Questions Flashcards
Appraisers are paid a fee because
to accept compensation based on the appraised value is a conflict of interest
A type of construction which involves building to a buyer’s specification
custom homes
The term dedication as it applies to development and construction refers to
a gift of land by the owner to the local government for a public use
real estate licensees on active duty with the US Army are required to renew their license
within 6 months after discharge
The members of the commission receive (payment)
$50 per day when on official business, plus expenses
A sales associate recently moved from Dunedin, Florida, to High Springs, Florida. How long does he/she have to notify the DBPR?
The sales associate must notify the DBPR of her change in current mailing address within 10 days of the change.
A sales associate is employed by a broker. The broker’s license is suspended. This action causes the sales associate’s license to be
placed in involuntary inactive status
An involuntary inactive license will automatically become void without further action by the FREC or the DBPR after
2 years
A owner-developer owns several properties with different names, but all are business entities closely connected and controlled by the owner-developer. A sales associate working for that owner-developer may legally obtain
a group license
An initial real estate license is issued on September 10, 2012. When will it expire?
March 31, 2014
Part III of Chapter 475 concerns
liens rights in commercial sales
Rules promulgated by the Commission are
designed to specify and implement the law
A real estate broker who works in a limited capacity for both the buyer and the seller in the same transaction is
A transaction broker
A transaction broker duties
- Deal honestly and fairly
- account for all funds
- Use skill, care, and diligence in the transaction
- Disclose all known facts that materially affect the value of residential real property and are not readily observable to the buyer
- Present all offers and counteroffers in a timely manner
- Exercise limited confidentiality, unless waived in writing by a party
- Perform any additional duties that are mutually agreed with a party
A broker’s obligations to consumers with whom the brokerage firm has no brokerage relationship
Account for All funds
Deal honestly and fairly
Disclosure of all facts that affect value of residential property
Which offense is a misdemeanor of the first degree
Failing to provide current and accurate rental information for a fee
The federal statute that prohibits a private homeowner from discriminating strictly on the basis of race if selling, renting, or leasing
1866 Civil Rights Act
The law that requires that lenders disclose the annual percentage rate (APR) of interest is the
Regulation Z (Truth in Lending Act)
The federal 1968 Fair Housing Act prohibits discrimination based on
- Race
- Color
- Religion
- Sex
- National Origin
- Familial Status
- Handicap Status
If a tenant vacates rented premised promptly when a lease or tenancy expires, the landlord must inform the tenant
Inform the tenant within 30 days if part of the tenant’s deposit will be claimed.
For what period does a time-share purchaser have the right to cancel the contract?
10 days
A tenancy at sufferance is a tenancy in which the
Tenant stays in possession of the property without renewing a written lease with another written instrument
Bundle of Rights
Disposition
Use
Possession
Exclusion
A woman received a new microwave for Christmas. The microwave was installed above her range by screwing the unit to the kitchen cabinets and venting it through the attic. The microwave would be considered
A fixture due to the method of annexation
The type or form of deed most commonly used to clear clouds on the title of real property is the
quitclaim deed
The seisin clause in a deed specifies
that the grantor actually owns the property and has the right to sell it
The clause in which the grantor warrants that he owns and has the power to convey all he is conveying is known as the
warrant of seizen/seisin clause
The area between adjacent meridians is called a/an
Range
Less than a full section of a land located along a river or lake is known as a/an
government lot
A contract which does not come under the jurisdiction of the statute of frauds?
A lease agreement for 1 year or less
Counteroffers
The original offer is terminated by the counteroffer
The original offeree becomes the offeror
A contract is created when the new offeree accepts the counteroffer and communicates the acceptance to the new offeror
Normally, a sale contract involving real property contains a provision that in case of breach by the buyer, the earnest money deposit will be regarded as
liquidated damages to the seller
In a mortgage transaction in Florida, the legal evidence of the personal debt is the
note
Example of unilateral contract
open listing contract
The requirement that to be enforceable contracts for sale for real property be in writing and signed by the parties comes under teh
statute of frauds
For FHA loans, the applicant’s monthly ratio of housing expense to gross income cannot exceed
31%
2 points are approximately equal to
1/4 of 1%
Disintermediation occurs when
depositors withdraw more than they deposit
When the Fed purchase securities, what happens?
Loanable funds are release into circulation
Money supply increase
Interest rates decrease
The Office of Thrift Supervision regulates
savings associations
the primary purpose of Freddie Mac is to
insure mortgage loans
when investors bypass thrift institutions for direct investment elsewhere, the process is called
disintermediation
A lender charge 7% plus 3 points. What is the approximate yield on this loan?
7 3/4
How does the purchase price appear on a closing statement?
Credit to seller, debit to buyer
How are unpaid property taxes entered on the closing statement?
Credit to buyer and debit to seller
How is the buyer’s binder deposit entered on the closing statement
credit to buyer only
Effective gross income is
potential gross income minus vacancy and collection losses
Which type of lot provides an open view down the street but may also suffer from vehicular headlights shinning into the windows?
T-intersection
A type of foundation that is used in low-lying coastal areas is called
pier foundation
What statute prohibits discrimination in hotels, restaurants, and other places of public accommodation if such discrimination is based on national origin?
The Civil Rights Act of 1964
A broker received a $5,000 deposit from a buyer on a Tuesday at 1:00PM. The seller will not be available until Monday. The broker’s normal banking day is Monday . The broker is required to deposit the $5,000 before the end of
business on friday
What expense is subtracted from NOI?
Vacancy and collection losses
The broker is a single agent of the seller. The principal has disclosed to the broker that the roof leaks, although there is no visible evidence of a water problem. The broker has satisfied her legal obligation to both the principal and all prospective buyers if she discloses
that the roof leaks
