14 HR Real Estate CE Flashcards

14 HR Real Estate CE Flashcards Braylin wants to become a broker. How many previous years as an active real estate licensee does Braylin need before she qualifies?

• out of the previous 5 years

Article 5 of the NAR Code of Ethics requires that a licensee reveal if the licensee has ever had an interest in the property being considered by a buyer. Why is this in the code?Having an interest in the property could risk the licensee not working to the best ability to secure the property for the buyer.Lyric is a non-licensed property manager for an apartment building. Lyric is wondering if she will receive a commission for securing a tenant. Is it legal for Lyric to receive a commission?No, Lyric can only receive a salary and may not be paid a commission based on a transaction.Talyn was taken to court to be evicted from the home he was renting. The landlord won the case, and the Sheriff posted a writ of possession on Talyn's door. How long does Talyn now have to vacate the property?24 hours Percy is working with a seller to list a home. The seller is in a hurry and does not want to take time to fill out any extra paperwork. What should Percy advise the seller about the seller's obligation for property disclosures?Although the seller is not legally required to fill out a written seller disclosure, doing so is the best way to prove that required property disclosures were made by a seller to a buyer in the event the seller is later sued.Mildred, a real estate licensee, is overseeing the rental of property. Is Mildred required to provide agency disclosure?No, agency disclosures are only required for residential sales transactions.Which party is ultimately responsible for determining what type of agency relationship applies?Broker Brook When Liz and her team designed her sign, they included the Brokerage information in the bottom far-right hand corner with the phone number. In the center of the sign is a large group picture of the team and bold lettering depicting the team name, LUXURY LADIES. What have the Luxury Ladies done wrong with their sign?The sign should have the Brokerage listed in bigger font than the team's name to ensure that the public understands that the brokerage is ultimately responsible for the deal as the "broker." City and/or county property taxes, homeowners' association fees, mortgage interest on an assumed loan, and prepaid rent collected on a rental property, are all

entered on the closing disclosure as:

Prorated between the buyer and seller according to the terms of the contract.Which of the following individuals could get a Florida real estate license under mutual recognition?George holding a Georgia real estate license.Wonda homesteaded her property. Under the Save Our Homes amendment, what is the annual maximum cap for increased just value?3% Genny wanted to apply for a real estate mortgage. Bart, the mortgage loan originator, checked her credit and verified her income. Bart assured her that based on the information

gathered, she would qualify for a mortgage. However, Bart also told her that because she was not married, she would likely be turned down by his lending sources. Which of the following statements is correct?It is illegal per the Equal Credit Opportunity Act to turn a borrower down based on marital status.

How are property taxes paid on condominiums? Property taxes are levied on the individual units and paid by each individual unit owner just the same as when someone purchases an unattached single-family home.The relationship of trust and confidence between Maxwell the real estate broker and Connie his buyer is called?Fiduciary Relationship Prior to the early 1910s, real estate suffered from an overall bad industry reputation because all the following except?Not everyone followed the mandated NAR Code of Ethics.Which is not one of the categories addressed in the REALTOR® Code of Ethics?Duties to the Owner of Brokerages Ian is a landlord for his two homes. Ian is ok with tenants having pets, but he does require a pet deposit of $500, a minimum credit score of 615, and a background check. Is Ian legally allowed to ask for these things?Yes, as a landlord Ian may set a variety of requirements including those listed above, so long as he does not discriminate.Tourmaline Leroux is getting a loan that requires the borrower to put between 5 to 20% down on the purchase of a house to qualify for the loan. What loan is Tourmaline applying for?Conventional Loan Kyja consents to the use of her name and personal details to someone else so that a mortgage can be obtained. What is Kyja considered?Straw Borrower Lisa moved to a different address and must update her address to the DBPR within how many days?10 Merc is purchasing a home that is listed as "Turnkey".What does this mean?The house will include everything-right down to the forks and towels.Alex wants to use a drone to capture a video of his new listing, a 10-acre estate. What does Alex need to do before using his drone?Alex needs to check all the areas laws and aviation regulations before using a drone.Chris is an Army Veteran and is looking to buy his first home. What type of loan is specifically for veterans?VA Loan Which statement is correct regarding ethics? The application of business ethics is not always clear.Broker Sunshine is setting up a property escrow account.What is the maximum amount of brokerage personal funds that may be deposited to create and maintain the account?$5000 With Dobby's new status as a Free House Elf, he has decided to purchase a newly established condominium to house other Freed House Elves. How many documents must the developer provide to Dobby?

• different required documents

Which statement would be true about a Chief Financial Officer (CFO) of a company falsely altering financial records to lower the company's taxes due?The CFO would be acting illegally and unethically.Sara, a licensee, could be considered as providing legal advice without a license in which of the following situations?Telling a buyer that in Sara's opinion the property has a clear marketable title.Real estate licensees may sell all types of real estate without restrictions. But, the Code of Ethics Article 11 limits

licensees to practicing real estate only when competent to do so. This is based on all the following reasons except which statement?Practicing without skill is your legal right.