Gold Coast Practice Final Exam Flashcards

Gold Coast Practice Final Exam Flashcards

• Broker Jones committed fraud in a real estate

transaction that involved six investors in a limited partnership. What is the maximum recovery possible from the Real Estate Recovery Fund for a single judgment against the broker as a result of this fraudulent activity?a.

$25,000b. $30,000c. $50,000d. $150,000Reference: Ch. 6,

The Disciplinary Process, Florida Real Estate Recovery Fund

$50,000

A property that measures 120' x 300' sold for $38,500.What was the price per square foot?a. $1.07b. $1.31c.$1.51d. $1.70 $1.07 The original mortgagor is NOT released from liability if title to real property is taken by what?a. As a result of a short saleb. Foreclosure of the mortgagec. Novation of the

mortgaged. Subject to the mortgageReference: Ch. 12,

Methods of Purchasing Mortgaged Property Subject to the mortgage In which federally designated floodplain is elevated construction mandatory for residential properties?a. "V" zoneb. "B" zonec. "X" zoned. "A" zoneReference: Ch. 19, National Flood Insurance Program (NFIP), Construction Standards "V" zone What is the most comprehensive form of real property ownership?a. Fee simple estateb. Life estatec. Tenancy in

commond. Tenancy for yearsReference: Ch. 8, Estates

Fee simple estate A relatively new four-bedroom home with only one bathroom is an example of which of the following?a.Physical deteriorationb. Functional obsolescencec.

External obsolescenced. Accrued depreciationReference:

Ch. 16, Three Approaches to Value, Cost- Depreciation Approach Functional obsolescence A broker has an exclusive right of sale listing to sell an owner's property, with no other authority granted. What type of agency does the broker have with the principal?a.General agencyb. Special agencyc. Universal agencyd.

TrusteeshipReference: Ch. 4, Agency Law; Ch. 11, Listing

Contracts Special agency A developer purchased a tract of land for $100,000, subdivided the parcel into three lots, and sold the lots for $50,000 each. What was the developer's profit on

investment?a. 20%b. 30%c. 40%d. 50%Reference: Ch. 17,

Evaluating Investment Properties, Return on Investment

(ROR) 50% Jones sells a parcel of property to Mason, who thereafter leases the property to Jones. The seller has entered into which of the following?a. Sale-contractbackb.Buy-leasebackc. Sale-leasebackd. Contract for

deedReference: Ch. 9, Leases, Types of Leases

Sale-leaseback

• Which of the following best describes an

acknowledgment of a deed?a. It is the same as the seal.b.It is not required before recording.c. It cannot be taken by a

notary public.d. It can be taken by an officer of the

state.Reference: Ch. 9, Deeds, Transferring Title

It can be taken by an officer of the state.A licensee is being disciplined by the FREC for multiple violations of F.S. 475. Which penalty may the Commission