In Class Test Flashcards
A manufacturing facility would be what type of industry?
Base
What type of license must a General Partner in a real estate brokerage have?
Broker
Which Florida Constitutional Amendment limits the increase to the Homestead value?
Save Our Home
Which deed clause promises that the grantor has the legal right to transfer the property?
Seisen
How do prorated property taxes appear on a closing statement?
Debit to Seller ; Credit to Buyer
Does a court-appointed individual need a license to appraise a property?
No
Section ‘1’ is located in which corner of every township?
NorthEast
When must a broker immediately place escrow deposits into his escrow account?
By the end of the 3rd business day
What is a case in which the monthly income exceeds the monthly mortgage payment considered?
Positive
A leaky roof that is hidden from the buyer’s view MUST be disclosed to whom?
All Parties
What can a buyer purchase to protect themselves from potential title defects?
Title Insurance
What is used to transfer ownership in a mortgage from one party to another?
Assignment of Mortgage
Both Joint Tenancy and Tenancies by the Entireties contain the Right of what?
Survivorship
Practicing real estate without a license is a criminal offense of what level?
3rd Degree Felony
How much days does a landlord have to inform the tenant of a claim on the security deposit?
30 Days
Once a life estate ends, the property transfer to a third party know as what?
Remaindermen
Does a person seeking Real Estate licensure in Florida need to be a United States Citizen?
No
What does a broker need to accept an offer on behalf of a seller?
Power of Attorney
Intangible Tax is determined by multiplying the loan amount by what?
.002
Which lease makes the tenant responsible for taxes, insurance, and maintenance costs?
Net
What is the section of land zone that separates two different land uses?
Buffer
A client is referred to as a ‘customer’. What agency relationship exists?
Transaction Broker Relationship
What type of risk is associated with hurricanes, tornadoes and lightning?
Static
What is the Maximum Housing Expense Ratio in an FHA loan?
31%
What type of obsolescence is a 1 Bathroom in a 4 Bedroom home considered?
Functional
One party of a contract fails to perform on a contract. He is in ______ of contract.
Breach
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?
Net
Index plus ____ equals the interest on an adjustable rate loan.
Margin or Spread
Does the Real Estate Market react slowly or quickly to change?
Slowly
A rental agent finds properties for whom?
Tenants
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?
Real Estate Recovery Fund
A broker is assisting a seller with a sales contract and does not represent them. What agency relationship exists?
No Brokerage Relationship
What must a broker ask the DBPR to do if they no longer want a real estate license?
Cancel
The 3rd renewal period of a licensee will require them to have how many hours of continuing education?
14
What is an example of a license where a broker has 3 real estate companies and holds real estate for each?
Multiple
A Florida homestead is protected from forced sale to satisfy ____ debt.
Consumer
For property tax purposes, a Church is an example of what type of property?
Exempt
An illegal advertisement that does NOT provide the registered name of the brokerage firm is called what?
A Blind Advertisement
The requirement that a sales contract be in writing falls under the Statute of _____.
Frauds
If the FED reduces the reserve requirement, it will ______ the amount of money in circulation.
Increase
The Civil Rights Act of 1866 protects real estate transactions against discrimination based on what?
Race Only
An appeal of FREC’s final order does NOT automatically stop ___ of the penalty.
Enforcement
Lenders are regulated to disclose the CRED costs of a loan by what federal law?
The Truth in Lending Act
‘Utility’ is one of the four characteristics of _____.
Value
The use that results in achieving the greatest income from a property is called what?
Highest and Best use
What is an additional location of the same Brokerage firm referred to as?
Branch
An owner investing more into a property than he can reasonably expect to sell it for is an example of what?
An Over Improvement
Who prepares and submits to FREC a recommended order?
An Administrative Law Judge
What type of expense is the same amount every month?
Fixed
A sales associate can only be paid by their ___ for real estate services?
Employer/Broker
Can a Corporation Sole register as a brokerage?
No
The useful life of a structure is referred to as its _____ life.
Economic
A licensee has how many days to file an objection for a citation written in error?
30 Days
Leaving your property to a specific person in a will is an example of ____ alienation?
Voluntary
In a ______ theory state, the lender retains ownership of the property until the loan is satisfied.
Title
The Gross Income Multiplier is derived by dividing the Sales price by what?
The Annual Gross Income
A co-ownership interest where a deceased owner may will their ownership interest to their heirs is which tenancy?
Tenancy in Common
A ‘grandfathered’ gas station in the middle of a residential community is considered a _____ use.
Legally Non-Conforming
The Fair Housing Act is regulated by which Federal Agency?
HUD
A sales associate is required to submit ___ offers to their clients.
ALL
An escrow deposit appears on a closing statement as a credit to whom?
Buyer
The IRS permits depreciation of a commercial building over how many years?
39 Years
There are how many services of real estate that require licensure in Florida?
8
Recording a deed in public records is an example of what type of notice?
Constructive
The six-mile wide strip of land located between range lines are referred to as what?
Ranges
Any criminal offense a licensee pleads guilty to, in any state, must be reported to the DBPR within how many days?
30 Days
A seller of a condominium must provide a buyer with what document?
Frequently Asked Questions
A _____ was personal property now attached to the real property.
Fixture
The opposite of North 30 degrees East is what?
South 30 degrees West
An active-duty licensee deployed overseas is exempt from renewal until he returns home plus ____ months.
6
The ‘Lot and Block’ method of legal descriptions can only be used where _____ maps have been recorded.
Play
An apartment owner may pay up to how much money to an existing (unlicensed) tenant for referring a new tenant.
$50
The DBPR will only investigate a complaint if they consider it what?
Legally Sufficient
RESPA requires the lender to provide a borrower with a Good Faith Estimate within how many days?
3 Days
The Florida Real Estate Commission regulates all _____ licensees.
Real Estate
A widower receiving a Homestead property tax exemption is entitled to an additional $_____ exemption.
$500
The FHA does what to a residential loan?
Insures it
Over time, water has DECREASED the land mass. This is an example of what?
Erosion
The document that represents the ‘Evidence of the debt’ is what?
The Note
A sales associate hired by a client who is on the Do Not Call List may continue to contact them for how long?
18 Months
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?
28 Hours
Using the entry of a minority into a neighborhood to persuade an owner to sell is called what?
Blockbusting
When using title companies for escrow checks, a Broker must request within __ days verification of the deposit.
10 Days
Must a real estate applicant submit criminal record information if they believe it was expunged?
Yes
When a counter-offer is made and rejected, can the seller force the buyer to accept the original offer?
No, The original offer is terminated.
What liens are first and second in priority?
Property Taxes / Special Assessments
Which clauses prevents a mortgage loan from being assumed by a buyer?
Due-on-Sale Clause
A mandatory disclosure that must be given to tenant and buyers of residential properties built before 1978 is?
Lead Based Paint
How is 15 mills expressed as a decimal?
.015
Can the HOA disclosure requirement ever be waived by the buyer?
No
