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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 - ✔️ ✔️ d. release
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 - ✔️ ✔️ b. a sublease
________ expenses do not change w/ occupancy levels, examples property taxes and hazard insurance. - ✔️ ✔️ Fixed
_________ clause is used in mortgages on income-producing real estate. - ✔️ ✔️ Receivership
_________ has been defined to include anything or any service of Value paid, recieved or expected to be paid or recieved. - ✔️ ✔️ Compensation
__________ clause allows the lender to Foreclose on you bc you haven't been making your payments. - ✔️ ✔️ Acceleration
________ ________ education must be completed during the initial sales associates's license period. - ✔️ ✔️ Post Licensing
_______ __ _______applies when a higher-priced property is constructed in an area of lower-priced properties. the higher priced property will REGRESS in value toward the level of less expensive properties in the area. - ✔️ ✔️ Principle of regression
__________ clause, A.K.A. due-on-sale clause, prevents a borower from transfering any interest in the morgaged property w/o permission of the lender. - ✔️ ✔️ Alienation
__________ rights allow a property owner whose property borders on a river or steam the use of the water - ✔️ ✔️ Riparian
____________ of ___________ provides time limits within which parties are allowed to bring legal action to enforse their rights under a contract. - ✔️ ✔️ Statue of Limitations
$104,250 is the max amount of a verteran's entitlement of a VA guaranteed loan, and ____ days are required to be a Veteran. - ✔️ ✔️ 181 peacetime 90 military conflict
2 ways to Own - ✔️ ✔️ 1. fee simple (absolute)
- Life estate (owned in lifetime)
3 Components of Real Estate - ✔️ ✔️ 1. Air
- Surface
- Subsurface
A ______ _______ is defined as a contract that is wholly written and under seal (in writing and signed. - ✔️ ✔️ formal contract
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. - ✔️ ✔️ c. must follow all legal instructions of the principal or withdrawl
A contractor is employed by an owner of land to build on that land to the owner's specifications - ✔️ ✔️ Custom Building
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 - ✔️ ✔️ b. custom
A location would be required to register as a brokerage branch office if
a. tables and chairs are provided for sales associates and customers b. the location is used as a shelter c. literature is handed out containing the broker's office address d. sales associates are permenently assigned to the location - ✔️ ✔️ d. sales associates are permenently assigned to the location
A member of the public may select from one of 3 options when working with a broker, which are? - ✔️ ✔️ 1. Transaction broker
- Single Agency
- No Brokerage relationship
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 - ✔️ ✔️ c. may do so and be paid a fee
A potential purchaser of a timeshare can cancel the contract without penalty within how many days? - ✔️ ✔️ 10
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 - ✔️ ✔️ C. the time and difficulty of the appraisal
A real estate brokerage corporation must have at least ____ active broker serving as an ______. - ✔️ ✔️ One
Officer
A real estate license expires
a. on the date shown on the license b. every 2 years c. on the effective date d. at the end of 1 year - ✔️ ✔️ a. on the date shown on the license
A sales associate failed to complete required postlicense education prior to expiration of the license period. What is the status of license?
a. active b. voluntary inactive c. involuntary inactive d. null and void - ✔️ ✔️ d. null and void
A sales associate is a _________ of the brokers's principal. - ✔️ ✔️ SubAgent
A tenant in an apartment complex may recieve up to ______ for refferal of a new tenant for the same complex. - ✔️ ✔️ $
A Township contains how many sections? - ✔️ ✔️ 36
a Value estimated based on resent sales of similar properties in the same neighborhood, not an appraisal - ✔️ ✔️ CMA - Comparative Market Analysis...
An _______ contract can be oral or written. - ✔️ ✔️ Express
An applicant is evaluated to dertermine if they can repay a loan by using 3 Criteria - ✔️ ✔️ 1. Credit History
- Income
- Other Assets ( real estate, cars, stocks, etc.)
An earnest money deposit held in escrow is reflected on the closing statement as a?
a. credit to the buyer b. debit to the buyer c. credit to both the buyer and seller d. credit to the seller - ✔️ ✔️ a. credit to the buyer
An Ostensible partnership
a. is required to file documents w/ the Secretary of State b. is not a true partnership c. cannot be created by real estate brokers d. will not be treated as though the partisipants were partners - ✔️ ✔️ b. is not a true partnership
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 - ✔️ ✔️ Exempt
Anyone licensed or not can be a _________ _________ in a real estate brokerage limited partnership? - ✔️ ✔️ limited partner
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
- ✔️ ✔️ Service, License, Approve
How long can an voluntary inactive licencee remain in that lisence status? - ✔️ ✔️ indefinately
How many hours of postlicense education are required to renew a brokers license? - ✔️ ✔️ 60 hours
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 - ✔️ ✔️ b. issue a summary suspension
If a commission dispute arises prior to closing, the broker
a. may retain the entire amount of escrowed funds until the dispute is resolved b. must withdrawl the amount of the commission from the escrow account c. may retain the exact amount of the disputed commission in the escrow account until the dispute is settled d. must deliver the entire amount of the escrowed funds at closing - ✔️ ✔️ c. may retain the exact amount of the disputed commission in the escrow account until the dispute is settled
If a mortgage loan payment consists of interest only, the final payment the final payment which includes the full amount borrowed is called a? - ✔️ ✔️ Ballon Payment
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 - ✔️ ✔️ b. increase the $ supply and cause interest rates to decrease
In a towhship subdivided into section 36 is always ______ of 1 - ✔️ ✔️ North
In the absense of any agreement between the parties, the state documentary stamp tax on the deed is paid by the? - ✔️ ✔️ Seller
Lenders that refuse to make loans in certain geographic areas based on social or economics considerations are practicing __________. - ✔️ ✔️ redlining
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 - ✔️ ✔️ 6
Life estate - ✔️ ✔️ only for the balance of a life time
Life insurance companies are regulated by? - ✔️ ✔️ The state in which they operate
Members of the Florida Real estate Commission may serve no more than _____ consecutive terms - ✔️ ✔️ 2
one or more sales associates, each titled "designated sale associate' may be designated to act as agents for the seller, and one or more may be designated to act as agents of the _________ - ✔️ ✔️ buyer
Oral contracts are also known as _________ contracts? - ✔️ ✔️ Parol Contracts
Owner-employers of licensed real estate sales associates are allowed to pay them: a. on a salary basis only b. on a commision basis only c. a commission , but not a bonus d. a commission or salary - ✔️ ✔️ d. a commission or salary
Owners that buy income properties as investments and depend on professionals to manage them - ✔️ ✔️ Absentee Owners
Ownership of _______ ________ _______ distinguishes ownership in a cooperative association - ✔️ ✔️ Shares Or Stocks
Parol Contracts, if a contract is entirely oral , action must be brought within _____ years.
Properties located in subdivided areas are usually described using the _______ Method
- ✔️ ✔️ Plat (Lot & Block system)
d. intrastate licensing - ✔️ ✔️ b. mutual recognition
The amount of mortgage insurance premium required on an insured FHA mortgage loan includes payment of both - ✔️ ✔️ Up-front mortgage insurance premium (UFMIP) and Annual Mortgage Insurane Premium (AMIP)
The broker who successfully performs by locating a "willing , ready and able" buyer is said to be the "______ _______" of the sale and is the only broker entitled to a commission. - ✔️ ✔️ Procuring Cause
The buyer will assume personal responsible responsibility for repayment of the balance due on the promissory note and acknowledge existance of the mortgage is - ✔️ ✔️ Assumption of the mortgage
The category of construction that applies when a property owner employs a contractor to build on his or her lot is called________ ___________ - ✔️ ✔️ Custom Building
the Cilvil rights Act prohibits discrimination on the basis of ________ - ✔️ ✔️ Race
The Commission's ability to impose disciplinary actions against licensees is known as ______ _________ power - ✔️ ✔️ quasi - judicial
The continuing education requirement consists of ______ hours - ✔️ ✔️ 14
The criminal penalty for violation of F.S. 475 is typically a fine of up to _____ and/or imprisionment for no more than _______ days - ✔️ ✔️ $500, 60
The division of Real Estate is an administrative part of the department of:
a. State b. Commerce c. Banking d. Business and Professional Regulation - ✔️ ✔️ d. Business and Professional Regulation
The Federal Housing Administration
a. originates loans b. insures loans c. guarantees loans d. certifies loans - ✔️ ✔️ b. insures loans
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 - ✔️ ✔️ b. quasi-legislative
The Four methods used to legally describe property? - ✔️ ✔️ 1. monuments method
- metes & bouds methods
- retangular method
- plat method
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 - ✔️ ✔️ c. possession, interest, time and title
The government survey method begins in Tallahassee by drawing a north/south line is called the _________ __________ _________ - ✔️ ✔️ Tallahassee Principal Meridian
The main north/south line used in the government survey method is the principal
a. latitude b. longitude c. baseline d. meridian - ✔️ ✔️ d. meridian
The maximum amount that can be paid from the Real Estate Recovery Fund based on the actions of a licensee is ___________ - ✔️ ✔️ $150,
The only brokerage that includes fiduciary duties is the __________ __________. - ✔️ ✔️ Single Agency
The party who holds title to corporation sole property is called the _______ _______ ______ - ✔️ ✔️ Sole Title Holder
The postlicense educational course for sales associate consists of ________ hours - ✔️ ✔️ 45
The process of qualifying the applicant and the property is called _________ ___________, analysing risk. - ✔️ ✔️ mortgage underwriting
c. 12 months under 1 or more actively licensed brokers d. 6 months under 1 or more actively lisenced broker - ✔️ ✔️ c. 12 months under 1 or more actively licensed brokers
True or false Morgage brokers "make" loans? - ✔️ ✔️ False..... They arrange loans by taking mortgage applications and searching for lowest inerest rates and easiest borrower qualifications
Two or more brokers that share office space but do not maintain their separate status as independant brokers could be charged as being ________ ________ - ✔️ ✔️ Obstensable Partners
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 - ✔️ ✔️ c. file extentions (10 days to file)
What federal law that makes illegal the discussion or establishment of a uniform price or fee for services in any industry? No fixed fees - ✔️ ✔️ Sherman-Clayton Anti-trust Act
What rights does a property owner have to the use of water flowing over or through his or her land?
a. riparian b. littoral c. flowage d. aquifer - ✔️ ✔️ a. riparian
When a contractor builds on his own land with the hope of locating a purchaser after construction has been completed - ✔️ ✔️ Speculative building
When all rights under a lease have been transfered to another, the process is called an ___________. - ✔️ ✔️ assignment
When is a request for the renewal of a license effective?
a. when recieved by the department b. the day following the experation c. on the date the application is mailed d. on the date indicated on the license - ✔️ ✔️ a. when recieved by the department
Which group of financial institutions traditionally preferred to make Short-term loans for construction? - ✔️ ✔️ Commercial Banks Which relationship is not adversarial?
a. arms length b. buyer beware c. caveat emptor d. fiduciary - ✔️ ✔️ d. fiduciary
Which statement about the brokers portion of the closing statement is true?
a. all double-entry items must appear there b. total reciepts minus the binder deposit equals the grand total c. Reciepts and disbursements must equal d. total expenses less the brokerage fee equals the grand total - ✔️ ✔️ c. Reciepts and disbursements must equal
Zoning is an example of which government limitation over private property rights? -
✔️ ✔️ Police Power
which statement best describes a tenancy at sufferance?
a. The tenant suffers from the landlord's failure to maintain the property b. the landlord suffers from the tenant's failure to pay rent c. The lease instrument is valid d. The tenant remained in possession after expiration of a lease - ✔️ ✔️ d. The tenant remained in possession after expiration of a lease
Which statement best describes the sign requied for a brokerage office?
a. only 1 sign per firm is required regardless of the number of offices b. each sales associate associated w/ the firm must have a separate sign c. Every active broker must maintain a sign at each brokerage office or branch office d.office signs are permitted but not required by law - ✔️ ✔️ c. Every active broker must maintain a sign at each brokerage office or branch office
Which statute requires a purchase and sale contract to be in writing to be enforceable?
a. Chapter 475 b. Chapter 120 c. Statute of Limitations d. Statute of Frauds - ✔️ ✔️ d. Statute of Frauds
