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Real Estate > 45 Hour Post License > Flashcards

45 Hour Post License Flashcards

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1
Q

Florida Statute 475?

A

Real Estate Licensing, Regulations and Laws

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2
Q

Florida 455?

A

DBPR Laws, Regulations

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3
Q

Legally Sufficient?

A

Violates a rule or law

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4
Q

BAR SALE?

A 
Buy
Appraise
Rent
Sell
Auction
Lease
Exchange
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5
Q

F.S. 120

A

Administrative Procedure Act - Due Process

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6
Q

Is a Residential Investor sometimes confused with a commercial transaction?

A

Yes. Don’t be fooled if the property is 4 units or less to be purchased or sold

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7
Q

Does a single condo unit meet residential status?

A

Yes - it’s below 4 units

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8
Q

What are the four relationships that a licensee can work with a buyer or seller?

A

Transaction broker
Single agent
No brokerage relationship
Designated sales associate in a nonresidential sale

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9
Q

Brokers must keep copies of disclosure notices for how long?

A

Five years

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10
Q

What type of relationship is presumed in Florida between a licensee and client?

A

Transaction

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11
Q

Is the customer responsible for a transactional agent?

A

No

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12
Q

Should an agent present verbal offers to the seller?

A

Yes

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13
Q

What is limited confidentiality between broker and principal?

A

Cannot reveal that the seller may take a price less than listing price.
Cannot reveal the motivation for party selling or buying property.
Cannot reveal a seller or buyer will agree to financing other than those offered.

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14
Q

A single agent represents?

A

Either the buyer or seller, but not both

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15
Q

Is the principal responsible for the acts of his single agent?

A

Yes

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16
Q

Is it a requirement that a licensee disclose there has been a suicide, homicide or HIV issue in the property’s past?

A

No

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17
Q

Seller’s Net?

A

Purchase price - Mortgage payoff - Expenses - Brokerage fees - Pro rations = Seller’s Net

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18
Q

Seller’s Tax Proration?

A

Given real estate taxes, Given 365 day method, Given closing date, Given who the closing date belongs to = Seller’s Tax Proration

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19
Q

Income Approach to Financial Analysis?

A

Uses the principal of substitution where you substitute income streams of similar properties that have recently sold.

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20
Q

A handicap includes what physical limitation?

A

Blindness

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21
Q

The Civil Rights Act o 1866 was passed for the prohibiting of what?

A

Racial discrimination

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22
Q

The Civil Rights Act of 1968 included what five items of discrimination?

A

Race, Color, Religion, Sex, National Origin

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23
Q

Home inspectors must be licensed by?

A

DBPR

120 hours of education

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24
Q

What does the EPA require of a paint contractor when working with lead paint?

A

To take a credited 8 hour course on remediation from a certified trainer

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25
Q

The National Call Registry is a good source for leads and new prospects?

A

No! Do not use the registry for calling new clients

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26
Q

EBR

A

Established Business Relationship

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27
Q

Can you fax a client on the EBR list?

A

Yes, if they have provided the fax number voluntarily

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28
Q

With regards to commercial email, what is required?

A

To provide an “opt out” clause for the recepient

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29
Q

The long term capital gain tax from sale of real estate is how much for a person in the 39.6% tax bracket?

A

20%

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30
Q

Brokers risk their assets and careers by?

A

Conspiracy to set prices, including commission rates

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31
Q

What are the qualifications of a home inspector?

A 
High School diploma
Licensed by the DBPR
Good character
Complete a minimum of 120 hours of education
14 hour continuing education
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32
Q

The Civil Rights Act of 1866 covers what discrimination?

A

Race only

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33
Q

Does the Fair Housing Act include discrimination against same-sex orientation?

A

No

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34
Q

What is redlining

A

Discrimination against any person in making loans (FRSH CRN). This includes banks and insurance companies

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35
Q

ADA characteristics

A

Required for new construction and alteration

Existing structures when it’s readily achievable

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36
Q

How many handicap parking spaces every for every 25?

A

1

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37
Q

Is seeing a communication skill?

A

No, these are:

Oral, written, nonverbal

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38
Q

What is pyramiding?

A

Leaning back in the chair with hands joined behind the head. Conveys “I’m superior to you”

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39
Q

To repeat exactly is?

A

Parroting`

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40
Q

To rephrase is to?

A

Paraphrasing

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41
Q

What is matching in communication?

A

To not copy but make a movement that signals positive communication

42
Q

Does an unlicensed assistant fall under being an independent contractor?

A

No, only in special circumstances. They are in control of the licensed employers.

43
Q

What is the best source of new listings?

A

The sphere of influence. Don’t use targeted friends however

44
Q

Why do listings expire?

A

Overpriced listings

45
Q

A good farm area is?

A

Middle to upper price range

46
Q

Where are most FSBOs located?

A

Classified ads or websites like Craigslist

47
Q

Power Prospecting includes?

A

Numbers
Consistency
Organization
DOES NOT include technical knowledge

48
Q

When making contacts, what should you do?

A

Be consistent, not random hours, remember the goal of getting an appointment

49
Q

Social Media is?

A

The use of technology for people who want to create and share information in the virtual communities they join

50
Q

A federally related transaction needs what type of appraiser?

A

Certified or licensed only!

51
Q

Subdivision restrictive covenants are designed to do what?

A

Promote the principle of conformity to maintain and enhance values

52
Q

Contribution is?

A

Improvement to a property with regard to value, not cost

53
Q

Always adjust comparable property - true or false?

A

True

54
Q

What is reconciliation?

A

The resolution of several adjusted values on CMAs into a single estimate of value

55
Q

Does Florida require six months of experience before making a listing contract?

A

No. It can be done right away

56
Q

When explaining the pricing process, one should not explain what law?

A

The Fair Housing Act

57
Q

The pricing pyramid has many buyers at what level?

A

SOLD PRICES - more activity

58
Q

One should remind a FSBO owner of what benefit that a realtor can provide?

A

Bring qualified buyers inside, the only place they can truly evaluate the home

59
Q

Open listings can be?

A

Oral, written or implied

60
Q

Can written listings be self renewing?

A

No

61
Q

The broker or rep must deliver to the sellers a copy of the listing agreement within?

A

24 hours

62
Q

Does Florida law have any minimum or maximum for commissions?

A

No

63
Q

When staging a home what should one NOT do?

A

Do not demonstrate personality with unique decorating touches

64
Q

Information the agent should get from the buyer

A

What features, how quickly to move, sell current?, lease expires?, lender?, specific area?

Do not ask how much cash for a down payment!

65
Q

If the buyer owns a home that must be sold what should the agent do?

A

Make a listing presentation

66
Q

A lender’s preapproval letter gives the buyer offer what?

A

Stronger in the eyes of the seller and if they offer a substantial deposit

67
Q

Once the route has been decided for the buyers, what should the agent do about time schedule?

A

Each time showing should not be fixed but in a range

68
Q

Two common exceptions to the statute of frauds are recognized

A

Executed contracts and Partial performance

69
Q

Under partial performance, what two conditions must be met to be an enforceable contract?

A

Partial or full payment has been made

The buyer has taken physical possession or made improvements to the property

70
Q

What contract form is accepted for residential real estate transactions in Florida

A

Florida Realtors/Florida Bar contract

71
Q

Should one rely on the tax roll descriptions of a property?

A

No, there are many errors in the files

72
Q

Minimum description of a property in a platted subdivision does NOT include what?

A

Township Range & Section

73
Q

If personal items are sold with the property and are itemized what must occur?

A

They need to be charged sales tax

74
Q

What is a financing contingency?

A

Buyer has the option to not proceed if they cannot get financing through good faith efforts and therefore contract is voidable by the buyer

75
Q

If the seller defaults, what can happen?

A

The buyer can get the binder back and cancel the contract, seek damages and the seller will still owe the broker a commission

76
Q

Any changes in a contract should be?

A

Initialed by all parties and dated if possible

77
Q

When must the Closing Disclosure document be received by the borrower?

A

3 Business Days

78
Q

What is a good idea to present to the buyer if they wanted to “sleep” on the offer?

A

To have it filled out as though they were buying that day so they have the document

79
Q

Should the agent present the counteroffer/offer in person?

A

Yes!

80
Q

When presenting the offer what is the last thing to present?

A

The price

81
Q

What is a good idea for a motivated buyer to present to the seller?

A

A letter of interest

82
Q

A biweekly mortgage benefit is?

A

A faster loan payoff

83
Q

The margin is also called a? in an ARM loan?

A

The spread

84
Q

When must mortgage insurance be required in a loan?

A

When the loan to value is 80% or more

85
Q

Loan originators are required to?

A

Under Chapter 494 to renew annually by December 31st, a credit check and a criminal background check

86
Q

Under Equal Credit Opportunity, who is specifically mentioned not to discriminate against?

A

Minorities and Women

87
Q

Under the four basic loan processing procedures, what is the lender NOT going to look at?

A

Buyer’s housing objectives

88
Q

Do title insurance underwriters look at the buyer’s credit?

A

No

89
Q

What procedure can quiet a title?

A

Filing a lawsuit and getting the clearance through the courts

90
Q

Earnest money needs to be placed in a bank by the broker when?

A

No later than three business days after receipt of funds

91
Q

What should the buyer do prior to closing?

A

A pre-closing walk-through

92
Q

Under property tax prorations, what are the entries in the closing document?

A

Debit seller/Credit Buyer

93
Q

Is interest paid in arrears?

A

Yes

94
Q

Is principal paid forward?

A

Yes

95
Q

Does a seller sign anything that shows they are losing money on the transaction?

A

No

96
Q

What is contraction?

A

It begins immediately after a recession

97
Q

When does recovery begin?

A

Two successive quarterly increases in the GDP

98
Q

Operating expenses does NOT include what?

A

Debt service e.g. mortgage

99
Q

Reserves for replacement is not a _____ expense?

A

Cash

100
Q

What is a show list?

A

Under a rental situation it is a good idea to have a couple of units available to show different price ranges and square footage

Real Estate (3 decks)

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