FL Real Estate Exam Flashcards

FL Real Estate Exam Flashcards A sales associate lists and sells a 10-acre parcel with a cloud on the title. The sales associate does not inform the purchaser of the defect because the sales associate hopes it will be cleared before closing in considering the actions of the sales associate which is a CORRECT statement?The process of analyzing a mortgagee's risk is called A sales associate sells real estate for Real estate Inc. he is also a sales associate for realty Inc. this arrangement is in violation of the Florida Real Estate Licensure Law subtract $5,000 from the comparable property The purpose of a secondary mortgage market is to Base lineWhen authorized by the court, what type of deed legally conveys a minor's property?15 daysAn employee works for AAA syndicators. She sells and leases only properties owned by AAA. Her earnings are based on her sale and lease activity According to Florida law, is the employee exempt from licensing requirements?No, because any commission-setting agreement must first be approved by the secretary of state Leverage refers to the practice of Which type of approach is primarily utilized in estimating the market value of income producing properties?income capitalization Which of these is a characteristic of real estate?immobility A riparian owner is one who owns land bordering ona river or stream The buyer's death terminated the offer by operation of law before acceptance.The guarantee in which the seller provides assurance that he owns the property and, therefore has the right to sell it is called the covenant of An unlicensed personal assistant may be paid by salary Under which condition can a broker advertise listed property for sale without disclosing the name of the brokerage firm in the advertisement never, as all real estate advertisement must include the licensed name of the brokerage firm.representation of the tenantAn appraiser is using the sales comparison approach to value. The subject property has three bedrooms and a comparable property has four bedrooms. If the appraiser determines that an extra bedroom is worth $5,000, what adjustment should the appraiser make?Truth-in-lending act - regulation ZWhat type of loan would you have if a balloon payment is due on the maturity date of your loan The chance of losing all or part of an investment is calledrisk No, she must comply with all licensing requirementsFlorida law requires that all appraisals performed by the real estate appraisers and real estate licensees conform to the present covenant of seisinThe concept that best describes a transaction broker is before the first renewal of their license In a platted subdivision the legal description most often used as

he had entered into a valid contract, and asserted no basis for declaring it invalid A prospective tenant pays a fee to a broker in exchange for a list providing rental information. However, the prospective tenant never obtains a rental. Provided he makes a timely demand. The prospective tenant is entitled to a refund of Writtenthe lien theory of mortgages states that to obtain a zoning varianceSmith and Brown owned real estate together. When smith died last year, smith's ownership interest passed to brown, rather than smith's surviving heirs most likely smith and brown held title to the property as?Depreciation on the landOn a monthly amortized 25-year mortgage held to maturity, each discount point raises the effective interest rate on a loan by approximately pricing a propertyThe loss in value of a property due to outdated amenities or poor architectural designs and standards is best known as According to the general rule of law the term "consideration" in a contract means a careful review of all contract provisions As a general rule closing expenses are... paid by the buyer and seller according to the contract After completing the post-licensing education during the initial license period licensees must complete.at least 14 hours of continuing education during every 2-year license period for active licensees, only Pro-rationWithin how many business days must a broker notify the FREC in writing of conflicting demands or of a good faith doubt?A sales associate that is skilled in communicating with farmers and are knowledgeable about farm operations and the economic problems and federal regulations that affects them is specialized in the sale of agricultural land Which of these statements is NOT true about FHA loans?the borrower must pay an insurance premium based on the entire purchase amount Which of these is required in a lead-based paint disclosure for homes built prior to 1978?sellers and lessors must disclose the presence of any known lead-based paint in residential dwellings The type of mortgage payment plan that allows the interest rate charged to the borrower to increase or decrease generally in the same proportion as an index adopted as a reference is called a(n) adjustable rate mortgage A contract for the sale of a homestead owned by husband and wife as "tenants-by-the entireties" can be specifically enforced only if both the husband and wife signed the contract A buyer broker agreement isAn employment contract with a purchaser.A tenancy in common is best described as the right of survivorship A driver crosses a farm owners land for 20 years with the resulting path being treated as a road by neighboring property owners technically the driver may under the circumstances have obtained an easement on farm owner's property by way of a prescription

A licensee found guilty of culpable negligence in a real estate transaction has made restitution to the victim with no loss being sustained which of these may the Florida real estate commission impose?a fine not to exceed $10,000 one who provides limited representation in a brokerage transaction between buyer and seller An owner wants to net $8,000 on the sale of his small and vacant lot he gives a broker an option to buy the lot at that price or nominate a purchaser. The broker pays the $800 option. Before the option expires the broker sells the property for $9,200. The advised the buyer during the negotiations that she was the optionee which of these statement is TRUE.The property tax disclosure summary cautions buyers thatthe sellers property tax amount might not be the amount the buyer may be obligated to pay next year yes because the broker had the responsibility to inform the buyer of material defects in the property An estate in reversion is best described as a property that life estateThe lien theory of mortgages states that Advertising for a brokerage corporation must include the When using a Florida based title company to hold escrow funds for a real estate sales contract what three items about the title company must the real estate licensee indicate on the purchase agreement?title company's name, address, and telephone number guardians deedWhich of these is an INCORRECT statement concerning VA loan?National association of realtors (NAR)In considering the given information, the lien that is superior or takes priority over each other is a Petitioning for an administrative determination before the Florida real estate commission Sales associates are required to successfully complete a prescribed post-licensing education requirement 1/8%Smith and Brown, both competent parties signed a contract for the sale of Smith's summer cottage. Closing costs were decided and the closing was set for June 1st. On may 15 smith announced that the contract was invalid and refused to sell. Smith cannot do this without being subject to legal action because?metes and boundsA sales associate leaves Realty Company to work for Realty Inc. Before leaving, the sales associate takes the original copies of listing contracts that he secured for the realty company the sales associate is.Homes in Florida that qualify for a homestead tax exemption and have assessed value of 50,00 or less are entitled to The base $25,000 exemption Which of these statements is TRUE about kickbacks and rebates?if a broker is to receive a kickback or rebate, all parties involved must have been advised prior to the time of the placement of the kickback or rebate In addition to chapter 475, the Florida statute that defines the general legal practice and procedure for the department

of business and professional regulation and the licensees of all professions including real estate is 455