REAL ESTATE ACTUAL FINAL EX AM LATEST

REAL ESTATE ACTUAL FINAL EX AM LATEST

VERSION / WITH QUESTIONS AND

WELL VERIFIED CORRECT ANSWERS

[ALREADY GRADED A+]

1.A sales associate is a licensee with MY Realty, Inc. of Orlando. The broker is the only licensed broker with the firm. Two month ago, the Florida Real Estate Commission suspended the broker's license for six months because of dishonest

dealings by scheme. The sales associate's best course of Cajon is to:

• Ask the broker if he can take charge of the firm for the four months, with the

broker serving only in an advisor and mentoring capacity.

• Immediately identify a new employer and request that the FREC register his

license to that new employer.

• Apply for multiple Broker's license so that he can legally take charge of the firm

during the broker's absence temporarily.

• Suggest to the broker to have the final order of the FREC set aside by filing an

Appeal to the Florida Supreme Court. - ANSWER-B. If a broker's license is suspended the associate becomes involuntary inactive and needs a new employer.

CH2 1 / 4

2.Property management has gained popularity in the real estate industry due to?

• Higher prices creating a large demand for tenants.

• Decline in demand for commercial store fronts.

• An increase in absentee owners.

• A decrease in landlords that live in South America. - ANSWER-C. There has

been an increase in real estate investment driving demand for property managers.CH 2

3.An appraiser is using the sales comparison approach to value. The subject property has three bathrooms, and a comparison property has four bathrooms. If the appraiser determinates that an extra bathroom is worth $15,000 what adjustment should the appraiser, make?

• Add $15,000 to the subject property.

• Add $15,000 to the comparable property.

• Subtract $15,000 from the subject property.

• Subtract $15,000 from the comparable property. - ANSWER-D. Adjustments

are always made to the comparable and never the subject. If the comparable is brier, you subtract and if it is inferior you add. Based on principle of substitution in

CH16. 2 / 4

4.Which of these statements is true about kickbacks and rebates, under RESPA?

• A sales associate is granted permission, under certain conditions, to receive

kickbacks or rebates.

• Florida real estate license law CH 475 forbids licensees to accept kickbacks or

rebates under all circumstances.

• A sales associate, with the consent of his or her broker, may receive a kickback

or rebate, irrespec4ve of the par4es to the transac4on.

• If a broker is to receive a kickback or rebate, all par4es involved must have

been advised prior to the 4me of the placement of the kickback or rebate. - ANSWER-D. All parties must be advised of the kickback prior to the placement.(C) is incorrect although a sales associate may receive the kickback with broker authorization, it was received irrespective to the parties involved. CH5

5.When Alex, the landlord for 5489 Wagon Wheel Road, receives money given as a security deposit she may deposit the funds in one of three ways. Which is the incorrect way to deposit?

• Hold the money in a separate interest-bearing Florida bank, and pay the tenant

75% of any annualized average interest rate or 5% per year simple interest.Whichever is less.

• Hold the money in a separate non-interest-bearing Florida Bank account and not

commingle funds.

• / 4

• Post a surety bond with the clerk of the circuit court in the county in which the

rental property is located.

• Hold the money in any commercial bank, credit union or savings and loans

institution located in any of the 49 states and not commingle funds. - ANSWER-D.It is incorrect that a landlord may place the advanced rents and/or security deposit in a bank in any state. The money must stay in Florida. CH7

6.A driver crosses a farm owner's land for 25 years, with the reselling path being treated as a road by neighboring property owners. Technically, the driver may, under the circumstance's use the easement on the farm owner's property by way of a.

• Variance.
• Prescription.
• Necessity.
• Special use. - ANSWER-B. Anytime an owner's land is used for twenty years or

more it becomes an easement by prescription. There is not enough information to assume the use is because the driver is land locked. CH19

7.Which type of appraisal approach is primarily unlisted in seeming the market value of an income-producing apartment complex?

• Gross rent multiplier.

• Income comparable.

• Income approach.
• / 4