FL Real Estate License Practice Exam 2 Flashcards

FL Real Estate License Practice Exam 2 Flashcards All of the following are protected classes according to the

Fair Housing Act of 1968 EXCEPT:a. Sexb. Religionc.

Aged. Familial status C The Florida Uniform Land Sales Practice Act applies to certain subdivisions that requires the delivery of a public

offering statement and contains:a. 25 or more lotsb. 50 or

more lotsc. 25 or fewer lotsd. 50 or fewer lots B Broker Roy has taken a listing on a property for $295,000.The seller has agreed to pay Roy 6% for the first $250,000, 7% for the next $25,000 and 8% for the balance of the purchase price. If Roy is able to sell the property for $287,000, how much will he receive in commissions?a.$15,565b. $17,710c. $18,350d. $19,565 B The monthly net income for a property is $1,800 and the overallcapitalization rate is 11%. What is the value of the property?a. $16,364b. $19,800c. $121,800d. $196,364 D Which of the following conditions is assumed in a real estate sale?a. Trust and obedienceb. Arm's length transactionc. Listing price is negotiabled. Closing will take place within thirty days B The following are considered to be misdemeanors of the

1st degreeEXCEPT:a. Breach of trustb. False advertisingc.

Violation of rental list rulesd. Failure to notify the DBPR of a move within ten days C What step occurs after the probable cause panel has concluded thatprobable cause does exist in a complaint?a.An Informal Conference is scheduled.b. An Administrative Complaint is filed.c. A Recommended Order is issue by an Administrative Law Judge.d. A Written Exception can be filed for a hearing before the FREC.B Which of the following contracts are required to be in writing in order to be enforceable?I. Real Estate Sales and Purchase ContractII. Option ContractIII. One Year LeaseIV.Exclusive Right to Sell Listing Contracta. I and IIb. I and IVc. I, II, III, and IVd. I, II and IV D The following items are considered a pro-ration between

the buyer and the seller EXCEPT:a. Real estate taxesb.

Rent payments from a tenantc. Attorney's feesd. Interest on an assumed mortgage C Alex recently purchased a unit in an office building in Sarasota. As part of the agreement, Alex was required to

enter into a proprietary lease. What type of ownership has Alex purchased?a. A condominiumb. An apartmentc. A cooperatived. Congregant living C

Which of the following types of depreciation is entirely outside theboundary of the subject property?a. External obsolescence onlyb. Functional obsolescence onlyc. Both external and functional obsolescenced. Neither external nor functional obsolescence A Seller Todd gives an open listing to only one broker. What type of listing does the broker have?a. An Exclusive Listingb. An Exclusive Right to Sell Listingc. An Open Listingd. A Net Listing C Bill has entered into a sale and purchase agreement to sell his home to Missy. The closing has been set for next month. The classification of the contract is considered to

be:a. Unilateral, since it has not been closedb. Executed,

since both the buyer and seller have signed theagreementc. Informed, since it was not notarizedd.Executory, since it has not closed D The city is going to pave your street at a cost of $100 per running foot and has agreed to pay 65% of the cost. Your property measures 130'x150'. What is the amount of the special assessment that you will pay for your property?a.$8,450b. $4,550c. $4,225d. $2,275 D Sales Associate Roger has placed his license with Dolphin Development, an unlicensed owner/developer. How long does Roger have to be employed by Dolphin Development before he can qualify to take the state examination for his broker's license?a. Six monthsb. Twelve monthsc.Twenty-four monthsd. None of the above D Franklin is court appointed to perform a real estate auction.What further authorization must he receive?a. Permission from FRECb. Authorization from the DREc. Membership in the local board of REALTORSd. No further authorization is needed.D

A township contains:a. Thirty-six square milesb.

Twenty-four square milesc. Six square milesd. One square mile A Broker Dave was able to increase the value of several properties bybringing them under one ownership. The

concept of this value increase is known as:a.

Appreciationb. Assemblagec. Plottaged. Appurtenance C A home built by a builder from plans that were provided by

the owner of the lot is known as:a. Speculative buildingb.

Custom buildingc. Tract buildingd. Specific building B Angela was recently awarded a judgment that consists of $12,000 incompensatory damages and $20,000 in punitive damages because of a fraudulent real estate transaction. If

Angela applies to the Real Estate Recovery fund for payment of the judgment, which of the following statements is/are true?a. Angela must show proof the judgment has not already beensatisfied.b. Angela can collect $12,000 from the Recovery Fund.c. Angela can collect up to $25,000 from the Recovery Fund.d. Both a and b D A home is currently listed in which the previous owner was killed during a robbery. What disclosure does Florida