Rowlett Real Estate School End of Class Exam Part 2 Flashcards

Rowlett Real Estate School End of Class Exam Part 2 Flashcards Which clause in a mortgage instrument allows the mortgagee to advance the due date of the unpaid balance if the borrower defaults on the loan?Acceleration Which statement regarding a limited real estate partnerhsip is TRUE?Every general partner in a limited real estate partnership that performs real estate services must hold an active real estate broker license.How does the binder deposit appear on the closing statement?Credit to the buyer only

A contract has been formed between parties: however,

something remains to be completed by one or both parties to fulfill the condition of the contract. Which type of contract classification applies?Executory Which statement is FALSE regarding homeowners association disclosure requirements?The right to void the contract can be waived in writing by the buyer.The Florida Real Estate Commission (FREC) does NOT have the authority to impose which penalty?Restitution to the injured party The constitutional homestead law protects real property from forced sale to satisfy which type of delinquent debt?Personal loan to pay medical expenses Which type of depreciation is associated with inefficient architectural design?Functional obsolenscence An active-duty US Air Force officer is stationed in Florida.The officer's spouse has a valid NY real estate license. The NY licensee relocates to Florida to be with her spouse.Which statement is TRUE?The spouse may apply to the Florida DBPr for a temporary Florida license to practice real estate in Florida for up to six months.A broker received conflicting demands from the buyer and the seller for the earnest money deposit. The broker unsuccessfully attempted to resolve the issue between the parties to the contract. Ten business days later, the broker notified the Florida Real Estate Commission (FREC) of the conflict. How many business days does the broker have remaining to implement a settlement procedure?20 days The legal evidence that gives a purchaser the right of occupancy in a cooperative unity is a?Proprietary Lease A seller lists her vacant lot with a real estate company. The seller specifies in the listing agreement the minimum amount of cash she must receive at closing. What type of listing does the describe?

NET Which power is NOT granted to the Department of Business and Professional Regulations (DBPR) under Florida Statute 455?Suspend a real estate license

A United States post office facility is best described as what type of property?special purpose Within how many days is the landlord required to notify tenants of the intent to impose a claim on the deposit?30 day The SE1/4 of the SW1/4 of the N1/2 and the NE1/4 of the SW1/4 of the Section 19 contains how many acres?

60640 / 4/4/4 = 20 + 640 / 4/4= 4020 + 40 = 60

The Florida Real Estate Commission's authority to revise administrative rules fall under which area of responsibility Quasi-legislative Which statement is FALSE concerning federally related transactions?Federally related transactions do not include transactions associated with refinancing real property Which action does NOT terminate a single-agent brokerage relationship with the seller?Withdrawal of an offer to purchase A developer who sells or leases lots in a subdivision of 100 or more lots must register the subdivision with the?Bureau of Consumer Financial Protections A fractional piece of land less than full quarter section located along the banks of a lake are called a?government lot Which statute gives a real estate broker lien rights against an owner's net sale proceeds for commission?Chapter 475, F.S.Which statement is TRUE regarding an amortized mortgage?The amount applied to interest decreases each month A widower is a nonveteran who is 10% disabled. The assessed value of his condo is $149,875. What is the total property tax exemption he can claim on his homestead property?$50,500$50,000 base exemption + $500 widower =

$50,550

When a consumer files a complaint against a real estate licensee that contains facts indicating that a violation of rules of the Florida Real Estate Commission has occured, the complaint is said to be legally sufficient Which activity may NOT be performed by an unlicensed personal assistant?Negotiate a listing on behalf of the sale associate Which statement concerning tenant security deposits on residential leases is TRUE?Landlords may not commingle tenant deposits with their own funds unless they post an appropriate surety bond.Compliance with the Florida Building Code is enforced by?Local government through the issuance of building permits after review of the architectural plans Which statement is TRUE regarding VA loans? VA loans do not have a due-on-sales clause Which party has title to real property that secures a loan in lien theory states?Mortgagor Which law prohibits racial discrimination in the sales or lease of all real property without exception?Civil Right Act of 1866 What action will be against a broker's license when a claim NOT associated with an escrow disbursement order is paid from the Real Estate Recovery Fund?The license will be mandatorily suspended until the licensee has reimbursed the funds, including interest.Which characteristic is an advantage of real estate investment?Equity buildup

A prospective purchaser of residential property sends written notification to the listing broker documenting that she has been unable to secure financing according to the terms of the agreement and request return of the earnest money deposit. The seller instructs the broker to retain the earnest money deposit as liquidated damages. The broker is legally authorized to?Return the deposit to the buyer The interest rate of adjustable-rate mortgage is calculated by adding?index + Margin Taking which action is an example of constructive notice?Giving public notice through recording into public records Which statement applies only to the transaction broker relationship?The customer is not responsible for the acts of the licensee Which lien is a junior lien?Income tax lien Which condominium disclosure must be given to the buyer by both the developer in new residential construction and the seller of an existing condominium?Articles of incorporation Right of survivorship is contained in which tenancy?By the entieties When a loan is paid off in a lien theory state, which instrument should the lender prepare and give to the borrower?Satisfaction of mortgage One method of controlling the money supply is for the Federal Reserve System to buy or sell US Treasury securities. This method is called Open-market operations Which item is entered on the closing statment as a credit to the seller?Total purchase price Which expense is NOT deducted to derive net operating income (NOI)?Income tax A sales associate receives an earnest money deposit on Friday morning and turns it over to her broker that afternoon. Assuming no legal holidays are involved, the broker has until the end of business on which day to place the earnest money in escrow?Wednesday An individual who has earned a four-year degree in real estate is NOT exempt from which education requirment?Continuing education A buyer offered $225,000 for a seller's property. The seller countered at $250,000. The buyer did not accept the seller's counteroffer. The seller told her broker that she was revoking the counteroffer and accepting the buyer's original offer. Which statement is TRUE regarding this situation?The seller cannot now accept the original offer because it was killed by the counter offer.The Florida Real Estate Commission (FREC) issued a seven-year suspension of a broker's license. The broker decides to appeal the FREC's final order. Which request should be made by the broke's attorney so that the broker can continue to work during the appeal process?Stay of enforcment

Martha Ellen, and Howard purchased an investment property as joint tenants. Ten years later, Howard sold his interest in the property to Andrew. Andrew recently died.Who will the receive Andrew's interest in the investment property?Andrew's heirs The highest and best use of parcel of land refers to the use that will result in the greatest value to the land FREC rules define a resident of Florida as a person who?Has resided in Florida for at least four calendar months within the preceding year.Which individual is exempt from licensure under the Florida Statute 475.A person who rents lots in a mobile home park A developer advertises homes for sale with a total down payment of $2,000. A qualified buyer offers to pay the $2,000 down, but the developer states that the $2,000-down homes are all sold. Is this transaction covered under Truth in Lending Act?Yes - because this is an example of bait-and-switch advertising and it is illegal The established useful asset life for a non residential income producing property under the IRS code is?39 years The direction opposite South 20 degrees West in a metes-and-bounds description is?North 20 degrees East Which remedy for breach of contract asks the courts to force the other party to proceed as the contract states?Specific performance A structure was built five years ago. Because of exceptional upkeep the appraiser estimates the structure's condition today to be equivalent to a three-year-old home.The appraiser estimates that the structure will hav a useful life of 60 years. What is the structures effective age?

• years

An owner of an apartment complex pays $50 to each tenant who refers a person who becomes a tenant, This arrangement is?Legal under Chapter 475, F.S.The covenant of warranty forever is included in which type of statutory deed?General warranty deed Which business organization may NOT register as a real estate broker?Business trust Which disclosure notice must be signed by the buyer and the seller before implementation?Designated sales associate notice Which statement is TRUE regarding Florid's telemarketing law?

Call are restricted to the hours between 8:00am and

9:00pm

A prospective licensee explains on his licensee explains on his license application that 10 years ago he entered a plea in a criminal court in which he did not admit or deny the charges. This type of plea is called?nolo contendere An individual is employed by a rental company to find tenants for properties under contract with the rental company. The individual is paid a fee for each prospect