50 Most Asked Questions On Florida Real Estate State Exam

50 Most Asked Questions On Florida Real Estate State Exam Flashcards c29. Which applies if a licensee calls a broker's price opinion an appraisal?a. The licensee could be charged a third-degree felony.b. The licensee could be charged with breach of trust.c. The licensee could be punished by The Florida Real Estate Commission.d. The licensee could be charged with a notice of non-compliance.b46. Which of the components of an adjustable rate mortgage adjusts the interest rate?a. The marginb. The spreadc. The rated. The index c50. The total property values in the city total $5,495,000.The government building value totals $450,000. The church value totals $125,000. The total tax exemptions total $950,000. What is the tax revenue of the city if the overall tax rate is 9.2 mills?a. $36,524b. $402,000c. $59,568d.

$450,200

• Which of the following is not true concerning

kickbacks.a. Not all kickbacks are illegal.b. A real estate licensee may not be paid a fee for referring buyers to a title company.c. Kickbacks cannot violate RESPA (Real Estate Settlement Procedures Act).d. All kickbacks are illegal.d

• How many acres and square feet are there in the legal

description N1/2 of the SE1/4 of the NW1/4 and the N1/2 of the S1/2 of the SE1/4 of the N1/4 of section 11?a. 20 acres and 3,450,000 square feetb. 30 acres and 1,306,800 square feetc. 30 acres and 2,613,600 square feetd. 80 acres and 3,484,800 square feet b, This is an extremely popular math question from chapter

• Every section has 640 acres so every time you see a

question that asks you to determine how many acres or how many square feet are in any one section, you are always going to start with 640. Then you will divide 640 by the denominators, (bottom number of the fraction) to arrive at the number of acres. With these problems you are looking for the word AND because if you see the word AND, you will need to start at 640 again because they are asking you about two separate pieces of property. You will need to add the two pieces together.640/2/4/4= 20 acres640/2/2/4/4= 10 acres20 + 10 = 30 acresOnce you know this piece of property has 30 acres you can multiply that by 43,560 which is the number of square feet in one acre.1 acre = 43,560 square feet43,560 x 30 = 1,306,800 square feetThe answer is 30 acres and 1,306,800 square feet

• Which of the following is a set of administrative rules

developed by The Florida Real Estate Commission?a.Chapter 621jb. F.S. 120c. Chapter 61j2d. F.S. 475 c

• Which of the following disclosures must be signed?a.

The no brokerage relationship disclosure formb. The consent to transition to transaction broker disclosure formc.The single agent disclosure formd. The transaction broker disclosure form b d38. Which of the following clauses or covenants in a deed states that the grantor owns the property and has the right to convey it?a. Covenant of seisinb. Covenant against encumbrancesc. Habendum claused. Covenant of further assurances d28. How is the intangible tax typically noted on the Closing Disclosure Statement?a. Debit to the seller, credit to the buyerb. Seller debit onlyc. Buyer debit onlyd. Credit to the seller, debit to the buyer c41. What is the penalty for a first-time minor violation?a.3rd degree felonyb. 1st degree misdemeanorc. 2nd degree misdemeanord. Notice of non-compliance a44. What is the effective yield to the lender if the borrower has 5% interest on a loan and purchases 4 points?a. 5%b.6%c. 5.5%d. 5.25% b34. When must the no brokerage or the non-representation disclosure form be shown?a. Before entering into a listing agreementb. Before or at the time of becoming a single agentc. Before showing propertyd. At the open house

• If the subject property has three bedrooms and the

comparable property has two bedrooms, and a bedroom is worth $10,000, the correct adjustment is toa. add $10,000 to the subject value.b. add $10,000 to the comparable value.c. subtract $10,000 from the subject value.d. subtract $10,000 from the comparable value b

• When a lender declares all the unpaid balance due and

payable as a result of default, the lender is exercising which clause in a mortgage?a. Due-on-sale clauseb.Escape clausec. Acceleration claused. Estoppel clause c d36. In the event that a broker chooses not to have an escrow account, the funds are typically held at a title company or in an attorney's escrow account. If the funds are held at a title company or in an attorney's escrow account, what must be included on the purchase and sale contract regarding the title company or attorney?a. Name, address, email and phone number of the title company or attorney.b. Name and phone number of the title company or attorney.c. Name address, and phone number of the title company or attorney.d. Name, address, email, phone number and account number of the escrow account.

• William, who holds title in fee simple of a 35-acre

property, deeds the land to Robert until Robert dies. At that time, Tonya is to receive title to the land. Which statement is true concerning this situation?a. William has a life estate and Robert has a remainder estateb. William and Robert have life estatesc. Robert has a life estate and Tonya has a remainder estated. William has a life estate c a24. A building is 4 stories high and each floor is 100x50. I want to put bins in all the space I can. I can't use 20% of each floor. The bins are 5x5. How many bins can I put in thebuilding?a. 320b. 610c. 640d. 590 c23. If the assessed value of a homesteaded residence was $89,000, and the homeowner was blind, what is the amount of the Constitutional Homestead tax exemption?a.$50,500 for city and county taxing districts, and $25,500 for the school board taxing district.b. $50,000 for city and county taxing districts, and $25,000 for the school board taxing district.c. $25,000 for the city, county, and school board taxing districts.d. $25,500 for the city, county, and school board taxing districts.

• Which of these describes of a non-freehold estate that

includes a definite specified amount of time?a. Tenancy at willb. Estate by the entiretiesc. Life estated. Estate for years d

• Which of the following statements is true concerning

advertising?a. Advertising is not a service of real estate.b.Blind advertisements are advertisements that fail to disclose the name of the brokerage firm.c. If you are on a team, there are no restrictions on the size of the lettering of your team's name.d. Sales associates can advertise in their name only, not including the name of the brokerage firm.b

• A broker listed his neighbor's house and at the listing

appointment the neighbor disclosed that the floor was ripped up in one part of the kitchen. It is a small tear in the linoleum that the homeowner has covered by a rug to prevent someone from tripping. Which applies?a. The broker has no legal obligation to disclose to a potential buyer the tear, but he should disclose the tear for ethical reasons.b. To be legal, the broker must tell potential buyers about the tear in the kitchen.c. If the broker has a transactional brokerage relationship with the seller, then the broker is under no obligation to disclose the tear in the kitchen floor.d. The broker can use his judgment concerning the disclosure of the kitchen floor tear.b

d33. What are the set of guidelines called that must be followed by appraisers?a. USPAP (Uniform Standards of Private Appraisal Practice)b. USPAP (Uniform Standards of Professional Appraisal Practice)c. USPAB (Uniform Standards of Professional Appraisal Basics)d. USPAC (Uniform Standards of Professional Appraisal Contracts) b48. Which of the following is deductible on a homeowner's federal income taxes?a. Mortgage payments and mortgage interestb. Mortgage payments onlyc. Mortgage interest and property taxesd. Property taxes only

• Which of the following describes leverage?a. Leverage is

the same as cash flow.b. Leverage is the use of borrowed funds to purchase assets or to finance an investment.c.Leverage can only be positive.d. Leverage is when an investor uses his equity to finance an investment.b b, This is a commission question. Everyone gets a commission question. There are many ways to do this problem, I am going to show you the substitution method.

All commission questions follow the same formula:Step

one: Sales price times whatever the listed commission is =

total commission paid by the sellerStep two: Whatever the

total commission is then you times that by what the sales

associate is entitled to keepFor example: 450,000 x .07 =

31,500 (this is the total commission paid by the seller)31,500 x .70 = 22,050Our question did not give us the listed commission, but we substituted it in and was able to match the sales associates check.You can do this many different ways, but I like to use each answer and follow the very specific formula to arrive at the answer.

• How many sections are in a township?a. 640b.

43,560c. 36d. 30 d22. Which of the following liens would take priority?a. A vendor's lien filed on December 12th 2017b. A mechanic's lien filed on January 1st 2018c. Property tax lien filed on January 14th 2018d. Construction lien filed on January 15th 2018 c30. In which theory in mortgage lending does the borrower not retain ownership during the loan period?a. Lien theoryb. Title theoryc. Mortgage theoryd. Law theory d42. What type of rights are associated with water flowing through your property?a. Littoral rightsb. Erosion rightsc.Riparian rightsd. Air rights c27. If a newly licensed sales associate enters into a single agency relationship with a seller and that principal asks the sales associate to discriminate in the showing of the property, which applies?a. The sales associate should report the principal to the Department of Housing and