Florida Real estate exam prep 2,024-2,025 Flashcards

Florida Real estate exam prep 2,024-2,025 Flashcards what requirement does not apply regarding dwelling built prior to 1978?Buyer must have the property inspected for ldad -based paint Which expense associated with a principal residence are deductible for income tax purposes Property tax and mortgage interest why mind of loan is a VA loan?is a government guaranteed loan For veteran What is the status of a sales associates license if they do not complete the required 45-hour post-License course before the expiration of their license Null and void What does BPO stand for?Broker's Price Opinion What must a real estate Sales associate do upon receiving a earnest money deposit?Immediately, but no later than the end of the next business day following the receipt If a broker receives a escrow check on Thursday, when is the broker legally required to have the escrow into the escrow account?Immediately, which is defined by Tuesday of the following week What are the possible consequences if a broker negligently or Fraudulently Furnishes Furnishes inaccurate and or outdated rental information to a perspective tenant and is compensated for the information The broker can be convicted of a misdemeanor of the 1st degree Which of the following statements is true about leverage?Leverage Is the use of borrowed funds to purchase assets, Finances and investments What is the sales associate charge If they took the original copies of listings when they left the firm to work for another Brokerage?Larceny what are the two fee the VA loan has?Origination fee and a Funding fee Which of the following is the type of method a surveyor would use to describe a property in a sub division The Lot and Block method Which of the following is a set of administrative rules develop by the Florida real Estate Commission?chapter 61 j 2 In which of the following mortgages lending theories does the borrower retain Title during the loan Lien Theory What is the following penalty for a 1st time minor violation that is Not accompanied by a fine?A notice of non compliance Is it required to records the deed in Florida? No Concerning the statue of fraud Which of the following does not apply The statue of fraud states that it must be in writing to be enforced Hat kind of loan is a FHAis a Government sponsored insurance company can the wife of a dead veteran still go get a VA loan?Yes unless she is re married Purchased a lamp from Amazon but never took it out the box. What is the lamp considered?Personal property Which of the following is false concerning the primary and secondary mortgage market?The The secondary mortgage market is where the loan originated

A seller told Jay that although he is selling a home for $ 790 K., I can accept $740 K. Which should, what should Jay do?Do not disclose The $740 K.In which of the following mortgages lending theories does the borrower not retain Title during the loan Title theory Which of the following is a written opinion of value ?BPO What does FHAstand for?Federal Housing Administration Which Mortgage clause allows the mortgagee The right to demand the outstanding loan balance plus a current interest in The right to demand the outstanding loan balance plus a current interest in the event that the borrowers sells or transfers any interest in the property without lenders prior written consent Due-on- sales clause What is a listing contract?It is an employment contract between a broker and a seller What happens if the seller or owner1. sellers must disclose their issues lead in the paint2. The sell must give a paper or document to the buy that they disclosed their is lead3.EPA pan Flick4. Seller must give buyers a ten day period to inspect for the lead base paint Does a deed restriction is followed by whom the buyer and the seller When must a perspective buyer get the property tax info?15 days before closing What would a agent be charged Duplicates of listings when they left the brokerage firm Then went to work for Then went to work for another firm?Breach of contract How is money regulated in the bank?by the federal reserve For VA loans do you have to make a down payment? No, you do not have to make a down payment for VA loans The subject property is a three-bedroom , two-bath home.A comparable property is a three-bedroom, two and one-half bath home. An appraiser has determined that the extra half bath is worth about $2,200. What adjustment should the make?Subtract $2,200 from the comparable transaction prices.Which of the following types of notices is also called a legal notice and is achieved by recording documents in the public records Constructive notice Which of the following causes Of covenant That grantor that owns the property has to write to convey it?A covenant of seisin Which of the following statements is true concerning continuing education?License and after the license sales License and after the license sales associates must complete the 14License and after the license sales associates must complete the 14 hours of continued education Can you call a CMA an AppraisalNO Can the seller pay you Directly to conduct a CMA ?No, it has to go through the broker A licensed real estate sales associate conducts an appraisal for a fee. The FREC found the license to be in violation of the uniform standards of professional appraisal practice which statement is true The license is subject to FREC discipline

What type of rights are associated with water such as the ocean, Canal, lake with your property?littoral rights What is the status of a sold associate license if his broker dies, resigns, or is otherwise removed from the position Involuntary Inactive In the event that a broker chooses not to have an escrow account, the funds are typically held at a title company or 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 sells contract regarding the title company or attorney Name, address, and phone number of the title company or Attorney If you are headed N 90° E., what direction are you headed?East What does USAPA stand forUniform standards of Professional Appraisal Pactice

Covenant armorization : How do interest in principal

payments reflect in your payment The portion used to pay interest decreases over time, while the portion used to pay principal increases What are the only two non conventional loans? FHA loans and VA Loans will Does a blind man qualify to get extra homestead? Yes,$5,000 How much of a minimum do you have to put down for FHA loan 3.5 % down minimum Which of the following is an example of a external obsolescence The road in front of the house became a thoroughfare Do all real estate contracts have to be in writing to be enforceable?Yes!Joe and Ann are a married couple. Ann owned the home on 75 Thompson St before marrying Joe. Which Applies to Ann?Tenancy by Severalty A broker provided an up-to-date and accurate rental list for a $350 fee. The potential tenant was unable to obtain a rental and requested a fine. Which applies?If the potential tenant makes the request within 30 days, the license would be required to provide a refund of

$262.50

What type of rights are associated with water flowing through your property?Riparian rights How is the binder deposit noted on the closing disclosure?Credit To the buyer only What are examples Of appraisal real estate agent Can be paid for?Cash sale and if someone hires you for fee If every parcel of land in a subdivision can have only up to 2000 square foot homes, what is being described?Restrictive covenant What does CMA stand for?Comparative Market Analysis Which of the followings incorrect concerning FHA and VA mortgages?VA is a government insured loan and can be accompanied by an origination fee Which h of the following lines would take priorty?A. A vendors lien filed on December 12, 2017B. A mechanics lien Filed on January 1, 2018C.A PROPERTY TAX LIEN FILED ON JANUARY 14TH 2018D. A special assessment tax file on January 13, 2018 can the bank pay you directly to do a BPO No Which of the following is a list of the 4 necessary elements for a contract to be valid Legal subject, offer and acceptance, competent parties, and consideration

Can real estate agents do and an Appraisal for a governmentally funded loan?No !Do VA and FHA loans come with an Origination fee Yes both come with an origination fee How to figure out the price of a subject property?Subtract or Add from the comp When is the transfer of land in the state of Florida?When you are handed the Deed and you volunteer accept it For VA loans do you have to have mortgage insurance?No, you don't have mortgage insurance with VA loans