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Pass Exam w Michelle Earley > Florida Real Estate Exam > Flashcards

Florida Real Estate Exam Flashcards

1
Q

How is the binder deposit shown on the Closing Disclosure Form?
A. Credit to the buyer, debit to the seller
B. Credit to the seller
C. Credit to the buyer
D. Debit to the buyer, credit to the seller

A

C. Credit to the buyer

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2
Q

What is the status of a Sales Associates’ license if he/she does not complete the required post licensing education prior to his/her first renewal cycle?
A. Involuntary inactive
B. Inactive and void
C. Suspended
D. Null and void

A

D. Null and void

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3
Q

Which mortgage clause allows the mortgage the right to demand the outstanding loan balance plus accrued interest in the event that the borrower sells or transfers any interest in the property without the lenders prior written consent?
A. Due-on-sale clause
B. Escape clause
C. Acceleration clause
D. Estoppel clause

A

A. Due-on-sale clause

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4
Q

Which of the following is incorrect concerning FHA and VA mortgages?
A. FHA and VA mortgages are either government insured, or government guaranteed loans and therefore assumable
B. FHA is a government-insured load
C. VA is a government guaranteed loan and is accompanied by a funding fee
D. VA is a government insured loan and could be accompanied by an origination fee

A

[D.] VA is a government insured loan and could be accompanied by an origination fee

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5
Q

Which of the following is a penalty for a first-timer minor violation that is not accompanied by a fine?
A. A citation
B. A first-degree misdemeanor
C. A notice of non-compliance
D. A formal violation

A

C. A notice of non-compliance

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6
Q

What would a Sales Associate be charged with if he took duplicates of listings when he left the brokerage firm and started to work for another company?
A. Larceny
B. Commingling
C. Breach of trust
D. A first-degree misdemeanor

A

C. Breach of trust

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7
Q

Which of the following clauses or covenants in a deed, states that the grantor owns the property and has the right to convey it?
A. Covenant of seism
B. Covenant against encumbrances
C. Habendum clause
D. Covenant of further assurance

A

A. Covenant of seism

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8
Q

Which of the following liens would take priority?
A. A vendor’s lien filed on December 12th 2017
B. A mechanic’s lien filed on January 1st 2018
C. Property tax lien filed on January 14th 2018
D. A special assessment tax filed on January 13th 2018

A

C. Property tax lien filed on January 14th 2018

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9
Q

Which expenses associated with a principal residence are deductible for income tax purposes?
A. Depreciation
B. Operating expenses and maintenance costs
C. Property taxes and mortgage interest
D. Mortgage payments, and property taxes

A

C. Property taxes and mortgage interest

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10
Q

Which of the following methods of surveying property is used in a subdivision where plat maps have been recorded?
A. Lot and block
B. Surveyor’s method
C. Government survey method
D. Meridian’s method

A

A. Lot and block

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11
Q

Which of the following types of notice is also called legal notice and is achieved by recording documents in the public records?
A. Constructive notice
B. Actual notice
C. Real notice
D. Pending notice

A

A. Constructive notice

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12
Q

In which of the following mortgage lending theories does the borrower not retain title during the loan period?
A. Lien theory
B. Title theory
C. Bank theory
D. Loan theory

A

B. Title theory

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13
Q

If you are at the POB (point of beginning), and you headed N90 degrees E, what direction are you headed?
A. North
B. East
C. South
D. Northeast

A

B. East

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14
Q

Which of the following describes leverage?
A. Leverage is the same as cash flow
B. Leverage is the use of borrowed funds to purchase assets or to finance an investment
C. Leverage can only be positive
D. Leverage is when an investor uses his equity to finance an investment

A

B. Leverage is the use of borrowed funds to purchase assets or to finance an investment

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15
Q

A license real estate sales associate conducted an appraisal for a fee. The FREC found the licensee to be in violation of the Uniform Standards of Professional Appraisal Practice. Which is true?
A. Real estate licensees are not required to abide by the USPAP and in this situation the sales associate would charge a commission for the appraisal, not a fee.
B. The licensee is subject to FREC discipline
C. Only the appraisal Board can impose a penalty in this case the FREC does not have authority over appraisal matters
D. Real estate associates may not conduct appraisals for a fee unless they are also certified or licensed real estate appraisers

A

B. The licensee is subject to FREC discipline

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16
Q

Which of the following is a set of administrative rules developed by The Florida Real Estate Commission?
A. Chapter 62j
B. F.S. 120
C. Chapter 61j2
D. F.S. 475

A

C. Chapter 61j2

17
Q

What requirement does not apply regarding dwellings built prior to 1978?
A. Sellers and lessors must disclose the presence of known lead-based paint in all residential dwellings
B. Sale contracts and leases must include specific lead-based paint warning and disclosures
C. Buyers and tenants must acknowledge they have received the warning and disclosures
D. Buyers must have the property inspected for the lead-based paint

A

D. Buyers must have the property inspected for the lead-based paint

18
Q

The subject property is a three-bedroom, two bath home. A comparable property is a three-bedroom, two and one-half home. An appraiser has determined that the extra bath is worth about $2,200. What adjustment should the appraiser make?

A

A. Subtract $2,200 from the estimated value of the subject property
[B.] Subtract $2,200 from the comparable’s transaction price
C. Add $2,200 to the comparable’s transaction price
D. Add z42,200 to the estimated value of the subject property

19
Q

In the event that a broker chooses not to have an escrow account, the funds are typically held at a title company or in an attorney’s escrow account. If the funds are held at a title company or in an attorney’s escrow account, what must be included on the purchase and sale contract regarding the title company or attorney?

A

A. Name, address, email and phone number of the title company or attorney
B. Name and phone number of the title company or attorney
[C.] Name, address, and phone number of the title company or attorney
D. Name, address, email, phone number and account number of the escrow account

20
Q

A broker provided an update and accurate rental list for a $350.00 fee. The potential tenant was unable to obtain a rental and requested a refund. Which applies?
A. If the potential tenant makes the request within 30 days, the license would be required to provide a full refund of the $350.00
B. Because the potential tenant did not locate and obtain a rental, the licensee is not required to refund any portion of the fee paid
C. The request must be in writing and within 30 days in order for the potential tenant to obtain a refund.
D. If the potential tenant makes the request within 30 days, the licensee would be required to provide a refund of $262.50

A

D. If the potential tenant makes the request within 30 days, the licensee would be required to provide a refund of $262.50

21
Q

If a broker receives an escrow check on Thursday, when is the broker legally required to have the escrow into the escrow account?
A. Immediately, which is defined by Tuesday of the following week
B. Immediately, which is defined by Wednesday of the following week
C. Immediately, which is defined by Friday
D. Whenever he can

A

A. Immediately, which is defined by Tuesday of the following week

22
Q

What type of rights are associated with water flowing through your property?
A. Littoral rights
B. Erosion rights
C. Riparian rights
D. Air rights

A

C. Riparian rights

23
Q

Which of the following is an example of external obsolescence?
A. A sink hole in the back yard
B. A shopping center opening up near by
C. A tree’s root system messed up the front sidewalk
D. The road in front of the house became a throughfare

A

D. The road in front of the house became a throughfare

24
Q

Which of the following is false concerning the primary and secondary mortgage markets?
A. The primary mortgage market is where securities or goods are created
B. The primary mortgage market consists of lenders that originate new mortgage loans for borrowers.
C. The secondary mortgage market is an investor market that buys and sells existing mortgages
D. The secondary mortgage market is where loans are originated

A

D. The secondary mortgage market is where loans are originated

25
Q

If every parcel of land in a subdivision can have only up to 2,000 square foot homes, what is being described?
A. Deed restrictions
B. Special assessments
C. Restrictive assessments
D. Restrictive covenants

A

D. Restrictive covenants

Pass Exam w Michelle Earley (1 decks)

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