Status of April 1st – involuntary inactive<\/p>\n\n\n\n
FI and federal telephone solicitations
not permitted prior to 8 am\/after 9 pm<\/p>\n\n\n\n
Restricted amount of yearly tax increase
Save our Homes Act<\/p>\n\n\n\n
A fence over a property line of another
Encroachment<\/p>\n\n\n\n
Indicator for stability in residential area
vacancy rate<\/p>\n\n\n\n
contractor builds to owner’s specifications
custom building<\/p>\n\n\n\n
FREC adopts rules and regulations
Quasi-legislative power<\/p>\n\n\n\n
Statute of Frauds
must be in writing to be enforceable<\/p>\n\n\n\n
appraiser’s term “price”
the amount received in a transaction<\/p>\n\n\n\n
Prima facie evidence in court
Possession of current & valid license<\/p>\n\n\n\n
Law informing of all settlement cost
Real Estate Settlement Procedures Act<\/p>\n\n\n\n
Amount of commission a broker charges
agreement between broker and employer<\/p>\n\n\n\n
FHA mortgage loans
may be prepaid without penalty<\/p>\n\n\n\n
line described as “north 90 degrees East”
runs east and west<\/p>\n\n\n\n
changes to property for ADA (disabilities act)
must be economically feasible<\/p>\n\n\n\n
license involuntary inactive status
2 years<\/p>\n\n\n\n
Township directly west of T28S, R19E
T28S, R18E<\/p>\n\n\n\n
Interest 10%, 6 discount points
effective rate 10.75%<\/p>\n\n\n\n
multiple offers on a property
present all offers, disclose all details<\/p>\n\n\n\n
Veterans Administrative loan
honorable discharge, owner occupied, certificate<\/p>\n\n\n\n
Special assessment liens
add value to the property<\/p>\n\n\n\n
Document received after final mortgage payment
Satisfaction of mortgage<\/p>\n\n\n\n
Statute for time periods to file suit
Statute of limitations<\/p>\n\n\n\n
Property Management growth
due to absentee ownership<\/p>\n\n\n\n
Investigator for the DBPR
files a report to the DBPR, only facts<\/p>\n\n\n\n
list house w\/ 1 broker and has right to sell
exclusive listing<\/p>\n\n\n\n
Zoning based on density
residential<\/p>\n\n\n\n
to appeal final order of FREC
File petition of review with District Court of Appeal<\/p>\n\n\n\n
interest rate on FHA loan
negotiated<\/p>\n\n\n\n
option contract w\/no definitie valuable consider
void<\/p>\n\n\n\n
real property allodial system
private citizens right to own land<\/p>\n\n\n\n
intangible tax on new mortgage
buyers responsibility<\/p>\n\n\n\n
special agent
perform a single act for the principal<\/p>\n\n\n\n
insufficient money for pay off after foreclosure
deficiency judgement<\/p>\n\n\n\n
appraisal approach for failing business
liquidation value<\/p>\n\n\n\n
default in mortgage, prior to foreclosure
redeem with equity of redemption<\/p>\n\n\n\n
township contains
6 miles square & contains 36 square miles<\/p>\n\n\n\n
damages not specified in a contract
unliquidated<\/p>\n\n\n\n
after a period of suspension
licensee must have the licesnse reissued<\/p>\n\n\n\n
an estate by the entireties after divorce
tenancy in common results<\/p>\n\n\n\n
property taxes on a closing statement
debits to seller and credit to buyers<\/p>\n\n\n\n
A broker employed by another broker.
Broker associate<\/p>\n\n\n\n
appraiser using comparable sales approach
considers market conditions<\/p>\n\n\n\n
excessive money after foreclosure belongs
in lien theory is paid to the mortgagor<\/p>\n\n\n\n
primary reference point metes and bounds
initial reference point<\/p>\n\n\n\n
broker is broker of 2 or more corporations
request multiple license<\/p>\n\n\n\n
construction mortgage loans are dispersed
in draws<\/p>\n\n\n\n
amount of loan, term, interest and payments
specified in the promissory note<\/p>\n\n\n\n
3rd party holds title as security
Deed of Trust<\/p>\n\n\n\n
sales associate dealing with brokers principle
same fiduciary relationship as broker<\/p>\n\n\n\n
limited broker partnership
1 plus general partner and 1 or more limited partners<\/p>\n\n\n\n
Section 3 sections west of section 11
8<\/p>\n\n\n\n
Cost-depreciation approach
Principle of substitution<\/p>\n\n\n\n
appraisal for a profitable business
Going Concern value<\/p>\n\n\n\n
FHA
insures loans<\/p>\n\n\n\n
terms and conditions inferred in a contract
Implied contract<\/p>\n\n\n\n
not included the income capitalization approach
mortgage payments (annual debt service)<\/p>\n\n\n\n
with an itemized Fed tax return-deductions
mortgage interest and real property taxes<\/p>\n\n\n\n
1st step- city establish property tax rate
Estimate a budget<\/p>\n\n\n\n
only first degree misdemeanor
violation of rental list and information<\/p>\n\n\n\n
2 or more businesses combine their efforts
Joint venture<\/p>\n\n\n\n
hypothecation
the pledge of property as security for a loan<\/p>\n\n\n\n
real estate brokerage corporation revokes by FREC
All licensees license-involuntary inactive<\/p>\n\n\n\n
Sales Associate wants to become a broker
License under broker\/brokers for 2 years<\/p>\n\n\n\n
Limited partnership brokerage requires
1 or more general partner and 1 or more limited partner<\/p>\n\n\n\n
DBPR denied license- applicants rights
reason in writing and right to a formal hearing<\/p>\n\n\n\n
Consumer credit cost disclosure act
inform the true cost of credit<\/p>\n\n\n\n
FDIC
Federal agency regulating savings and loans<\/p>\n\n\n\n
basic accounting formula
Assets= liabilities + owners equity<\/p>\n\n\n\n
legal rights to enter upon another’s property
easement<\/p>\n\n\n\n
new listing contracts
principle must get a copy within 24 hours<\/p>\n\n\n\n
Acceleration Clause (in a mortgage)
balance due and payable based on default<\/p>\n\n\n\n
type of market real estate is bought\/sold
Free<\/p>\n\n\n\n
instructed not to show property to minorities
Violation of 1968 civil rights act if followed<\/p>\n\n\n\n
Real estate licensee performs an appraisal
When NOT used in federally related transaction<\/p>\n\n\n\n
FHA Section 234(c) Condominiums
loans for a single unit condominium<\/p>\n\n\n\n
designated “V” flood hazard
flood insurance is mandatory<\/p>\n\n\n\n
The purpose of the Florida Statute 475
protect the public<\/p>\n\n\n\n
how many members of FREC
7<\/p>\n\n\n\n
step 2 for protesting appraised value
protest to the value adjustment board<\/p>\n\n\n\n
broker makes available for inspection of DBPR
escrow account records<\/p>\n\n\n\n
least accurate method of describing property
monument method<\/p>\n\n\n\n
mortgage brokers do what to loans
arrange them<\/p>\n\n\n\n
immediate and serious danger to the public
DBPR issues a summary suspension<\/p>\n\n\n\n
type of risk- income lower than expected
operating business risk<\/p>\n\n\n\n
Constitutional Homestead Rights
within city 1\/2 acre, not within 160 acres<\/p>\n\n\n\n
planning commission’s primary purpose
implement the comprehensive plan<\/p>\n\n\n\n
demand for real estate is related to
availability of credit<\/p>\n\n\n\n
rights of rescission condo
new 15 days, resale 3 business days<\/p>\n\n\n\n
lease is less than 100% during your lease time
sublease<\/p>\n\n\n\n
intangible asset that has market value
goodwill<\/p>\n\n\n\n
right of rescission time-share
10 days<\/p>\n\n\n\n
only legally necessary clause in deed
premises clause<\/p>\n\n\n\n
warrant of seisin
claim of ownership by the grantor<\/p>\n\n\n\n
superior liens
real estate taxes, special assessment, and federal lien<\/p>\n\n\n\n
only lien that can take priority over other
Junior lien- the mechanic’s lien<\/p>\n\n\n\n
laissez-faire concept of government plan
competition and profit should prevail<\/p>\n\n\n\n
cost recovery is permissible tax deduction
commercial and investment property<\/p>\n\n\n\n
clause in deed that conveys legal rights
habendum clause<\/p>\n\n\n\n
operating expense ratio
oe\/egi = oer (operating expense\/effective gross income= Operating Expense Ration<\/p>\n\n\n\n
Calculate acreage in a parcel
key info is bottom number multiplied and then divide into 640 (acres)<\/p>\n\n\n\n
Legal rights transferred to another person
assignment<\/p>\n\n\n\n
margin
will remain constant<\/p>\n\n\n\n
doc stamp on deed (math)
divide by 100= tax units (round up) x $.70<\/p>\n\n\n\n
Mortgage Amortization
principle balance x rate divided by 12 =<\/p>\n\n\n\n
in a township
numbering from 1-36 starting at top right and going left weaving back and forth<\/p>\n\n\n\n
1 acre
43,560 square feet<\/p>\n\n\n\n
1 section contains
640 acres<\/p>\n\n\n\n
1 mile is
5,280 feet long<\/p>\n\n\n\n
Area of a triangle
(Base x Height) \/ 2<\/p>\n\n\n\n
construction
court’s interpretation of a contract<\/p>\n\n\n\n
Gross rent multiplier
Sales price divided by the monthly gross rent<\/p>\n\n\n\n
Residential transaction
4 units or less<\/p>\n\n\n\n
Agricultural transaction
10 acres or more<\/p>\n\n\n\n
A transactions broker
provides limited representation to both parties<\/p>\n\n\n\n
Single agency relationship
only one that establishes fiduciary relationship<\/p>\n\n\n\n
The relationship that is not adversarial
fiduciary<\/p>\n\n\n\n
Broker must maintain records
not less than 5 years<\/p>\n\n\n\n
escrow funds
both the buyer and seller<\/p>\n\n\n\n
freehold
ownership<\/p>\n\n\n\n
Appurtance
“Runs with the land”<\/p>\n\n\n\n
Adverse Possession
A person takes possession & use of a property belonging to another. Possession must be open, notorious, hostile & uninterrupted for a certain period of time.<\/p>\n\n\n\n
Not a government restriction on property<\/p>\n\n\n\n
Mortgage
Voluntary lien<\/p>\n\n\n\n
caveat emptor (‘let the buyer beware’)
Means that the buyer or his representative should check the records for any problems and physically examine the property to make sure everything is okay.<\/p>\n\n\n\n
Fee Simple Estate (Absolute)
Freehold state “bundle of rights”<\/p>\n\n\n\n
Escheat
The state takes property upon an owners death if there is no will & no heirs exist.<\/p>\n\n\n\n
light fixtures
Considered real property<\/p>\n\n\n\n
garage door opener
Considered a fixture- constructive annexation<\/p>\n\n\n\n
Frec Florida Real Estate Commission
Power to grant, deny, suspend and revoke registrations<\/p>\n\n\n\n
Attachment
The seizing of property by court order as security for debt or judgment<\/p>\n\n\n\n
Defeasance Clause
When the loan is paid the mortgage is void<\/p>\n\n\n\n
Regulation Z (Truth in Lending)
Requires lenders to disclose to buyers the true cost of obtaining credit so that the borrower can compare the costs of various lenders.<\/p>\n\n\n\n
Deficiency Judgment
Mortgages debt that remains due by the borrower after the share or sale of property<\/p>\n\n\n\n
Purchase Money Mortgage
Buyer receives the deed to the property on the day of closing<\/p>\n\n\n\n
Alienation Clause
Due on sale – mortgage become due when property is transferred<\/p>\n\n\n\n
Title Insurance Company
Negotiated by both buyer and seller<\/p>\n\n\n\n
Sale price is
Market price<\/p>\n\n\n\n
Option Agreement
unilateral contract<\/p>\n","protected":false},"excerpt":{"rendered":"
Florida Real Estate Exam Prep (Latest 2023\/ 2024 Update) Questions and Verified Answers| 100% Correct| Grade A Florida Real Estate Exam Prep (Latest 2023\/2024 Update) Questions and VerifiedAnswers| 100% Correct| Grade AQ: Broker hiding value of propertyAnswer:Could be charged with concealmentQ: If office is closed, reopened, in same license periodAnswer:request a reissue- no feeQ: real […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-131204","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/131204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=131204"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/131204\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=131204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=131204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=131204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}