Aceable FL final exam real estate Flashcards

Aceable FL final exam real estate Flashcards Ariel plans to move to a different city to be closer to her family. She loves her beautiful, beachfront property, though. She wishes she could take her current real estate with her to the new city, but she can't. Which characteristic of land is this?immobility Toni and Karl are married and own a home. It's their primary residence, and they have homesteaded it. They have two adult children. If Karl dies, who owns the home?Toni would have a life estate, and the kids would be the remaindermen.An applicant for a sales associate license is filling out their application. A few years ago, they were arrested for a misdemeanor and pled guilty. Since then, they have served out their probation and not had any more legal issues.What should this applicant do regarding their criminal history as part of their application?Disclose the incident, provide court records about their case, andinclude at least three character letters.A property is sold for $350,000. The buyer has paid $12,000 in earnest money and is obtaining a 70% loan.Based on the information provided, how much additional cash will the buyer have to bring to the closing day?93000 Brokers must deposit escrow funds immediately. When defining the term"immediately," what is an important point to consider?Saturdays, Sundays, and legal holidays are not counted as business days.How many acres are there in the South 1/2 of a section?320 A Florida licensee working with a party has the duty to account for all funds entrusted to the licensee. What, if anything, does that tell you about the specific brokerage relationship the licensee has with the party?Actually, it tells you nothing about the specific brokerage relationship because the duty to account for funds applies to all three authorized brokerage relationships in Florida.Which of the following would NOT typically be prorated at closing?Appraisal fees When would a lis pendens note be used?when a lender is beginning the process of a judicial foreclosure Why does each party in a designated sales associate transaction have two disclosures to sign?One is to consent to the use of designated sales associates in the transaction, and the other is to declare their financial eligibility to do so.An appraiser is putting a value on a business. To do so, she uses the business's cap rate to take the present value of a business's assets and the income it produces to predict a future value. What valuation method is she most likely using?income analysis There has been a lot of new construction in Ace City. New apartment complexes have been opening all over town.Assuming that demand remains stable, infer the effect that

this will have on rent prices.Rent rates should go down now that there is more supply in relation to demand.

Which of these people is a remainderman? Alice will inherit a life estate once the measuring life has ended.Choose the survey method that would result in this legal

description:"Beginning at the intersection of the north

boundary of Jolie Dr. and the east boundary of Midnight Rd.; then proceed due north along the east line of Midnight Rd. 120 ft. to its intersection with the center line of Deep River; then proceeding northeasterly 70 degrees along the center line of Deep River 400 ft. to the oak tree; then due south 300 ft. to the benchmark; then proceeding due west along the northern boundary of Jolie Dr. 300 feet, returning to the point of beginning." metes and bounds Leandro's bank requires at least a 75% LTV ratio to make a loan. He is looking at a home that costs $280,000. What is the minimum down payment he would need?70000 A town has a total assessed value of $60,000,000 and total exemptions of $9,000,000. If the town's budget is $225,000, what is its tax rate?Tax requirement ÷ Tax base = Tax rate. Find the tax base first, which is Total assessed value - Total exemptions = Tax base. That's $60,000,000 - $9,000,000 = $51,000,000.So, 225,000 ÷ $51,000,000 = 0.0044 = 4.4 mills Barbara agreed to pay the full deed transfer tax on the $250,000 sale of her property in Hillsborough County. How much will Barbara owe for the deed transfer tax?$1750 What does a high vacancy rate indicate about a rental market?Supply is outpacing demand. Rent prices will be lower to attract renters.Analyze the following scenarios. Which does NOT violate the federal Fair Housing Act?An agent refuses to show an apartment to a woman because she has a poor credit score.Broker Casey entered into a single agent relationship with Jane to sell her 13-acre ranch. He did not provide her with a written brokerage relationship disclosure.Was that an error on his part?Casey was correct in not using a disclosure form because Jane's ranch qualified as nonresidential.Which of these is a fee simple condition subsequent estate?Drew inherited her uncle's mansion but she must keep the gas lamps installed andoperational. If she fails, his heirs can sue to reclaim the estate.