In Class Test

Question 1

A manufacturing facility would be what type of industry?

Answer 1

Base

Question 2

What type of license must a General Partner in a real estate brokerage have?

Answer 2

Broker

Question 3

Which Florida Constitutional Amendment limits the increase to the Homestead value?

Answer 3

Save Our Home

Question 4

Which deed clause promises that the grantor has the legal right to transfer the property?

Answer 4

Seisen

Question 5

How do prorated property taxes appear on a closing statement?

Answer 5

Debit to Seller ; Credit to Buyer

Question 6

Does a court-appointed individual need a license to appraise a property?

Answer 6

No

Question 7

Section ‘1’ is located in which corner of every township?

Answer 7

NorthEast

Question 8

When must a broker immediately place escrow deposits into his escrow account?

Answer 8

By the end of the 3rd business day

Question 9

What is a case in which the monthly income exceeds the monthly mortgage payment considered?

Answer 9

Positive

Question 10

A leaky roof that is hidden from the buyer’s view MUST be disclosed to whom?

Answer 10

All Parties

Question 11

What can a buyer purchase to protect themselves from potential title defects?

Answer 11

Title Insurance

Question 12

What is used to transfer ownership in a mortgage from one party to another?

Answer 12

Assignment of Mortgage

Question 13

Both Joint Tenancy and Tenancies by the Entireties contain the Right of what?

Answer 13

Survivorship

Question 14

Practicing real estate without a license is a criminal offense of what level?

Answer 14

3rd Degree Felony

Question 15

How much days does a landlord have to inform the tenant of a claim on the security deposit?

Answer 15

30 Days

Question 16

Once a life estate ends, the property transfer to a third party know as what?

Answer 16

Remaindermen

Question 17

Does a person seeking Real Estate licensure in Florida need to be a United States Citizen?

Answer 17

No

Question 18

What does a broker need to accept an offer on behalf of a seller?

Answer 18

Power of Attorney

Question 19

Intangible Tax is determined by multiplying the loan amount by what?

Answer 19

.002

Question 20

Which lease makes the tenant responsible for taxes, insurance, and maintenance costs?

Answer 20

Net

Question 21

What is the section of land zone that separates two different land uses?

Answer 21

Buffer

Question 22

A client is referred to as a ‘customer’. What agency relationship exists?

Answer 22

Transaction Broker Relationship

Question 23

What type of risk is associated with hurricanes, tornadoes and lightning?

Answer 23

Static

Question 24

What is the Maximum Housing Expense Ratio in an FHA loan?

Answer 24

31%

Question 25

What type of obsolescence is a 1 Bathroom in a 4 Bedroom home considered?

Answer 25

Functional

Question 26

One party of a contract fails to perform on a contract. He is in ______ of contract.

Answer 26

Breach

Question 27

A client hires a broker to sell his house. They agree that the seller will receive $100,000 and the Broker will keep any money over that amount. What type of listing is this?

Answer 27

Net

Question 28

Index plus ____ equals the interest on an adjustable rate loan.

Answer 28

Margin or Spread

Question 29

Does the Real Estate Market react slowly or quickly to change?

Answer 29

Slowly

Question 30

A rental agent finds properties for whom?

Answer 30

Tenants

Question 31

A broker follows the instructions of an Escrow Disbursement Order from FREC. He later gets sued by the other party and loses. FREC will reimburse the broker from what?

Answer 31

Real Estate Recovery Fund

Question 32

A broker is assisting a seller with a sales contract and does not represent them. What agency relationship exists?

Answer 32

No Brokerage Relationship

Question 33

What must a broker ask the DBPR to do if they no longer want a real estate license?

Answer 33

Cancel

Question 34

The 3rd renewal period of a licensee will require them to have how many hours of continuing education?

Answer 34

14

Question 35

What is an example of a license where a broker has 3 real estate companies and holds real estate for each?

Answer 35

Multiple

Question 36

A Florida homestead is protected from forced sale to satisfy ____ debt.

Answer 36

Consumer

Question 37

For property tax purposes, a Church is an example of what type of property?

Answer 37

Exempt

Question 38

An illegal advertisement that does NOT provide the registered name of the brokerage firm is called what?

Answer 38

A Blind Advertisement

Question 39

The requirement that a sales contract be in writing falls under the Statute of _____.

Answer 39

Frauds

Question 40

If the FED reduces the reserve requirement, it will ______ the amount of money in circulation.

Answer 40

Increase

Question 41

The Civil Rights Act of 1866 protects real estate transactions against discrimination based on what?

Answer 41

Race Only

Question 42

An appeal of FREC's final order does NOT automatically stop ___ of the penalty.

Answer 42

Enforcement

Question 43

Lenders are regulated to disclose the CRED costs of a loan by what federal law?

Answer 43

The Truth in Lending Act

Question 44

'Utility' is one of the four characteristics of _____.

Answer 44

Value

Question 45

The use that results in achieving the greatest income from a property is called what?

Answer 45

Highest and Best use

Question 46

What is an additional location of the same Brokerage firm referred to as?

Answer 46

Branch

Question 47

An owner investing more into a property than he can reasonably expect to sell it for is an example of what?

Answer 47

An Over Improvement

Question 48

Who prepares and submits to FREC a recommended order?

Answer 48

An Administrative Law Judge

Question 49

What type of expense is the same amount every month?

Answer 49

Fixed

Question 50

A sales associate can only be paid by their ___ for real estate services?

Answer 50

Employer/Broker

Question 51

Can a Corporation Sole register as a brokerage?

Answer 51

No

Question 52

The useful life of a structure is referred to as its _____ life.

Answer 52

Economic

Question 53

A licensee has how many days to file an objection for a citation written in error?

Answer 53

30 Days

Question 54

Leaving your property to a specific person in a will is an example of ____ alienation?

Answer 54

Voluntary

Question 55

In a ______ theory state, the lender retains ownership of the property until the loan is satisfied.

Answer 55

Title

Question 56

The Gross Income Multiplier is derived by dividing the Sales price by what?

Answer 56

The Annual Gross Income

Question 57

A co-ownership interest where a deceased owner may will their ownership interest to their heirs is which tenancy?

Answer 57

Tenancy in Common

Question 58

A 'grandfathered' gas station in the middle of a residential community is considered a _____ use.

Answer 58

Legally Non-Conforming

Question 59

The Fair Housing Act is regulated by which Federal Agency?

Answer 59

HUD

Question 60

A sales associate is required to submit ___ offers to their clients.

Answer 60

ALL

Question 61

An escrow deposit appears on a closing statement as a credit to whom?

Answer 61

Buyer

Question 62

The IRS permits depreciation of a commercial building over how many years?

Answer 62

39 Years

Question 63

There are how many services of real estate that require licensure in Florida?

Answer 63

8

Question 64

Recording a deed in public records is an example of what type of notice?

Answer 64

Constructive

Question 65

The six-mile wide strip of land located between range lines are referred to as what?

Answer 65

Ranges

Question 66

Any criminal offense a licensee pleads guilty to, in any state, must be reported to the DBPR within how many days?

Answer 66

30 Days

Question 67

A seller of a condominium must provide a buyer with what document?

Answer 67

Frequently Asked Questions

Question 68

A _____ was personal property now attached to the real property.

Answer 68

Fixture

Question 69

The opposite of North 30 degrees East is what?

Answer 69

South 30 degrees West

Question 70

An active-duty licensee deployed overseas is exempt from renewal until he returns home plus ____ months.

Answer 70

6

Question 71

The 'Lot and Block' method of legal descriptions can only be used where _____ maps have been recorded.

Answer 71

Play

Question 72

An apartment owner may pay up to how much money to an existing (unlicensed) tenant for referring a new tenant.

Answer 72

$50

Question 73

The DBPR will only investigate a complaint if they consider it what?

Answer 73

Legally Sufficient

Question 74

RESPA requires the lender to provide a borrower with a Good Faith Estimate within how many days?

Answer 74

3 Days

Question 75

The Florida Real Estate Commission regulates all _____ licensees.

Answer 75

Real Estate

Question 76

A widower receiving a Homestead property tax exemption is entitled to an additional $_____ exemption.

Answer 76

$500

Question 77

The FHA does what to a residential loan?

Answer 77

Insures it

Question 78

Over time, water has DECREASED the land mass. This is an example of what?

Answer 78

Erosion

Question 79

The document that represents the 'Evidence of the debt' is what?

Answer 79

The Note

Question 80

A sales associate hired by a client who is on the Do Not Call List may continue to contact them for how long?

Answer 80

18 Months

Question 81

After being involuntary inactive for over 1 year but less than 2 years, a licensee must complete how many hours of continuing education to be reactivated?

Answer 81

28 Hours

Question 82

Using the entry of a minority into a neighborhood to persuade an owner to sell is called what?

Answer 82

Blockbusting

Question 83

When using title companies for escrow checks, a Broker must request within __ days verification of the deposit.

Answer 83

10 Days

Question 84

Must a real estate applicant submit criminal record information if they believe it was expunged?

Answer 84

Yes

Question 85

When a counter-offer is made and rejected, can the seller force the buyer to accept the original offer?

Answer 85

No, The original offer is terminated.

Question 86

What liens are first and second in priority?

Answer 86

Property Taxes / Special Assessments

Question 87

Which clauses prevents a mortgage loan from being assumed by a buyer?

Answer 87

Due-on-Sale Clause

Question 88

A mandatory disclosure that must be given to tenant and buyers of residential properties built before 1978 is?

Answer 88

Lead Based Paint

Question 89

How is 15 mills expressed as a decimal?

Answer 89

.015

Question 90

Can the HOA disclosure requirement ever be waived by the buyer?

Answer 90

No