Florida Real Estate Exam 2024 Flashcards

Florida Real Estate Exam 2024 Flashcards No brokerage relationshipAn arrangement in which the broker does not represent either the buyer or the seller but in which the broker instead works to facilitate the transaction.Transactional BrokerHelps both the buyer and the seller with paperwork and formalities in transferring ownership of real property, but who is not an agent of either party.If the funds are held at a title company or in an attorney's escrow account, what must be included on the purchase and sale contract regarding the title company or attorney?name, address, phone number Three individuals purchase a property with no right of survivorship. Their estate is referred to as a tenancy in common tenancy in commonCo-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death.Actual NoticeExpress information or fact; that which is known; direct knowledge.FHA LoansFederally insured loan (insurance) Documentary stamp tax on the note100th of value times .35 Surface RightsOwnership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it (air rights) or the minerals below the surface (subsurface rights).How is the intangible tax typically noted on the Closing Disclosure Statement?Buyer debit only - - Tax on a new mortgage How long does a landlord have to return the security deposit 15 days if he is not making a claim TownshipA square 6 miles on each side (6 miles square) containing 36 square miles (36 sections); also an (east-west) strip of land north and south of a baseline (tier).Gross rent multiplier (GRM)is sales price divided by the monthly rent When selling a rental listing the customer gets a refund on which terms within 30 days regardless of reason for 75%, if there is a mistake 100% Legal noticeSame as constructive notice/ recording documents Binder Depositcredit to the buyer Lotteries in floridaare a violation Covenant of SeisinGrantor has ownership of property and has a right to sell it When must the no brokerage also called the non-representation disclosure form be shown?Before entering into a listing agreement In the event of conflicting demands for escrow what's the process?In the event of conflicting demands for escrow, the broker must first contact FREC within 15 business days, and then implement one of the four settlement procedures within 30 business days.

Intangible tax100th of value times only the new mortgage times .002 Easement by PrescriptionCreated through continual use over a certain period of time.It must be continual, visible, & w/o approval. Example - a private road becomes public.In the event that a broker chooses not to have an escrow account, the funds are typically held at a title company or in an attorney's escrow account. If the funds are held at a title company or in an attorney's escrow account, what must be included on the purchase and sale contract regarding the title company or attorney?Name, address, and phone number of the title company or attorney Estate for yearsLease for a definite period of time What is the penalty for providing inaccurate and out of date rental lists?First degree misdemeanor RESPAReal Estate Settlement Procedures Act - requires special information booklet, requires good faith estimate, requires uniform settlement statement intangible taxdebit buyer only -- tax on the mortgage Government lotFractional piece of land less than a quarter section resulting from geographical features (e.g., lakes, streams) interfering with land surveying. They become specific lot numbers

• ways a Landlord can hold security deposits Bank in FLInterest bearing bank in FLPost a surety bond

(comingling) What kind of risk can be offset with insurance Static risk USPAPUniform Standards of Professional Appraisal Practice Freddie MacA government supervised enterprise established to purchase primarily conventional mortgage loans in the secondary mortgage market.What does Freddie Mac stand forFederal Home Loan Mortgage Corporation Title TheorySome states interpret a mortgage to mean that the lender is the owner of mortgaged land. Upon full payment of the mortgage debt, the borrower becomes the landowner.How do you remove an easementQuick claim deed What kind of listing is used when the seller requires a specific amount of money from the transaction in order to list with a brokerage?netlisting Rental ListFirst degree misdemeanor Riparian RightsAn owner's rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.VA LoansGovt guaranteed loans alternative ways to remove an easementgo to court to quiet the title Easement by necessityRight of access to a landlocked parcel SectionA square 1 mile on each side (1 mile square) containing 1 square mile (640 acres).

IRV FormulaA simple calculation for finding the net operating Income, the Rate, or the Value of an investment property.Income/rate = value Easement in Grosseasement for the use of utlities A package mortgageincludes both real and personal property as security for the debt.Option contractAn agreement to keep open for a specified period of time an offer to sell or lease real property.what is auctioned in the event property owner doesnt pay their taxes tax certificate How many acres are in the N1/4 of the SW1/4 of the E1/4 of the W1/4 of section 14?

2.5640/4/4/4/4 = 2.5 acresAlways start with 640 and divide by the bottom numbers of the fractions.What is the maximum amount of time that The Florida Real Estate Commission can suspend a licensee's license?10 years Sesinpromise that the grantor actually owns the property and has a right to sell it Tenancy at willAn occupation of space for an indefinite period which can be terminated by either the lessor or lessee at any time.Littoral RightsThe right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on.How much of brokers own money are are they allowed to put in escrow $5000 Partial Release ClauseA part of a mortgage, which provides for the release of part of the property (used as security in the loan) upon payment of a certain amount of the mortgage. Blanket mortgage.External Obsolescenceloss of value due to factors beyond the property boundaries Right of SurvivorshipUpon the death of a joint tenant or tenant by the entirety the interest does not pass to the tenant's heirs but to the other join tenant(s).Who are the FREC comprised ofThere are seven members of the FREC. Four are brokers that have been brokers for at least five years, one is any of the three types of licensee, and two are consumers also called civilians or laymen How many sections in a township36 In the event that a sales associate's broker dies, resigns, or is unexpectedly removed from office, what is the status of the sales associate's license?Involuntary inactive Deeds are valid whenThey are voluntarily delivered and accepted. Does NOT need to be recorded penalty for first time offensesnotice of non compliance. 15 days to fix it How many acres are in a section640 acres or 1 square mile Broker is now bankruptContract is terminated

easementthe right to use land for a specific and limited purpose Which of the following contains the right of survivorship?Joint tenancy and estate by the entireties When can a realtor share their commissions With brokers, with buyer or seller as long as parties are informed The comparable sales approach, often just called the sales approach is a direct application of which principle?The principle of conformity Estate by the entiretiesA tenancy created by husband and wife jointly owning real property with instant and complete right of survivorship.Documentary stamp tax on the deed100th of value times .70 how to find the decimal of a mil ratemove the decimal three places How do you find the value of a property, (sales price) if you have been given the capitalization rate and the net operating income?The formula is the net operating income divided by the capitalization rate Subsurface rightsOwnership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property.What is the penalty for giving false information on a DBPR license application, reproduction or theft of a real estate license exam, and providing real estate services for compensation without a real estate license?3rd degree felony What Florida Statute states that the seller is required to provide the buyer with the Homeowners Association Disclosure Summary.

F.S. 720

Quarter SectionOne-fourth of a square mile-or 160 acres- of publicly owned land.Illegal kickbacksRealtor cannot receive commissions for appraisals, title companies or lenders. Or get referral fees if license is inactive encroachmentintrusion on a person's territory, rights, etc.What economic indicator adjusts in an adjustable rate mortgage index Which of the following is a set of administrative rules developed by the FREC, (Florida Real Estate Commission)?Chapter 61j2 Joint Tenantsundivided ownership and right of survivorship goes to the surviving owner. Never the heirs NovationSubstituting a new obligation for an old one or substituting new parties to an existing obligation.Blanket MortgageA mortgage which covers more than one piece of real estate. Often used by a developer in the financing of undeveloped lots. Contains a partial release clause.Single agent relationshipA broker who represents, as a fiduciary, either the buyer or seller but not both in the same transaction.Your license is null invoid ifYou don't complete the post licensure