Florida Real Estate U Final Exam Flashcards

Florida Real Estate U Final Exam Flashcards A lot measures 1800' x 1936' and sold for $46,000. What was the cost per Acre?$1,150 (Dollars) per Acre$450 (Dollars) per Acre$575 (Dollars) per Acre$225 (Dollars) per Acre $575 (Dollars) per Acre1800 x 1936 = 3,484,800 sq. ft.Divide by 43,560 = 80 Acres.Divide Total Price by Number of Acres46,000/80 =575/acre.What are the Laws governing Agency Laws known as?Common LawLaw of AgencyStatute of AgencyStatutory Law Law of Agency How often does a Broker have to reconcile his trust account(s)?QuarterlyYearlyEvery Six MonthsMonthly MonthlyTrust accounts must be reconciled Monthly - he also has to keep a statement of any discrepancies.What is the purpose of the Department of Business and Professional Regulation?Regulation of Police PowerTo act as a Consumer Protection AgencyReal Estate LicensingReal Estate Licensing To act as a Consumer Protection Agency Real estate includes all of the following EXCEPT?Mineral RightsPersonal PropertyAir RightsPermanent Fixture Personal Property What type of lien is a Mechanic's Lien?EquitableGeneralVoluntaryStatutory StatutoryA Mechanic's Lien is a Statutory Lien based on state local and federal written law and cannot be automatically discharged through bankruptcy.Which of the following is exempt under the Federal Fair Housing Acts of 1968?An individual selling a personal residence who does not use a broker or discriminatory advertisingA lender who gives home loans as well as commercial loansAn owner of an 8-unit apartment building who lives in one of the unitsA Teamster's Club renting rooms in its residence to the public An individual selling a personal residence who does not use a broker or discriminatory advertising What does a subordination agreement do?Defines who inherits what when owner dies intestateAllows a seller to accept a better offer after a contract has been executedDefers Property TaxesMakes the claim of one-party junior or inferior to the claim of another party Makes the claim of one party junior or inferior to the claim of another partyA subordination agreement makes the claim of one party junior or inferior to the claim of another party.How many square feet are there in 5 acres?43560217800871225000 217,8001 Acre = 43,560 Sq. Ft5 x 43,560 = 217,800 The Civil Rights Act of 1866 prohibits discrimination in real estate transactions based on a consumer's?Familial StatusSexNational OriginRace Race If the Licensed Broker in a partnership is killed in an accident what happens to the Sales Associates working for that partnership?Their licenses will be suspendedTheir licenses will be revokedThey can continue working since they have Errors & Omissions insuranceTheir licenses will become involuntarily inactive Their licenses will become involuntarily inactiveTheir licenses will become involuntarily inactive, since the partnership will be cancelled.

What are the three core federal antitrust laws?Sherman Act, Federal Trade Commission Act and Clayton Act.Clayton Act, ADA and Veterans ActFHA, VA and Equal Opportunities ActsStatute of Frauds Act, Sherman Act and Williams Act Sherman Act, Federal Trade Commission Act and Clayton Act.The DBPR has powers of enforcement in how many areas?EightSixSevenThree

Three :Division of Regulation, Division of Professions and

The Bureau of Education and Training.What is the term for directing minority buyers towards or away from certain areas?BlockbustingRedliningSteeringAvulsion Steering is the illegal practice of directing minority buyers towards or away from certain areas.How much probation could a sales associate receive for a first offense violation of a rule under Chapter 475 F.S?90 Days180 days2 years30 days 90 DaysAn associate could expect to receive 90 Days probation for a first offense violation under Chapter 475 FS.How long does someone have to file a complaint with the Department of Housing and Urban Development?1 year1 Week6 months1 Month

• year

What is the purpose of Correction Lines?They are entries on a Closing Document to cover any discrepanciesThey allow for daily changes in InterestThey compensate for the curvature of the earthThey identify Encroachments They compensate for the curvature of the earth A lot contains 750 square yards and has a length of 150 feet, what does the frontage measure?50 Feet5 Yards20 Feet45 Feet 45 Feet1 square yard = 9 square foot750 Sq. Yds = (750x9) 6,750.Area = Length x Width so Width = Area/Length = 6750/150 = 45 What is the Maximum fine that can be levied by FREC for any violation of 475 F.S. and 455 F.S.?$5,000 (Dollars)$2,000 (Dollars)$1,500 (Dollars)$2,500 (Dollars) $5,000 (Dollars) In what manner does a condominium owner own the common property around her unit?Joint TenancyTenants in the entiretiesTenants in CommonSeveralty Tenants in CommonTenants in Common - undivided ownership by two or more persons with no right of survivorship for the other tenants.What is NOT a requirement for a broker's entrance sign?Any Trade name under which the firm operatesBroker's Name with the wording "licensed real estate broker"The Registered Name of the BrokerageDate of Licensure of the Broker Date of Licensure of the BrokerThe Registered Name of the Brokerage, The Broker's Name with the wording "licensed real estate broker" and any Trade Name are all required on the sign.An initial license is issued in October of 2018. When must the license be renewed in order to prevent expiration?2020-03-31 00:00:002021-03-31

00:00:002020-09-30 00:00:002021-09-30 00:00:00

2020-09-30 00:00:00License first renewal dates are either March 31 or September 30, whichever is closest to the license anniversary within the 2 year renewal period in this case September 30, 2020.What is the difference between a Broker Associate and a Broker?Broker Associate is studying real estate under the guidance of the BrokerBroker Associate has passed the Broker exam but chooses to work for a BrokerBroker Associate is the Broker's unlicensed AssistantThere is no difference A Broker Associate has passed the Broker exam but chooses to work for a Broker

How are Trees and Perennial bushes defined?EmblementsCropsPersonal PropertyFructus Naturales Fructus Naturales,literally Natural Fruits and are regarded as real property. Emblements are crops that will be removed at harvest time.What is the maximum period a license can be suspended?Indefinitely2 Years6 months10 Years 10 Years Chapter 475, Part I, Florida Statutes, Real Estate License Law is administered and enforced by which of the following?NARDBPRRESPAFREC FRECFlorida Real Estate Commission administers and enforces Real Estate License Law.Which of the following is incorrect?Farming methods include Direct Mail and Just Listed Post Cards.Farming only involves raising crops, fish or animals.Farming is a great way for a licensee to introduce themselves.Farming involves concentrating business efforts in a particular geographical area.Farming only involves raising crops, fish or animals.What happens if a licensee is sued for damages and payment is made from the real estate recovery fund?The licensee can reimburse the fund from Commission earned from sales they make in the futureThe licensee is not required to repay anythingThe licensee needs to take 20 hours of CE before resuming real estate activitiesThe licensee is suspended from real estate practice until the real estate recovery fund has been reimbursed in full The licensee is suspended from real estate practice until the real estate recovery fund has been reimbursed in full.An appraisal can be completed by which of the following?A home inspectorA real estate brokerA licensed appraiser using USPAP standardsA mortgage loan originator A licensed appraiser using USPAP standards What is a Deed NOT required to have?DatePremisesTestimoniumHabendum DateAlthough frequently included the date is not required since legal transfer takes place when a Deed is accepted by the grantee.A Licensee from another State may be able to get a FL license without undergoing pre-licensing education through which of the following?Being a REALTOR®Mutual RecognitionBuying a home in FloridaRESPA Mutual Recognition Who issues real estate licenses?The AssociationThe GovernorThe CommissionThe Department The DepartmentThe Department of Business and Professional Regulations (DBPR) issues the license.What is the minimum education requirement for an applicant?MBAPHDThere is no minimum requirementHigh school diploma or equivalent High school diploma or equivalent Which of the following are NOT residential property as defined by Florida law?A Single Family HomeUndeveloped Agricultural Land of 10 Acres or LessA Five Unit Apartment HouseA Condominium A Five Unit Apartment HouseResidential Property is defined as up to and including 4 units.A hurricane causes a large portion of a property's waterfront to be washed away and deposited on neighboring land this is referred to as which of the following?AvulsionErosionPlottageDereliction AvulsionAvulsion - Sudden and substantial tearing away of land by water with it being deposited as an addition to someone else's land.

Which of the following CANNOT register with DBPR to provide Real Estate Services to the public?A Corporation SoleA Limited Liability CompanyA PartnershipA Sole Proprietor A Corporation SoleA Corporation Sole usually represents a religious society for the purpose of acquiring holding and disposing of title.Which department is mainly responsible for managing the funding and management plan for the restoration of the Everglades?The Florida Department of Environmental ProtectionDBPRThe Florida Uniform Land Sales Practices LawCentral Everglades Planning Project The Florida Department of Environmental Protection What is a newly licensed person working for a broker known as?A Sales AssociateAn AppraiserA Home InspectorAn Unlicensed Assistant A Sales Associate Which part of the deed confirms the "to have and to hold" nature of the document?The Habendum ClauseThe Granting ClauseThe Contingency ClauseThe Grandfather Clause The Habendum ClauseThe Habendum Clause is the clause in a deed that describes the extent of the estate of the grantee.Which Organization approves the Sales Associate and Broker License Applications?Fannie MaeNARDBPRFREC DBPR Which of the following is a civil rights law designed to prevent discrimination and enable individuals with disabilities to take part in all aspects of society?ADAGNMAASPCAMADD ADAThe Americans with Disabilities Act is designed to help Americans with disabilities partake in normal activities.What are CDD's often regarded as?Agricultural LandLow Income HousingVery Expensive CommunitiesPlanned Unit Developments (PUDS) with mixed uses Planned Unit Developments (PUDS),Community Development Districts are most often associated with PUDs.What is the purpose of the Interstate Land Sales Disclosure Act?Regulate PlottageRegulate AssemblagePrevent unscrupulous builders from buying up prime propertyProvide Consumer Protection Provide Consumer ProtectionThe Interstate Land Sales Disclosure Act was put in place to Provide Consumer Protection.How many members of the FREC must be active licensed brokers?TwoFourThreeSeven Four How many days does a party to a Recommended Order hearing have to file an exception to the Recommended Order?90 Days30 Days60 Days15 Days 15 DaysAn exception to a recommended Order needs to be filed within 15 Days of receipt.What is Conversion?Using money from the Escrow or Trust account for the broker's own useMoving Real Estate OfficesGetting an Agency agreement from a customer so that they become a ClientThe transition from Sales Associate to Broker Associate Using money from the Escrow or Trust account for the broker's own useConversion is the use of money from the Escrow or Trust account for the broker's own use even to pay business expenses is illegal.Fred and Cynthia are considering getting a divorce, they bought their home 10 years ago as Tenants by the Entireties. Can they still own the house together after the divorce?No they cannot change ownership because of a divorceYes under a Life EstateYes, but they will own the house as Tenants in Common.Yes if they become Life