Florida Real Estate 45 Hour Post License Practice Flashcards

Florida Real Estate 45 Hour Post License Practice Flashcards Who is liable to a client for a poorly written contract?1) The sales agent only.2) The sales agent's broker only.3) [CORRECT ANSWER] Both the sales agent and their broker.4) Neither of them.The Harrisons were sued for refusing to rent to a person based on the prospective tenant's race. Which Supreme Court case would be invoked as precedence?1) Tallahassee vs. The Smiths2) Johnson vs. Davis3) Rayner vs. Wise4) [CORRECT ANSWER] Jones vs. Mayer Calculate Total Monthly Obligation Ratio- Total a buyer's Monthly INSTALLMENT debt already found on the Credit

Report: Add the proposed House Payment, Divide Total

Monthly Obligations by total of buyer's Monthly Gross.Which of the following is not included in the monthly installment debt?1) Credit card payments2) Student loan payments3) [CORRECT ANSWER] Utility payments4) Car payments Per the statute - when a condominium is sold, specific documents must be provided from the seller to the buyer.The re-seller must provide the buyer with 7 different required documents. (Not including new requirements for possible Milestone Inspection or Structural Integrity Reserve Study documents.) Which of the following is not one of those 7 documents?1) Articles of Incorporation2) Frequently Asked Questions3) [CORRECT ANSWER] Board of Directors Contact Information4) Governance Form During a listing appointment, Agent Henry the VII was told by his seller that he didn't want to pay for the use of a title company to sell his property. Which is the best response by the licensee?1) Do exactly as his seller requested in order to secure the listing.2) [CORRECT ANSWER] Explain that closing without a title company or attorney would open Henry the VIII up to liability that he could not allow.3) Take the listing and worry about the closing issue once the home was pending.4) Tell the seller that it was ok but only the seller, not Henry, could prepare the closing documents.You are working with a seller and are in contract with a buyer. The appraisal comes back $5,000 below the agreed upon sale price. The buyer wants your seller to reduce the sale price by $6,000. You and your client decide to dispute the appraisal. When reviewing the Comparable properties, you realize they were not best choices. Which of the following is not used to appraise properties?1) Property located within the same neighborhood will hold the most weight - even "better" than matched properties located outside of the immediate area.2) Property located within the same school district.3) Similar properties based on square footage, lot size, condition, age, amenities and improvements.4) [CORRECT ANSWER] Number of children living in the neighborhood.Someone could be heard crying for help from an apartment. Which statement is true?1) The owner cannot enter without the tenant's permission no matter what.2) [CORRECT ANSWER] Because it is an emergency, the owner may enter.3) The owner may never enter without the tenant present.4) The owner must give 14 hours' notice.To list a farm with 100 acres, which is correct? 1) An agency disclosure form must be provided to work as a single agent.2) [CORRECT ANSWER] Disclosures would not need to be provided.3) A no agency capacity is the only

option for farms.4) Working as a transaction broker is the only option for farms.You just finished a listing presentation for Joe. He seems impressed, but he says, "Thank-you for coming tonight. I

am going to think things over and let you know what I decide in the morning." Which of the following phrases would be the best way to start a response based on the 5 Steps of Objection Handling?1) "I'll drop my commission by 1% if you list with me today."2) "But wouldn't it be better just to get this over with?

I promise you I won't let you down."3) [CORRECT ANSWER] "I understand you want to think over such a big decision. When I have to make an important decision, I often want to take my time as well. I was wondering..."4) "I understand. I'll call you in the morning to find out your decision!" Buyer Pumpkin Seed received a clear to close from his lender. Which of the following would NOT still need to be completed?1) Final closing documents drawn up.2) [CORRECT ANSWER] Appraisal to be completed.3) Funds wired for the closing.4) Signing of closing documents.Condominium associations may have conditions of ownership placed on buyers including requiring which of the following?1) An application and processing fee2) An interview3) A background and credit check4) [CORRECT ANSWER] All of the above.Agent Bigley was doing a CMA for a 1-bedroom 1-bathroom condo with carport in Maxium Condo Building.Which of the following properties would be the best comparable?1) A single-family home located within 1 mile of the subject property.2) [CORRECT ANSWER] A 2-bedroom, 1 bath condo with a carport in Maxium Condo Building.3) A 1-bedroom, 1 bath condo located across town.4) A townhome with 3 bedrooms and 2 baths next to Maxium Condo Building.When a buyer requested to see a home that was advertised as having a $5,000 rebate from a builder and is told that that deal sold out, what is this an example of?1) [CORRECT ANSWER] Bait and switch2) Bad luck for the buyer3) Lawful advertising4) Good advertising When Agent Goofy did a final walk-through with his buyer, they discovered that the home was flooded. Which is the best course of action?1) Go ahead and close and worry about the flooding after the fact.2) [CORRECT ANSWER] Halt the closing. Have the seller repair the cause and any damage caused by the flooding.3) Agent Goofy should offer to pay for any flood damage.4) Nothing can be done. The buyer is stuck with a flooded house.Which of the following is the correct formula for HER (housing expense ratio)?1) [CORRECT ANSWER] PITI+MIP divide by monthly gross income=HER2) PITI+TOR divide by monthly gross income=HER3) TOR+MIP divide by monthly gross income=HER4) None of the above.What is the purpose of the estoppel certificate prior to closing on a property with a homeowner's association?1) This is part of the loan application due by the buyer.2) [CORRECT ANSWER] So that any unpaid fees due by the seller for the HOA can be accounted for within the closing figures.3) So that the buyer broker can collect a commission on the sale.4) There is none.Sending emails about the real estate market is an example of what?1) Obsolescent Marketing2) Peddling3) Support Activity4) [CORRECT ANSWER] Lead generating Agent Jasmine took a different job outside of real estate for a while because of lack of sales. She wants to eventually return to her real estate job. Which of the following should she NOT do?1) [CORRECT ANSWER] Stop renewing her license.2) Keep up with her continuing education.3) Put her license in current inactive status.4) Keep paying her license renewal fees.Comparable property 1 sold for $190,000 with 1,450 square feet. Comparable property 2 sold for $225,000 with 1,600. Comparable property 3 sold for $205,000 with 1,300