Post-Licensing Practice Exam for Florida Real Estate Sales

Post-Licensing Practice Exam for Florida Real Estate Sales Associates Flashcards A licensed sales associate employs a salaried, unlicensed personal assistant. The assistant hands out brochures at an open house but does not do any selling, nor does she write contracts. Which is correct?This activity is allowed.When calculating a property's net operating income, such items as depreciation, income taxes, and property financing costs are excluded from consideration.Properties that should be rejected as comparables for determining a subject property's value include all properties

EXCEPT

those sold within the previous six months A bilateral agreement spelling out the complete terms between a buyer and a seller for the transfer of a parcel of real property is a sales contract.A woman is searching for a new apartment. When she drives up to a particular apartment complex, she gets a wonderful impression and decides to rent if the price is right. The woman's first impression is called curb appeal.The optimum rental price for standard space in a local area is determined by market analysis.A buyer expects to live in his new home for about five years. He is shopping for a new $100,000 mortgage. With no points, he can get a 30-year 8% fixed-rate mortgage with principal and interest payments of $733.76. Another lender has a 7.75% mortgage (payments of $716.41) with one point. How many months will it take the buyer to break even on the points if he takes the lower interest loan, using simple arithmetic?

57.6 The law requiring that certain types of contracts be written to be enforceable is the statute of frauds.The ratio of monthly housing expenses to monthly income is the housing expense.A sales associate works an average of nine hours each day. Last year, he worked for 260 days and made gross income of $102,000. What was his hourly rate?

$43.59

Under federal do-not-call rules, licensees may not call FSBOs, but they may call past customers for up to 18 months, even if they are on the list.MOST listings expire because they areoverpriced for the market.Which duty is owed by the broker to a principal in a single-agency relationship that is NOT owed to a customer in a transaction broker relationship?Loyalty

A person who sends a faxmust allow the recipient to opt out of getting more faxes.A sales associate hires a licensed personal assistant. The personal assistant is paid a salary of $1,000 per month and 15% of the sales associate's share of commissions. Which is correct?The salary may be paid by either the sales associate or the broker. The broker must pay the commission.A comparable property sold two months ago for $138,000.It has four bedrooms (the subject property has three) and is 160 square feet larger as a result. An analysis shows that the additional room/space makes an $8,000 difference. The subject is newer and in slightly better condition, so you estimate a difference of $5,000.Due to the difference in square footage and bedrooms, you make a minus $8,000 adjustment to the comparable.The BEST way to acquire product knowledge is to be in the marketplace.Susan lists her home with broker William for $90,000 on March 16. On August 1, Henry makes an offer of $85,000, accompanied by a binder deposit of $5,000, and asks the seller to pay points on a new loan of $80,000. Susan counters at a price of $87,500 and agrees to pay four points on a loan of $82,500. Henry accepts.Henry qualifies for the loan at an interest rate of 9% and agrees to pay a 1% origination fee. The monthly payment for principal and interest is $663.81. Henry also will be charged for prepaid interest for the balance of the month of closing. The closing date is September 15, and Henry is charged for the day of closing.Henry will purchase an insurance policy for $720.City and county taxes are $760. Susan agreed to pay her own attorney's fees of $125. Henry must pay $130 for attorney's fees, $56 to record the mortgage, $6 to record the deed, and $640 for title insurance.The payoff on Susan's existing mortgage will be $64,455.16 on the day of closing. Broker William's fee is 6%. Doc stamps and intangible taxes are paid according to custom. Use the 365-day method for prorations.If the lender wants a three-month tax escrow plus the number of months through the day of closing, what is the amount of prepaid taxes the lender collects at closing?

$760.00

The relationship between a property's net operating income and its present value is the capitalization rate.Where the agreement of the partiesinsert one or more special clauses in an addendum to the contract.A very important social media site for uploading and viewing videos is YouTube.The MOST probable price a property should bring in an arm's-length transaction in a competitive and open market is called the market value.

What is MOST important in a sales contract? Subject property's legal description FHA requirements for housing expense ratios (HER) and total obligations ratio (TOR) are 28% (HER) and 36% (TOR).Targeted strangers in your database should be contacted at LEAST every other month.The three components of a full property title report are a physical inspection of the property, a search of the public records, and a survey.Joining Toastmasters is an effective way to improve which skill?Oral communication The BEST and least expensive method of renting or leasing residential properties is the use of referrals from satisfied tenants.Susan lists her home with broker William for $90,000 on March 16. On August 1, Henry makes an offer of $85,000, accompanied by a binder deposit of $5,000, and asks the seller to pay points on a new loan of $80,000. Susan counters at a price of $87,500 and agrees to pay four points on a loan of $82,500. Henry accepts.Henry qualifies for the loan at an interest rate of 9% and agrees to pay a 1% origination fee. The monthly payment for principal and interest is $663.81. Henry also will be charged for prepaid interest for the balance of the month of closing. The closing date is September 15, and Henry is charged for the day of closing.Henry will purchase an insurance policy for $720.City and county taxes are $760. Susan agreed to pay her own attorney's fees of $125. Henry must pay $130 for attorney's fees, $56 to record the mortgage, $6 to record the deed, and $640 for title insurance.The payoff on Susan's existing mortgage will be $64,455.16 on the day of closing. Broker William's fee is 6%. Doc stamps and intangible taxes are paid according to custom. Use the 365-day method for prorations.How are the points to be handled on the closing statement?Debit Susan $3,300.A real estate contract given to one broker as sole agent for the sale of an owner's property, with a commission going to that broker regardless of who actually sells the property during the contract period, is an exclusive right-to-sell listing.A sales associate who has been licensed for eight years did not renew his license this year. What is his status?Involuntary inactive Which is NOT a type of operating expense? Depreciation Under which contract does the seller warrant appliances to be in working order?Florida Realtors A basic principle of value stating that a property's maximum value tends to be set by the cost of acquiring an equally desirable property is known as the principle of substitution.

Susan lists her home with broker William for $90,000 on March 16. On August 1, Henry makes an offer of $85,000, accompanied by a binder deposit of $5,000, and asks the seller to pay points on a new loan of $80,000. Susan counters at a price of $87,500 and agrees to pay four points on a loan of $82,500. Henry accepts.Henry qualifies for the loan at an interest rate of 9% and agrees to pay a 1% origination fee. The monthly payment for principal and interest is $663.81. Henry also will be charged for prepaid interest for the balance of the month of closing. The closing date is September 15, and Henry is charged for the day of closing.Henry will purchase an insurance policy for $720.City and county taxes are $760. Susan agreed to pay her own attorney's fees of $125. Henry must pay $130 for attorney's fees, $56 to record the mortgage, $6 to record the deed, and $640 for title insurance.The payoff on Susan's existing mortgage will be $64,455.16 on the day of closing. Broker William's fee is 6%. Doc stamps and intangible taxes are paid according to custom. Use the 365-day method for prorations.How are the documentary stamp taxes on the deed handled on the closing statement?Debit Susan $612.50.High interest rates usually result inmore properties in listing inventory and a buyers' market.After completing a review of the CMA, a sales associate and a seller agree on a list price of $240,000. Seller's expenses, including brokerage fee, are estimated at $17,600, and prorations for taxes and interest paid in arrears are estimated at $6,700. The mortgage payoff is expected to be $196,500. What is the estimated net proceeds to the seller?

$19,200

If a single agent residential seller's broker wishes to provide limited representation to a buyer, what must the broker do?Have the seller sign the consent to transition to transaction broker notice and give the buyer a transaction broker notice.The process of evaluating the risks involved in issuing a new real estate mortgage is commonly called loan underwriting.Susan lists her home with broker William for $90,000 on March 16. On August 1, Henry makes an offer of $85,000, accompanied by a binder deposit of $5,000, and asks the seller to pay points on a new loan of $80,000. Susan counters at a price of $87,500 and agrees to pay four points on a loan of $82,500. Henry accepts.Henry qualifies for the loan at an interest rate of 9% and agrees to pay a 1% origination fee. The monthly payment for principal and interest is $663.81. Henry also will be charged for prepaid interest for the balance of the month of closing. The closing