Florida Real Estate Exam! Flashcards

Florida Real Estate Exam! Flashcards Which of the following types of notice is also called legal notice and is achieved by recording documents in the public records?Constructive Notice - act of recording documents in the public records Three persons were co-owners of a parcel of real property.One owner died, and his ownership passed to the two

remaining co-owners. He was a:

Joint Tenant If you are at the POB, (Point of beginning) and you are headed N90 degrees East, what direction are you headed?EAST. 90 degrees is always East.Joint Tenancy with Right of Survivorship a. means two or more people own it (called concurrent ownership). There can only be one deed. If one of the owners dies, their ownership cannot be left in a will. The

four unities must be present: possession, interest, time,

and title.Joint tenancy DOES NOT transfer to heirs Homestead ProtectionA right which protects a portion of a family's primary residence in the event a creditor forces a sale to satisfy an outstanding debt. The amount of protection is determined by state law.A widower who owns a condominium unit holds a freehold estate Individuals who are required to be licensed: BuyingAppraising (under $250,000, non-government related)Rental ManagementExchangingSellingAdvertisingLeasingAuctioni ngDiscussing and advising on sale or leasing detailsBARE SALAD is real estate before the dressing.Real property or real estate means any interest or estate in land, or enterprise or business opportunity, including any assignment, leasehold, sub-leasehold or mineral rights.It does NOT include a cemetery lot or right of burial in any cemetery; nor does it include the renting of a mobile home lot, sale of mobile homes or recreational vehicle inside a mobile home park or in a travel park.FarmingThe practice of a real estate sales associate specializing in a particular geographic area Which mortgage clause allows the mortgagee the right to demand the outstanding loan balance plus accrued interest in the event that the borrower sells or transfers any interest in the property without the lenders prior written consent?Due on Sale Clause - when a borrower sells or transfers their interestBorrower = mortgagor/lienLender/Bank = Mortgagee how many acres are in a section?640 acres = one section = one square mile Five things you must know regarding lead-based paint:· Sellers must disclose the fact that there is lead in the paint.· Sellers must provide a disclosure.o Buyers must acknowledge they have received the disclosure.· An EPA pamphlet must be given to the buyer regarding dangers of

lead-based paint· Sellers must give buyers a ten-day inspection period to inspect for lead-based paint. Sellers do not pay for it and buyers do not have to do it.DedicationWhen a developer turns over the streets in a subdivision to the local government

VA LoanGovernment GUARANTEED loanAccompanied by a funding fee How many square feet are in an acre?43,560 square feet Tenancy at Will1. means you are renting with no definite time limit or ending date. Can be oral or written. Can be week to week or month to month. To leave the tenant must provide legal

notice.a. Week to week notice: 7 daysb. Month to month

notice: 15 days

A broker provided an up to date and accurate rental list for a $350.00 fee. The potential tenant was unable to obtain a rental and requested a refund. Which applies?· If the potential tenant makes the request within 30 days, the licensee would be required to provide a refund of $262.50.· A sales associate can sell a rental list.· If anytime during the 30 days, a tenant makes a request for a refund, you must provide one. There is no exception.o It does not

need to be in writing.o First thing you ask yourself: is it

within 30 days.o Next is if it is a mistake or any other reason.· If your list had a mistake, you would refund 100%; within 30 days.· If any other reason, 75% provided for refund; within 30 days When would a broker show the nonrepresentation, (no brokerage) relationship disclosure form?Before showing property Tract Buildingis when a developer acquires a large tract of land, records a subdivision plat map, and uses a model center from which sales may be made.Statute of FraudsA state statute under which certain types of contracts must be in writing to be enforceable. It does not require ALL contracts to be in writing Administrative Procedures Actfederal legislation that places limitations on how agencies are run and contains very specific guidelines on rule making by agenciesFlorida Statute 120 Florida Statute 475 Part IVCommercial Real Estate Leasing Commission Lien Act How is the intangible tax typically noted on the Closing Disclosure Statement?Debit Buyer FHAGovernment INSURED loan Which is the most important issue for a broker acting as a property manager to accomplish?To get maximum income while preserving the value of the investment Florida Statute 475 Part IILaws pertaining to appraisers Owner-DeveloperAnother term for a builder What is the penalty for a first time minor violation?A notice of non-compliance Speculative Buildingwhen a contractor builds a structure before securing a buyer with the hope of selling the finished structure. Build on spec In which of the following mortgage lending theories does the borrower not retain title/ownership during the loan period?

TITLE THEORY

Broker's Price Opinion (BPO)Written opinion of value Which of the following is a list of the four necessary elements for a contract to be valid?Legal subject, offer and acceptance, competent parties, consideration.Valid contracts DO NOT have to be in writing.Primary Mortgage MarketPrimary mortgage market is between the borrower and the lender.What would a sales associate be charged with if he took ORIGINALS of listings when he left the brokerage firm and started to work for another company?Larceny 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 Florida Statute 475 Part ILaws pertaining to brokers/brokers associates/sales associates Duties permitted by an unlicensed assistant are

summarized nicely below:

Answer the phone and forward calls.Submit listings and changes to any multiple listing service.Follow up on loan commitments after a contract has been negotiated and generally secure status reports on the loan progress.Assemble documents for closing.Secure documents (public information) from courthouse, utility district, etc.Have keys made for company listings.Write ads for approval of licensee and supervision broker, and place advertising (newspaper ads, etc.); prepare flyers and promotional information for approval by licensee and supervising broker.Receive, record and deposit earnest money, security deposits, and advance rents.Type contract forms for approval by licensee and supervising broker.Monitor licenses and personnel files.Compute commission checks.Place signs on property.Order items of repair as directed by the licensee.Prepare flyers and promotional information for approval by licensee and supervising broker.Act as a courier service to deliver documents.Place routine telephone calls on late rent payments.Schedule appointments for licensee to show

listed property.Be at an open house for: a) security

purposes b) hand out materials (brochures).Answer questions concerning a listing from which the answer must be obtained from licensed employer-approved printed information and is objective in nature (not subjective comments).Gather information for a CMA.Gather information for an appraisal.Hand out objective, written information on a listing or rental. The broker shall foster the