Study Guide Flashcards
A buyer cannot waive right to void a contract.
True, the buyer cannot waive right to void a contract.
The clause “Seizin” in a deed means?
“I own the property and have the right to sell it”
Increasing the reserve requirement…?
Reduces the supply of money in circulation.
The exclusive agency listing allows..?
The seller to sell without paying a commission.
Loan to Value Ratio formula?
Loan amount divided by the purchase price= LTV
A licensee who is a broker for more than one company has a..?
Multiple Licenses.
Upon license suspension, and during the appeal process, an attorney may request a…?
“Stay of Enforcement”
A will is a “Devise” A person who receives property by a will is the…?
“Devisee”
Hazard insurance is not…?
A deductible expense
A sales associate can do a CMA not a…?
Appraisal
If an EDO is requested, but settled by the parties before EDO is issued, how many days does the broker have to notify FREC?
Ten days
The “Due on Sale” clause means..?
The loan is not assumable
Life estate means..?
You have the right to live and maintain the home during your lifetime only. It then resets to a remainder man
Power of Attorney
Is authorizing another to act on ones behalf
Overhead cost plus profit equals?
The lender’s MARGIN
Contacting the county prop appraiser is the first step in…?
Protesting assessed value
The buyer withdrawing an offer will not terminate…?
A single agent relationship
A household is..?
A person or group of persons occupying a separate housing space is a household
Intrest on an assumed mortgage appears as a…?
It’s a proration. Debit to seller/Credit to buyer.
What is the maximum amount a landlord can pay a tenant for a referral?
$50
Planning commissions final authority does not include…?
Special exceptions
Property price divided by…? = price per square foot?
Property price/Acre (43,560)= Price per sq ft
Sale price divided by gross annual income =?
Gross income multiplier
An “Assignment of Mortgage” will?
Will transfer a mortgage from one person to another.
You cannot renew a…“temporary license” for armed forces?
True, you cannot renew a temporary license.
An appraisal indicates…?
Todays market value, not previous values.
How are the Doc stamps on the promissory not entered on a closing statement?
Debit to buyer only.
The buyer and seller must both sign a….? (Designated..)
Designated Sales Associate Notice
Fixtures in a home includes
Recessed Lighting
You do not need to disclose what on the application?
Minor traffic violations
FREC’s “Quasi Judicial” authority mean it is not a…?
“true court” but just an administrative court.
Which of the three does not have “right of survivorship”?
- Tenant in common
- Joint Tenant
- Tenant by the Entirety
Tenant in common
If assessed value is greater than 75,000 the homeowner will automatically receive both…
Homestead Exemptions of 25k each
Someone with power of attorney is exempt from having?
Real estate license
How does the principle and interest works in an “amortization formula”
The interest portion decreases each month and principle increase each month.
What must be recorded to create a condominium?
A declaration
The civil rights act of 1866 prevents discrimination against what?
“Race” only
A deed is effectively conveyed once it’s…?
Voluntarily delivered and accepted
Range and Township lines are spaced how far apart?
6 miles apart from each other on government survey systems.
Statue of Frauds does not apply to contracts that are less than how long?
1 year
What do we do for buyers and seller after the sale?
Follow up
Inefficient architectural design is considered?
Functional Obsolesence
Automatic suspension occurs if they have to dip into what?
Recovery Fund
Right of survivorship is in..?
Joint Tenancy and Tenancy by the Entireties
Compensatory Damaged means?
You get paid back for exactly what you lost only.
3 License categories include?
Sales Associate, Broker, Broker Associate NOT CERTIFIED APPRAISER
Contract for Deed..?
Let’s the seller keep the title, buyer have an equitable interest.
In an Eminent Domain…?
Condemnation determines fair price
How many days are you allowed to take corrective action on a notice of non-compliance?
15 days
Hypothecation is?
Pledging real estate as a security for the debt
A landlord has how many days to notify intentions to keep a security deposit?
30 days
The Comprehensive Plan is..?
Implemented by zoning ordinances
In order to receive mutual recognition you must pass the state exam with a score of?
75%
Title insurance policy is?
Transferable
One of the benefits of homesteading is that?
Assessed value cannot increase more than 3%
IRS has a standard economic life for residential and non residential?
residential (27.5 years) non residential (39 years)
A court will uphold what kind of contract?
Enforceable contract
How long to get a binder deposit into your brokers hands?
2 Business days.
A complaint must be considered what in order to be investigated?
Legally sufficient
The purchase price appears as what on a closing statement..?
A credit to seller and a debit to buyer
An Executory contract is..?
Where something remains to be completed
Brokers must retain filer and disclosures in their office for how long?
5 years
Appraisal methods unique to business are?
Liquidation, reproduction and income capitalization analysis
Plottage refers to?
The added value created by combining smaller lots together
What is the intangible tax rate on new mortgages?
.002
Pertaining to lien priority, income tax lien is a…?
Junior lien
An enforceable contract must be…
In writing and signed
Price fixing is
An illegal scheme
Riparian and Littoral
Riparian- Rivers
Littoral- Larger bodies and lakes
Monetary penalties for violators o the Florida TCPA is a
10,000 fine
You wil not be disciplined for voluntarily…?
relinquishing your licenses
Investment value takes into account..?
An individuals equity and income tax implications
Selling lots in a subdivision of 100 or more will require registering with the
Bureau of Consumer Financial Protection
A “Non-conforming Use” is?
A property that was zoned for that use at one time but no longer is
Your application for the state is good with the DBPR for how long?
2 Years
A corporation sole is…?
A church and may not register as a brokerage
Purchasers of resale condos must receive a copy of..?
FAQ
If a broker is sued after following the instructions on FREC’S EDO and looses money as a result FREC will?
Dip into the recovery fund to be reimbursed
Secondary Market Participates such as
Ginnie May
In a rental community, an agent must put security deposits and advanced rents into the broker’s
Escrow Account
FREC cannot impose ____? to the injured party.
Restitution
FREC’s “Quasi-Judicial” authority means?
It is not a true court, just an administrative court
What is “Tenant in Common”
when two or more persons want to share the ownership of a single property.
Joint Tenancy
The difference is the right of survivorship; the property goes to the other owner not the tenant’s heirs.
Tenancy by the Entireties
Right of survivorship, basically the same method but for a married couple.
Blockbusting
Use the entry, or rumor of entry, of a protected class into a neighborhood to persuade owners to sell
What is required on an office sign?
Trade name, brokers name, words licensed real estate broker
What is Caveat Emptor
Means buyers beware
PGI
-v+C +income= egi-expenses=noi
