Florida Real Estate Practice Exam 2 Flashcards

Florida Real Estate Practice Exam 2 Flashcards Which process is used by thegovernment to take private land forpublic use?a. Escheatb. Encroachmentc.Condemnationd. Acknowledgment

• Condemnation

What results in a decrease of land mass?a. Accretionb.Littoralc. Ripariand. Erosion

• Erosion

All of the following are basic types ofdepreciation,

EXCEPT:a. Physical deteriorationb. Functional

obsolescencec. External obsolescenced. Component depreciation

• Component depreciation

If an owner felt that a zoning rule wascausing an economic hardship, not of hisor her own making, he or she may

seekrelief by requesting a(an):a. Varianceb. Site plan

exemptionc. Special use exemptiond. Nonconforming use exemption

• Variance

Local planning agencies have the finalauthority for all of the

following,EXCEPT:a. Subdivision plat approvalb. Site plan

approvalc. Sign controld. Zoning variances

• Zoning variances

When is intermediation in financialinstitutions most likely to occur?a. When demand and supply of funds areboth decreasingb. When demand and supply of funds areboth increasingc. When supply of funds is decreasing, andthe demand is increasingd. When supply of funds is increasing, andthe demand is decreasing

• When supply of funds is increasing, and the demand is

decreasing An owner of a service station who holds an inactive sales associate's license has been appointed by the court to appraise another service station. Which statement is most correct?a. Since he or she has registration status, that person may be compensated for this service of real estate.b. He or she must have an active license to be compensated.c. He or she may be compensated by a licensed broker.d. He or she may be compensated directly for this service.

• He or she may be compensated directly for this service.

Which asset is the most difficult to set adollar value on for a business?a. A leasehold estateb. Existing equipmentc.Corporate stockd. Goodwill

• Goodwill

What results from zoning laws?a. Safer building methods are adoptedb. Plat maps must be approved by the localplanning agencyc. Communities are divided into districtsbased on used. Standards are set for style andcompatibility

• Communities are divided into districtsbased on use

What is a contract for deed, or landcontract?a. A type of ownership or tenancyb. A legal document that conveys titlec. A purchase and sale contract forunimproved landd. A form of owner financing

• A form of owner financing

Which of the following best describes the purpose of the real estate license law?a. It teaches salesmanshipb. It aids licensees in understanding the basic practice of lawc. It puts forth the fundamental principles of law that every licensee must adhere to in order to protect the publicd.Both a and b

• It puts forth the fundamental principles of law that every

licensee must adhere to in order to protect the public Where are the interest rate, payment, andother terms of a loan found?a. Noteb. Leasec. Satisfactiond. Mortgage

• Note

What may the lender request the court togrant when there is a foreclosure and theauction sale does not provide enoughproceeds to pay the entire mortgagedebt?a.Estoppel judgmentb. Novation judgmentc. Satisfaction judgmentd. Deficiency judgment

• Deficiency judgment

Which governmental power authorizes acity to make zoning laws?a. Police powerb. Eminent domainc.Escheatd. Riparian doctrine

• Police power

Who may be compensated, directly by an owner, for performing any of the eight services of real estate?a.Brokerb. Sales associate, if employed by an owner-developerc. Principald. Both a and b

• Both a and b

What must a person do in order to qualifyfor the homestead tax exemption?a. File for the exemption each yearb. File for the exemption only oncec. Live in the house all yeard. Live in the house at least 6 months of theyear

• File for the exemption each year

Which term refers to the process of sanddeposits building up over time, causingan increase in land?a. Relictionb.Accretionc. Erosiond. Alluvion

• Accretion

Failure to pay property taxes will lead tothe sale of tax certificates. In order toforce the sale of the property, how manyyears must the investor wait?a. 2b. 3c. 5d. 7

• 2

Jerry was notified that he passed the state sales associate license exam. For which type of employer does his licenseallow him to perform real estate services?a. A brokerb. An owner-developerc. A real estate brokerage corporationd. A, b or c

• A, b or c

Jasper Judd is a salaried resident manager of the Golden AgeCondominium complex. Adolph Ajax, an owner of one of the units in the condominium, has asked Jasper to lease his unit while he is away on an extended trip to Bulgaria.

Jasper may:a. Lease out the unit for any period of time, as

long as he is not compensated.b. Lease out the unit for

Adolph for not more than 1 year, as long as he is not compensated in addition to his salary.c. Not lease out the unit since this would violate F.S. 475.d. Lease out the unit but may not be compensated more than $100.

• Lease out the unit for Adolph for not more than 1 year,

as long as he is not compensated in addition to his salary.Owner A and friend B meet on the street. A says, "I would like to sell my house." B takes the information and says "I'll findyou a buyer; I've done it several times for our friends." B finds a buyer for A's house, and the transaction is closed.

Based on the above facts, which of the following applies?a.A has violated F.S. 475b. B has violated F.S. 475c. Both A and B have violated F.S. 475d. Neither have violated F.S.475

• Neither have violated F.S. 475

Which action would cause an applicant's request for licensure be denied without prejudice?a. Cheating on the state examb. Having been convicted of fraudc. Having