Real Estate Quiz 3

Question 1

The MOST important understanding of the vacancy rate is:
Select one:
a. To indicate how much money the owner will receive.
b. To indicate how much movement there is in the market.
c. To indicate the location of the property.
d. To indicate there are good neighbors in the complex.

Answer 1

To indicate how much movement there is in the market.

Question 2

Which of the following would NEVER be included as part of a legal description?
Select one:
a. Lot and block 
b. Metes and bounds 
c. Range or township 
d. Street address

Answer 2

Street address

Question 3

All state laws, rules, standards, and codes governing facilities covered by the Americans with Disabilities Act Standards for Accessible Design shall be maintained to assure
Select one:
a. certification of the state’s construction standards and codes
b. enforcement of the state’s construction standards and codes
c. regulation of the state’s construction standards and codes
d. dedication of the state’s construction standards and codes

Answer 3

certification of the state’s construction standards and codes

Question 4

An owner sold his home to a husband and wife and gave them a warranty deed. The couple moved into the home but did not record the deed. Two days later, the seller died, and his heirs in another state sold the property without any knowledge of the previous sale. The heirs conveyed title to a single man, who did record the deed. Who owns the property?
Select one:
a. The husband and wife
b. The single man
c. The husband and wife and the single man as joint tenants
d. The deceased owner’s heirs

Answer 4

The husband and wife

Question 5

The Florida Real Estate Commission may impose an administrative fine
Select one:
a. not to exceed $5,000 
b. not to exceed $1,000 
c. not to exceed $5000 for each count 
d. not to exceed $1000 for each count

Answer 5

not to exceed $1000 for each count

Question 6

A statute of limitations is an enactment in a common law legal system that
Select one:
a. places limits on terms of agreement
b. limits the weight of law on a certain prescribed rule of law
c. sets the maximum time after an event that legal proceedings based on that event may be initiated
d. sets a minimum time after an event that legal proceedings based on that event may be initiated

Answer 6

places limits on terms of agreement

Question 7

Mortgage Bankers originate mortgage loans and resells them to
Select one:
a. mortgage warehouses
b. other banks and lending institutions
c. secondary mortgage lenders like Fannie Mae or Freddie Mac
d. primary mortgage lenders like savings and loan associations and large national commercial banks

Answer 7

secondary mortgage lenders like Fannie Mae or Freddie Mac

Question 8

The Division of Real Estate protects the public by
Select one:
a. regulation of real estate and appraisal licensees
b. enforcement action and judicial assistance
c. regulation and coordination with DBPR
d. b and c but not a

Answer 8

regulation of real estate and appraisal licensees

Question 9

A tenant was required to pay $1,200 as advance rent and security deposit in order to move into his new apartment. He received a form receipt for the $1,200. Three weeks later, the landlord passed along to the tenant by phone the manda­tory information concerning his deposit of the funds. During the next 13 months, the tenant had no contact with the landlord; he paid his monthly rent on time by mail. Why has the landlord violated F.S. 83?
Select one:
a. The landlord collected advance rent and/or a security deposit exceeding legal limits.
b. The landlord failed to notify the tenant in writing of the bank name, address, and other information concerning the $1,200 deposited.
c. Advance rent and security deposit of $1,200 is an “unconscionable agreement or provision.”
d. The landlord failed to notify the tenant within 15 days of the manner in which his funds were held.

Answer 9

The landlord failed to notify the tenant in writing of the bank name, address, and other information concerning the $1,200 deposited.

Question 10

Caveat emptor is a Latin phrase that simply translates to
Select one:
a. a concept based upon the principle that a purchased product is not guaranteed or warranted beyond the “as is” condition that is presented before the sale
b. a concept based upon the principle that a purchased product is guaranteed or warranted beyond the “as is” condition that is presented before the sale
c. “Let the buyer beware
d. a and c but not b

Answer 10

a and c but not b