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Real Estate School Exam > School Exam > Flashcards

School Exam Flashcards

1
Q

When preparing a CMA what must a licensee take into account?

A

Current listed prices
Past Sales
Expired listings

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2
Q

What type of license would a licensee need to accept a referral fee from a lender?

A

MLO

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3
Q

Which part of the FS 475 pertains to liens for commission earned on commercial real estate?

A

Part 3

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4
Q

What type of plea would involve neither admitting nor denying the charges

A

No Contondrea

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5
Q

For mutual recognition applicants, what requirement is needed to obtain a Florida Sales associate license?

A

Passing with 75% or above on Florida state exam

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6
Q

Why is a social security number required to get a real estate exam?

A

Child Support

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7
Q

Who is exempt from licensure under FS 475?

A

Salaried Employees

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8
Q

What is the maximum amount an apartment complex can pay for a referral or finder’s fee?

A

50

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9
Q

How much do members of FREC receive for attending meetings and other FREC business?

A

50 daily

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10
Q

What is is it called when you give up your license to retire?

A

you relinquish

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11
Q

How many days do you have to change your mailing address with DBPR after you move?

A

10 days

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12
Q

When would a broker need multiple licenses?

A

When they are the broker for two or more business entities and qualify for such

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13
Q

What type of agent is a sales associate who is working under a broker

A

general agent

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14
Q

Which brokerage relationship would be best for someone who wants brokerage representation in a fiduciary capacity?

A

Single agent

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15
Q

What transactions are considered residential sale transactions? What is not?

A

NOT: appraisals, auctions, business opportunities, lease agreements, non residential transactions
IS: Quadplex or less both improved and not improved, agricultural property of 10 or fewer acres

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16
Q

If a sales associate wants to advertise as an agent, what must they include in all advertising?

A

Full brokerage name

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17
Q

How long may a licensee contact a customer on the DO NOT CALL list after business is concluded?

A

18 months after business is concluded

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18
Q

A sales associate receives earnest money on Friday. When is the broker required to deposit the money in escrow

A

3 total business days

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19
Q

How many days does a broker have to notify FREC of conflicting demands?

A

15 business days

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20
Q

What is arbitration?

A

a binding third party that makes binding determination matter

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21
Q

If a broker requests an EDO and the buyer and seller resolve their dispute, how many days does the broker have to notify the FREC?

A

10 days

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22
Q

Who pays the the commission to a personal assistant working for a sales associate? Who can pay an hourly wage?

A

The commission is payed by the brokerage

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23
Q

What is a stipulation agreement?

A

Agreement as to the facts of the case and penalty reached between the licensees attorney and the DRE attorney

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24
Q

Can the FREC impose restitution to an injured party?

A

No

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25
Q

Would a hearing be part of the process for a Notice of Noncompliance?

A

No

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26
Q

Does the DBPR need to be to be notified if a licensee enters a plea outside of Florida?

A

Yes, you have 30 days

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27
Q

What type of crime is falsifying a DBPR application?

A

Felony 3rd degree

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28
Q

A broker complied with with an EDO. If the broker loses in court. What will the recovery fund pay?

A

Reimbursement for the amount of the judgement

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29
Q

A broker complied with with an EDO. If the broker loses in court. What will the recovery fund pay?

A

Amount of the judgement, reasonable attorneys fees and court fees

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30
Q

What is blockbusting?

A

Using the entry or rumor of entry, of a protected class into a neighborhood to persuade owners to sell.

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31
Q

Would it be relevant for a client to ask a sales associate the color of a tenants skin?

A

Race is not relevant- violation of fair housing

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32
Q

What options allows a landlord to comingle tenant deposit with their own funds?

A

They cant comingle with posting a surety bond

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33
Q

What must be transferred to a new owner when a leased property is sold?

A

Security deposits and advance rents should be transferred to new owner at closing

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34
Q

How long does a landlord have to impose a claim on a tenants deposit?

A

30 days

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35
Q

What is Accretion?

A

Process of land buildup from waterborne rock and soil

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36
Q

What methods are used to determine if an item is a fixture? Which is important for this test?

A

Intent, Relationship or agreement of the parties, method, adaptation

37
Q

What type of debt does the constitutional homestead protect the forced sale of real property from?

A

Credit card debt and personal loans

38
Q

Which type of tenancy gives each tenant an undivided interest and passes the property to the owner’s heirs?

A

Tenancy in common

39
Q

Which type of tenancy includes the right of survivorship for someone not married?

A

Joint tenancy

40
Q

How many days does a buyer have to rescind a contract when purchasing a condo from a developer?

A

15 days

41
Q

A prospective buyer of an existing condo (resale) must receive which documents? Most important?

A

Copy of the FAQ’s of existing condo units

42
Q

What type of notice occurs when recording something in public record?

A

constructive notice

43
Q

What title insurance policy is issued in the loan amount and is transferrable?

A

Lenders policy (Mortgage policy)

44
Q

What needs to happen for a deed to be conveyed?

A

deed is voluntarily delivered and accepted

45
Q

When would a quitclaim deed be used?

A

clears clouds or defects on title.

46
Q

What is a net lease?

A

Fixed rent plus property expenses

47
Q

Is the vendors lien voluntary on involuntary?

A

voluntary

48
Q

What section is east of T2N, R2W? T2S, R2W?

A

T1N,R1W? T1S, R1W

49
Q

What Section is north of Section 19?

A

18

50
Q

The NE1/4 of the SW1/4 and S1/2 of the SW1/4 of the SW1/4 of section 21 contains how many acres?

A

60 acres alway

51
Q

What is the area of a section? What is Not?

A

1 sq mile, not a single acre

52
Q

How long must a listing contract be for statue of frauds to apply?

A

1 year

53
Q

What is a distinctive feature of a unilateral contract?

A

1 party obligated

54
Q

What is the executory contract?

A

not fully performed

55
Q

What is specific performance?

A

remedy for breach of performance

56
Q

What is an open listing?

A

listed to multiple brokers

57
Q

When is the lead based paint disclosure required?

A

properties that were built prior to 1978

58
Q

Which Florida Statue governs the home owners association disclosure law

A

FS 720

59
Q

When can the right to void a contract be waived for a home owner associations disclosure?

A

Never

60
Q

What is included on the note?

A

Amount of debt, interest rate, repayment method, maturity date

61
Q

In a lien theory state, who holds title to real property?

A

Mortgagor

62
Q

What is the formula to calculate a loan to value ratio?

A

loan amount / value of property

63
Q

When is an assignment mortgage used?

A

Transfer mortgage one to another

64
Q

What are two characteristics of the early years of a 30 year conventional, fixed rate mortgage?

A

fixed monthly payments and interest are high

65
Q

How is the interest rate on an adjustable-rate mortgage determined?

A

index + margin = calculated interest rate

66
Q

What is a trigger term?

A

terms that requires some type of disclosure

67
Q

Can a borrower cancel a loan contract on a new 30-year mortgage within 3 business days?

A

No because its a new home purchase

68
Q

When can a seller choose the title insurance company?

A

if they pay for the title insurance

69
Q

What is another name for a walk through?

A

pre closing inspection

70
Q

How would unpaid property taxes be entered in the closing disclosure?

A

credit to the buyer

71
Q

How does the the total purchase price appear on a closing statement?

A

credit to seller or or debit to buyer

72
Q

How do items prepaid by seller show up on the closing statement?

A

debit to seller

73
Q

What variable does price influence in real estate?

A

demand for real estate

74
Q

Which board endorses uniform exams for appraisal certification?

A

AQB Appraiser Qualifications Board

75
Q

What type of value is used when trying to sell something as soon as possible?

A

Liquidation Value: the $ amount that a property would bring that is going into foreclosure

76
Q

A homeowner is refinancing. The property appraised for 475,000. what is the value of the property?

A

475K

77
Q

What is the loss of value due to influences originating outside of the property called?

A

External Obsolescence

78
Q

what is the effective age used to calculate in the cost-depreciation approach?

A

Accrued depreciation

79
Q

what is a fixed expense when calculating net operating income?

A

property taxes hazards insurance costs that do not fluctuate

80
Q

What is equity?

A

property value -mortgage debt

81
Q

What are appraisal methods only used in business appraisals

A

cost approach, income analysis, liquidation analysis

82
Q

Is a church exempt from property taxes?

A

Yes

83
Q

What limits how much the assessed value of a homestead property can increase each year?

A

The Save our homes amendment

84
Q

What is auctioned to collect delinquent property taxes?

A

Tax certificates

85
Q

When can property taxes on a second home be deducted?

A

may be deducted up to 10000 when calculating taxable income

86
Q

What is the IRS straight-line method depreciation deduction for residential property and what depreciates (depreciable basis)?

A

useful life for residential property is 27 & 1/2 years

87
Q

What does the planning commission have final authority over?

A

Subdivision Plat approval site plan approval, sign control

88
Q

What is a buffer zone?

A

strip of land separating one land use from another

89
Q

What is nonconforming use?

A

land previously allowed

Real Estate School Exam (1 decks)

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