100 QS Real Estate Exam Florida Flashcards

100 QS Real Estate Exam Florida Flashcards 63.Which legal instrument evidences the debt and states the interest rate, term, payment requirement, and other information related to the loan?-Promissory note-Contract-Lien-Mortgage,, Promissory note 100.How are local planning boards selected?-By election-By appointment-By lottery-By straw poll,, By appointment 24.Broker Tom sold a property which was listed with broker Alice. Tom was unable to attend the closing, so Alice collected the entire commission. Alice refused to pay Tom his share of the commission. What could Alice be charged with?-Failure to account-Collecting an overage-Commingling-Fraud, Failure to account 9.A developer contracts to build a home according to the buyer's specifications. This is an example of which type of building?-Tract-Custom-Speculative-Subdivision, Custom 7.What is the purpose of the National Association of REALTORS?-Preserve the right of individuals to own real property through an exchange of information.-Organize antigovernment activities.-Promote unethical practice of real estate professionals.-Promote unethical practice of real estate professionals.Preserve the right of individuals to own real property through an exchange of information.Organize antigovernment activities.

2.A real estate appraiser's fee for professional service is based on which of the following?-A percentage of the property's gross income.-A percentage of the fair market value of the property.-The time and difficulty of the appraisal.-A percentage of the property's sales price.The time and difficulty of the appraisal.

70.Which would offer a potential borrower the most favorable interest rate over the life of the loan?-4.0% plus 8 points-4.5% plus 6 points-4.75% plus 4 points-5% plus 2 points,, 4.0% plus 8 points 71.Which statement best describes a short sale?-A real estate transaction that closes in under 30 days.-A settlement agreement where the lender agrees to a sales price that is below the outstanding loan balance.-A real estate transaction where the seller agrees to assist the buyer by taking a second mortgage.-A transaction that does not close due to a buyer's shortage of funds at closing.,, A settlement agreement where the lender agrees to a sales price that is below the outstanding loan balance.

12.Which service provided by real estate licensees requires the most experience and knowledge?-Property management-Counseling-Appraising-Agricultural sales Counseling

59.Which document is a real estate broker NOT legally allowed to prepare?-Purchase and sale contract-Listing-Leases-Option contracts,, Leases 75.What is the purpose of the closing statement?-To summarize the financial aspects of a real estate transaction.-To determine the purchase price of the property.-To determine which party pays the brokerage commission.-To report income to the Internal Revenue Service.,, To summarize the financial aspects of a real estate transaction.

14.When a developer completes construction of a new subdivision, all streets, electric, water, and sewer installation are finished and deeded to the city or county.What is this process called?-A quit claim deed-An easement-Dedication-Annexation Dedication 27.Six individuals decide to form a real estate brokerage partnership. All six individuals are planning to be active in real estate sales. Which statement best applies?-The partnership must be registered with the Commission, and all six partners must be active real estate brokers.-At least one partner must be licensed as an active broker.-Only two partners must have a real estate license.-A partnership cannot be formed as a brokerage business., The partnership must be registered with the Commission, and all six partners must be active real estate brokers.

80.A Palm Beach County property is being sold for $98,350 and the buyer is taking title subject to an existing mortgage in the amount of $61,220. What is the total amount of taxes due in this transaction?-$214.55-$688.10-$688.80-$903.35,,

$688.80

35.When asked about the size of a home, the sales associate quoted the home as containing 5,300 square feet of living area. In reality the home was only 4,300 square feet. This is an example of which fraudulent activity?-Exaggeration-Misrepresentation-Failure to account-Concealment,, Misrepresentation 72.Prior to deregulation of the banking industry in the 1980s, which institutions were dominant in providing funds for the purchase of single-family residences?-Commercial banks-Saving associations-The FHA-Mortgage bankers,, Saving associations 79.If a Broward County property sold for $102,750, what must be paid for the documentary stamp tax on the deed?-$616.20-$616.80-$718.90-$719.60,,

$719.60

84.Which of the following best describes the free enterprise system?-A market system-A centralized system-A socialist system-A communist system,, A market system 69.Where would information such as the loan amount, interest rate, term of the loan, and responsible parties be

found?-Sales contract-Mortgage deed-Mortgage-Promissory note,, Promissory note

11.Real estate licensees are required to be knowledgeable in all of the following areas,

EXCEPT:-Marketing-Valuation-Property

transfer-Accounting Accounting 38.Under the Florida Residential Landlord and Tenant Act, a landlord is required to do all of the following,

EXCEPT:-Bargain in good faith-Provide maintenance

sufficient to comply with code-Notify tenants within 30 days of the manner in which security deposits and advance rents are being held-Deposit advance rent and security deposits in an interest-bearing account Deposit advance rent and security deposits in an interest-bearing account 39.A five-year lease of a 10,000-square-foot warehouse prohibits assignment. After two years the tenant is unable to continue with the fullrent payments and arranges with another tenant to take over one-half of the space and pay one-half of the rent for the remaining term. What is this arrangement called?-A violation of the terms of the lease-A sublease-A violation of Statute 83-Illegal.,, A sublease 64.What is the function of a mortgage?-It conveys title to real property.-It secures the repayment of the debt.-It creates a personal pledge to repay a loan.-It creates a lien on the mortgagee's property.,, It secures the repayment of the debt.

28.All of the following business formations can register to

conduct real estate transactions, EXCEPT:-Corporation for

profit-Not-for-profit Corporation-Corporation sole-Limited partnership, Corporation sole 99.Which standard or process establishes the minimum standards for design and construction of buildings or structures?-Comprehensive planning-DRI Reviews-Zoning-Building codes,, Building codes 20.Which statement is correct concerning an applicant whose real estate application was denied by the Department of Business and Professional Regulation?-The denial is final and no appeal may be taken by the applicant.-An appeal may be filed with the District Court of Appeal within 90 days.-The Department is not required to inform the applicant of the reason for the denial.-The applicant must be notified in writing of the reason for the denial and advised of the right to request a formal hearing., The applicant must be notified in writing of the reason for the denial and advised of the right to request a formal hearing.

66.Which clause in a mortgage requires the lender to acknowledge performance by the borrower?-Estoppel-Acceleration-Defeasance-Release,, Defeasance 92.What type of risk is caused by changes in general business conditions?-Dynamic-Operating-Capital-Static,, Dynamic