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Real Estate Exam Florida > Exam Prep > Flashcards

Exam Prep Flashcards

1
Q

When a Florida applicant is upgrading from sales associate to broker, what course must they complete?

A

A 72-hour pre-licensing course.

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2
Q

Vale can be estimated in the income approach by:

A

Dividing NOI by the Overall Cap Rate

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3
Q

On what IRS form must details of closing be reported?

A

IRS 1099 S

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4
Q

On what IRS form are brokers required to report commissions paid to salespersons?

A

IRS MISC

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5
Q

Real estate term describing the process of converting real property into personal property

A

Severance

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6
Q

To whom does a tenant or prospective tenant lodge a housing discrimination complaint?

A

Secretary of HUD

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7
Q

Refers to a provision in the lease that gives the right to the tenant to extend the lease for a given amount of time

A

Renewal option

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8
Q

By what process is a completely abandoned property returned to the county/state

A

Escheat

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9
Q

Condition of a property owner who dies without a valid will

A

Intestate

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10
Q

Condition of a property owner who dies with a valid will

A

Testate

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11
Q

Right of the government to take private property and use it for the good of the public

A

Eminent domain

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12
Q

Four powers of the government

A

PETE

Police Power
Eminent Domain
Taxation
Escheat

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13
Q

Term that refers to a government’s use of their right to eminent domain

A

Condemnation

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14
Q

When is a comparative market analysis most often used?

A

Setting the listing price

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15
Q

If a buyer entered a contract with a seller, but wanted to not buy the property, what would happen to the earnest money?

A

It would go to the seller.

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16
Q

Term for when the board of Zoning Appeals grants someone the ability to construct or improve a property that is not authorized by current zoning ordinance.

A

Variance

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17
Q

How long do you have to file a complaint with HUD if you believe your rights have been violated under Fair Housing Laws?

A

1 Year

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18
Q

Describe an exclusive right to sell listing

A

The listing belongs to the broker

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19
Q

What disclosures does Regulation Z require?

A

Finance Charge
APR
Amount Financed
Total Payments

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20
Q

What must a Florida deed have to be valid?

A

It must be signed and witnessed.

To be recorded in the court, it must be notarized

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21
Q

When is does a contract begin to be enforcable?

A

When it is accepted and mailed back to the buyer

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22
Q

In Florida, if a sales associate does not complete the 14 hours of continuing education requirements prior to the expiration date, what occurs?

A

The licensee is allowed up to 12 months after the expiration date to complete the 14 hours continuing education and pay the renewal fee.

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23
Q

When will a warranty deed transfer title to a grantee?

A

When it is delivered and accepted

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24
Q

What type of contract would show the intentions of the parties by their actions?

A

An implied contract

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25
Q

What type of contract would show the intention of the parties by the specific terms agreed upon in words? (Written or oral)

A

An expressed contract

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26
Q

What is an Executory contract?

A

A contract between a debtor and another party under which both sides still have important performance remaining (example: Real estate leases- tenant has to pay rent, landlord has to provide space.)

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27
Q

What is the primary purpose of acknowledgement when a deed is recorded?

A

To verify that the deed was signed without duress

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28
Q

What is the secondary purpose of acknowledgement when a deed is recorded?

A

To verify the identity of the party signing the contract

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29
Q

Until pay off, who would hold title when a purchase of a home is financed by means of a trust deed?

A

Trustee

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30
Q

Are special assessments prorated at closings?

A

No

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31
Q

What is one manner in which a husband and wife could NOT hold title to their home?

A

Tenants at will

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32
Q

Tenancy at will

A

An arrangement in which one party (the tenant) occupies real estate with the permission of the owner, for an unspecified period of time. This is NOT a form of ownership

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33
Q

Tenenacy in common

A

An estate owned by two or more persons, each of whom as an equal undivided interest (they do not need to be related)

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34
Q

Tenancy by entireties

A

Form of ownership between a married couple. (Joint tenancy for married people)

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35
Q

Usury

A

Term used when an interest rate charged is in excess of the maximum rate allowed by law

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36
Q

Subordination

A

When something is lower in rank and importance, such as the case with a subordination clause which makes other debts in collateral real estate secondary to the claim of the mortgage lender

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37
Q

Puffing

A

Best defined as non-factual or extravagant statements and opinions made to enhance the perceived desirability of a property

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38
Q

Hedging

A

Financial technique used in order to reduce or eliminate financial risk.

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39
Q

If a buyer offers to pay the full asking price for a property, but the seller then does not what to sell, is the owner forced to sell?

A

No, but the owner is liable to the broker for commission

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40
Q

Term for when a title insurance company obtains the policy owner’s legal rights to defend a claim against the title

A

Subrogation

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41
Q

Assignment

A

Transfer of rights and interest in a mortgage, lease, etc.

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42
Q

Attachment

A

When someone’s property is taken into legal custody by a judicial order

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43
Q

If a disabled tenant requests and receives permission from the landlord to make modifications to a rental unit to make it safe and comfortable to live in, is the landlord required to pay for improvements?

A

No

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44
Q

Can not paying property taxes or assessments result in the sale of property?

A

Yes

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45
Q

Term for a business that existed before the land was zoned residential by a new zoning ordinance

A

Nonconforming use

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46
Q

Describe a recorded restriction

A

Use, with limitations. A restriction is classified as an encumbrance.

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47
Q

What would a violation of a condition result in?

A

Loss of title, but not necessarily a violation of a restriction

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48
Q

If a person has no living relatives and dies without writing a will, what happens to their property?

A

It becomes property of the state under the State’s law of Intestate Succession

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49
Q

If someone rents units in an apartment complex for an owner, what type of agent would they be considered?

A

General agent

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50
Q

When working with a federally-related transaction (FRT), an appraiser must be state licensed or certified if the loan amount is more than:

A

250,000

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51
Q

What is a Note?

A

A written agreement that gives evidence of a debt and also states the repayment terms

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52
Q

What is a special agent?

A

Someone who has authority to represent a principal in a specific transaction.

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53
Q

General Agency

A

Authorized for a series of transactions or acts of over a continuous period of time. (A good example would be a property manager)

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54
Q

Universal Agency

A

Power of attorney. Can act in all matters of real estate on behalf of the client

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55
Q

Alienation

A

Legal term for the transfer of title

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56
Q

Involuntary alienation

A

When transfer of the title is done without the owners consent or control.

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57
Q

What is the method by which a government can take private property?

A

Condemnation

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58
Q

Standing trees would legally be considered:

A

Real property

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59
Q

Crops that require annual planting are called:

A

Emblements

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60
Q

Is a restriction considered a lien?

A

No. They are considered non-money encumberances

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61
Q

Foreclosure

A

the legal process by which an owner’s right to a property is terminated, usually due to default.

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62
Q

When is a contract void?

A

When it is not legally enforcable

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63
Q

FLorida has mutual recognition with how many states?

A

8 states

  • Alabama
  • Arkansas
  • Connecticut
  • Georgia
  • Indiana
  • Mississippi
  • Nebraska
  • Oklahoma
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64
Q

When one spouse solely owns a property, the ownership is:

A

Owned in severalty

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65
Q

What are homestead rights?

A

Refer to a property’s protection from judgments for unsecured debts or forced sale by creditors of the homestead owner. Additionally, there may be restrictions on who may receive property in wills and trusts based upon relationship to the homestead owner

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66
Q

What is a trust?

A

A trust is a legal arrangement in which an individual (trustor) gives fiduciary control of property to a person or institution (trustee) for the benefit of beneficiaries

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67
Q

What is an easement?

A

the right to use the land of another for a specific purpose. It’s use is limited to that purpose

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68
Q

What is an appurtenant easement?

A

Benefits the land and can only be used by that land

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69
Q

Deed recordation

A

Meaning that the recording of the deed provides notice that a conveyance has occurred

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70
Q

Blanket Mortgage

A

A mortgage which covers two or more pieces of real estate

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71
Q

Wrap Around Mortgage

A

when a second mortgage is wrapped around the first mortgage

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72
Q

Package Mortgage

A

Made for an individual property

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73
Q

Open end mortgage

A

allows for future fund advances by the lender to the borrower

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74
Q

Balloon Payment

A

associated with a partially amortized loan because it has unpaid amounts of principle left at the end of the term, where as a fully amortized loan has totally paid principle at the end of the mortgage term

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75
Q

Encroachment

A

When a permanent object from one property extends over onto another property illegally

76
Q

Encumbrance

A

Anything that affects the title of a property or limits its use, such as mortgages, judgments, leases, easements, liens, or restrictions

77
Q

Riparian Rights

A

rights associated with being located directly next to a flowing water source, like a river or stream

78
Q

What is the usually penalty for failing to maintain an office and sign at the entrance of an office?

A

Suspension up to 90 days

79
Q

When are utility easements created?

A

Usually at the time of new construction to allow utility companies to maintain cable television/internet/phone, gas, electric, water, sewer, etc.

80
Q

How many days do credit companies have to let applicants know that they have been rejected?

A

30 days

81
Q

Contribution

A

the principle that claims that an item is only worth what it contributes in value to the whole

82
Q

Conformity

A

the proper melding of the uniqueness of the individual property with the character of the neighborhood and the desirability of the market

83
Q

Substitution

A

the principle that a knowledgeable buyer will pay no more for one item than for a comparatively equivalent substitute

84
Q

What is an installment or land contract?

A

A method of selling real estate whereby the purchaser takes possession and pays for the property in regular installments while the seller retains title until the property is paid for in full.

85
Q

Condicil

A

A legal document that changes specific provisions of a Last Will and Testament, but leaves all of the other provisions unchanged

86
Q

Life estate

A

an estate whose duration is limited to the life of an individual and a legal arrangement whereby the “life tenant” during his or her life retains use, possession of the property and costs of maintaining the property.

87
Q

What is a common penalty for the violation of conditions in a deed

A

Property would return to its original owner

88
Q

Mortgage

A

a method of using property (real or personal) as security for a loan

89
Q

Deed

A

Is like a bill of sale. It transfers the title. Being like a bill of sale, it can only be used ONCE. A new deed is required every time the title is transferred

90
Q

Title

A

A formal legal document that servers as evidence of ownership

91
Q

A broker that violates the Sherman Anti-trust act could be punished by a maximum fine of:

A

$1 Million (and 10 years in prison)

92
Q

Lease

A

Document that states all the rights of use and the occupancy of the property for a given period of time and given amount of rent

93
Q

Quitclaim Deed

A

Provides the grantee the least amount of protection of any deed. There are no express or implied convenants or warranties

94
Q

Bargain and Sale Deed

A

Provides the grantee with an implication that the grantor actually does hold title and possession. No other express warranties exist

95
Q

Special Warranty Deed

A

Warrants that the grantor does hold title and the property was unencumbered during the time the grantor held title (except when otherwise noted in the deed)

96
Q

General Warranty Deed

A

Offers the most protection to the buyer.

97
Q

Defeasance Clause

A

gives the borrower the right to redeem title to the property upon payment to the lender of the complete debt obligation

98
Q

Acceleration Clause

A

Allows the lender to demand the entire balance of the mortgage loan when the borrower fails to make some installment payments

99
Q

Alienation Clause

A

Allows the lender to declare the entire unpaid balance immediately due and payable in the event of a sale or transfer or mortgage property

100
Q

Escalation clause

A

allows the interest rate to adjust over the life of a loan

101
Q

Subordination clause

A

makes other debts in collateral real estate secondary to the claim of the mortgage

102
Q

Factors considered in the market or sales comparison approach

A
  1. Location
  2. Time
  3. Physical characteristics
  4. Terms of sale
103
Q

Accretion

A

When land is actually increased because of water depositing additional soil gradually

104
Q

Reliction

A

when the water line recedes and leaves exposed land permanently dry

105
Q

Avulsion

A

Sudden loss of land or soil due to a sudden natural act (e.g. earthquake, sudden change in river flow, etc.)

106
Q

Egress

A

Means to exit

107
Q

Latent Defect

A

Defect that is not easily visible or detectable during a normal inspection

108
Q

Patent Defect

A

Defect in which property that is obvious and easily visible

109
Q

Erosion

A

The gradual loss of land

110
Q

Net listing

A

Agreement where a broker receives as commission any amount above a predetermined minimum sales price(illegal in some states)

111
Q

Subdivider

A

Term for someone who buys undeveloped land and divides it unto smaller lots for sale

112
Q

Doctrine of prior appropriation

A

Used in areas where water is scares. Use of water is determined and controlled by the local government under doctrine that all water belongs to the public.

113
Q

Equitable lien

A

Occurs when there is a claim on goods or property conferred by a court

114
Q

General Lien

A

A lien against all property owned by the debtor

115
Q

Specific lien

A

a lien against a particular property owned by the debtor

116
Q

Can a Grant Deed be assigned?

A

No, a grant deed CAN NOT be assigned.

When there is a new buyer of property, a new grant deed would be drawn up.

117
Q

Metes and Bounds

A

metes means distance, bounds means direction

118
Q

Governmental survey

A

uses townships (6mi x 6mi).

There are 36 sections in one township and 640 acres in each section

119
Q

Lot and Block

A

Method used in subdivisions (subdivided plat)

120
Q

Would a lessor selling a property terminate a lease agreement?
Why?

A

No.

When a lessor sells property, the buyer must abide by the existing lease.

121
Q

When does a broker earn their commission?

A

When an offer is accepted by the seller

122
Q

Warrants provided by a special warranty deed

A

Warrants that the grantor DOES hold title and the property was unencumbered during the time the grantor held title.

123
Q

3 examples of encumberances

A

Liens
Easements
Restrictions

124
Q

What is the ratio that compares the buyer’s gross income to the proposed PITI?

A

Payment to Income

125
Q

Hypothecation

A

Pledging an asset as collateral for a loan

126
Q

Mortgage release

A

A release of a mortgage is a document issued by a mortgage lender once a borrower has repaid a loan. It indicates that the borrower now owns the home without any further obligation to the lender

127
Q

Participation mortgage

A

mortgage in which a lender shares the income produced from the resale or rental income of the property

128
Q

Buy down

A

A lump-sum payment to the lender that reduces the interest payments of the loan

129
Q

Package mortgage

A

A mortgage that covers both the real and personal property

130
Q

Inverse Condemnation

A

An act property owners may force to receive just compensation if government action has forced a significant loss in value or inability to use the proprety

131
Q

Open End Mortgage

A

allows the mortgagor (borrower of the loan) to re-borrow against the principle that has been paid so far.

132
Q

If a property owner leases space to a tenant, what is the owner’s interest?

A

Lease fee

133
Q

Are street addresses used in legal descriptions of real estate?

A

No.

Street address may change over time.

134
Q

What does a tenant pay for in a net lease?

A

maintenance fees, taxes, insurance, etc.

135
Q

Straight line method

A

Used when calculating depreciation

136
Q

3 traditional cost approach methods

A

Comparative unit method
Unit in place method
Quantity Survey method

137
Q

Recission

A

cancels the contract and returns all parties to the way they were before a contract was entered to

138
Q

Novation

A

Replacing of something old for something new

139
Q

Specific performance

A

a contract that must be fulfilled by parties involved.

140
Q

Lis Pendens

A

Latin phrase meaning “suit pending” or “action pending”

141
Q

Situs

A

The physical location of a property

142
Q

Ex parte

A

means “one side only”, in a legal setting this means that only one side is represented in the matter

143
Q

Executory contract

A

A contract not fully performed (usually something remains to be completed by one or more parties)

144
Q

When would flood insurance be required in order to obtain a loan?

A

When a property is located in a flood hazard zone

145
Q

Equitable conversion

A

Refers to when, after parties have entered into a binding contract for the sale of land, the buyer becomes the “equitable owner” before the delivery of the deed

146
Q

Perfecting the title

A

correcting issues with the title

147
Q

Percentage lease

A

Has a base rent which is fixed and an excess rent which is commonly based on the percentage of sales

148
Q

Et Ux

A

“and wife”

149
Q

E & O insurance

A

Errors and Omissions Insurance is business liability insurance for professionals.

150
Q

Marketable Title

A

Title that is found to be clear of liens and defects or any other reasonable objection

151
Q

What percentage of a salesperson’s income must be based on production for him/her to be considered for independent contractor status?

A

90%

152
Q

Physical Characteristics of Land

A

Indestructible nature
Immobility
Non-homogeneity

153
Q

Economic Characteristics of Land

A

Situs
Permanence
Scarcity

154
Q

1968 court case that held up the Civil Rights Act of 1866

A

Jones v. Mayer

155
Q

Maximum tax exemption from the homestead exemption

A

$50,000

The first $25000 applies to all property taxes

156
Q

How many days after pleading guilty or being convicted and found guilty of any felony must you notify the Florida Commission?

A

30 days

157
Q

Once per renewal period, attendance of a FREC meeting will count for how many CE hours?

A

3 hour continuing education hours

158
Q

Within what time must an inactive license become active without having to retake the exam in Florida?

A

2 years

159
Q

Reconciliation

A

Provides an analysis of two or more residential property valuations to assist lenders and servicers in reconciling disparate values on specific nonperforming real estate assets

160
Q

Who is regulation Z controlled by?

A

Federal Trade Commission

161
Q

Constructive Notice

A

Legal presumption that anything recorded in a public record can known by anyone who wants to know it

162
Q

Actual Notice

A

Direct knowledge that one has of the property, either by direct inspection, possession, or other means.

163
Q

Inquiry Notice

A

information that should impel a reasonable person to make further inquiries about a property

164
Q

Economic Obsolescence

A

Occurs when factors unrelated to the property itself and outside of the owner’s control diminish the property

165
Q

Obsolescence

A

process or condition of going out of date or being no longer in use

166
Q

Functional obsolescence

A

Pertains to a property not complying with recognized utility; in other words, there are features that are not practical or desirable

167
Q

External Obsolescence

A

caused by events outside of the owner’s control make the building’s current use nonconforming.

168
Q

Statute of limitations

A

Certain limit of time allowed in which parties to a contract may bring a legal action to enforce their rights

169
Q

How long is a FL broker required to maintain legible records of all transactions, financial records, etc.?

A

5 years

170
Q

Rod

A

1 rod = 16.5 feet

320 rods = 1 mile

171
Q

If a FL real estate company has more than one broker, who is responsible for the company?

A

All brokers in a real estate company are equally responsible

172
Q

Covenant of seisin

A

The grantor owns the property and has the right to convey title to it. (Seisin means possession)

173
Q

Unlicensed practice of real estate constitutes what?

A

A Felony of the Third Degree

174
Q

Reproduction cost

A

Dollar amount required to construct an exact duplicate of the subject

175
Q

Replacement cost

A

cost to create a building or other improvements which have the same utility as the original

176
Q

Environmental impact statement

A

Detailed, full-disclosure report that identifies and analyzes the anticipated environmental impact of a proposed action and discusses how adverse effects will be mitigated.

177
Q

Common stock ownership

A

Gives an interest as personal property (stock in a corporation is personal property)

178
Q

Who funds and provides loans for the Department of Veterans Affairs?

A

Approved lenders

179
Q

What is CERCLA? When was it passed?

A

CERCLA established prohibitions and requirements concerning closed and abandoned hazardous waste sites.

It was passed in 1980

180
Q

What is RESPA

A

RESPA: Real Estate Settlement Procedures Act

Mandates certain disclosures in connection with the real estate settlement process AND prohibits certain unlawful practices by real estate settlement providers (like kick backs and referral fees)

181
Q

Judgment Lien

A

Occurs when a court order puts a lien on personal and/or real property in order to pay a debt

182
Q

Mechanics Lien

A

Specific lien placed by a contractor, laborer, etc when they performed work in the improving or repairing of a property

183
Q

Statutory lien

A

Lien created by statute (law). Common example is a real estate tax lien.

184
Q

Assemblage

A

Refers to the combining of two or more parcels into one ownership or use

185
Q

Plottage

A

Refers to the value of the combined sites having a total value higher than that of each parcel

186
Q

Formula for figuring the value using the Gross Rent Multiplier

A

Value = Market Rent x GRM

187
Q

Compare a license to an easement

A

A license, unlike an easement, is having the permission of the owner to enter his land for a specific purpose.

Unlike an easement, the license can be rescinded at any time.

Real Estate Exam Florida (8 decks)

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