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Real Estate > Final Test > Flashcards

Final Test Flashcards

1
Q

The action associated with water rights which will cause a decrease in land mass is known as

A. accretion
B. erosion

A

B. Erosion

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2
Q

The economic characteristic of real property that causes land to be affected by actions in the surrounding areas is called
A. situs
B. obsolescence

A

A. Situs

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3
Q

How many acres in the following parcel:
“The North 1/2 of the Southwest 1/4 of the Northwest 1/4 and
the Southwest 1/4 of the Southeast 1/4, Section 5, Township 43
South, Range 37 East”

A

60 acres

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4
Q

What is the section number immediately north of Section 20?
A. Section 17
B. Section 29

A

Section 17

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5
Q

Which statement does NOT correctly describe a township?
A. A township is a square 6 miles on each side
B. A township contains 43,560 square feet

A

B

(That’s the feet in an acre not township)

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6
Q

A tract of land measuring 660 feet wide by 1,320 feet deep would contain how many acres?

A

20 acres
(660x1320 divided 43,560)

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7
Q

A residence is located in an area that was later zoned for commercial use. The owner of the residence is allowed to continue the use but not allowed to undergo structural changes. This is an example of:
A. a zoning variance.
B. a nonconforming use.

A

B. nonconforming use

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8
Q

A strip of land that separates residential homes fron commercial development is known as a:
A. special use zone.
B. buffer zone.

A

B. Buffer zone

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9
Q

The established useful asset life (straight-line depreciation) for nonresidential income-producing property under the IRS code is what number of years?
A. 39
B. 27.5

A

A. 39 years

(Nonresidential 39 years, residential 27.5 years)

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10
Q

The city or county government collects delinquent property taxes by auctioning a:
A. property tax certificate.
B. tax deed.

A

A. Property tax certificate

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11
Q

What items are deductible from income tax for owners of residential homestead properties?
A. Mortgage interest, property taxes and depreciation
B. Mortgage interest and property taxes

A

B. Mortgage interest and property taxes

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12
Q

Community has zoning restrictions that require setback distance of 10 feet from the property sideyard. Owner wants to build a porch addition that would come within 7 feet of the property boundary. Before construction, Owner should apply for a
A. special use permit.
B. zoning variance.

A

B zoning variance

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13
Q

Which property is exempt from property taxes?

A. County courthouse
B. Church

A

B. Church

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14
Q

New owners who acquire residential property before January
1st of 2014 have until what date in year 2014 to file for the Florida homestead tax exemption?
A. March 31
B. March 1

A

B. March 1st

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15
Q

The constitutional homestead law protects real property from forced sale to satisfy which type of delinquent debt?
A. Consumer credit card debt
B. Mortgage lien on the homestead property

A

A. consumer credit card debt

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16
Q

Individual Seller grants a deed that includes limitations that restrict the use of the property for Owner and all subsequent owners. This was a:
A. restrictive covenant.
B. deed restriction.

A

B. Deed restriction

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17
Q

The recorded instrument that creates a condominium is the:
A. declaration.
B. bylaws.

A

A. Declaration

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18
Q

Tenant, unable to contact the landlord, continues to pay rent and occupy the premises after the lease expired. Tenant has a:
A. tenancy at will.
B. tenancy at sufferance.

A

Tenancy at sufferance

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19
Q

Which is not a form of ownership?
A. Tenancy - for - years
B. Tenancy - in common

A

Idk

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20
Q

Which document must a prospective buyer of an existing (resale) condominium unit receive?
A. List of unit owner names and addresses
B. Year-end financial information that the condo association provided to the owners the previous year.

A

B. Year-end financial information that the condo association provided to the owners the previous year.

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21
Q

A parcel of real estate has been transferred to Owner for her use and enjoyment during her lifetime, with the provision that the property goes to her daughter at her death. What interest does the daughter hold?
A. Life estate
B. Remainder estate

A

B. Remainder estate

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22
Q

The clause in a deed under which the grantor warrants ownership in fee simple and the complete right to dispose of the property is the:
A. disposition clause.
B. seizin clause.

A

B. Seizin clause

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23
Q

When an owner is declared legally incompetent or is committed to an institution, the signed document used to transfer the incompetent’s interest in real property is a:
A. personal representative’s deed.
B. committee’s deed.

A

B. Committees deed

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24
Q

Which is NOT a requirement for a valid deed?
A. Two witnesses
B. Recordation

A

Recordation

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25
Q

The mortgagee’s title insurance policy:

A. is issued for the amount of the mortgage loan and is transferable.

B. is issued for the amount of the purchase price and is not transferable.

A

A. is issued for the amount of the mortgage loan and is transferable.

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26
Q

Calculate all applicable documentary stamp taxes and intangible taxes associated with financing the transaction for a property located in Lee County.

Purchase price $100,000
Earnest money $2,000
Recorded first mortgage (assumed) $67,810
Second mortgage (new) $9,030
Remainder cash

A

Note tax .35 cents per stamp

67,810/ 100 =679 stamps x .35 =237.65 note tax on assumed mortgage;

9,030/100 = 90.3❌ =91 stamps x.35 =31.85 note tax on new mortgage;

9,030 x .002 =18.06 intangible tax on new mortgage; 237.65 + 31.85 + 18.06 =$287.56

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27
Q

Which item is entered on the closing statement as a credit to
the seller?
A. Total purchase price
B. Mortgagee’s title insurance policy

A

A. Total purchase price

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28
Q

Taking which action is an example of constructive notice?
A. Giving public notice through recording in the public records.
B. Advertising property for sale in a local newspaper.

A

A. Giving public notice through recording in the public records.

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29
Q

A deed that contains a seizin clause promises the new owner that the previous owner:

A. will defend the title conveyed to the grantee against government seizure.

B. owns the property and has a legal right to sell it.

A

B. owns the property and has a legal right to sell it.

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30
Q

How much is the state intangible tax on a new mortgage of $80,000

A

$80,000 x.002 =$160

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31
Q

The remedy for breach of contract in which one party requests the courts to force the other party to proceed as the contract states is known as:
A. liquidated damages.
B. specific performance.

A

B. Specific performance

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32
Q

Tenant pays regular rent plus property taxes, maintenance and
hazard insurance. This is a:
A. gross lease.
B. net lease.

A

B. Net lease

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33
Q

Which is true of landlord’s treatment of advance rent and security deposits?
A. Must be placed into a separate account in Florida.
B. May be deposited into the landlord’s business operating account if accurate records are kept

A

A. Must be placed into a separate account in Florida.

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34
Q

Buyer offered $125,000 for Seller’s property. Seller countered at $135,000. Buyer did not accept the counteroffer. Seller told her broker that she was revoking the counteroffer and accepting Buyer’s original offer. Which statement is true?
A. Buyer must purchase the property for $125,000.
B. The original offer was killed by the counteroffer.

A

B. The original offer was killed by the counteroffer.

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35
Q

The lead-based paint disclosure is required to be given to:

A. tenants and buyers of all residential property.

B. tenants and buyers of all residential property built prior to 1978.

A

B. tenants and buyers of all residential property built prior to 1978.

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36
Q

A buyer and seller enter into a contract to purchase a condominium. The next day, the buyer cancels and requests a refund of his earnest money. The seller objects, stating that the buyer has breached the contract. At this point the broker:

A. may return the deposit to the buyer without notifying the Florida Real Estate Commission.

B. must notify the Florida Real Estate Commission of the conflicting demands within 15 business days

A

A. may return the deposit to the buyer without notifying the Florida Real Estate Commission.

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37
Q

Broker promises to give a $500 bonus to the first sales associate who brings in a properly priced listing agreement.
Which type of contract is this?
A. Unilateral contract
B. Bilateral contract

A

A. Unilateral contract

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38
Q

Under the statute of frauds, which element is required for contracts pertaining to the purchase and sale of real property (except for certain specific exceptions)?

A. Signed by two witnesses
B. In writing

A

B. In writing

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39
Q

The statute of frauds does NOT apply to which contract?
A. 6-month listing agreement
B. Purchase and sale contract

A

A. 6-month listing agreement

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40
Q

A closing is set for August 15. How will the property taxes be entered on the closing statement?

A. A proration debited to the seller and credited to the buyer
B. An expense item charged to the seller

A

A. A proration debited to the seller and credited to the buyer

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41
Q

A home was purchased with a down payment of $25,000 and a loan of $475,000 at 4.5 percent interest for 30 years. Monthly payments are $2,777.77. What is the loan to value ratio?

A

LTV = L/V

25k + 475k = 500k value

475k/500k value =.95 =95%

42
Q

Borrower obtained a straight-term loan of $29,700 at 4 percent interest. The loan was paid in full 1 year, 4 months and 28 days later. What was the total interest? (Use a 360-day year)

A

Principle x intrest = annual interest / 360/ Daily intrest

$29,700 × .04 (4%) = $1,188 per year ÷ 360 = $3.30 / day; 360 (year) + 120 (4 months) + 28 (days) = 508 days × $3.30 =
$1676.40

43
Q

The street in front of your house is to be paved at a cost of $55
per foot. The city has agreed to pay 40 percent of the paving cost and will assess abutting properties for the remainder. If your lot frontage on the street is 95 feet, what is your portion of the special assessment?

A

55 x 95 fft = 5,225 x .60 owner share = 3,135 / 2 (each side of
the street) = 1,567.50 assessment

Because it’s paved you divide by 2

44
Q

Total real property values in the community are $60,000,000. The value of government-owned property is $800,000. The value of property owned by churches and nonprofits is $3,300,000.
There are property exemptions totaling $950,000.
If the tax rate is 9 mills, what is the amount of tax that will be collected?

A

60,000,000 - 800,000 - 3,300,000 - 950,000 =
$54,950,000 × .009 = $494,550

45
Q

Livable area is 2,000 square feet. The garage is 600 square feet.
The construction cost is $55 per square foot for livable area and $35 per square foot for the garage. Calculate the reproduction cost new of the structure.

A

2000 × 55 = 110,000; 600 × 35 = 21,000; 110,000 + 21,000 =
131,000

46
Q

A duplex is scheduled to close July 11. On the first of the month the seller collected $744 rent per unit. The day of closing belongs to the buyer. How does the entry appear on the closing statement?

A

744 x 2 = 1488 / 31 = 48.00 per day × 21 days owed to buyer (31 paid - 10 belonging to seller =
21) = 1,008 debit seller, 1,008 credit buyer

47
Q

A local lender charged 3.75 percent interest plus 4 points on a conventional mortgage loan. What was the approximate yield on the loan?

A

4 points = 4/8% = .50%
3.75% + .50% = 4.25%

48
Q

A developer purchased two 175-front foot lots for $30,000 net each and divided them into three lots of equal front footage. The developer sold the lots for $300 per front foot. Calculate the developer’s percentage of profit.

A

2 × 175 = 350 fft × $300 per front foot = 105,000
sale price - 60,000 paid = 45,000 made
45,000 made / 60,000 paid = .75 = 75% profit

49
Q

A broker’s listing agreement specifies a 4 ½% commission. The sales associate lists and sells the property and receives a 75% split. How much will the sales associate earn if the property sells for $450,000?

A

450,000 × (4 ½% = 4.5% = .045) = 20,250 × (75% = .75) =
$15,187.50

50
Q

Which party has title to real property that secures a loan in lien theory states?
A. Mortgagee
B. Mortgagor

A

B. Mortgagor

51
Q

The mortgage clause that allows another mortgage created at a later date to take priority is the:
A. exculpatory clause.
B. subordination clause.

A

B. subordination clause.

52
Q

The last payment in a partially amortized loan is:
A. a balloon payment.
B. a payment consisting of only any remaining accrued interest.

A

A. a balloon payment.

53
Q

The type of mortgage that increases the monthly payments a certain percentage each year and applies the increases to principal reduction is known as:
A. an adjustable-rate mortgage.
B. a growing-equity mortgage.

A

B. a growing-equity mortgage.

54
Q

The instrument used to transfer ownership of a mortgage from one company or individual to another is an:
A. estoppel certificate.
B. assignment of mortgage.

A

B. assignment of mortgage.

55
Q

The price at which most buyers would trade money for real estate, goods or services is:
A. assessed value.
B. exchange value.

A

B. exchange value.

56
Q

The loan originator must deliver a completed Loan Estimate to the applicant:
A. no later than the third business day after receiving the consumer’s complete application.
B. no later than 3 business days after consummation of the loan.

A

A. no later than the third business day after receiving the consumer’s complete application.

57
Q

Property values have increased in a residential neighborhood approximately ten percent per year. An appraiser chooses a comparable sale that occurred six months ago in the same neighborhood. Which adjustment will be required?
A. Plus five percent for market conditions
B. Minus five percent for conditions of sale

A

A. Plus five percent for market conditions

58
Q

Which phrase, when used in credit advertising, is NOT considered to be a “trigger term” under the Truth-in-Lending Act?
A. “Owner will finance”
B. “Nominal rate is 3%”

A

A. “Owner will finance”

59
Q

Which statement is TRUE regarding a CMA?
A. When preparing a CMA, a real estate licensee takes into account the sales price of recent sales of similar properties and expired listings.
B. Real Estate licensees must abide by the Uniform Standards of Professional Practice
(USPSP) when preparing a CMA.

A

A. When preparing a CMA, a real estate licensee takes into account the sales price of recent sales of similar properties and expired listings.

60
Q

Which is NOT TRUE of appraisal methods?
A. The cost-depreciation approach is most significant for new construction.

B. When performing reconciliation, Appraiser will average the results of the three approaches to determine the appraised value.

A

B. When performing reconciliation, Appraiser will average the results of the three approaches to determine the appraised value.

61
Q

Which is an UNTRUE statement regarding a VA loan?
A. The veteran is charged a user-fee
B. Seller MUST pay discount points

A

B. Seller MUST pay discount points

62
Q

If the Federal Reserve votes to raise the discount rate, short-term rates will likely:
A. decrease.
B. increase.

A

B. Increase

63
Q

The law that requires the closing agent to use the Closing Disclosure (formerly the HUD-1 Uniform Settlement
Statement) is the
A. Truth-in Lending Act.
B. Real Estate Settlement Procedures Act.

A

B. Real Estate Settlement Procedures Act.

64
Q

Payment collection and record keeping associated with mortgage loans is referred to as:
A. servicing the mortgage.
B. placing the mortgage.

A

A. servicing the mortgage.

65
Q

According to Regulation Z, Borrower does NOT have the right to cancel which loan contract within 3 business days?
A. New 30-year mortgage to purchase a home.
B. Home equity line of credit.

A

A. New 30-year mortgage to purchase a home.

66
Q

A home has excessive electric bills due to single pane sliding glass doors along the west wall. The appraiser will likely consider:
A. physical deterioration
B. functional obsolescence.

A

B. functional obsolescence.

67
Q

Which characteristic does NOT describe the real estate market?
A. Real estate is a fluid market that can quickly respond to changes in supply and demand.
B. Government controls play an important role in the real estate market.

A

A. Real estate is a fluid market that can quickly respond to changes in supply and demand.

68
Q

Which action of the Federal Reserve would have the impact of reducing interest rates?
A. Sell bonds to decrease the money supply.
B. Decrease the reserve requirement.

A

B. Decrease the reserve requirement.

69
Q

A comparable property recently sold for $200,000. Compared with the subject property, the comparable is built of superior materials valued at $25,000. The comparable also has less square footage than the subject property, valued at $35,000.
What is the adjusted sale price of the comparable?

A

200,000 - 25,000 = 175,000 + 35,000 = 210,000

70
Q

When performing reconciliation to determine the appraised
value, Appraiser will:
A. average the results of the 3 approches.
B. prioritize the most appropriate approach.

A

B. prioritize the most appropriate approach.

71
Q

Which item is subtracted from Effective Gross Income (EGI) to calculate Net Operating Income (NOI)?
A. Operating expenses
B. Credit and vacancy allowance

A

A. Operating expenses

72
Q

Which characteristic is a disadvantage of investing in real estate?
A. Tax code treatment
B. Management considerations

A

B. Management considerations

73
Q

Full disclosure is a duty that is ONLY required in:
A. single agent relationships.
B. transaction brokerage relationships.

A

A. single agent relationships.

74
Q

Sally and John are licensed with Broker A. Broker A is a single agent to Rebecca, who has listed her home through Sally.
Broker A is also a single agent to Joshua, who is working with sales associate John. Which statement applies?
A. In order for Joshua to be shown Rebecca’s home, both buyer and seller must consent to Broker A transitioning to transaction broker.
B. Broker A has created an undisclosed dual agency, which is a violation of Florida Statute 475.

A

A. In order for Joshua to be shown Rebecca’s home, both buyer and seller must consent to Broker A transitioning to transaction broker.

75
Q

The brokerage relationship disclosure requirements in Chapter 475, Florida Statutes, DO NOT apply to:
A. A residential contract to purchase.
B. Auctioned residential property.

A

B. Auctioned residential property.

76
Q

Which property would be defined as residential real estate under Chapter 475, Florida Statutes.
A. Eight acres of agricultural property
B. Unimproved property zoned for five single-family homes

A

A. Eight acres of agricultural property

77
Q

Buyer has entered into a transaction broker relationship with Broker. The duties owed by Broker include:
A. full disclosure, confidentiality, loyalty.
B. limited confidentiality, accounting, skill, care and diligence.

A

B. limited confidentiality, accounting, skill, care and diligence.

78
Q

FREC members receive how much for each day they participate in official meetings and other FREC business?
A. $50
B. $100

A

A. $50

FREC = 7 members. 5 licensed and 2 never licensed. One
member must be 60+ years old.

79
Q

Broker requested that the FREC issue an escrow disbursement order (EDO). Before the EDO was issued, the buyer and seller settled their dispute over the escrow funds. Within how many business days must the broker notify the FREC that the matter has been settled?
A. 10
B. 30

A

A. 10

80
Q

An owner of an apartment complex pays $125 to a tenant referring another tenant. The referring tenant does not hold a real estate license. This arrangement is:
A. legal under Chapter 475, Florida Statutes.
B. illegal because the amount of compensation exceeds the allowable amount.

A

B. illegal because the amount of compensation exceeds the allowable amount.

81
Q

Can a lender legally refuse to provide financing to applicants within a particular neighborhood because of racial and ethnic characteristics of the neighborhood?
A. Yes, provided the lender does not finance any other homes within the neighborhood.
B. No, to do so is redlining which is a violation of the Fair Housing Act.

A

B. No, to do so is redlining which is a violation of the Fair Housing Act.

82
Q

A sales associate receives an earnest money deposit on Wednesday 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?
A. Saturday
B. Monday

A

B. Monday

83
Q

If a title company is holding the escrow funds:
A. the broker must obtain a written receipt from the title company within 10 business days of delivery.
B. if the buyer and seller make conflicting demands for the escrowed funds, the broker must timely notify the Division of
Real Estate.

A

A. the broker must obtain a written receipt from the title company within 10 business days of delivery.

84
Q

Sales Associate decides to have personalized refrigerator magnets made. What MUST be printed on the refrigerator magnets?
A. Sales Associate’s name and license number.
B. The name of the real estate brokerage firm for which Sales
Associate works.

A

B. The name of the real estate brokerage firm for which Sales
Associate works.

85
Q

Sales Associate decides to have personalized refrigerator magnets made. What MUST be printed on the refrigerator magnets?
A. Sales Associate’s name and license number.
B. The name of the real estate brokerage firm for which Sales
Associate works.

A

B. The name of the real estate brokerage firm for which Sales
Associate works.

86
Q

The real estate activity that is devoted to leasing, managing, marketing, and overall maintenance of property for others is:
A. community association management.
B. property management.

A

B. property management.

87
Q

The Department is required to promptly notify a licensee’s broker or employer:
A. within 10 days after a finding of probable cause.
B. Immediately after a complaint has been filed against the licensee.

A

A. within 10 days after a finding of probable cause.

88
Q

The issuance of a group license:
A. indicates that a sales associate or broker associate is employed by an owner-developer.
B. is necessary when a broker has one or more branch offices.

A

A. indicates that a sales associate or broker associate is employed by an owner-developer.

89
Q

Licensed Sales Associate desiring nonresident license status must accomplish which action when moving out of state?
A. Notify the DBPR and file the irrevocable consent to service within 60 days of the change in residency.
B. File a mutual recognition form.

A

A. Notify the DBPR and file the irrevocable consent to service within 60 days of the change in residency.

90
Q

Which individual MUST be licensed under Florida Statute 475?
A. A salaried employee of an on-site rental apartment complex who receives a $200 signing bonus for each new tenant.
B. A CPA giving tax advice to a real estate investor.

A

A. A salaried employee of an on-site rental apartment complex who receives a $200 signing bonus for each new tenant.

91
Q

An agreement between two states that allows an individual holding a real estate license in one state to practice in both states is known as:
A. mutual recognition.
B. reciprocity.

A

B. reciprocity.

92
Q

Which is NOT required of sales associate applicants?
A. Proof of U.S. citizenship
B. Attained a high school diploma or its equivalent

A

A. Proof of U.S. citizenship

93
Q

The FREC issued a seven year suspension of a broker’s license.
The broker decides to appeal the FREC’s final order. The broker’s attorney should make which request so that the broker can continue to work during the appeal process?
A. Stay of enforcement
B. Revocation of suspension

A

A. Stay of enforcement

94
Q

Agent assigned her unlicensed assistant to take Prospect to a property. Assistant drove Prospect to the property, opened the door and showed Prospect around the property. Which is true of this situation?
A. This is okay because these activities do not require a license
B. This is a violation of Chapter 475 because the assistant doesn’t have a license.

A

B. This is a violation of Chapter 475 because the assistant doesn’t have a license.

95
Q

Within how many days must a licensee take corrective action when issued a notice of noncompliance for a minor violation?
A. 15
B. 30

A

A. 15

96
Q

Mark’s original real estate license was issued on January 25,
2014. What is the expiration date on Mark’s license?
A. September 30, 2015
B. March 31, 2016

A

A. September 30, 2015

97
Q

If the post-licensing requirement is not fulfilled before the first renewal and there is a desire to continue in the real estate business:
A. the licensee must change the status from involuntarily inactive to voluntarily active.
B. the licensee must requalify for the license.

A

B. the licensee must requalify for the license.

98
Q

Broker complied with an escrow disbursement order. Later, Buyer sued Broker and was awarded a judgment of $10,000.
Buyer’s attorney fees and court costs totaled $5,000. Broker’s attorney’s fees totaled $5,000. How much will be paid from the Real Estate Recovery Fund as a result of complying with the EDO?
A. $10,000
B. $20,000

A

B. $20,000

99
Q

Within how many days must a licensee object to the issuance of a citation or be subject to paying a fine?
A. 15
B. 30

A

B. 30

100
Q

Which statement is TRUE regarding completing the background information section of the license application?
A. Applicant should attach details of criminal cases, even if adjudication was withheld.
B. Applicant should report speeding and parking offenses.

A

A. Applicant should attach details of criminal cases, even if adjudication was withheld.

101
Q

Mary Johnson is a sales associate for ABC Realty. Mary is preparing a classified ad for a listed property. Which excerpt conforms to the rule regarding advertising?
A. Call Mary Johnson, licensed sales associate.
B. Call Mary Johnson at ABC Realty

A

B. Call Mary Johnson at ABC Realty

Real Estate (12 decks)

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