Exam Prep Flashcards
When a Florida applicant is upgrading from sales associate to broker, what course must they complete?
A 72-hour pre-licensing course.
Vale can be estimated in the income approach by:
Dividing NOI by the Overall Cap Rate
On what IRS form must details of closing be reported?
IRS 1099 S
On what IRS form are brokers required to report commissions paid to salespersons?
IRS MISC
Real estate term describing the process of converting real property into personal property
Severance
To whom does a tenant or prospective tenant lodge a housing discrimination complaint?
Secretary of HUD
Refers to a provision in the lease that gives the right to the tenant to extend the lease for a given amount of time
Renewal option
By what process is a completely abandoned property returned to the county/state
Escheat
Condition of a property owner who dies without a valid will
Intestate
Condition of a property owner who dies with a valid will
Testate
Right of the government to take private property and use it for the good of the public
Eminent domain
Four powers of the government
PETE
Police Power
Eminent Domain
Taxation
Escheat
Term that refers to a government’s use of their right to eminent domain
Condemnation
When is a comparative market analysis most often used?
Setting the listing price
If a buyer entered a contract with a seller, but wanted to not buy the property, what would happen to the earnest money?
It would go to the seller.
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.
Variance
How long do you have to file a complaint with HUD if you believe your rights have been violated under Fair Housing Laws?
1 Year
Describe an exclusive right to sell listing
The listing belongs to the broker
What disclosures does Regulation Z require?
Finance Charge
APR
Amount Financed
Total Payments
What must a Florida deed have to be valid?
It must be signed and witnessed.
To be recorded in the court, it must be notarized
When is does a contract begin to be enforcable?
When it is accepted and mailed back to the buyer
In Florida, if a sales associate does not complete the 14 hours of continuing education requirements prior to the expiration date, what occurs?
The licensee is allowed up to 12 months after the expiration date to complete the 14 hours continuing education and pay the renewal fee.
When will a warranty deed transfer title to a grantee?
When it is delivered and accepted
What type of contract would show the intentions of the parties by their actions?
An implied contract