Test review questions I missed Flashcards
Chapter 1 - A sales associate’s license expired on September 30. What will be the status of his license on Oct 1?
The license is involuntarily inactive.
Chapter 1 - Jan is a college graduate with a 4-year degree in real estate. She has a sales associate’s license which was effective September 30th 2018 and and seeks to renew the license for the first time. What must she do?
renew her license on March 31, 2020. (She has a 4 year degree so she does not have to take the post-license course
The Real Estate License Renewal Period: The current required license renewal period is 18 months to two years. The first license renewal will occur in March or September –which ever is closest to their renewal date. The first renewal period for a new license may be as short as 18 months. Sixty days prior to the license expiration date, the DBPR will send a renewal notice to the last known address of the licensee.
Chapter 2 - All of the following are examples of Reasonable Accommodation EXCEPT:
• Widen doorways in the office.
• Installing grabs bars in the toilet stalls.
• Lowering light switches and kitchen cabinets.
• Replacing all of the front steps with a ramp and requiring handicap people to use the front door only.
Replacing all of the front steps with a ramp and requiring handicap people to use the front door only.
Chapter 2 - A broker who has more than 15 employees may be liable for what action under ADA?
• He may be able to skip being involved with ADA with that many employees.
• He may be subject to Title I under ADA.
• He may be subject to Title V under ADA.
• He is not liable at all since he has so few employees.
He may be subject to Title I under ADA.
Chapter 3 - The document that provides the sense of direction and includes the mission statement is the: • Budget. • Procedure and policy manual. • Personnel policies. • Business plan.
Procedure and policy manual.
Chapter 4 - An interpleader is defined as: • Litigation. • Conversion. • Commingling. • Good faith doubt.
Litigation.
Chapter 4 - How many days does a purchaser of a new condominium have to cancel the sale? • 10 days • 15 days • 20 days • 30 days
15 days
Chapter 5 -What is the time limit the Department has to file a complaint against a broker? • One year • Two years • Five years • Ten years
Five years
Chapter 6 - The federal law which requires the use of certified appraisers to obtain a loan is called:
• The Federal Fair Housing Act.
• Uniform Standards of Professional Appraisal.
• FIRREA.
• Florida State Statute 475.
FIRREA.
Under the Federal Institutions Reform, Recovery and Enforcement Act of 1989, the Federal Government mandates that federally related transactions be based upon a written appraisal, in accordance with uniform standards, by individuals whose competency has been demonstrated and whose professional conduct will be subject to effective supervision.
Chapter 6 - A neighborhood analysis involves all of the following in data gathering EXCEPT:
• Data includes convenience to employment.
• Data includes the principle of neighborhood change.
• Data includes general appearance of properties.
• Data includes adequacy of utilities.
Data includes the principle of neighborhood change.
Chapter 7 - The cost approach is used most effectively on which type of properties? • New residential properties. • Income producing properties. • Old schools or churches. • Multiple family unit buildings.
Old schools or churches.
Chapter 7 - A hurricane damaged a large number of homes along the beach. The appraiser made note of the loss of land caused by the hurricane. What is the term for this loss? • Accretion. • Erosion. • Avulsion. • Reliction.
Avulsion.
Chapter 7 - An appraiser uses the cost of a building's replacement cost by estimating the cost of the raw materials used to build the building plus the additional cost of labor, materials etc. this method is called? • The unit-in-place method. • The square foot method. • The cubic foot method. • The quantity survey method.
The quantity survey method.
Chapter 9 - Which of the following is the LEAST reliable in projecting value of a business? • The Sales Comparison Approach. • The Cost Depreciation Approach. • The Income Capitalization Approach. • The Liquidation Value Approach.
The Cost Depreciation Approach.
Chapter 9 - An appraiser faces occasional problems with using business financial statements. Which of the following is an appraiser likely to find?
• Estimates are necessary in financial statements.
• Assets and liabilities are missing from the financial statements.
• Differences in accounting methods are permitted due to the instructions of the owner.
• All of the above
All of the above
IT’S ALMOST ALWAYS ALL OF THE ABOVE!!!
