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What is the form you sign that says you will pay the loan back ? - ANSWER-promissory note What is the post licensing grace period after first expiration ? - ANSWER-none Deposits is a form of... - ANSWER-valuable consideration Physical land and improvements - ANSWER-real property Is it a violation if a sales associate work for two brokers Monday-Friday, and Saturday and Sunday and getting paid commission from both - ANSWER-Yes
Typology: Exams
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What is the form you sign that says you will pay the loan back? - ANSWER-promissory note What is the post licensing grace period after first expiration? - ANSWER-none Deposits is a form of... - ANSWER-valuable consideration Physical land and improvements - ANSWER-real property Is it a violation if a sales associate work for two brokers Monday-Friday, and Saturday and Sunday and getting paid commission from both - ANSWER-Yes What is the maximum fine per offense? - ANSWER-$5,000 per fine Out of state broker sends a customer, and had no part in the transaction and requests a referral fee, should he expect a commission? - ANSWER-yes. How many acres in one quarter of a section? - ANSWER- What do you do when there is conflict in who escrow goes to - ANSWER-notify FREC When do you NOT have to notify FREC about conflict of escrow? - ANSWER- contingent on the contract T/F Grantee and Grantor has to sign the deed - ANSWER-False What statute has to deal with contracts being in writing? - ANSWER-Statute of Frauds T/F A broker can have an office an office in a motorhome - ANSWER-false Broker deposits $10,000 of personal funds into escrow account, what is he guilty of? - ANSWER-commingling What is the best deed from the grantors POV? - ANSWER-Quitclaims Deed What is the law that states that lenders have to tell you the truth about the interest rate?
What law puts a time limit on contracts? - ANSWER-Statute of Limitation What is the Statute of Limitation on oral contracts? - ANSWER-4 years What is used when you exceed 80% loan amount, to insure funds? - ANSWER-Private Mortgage Interest (PMI) The future use that brings in the highest return on land? - ANSWER-Highest and Best Use Which entities that would fund a shopping center? - ANSWER-Life insurance companies Someone gives you a property to enjoy till you die is what type of estate? - ANSWER- life estate What type of estate reverses back after a life estate? - ANSWER-reversion estate Limited representation of a buyer or seller - ANSWER-transaction Broker Single Agent that represents both seller and buyer? - ANSWER-dual agency What is dual agency a violation of? - ANSWER-violation of F.S 475 The least effective method of the Federal Reserve System? - ANSWER-make changes to discount rate A developer is sending out keys to people to view a home they building, and says if their key fits they are gifted a home, is this promotional give aways legal? - ANSWER-yes Neighbor bringing the value of a home down - ANSWER-external obsolescence The government's right to take property to build a school? - ANSWER-eminent domain Seller keeps the deposit - ANSWER-liquidated damages 2 main deductions of home owners - ANSWER-mortgage interest and property taxes What is filed on your behalf once you complete paying you mortgage in lien theory states? - ANSWER-letter of satisfaction Sales associate quits before sale closes and request to have commission, but the broker refuses. what can the sales associate do? - ANSWER-sue the broker What type of estate is it when 3 people that get involve in investing on a property at different times? - ANSWER-tenancy in common
What type of lease is it when portion of profit goes to - ANSWER-percentage lease Rate of State Stamp Documentary Tax on Deed? - ANSWER-$.70 cents per 100$ Clause in mortgage that gives the mortgagee the right to increase interest rate? - ANSWER-accelerator clause What can FREC deny license for? - ANSWER-not being a US citizen In Lien theory state who holds the title? - ANSWER-mortgagor What's the maximum your interest can go up annually with Homestead? - ANSWER- 3% What is an outcome of over-improvement? - ANSWER-functional obsolescence all ways pick mortgagor - ANSWER-to the mortgagor If your a transaction broker works for who? - ANSWER-customer.. If your a single agency broker works for who? - ANSWER-principal/client FHA ratios - ANSWER-31 and 43 A tenancy for years should include a - ANSWER-specified period of time Entities that CANNOT be brokers - ANSWER-corporation sole Which entity can be a brokerage? - ANSWER-corporation for profit Sidewalks gets paid before the IRS is an example of a .. - ANSWER-special assessment If the seller changes mine about selling house and tells buyer they can have their deposit back but the buyer refuse the deposit what is the buyer looking to do? - ANSWER-suit for performance court house, airports, and schools - ANSWER-immune properties for taxation What does the county appraiser assign to the lot number? - ANSWER-parcel number What is it called when a licensee gives back their license? - ANSWER-cancel T/F Does the constitutional homestead Rights protect your from willing away home when married? - ANSWER-True
Expenses are always ... - ANSWER-debits Amount received/paid in a transaction is called? - ANSWER-price Failing business that is not expecting to continue for business? - ANSWER-liquidation value A pawn shop in an area not zoned - ANSWER-nonconforming use Which is NOT a way to terminate an offer? - ANSWER-novation What is the right to stop a foreclosure before it happens? - ANSWER-equity of redemption Equally desirable property for less - ANSWER-principal of substitution What is broker working as a sales associate called? - ANSWER-broker asociate transferring all rights in a contract is called an... - ANSWER-assignment What is it called when a lender refuses to loan due neighborhood demographics? - ANSWER-redlining What is a township? - ANSWER-6 miles square, 36 sections How much time do you have to notify when you are transferring out of state? - ANSWER-60 days Exclusive right of sale - ANSWER-seller pays commission no matter what Tenant pays rent plus landlord expenses - ANSWER-net lease T/F You can call a FSBO if you do not have a buyer - ANSWER-False. must call only if you have a buyer In litigation how is a escrow dispute handled? - ANSWER-bill of interpleader What is not an operating expense? - ANSWER-annual debit service Which protects against age discrimination? - ANSWER-Equal Credit Opportunity Act (ECOA) The binding deposit on a closing statement is presented by? - ANSWER-credit to buyer
what happens to a licensee when their employing brokerage goes out of business? - ANSWER-automatically inactive No firm name in advertisement - ANSWER-blind ad What section is 2 sections west of section 10? - ANSWER-section 8