1,337,326.67B. 174,433.91C. 235,998.82D. 30,089.85

FL REAL ESTATE EXAM- CE shop prep Flashcards A property sells for $200,599, which is 15% more than the owner paid eight years ago. What did the owner originally pay for the property? (Round to the nearest cent.)A.

$1,337,326.67B. $174,433.91C. $235,998.82D. $30,089.85

To find the price the owner originally paid for the property, take the original sale price of the property divided by the total profit. The total profit is 100% + 15% = 115%. Change

the fraction to a decimal: 1.15. Then divide the sale price

by 1.15 ($200,599 ÷ 1.15 = $174,433.91). Option B is the correct answer.Claudia owns a beachfront property that's been in her family for generations. Unfortunately, in crosses the Florida Coastal Construction Control Line. If the home is destroyed in a hurricane, what might happen?As long as Claudia has insurance, she should be able to rebuild without issue.She can rebuild the home exactly as it was in the exact same spot.She might not be able to rebuild in the same footprint.The state may claim eminent domain.She might not be able to rebuild in the same footprint.If a building does cross this line and is subsequently damaged by a hurricane, flooding, or man-made disaster, it might not be rebuilt on the same footprint. Alternatively, a lesser structure may replace it without encroaching seaward of the CCCL.In caveat emptor states, the buyer is responsible for which of the following?A. Disclosing all known facts that materially affect the value of real propertyB. Ensuring the seller discloses all known material facts on a propertyC. Getting a home inspection for the propertyD. Performing due diligence on the property D.Performing due diligence on the propertyCaveat emptor ("let the buyer beware") states put the burden of discovery on the buyer, and the seller isn't obligated to point out the home's flaws or defects to buyers.Who or what entity determines the final results of the comprehensive plan?The commission and local legislative body, with input from the publicThe governorThe planning commissionThe public The commission and local legislative body, with input from the publicIt takes a village to create a comprehensive plan.Based on background studies, the planning commission puts forth a recommendation to the local government and citizens to approve or amend.Amanda helps her neighbor sell his home by assisting with negotiations. She receives no compensation for her assistance. Based on this one transaction, Amanda ______.A. Doesn't need a real estate licenseB. Must have at least an associate broker licenseC. Must submit a written request for the return of her licenseD. Must have at least a sales associate license

• Doesn't need a real estate licenseRemember that

compensation is one factor in the requirement for licensure.Which of the following statements about dual agency in Florida is true?A. A transaction broker may act as a dual agent.B. Dual agency must be disclosed in writing.C. Dual agents are not bound to confidentiality.D. A licensee can't act as a fiduciary for a buyer and a seller in the same transaction.

• A licensee can't act as a fiduciary for a buyer and a

seller in the same transaction.Calculate six months' interest on a $4,000 loan at 7.5%.Round to the nearest dollar.$150$200$25$300 $150Figure out the annual interest by multiplying the loan amount by the rate. Once you have the annual interest, divide by 12 months to determine the monthly interest.

From there, multiply the monthly interest by the number of months.

Which of the following is studied when creating a comprehensive plan?A. ArbitrationB. Area economic baseC. CondemnationD. Mediation

• Area economic baseStudying an area's economic base

helps determine the base industries that affect employment in the area.A property sells for $200,599, which is 15% more than the owner paid eight years ago. What did the owner originally pay for the property? (Round to the nearest cent.)A.

$1,337,326.67B. $174,433.91C. $235,998.82D. $30,089.85

The calculation to determine the price at which the home needs to sell in order to reach the seller's desired net amount is the desired net amount ÷ the percent to seller.The seller's percentage of a sale is 100% - 5% commission = 95% (or .95). Take the amount the seller wants to net and divide it by that amount ($100,000 ÷ .95 = $105,263.16). The answer is option B. Conversely, it can

be calculated like this: $105,263.16 x .95 = $100,000.

Hank leases 150 acres from Sara and Jesse. He has an option contract attached to his lease, with an option to purchase that can be exercised within the next two years.What type of contract is this?BilateralExecutedUnilateralVoidable UnilateralWith an option contract, before the option is exercised, only the optionor (seller) is bound by the contractual obligations. It's essentially a unilateral contract.When it came time to plan the city, Arlene (the agriculture specialist), Robert (the residential guru), and Carmen (the commercial genius) all locked themselves in a room and planned the area together. What type of planning is this?A.Form-based planningB. Integrated planning'C. Pocket planningD. Traditional planning Option A is the correct answer. Form-based planning is where specialists from different areas of expertise work together. This tends to result in better-planned areas with a mix of uses, and cities that are more pedestrian-friendly.Cluster zoning would include single-family homes, townhomes, apartments, and condominiums on a single parcel, provided that the developer leaves a portion ________.Of each building for a community roomOf the parcel for parkingOf the parking lot for RV parkingOpen for a playground, a park, and a walking path Open for a playground, a park, and a walking pathIf the developer leaves a portion open for a playground, a park, and a walking path, cluster zoning would include single-family homes, townhomes, apartments, and condominiums.Stacey, a buyer, is working with licensee Rebecca in a state that doesn't recognize or permit implied agency.Rebecca doesn't represent Stacey, however, and is performing only ministerial tasks for her. Which of these statements about this situation is correct?A. Stacey is Rebecca's client.B. Rebecca is acting in an agency capacity for Stacey.C. Stacey is Rebecca's customer.D.Rebecca can't work with Stacey without an agency agreement.

• Stacey is Rebecca's customer.Without an agency

agreement in place, Stacey is Rebecca's customer. With an agency agreement in place, Stacey would be Rebecca's client.Lydia is a new real estate licensee in Florida. How many hours of post-licensing education courses must she complete?A. 25B. 35C. 45D. 75

• 45All new real estate licensees must take 45 hours of

post-licensing education courses within 18 to 24 months of licensing, depending on the date of the original license exam.Nathan assisted with the purchase of a commercial building that will be used as a community center. He doesn't hold a real estate license, yet his actions didn't violate any license laws. What must be true about Nathan's situation?A.

Nathan is a government employee whose salaried duties include real estate transactions.B. The commercial building was valued at less than $500,000.C. Nathan's church purchased the building.D. He received a commission of less than $1,000.A.Nathan is a government employee whose salaried duties include real estate transactions.Licensure is nearly always required when performing real estate activities for others for compensation, but exceptions are made in specific