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Real Estate Class Exam Study Guide > Study Guide > Flashcards

Study Guide Flashcards

1
Q

A buyer cannot waive right to void a contract.

A

True, the buyer cannot waive right to void a contract.

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2
Q

The clause “Seizin” in a deed means?

A

“I own the property and have the right to sell it”

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3
Q

Increasing the reserve requirement…?

A

Reduces the supply of money in circulation.

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4
Q

The exclusive agency listing allows..?

A

The seller to sell without paying a commission.

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5
Q

Loan to Value Ratio formula?

A

Loan amount divided by the purchase price= LTV

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6
Q

A licensee who is a broker for more than one company has a..?

A

Multiple Licenses.

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7
Q

Upon license suspension, and during the appeal process, an attorney may request a…?

A

“Stay of Enforcement”

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8
Q

A will is a “Devise” A person who receives property by a will is the…?

A

“Devisee”

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9
Q

Hazard insurance is not…?

A

A deductible expense

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10
Q

A sales associate can do a CMA not a…?

A

Appraisal

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11
Q

If an EDO is requested, but settled by the parties before EDO is issued, how many days does the broker have to notify FREC?

A

Ten days

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12
Q

The “Due on Sale” clause means..?

A

The loan is not assumable

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13
Q

Life estate means..?

A

You have the right to live and maintain the home during your lifetime only. It then resets to a remainder man

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14
Q

Power of Attorney

A

Is authorizing another to act on ones behalf

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15
Q

Overhead cost plus profit equals?

A

The lender’s MARGIN

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16
Q

Contacting the county prop appraiser is the first step in…?

A

Protesting assessed value

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17
Q

The buyer withdrawing an offer will not terminate…?

A

A single agent relationship

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18
Q

A household is..?

A

A person or group of persons occupying a separate housing space is a household

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19
Q

Intrest on an assumed mortgage appears as a…?

A

It’s a proration. Debit to seller/Credit to buyer.

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20
Q

What is the maximum amount a landlord can pay a tenant for a referral?

A

$50

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21
Q

Planning commissions final authority does not include…?

A

Special exceptions

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22
Q

Property price divided by…? = price per square foot?

A

Property price/Acre (43,560)= Price per sq ft

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23
Q

Sale price divided by gross annual income =?

A

Gross income multiplier

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24
Q

An “Assignment of Mortgage” will?

A

Will transfer a mortgage from one person to another.

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25
Q

You cannot renew a…“temporary license” for armed forces?

A

True, you cannot renew a temporary license.

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26
Q

An appraisal indicates…?

A

Todays market value, not previous values.

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27
Q

How are the Doc stamps on the promissory not entered on a closing statement?

A

Debit to buyer only.

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28
Q

The buyer and seller must both sign a….? (Designated..)

A

Designated Sales Associate Notice

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29
Q

Fixtures in a home includes

A

Recessed Lighting

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30
Q

You do not need to disclose what on the application?

A

Minor traffic violations

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31
Q

FREC’s “Quasi Judicial” authority mean it is not a…?

A

“true court” but just an administrative court.

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32
Q

Which of the three does not have “right of survivorship”?

  • Tenant in common
  • Joint Tenant
  • Tenant by the Entirety
A

Tenant in common

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33
Q

If assessed value is greater than 75,000 the homeowner will automatically receive both…

A

Homestead Exemptions of 25k each

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34
Q

Someone with power of attorney is exempt from having?

A

Real estate license

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35
Q

How does the principle and interest works in an “amortization formula”

A

The interest portion decreases each month and principle increase each month.

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36
Q

What must be recorded to create a condominium?

A

A declaration

37
Q

The civil rights act of 1866 prevents discrimination against what?

A

“Race” only

38
Q

A deed is effectively conveyed once it’s…?

A

Voluntarily delivered and accepted

39
Q

Range and Township lines are spaced how far apart?

A

6 miles apart from each other on government survey systems.

40
Q

Statue of Frauds does not apply to contracts that are less than how long?

A

1 year

41
Q

What do we do for buyers and seller after the sale?

A

Follow up

42
Q

Inefficient architectural design is considered?

A

Functional Obsolesence

43
Q

Automatic suspension occurs if they have to dip into what?

A

Recovery Fund

44
Q

Right of survivorship is in..?

A

Joint Tenancy and Tenancy by the Entireties

45
Q

Compensatory Damaged means?

A

You get paid back for exactly what you lost only.

46
Q

3 License categories include?

A

Sales Associate, Broker, Broker Associate NOT CERTIFIED APPRAISER

47
Q

Contract for Deed..?

A

Let’s the seller keep the title, buyer have an equitable interest.

48
Q

In an Eminent Domain…?

A

Condemnation determines fair price

49
Q

How many days are you allowed to take corrective action on a notice of non-compliance?

A

15 days

50
Q

Hypothecation is?

A

Pledging real estate as a security for the debt

51
Q

A landlord has how many days to notify intentions to keep a security deposit?

A

30 days

52
Q

The Comprehensive Plan is..?

A

Implemented by zoning ordinances

53
Q

In order to receive mutual recognition you must pass the state exam with a score of?

A

75%

54
Q

Title insurance policy is?

A

Transferable

55
Q

One of the benefits of homesteading is that?

A

Assessed value cannot increase more than 3%

56
Q

IRS has a standard economic life for residential and non residential?

A 
residential (27.5 years)
non residential (39 years)
57
Q

A court will uphold what kind of contract?

A

Enforceable contract

58
Q

How long to get a binder deposit into your brokers hands?

A

2 Business days.

59
Q

A complaint must be considered what in order to be investigated?

A

Legally sufficient

60
Q

The purchase price appears as what on a closing statement..?

A

A credit to seller and a debit to buyer

61
Q

An Executory contract is..?

A

Where something remains to be completed

62
Q

Brokers must retain filer and disclosures in their office for how long?

A

5 years

63
Q

Appraisal methods unique to business are?

A

Liquidation, reproduction and income capitalization analysis

64
Q

Plottage refers to?

A

The added value created by combining smaller lots together

65
Q

What is the intangible tax rate on new mortgages?

A

.002

66
Q

Pertaining to lien priority, income tax lien is a…?

A

Junior lien

67
Q

An enforceable contract must be…

A

In writing and signed

68
Q

Price fixing is

A

An illegal scheme

69
Q

Riparian and Littoral

A

Riparian- Rivers

Littoral- Larger bodies and lakes

70
Q

Monetary penalties for violators o the Florida TCPA is a

A

10,000 fine

71
Q

You wil not be disciplined for voluntarily…?

A

relinquishing your licenses

72
Q

Investment value takes into account..?

A

An individuals equity and income tax implications

73
Q

Selling lots in a subdivision of 100 or more will require registering with the

A

Bureau of Consumer Financial Protection

74
Q

A “Non-conforming Use” is?

A

A property that was zoned for that use at one time but no longer is

75
Q

Your application for the state is good with the DBPR for how long?

A

2 Years

76
Q

A corporation sole is…?

A

A church and may not register as a brokerage

77
Q

Purchasers of resale condos must receive a copy of..?

A

FAQ

78
Q

If a broker is sued after following the instructions on FREC’S EDO and looses money as a result FREC will?

A

Dip into the recovery fund to be reimbursed

79
Q

Secondary Market Participates such as

A

Ginnie May

80
Q

In a rental community, an agent must put security deposits and advanced rents into the broker’s

A

Escrow Account

81
Q

FREC cannot impose ____? to the injured party.

A

Restitution

82
Q

FREC’s “Quasi-Judicial” authority means?

A

It is not a true court, just an administrative court

83
Q

What is “Tenant in Common”

A

when two or more persons want to share the ownership of a single property.

84
Q

Joint Tenancy

A

The difference is the right of survivorship; the property goes to the other owner not the tenant’s heirs.

85
Q

Tenancy by the Entireties

A

Right of survivorship, basically the same method but for a married couple.

86
Q

Blockbusting

A

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

87
Q

What is required on an office sign?

A

Trade name, brokers name, words licensed real estate broker

88
Q

What is Caveat Emptor

A

Means buyers beware

89
Q

PGI

A

-v+C +income= egi-expenses=noi

Real Estate Class Exam Study Guide (1 decks)

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