Bob Hogue Florida Real Estate Final Exam Flashcards

Bob Hogue Florida Real Estate Final Exam Flashcards Which survey term is associated with a metes-and-bounds description?Point of beginning You are appraising a five-year-old, single-family home. The livable area is 60 feet by 50 feet. The garage is 24 feet by 20 feet. According to figures obtained from a cost-estimating service, the base construction cost per square foot of livable area is $103 and $92 per square foot for the garage. Calculate the reproduction cost new of the structure.

$353,160

When the parties to a contract state the terms of the contract and show their intentions in words, either orally or in writing, what type of contract classification has been created?Express Three claimants are requesting relief from the Real Estate Recovery Fund. All three claimants were named in a single judgment (the same real estate transaction). What is the maximum payment from the Recovery Fund for this claim?

$50,000

A transaction broker does NOT have which duty? Full fiduciary duties to both the buyer and the seller In Florida, real property is assessed on January 1 of each year, and property taxes become a lien on the property on January 1, the same year.Which individual must hold an active real estate license?A person who sells time-share periods for customers Within what period of time must landlords of five or more units notify tenants in writing of the method used to hold security deposits?30 days You have been hired to appraise the local public library building. The approach that is likely to be the MOST relevant is the cost approach.Which statement concerning tenancy by the entireties is

FALSE?

The deed must specifically state intent to create such a tenancy.Which clause is included in a mortgage to prevent a subsequent buyer from assuming an existing mortgage loan?Due-on-sale Clause A prospective borrower is applying for a conventional fixed-rate loan. The borrower's monthly gross income is $6,500. The borrower's projected monthly PITI is $1,372, the PMI is $150, and, based on a credit report, the

borrower has the following long-term obligations:Car

payment: $400Student loan: $390Credit cards: $250What is the borrower's total obligations ratio, and does it meet the lender's required threshold for a conventional mortgage loan?.3941 or 39.4% TOR is greater than the TOR threshold for a conventional loan

Sales associate Terry Stoufer may have which information entered on his license, if applicable?Terry Stoufer, LLC Which element is NOT essential in a valid real estate sale contract?Earnest money deposit A residential zone requires at least 7,500 square feet per lot. The developer is reserving 25 percent of the land for streets, sidewalks, and a community center. The tract of land for the development consists of 175 acres. How many residential lots are available for development?762 A real estate brokerage company is a transaction broker for a buyer. The buyer wants to purchase a new home so the sales associate takes him to three model centers listed by three competing real estate companies. The sales associate must give a written no brokerage relationship notice to no one.A tenant signed a 10-year lease requiring a monthly base rent of $1,900, plus 2% of all monthly gross sales volume over $95,000. The tenant also must pay all property taxes, insurance, and other costs normally considered property owner's costs. This is a net lease The statute of limitations is the authority that outlines theperiod of time during which a contract may be enforced.An investor wanted to build a motel. A broker showed him three choice sites zoned hotel-motel. The investor promised to decide on a site in three weeks, so the broker took a two-week vacation. When the broker returned, the investor bought one of these sites. The broker sold the site, not knowing that the zoning on that site had been changed to industrial. Which is correct?The broker is guilty of culpable negligence.Local government exercises its greatest effect on the real estate business by using zoning, taxation, and the planning process.A man owns a farm in fee simple. He deeds the farm to a friend until the friend dies, at which time a woman will acquire a fee simple title to the farm. The woman's interest in the farm is a remainder estate.A real estate license may be revoked without prejudice for which action?Issuance of a license by mistake of the Commission Which statement does NOT describe a planned unit development?Industrial parks are a welcomed offshoot of the PUD concept.A person must hold an active real estate license if, for express or implied compensation, the person advertises a list of available rental properties.The financial term applied to the use of borrowed funds to finance the purchase of an office building is leverage.A homesteaded property is located in Jupiter, Florida, in Palm Beach County. The property has been assessed at $185,000. The city tax rate is 8.8 mills, the county tax rate

is 9.3 mills, and the school board levy is 6.5 mills. The owner is a widow and has qualified for and received homestead tax exemption. How much will the owner pay in property taxes?

$3,471.20

A developer purchased three oceanfront lots, each measuring 75 by 110 feet, for $20 per square foot. The

developer later sold the lots for $200,000 each. What was the developer's percentage of profit on the sale of the three lots? (Round to nearest percentage.) 21%