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Florida Real Estate State Exam Update
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All information related to a investigation of the probably cause panel are confidential until when? - ✔️ ✔️ 10 days following a finding of probable cause
Broker bob has an exclusive listing. The owner calls and asks if bob has any offers bob says no. Broker Charles submits an offer to the owner that is accepted Bob can do what? - ✔️ ✔️ Sue for unliquidated damages.
General Partners in a brokerage partnership that are not qualified to perform the services of real estate must be registered as for what? - ✔️ ✔️ For Identification Purposes
A broker receives a kickback or referral fee from a title insurance company. This practice is a violation of what? - ✔️ ✔️ RESPA
A deed must be what? - ✔️ ✔️ Witnessed
A group license
A. allows a broker to have a branch office B. allows a sales associate to work for more than one broker C. may be held by a sale associate or broker associate D.allows a broker to qualify more than one broker firm - ✔️ ✔️ C. may be held by a sale associate or broker
A reconciliation and final value estimate - ✔️ ✔️ ...
A U.S. Department of Community affairs produced booker regarding the energy efficiency of buildings that must be provided to any purchaser is called? - ✔️ ✔️ Energy- effciency rating disclosure
Actual Notice is what - ✔️ ✔️ procession of property that can be seen and heard
Appeals of FREC final orders must be filed where? - ✔️ ✔️ District Court of Appeals
Broker bill gives lower rental rates to women rather than men. What is this a violation of? - ✔️ ✔️ The Fair Housing Act of 1968
A broker owes which duty to a customer? What should he disclose? - ✔️ ✔️ Known Facts affecting the value of the residential property
For multiple claims against a licensee, the FL real estate recovery fund has a max of how much? - ✔️ ✔️ $150,
For single judgment against a licensee, the FL real estate recovery fund has a max of how much? - ✔️ ✔️ $50,
How is the FL Real Estate Fund funded? - ✔️ ✔️ From licensing fees
How much is the yearly fee for brokers and sales associates that are maintained by FL Real Estate Recovery Fund? - ✔️ ✔️ $3.50 a year for Brokers and $1.50 per year for sales associates
If a broker fails to pay his sale associate he may be charged with? - ✔️ ✔️ Conversion
If a licensee does not dispute a citation it has the same effect as what? - ✔️ ✔️ Final Order
If someone other than the grantor was to receive ownership of the life estate it is called?
If the probable cause panel determines that the probable cause exists, an administrative complain formed and is also know as what? - ✔️ ✔️ formal complaint
In rental information how many days does a tenant have to demand a return fee paid for rental info? - ✔️ ✔️ 30 days
In rental information when a tenant is with in their timeframe what would get them 100% paid back and what would get them 75% back? - ✔️ ✔️ 100% if broker misrepresented what was offered and 75% if tenant did not like or accept the offer.
In the grand total of a broker's statement what are the numbers that are summed up? - ✔️ ✔️ receipts and disbursements (numbers must be equal)
In the Landlord Tenant act how many days does the landlord have to inform his tenant what he is doing with the deposit money? - ✔️ ✔️ Must inform tenant in 30 days how the deposit will be held
Jim failed his state exam twice and believes some of the questions that he answered were indeed correct. He can write a written obligation for consideration for the questions to whom? - ✔️ ✔️ FREC Validation Committee
The right of a Grantor to regain the ownership of a life estate is called? - ✔️ ✔️ Reversion
Three friends buy a property together with equal shares. If they have the right of survivorship they have created what? - ✔️ ✔️ Joint Tenancy
To induce and cause panic to a seller to sell their home due to influx of minority is called what? - ✔️ ✔️ blockbusting
Triggering terms all contain what? - ✔️ ✔️ An amount of something
What act is when law presumes a broker has a lien for collection and payment of commissions due in a nonresidential sales transaction? - ✔️ ✔️ Commercial Real Estate Sales Commission Lien Act
What and when was expanded from the civil rights act? - ✔️ ✔️ Federal Fair housing act in 1968 (jones v mayer)
What and when was the case that caused the prohibiting of all discrimination in all sales or rental of real property? - ✔️ ✔️ in 1968 Civil rights act of 1866 (jones v. Mayer)
What are some exemptions to the civil rights act of 1968? - ✔️ ✔️ Private Clubs, Rental of Rooms, Churches, Frats
What are the 7 things that the Fair housing act of 1968 prohibits the discrimination based on? - ✔️ ✔️ Race, Color, Sex, Religion, Handicap, Marital Status and National Orgin
What are the characteristics of value? - ✔️ ✔️ Demand, Utility, Scarcity, Transferability
What are the two mortgage insurance premiums required on an insured FHA loan? - ✔️ ✔️ UFMIP (up front mortgage insurance premium) and AMIP (annual mortgage insurance premium)
What be included if the Court tests to determine if personal property has become a fixture? - ✔️ ✔️ Relationship of the parties
What clause in a deed assures the grantee that there are no claims or liens on the property other than those specifically listed on the deed? - ✔️ ✔️ encumbrance clause
What do you call any mortgage loan obtained from any source including the seller when the proceeds of the loan are used to purchase real property? - ✔️ ✔️ Purchase Money Mortgage (PPM)
What Federal law requires lenders to fully inform borrowers of important information related to loans, including the annual percentage rate charged? - ✔️ ✔️ Truth-in-Lending Act
What happens when a loan is sold to another lender and has title insurance? - ✔️ ✔️ Mortgagee policy is transferable to new lender
What illegal act is known when the licensee picks the properties for a buyer based on their race? - ✔️ ✔️ Steering
What is a legal principal when a person takes exclusive possession of the an owner's property? How many years must they have possessed the property to make it legal? - ✔️ ✔️ Adverse possession / 7 years
What is a single mortgage given by a borrower that pledges two or more parcels as security for loan and what does it usually contain? - ✔️ ✔️ Blanket Mortgage / Release Clause
What is a step that follows the investigation in complaint process - ✔️ ✔️ Formal Hearing
What is called when any real estate advertisement doesn't contain the registered or trade name of a broker. - ✔️ ✔️ Blind ads
What is called when created by filing a declaration of trust with the secretary of state? - ✔️ ✔️ common law trust or Massachusetts trust
What is files so that all potential claimants are required to appear in court and assert their claim? - ✔️ ✔️ Suit to quiet title
What is it called when an owner sells a property to an investor and immediately leases the property back? who is the seller? - ✔️ ✔️ Sale-leaseback / lessee
What is it called when two people share one office space and seem like them be in a partnership but are not a true partnership? - ✔️ ✔️ ostensible / quasi partnership
What is the first step in an appraisal process before proceeding? - ✔️ ✔️ Define the problem
What is the main purpose of Regulation Z? - ✔️ ✔️ For lenders to disclose the true cost of credit to consumers.
What is the max penalty that a court could impose a second-degree misdemeanor? - ✔️ ✔️ $500 fine and/or 60 Days of Jail time
When a seller is about to enter a fiduciary relationship with a brokerage firm what must be given? - ✔️ ✔️ Single Agency Notice
When there is a dispute over escrow funds, the procedures include four choices. Which choice involves a third person recommending a solution? A. Arbitration B. Mediation C. Litigation D. Escrow Disbursement Order - ✔️ ✔️ B. Mediation
Where do the funds come from that commercial banks provide for mortgage bankers? - ✔️ ✔️ from Demand deposits in checking account and time deposits in saving accounts
Which brokerage disclosure notice must be signed or initialed by the buyer or seller before implementation? - ✔️ ✔️ Transition to Transaction
Which Florida law prohibits a lender from refinancing a loan to the same borrower within the first 18 months of making a loan, if doing so does NOT reasonably benefit the borrower - ✔️ ✔️ Florida Fair Lending Act
Which secondary mortgage market original purpose was to purchase conventional loans originated by saving and loans association? - ✔️ ✔️ Freddie Mac / FHLMC (Federal Home Loan Mortgage Corporation)
Purpose of homestead exemption is to protect the surviving spouse and children and to exempt property from foreclosure for what? - ✔️ ✔️ Debts other than direct debts and federal liens
What principal states the value of a component of the property that is the amount added to the goal value of a property? - ✔️ ✔️ Property of Contribution
Sale associate works for a broker and receives an escrow deposit when should he deliver it? - ✔️ ✔️ To his broker immediately (next business day)
