Florida Blue Apple Real Estate Study Guide Flashcards

Florida Blue Apple Real Estate Study Guide Flashcards In which type of community is there a governing body responsible for providing community development services?

CDD Which of the following is the formula for deriving the tax base of a jurisdiction?The total of all assessed values minus exemptions.When do Florida countless send out property tax bills to homeowners?In late October of each year A type of agency relationship that is illegal in Florida isDual agency An owner suddenly pulls a property off the market after hearing from the agent on the phone that the agent had received a full-price offer from a minority party. The agent then informs the offeror that the home has been removed from the market and is unavailable. Which party or parties, if any, have violated fair housing laws?Both owner and agent If a licensee does not agree with a final hearing order, the licensee may file an appeal within ______ days of receiving the order.30 days Florida disclosure requirements apply to Unimproved residential property to be used for four or fewer units.A government entity takes title to a leased property by way of eminent domain. What happens to the lease?It is extinguised A sales transaction on rental property closes on December 16, The Landlord received the December rent of $713 on December 1. Assuming the closing day is the seller's and that the 365-day method is used for prorating, which of the following entries would appear on the settlement statement?Debit seller $345.00 A broker responsible for handling a trust account is violating the law by depositing an earnest money check in a personal account An important characteristic of a promissory note is thatit is assignable.An agent obtains a listing which ensures compensation for procuring a customer, Provided the agent is the procuring cause. This agent has entered into a(n) open listing Buyers and sellers rely on escrow accounts in order toAllow a third party fiduciary to handle the funds.The amount of a real estate brokerage commission is determined by negotiation with the client A sales associate or broker associate must notify the FREC of a change of employing broker within _____ of the change.10 days A lender is charging 2.75 points on a $240,000 loan. How much money must the borrower pay for points?

$6,600

A business owner insists on a price for his enterprise that exceeds the value of the tangible assets, claiming that it is a well-known family business with a loyal clientele. The excess value is known as Goodwill To derive value using the income capitalization approach, one must Divide the capitalization rate into net income RESPA requires specific closing procedures wheneverthe loan is to be sold to the FNMA

Title records of a property reveal several recorded liens: a

one-year old judgement lien; a mechanic's lien dating from two years ago; a special assessment tax lien recorded last month; and a first mortgage lien recorded five years ago. In case of a foreclosure, which of these liens will be paid first?Special assessment tax lien Real Estate can be defined asLand and everything permanently attached to it.The village of Parrish has an annual budget requirement of $20,000,000 to be funded by property taxes. Assessed valuations are $400,000,000 and exemptions total $25,000,000. What must the tax rate be to finance the budget>

0.0533

Which of the following actions by a Florida Real Estate licensee would violate a Federal or Florida telemarketing law?Calling a potential client while blocking caller ID A shop was originally built in a commercial zone. The zone has since been changed to a residential zone. Zoning authorities permit the use, most likely as A legal nonconforming use An office building has a potential income of $500,000 and vacancy of 10%. It's cash-paid bills total $300,00 and annual depreciation is $5,000. Payments on the loan total $100,000. What is the property's pre-tax cash flow?

$50,000

Which of the following items are paid in arrears? Taxes and Interest One aim of the statute of frauds is toRequire certain conveyances to be in writing A suburb has a growing need for single-family housing, but the land available for new construction is running low. In this case, it is likely that the price of existing homes will increase A distinct feature of a joint tenancy is that joint tenantscannot will their interest to a party outside the tenancy.What is included in the bundle of rights inherent in ownership?To possess Which of the following is generally true of a real estate investment?The greater the return, the greater the risk There are two adjoining properties. An easement allows property A to use the access road that belongs to property

• In this situation, property B is said to be what in relation

to property A?Servient Estate Which of the following persons selling a time-share must hold a real estate license?Any person being paid a commission to sell the time-share

The Brokerage Relationship Disclosure Act applies to transactions involving all the following property types

EXCEPT

Commercial Properties An owner obtains a loan and gives the mortgagee a mortgage on the property as collateral. The mortgager/owner retains title to the property, and the mortgagee records a lien. This is an example of Hypothecation An example of conversion isSpending a customer deposit on a surety bond for the agency.An owner of a lakefront property tells a fisherman that he cannot fish in a boat within fifty feet of the owner's shoreline. The fisherman protests that the owner cannot prevent him. Who is correct?The fisherman is correct because the water and the land underlying it are public property.A parcel is described as the SW 1/4 of the N 1/2 of the E 1/2 of Section 14. What is the Acreage?40 Acres The chain of title to a property refers to which of the following?A chronology of successive owners of record The purpose of a formal legal description of a property is tolocate and identify the property reliably A canal dredging project is to cost $100,000. There are 40 properties along the canal, and 40 others across the street from the canal. The total canal footage to be dredged is 2,500 feet. How much will the assessment be for a 150-foot property on the canal?6000 The capital gain on sale of an investment is computed asNet sales proceeds minus adjusted basis What entity is authorized to impose criminal penalties?Criminal Courts The "Price that a willing, informed, and unpressured seller and buyer agree upon for a property, assuming a cash price and reasonable exposure of the property to the market" describes which of the following concepts of value?Market value A buyer agrees to all terms of a seller's offer and sends notice of acceptance back to the seller. The seller now tells the buyer the deal is off because he has learned that the home was underpriced. Which of the following is true?The buyer has a binding contract A property is purchased for $200,000. Improvements account for 75% of the value. Given a 39-year depreciation term, what is the annual depreciation expense?

$3,846

Dower can best be defined asa wife's life estate interest in her husband's property.In the contracting process, a licensee must be careful to avoid Drafting a contract illegally Interests in a condominium differ from those in a cooperative, because the cooperative owner owns stock in the cooperative association, whereas the condominium owner simply owns real estate.Which of the following entities may not register as a brokerage?Joint Venture

An office building rents for $600,000 has expenses of $400,000 and a cash flow of $100,000. The prevailing gross rent multiplier is 8. Using the GRM, what is the value of the building?

$4,800,000

A person wishes to convey any and all interests in a property to another with full assurances against encumbrances, liens, or any other title defects on the property. This party would most likely use which of the following types of deed?A general warranty deed A $250,000 interest only loan carries a 7% rate. Monthly payments are

$1,458

Three leading agencies charge identical commission rates for brokering office properties in Phoenix. Which of the following is true?This is a perfectly legitimate business practice.The formula for return on equity isCash flow divided by equity When an item is prorated between buyer and seller on a settlement statement, the closing officer must Debit one party and credit the other The sending of unsolicited commercial email to cell phones is banned by the CAN-SPAM Act.A lender may terminate foreclosure proceedings if the defaulting borrower executes a deed in lieu of foreclosure Which of the following best describes the person who is the "procuring cause" of a transaction sale?The person whos started a series of events that led to a sale A primary Objective of residential zoning is promote the value and planned land use of a neighborhood When offering a representation of value, the broker may not Represent his own opinion as an appraisal An owner completes a contract to sell her property. Before closing, the seller runs into financial trouble and assigns the contract to her principal creditor. The buyer cries foul, fearing the property will be lost. Which of the following is true?The sale contact remains valid.A landlord refuses to rent to a single pregnant woman. The woman feels there has been illegal discrimination. How long does she have to file a complaint with the Florida commission of Human Relations?She has one year from the date of the alleged discrimination.The Florida Residential Landlord and Tenant Act fundamentally attempts to Prevent the use of unfair lease provisions Negative amortization of a loan occurs whenever a payment does not pay the full amount of interest owed.The purpose of a homestead tax emption is to offer tax abatement on a principal residence A landlord promises to compensate a broker for procuring a tenant, provided the landlord's brother decides not to rent the property within a month. This would be an example of a(n) exclusive agency agreement The demand for homes in a market is best expressed in terms of Number of households seeking housing