Practice end-of-course exam for Florida real estate license

Practice end-of-course exam for Florida real estate license Flashcards The government survey method of legal description Has as a basis a principal meridian and a base line A man successfully negotiated and was paid for the sale of a Federal Communications Commission license for television station. He is not a licensed real estate broker or sales associate. The Man Has not violated F.S. 475.The financial term applied to the use of borrowed funds to finance the purchase of an office building is Leverage The formula to calculate the overall capitalization rate isNOI divided by value (or price).In Florida, real property is assessed on January 1 of each year, and property taxes become a lien on the property on January 1, the same year.The statute of fraud applies toInstruments of conveyance of real property Which statement concerning tenancy by the entireties is

FALSE?

The deed must specifically state intent to create such a tenancy.If all legislative requirements have previously been met, an active broker in Florida my hold an active license in Florida and any other state or foreign country whose licensing laws have not been violated.A real estate brokerage company is a transaction broker for a buyer. The buyer wants to purchase a new home so the sales associate take some to three model centers listed by three competing real estate companies. The sales associate must given written no brokerage relationship notice to No one The law requiring that the annual percentage rate be disclosed to the consumers is the Truth in Lending Act/ Regulation Z A man is a 72-year-old retired college professor. The local lender to whom the man applied for a 30 year mortgage denied the man's loan application, even though he has sufficient income from his pension plan and an excellent credit history.The lender's actions violate the Equal Credit Opportunity Act.The purchase price of the business minus the value of the tangible assets of the business equals the intangible assets of the business. This is called Goodwill.A licensee makes a statement that is material to the transaction as though it were a fact when the licensee does not know whether the statement is true or false, and the buyer relies on the statement. As a result of the statement made by the licensee, the buyer suffers damages. This situation constitutes Fraud Sales associate Terry Stoufer may have which information entered on his license, if applicable?Terry Stoufer, LLC

A person must hold an active real estate license if, for express or implied compensation, the person Advertises a list of available rental properties.A mortgage in which changes in the interest rate may cause changes in the monthly payment amount is called An adjustable rate mortgage A residential zone requires at least 7,500 square feet per lot. The developer is reserving 25 percent of the land for streets, sidewalks, and a community center. The tract of land for the development consists of 175 acres. How many residential lots are available for development?762 A sales associate received a $5000 earnest money deposit from a buyer. She immediately delivered the deposit to her broker. The broker deposited the check on the third business day into his general operating account.This is an example of commingling of escrow funds.An example of an ad valorem tax isA property tax What authority originates from the US Constitution and relates to protection of health and welfare of citizens of local levels?Police power A man earned a $7500 commission by selling a coin operated laundry business, which has six more years before the expiration of its present lease. The Man Must be registered with the Florida real este commission as a Real estate licensee.A real estate company represents a motel owner who wishes to list one of his motels for sale. The owner has told the listing agent he does not want to sell the motel to any racial minorities. Which statement is TRUE?To refuse to sell or lease any real property based on a party's race is a violation of the federal Civil Rights Act of 1866.A broker who changes the business address must notify the Commission of the address change within how many days?10 A sales associate who is employed by an owner - developer who owns properties in the name of various entities may be issued A group license Which statement is FALSE regarding a corporation for profit that is doing business as a real estate broker?All stockholders must be registered with the FREC as inactive brokers.Essential elements of a deed do NOT include Signature of a competent grantee.The statue of limitations is the authority that outlines thePeriod of time during which a contract may be enforced.A tenant signed a 10 year lease requiring a monthly basis range of $1900, +2% of all monthly gross sales volume over $95,000. The tenant also must pay all property taxes, insurance, and other costs normally considered property owners costs. This is a Net lease.Local government exercises greatest effect on the real estate business by Using zoning, taxation, and the planning process.If you have located a township numbered T2S, R4E, the township due south of that township is

T3S, R4E

A developer purchased three oceanfront lots, each measuring 75 by 110 feet, for $20 per square foot. The

developer later sold the lots for $200,000 each. What was the developer's percentage of profit on the sale of the three lots? (Round to nearest percentage.) 21%

Which statement does not describe a planned unit development?Industrial parks a re welcomed offshoot of the PUD concept.Real estate broker is accused of taking money from the company escrow account to pay personal expenses. The broker decides that she does not want to go to the healing process so the broker turns over her real estate license to the DBPR. What term describes the situation?Voluntary relinquishment for permanent revocation.Which entity may not be registered as a real estate brokerage?Corporation sole Which expense is subtracted to derive NOI? Vacancy and collection losses Which statement concerning characteristics of a real estate market is FALSE?The real estate market is organized and controlled centrally.Homeowners who have a homestead exemption on their current home in either of the two preceding years can transfer up to what amount of their Save Our Home benefit to a new home?

$500,000

A homesteaded property is located in Jupiter, Florida, in Palm Beach County. The property has been assessed at $185,000. The city tax rate is 8.8 mills, the county tax rate is 9.3 mills, and the school board levy is 6.5 mills. The owner is a widow and has qualified for an received homestead tax exemption. How much will the owner pay in property taxes?

$3,471.20

A single agent broker received an offer on the listed property at the sellers price and terms. Before informing the seller, the broker received a higher offer. The broker submitted only the first offer and the seller, his principal, accepted it. The broker Has violated his fiduciary duty to his principal.An investor wanted to build a motel. A brokerage showed him three choices sites zones hotel -motel. The investor promised to decide on the site in three weeks, so the broker took a two-week vacation. When the broker returned, the investor bought one of the sites. The broker sold the site, not knowing that the zoning on that site had been changed to industrial. Which is correct?The broker is guilty of culpable negligence The documentary stamp tax on deeds is based on theEntire sale price of the property.A property closes on June 10, with the day of closing charged to the buyer. The buyer is assuming the seller's mortgage loan with its principal balance of $227,500 at 4.5% interest. Which entry will appear on the closing statement?Debit to the seller and credit to buyer and the amount of

$252.43

A comparable property has one more bedroom ($8000) and is on a slightly larger lot ($2000) then the subject property. The comparative market analysis requires a net adjustment of -$10,000 to the comparable property