FL real estate practice end of course exam Flashcards

FL real estate practice end of course exam Flashcards timeshares are typically resort condominium units in which multiple parties hold rights to use the property and each sharer is allotted...a period of time in which they may use the property It is the intent of the Florida Legislature to provide safeguards regulating the disposition of any interest in subdivided lands, including financial operations entered into by companies and persons regulated by the _______, to prevent fraudulent and misleading methods and unsound financing techniques which could detrimentally affect not only remote land purchasers, but also the land sales industry, the public, and the state's economic well being Florida Uniform Land Sales Practices Law Mortgage bankers originate mortgage loans and resell them to...Secondary mortgage lenders like Fannie Mae or Freddie Mac If effective gross income is $55,000, operating expenses are $10,000, net operating income is $45,000, and the capitalization rate is 15%, what is the Property's value?

$300,000

a creditor can go after a person's personal assets for the debts of a...general partnership the primary physical distinguishing characteristic of land is...immobility An investor own a 5-unit apartment building. Over a period of time, the investor has found that his expenses to operate the apartment building have averaged 55% of the gross income. If one apartment rents for $920 per month, another for $940 per month, and the remaining 3 apartments rent for $900 per month each, what are the annual gross and net incomes for the investor's apartment building?$54,720 gross income; $24,624 net income What is a proper disbursement from a broker's trust account?to pay plumbing bills of a commercial property the broker manages The percentage which expresses the amount of risk that an investor is willing to make is called the...loan to value ratio what is the requirement of state statute in order for the Commission to action a proposal?There must be a majority vote of 4 Commission members which would be exempt under the Federal Fair Housing Acts of 1968?a. An owner of an 8-unit apartment building who lives in one of the unitsb. An individual selling a personal residence who does not use a broker or discriminatory advertisingc. a lender who gives home loans as well as commercial loansd. an elk's club who rents rooms in its residence to the public

• an individual selling a personal residence who does not

use a broker or discriminatory advertising

A broker shall be provided a reasonable amount of time to correct escrow errors if...there is no shortage of funds and such errors pose no significant threat to economically harm the public Leasehold estates are types of estates that are broken

down into 3 different groups:

estate for years, tenancy at will, and tenancy at sufferance Title to real property may pass by...deed A restrictive covenant is a type of real covenant, a legal obligation imposed by the...seller Susan and John sold the home they had lived in for 18 months. They had previously sold another house in New York where they had lived for 15 years. They decided to move into an apartment and sell the house because the view is better. They are filing jointly as a married couple and they sell the property for $500,000. Will they owe any capital gain on the property?Yes, because they have not lived in this home for 2 of the last 5 years, they do not meet the exemption requirements The party to whom a deed conveys real estate is the...grantee A refined older home on a well-landscaped corner is appraised and the appraiser recommended that the building be razed. This would be for what reason?highest and best use of land Primary reference lines running in a north-south directionPrime meridians The Equal Credit Opportunity Act (ECOA) makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of...race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract) The licensee has signed the election of rights indicating that he does not dispute the allegations of fact and that he requests an informal hearing. How much prior notice of a hearing must be given to the licensee-respondent?20 days Which type of mortgage loan requires a balloon payment at the end of the loan term?partially amortized a warranty deed that protects the grantee against a lossdefective title The state intangible tax on new mortgages only is...2 mills ($.002) Each active broker shall maintain an office which consists of...at least one enclosed room in a building of stationary construction a property sold last month can either increase in value or decrease in value due to...market conditions certain violations of the Florida Statutes, the Florida Administrative Code and other rules and regulations regarding the practice of real estate fall under the authority of the...Florida Real Estate Commission (FREC) The Greenbelt law provides favorable tax treatment to...owners of agricultural properties Four principle determinants of value underlying the price for a product are...desire, utility, scarcity, and purchasing power Which of the following is not a requirement to obtain a real estate license in Florida?a. applicant must be a minimum age of 18 years oldb. have a 4 year degree in real estatec.

hold a diplomad. must be honest and trustworthy have a 4 year degree in real estate Purpose of the FL Americans with Disabilities Accessibility Implementation act incorporate into the law of this state the accessibility requirements of the Americans with Disabilities Act of 1990,

and to obtain and maintain U.S> Dept. of Justice certification of the FL Accessibility code for Building Construction as equivalent to federal standards for accessibility of building, structures, and facilities