Florida Real Estate License Exam Prep 2024 Flashcards

Florida Real Estate License Exam Prep 2024 Flashcards When the parties to a contract state the terms of the contract and show their intentions in words, either orally or in writing, what type of contract classification has been created?Express Which of the following real estate contract clauses is typically seen in blanket mortgages and allows for the freeing of all or part of a property from a claim through a proportional or full amount of the mortgage being paid off?The release clause Three claimants are requesting relief from the Real Estate Recovery Fund. All three claimants were named in a single judgment (the same real estate transaction). What is the maximum payment from the Recovery Fund for this claim?

$50,000

Who do Mutual Recognition Agreements apply to? Nonresidents licensed in other jurisdictions that have a written agreement with the FREC Which primary mortgage lender makes loans to members only?Credit Union What are the two applicant agendas? Which is a nonappearance agenda and which is an appearance agenda?Consent agenda (nonappearance) and Summary of Applicant (SOA, applicant appearance agenda) Do Florida-licensed attorneys who are also licensed real estate sales associate need to complete the post-licensing education requirement?Yes What is a Mutual Recognition Agreement?A written agreement between the FREC and another state or jurisdiction with mutual education and experience What must sales associates who do not complete the post-licensing requirement do?Requalify for licensure by completing Course I again and passing the state license exam A lease agreement where the tenant has the right to buy the property within a specified period of time is called what?Lease Option What is the formula for calculating the tax rate? (approved budget - non property tax revenue) / (total assessed value - exemptions) What best describes the type of agency typical in property management - in which an agent has limited power?General agency Which professional license is required to market and lease commercial real estate that involves long-term leases?Real estate license The covenant of further assurance is included in which type of statutory deed?General Warranty A walk-in primary care facility may be granted which type of zoning exception to be allowed to build in an area that is 20 miles from a hospital?Special Exemption

Chapter 475, Part 1Real Estate Brokerage (FREC) Which expense is subtracted to derive NOI? Vacancy and collection losses What are the economic characteristics of land? DemandUtilityScarcityTransferabilitySitus The grantor only defends title during the grantor's ownership in which type of statutory deed?Special Warranty Another term for case lawCommon Law Chapter 475, Part IIICommercial Real Estate Sales Commission Lien Act Typically a warranty deed contains how many covenants?Five to six Which operating expense is considered to be a fixed expense?Hazard insurance If a leased premises becomes uninhabitable deliberately in an attempt to remove the tenant. What is this action called?Constructive eviction The adjustable-rate mortgage feature that limits the amount the interest rate may increase at any adjustment period, usually annually, is called a Periodic Cap Discount points are a way lenders are able to charge prepaid interest in order to lower the interest rate over the life of the loan. What is the cost of the discount points based on?Loan Amount What is the post-license education requirement for sales associates?Completion of the 45 hour post-license course before the expiration of the initial license What is a passing score on the license exam? A grade of 75 or higher What happens if the licensee fails to complete the post-license requirement prior to the expiration date?The license becomes null and void The TILA-RESPA Integrated Disclosure (TRID) exempts which type of transaction?Reverse Mortgages Hardship cases approved by the FREC allow licensees an additional ________ month period following the initial license expiration to complete the post-license education Six What might suggest the rent is too low in apartment unit?A high occupancy rate Making a false statement on a DBPR license application is which type of violation?Third-Degree Felony What type of lease arrangement requires the tenant to pay a fixed rent amount plus property expenses, such as property taxes and hazard insurance?Net Lease Within what time period MUST landlords of five or more units notify the tenant in writing of which method is used to hold the tenant's deposit?30 Days

The Gross Income Multiplier (GIM) applies to: All income a property may produce

Homeowner Paul is selling his home without a real estate agent. He places an advertisement stating "Owner financing 3% down payment". Is Paul's advertisement in violation of the Truth in Lending Act?No, property owners are not regulated by TRIL advertising requirements Which approach to value may be BEST suited to appraising a newly built residential structure in an

established neighborhood of attractive 12-to-18-year-old homes Cost Approach

When an easement allows the use of a neighboring property which automatically transfers upon the sale of either dominant or servient property, it is called what type of easement?Easement Appurtenant Attorneys who are active members of the Florida Bar are exempt from...Course 1 (sales associate) and Continuing Education

T or F: Mutual recognition applicants must complete the

process to become licensed before becoming a Florida resident.True If someone is unlawfully forced to execute a contract it is called what?Duress

Tenancy in Severalty is best described as: One property owner

What are the sales associate qualifications for license?Must be 18 years of age or older;Earned a high school diploma or equivalent;Possess and U.S. social security number;Be honest, truthful, trustworthy of good character, reputation for fair dealing;Be competent and qualified to make real estate transactions What authority originates from the U.S. Constitution and relates to protection of health and welfare of citizens at local levels?Police Power What are the types of real estate services? A BAR SALEAdvertise real estate servicesBuyAppraise (non federally related transactions)Rent or provide rental information or listsSellAuctionLeaseExchange Chapter 455Defines practices and procedures of the Department of Business and Professional Regulation (DBPR) and all licensees Who is exempt from the post-license education requirement?Individuals with a four-year degree or higher in real estate from an accredited institution of higher education In an effort to obtain more listings, a real estate licensee urges people in a neighborhood to sell their homes because the area is transitioning to a foreign-speaking population. The licensee warns homeowners that property values may fall, and they need to sell quickly. This is an example of which illegal activity?Blockbusting The Florida Residential Landlord and Tenant Act requires landlords to approve or deny rental applications submitted by active military service members within how many days?

• Days

A license issued by endorsement by the DBPR applies to which applicant?U.S. armed service member Which type of risk is composed of market risk and risk of default?Safety Risk The four public land use controls in real estate are:Police power, Escheat, Eminent Domain, Taxation A seller transfers title to a buyer with a general warranty deed. In which clause of the deed does the seller define the quality of ownership interest conveyed to the buyer?Habendum