Florida Real Estate Practice Final Exam Flashcards

Florida Real Estate Practice Final Exam Flashcards Which type of alienation is voluntary?will Which document must a developer of more than 20 new residential condo units give to prospective buyers?Prospectus. A developer of more than 20 new residential condo units is required to provide prospective buyers with prospectus. The prospectus contains important information about the condo development, including details about the property, its amenities, rules and regulations, financial statements, and other pertinent information that potential buyers need to know before making a purchasing decision.Which statement is false concerning federally related transactions?Federally related transactions do not include transactions associated with refinancing real property.FREC rules define a resident of Florida as a person whohas resided in Florida for at least four calendar months within the preceding year Lynn Amherst is a sales associate for Excel Realty. Lynn is preparing a classified ad for a listed property. The company's phone number is 222-1010. Lynn's cell phone number is 333-2020. Which excerpt conforms to the rule regarding advertising?Call Lynn Amherst, licensed sales associate,

555-222-1010.

Within how many days must the landlord notify the tenant of intention to claim part of the security deposit 30 The broker is guilty of culpable negligence. An investor wanted to build a motel. A broker showed him three choice sites zoned hotel-motel. The investor promised to decide on a site in three weeks, so the broker took a two-week vacation. When the broker returned, the investor bought one of these sites. The broker sold the site, not knowing that the zoning on that site had been changed to industrial.If applicable, prorated rental income paid in advance will normally appear on the closing disclosure as a credit to the seller and a debit to the buyer.What section is directly north of section 23 in a given township?24 Part III of Florida Statute 475 pertains to licensed and certified appraisers.The direction opposite South 20 degrees West in a metes-and bounds description is North 20 degree West The DBPR secretary isappointed by the governor, subject to state Senate confirmation A sales associate received an earnest money deposit at

9:00 am on Saturday. The sales associate is required to

deliver the deposit to the broker by the end of business on Monday.A homesteaded property is located in Pensacola, Florida, in Escambia County. The city tax rate is 8.8 mills, the county tax rate is 9.2 mills, and the school district tax rate is

6.5 mills. The homeowner is a widower and has qualified for homestead exemption. The home has been assessed at $183,500. What must the homeowner pay in property taxes?To calculate the property taxes, we need to multiply the assessed value of the home by the tax rates for each entity (city, county, and school district) and then add them

together.City tax: 183,500 * (8.8/1000)=$1,615.80County

tax: 183,500 * 9.2/1000 = $1,689.20School district tax:

183,500*(6.5/1000)= $1,193.75Total property taxes:

1,615.80 + 1,689.20 + 1,193.75= $4,498.75However since the homeowner has qualified for a homestead exemption, we need to subtract the exemption amount from the total property taxes. In Florida, the homestead exemption reduces the assessed value by $50,000.Adjusted assessed value: 183,500-50,000=155,500City tax:

133,500*8.8/1000=$1,174.80County tax:

133,500*9.2/1000=$1,229.20School district tac:

133,500*6.5/1000=$867.75Total property taxes after

homestead exemption: $1,174.80 + 1,229.20 + 867.75 =

3271.75.The homeowner must pay $3271.75. Therefore the correct answer is $3258.50.A tenant signs a six-month rental agreement. The owner of the rental unit hires a property manager to collect rent and oversee the unit's maintenance. Who holds a leasehold estate in the rental unit?Tenant A developer purchased two 135-front-foot lots for $22,900 net each and divided them into three lots of equal front footage. The developer sold the lots for $230 per front foot.Calculate the developer's percentage of profit (round to the nearest whole percentage point).28% ?Which instrument is used to transfer ownership of a mortgage from one company or individual to another?Assignment of mortgage Which business entity may not register as a real estate broker Corporation sole A prospective purchaser of a residential condominium unit sends written notification to the listing broker stating her desire to cancel the contract within the allowable rescission period. The seller instructs the broker to retain the earnest money deposit as liquidated damages. The broker is legally authorized to return the deposit to the buyer The calculated interest rate of an adjustable-rate mortgage is arrived at by adding index + margin Which type of document may NOT be prepared by a licensed real estate broker?Deed A seller lists his property with a brokerage company.However, the seller reserves the right to NOT pay a commission if he sells the property. What type of listing is this?Exclusive-agency A buyer offered $225,000 for a seller's property. The seller countered at $250,000. The buyer did not accept the seller's counteroffer. The seller told her broker that she was

revoking the counteroffer and accepting the buyer's original offer. Which statement is TRUE regarding this situation?The seller can revoke her counteroffer and accept the buyer's original offer up until the time the buyer rejects the counteroffer.