Real Estate Course Final Exam Flashcards

Real Estate Course Final Exam Flashcards What type of tenancy is formed by a written agreement that creates a non-freehold estate in real property providing occupancy of the property for a specific time period?Tenancy for years All of the following statements are correct regarding a

Planned Unit Development (PUD), EXCEPT:

A buyer may void a sales contract within 3 days if the required disclosure was not provided.Buyer and Seller have entered into a contract for the sale of a duplex. The buyer defaults on the contract and the seller claims the escrow deposit per contractual agreement.What term applies to this situation?Liquidated damages What term refers to the illegal practice of inducing homeowners to list or sell their property by telling them that minorities are moving into their neighborhood?Blockbusting Which type of business organization may be registered as a real estate brokerage?Limited partnership Which institutions in the state of Florida are approved depositories for earnest money?Title companies, banks, savings and loan associations, credit unions.A real estate licensee working with a seller in limited representation received a telephone call from another real estate agent working with the buyer. The agent's opening comments state the following. "Hi, this is Robert Dawson, with East Side Realty. I am standing in front of a house that has your name on the listing sign and I am with my principal. I have a few questions to ask you about the property." Based on the buyer's agent's comment, what should the licensee working with the seller conclude?The agent representing the buyer is in a single agency relationship.Which statement is correct concerning a corporation registered to broker real estate?At least one officer must be an active broker.Three individuals form a brokerage partnership. If each of the partners intends to provide real estate services to others, which statement would be correct?All three partners must be licensed as active brokers (ojo) A city is in need of additional land for a new school. What right would the city have to acquire the land, even over the objections of the property owner?Eminent Domain What is required in order to create a valid real estate sales contract?Offer and acceptance must be communicated by each party to the other.Each of the following is considered a triggering term,

EXCEPT:

Assumable Mortgage Which of the following is a possible disadvantage of investing in real estate?Illiquidityoccurs when a security or other asset that cannot easily and quickly be sold or exchanged for cash without a substantial loss in value.

John recently purchased a home from Mary. Mary had owned and lived in the home for several years and had qualified for and filed for all allowable tax exemptions.Which statement is true?John's taxes will be higher than Mary's because the limitation on taxes created by the Save Our Homes Act will be eliminated.Which federal law requires that borrowers be informed of all settlement costs involved in the purchase of a home when funds are obtained from a federally regulated lender?Real Estate Settlement Procedures Act Three sisters buy a home. They each have equal portions of possession, interest, time, and title. They decide that upon death, the survivor will acquire their shares. What type of tenancy exists?Joint Tenancy Which lines are correctly identified as general or specific?Specific liens: Construction lien, Mortgage lien An owner-developer may employ a sales associate to perform real estate services for property belonging to the owner-developer. What are the registration and real estate licensing requirements for an owner-developer?Must be registered, but not licensed If an owner of real property gave another party the right to buy his or her property for a fixed price at any time during a specific time period, what type of agreement was created?Option to contract When a sales contract for residential real property includes the "as is" provision, which statement correctly applies?The "as is" provision does not excuse or circumvent the duty to disclose material defects.Clarence made a written offer of $78,000 on Dan's home that was listed with Broker Alice. Before the offer could be presented, Larry arrived at Alice's office and made an offer of $82,000 on the same property but did not give an earnest money deposit. Alice promised Larry that she would submit the oral offer but only presented the written offer to Dan. Which statement is correct?Broker Alice should have disclosed the details of the oral offer of Dan when she submitted Clarence's written offer of

$78,000.

Lien Theory Statea state where the mortgage lender has a lien on the property and the borrower has title A landlord may commingle tenants' security deposits with other business funds under which conditions?The landlord posts a surety bond.Which statement correctly identifies the loan type with its function?VA guarantees loans.Which Act requires lenders to judge loan applicants on the basis of credit rating, income, expenses and assets without regard to their age, race, religion, sex, marital status, or nationality?Equal Credit Opportunity Act A listing broker is employed to find a purchaser and produces a full cash offer that meets the seller's terms. The seller refuses to accept the offer because he doesn't like the buyer. Which condition exists?The broker is entitled to compensation since he produced a buyer who met the seller's terms for sale.Which of the following may be used to cure a defect in title to real property?A quitclaim deed

Which statement is correct concerning agency relationship?A special agent is only authorized to perform single act on behalf of the principal What is the name for a person who has passed the state broker license examination but continuous to be employed by an actively licensed real estate broker?Broker associate Sally received her initial sales associate license on July 19, 2020 with an expiration date of March 31, 2022. What is the status of her license if she does not complete a 45-hour post-license course prior to expiration?Void Which clause in a mortgage limits the lenders rights in a foreclosure to the amount received from the sales proceeds and prohibits the lender from seeking a deficiency judgment?Exculpatory clause These are all remedies for breach of a real estate contact

between a buyer and a seller, EXCEPT:

Claim from the Real Estate Recovery Fund Which approach to value would most likely be selected to determine the value of the County Court House?Cost Depreciation (ojo) A sales contract called for a $10,000 secondary deposit to be paid by June 1st. The sales associate forgot to collect the deposit. Which statement correctly applies to this situation?The sales associates may be charged with culpable negligence A homeowner defaults on the mortgage. The homeowner owes the lender $200,000. The home is sold at public auction and the sale produces $240,000. Where does the surplus amount of the. alcance due on the promissory note go?To the mortgagor (homeowner) What is a special assessment?A tax levy that is used to pay for public improvements that add value to the property.Fred, a licensed sales associate, was registered with Broker Harry when he claimed that Harry had failed to pay a sales commission due him. If Fred resigned and was employed under Broker Norman before the dispute was resolved, which statement would be correct?Fred cannot bring a legal action for the claimed commission against anyone other than Harry.What is the name for the number that is assigned by the county property appraiser's office to each individual property?Assessor's parcel number What is a brokers proper course of action when they have listed a property and found that the title to the property is NOT merchantable?Immediately notify the owner regarding the condition of the title Surety BondA guarantee that protects a business when another person or business fails to fulfill the terms of a contract between them In which type of lease does the tenant pay a fixed rent while the lessor pays all the real estate taxes, insurance, and maintenance?Gross lease

Three persons own a parcel of property with equal rights of use and possession. They have equal interest and acquired their interests by the same or different deeds.What type of ownership did they acquire?Tenancy in common All of the following statements are correct regarding the

Americans with Disabilities Act, EXCEPT:

Owners of existing properties must make all necessary modifications of their properties to bring them into compliance without regard to the cost of such modification.A sales associate has decided to concentrate on trying to obtain listings from a particular neighborhood. The associate believes this should increase knowledge of the market and improve the likelihood of success. Which term refers to approach to the real estate business?Farming Which statement is correct concerning a property held in an estate by the entireties?A divorce terminates the estate and a tenancy in common A homeowner receives a property tax assessment for

• When does the property tax become delinquent?

April 1st, 2021 What rights does an owner have whose property borders a river?Riparian Francine has been licensed as a sales associate for 3 years. She now wishes to obtain her broker license. Which is correct regarding broker licensing requirements?Francine most complete the 72 hour broker pre license course and have been active for at least 24 months within the past 5 years.If a sales associate Sherri receives an offer to purchase a listed property which is accompanied by an post-dated check, what should she do?Immediately give the check to her employing broker.Which term refers to the physical land and improvements as well as intangible ownership interest and rights?Real property Which item will show as a credit to the buyer on a closing statement?Binder deposit When a loan is fully repaid, the lender will provide the mortgagor with which document?Letter of satisfaction Certain contracts need to be in writing to be enforceable. A contract that transfers an interest in Real Property must be in writing. Which of the following dictates this requirement?Statute of Frauds The Chairperson of the Florida Real Estate Commission acting alone may exercise which powers?Executive Frank has no real estate license, but has been acting as a broker and collectingcommissions for arranging sales transactions. If the Department wishes to takeaction against this individual they may issue all of the following,

EXCEPT:

An injunctionThey could issue: citation, a cease and desist

order, and an administrative fine.fiduciary relationshipA relationship of trust and confidence, as between trustee and beneficiary, attorney and client, or principal and agent.The concept that states that an informed buyer will pay no more for a property than the cost of acquiring another equally desirable property with the same or equal utility is