FL real estate: pearsonvue practice exam Flashcards

FL real estate: pearsonvue practice exam Flashcards

equitythe difference between the value of a property and the total amount of liens against it is known as "I suggest that a radon inspection be performed" potential buyers tell their sales agent that they are worried about the presence of radon gas in a home they are thinking about buying. what SHOULD the sales agent say?buyer's brokerthe compensation a buyer agrees to pay under the terms of a buyer representation agreement is to be paid at

settlement to the:

terminate the contact if the buyer is not satisfied with the inspection if a purchase contract for a commercial property includes a due diligence contingency for the buyer, then the buyer

MAY:

percentagethe owners of a shopping center want a major department store's lease to provide rental payments that reflect the store's sales. they are most likely to use which type of lease?operating expensesin order for a property manager to determine net operating income on a property, what fees are subtracted from the effective gross income?common elementsin a condominium apartment project, the BEST term to describe swimming pools and laundry rooms for the use of

unit owners is:

determine replacement value less depreciatio when using the cost approach to determine the value of a

residential dwelling, an appraiser SHOULD:

"exclusive neighborhood"what phrase is considered discriminatory advertising by HUD?a 63-year-old employed postal workeraccording to the federal fair housing act, what individual is permitted to reside in housing with a familial status exemption?economic obsolescencethe value of a property is affected by negative forces outside the property, which are beyond the control of the

owner. this is referred to as:

the tenant owns the cropsthe owner of a farm has found a buyer for the property, which is leased to a tenant farmer. with regard to any growing crops that were planted by the tenant, what is true?reviewing all documents and transaction files prior to closing what action BEST describes proper supervision of a license by their broker?packagein addition to real property, pledging a freestanding stove and refrigerator as security for a loan is an example of what mortgage?

stating that the presence of certain persons in a neighborhood will increase crime what is an example of blockbusting?recording of a new mortgagein a real estate closing, the buyer generally pays for the:

be signed by the sellera valid real estate sales contact MUST:

agreement between the seller and the buyer with the exception of court-ordered sales, the amount of earnest money to be deposited by a prospective buyer is

determined by the:

commercial propertiesthe gross income multiplier (GIM) is BEST used to value:

specific performanceunder a sales contract, the legal remedy that MAY be used

to force the seller to consummate the sale is called:

encumbrance to which the policy has not taken an exception a title insurance policy will protect a buyer from financial

losses that are caused by a(n):

is a material factthe presence of government-regulated wetlands on a

building lot:

escheatwhen private property is abandoned, the state MAY acquire

title to that property under the right of:

$38,400step 1: cost - down payment = loan amountstep 2: monthly payment * number of months = total paymentstep

3: total payment - loan = mortgage

a buyer makes a down payment of $27,000 on a house selling for $75,000 and secures a new mortgage for the difference at $288 per month for 25 years. how much does the buyer pay in interest over the life of the mortgage?conversion of fundsa licensee pays for maintenance on a rental unit using a

tenant's security deposit. this is an example of:

obligated to convey the information to the seller because of the duties to their client broker P lists a property for a seller. a buyer, represented by broker Q, submits an offer to purchase the house and tells broker P that they're willing to pay up to $10,000 more than the offer price, if the seller counters. in this situation,

broker P is:

require the tenant to restore any damage to the apartment that results from the animal a visually impaired person with a service animal completes an application for rental of an apartment that has a vigorously enforced "no pets" policy in the building.

according to the federal fair housing act, the owner MAY:

buyeras defined in a real estate contract, the due diligence period allows which party to thoroughly investigate a property?sale price of the comparable property, down for the age and up for the number of baths a licensee preparing a competitive market analysis (CMA) has information on a comparable property that is similar in all respects to the subject property except that, while the subject property is ten years old and has two baths, the comparable property is five years old and has one bath. in

this case, the licensee SHOULD adjust the:

5-year old single-family residencethe direct sales comparison (market data) approach would

be MOST appropriate for establishing the value of a:

fixturesitems permanently attached to real property are

considered:

dedicationthe donation of private land for public use is called:

fulfills the terms of the optiona property owner MUST convey property that is subject to

an option when the optionee:

comprehensive environmental response, compensation, and liability act (CERCLA) the federal act that provides funds for waste management

and solutions for cleanup is the:

comminglinga licensee deposited a client's earnest money into the licensee's personal account to hold. this is considered

illegal and known as:

exercise care, obedience, accounting, and disclosureunder the law of agency, a broker's responsibility to the

principal is to:

recommend that the buyer insert an inspection contingency in the purchase agreement if a prospective buyer is concerned about the electric service on a property, the buyer's licensee SHOULD

$2step 1: number of lots(feet lengthfeet width) = total

square footagestep 2: total cost / total area = approximate

cost per square foot in two lots, each 75 feet wide by 105 feet long, cost $30,000 in total, what is their approximate cost per square foot?steeringa minority couple asks a licensee to show them a listed house. the licensee suggests that they look at houses with larger minority populations than that of the listed house.what is the licensee guilty of?a bill salewhat document is usually prepared when a real estate buyer also purchases a seller's riding lawn mower?$1,800mortgage cost * discount %a buyer purchased a house for $80,000 and obtained a $60,000 mortgage. if 3 discount points were charged to

originate the loan, the total cost of the origination fee is:

ownera property manager works in the best interests of the:

redliningan illegal lending practice whereby a bank refuses to make mortgage loans in a certain neighborhood based on the ethnic makeup of that area is known as" zoning lawspublic regulations that control the specific uses of land in a

given area are called:

$88,298step 1: sales price - ( 1 - % commission of sales

price)83,000 / .94 if a broker lists a property and agrees to net the seller $83,000 after the broker's 6% commission is paid, the

property must be sold for a MINIMUM of:

the seller may sue the buyers for breach of contractbuyers make an earnest money deposit on a property and sign a contract that is contingent on specific financing terms. though a bank commits to the financing, the buyers end up changing their minds. the buyers proceed to notify the seller, in writing, that they do not intend to buy the property. what happens?may rescind the listing contract upon obtaining permission from the owners a broker lists a property. the broker advertises and shows the property several times, but after each showing, the owners call the broker with a list of unreasonable restrictions they want placed on the showing of the property. the broker decides not to continue the listing. in

this situation, the broker:

a defect existing in the property being offered what item has to be disclosed to prospective buyers by the listing broker?the broker and both of the spouseswhen a broker lists a property that is owned by a married couple as joint tenants, the broker SHOULD make sure that

the listing agreement is signed by:

truth in lending and fair housing actsa portion of an advertisement reads: "new four bedroom, two bath home for sale in a family neighborhood. yours for only $1,100 per month." this advertisement VIOLATES the

provisions of the:

deduction for real estate taxesa net lease affords the lessee the:

errors and omissionsa plaintiff files a lawsuit against a licensee for a property that was later determined to have termite damage. the licensee was unaware of any damage at the time of the property sale. the type of insurance that protects the

licensee in this situation is:

$285step 1: gross monthly rent - rent amount lost = net

monthly rent receivedstep 2: net monthly rent received *

commission % = manager's fee for july the potential gross monthly rent on an apartment building is $5,380. in july, operating expenses were $3,500. a tenant whose monthly rent is $625 failed to pay rent in july. if the property manager's commission is 6% of the rental income,

the manager's fee for july was:

present the offer to the sellera seller rejects an offer of $84,000 on a property that is listed for $84,000. one week later, a prospective buyer asks the salesperson to submit an offer of $82,000 for the

property. in this situation, the salesperson SHOULD:

an office buildingthe income approach is most likely to be used when

deterring the value of:

voidable by the sellera child inherits their parent's property prior to their 18th birthday. if the child decides to sell the property, and enters

into a purchase agreement, the contact could be:

$406step 1: loan amount = appraised value * loan %step 2: first monthly payment = interest payment + loan repayment(loan amountinterest rate) + (appraised value / number of years12 months) a property has an appraised value of $50,000. a loan is granted on the property for 75% of its appraised value. the loan is spread over 25 years at an interest rate of 3/4% per month. if the amount paid toward the principal is to remain constant throughout the life of the loan, what is the FIRST monthly payment?redemptionthe act of recovering title to property lost through

foreclosure on a mortgage is called:

sellerthe final decision in establishing the listing price is made by

the:

environmental protection agency (EPA)the CERCLA is administered by the:

depreciationthe difference between reproduction cost and the present

value of a property is:

puffinga licensee describes a house as "fabulous and wonderful" and "having the best view in town". this is most likely an

example of: