Florida Real Estate STATE exam Flashcards

Florida Real Estate STATE exam Flashcards What is called when created by filing a declaration of trust with the secretary of state?common law trust or Massachusetts trust For multiple claims against a licensee, the FL real estate recovery fund has a max of how much?

$150,000

What is called when any real estate advertisement doesn't contain the registered or trade name of a broker.Blind ads What was sold in 1968 and became a for-profit stockholder owned corporation with stock traded on the NYSE?FNMA (Fannie Mae) - Federal National Mortgage Association What Federal law requires lenders to fully inform borrowers of important information related to loans, including the annual percentage rate charged?Truth-in-Lending Act Telling home owners that minority families are moving into their neighborhood in an attempt to get them to sell their home and move would be what?Blockbusting When a seller is about to enter a fiduciary relationship with a brokerage firm what must be given?Single Agency Notice Broker bill gives lower rental rates to women rather than men. What is this a violation of?The Fair Housing Act of 1968 What illegal act is known when the licensee picks the properties for a buyer based on their race?Steering Three friends buy a property together with equal shares. If they have the right of survivorship they have created what?Joint Tenancy What principal states the value of a component of the property that is the amount added to the goal value of a property?Property of Contribution General Partners in a brokerage partnership that are not qualified to perform the services of real estate must be registered as for what?For Identification Purposes What are the 7 things that the Fair housing act of 1968 prohibits the discrimination based on?Race, Color, Sex, Religion, Handicap, Marital Status and National Orgin What Law required that buyers be given a good estimate of closing costs prior to closing?RESPA (Settlement Act) What and when was the case that caused the prohibiting of all discrimination in all sales or rental of real property?in 1968 Civil rights act of 1866 (jones v. Mayer) The ownership of a property actually transfers from the grantor to the grantee when the deed is what?delivered and accepted What are some exemptions to the civil rights act of 1968?Private Clubs, Rental of Rooms, Churches, Frats If someone other than the grantor was to receive ownership of the life estate it is called?Remainder If the probable cause panel determines that the probable cause exists, an administrative complain formed and is also

know as what?formal complaint

What was created by 20 years or more of continuous uninterrupted use of a portion of another person's property?Easement by prescription What type of possession is adverse possession? Involuntary In rental information when a tenant is with in their timeframe what would get them 100% paid back and what would get them 75% back?100% if broker misrepresented what was offered and 75% if tenant did not like or accept the offer.What are the two mortgage insurance premiums required on an insured FHA loan?UFMIP (up front mortgage insurance premium) and AMIP (annual mortgage insurance premium) Purpose of homestead exemption is to protect the surviving spouse and children and to exempt property from foreclosure for what?Debts other than direct debts and federal liens When there is a dispute over escrow funds, the procedures include four choices. Which choice involves a third person recommending a solution?A. ArbitrationB. MediationC.LitigationD. Escrow Disbursement Order

• Mediation

In the Landlord Tenant act how many days does the landlord have to inform his tenant what he is doing with the deposit money?Must inform tenant in 30 days how the deposit will be held Salaried managers of condos are exempt along as rentals are what no greater than 1 year leases Triggering terms all contain what?An amount of something A deed must be what?Witnessed All information related to a investigation of the probably cause panel are confidential until when?10 days following a finding of probable cause For single judgment against a licensee, the FL real estate recovery fund has a max of how much?

$50,000

What is the main purpose of Regulation Z? For lenders to disclose the true cost of credit to consumers.What is a legal principal when a person takes exclusive possession of the an owner's property? How many years must they have possessed the property to make it legal?Adverse possession / 7 years What are the characteristics of value?Demand, Utility, Scarcity, Transferability How is the FL Real Estate Fund funded?From licensing fees The following are exempt from F.S. 475 EXCEPTA.Trustees for an estateB. Personal representatives for an estateC. Mortgage brokers engaged in financing activities.D. Business Brokers

• Business Brokers

What is the period during a VA's peacetime and military conflicts' eligibility?peacetime 181 days and conflicts 90days What happens when a loan is sold to another lender and has title insurance?Mortgagee policy is transferable to new lender What do you call any mortgage loan obtained from any source including the seller when the proceeds of the loan are used to purchase real property?Purchase Money Mortgage (PPM)

A broker receives a kickback or referral fee from a title insurance company. This practice is a violation of what?

RESPA Which secondary mortgage market original purpose was to purchase conventional loans originated by saving and loans association?Freddie Mac / FHLMC (Federal Home Loan Mortgage Corporation) If a licensee does not dispute a citation it has the same effect as what?Final Order What is it called when two people share one office space and seem like them be in a partnership but are not a true partnership?ostensible / quasi partnership The part of the deed which states that the grantor was in procession and has the right to sell the property is called what clause?Seisin What is used to show ownership in the event of a foreclosure?Certificate of Title A group licenseA. allows a broker to have a branch officeB.allows a sales associate to work for more than one brokerC. may be held by a sale associate or broker associateD.allows a broker to qualify more than one broker firm

• may be held by a sale associate or broker

Where do the funds come from that commercial banks provide for mortgage bankers?from Demand deposits in checking account and time deposits in saving accounts A reconciliation and final value estimate ...To induce and cause panic to a seller to sell their home due to influx of minority is called what?blockbusting Appeals of FREC final orders must be filed where? District Court of Appeals What is a single mortgage given by a borrower that pledges two or more parcels as security for loan and what does it usually contain?Blanket Mortgage / Release Clause A U.S. Department of Community affairs produced booker regarding the energy efficiency of buildings that must be provided to any purchaser is called?Energy-effciency rating disclosure What is the max penalty that a court could impose a second-degree misdemeanor?$500 fine and/or 60 Days of Jail time What is files so that all potential claimants are required to appear in court and assert their claim?Suit to quiet title How much is the yearly fee for brokers and sales associates that are maintained by FL Real Estate Recovery Fund?$3.50 a year for Brokers and $1.50 per year for sales associates What must every active or inactive licensee complete prior to the renewal during every 2 year license period? How many hours 14 hours of commission approved continuing education.Actual Notice is whatprocession of property that can be seen and heard What and when was expanded from the civil rights act?Federal Fair housing act in 1968 (jones v mayer)