Real Estate Quiz 2

Question 1

W x % =

Answer 1

Whole x Percent = Part ( Commission)

Question 2

P divided by w =

Answer 2

Part divided by Whole = % (Interest)

Question 3

P divided by % =

Answer 3

Part divided by Percent = Whole (Profit)

Question 4

The Truth-in-Lending Act of 1969, enacted to protect the consumer, is implemented by
Select one:
a. RESPA. 
b. a Property Report. 
c. Regulation D. 
d. Regulation Z.

Answer 4

Regulation Z.

Question 5

As set forth in Florida Statute 475.045, the purposes, objectives, and duties of the Florida Real Estate Commission Education and Research Foundation include
Select one:
a. To conduct studies in all areas that relate directly or indirectly to real estate or urban or rural economics
b. To assist the teaching program in real estate offered by the universities, colleges, and real estate schools as required by the statutes on a monthly basis
c. To create and promote educational projects to expand the knowledge of the private sector and real estate licensees in matters pertaining to Florida real estate.
d. All of the above

Answer 5

To conduct studies in all areas that relate directly or indirectly to real estate or urban or rural economics

Question 6

A mortgage bond is a bond secured by a
Select one:
a. government sponsored entity 
b. government entity, usually a city, county or state 
c. lending institution 
d. mortgage on one or more assets

Answer 6

mortgage on one or more assets

Question 7

Market value is defined by all EXCEPT:
Select one:
a. The assumption that the buyer and seller are sufficiently informed.
b. The allowance of a reasonable time for market exposure.
c. The relation to the price for which the property should sell in the open market.
d. The consideration of the price for which the property was last sold.

Answer 7

The consideration of the price for which the property was last sold.

Question 8

In order to check on the potential of a vacant lot a person would check with the
Select one:
a. planning department 
b. zoning department 
c. city clerk 
d. building department

Answer 8

planning department

Question 9

Prorate means
Select one:
a. dividing expense between buyer and seller
b. equal payments each year on loan balance
c. interest is amortized
d. credit qualifications rating

Answer 9

dividing expense between buyer and seller

Question 10

A rental agreement with a specific duration may contain a provision requiring the tenant to notify the landlord before vacating the premises at the end of the rental agreement; however, a rental agreement may not require more than
Select one:
a. 20 days’ notice before vacating the premises
b. 30 days’ notice before vacating the premises
c. 45 days’ notice before vacating the premises
d. 60 days’ notice before vacating the premises

Answer 10

60 days’ notice before vacating the premises