State Exam FLORIDA REAL ESTATE Flashcards

State Exam FLORIDA REAL ESTATE Flashcards A tenancy at willcan be terminated by either party giving notice, can be a month to month rental agreements and either party can terminate with 15 days notice to the other party, can be written or oral When evaluating a business, the difference between asset and liabilities is net worth Disintermediation iswhen normal people borrow money from sources other than financial institutions An applicant for mutual recognitionmust have a real estate license in another state Minnie Me mortgage back securitiescarry the full faith and credit guarantee of the US gov.Which of the following comes from the Florida ConstitutionHomestead rights The Naval Base in Pensacola isa base industry A deed is signed byGrantor and 2 witnesses Which of the following would a buyer certainly not get at closing certificate of title Which tax is Ad valoremReal estate property tax If a person does not pay their real estate property taxthe property will be sold at a tax deed auction The buyer and the Seller have what kind of relationship?Arm's length The maximum time a florida real estate license can be suspended is 10 years If you buy a residential condoyou can rescind your contract within 15 days if you are buying from a developerif you are buying from the 2nd owner you have 3 days to rescind the contractif the condo is new, the purchases must be given a prospectus by the developer If a corporation had a blanket mortgage on a property they were developing they would need partial release clause If a real estate broker advertise a house for $500 down payment this is considered a tiger term and requires the TILA-mandatory verbiage The recipient of a Power-of-Attorneyis called an attorney in fact Which is not an acceptable method to resolve a disputed escrow deposit?writ of mandamus An outline of the charges against a licensee is calleda formal complaint Who can renew their initial Florida real estate license without post license education?A person that graduated with a university with a 4 year degree in real estate To become the chairman of the Florida Real Estate Commission a member is elected by his or her peers If an adult enters into a contract with a child this contract can be enforced in a court by the child A real estate license can remain involuntary inactive fora max of 2 years How many square miles in a section1

Which of the following is tax deductible on your primary residence?mortgage interest A buyer earns $6000 per month in a gross income and the housing expense is $1680 what is this buyer's housing expense ratio 28% A real estate purchase and sale contract signed bybuyer and seller The florida Real estate commission cannot imprison a licensee When property is bought subject to the mortgage intangible tax on the mortgage is not paidthe grantee is not responsible to pay the notethe mortgage could sue the original owner for a deficiency judgement skipskip who can bid at a foreclosure auctionmortgagee, mortgagor, a real estate with an active florida real estate license The Federal Reserve System can increase the money supply by decrease reserve requirements In a joint tenancyhas the right of survivorship and owners acquire interest at the same time Which of the following words are synonyms? vendor-seller The gov. philosophy of Laissez-Faire is a belief thatthe gov. does not need to interfere in a private business matter The office of Thrift Supervisionregulates saving association The most advantageous type of listing to a real estate licensee is exclusive right of sale Florida Real estate licensee cannot promise to re-purchase property back in the future unless a guaranteed re-purchae agreement has been approved by the state of florida If a real estate brokerage is arranged as a limited partnership the limited partners are not required to register with the DBPR An expressed contractis unambiguous When can a license be suspended immediately? When the secretary of the DBPR issues an emergency suspension A transaction broker has the duty ofskill, care, and diligence A notice of a pending legal action isa lis-pendens Actual notice issomething you have learned by reading, seeing, or hearing A lender's Title insurance policywill transfer if the mortgage assigns the mortgage to another mortgagee A florida real estate agent sold a property on sept 9, 2011.On Oct. 1 2011 that agent's license becomes involuntary inactive. when that transaction closes on Oct. 20, 2011...that agent will be paid Which of the following is a material fact? the roof leaks The planning commission is part of a local government and the members are appointed A florida Real Estate licensehas an expiration date on it, expires biennially, serves as prima facie evidence that the holder is properly licensed The Fair Housing Act prohibits discrimination based onRace, color, religion, national origin, sex, familial status, handicap

A florida real estate salesman must turn escrow money over to his broker before the end of the business day following the day he received the money The minimum escrow deposit isthere is no minimum Positive leverage occurswhen the benefits from borrowing exceed the costs of borrowing why does the prime meridian and the base line intersect in tallahassee?Because this was the point dictated by the Federal government Lead Based Paintcauses neurological damages if eaten When a licensee is given a notice of noncomplianceThat licensee has 15 days to correct a minor infraction A piece of property that is 400 feet by 325 feet is3 acres If the title to a property is marketable there are no title defects The warrant of a seizen in a deedis a promise from the seller to the buyer that the seller really owns the property A florida licensed real estate school A is using an other Fl licensed real estates school B's name in its advertising to fool the consumer into thinking they are in a partnership.School A and School B are ostensible partners The truth in lending actgives a consumer the right to rescind a mortgage secured by his homestead If a builder bough a lot for $40,000 and built a h ouse on that lot. It cost him $200,000 to build the house. He hired an appraiser to appraise the house. The appraiser said it is worth $295,000. A young couple offered to buy the house for $280,000 and the builder agreed.The cost of the house is $240 and the value is $295 Which of the following is an encumbrance? lien Money will be paid from the Real Estate Recovery Fund when A judge rules against an FREC decision in a court of law Price Fixing isa violation of Sherman-clayton antitrust law If a broker takes money for a landlord, she must put the money in her escrow account In an amortized mortgageevery month the principle payment increase The Tax Reform Act of 1997excludes up to $250,000 of capital gain tax on a sale of a principal residence if you are single When a person dies intestate with no heirs Their Real Estate passes to the Florida gov. through a process called escheat The combining of two or more adjacent properties into one tract to increase the usability and value of the resulting consolidation is Assemblage The ration between a property's gross monthly income and its selling price is known as gross RENT multipler Farmer Brown has 40 acres of land. Developer Bob has money and expertise. They get together to develop the land, turn it into a subdivision and sell the lots. This is a joint venture When money is paid out of the RE recovery fund, on behalf of a Florida Real Estate the licensee's license will be automatically suspended, the max. amount that can be reimbursed is $50,000, the judgement holder cannot be reimbursed for attorney's fees

and court costs