Florida Real Estate Exam 2024/2025, Exams of Nursing

Download Florida Real Estate Exam 2024/2025 and more Exams Nursing in PDF only on Docsity! Florida Real Estate Exam 2024/2025 Owners that buy income properties as investments and depend on professionals to manage them - Precise Answer ✔✔Absentee Owners a Value estimated based on resent sales of similar properties in the same neighborhood, not an appraisal - Precise Answer ✔✔CMA - Comparative Market Analysis... A contractor is employed by an owner of land to build on that land to the owner's specifications - Precise Answer ✔✔Custom Building When a contractor builds on his own land with the hope of locating a purchaser after construction has been completed - Precise Answer ✔✔Speculative building A developer that acquires a large that aquires a large tract of land and builds a model center from which sales may be made - Precise Answer ✔✔tract building Property management has grown as a service of real estate primarily bc of an increase of _______ _________ - Precise Answer ✔✔Absentee Ownership The category of construction that applies when a property owner employs a contractor to build on his or her lot is called________ ___________ - Precise Answer ✔✔Custom Building A Real Estate appraiser's fee for professional service is based on: a. a percentage of the property's gross income b. a percentage of the fair market value c. the time and difficulty of the appraisal d. a percentage of property's sales - Precise Answer ✔✔C. the time and difficulty of the appraisal A developer contracts to build a home on a buyer's lot to the buyer's specifications. This is an example of which type of building: a. tract b. custom c. speculative d. subdivision - Precise Answer ✔✔b. custom A Florida Real Estate lisence is required when anyone performs a service is specified under F.S. 475 when all the following conditions are simultaneously present, unless that individual is otherwise exempt under the law: - Precise Answer ✔✔1. Preforming a service of real estate 2. In the state of Florida 3. For another d. intrastate licensing - Precise Answer ✔✔b. mutual recognition A plumber has been appointed by a court to appraise a small business. The plumber....... a. is in violation of F.S. 475 b. is allowed to charge a commission c. may do so and be paid a fee d. must first be licensed under F.S. 475, Part II - Precise Answer ✔✔c. may do so and be paid a fee A Georgia Auctioneer was asked by a local real estate broker to auction a small motel in Jacksonville. The auction did not result in a sale. The Florida broker paid the auctioneer for out-of-pocket expenses, but did not pay a commission. It would be correct to say that the: a. Georgia Autioneer violated the license law b. Florida Broker did not violate the license law c. Florida broker is not subject to discipline by the Florida real estate commision d. tranaction is perfectly within the license law - Precise Answer ✔✔a. Georgia Autioneer violated the license law The Commission's ability to impose disciplinary actions against licensees is known as ______ _________ power - Precise Answer ✔✔quasi - judicial The rule-making authority of the FREC is called ______ _________ power - Precise Answer ✔✔quasi - legislative Members of the Florida Real estate Commission may serve no more than _____ consecutive terms - Precise Answer ✔✔2 A licensee that fails to renew when required to do so will have his or her license placed on _______ ________ - Precise Answer ✔✔involuntary Inactive Licensees that are members of the armed forces have all fees, dues and other requirements waived during their military service and for _____ months after returning to civilian life - Precise Answer ✔✔6 The division of Real Estate is an administrative part of the department of: a. State b. Commerce c. Banking d. Business and Professional Regulation - Precise Answer ✔✔d. Business and Professional Regulation which department issues real estate licenses? a. state b. Business and Professional Regulation c. Revenue d. Real Estate - Precise Answer ✔✔b. Business and Professional Regulation Which information supplied by an applicant is Public Record? a. financial Information b. test scores c. name and address d. medical information - Precise Answer ✔✔c. name and address The Florida Real Estate Commission held a meeting for the purpose of passing a new rule. This is an exercise of which Commission power? a. executive b. quasi-legislative c. quasi-judicial d. ministerial - Precise Answer ✔✔b. quasi-legislative When is a request for the renewal of a license effective? The only brokerage that includes fiduciary duties is the __________ __________. - Precise Answer ✔✔Single Agency A licensee assigned by a broker to act as a single agent of a buyer or seller in a nonresidential transaction is titled a ________ _________ ________. - Precise Answer ✔✔Designated Sales Associate Brokers in a nonresidential sale are not required to use _________ _________. - Precise Answer ✔✔Written disclosure Which relationship is not adversarial? a. arms length b. buyer beware c. caveat emptor d. fiduciary - Precise Answer ✔✔d. fiduciary The signature or initials of a party is required by the Brokerage Relationship Disclosure Act on which Form? a. Single Agency Disclosure b. Transaction Broker Disclosure c. Consent to Transition to Transaction Broker d. Important Information Disclosure - Precise Answer ✔✔c. Consent to Transition to Transaction Broker A Broker a. can refuse offers on behalf of the principal b. can buy the listed property w/o consent of the principal c. must follow all legal instructions of the principal or withdrawl d. must ignore the instructions of a principal when the instructions are not in the best interests of the principal. - Precise Answer ✔✔c. must follow all legal instructions of the principal or withdrawl Sales associates can be stockholders in a brokerage corporation but may not be _________ or _________? - Precise Answer ✔✔officers or directors A real estate brokerage corporation must have at least ____ active broker serving as an ______. - Precise Answer ✔✔One Officer Anyone licensed or not can be a _________ _________ in a real estate brokerage limited partnership? - Precise Answer ✔✔limited partner Two or more brokers that share office space but do not maintain their separate status as independant brokers could be charged as being ________ ________ - Precise Answer ✔✔Obstensable Partners The party who holds title to corporation sole property is called the _______ _______ ______ - Precise Answer ✔✔Sole Title Holder Sales associate and broker associates must report any change of employer or address change to the DBPR within _____ days on a form prescribed for such use. - Precise Answer ✔✔10 For a broker to legally be paid a kickback or rebate, he or she must have performed a _______, held an appropriate _______, and all parties must _________ of the payment - Precise Answer ✔✔Service, License, Approve A licensee should advise a customer to obtain an_______ or an _______ _______ _______ from an attorney whenever a question of title arises. - Precise Answer ✔✔Abstract, Attorney's title opinion An Ostensible partnership a. is required to file documents w/ the Secretary of State b. is not a true partnership The range of penalties that may be imposed on a licensee by the commission for violation of law or rules includes - Precise Answer ✔✔Denial, reprimand, fine probation, suspension and recovation......not imprisionment If a broker's actions pose an immediate serious danger to the safety and welfare of the public, what action might the Secretary of the department of Business and Professional Regulation take? a. suspended the license of the licensee for 10 years b. issue a summary suspension c. issue a cease and desist order d. place the licensee on probation - Precise Answer ✔✔b. issue a summary suspension What action may be taken if either the Florida Real Estate Commission or the licensee disagrees with a recommended order? a.seek adjudication b. submit the matter to mediation c. file extentions (10 days to file) d. request novations - Precise Answer ✔✔c. file extentions (10 days to file) Cival Rights Act of 1866 - Precise Answer ✔✔prohibits discrimination on the basis of race Federal Fair Housing Act - Precise Answer ✔✔is the expanded on the 1866 Act and makes discrimination in the showing , negotiation, sale, rental or financing of a dwelling prohibited when based on color, handicapp, family status Redlining - Precise Answer ✔✔don't lend in certain areas because of minorities the Cilvil rights Act prohibits discrimination on the basis of ________ - Precise Answer ✔✔Race An owner that does not use the service of a broker and does not discriminate in advertising is _________ from the Civil Rights Act of 1968 - Precise Answer ✔✔Exempt Lenders that refuse to make loans in certain geographic areas based on social or economics considerations are practicing __________. - Precise Answer ✔✔redlining When all rights under a lease have been transfered to another, the process is called an ___________. - Precise Answer ✔✔assignment Federal law governing telephone solicitations prohibits calls to residences after ______ - Precise Answer ✔✔9:00 pm To be enforcable, a lease longer than 1 year a. can be oral if witnessed by 2 people b. does not have to conform to the Statute of Frauds c. must be in writing, signed by the landlord (no witness is required in Florida) d. Does not have to be witnessed - Precise Answer ✔✔c. must be in writing, signed by the landlord (no witness is required in Florida) A 5-year lease of a 10,000 sq ft warehouse prohibits assignment. After 2 yrs the tenant is unable to continue w/ the full rent payments and arranges w/ another tenant to take over one-half of the space and one- half of the rent for the remaining term. This arrangement is a. a violation of the terms of the lease b. a sublease c. in violation of Statute 83 d. illegal - Precise Answer ✔✔b. a sublease Discrimination based on religion is prohibited by the a. Civil Rights Act of 1866 b. Civil Rights Act of 1968 c. Civil Rights Act of 1964 d. The tenant remained in possession after expiration of a lease - Precise Answer ✔✔d. The tenant remained in possession after expiration of a lease The full bundle of the rights in real property includes a. destruction, use and extinction b. destruction, use and enjoyment c. use, expatriation and enjoyment d. disposition, use exclusion - Precise Answer ✔✔d. disposition, use exclusion Tests used by courts to determine whether an item is real or personal property include - Precise Answer ✔✔intent, relationship of the parties, method of annexation, adaption The four unities required to create a joint tenancy are a. interest, survivorship, possesion and time b. possession, deed, title and time c. possession, interest, time and title d. person, use, interest and purpose - Precise Answer ✔✔c. possession, interest, time and title Title means Ownership..... True or False - Precise Answer ✔✔True A fence built over your property is - Precise Answer ✔✔encroachment Title to real property passes to the grantee when the deed is ________ and ________ - Precise Answer ✔✔Deliverd, Accepted Zoning is an example of which government limitation over private property rights? - Precise Answer ✔✔Police Power The Four methods used to legally describe property? - Precise Answer ✔✔1. monuments method 2. metes & bouds methods 3. retangular method 4. plat method The government survey method begins in Tallahassee by drawing a north/south line is called the _________ __________ _________ - Precise Answer ✔✔Tallahassee Principal Meridian In a towhship subdivided into section 36 is always ______ of 1 - Precise Answer ✔✔North Properties located in subdivided areas are usually described using the _______ Method - Precise Answer ✔✔Plat (Lot & Block system) Section 13 is _________ of Section 12 - Precise Answer ✔✔South The main north/south line used in the government survey method is the principal a. latitude b. longitude c. baseline d. meridian - Precise Answer ✔✔d. meridian A Township contains how many sections? - Precise Answer ✔✔36 Oral contracts are also known as _________ contracts? - Precise Answer ✔✔Parol Contracts An _______ contract can be oral or written. - Precise Answer ✔✔Express An applicant is evaluated to dertermine if they can repay a loan by using 3 Criteria - Precise Answer ✔✔1. Credit History 2. Income 3. Other Assets ( real estate, cars, stocks, etc.) The buyer will assume personal responsible responsibility for repayment of the balance due on the promissory note and acknowledge existance of the mortgage is - Precise Answer ✔✔Assumption of the mortgage Borrowers are allowed a recission period (days to back out) which is ____ days, on the refinance (home Equity loan) of a principal residence. - Precise Answer ✔✔3 The amount of mortgage insurance premium required on an insured FHA mortgage loan includes payment of both - Precise Answer ✔✔Up- front mortgage insurance premium (UFMIP) and Annual Mortgage Insurane Premium (AMIP) $104,250 is the max amount of a verteran's entitlement of a VA guaranteed loan, and ____ days are required to be a Veteran. - Precise Answer ✔✔181 peacetime 90 military conflict The actions of the Board of Governors, called _____ _______, regulate the cost availability of credit in the US. - Precise Answer ✔✔monetary policy True or false Morgage brokers "make" loans? - Precise Answer ✔✔False..... They arrange loans by taking mortgage applications and searching for lowest inerest rates and easiest borrower qualifications Life insurance companies are regulated by? - Precise Answer ✔✔The state in which they operate A loan applicant's past credit history indicates his ________ to honor dept obligations, and his income is a measure of the _______ to repay the loan. - Precise Answer ✔✔Willingness, Ability If the Federal Reserve Board descides to purchase government securitiesin the open market, the effect will be to: a. decrease the $ supply and cause interest rates to increase b. increase the $ supply and cause interest rates to decrease c. limit the amount of $ member banks may use for loan purposes, causing interest rates to increase d. create a "tight $" market - Precise Answer ✔✔b. increase the $ supply and cause interest rates to decrease Which group of financial institutions traditionally preferred to make Short-term loans for construction? - Precise Answer ✔✔Commercial Banks Disintermediation occurs when a. deposits exceed the demand for loans b. depositors withdrawl their savings from depository institutions c. the IRS taxes earnings of investments d. the Federal reserve Board reduces the discount rate - Precise Answer ✔✔b. depositors withdrawl their savings from depository institutions A blanket Morgage that allows for the release of a single parcel upon payment of a specified sum contains which clause? a. defeasance b. acceleration c. satisfaction d. release - Precise Answer ✔✔d. release The Federal Housing Administration a. originates loans