FL Real Estate 100 Question Practice Flashcards

FL Real Estate 100 Question Practice Flashcards Which is correct about a group license?a. It is issued to sales associates who work for several employers.b. A broker may have as many as she has offices.c. It is issued to sales associates who work for several entities with a comm ownership.d. It is issued to brokers for each branch office.

• It is issued to sales associates who work for several

entities with a comm ownership.Broker Larry, Broker Linda, and Broker Susan form a partnership to buy a tract of land and develop and sell the land. Sales Associate Lee joins the partnership and profits will be split equally among the four. Profits for the first year amount to $80,000. Which is correct?a. Profits may be divided three ways only. Sales associate Lee cannot be a partner.b. Profits may be divided four ways.c. Sales associate Lee may be a partner only if he has broker status.d. a & c

• Profits may be divided four ways.

Broker Jacqui decides to move her branch office from Fort Walton to Panama City. The proper procedure is for Jacqui toa. report the move to the Board of Realtors.b. request that the Division transfer the license to the new location.c.cancel the existing branch license and submit the request and a new fee for the Panama City branch office.d. wait until it is time to renew the branch office license.

• cancel the existing branch license and submit the

request and a new fee for the Panama City branch office.Which is deducted from gross income to arrive at net operating income?a. taxesb. insurancec. vacancyd. debt service

• insurance

Which of the notices shown below MUST be signed by a buyer or a seller.a. Transaction Broker Notice.b. Single Agent Notice.c. Consent to Transition to Transaction Broker Notice.d. Notice of Nonrepresentation.

• Consent to Transition to Transaction Broker Notice.

Jill sells commercial property exclusively. Which is correct about her brokerage relationships?a. She may have "no official brokerage relationship" status, may be a single agent or may be a transaction broker.b. Her broker may appoint her to be a "designated salesperson" for one party, and another person in the firm to be a "designated salesperson" for the other party in the transaction.c. She must provide the Notice of Nonrepresentation at first contact with potential buyers and sellers.d. a & b.

• a & b.

Hinson forms a limited partnership to develop and sell real property. Hinson will be the general partner will do all the work. Bailey buys units as a limited partner and invests

$100,000. Hinson defrauds several purchasers who bring suit against the partnership and get judgments for amounts in excess of $300,000. The partnership funds are wiped out. Which is correct?a. Hinson is liable for the same amount as Bailey.b. Hinson is not liable because of the limited partnership status.c. Hinson is liable for the unpaid judgments, Bailey is not.d. Bailey is jointly and severally liable as a partner.

• Hinson is liable for the unpaid judgments, Bailey is not.

Plottage isa. the plotting of a linear regression analysis curve on investment income.b. plotting the direction of

growth in a comprehensive plan.c. an increase in value of individual parcels when joined with other parcels.d. marking off cemetery lots.

• an increase in value of individual parcels when joined

with other parcels.

Usually, local planning commissions are composed ofa. lay members representing a cross section of the community.b.professionals from each of the local planning authorities.c.three county commissioners and two school board members.d. local developers and representatives of utilities and banks.

• lay members representing a cross section of the

community.Lien theory means that the mortgagea. creates a lien on the property, with the mortgagee having title.b. instrument conveys title to the mortgagee with mortgagor having a lien.c. is a lien on the property, but property title is vested with the mortgagor.d. is a lien on the property, but property title is vested with the mortgagee.

• is a lien on the property, but property title is vested with

the mortgagor.Which of the following best describes the relationship of a broker and his principal?a. caveat emptorb. limited dutiesc.fiduciary dutiesd. confidentiality until the listing expires

• fiduciary duties

John and Edward were brokers with their own firms. An economic downturn made them decide to share office space. They did not put up signs which described that the public was actually dealing with two separate firms. A BPR investigator made a routine office inspection visit. The investigator would probably issue a citation stating that thisI. is an ostensible partnership.II. is a general partnership.III. is a violation.a. I onlyb. I & IIc. I, II, & IIId. I & III

• I & III

To be valid, a deed must bea. signed and acknowledged.b.signed and witnessed.c. signed and recorded.d. all of the above.

• signed and witnessed.

An appraiser noted a 3 year-old air conditioning system which was operable. He assigned $2,500 depreciation to the system. What type of depreciation is it?a. incurable physical deteriorationb. curable physical deteriorationc.curable functional obsolescenced. incurable functional obsolescence

• incurable physical deterioration

A buyer purchases a 4-unit commercial building for $150,000 cash. Operating expenses of the building total $30,000 annually. What must the buyer get in monthly rent from each unit in order to achieve a 20% return?a.$5,000b. $2,500c. $1,250d. $125

• $1,250

A hardware store owner, who is neither a real estate licensee nor a licensed or certified appraiser, was appointed by the court to appraise another hardware store.The person cana. be compensated for the appraisal.b. not be compensated for the appraisal unless licensed or certified.c. apply for a temporary license from the Commission.d. appraise any hardware store in the state