Practice Test

Question 1

When cost of updating far exceeds value of homes in area, lack of feasibility is

Answer 1

Incurable

Question 2

FREC are volunteers because____

Answer 2

No salary/ employees and do not work on daily schedule

Question 3

Characteristic of value/ component that would cause lender to refuse making new loan for buyer=

Answer 3

Transferability- title is NOT marketable

Question 4

PUD

Answer 4

More density than residential zoning, designed to maximize development by using green space

Question 5

“Have and to hold”

Answer 5

Habendum clause, describes two rights of being transferred

Question 6

(2) items that MUST be present before the taking of a property=

Answer 6

1) condemnation proceedings
2) owner must be compensated

Question 7

real estate recovery fund will never cover (2)

Answer 7

1) Legal fees
2) punitive damages

Question 8

This can be considered abandoning of real property-

Answer 8

Failure to pay property taxes

Question 9

NOT a tax advantage of of real estate ownership-

Answer 9

Property depreciation

Question 10

JTWROS

Answer 10

Joint tenancy w/ rights of survivorship- must be shown in THIS manor

Question 11

Has a definite ending date-

Answer 11

Estate for years

Question 12

These are considered constitutional because it protects health/ safety/ private property-

Answer 12

Zoning laws

Question 13

VA loans require less cash from vet borrowers because there is_

Answer 13

No downpayment but there are closing costs

Question 14

Base homestead exemption price-

Answer 14

25,000 dollars

Question 15

Sales price is to buyer and seller-

Answer 15

Buyer- debit
Seller- credit

Question 16

Promise to do or not to do something-

Answer 16

Contract

Question 17

Property is sold in forced sale to highest bidder-

Answer 17

Foreclosure

Question 18

NOT an authorized brokerage under FL law-

Answer 18

Disclosed dual agency

Question 19

MIP-

Answer 19

Mortgage insurance premium

Question 20

What protects a lender due to low down payments made by FHA borrowers?

Answer 20

mortgage insurance premium (MIP)

Question 21

Bill of sale transfers-

Answer 21

Personal property

Question 22

Violent tearing away of soil by hurricane is an example of -

Answer 22

Avulsion