{"id":131208,"date":"2024-01-06T11:03:11","date_gmt":"2024-01-06T11:03:11","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=131208"},"modified":"2024-01-06T11:03:13","modified_gmt":"2024-01-06T11:03:13","slug":"florida-real-estate-exam-latest-2023-2024-update-questions-and-verified-answers-100-correct-grade-a","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2024\/01\/06\/florida-real-estate-exam-latest-2023-2024-update-questions-and-verified-answers-100-correct-grade-a\/","title":{"rendered":"Florida Real Estate Exam (Latest 2023\/ 2024 Update) Questions and Verified Answers| 100% Correct| Grade A"},"content":{"rendered":"\n<p>Florida Real Estate Exam (Latest 2023\/ 2024 Update) Questions and Verified Answers| 100% Correct| Grade A<\/p>\n\n\n\n<p>Florida Real Estate Exam (Latest 2023\/ 2024<br>Update) Questions and Verified Answers|<br>100% Correct| Grade A<br>Q: Florida Real estate sales associates that desire to become brokers must wait <em><br><strong>before taking the state exam.<br>Answer:<br>one year<br>Q: A tenant in an apartment complex may recieve up to for refferal of a new tenant for<br>the same complex.<br>Answer:<br>$50<br>Q:<\/strong> <strong><em>_<\/em><\/strong><\/em> education must be completed during the initial sales associates&#8217;s license<br>period.<br>Answer:<br>Post Licensing<br>Q: Owner-employers of licensed real estate sales associates are allowed to pay them:<br>a. on a salary basis only<br>b. on a commision basis only<br>c. a commission , but not a bonus<br>d. a commission or salary<\/p>\n\n\n\n<p>Answer:<br>d. a commission or salary<br>Q: To qualify for a real estate broker&#8217;s license, an applicant must have been employed for a<br>minimum of:<br>a. 6 months under one actively licensed broker<br>b. 12 months under one actively licensed broker<br>c. 12 months under 1 or more actively licensed brokers<br>d. 6 months under 1 or more actively lisenced broker<br>Answer:<br>c. 12 months under 1 or more actively licensed brokers<br>Q: How many hours of postlicense education are required to renew a brokers license?<br>Answer:<br>60 hours<br>Q: How long can an voluntary inactive licencee remain in that lisence status?<br>Answer:<br>indefinately<br>Q: The agreement the state of Florida has w\/ some other states that recognises the similarity in<br>education and experience required of licencees is called:<br>a.reciprocity<\/p>\n\n\n\n<p>b. mutual recognition<br>c. cooperative licensure<br>d. intrastate licensing<br>Answer:<br>b. mutual recognition<br>Q: A plumber has been appointed by a court to appraise a small business. The plumber\u2026\u2026.<br>a. is in violation of F.S. 475<br>b. is allowed to charge a commission<br>c. may do so and be paid a fee<br>d. must first be licensed under F.S. 475, Part II<br>Answer:<br>c. may do so and be paid a fee<br>Q: A Georgia Auctioneer was asked by a local real estate broker to auction a small motel in<br>Jacksonville. The auction did not result in a sale. The Florida broker paid the auctioneer for outof-pocket expenses, but did not pay a commission. It would be correct to say that the:<br>a. Georgia Autioneer violated the license law<br>b. Florida Broker did not violate the license law<br>c. Florida broker is not subject to discipline by the Florida real estate commision<br>d. tranaction is perfectly within the license law<\/p>\n\n\n\n<p>Answer:<br>a. Georgia Autioneer violated the license law<br>Q: The Commission&#8217;s ability to impose disciplinary actions against licensees is known as<br><strong><em><strong>_ <em>__<\/em><\/strong><\/em><\/strong> power<br>Answer:<br>quasi &#8211; judicial<br>Q: The rule-making authority of the FREC is called <strong><em><strong>_ <em>__<\/em><\/strong><\/em><\/strong> power<br>Answer:<br>quasi &#8211; legislative<br>Q: Members of the Florida Real estate Commission may serve no more than <strong>_<\/strong> consecutive<br>terms<br>Answer:<br>2<br>Q: A licensee that fails to renew when required to do so will have his or her license placed on<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>Answer:<br>involuntary Inactive<br>Q: Licensees that are members of the armed forces have all fees, dues and other requirements<br>waived during their military service and for <strong>_<\/strong> months after returning to civilian life<br>Answer:<br>Powered by<em><a href=\" https:\/\/learnexams.com\/search\/study?query=\"> https:\/\/learnexams.com\/search\/study?query=<\/a><\/em><\/p>\n\n\n\n<p>Owners that buy income properties as investments and depend on professionals to manage them<br>Absentee Owners<\/p>\n\n\n\n<p>a Value estimated based on resent sales of similar properties in the same neighborhood, not an appraisal<br>CMA -Comparative Market Analysis\u2026<\/p>\n\n\n\n<p>A contractor is employed by an owner of land to build on that land to the owner&#8217;s specifications<br>Custom Building<\/p>\n\n\n\n<p>When a contractor builds on his own land with the hope of locating a purchaser after construction has been completed<br>Speculative building<\/p>\n\n\n\n<p>A developer that acquires a large that aquires a large tract of land and builds a model center from which sales may be made<br>tract building<\/p>\n\n\n\n<p>Property management has grown as a service of real estate primarily bc of an increase of <em><strong><em>__<\/em><\/strong><\/em><br>Absentee Ownership<\/p>\n\n\n\n<p>The category of construction that applies when a property owner employs a contractor to build on his or her lot is called________ <strong><em><strong>_<\/strong><\/em><\/strong><br>Custom Building<\/p>\n\n\n\n<p>A Real Estate appraiser&#8217;s fee for professional service is based on:<br>a. a percentage of the property&#8217;s gross income<br>b. a percentage of the fair market value<br>c. the time and difficulty of the appraisal<br>d. a percentage of property&#8217;s sales<br>C. the time and difficulty of the appraisal<\/p>\n\n\n\n<p>A developer contracts to build a home on a buyer&#8217;s lot to the buyer&#8217;s specifications. This is an example of which type of building:<br>a. tract<br>b. custom<br>c. speculative<br>d. subdivision<br>b. custom<\/p>\n\n\n\n<p>A Florida Real Estate lisence is required when anyone performs a service is specified under<br>F.S. 475 when all the following conditions are simultaneously present, unless that individual is otherwise exempt under the law:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Preforming a service of real estate<\/li>\n\n\n\n<li>In the state of Florida<\/li>\n\n\n\n<li>For another<\/li>\n\n\n\n<li>For compensation<\/li>\n<\/ol>\n\n\n\n<p><strong><em>_<\/em><\/strong> has been defined to include anything or any service of Value paid, recieved or expected to be paid or recieved.<br>Compensation<\/p>\n\n\n\n<p>The postlicense educational course for sales associate consists of <strong><em>__<\/em><\/strong> hours<br>45<\/p>\n\n\n\n<p>The continuing education requirement consists of <strong>__<\/strong> hours<br>14<\/p>\n\n\n\n<p>Florida Real estate sales associates that desire to become brokers must wait <em><strong><em>_<\/em><\/strong><\/em> before taking the state exam.<br>one year<\/p>\n\n\n\n<p>A tenant in an apartment complex may recieve up to <strong>__<\/strong> for refferal of a new tenant for the same complex.<br>$50<\/p>\n\n\n\n<p>education must be completed during the initial sales associates&#8217;s license period.<br>Post Licensing<\/p>\n\n\n\n<p>Owner-employers of licensed real estate sales associates are allowed to pay them:<br>a. on a salary basis only<br>b. on a commision basis only<br>c. a commission , but not a bonus<br>d. a commission or salary<br>d. a commission or salary<\/p>\n\n\n\n<p>To qualify for a real estate broker&#8217;s license, an applicant must have been employed for a minimum of:<br>a. 6 months under one actively licensed broker<br>b. 12 months under one actively licensed broker<br>c. 12 months under 1 or more actively licensed brokers<br>d. 6 months under 1 or more actively lisenced broker<br>c. 12 months under 1 or more actively licensed brokers<\/p>\n\n\n\n<p>How many hours of postlicense education are required to renew a brokers license?<br>60 hours<\/p>\n\n\n\n<p>How long can an voluntary inactive licencee remain in that lisence status?<br>indefinately<\/p>\n\n\n\n<p>The agreement the state of Florida has w\/ some other states that recognises the similarity in education and experience required of licencees is called:<\/p>\n\n\n\n<p>a.reciprocity<br>b. mutual recognition<br>c. cooperative licensure<br>d. intrastate licensing<br>b. mutual recognition<\/p>\n\n\n\n<p>A plumber has been appointed by a court to appraise a small business. The plumber\u2026\u2026.<\/p>\n\n\n\n<p>a. is in violation of F.S. 475<br>b. is allowed to charge a commission<br>c. may do so and be paid a fee<br>d. must first be licensed under F.S. 475, Part II<br>c. may do so and be paid a fee<\/p>\n\n\n\n<p>A Georgia Auctioneer was asked by a local real estate broker to auction a small motel in Jacksonville. The auction did not result in a sale. The Florida broker paid the auctioneer for out-of-pocket expenses, but did not pay a commission. It would be correct to say that the:<\/p>\n\n\n\n<p>a. Georgia Autioneer violated the license law<br>b. Florida Broker did not violate the license law<br>c. Florida broker is not subject to discipline by the Florida real estate commision<br>d. tranaction is perfectly within the license law<br>a. Georgia Autioneer violated the license law<\/p>\n\n\n\n<p>The Commission&#8217;s ability to impose disciplinary actions against licensees is known as <strong><em><strong>_ <em>__<\/em><\/strong><\/em><\/strong> power<br>quasi &#8211; judicial<\/p>\n\n\n\n<p>The rule-making authority of the FREC is called <strong><em><strong>_ <em>__<\/em><\/strong><\/em><\/strong> power<br>quasi &#8211; legislative<\/p>\n\n\n\n<p>Members of the Florida Real estate Commission may serve no more than <strong>_<\/strong> consecutive terms<br>2<\/p>\n\n\n\n<p>A licensee that fails to renew when required to do so will have his or her license placed on <em><strong><em>_<\/em><\/strong><\/em><br>involuntary Inactive<\/p>\n\n\n\n<p>Licensees that are members of the armed forces have all fees, dues and other requirements waived during their military service and for <strong>_<\/strong> months after returning to civilian life<br>6<\/p>\n\n\n\n<p>The division of Real Estate is an administrative part of the department of:<\/p>\n\n\n\n<p>a. State<br>b. Commerce<br>c. Banking<br>d. Business and Professional Regulation<br>d. Business and Professional Regulation<\/p>\n\n\n\n<p>which department issues real estate licenses?<\/p>\n\n\n\n<p>a. state<br>b. Business and Professional Regulation<br>c. Revenue<br>d. Real Estate<br>b. Business and Professional Regulation<\/p>\n\n\n\n<p>Which information supplied by an applicant is Public Record?<\/p>\n\n\n\n<p>a. financial Information<br>b. test scores<br>c. name and address<br>d. medical information<br>c. name and address<\/p>\n\n\n\n<p>The Florida Real Estate Commission held a meeting for the purpose of passing a new rule. This is an exercise of which Commission power?<\/p>\n\n\n\n<p>a. executive<br>b. quasi-legislative<br>c. quasi-judicial<br>d. ministerial<br>b. quasi-legislative<\/p>\n\n\n\n<p>When is a request for the renewal of a license effective?<\/p>\n\n\n\n<p>a. when recieved by the department<br>b. the day following the experation<br>c. on the date the application is mailed<br>d. on the date indicated on the license<br>a. when recieved by the department<\/p>\n\n\n\n<p>A real estate license expires<\/p>\n\n\n\n<p>a. on the date shown on the license<br>b. every 2 years<br>c. on the effective date<br>d. at the end of 1 year<br>a. on the date shown on the license<\/p>\n\n\n\n<p>A sales associate failed to complete required postlicense education prior to expiration of the license period. What is the status of license?<\/p>\n\n\n\n<p>a. active<br>b. voluntary inactive<br>c. involuntary inactive<br>d. null and void<br>d. null and void<\/p>\n\n\n\n<p>one or more sales associates, each titled &#8220;designated sale associate&#8217; may be designated to act as agents for the seller, and one or more may be designated to act as agents of the <strong><em>_<\/em><\/strong><br>buyer<\/p>\n\n\n\n<p>What federal law that makes illegal the discussion or establishment of a uniform price or fee for services in any industry? No fixed fees<br>Sherman-Clayton Anti-trust Act<\/p>\n\n\n\n<p>Your allowed Compensation from your Broker True or False<br>True<\/p>\n\n\n\n<p>You can not sue a buyer or seller only your broker? True or False<br>True<\/p>\n\n\n\n<p>A sales associate is a <strong><em>_<\/em><\/strong> of the brokers&#8217;s principal.<br>SubAgent<\/p>\n\n\n\n<p>Before showing a property, allowing a buyer to sign an offer to buy or seller to sign a leasing agreement, a licensee must provide the party with a written notice.<br>Broker Relationship Form<\/p>\n\n\n\n<p>A member of the public may select from one of 3 options when working with a broker, which are?<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Transaction broker<\/li>\n\n\n\n<li>Single Agency<\/li>\n\n\n\n<li>No Brokerage relationship<\/li>\n<\/ol>\n\n\n\n<p>The only brokerage that includes fiduciary duties is the <strong><em><strong><em>_<\/em><\/strong> <strong><em>_<\/em><\/strong><\/em><\/strong>.<br>Single Agency<\/p>\n\n\n\n<p>A licensee assigned by a broker to act as a single agent of a buyer or seller in a nonresidential transaction is titled a <em><strong><em>_<\/em><\/strong><\/em>.<br>Designated Sales Associate<\/p>\n\n\n\n<p>Brokers in a nonresidential sale are not required to use .<br>Written disclosure<\/p>\n\n\n\n<p>Which relationship is not adversarial?<\/p>\n\n\n\n<p>a. arms length<br>b. buyer beware<br>c. caveat emptor<br>d. fiduciary<br>d. fiduciary<\/p>\n\n\n\n<p>The signature or initials of a party is required by the Brokerage Relationship Disclosure Act on which Form?<\/p>\n\n\n\n<p>a. Single Agency Disclosure<br>b. Transaction Broker Disclosure<br>c. Consent to Transition to Transaction Broker<br>d. Important Information Disclosure<br>c. Consent to Transition to Transaction Broker<\/p>\n\n\n\n<p>A Broker<\/p>\n\n\n\n<p>a. can refuse offers on behalf of the principal<br>b. can buy the listed property w\/o consent of the principal<br>c. must follow all legal instructions of the principal or withdrawl<br>d. must ignore the instructions of a principal when the instructions are not in the best interests of the principal.<br>c. must follow all legal instructions of the principal or withdrawl<\/p>\n\n\n\n<p>Sales associates can be stockholders in a brokerage corporation but may not be <strong><em>or <\/em><\/strong>?<br>officers<br>or<br>directors<\/p>\n\n\n\n<p>A real estate brokerage corporation must have at least <strong><em>_ active broker serving as an _<\/em><\/strong>.<br>One<\/p>\n\n\n\n<p>Officer<\/p>\n\n\n\n<p>Anyone licensed or not can be a in a real estate brokerage limited partnership?<br>limited partner<\/p>\n\n\n\n<p>Two or more brokers that share office space but do not maintain their separate status as independant brokers could be charged as being<br>Obstensable Partners<\/p>\n\n\n\n<p>The party who holds title to corporation sole property is called the <strong>__<\/strong><br>Sole Title Holder<\/p>\n\n\n\n<p>Sales associate and broker associates must report any change of employer or address change to the DBPR within <strong>_<\/strong> days on a form prescribed for such use.<br>10<\/p>\n\n\n\n<p>For a broker to legally be paid a kickback or rebate, he or she must have performed a <em>, held an appropriate <\/em>, and all parties must <strong><em>_<\/em><\/strong> of the payment<br>Service,<br>License,<br>Approve<\/p>\n\n\n\n<p>A licensee should advise a customer to obtain an_______ or an <strong><em>_<\/em><\/strong> from an attorney whenever a question of title arises.<br>Abstract,<br>Attorney&#8217;s title opinion<\/p>\n\n\n\n<p>An Ostensible partnership<\/p>\n\n\n\n<p>a. is required to file documents w\/ the Secretary of State<br>b. is not a true partnership<br>c. cannot be created by real estate brokers<br>d. will not be treated as though the partisipants were partners<br>b. is not a true partnership<\/p>\n\n\n\n<p>A location would be required to register as a brokerage branch office if<\/p>\n\n\n\n<p>a. tables and chairs are provided for sales associates and customers<br>b. the location is used as a shelter<br>c. literature is handed out containing the broker&#8217;s office address<br>d. sales associates are permenently assigned to the location<br>d. sales associates are permenently assigned to the location<\/p>\n\n\n\n<p>Which statement best describes the sign requied for a brokerage office?<\/p>\n\n\n\n<p>a. only 1 sign per firm is required regardless of the number of offices<br>b. each sales associate associated w\/ the firm must have a separate sign<br>c. Every active broker must maintain a sign at each brokerage office or branch office<br>d.office signs are permitted but not required by law<br>c. Every active broker must maintain a sign at each brokerage office or branch office<\/p>\n\n\n\n<p>If a commission dispute arises prior to closing, the broker<\/p>\n\n\n\n<p>a. may retain the entire amount of escrowed funds until the dispute is resolved<br>b. must withdrawl the amount of the commission from the escrow account<br>c. may retain the exact amount of the disputed commission in the escrow account until the dispute is settled<br>d. must deliver the entire amount of the escrowed funds at closing<br>c. may retain the exact amount of the disputed commission in the escrow account until the dispute is settled<\/p>\n\n\n\n<p>The maximum amount that can be paid from the Real Estate Recovery Fund based on the actions of a licensee is <strong><em><strong>_<\/strong><\/em><\/strong><br>$150,000<\/p>\n\n\n\n<p>The criminal penalty for violation of F.S. 475 is typically a fine of up to <strong><em>_ and\/or imprisionment for no more than ___<\/em><\/strong> days<br>$500,<br>60<\/p>\n\n\n\n<p>a licensee that has had a payment made from the real estate recovery fund as a result of his or her actions will have his licensee <em>until the money is<\/em> plus <strong><em>__<\/em><\/strong><br>Suspended,<br>Repaid,<br>Interest<\/p>\n\n\n\n<p>The range of penalties that may be imposed on a licensee by the commission for violation of law or rules includes<br>Denial, reprimand, fine probation, suspension and recovation\u2026\u2026not imprisionment<\/p>\n\n\n\n<p>If a broker&#8217;s actions pose an immediate serious danger to the safety and welfare of the public, what action might the Secretary of the department of Business and Professional Regulation take?<\/p>\n\n\n\n<p>a. suspended the license of the licensee for 10 years<br>b. issue a summary suspension<br>c. issue a cease and desist order<br>d. place the licensee on probation<br>b. issue a summary suspension<\/p>\n\n\n\n<p>What action may be taken if either the Florida Real Estate Commission or the licensee disagrees with a recommended order?<\/p>\n\n\n\n<p>a.seek adjudication<br>b. submit the matter to mediation<br>c. file extentions (10 days to file)<br>d. request novations<br>c. file extentions (10 days to file)<\/p>\n\n\n\n<p>Cival Rights Act of 1866<br>prohibits discrimination on the basis of race<\/p>\n\n\n\n<p>Federal Fair Housing Act<br>is the expanded on the 1866 Act and makes discrimination in the showing , negotiation, sale, rental or financing of a dwelling prohibited when based on color, handicapp, family status<\/p>\n\n\n\n<p>Redlining<br>don&#8217;t lend in certain areas because of minorities<\/p>\n\n\n\n<p>the Cilvil rights Act prohibits discrimination on the basis of <strong><em>__<\/em><\/strong><br>Race<\/p>\n\n\n\n<p>An owner that does not use the service of a broker and does not discriminate in advertising is <strong><em>_<\/em><\/strong> from the Civil Rights Act of 1968<br>Exempt<\/p>\n\n\n\n<p>Lenders that refuse to make loans in certain geographic areas based on social or economics considerations are practicing <strong><em>__<\/em><\/strong>.<br>redlining<\/p>\n\n\n\n<p>When all rights under a lease have been transfered to another, the process is called an <strong><em><strong>_<\/strong><\/em><\/strong>.<br>assignment<\/p>\n\n\n\n<p>Federal law governing telephone solicitations prohibits calls to residences after <strong>__<\/strong><br>9:00 pm<\/p>\n\n\n\n<p>To be enforcable, a lease longer than 1 year<\/p>\n\n\n\n<p>a. can be oral if witnessed by 2 people<br>b. does not have to conform to the Statute of Frauds<br>c. must be in writing, signed by the landlord (no witness is required in Florida)<br>d. Does not have to be witnessed<br>c. must be in writing, signed by the landlord (no witness is required in Florida)<\/p>\n\n\n\n<p>A 5-year lease of a 10,000 sq ft warehouse prohibits assignment. After 2 yrs the tenant is unable to continue w\/ the full rent payments and arranges w\/ another tenant to take over one-half of the space and one-half of the rent for the remaining term. This arrangement is<\/p>\n\n\n\n<p>a. a violation of the terms of the lease<br>b. a sublease<br>c. in violation of Statute 83<br>d. illegal<br>b. a sublease<\/p>\n\n\n\n<p>Discrimination based on religion is prohibited by the<\/p>\n\n\n\n<p>a. Civil Rights Act of 1866<br>b. Civil Rights Act of 1968<br>c. Civil Rights Act of 1964<br>d. Fair Housing Amendments of 1988<br>b. Civil Rights Act of 1968<\/p>\n\n\n\n<p>3 Components of Real Estate<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Air<\/li>\n\n\n\n<li>Surface<\/li>\n\n\n\n<li>Subsurface<\/li>\n<\/ol>\n\n\n\n<p>2 ways to Own<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>fee simple (absolute)<\/li>\n\n\n\n<li>Life estate (owned in lifetime)<\/li>\n<\/ol>\n\n\n\n<p>Life estate<br>only for the balance of a life time<\/p>\n\n\n\n<p>Tenancy at Sufferance<br>They&#8217;re there without permission<\/p>\n\n\n\n<p><strong><em>__<\/em><\/strong> rights allow a property owner whose property borders on a river or steam the use of the water<br>Riparian<\/p>\n\n\n\n<p>The right to occupy specific space granted by a cooperative association is known as a<br>proprietary lease<\/p>\n\n\n\n<p>Ownership of <em><strong><em>_<\/em><\/strong><\/em> <strong><em>_<\/em><\/strong> distinguishes ownership in a cooperative association<br>Shares<br>Or<br>Stocks<\/p>\n\n\n\n<p>Property that is exempt from execution of foreclosure to satisfy a personal debt of the head of the household can be up to one-half acre within a city or up to <strong>__<\/strong> acres outside a city.<br>160<\/p>\n\n\n\n<p>What rights does a property owner have to the use of water flowing over or through his or her land?<\/p>\n\n\n\n<p>a. riparian<br>b. littoral<br>c. flowage<br>d. aquifer<br>a. riparian<\/p>\n\n\n\n<p>A potential purchaser of a timeshare can cancel the contract without penalty within how many days?<br>10<\/p>\n\n\n\n<p>which statement best describes a tenancy at sufferance?<\/p>\n\n\n\n<p>a. The tenant suffers from the landlord&#8217;s failure to maintain the property<br>b. the landlord suffers from the tenant&#8217;s failure to pay rent<br>c. The lease instrument is valid<br>d. The tenant remained in possession after expiration of a lease<br>d. The tenant remained in possession after expiration of a lease<\/p>\n\n\n\n<p>The full bundle of the rights in real property includes<\/p>\n\n\n\n<p>a. destruction, use and extinction<br>b. destruction, use and enjoyment<br>c. use, expatriation and enjoyment<br>d. disposition, use exclusion<br>d. disposition, use exclusion<\/p>\n\n\n\n<p>Tests used by courts to determine whether an item is real or personal property include<br>intent,<br>relationship of the parties,<br>method of annexation,<br>adaption<\/p>\n\n\n\n<p>The four unities required to create a joint tenancy are<\/p>\n\n\n\n<p>a. interest, survivorship, possesion and time<br>b. possession, deed, title and time<br>c. possession, interest, time and title<br>d. person, use, interest and purpose<br>c. possession, interest, time and title<\/p>\n\n\n\n<p>Title means Ownership\u2026..<br>True or False<br>True<\/p>\n\n\n\n<p>A fence built over your property is<br>encroachment<\/p>\n\n\n\n<p>Title to real property passes to the grantee when the deed is <strong>and<\/strong><br>Deliverd,<br>Accepted<\/p>\n\n\n\n<p>Zoning is an example of which government limitation over private property rights?<br>Police Power<\/p>\n\n\n\n<p>The Four methods used to legally describe property?<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>monuments method<\/li>\n\n\n\n<li>metes &amp; bouds methods<\/li>\n\n\n\n<li>retangular method<\/li>\n\n\n\n<li>plat method<\/li>\n<\/ol>\n\n\n\n<p>The government survey method begins in Tallahassee by drawing a north\/south line is called the <strong><em><strong><em>_<\/em><\/strong><\/em><\/strong> <strong><em>_<\/em><\/strong><br>Tallahassee Principal Meridian<\/p>\n\n\n\n<p>In a towhship subdivided into section 36 is always <strong>__<\/strong> of 1<br>North<\/p>\n\n\n\n<p>Properties located in subdivided areas are usually described using the <strong><em>_<\/em><\/strong> Method<br>Plat (Lot &amp; Block system)<\/p>\n\n\n\n<p>Section 13 is <strong><em>_<\/em><\/strong> of Section 12<br>South<\/p>\n\n\n\n<p>The main north\/south line used in the government survey method is the principal<\/p>\n\n\n\n<p>a. latitude<br>b. longitude<br>c. baseline<br>d. meridian<br>d. meridian<\/p>\n\n\n\n<p>A Township contains how many sections?<br>36<\/p>\n\n\n\n<p>Oral contracts are also known as <strong><em>_<\/em><\/strong> contracts?<br>Parol Contracts<\/p>\n\n\n\n<p>An <strong><em>_<\/em><\/strong> contract can be oral or written.<br>Express<\/p>\n\n\n\n<p>The seal of a Notary public, called an <strong><em>__<\/em><\/strong>, should not be confused w\/ the word &#8220;seal&#8221; as used in connection with contract law.<br>acknowledgement<\/p>\n\n\n\n<p>The <strong>_<\/strong> is the placement of the word seal or the letters &#8220;L.S.&#8221;, locus sigilli, following the signatures of the parties.<br>seal<\/p>\n\n\n\n<p>A <strong><em><strong>_ __<\/strong><\/em><\/strong> is defined as a contract that is wholly written and under seal (in writing and signed.<br>formal contract<\/p>\n\n\n\n<p><strong><em><strong><em>_<\/em><\/strong><\/em><\/strong><em> of<\/em> provides time limits within which parties are allowed to bring legal action to enforse their rights under a contract.<br>Statue of Limitations<\/p>\n\n\n\n<p>Parol Contracts, if a contract is entirely oral , action must be brought within <strong>_<\/strong> years.<br>4<\/p>\n\n\n\n<p>Written Contracts, a contract wholly in writting may be enforcedif action is brought within <strong>_<\/strong> yrs<br>5<\/p>\n\n\n\n<p>The broker who successfully performs by locating a &#8220;willing , ready and able&#8221; buyer is said to be the &#8220;<strong><em><strong>_ __<\/strong><\/em><\/strong>&#8221; of the sale and is the only broker entitled to a commission.<br>Procuring Cause<\/p>\n\n\n\n<p>the <strong><em><strong>_ __<\/strong><\/em><\/strong> of a sale is what entitles a broker to commission.<br>Procuring Cause<\/p>\n\n\n\n<p>Which statute requires a purchase and sale contract to be in writing to be enforceable?<\/p>\n\n\n\n<p>a. Chapter 475<br>b. Chapter 120<br>c. Statute of Limitations<br>d. Statute of Frauds<br>d. Statute of Frauds<\/p>\n\n\n\n<p><strong><em>__<\/em><\/strong> clause allows the lender to Foreclose on you bc you haven&#8217;t been making your payments.<br>Acceleration<\/p>\n\n\n\n<p><strong><em>__<\/em><\/strong> clause, A.K.A. due-on-sale clause, prevents a borower from transfering any interest in the morgaged property w\/o permission of the lender.<br>Alienation<\/p>\n\n\n\n<p><strong><em>_<\/em><\/strong> clause is used in mortgages on income-producing real estate.<br>Receivership<\/p>\n\n\n\n<p>The process of qualifying the applicant and the property is called <strong><em><strong><em>__<\/em><\/strong><\/em><\/strong>, analysing risk.<br>mortgage underwriting<\/p>\n\n\n\n<p>An applicant is evaluated to dertermine if they can repay a loan by using 3 Criteria<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Credit History<\/li>\n\n\n\n<li>Income<\/li>\n\n\n\n<li>Other Assets ( real estate, cars, stocks, etc.)<\/li>\n<\/ol>\n\n\n\n<p>The buyer will assume personal responsible responsibility for repayment of the balance due on the promissory note and acknowledge existance of the mortgage is<br>Assumption of the mortgage<\/p>\n\n\n\n<p>Borrowers are allowed a recission period (days to back out) which is <em>__<\/em> days, on the refinance (home Equity loan) of a principal residence.<br>3<\/p>\n\n\n\n<p>The amount of mortgage insurance premium required on an insured FHA mortgage loan includes payment of both<br>Up-front mortgage insurance premium (UFMIP)<br>and<br>Annual Mortgage Insurane Premium (AMIP)<\/p>\n\n\n\n<p>$104,250 is the max amount of a verteran&#8217;s entitlement of a VA guaranteed loan, and <em>__<\/em> days are required to be a Veteran.<br>181 peacetime<br>90 military conflict<\/p>\n\n\n\n<p>The actions of the Board of Governors, called <strong><em>_ ___<\/em><\/strong>, regulate the cost availability of credit in the US.<br>monetary policy<\/p>\n\n\n\n<p>True or false Morgage brokers &#8220;make&#8221; loans?<br>False\u2026..<br>They arrange loans by taking mortgage applications and searching for lowest inerest rates and easiest borrower qualifications<\/p>\n\n\n\n<p>Life insurance companies are regulated by?<br>The state in which they operate<\/p>\n\n\n\n<p>A loan applicant&#8217;s past credit history indicates his <strong><em>_<\/em><\/strong><em> to honor dept obligations, and his income is a measure of the<\/em> to repay the loan.<br>Willingness,<br>Ability<\/p>\n\n\n\n<p>If the Federal Reserve Board descides to purchase government securitiesin the open market, the effect will be to:<\/p>\n\n\n\n<p>a. decrease the $ supply and cause interest rates to increase<br>b. increase the $ supply and cause interest rates to decrease<br>c. limit the amount of $ member banks may use for loan purposes, causing interest rates to increase<br>d. create a &#8220;tight $&#8221; market<br>b. increase the $ supply and cause interest rates to decrease<\/p>\n\n\n\n<p>Which group of financial institutions traditionally preferred to make Short-term loans for construction?<br>Commercial Banks<\/p>\n\n\n\n<p>Disintermediation occurs when<\/p>\n\n\n\n<p>a. deposits exceed the demand for loans<br>b. depositors withdrawl their savings from depository institutions<br>c. the IRS taxes earnings of investments<br>d. the Federal reserve Board reduces the discount rate<br>b. depositors withdrawl their savings from depository institutions<\/p>\n\n\n\n<p>A blanket Morgage that allows for the release of a single parcel upon payment of a specified sum contains which clause?<\/p>\n\n\n\n<p>a. defeasance<br>b. acceleration<br>c. satisfaction<br>d. release<br>d. release<\/p>\n\n\n\n<p>The Federal Housing Administration<\/p>\n\n\n\n<p>a. originates loans<br>b. insures loans<br>c. guarantees loans<br>d. certifies loans<br>b. insures loans<\/p>\n\n\n\n<p>Construction loans are paid out in<\/p>\n\n\n\n<p>a. full at the begining of construction<br>b. equal installments during the construction process<br>c. full upon completion of constructions<br>d. draws after specific stages of construction are complete<br>d. draws after specific stages of construction are complete<\/p>\n\n\n\n<p>If a mortgage loan payment consists of interest only, the final payment the final payment which includes the full amount borrowed is called a?<br>Ballon Payment<\/p>\n\n\n\n<p>The <strong><em>_<\/em><\/strong> normally pays for the documentary stamp tax on the deed.<br>Seller<\/p>\n\n\n\n<p>An earnest money deposit held in escrow is reflected on the closing statement as a?<\/p>\n\n\n\n<p>a. credit to the buyer<br>b. debit to the buyer<br>c. credit to both the buyer and seller<br>d. credit to the seller<br>a. credit to the buyer<\/p>\n\n\n\n<p>In the absense of any agreement between the parties, the state documentary stamp tax on the deed is paid by the?<br>Seller<\/p>\n\n\n\n<p>Which statement about the brokers portion of the closing statement is true?<\/p>\n\n\n\n<p>a. all double-entry items must appear there<br>b. total reciepts minus the binder deposit equals the grand total<br>c. Reciepts and disbursements must equal<br>d. total expenses less the brokerage fee equals the grand total<br>c. Reciepts and disbursements must equal<\/p>\n\n\n\n<p><em>_<\/em> _______applies when a higher-priced property is constructed in an area of lower-priced properties. the higher priced property will REGRESS in value toward the level of less expensive properties in the area.<br>Principle of regression<\/p>\n\n\n\n<p>This approach is usually the most applicable method for appraising residential properties<br>Comparable sales approach<\/p>\n\n\n\n<p><strong><em>__<\/em><\/strong> expenses do not change w\/ occupancy levels, examples property taxes and hazard insurance.<br>Fixed<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Florida Real Estate Exam (Latest 2023\/ 2024 Update) Questions and Verified Answers| 100% Correct| Grade A Florida Real Estate Exam (Latest 2023\/ 2024Update) Questions and Verified Answers|100% Correct| Grade AQ: Florida Real estate sales associates that desire to become brokers must wait before taking the state exam.Answer:one yearQ: A tenant in an apartment complex may [&hellip;]<\/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 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