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Real Estate > In Class Test > Flashcards

In Class Test Flashcards

1
Q

A manufacturing facility would be what type of industry?

A

Base

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2
Q

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

A

Broker

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3
Q

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

A

Save Our Home

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4
Q

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

A

Seisen

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5
Q

How do prorated property taxes appear on a closing statement?

A

Debit to Seller ; Credit to Buyer

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6
Q

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

A

No

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7
Q

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

A

NorthEast

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8
Q

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

A

By the end of the 3rd business day

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9
Q

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

A

Positive

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10
Q

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

A

All Parties

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11
Q

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

A

Title Insurance

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12
Q

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

A

Assignment of Mortgage

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13
Q

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

A

Survivorship

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14
Q

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

A

3rd Degree Felony

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15
Q

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

A

30 Days

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16
Q

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

A

Remaindermen

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17
Q

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

A

No

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18
Q

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

A

Power of Attorney

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19
Q

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

A

.002

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20
Q

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

A

Net

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21
Q

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

A

Buffer

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22
Q

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

A

Transaction Broker Relationship

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23
Q

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

A

Static

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24
Q

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

A

31%

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25
Q

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

A

Functional

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26
Q

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

A

Breach

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27
Q

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?

A

Net

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28
Q

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

A

Margin or Spread

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29
Q

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

A

Slowly

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30
Q

A rental agent finds properties for whom?

A

Tenants

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31
Q

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?

A

Real Estate Recovery Fund

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32
Q

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

A

No Brokerage Relationship

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33
Q

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

A

Cancel

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34
Q

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

A

14

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35
Q

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

A

Multiple

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36
Q

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

A

Consumer

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37
Q

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

A

Exempt

38
Q

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

A

A Blind Advertisement

39
Q

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

A

Frauds

40
Q

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

A

Increase

41
Q

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

A

Race Only

42
Q

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

A

Enforcement

43
Q

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

A

The Truth in Lending Act

44
Q

‘Utility’ is one of the four characteristics of _____.

A

Value

45
Q

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

A

Highest and Best use

46
Q

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

A

Branch

47
Q

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

A

An Over Improvement

48
Q

Who prepares and submits to FREC a recommended order?

A

An Administrative Law Judge

49
Q

What type of expense is the same amount every month?

A

Fixed

50
Q

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

A

Employer/Broker

51
Q

Can a Corporation Sole register as a brokerage?

A

No

52
Q

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

A

Economic

53
Q

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

A

30 Days

54
Q

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

A

Voluntary

55
Q

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

A

Title

56
Q

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

A

The Annual Gross Income

57
Q

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

A

Tenancy in Common

58
Q

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

A

Legally Non-Conforming

59
Q

The Fair Housing Act is regulated by which Federal Agency?

A

HUD

60
Q

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

A

ALL

61
Q

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

A

Buyer

62
Q

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

A

39 Years

63
Q

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

A

8

64
Q

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

A

Constructive

65
Q

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

A

Ranges

66
Q

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

A

30 Days

67
Q

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

A

Frequently Asked Questions

68
Q

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

A

Fixture

69
Q

The opposite of North 30 degrees East is what?

A

South 30 degrees West

70
Q

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

A

6

71
Q

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

A

Play

72
Q

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

A

$50

73
Q

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

A

Legally Sufficient

74
Q

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

A

3 Days

75
Q

The Florida Real Estate Commission regulates all _____ licensees.

A

Real Estate

76
Q

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

A

$500

77
Q

The FHA does what to a residential loan?

A

Insures it

78
Q

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

A

Erosion

79
Q

The document that represents the ‘Evidence of the debt’ is what?

A

The Note

80
Q

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

A

18 Months

81
Q

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?

A

28 Hours

82
Q

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

A

Blockbusting

83
Q

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

A

10 Days

84
Q

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

A

Yes

85
Q

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

A

No, The original offer is terminated.

86
Q

What liens are first and second in priority?

A

Property Taxes / Special Assessments

87
Q

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

A

Due-on-Sale Clause

88
Q

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

A

Lead Based Paint

89
Q

How is 15 mills expressed as a decimal?

A

.015

90
Q

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

A

No

Real Estate (5 decks)

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