Gold Coast Final Exam Study Guide questions verified with 100% correct answers, Exams of Real Estate Management

Download Gold Coast Final Exam Study Guide questions verified with 100% correct answers and more Exams Real Estate Management in PDF only on Docsity!

Gold Coast Final Exam Study Guide

1. what are the the areas a realtor should be an expert in?: Marketing Valuation & Market Conditions Property Transfer "MVP"
2. Does one need to be a resident of the state or a citizen of the U.S. to get a FL real estate license?: to get a FL real estate license, you don't need to be a citizen
3. What must an applicant for a real estate license do if he has been convicted of a crime?: must disclose all convictions
4. Employment: an associate can only have one employer at a time
5. What's the grace period for a Sales associate's first renewal? Post Licens- ing: no grace period, void and null

6. Individuals who are exempt from licensure: Salaried Employees
7. How long can one stay involuntary inactive?: 2 years
8. What happens to an associates license if a broker's license is void, sus- pended, or revoked?: their license automatically becomes inactive
9. Multiple Licenses: issued only to active brokers if it is clearly shown that such additional licenses are necessary to the conduct of legitimate business
10. What is a Transaction broker: a broker who provides limited representation to a buyer, seller, or both, in a real estate transaction not an AGENT
11. Presenting Offers: must present all offers

12. A broker is entitled to compensation if they...: bring a buyer who brings an offer the seller was looking for
13. Listing Contract: broker's employment contract that states the terms and conditions that the broker must meet to become eligible for compensation
14. Referral Fees: I as the sellers agent promise kickback commission. Is this allowed?: yes, as long as this is disclosed to all interested parties
15. what if an attorney asks for a fee because they referred a client to you?: you cannot give him a referral fee for sending you a client

16. Principal Brokerage office: -registration is good for 2 years -can switch locations
17. branch brokerage office: -registration is good for 2 years -cannot move locations if not the principal location... in order to move it would need a new registration for the new location and must pays fees associated with it
18. What are the requirements for a Principal Office?: -at least one enclosed room in a building of stationary construction -must maintain documents for a minimum of 5 years
19. What are the requirements for an associate advertising with a website?- : -must have brokerage name and his/her last name
20. Advertising: must have name of brokerage
21. When should one disclose that they are a licensed agent?: prior to entering serious negotiations
22. Escrow Account pg.75****: ESCROW ACCOUNT PG 75****

23. Earnest Money Deposit: provide written verification within 10 days of request
24. A buyer drops off an escrow check on Monday. To avoid any trouble with FREC, the broker must deposit the check by close of business on which day?: Thursday
25. Which of the following 4 uses/has an interpleader? Mediation Escrow Disbursement Order Arbitration Litigation: Litigation
26. Escrow Disbursement Exemptions: when a sales contract is subject to a contingency (financing/appraisal/etc) and it's not met
27. When a sales associate has not received his compensation, what can they do?: sue employing broker only
28. How many days does one have to notify the commission of a change of address or employer: 60
29. Real Estate Brokerage Partnership: -all must register w.

DBPR

30. If all the partners in a Real Estate Brokerage Partnership want to be active in real estate sales, what must they do/be?: all must be a licensed broker

31. Does a corporation for profit between a broker and associate dealing with investments need to be registered?: No, a for profit corporation dealing w. investments does not need to be registered with any department
32. What are the 7 businesses that may register with the department to perform brokerage services?: 6 of 7 have the letter P... the only one that doesn't is LLC -sole Proprietorship -corporation for Profit -Not-for-Profit corporation -LLC -general Partnership -limited Partnership -limited liability Partnership
33. what do the following businesses that may not register to broker real estate have in common: they don't have the letter P in it or LLC
34. culpable negligence: occurs if a broker operates in a reckless, careless, and excessively negligent manner. negligence for which one can be held legally accountable
35. misrepresentation: omission or misstatement of facts
36. Appeal a final order: request review with district court of APPEAL

37. Where does the money come from for the Recovery Fund?: fees and fines
38. Steering or Channeling: an individual, directly or indirectly, into or away from a neighborhood or location in a multi-unit building on the bases of race, color, religion, sex, or national origin
39. Redlining: refusal by a lender to approve a mortgage loan based on a property being located in a certain geographical area, the age of the property, the income level of the residents, or the racial composition of the area
40. Blockbusting: consists of inducing an owner to list or sell on the basis that the neighborhood is deteriorating or becoming transitional due to an influx of minority persons
41. When a landlord is holding a security deposit, which can't he do?: cannot hold money in an out of state banking institution
42. Do Not Call List "DNC": -cannot call someone before 8am and after 9pm -can call someone from the DNC if you have a buyer interested in purchasing the property

-CANNOT Solicit for sale by owner -can face a 40k fine

43. Which term refers to physical land, improvements, & intangible rights?: - Real Property
44. Riparian Rights: rights of an owner whose property borders a flowing water- way (RIVER)
45. Fee Simple: the owner has a complete bundle of rights
46. Estate in Severalty: sole ownership of entire bundle of rights
47. Tenancy in Common: -2 or more people own it -undivided interest -can be left in a will -may sell his interest without consent
48. Joint Tenancy: -right of survivorship
49. Tenancy by the entireties: husband and wife only
50. if a husband and wife get divorced, the property that was once tenancy by the entireties becomes?: tenancy in common
51. Jef owns a property, Jeff deeds it to Maggy but only for the duration of Maggys' life. When Maggy dies, the estate goes to Ray. What is this called?: Remainder Estate
52. Tenancy at Will: -month to month -must give other party 15 days notice

53. Property owned in one spouse's name before the marriage or acquired by gift or inheritance during the marriage is considered?: Separate Property
54. Tenancy for Years: -specific time period -has a specific start and end date
55. A spouse who is left out of a will can claim?: Elective share 30%
56. Constructive Notice: achieved by recording documents in the public records
57. Voluntary Alienation: deed and will
58. Involuntary Alienation: escheat, eminent domain, adverse possession, de- scent and distribution
59. Habendum Clause: specifies the legal right being conveyed/received
60. When transferring a title, whose signature is required?: Grantor
61. All are examples of an eminent domain except?: mall

62. eminent domain: -allows local, state or federal gov., railroads, public utilities, and public housing authorities to obtain ownership to private property -the "taking" must only be for public use
63. Net Lease: fixed rent + portion of operating cost like taxes, insurance, and maintenance
64. Which township is North of Section 1?: 36
65. Check: the intersection of guide meridians and correction lines from a 24-mile-square area
66. Lot and Block: used to identify small parcels of property
67. Parcel Number: assigned to a parcel of real property by a county property assessor to identify that property
68. 1 acre is how many square feet?: 43,
69. one section is how many acres: 640
70. what is required for a valid contract?: Offer and Acceptance
71. Consideration: Promise of future money
72. Statute of Frauds: in writing to be enforceable
73. If a contract is entirely oral, action must be brought within: 4 years
74. Inferred: implied contract
75. All are ways to terminate an offer except?

Novation acceptan ce withdraw al rejection and counter: Novation

76. Assignment of Contracts: the sale, transfer, or subrogation of rights in a contract
77. Suit for Specific Performance: if seller promises to sell and a few weeks later he doesn't want to sell
78. As is Contract: must DISCLOSE any material defects
79. What type of listing best protects the broker?: exclusive right of sale
80. Option Contract: right to buy during a specified period of time
81. When does a mortgager (borrower) become Legal Owner?: day of closing

82. Promissory Note: document specifies money owed, payment schedule, and interest
83. When a loan is paid off, a lender provides the mortgagor what?: satisfac- tion of mortgage
84. Defeasance Clause: protection to borrower
85. Equal Credit Opportunity Act: requires lenders to judge every loan applicant on the basis of the applicant's own credit rating and income
86. Housing Expense Ratio & Total Obligations Ratio: 31% 43%
87. Equity of Redemption: right to redeem interest by paying off lender what they are owed in full
88. If all lien holders have been paid from the proceeds of the foreclosure sale, any surplus funds remaining are paid to?: Mortgagor (borrower)
89. FHA: insures and has a max loan
90. what are 3 layers of the secondary market?: -Federal National Mortgage Association (FNMA or Fannie Mae) -Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) -Government National Mortgage Association (GNMA or Ginnie Mae)
91. all of these are actions of the primary market except?: - Federal National Mortgage Association (FNMA or Fannie Mae)

-Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) -Government National Mortgage Association (GNMA or Ginnie Mae)

92. Real Estate Settlement Procedures Act (RESPA): law that requires lenders to provide a loan estimate of settlement costs
93. Abstract Continuation: history of title provided by seller
94. Doc Stamp on Deed located outside of Miami Dade?: .70/
95. intangible tax: applies to new mortgage
96. Liquidation Value: value of failing business
97. Market Value: most probable price
98. Principle of Substitution: pay no more for a property than for an equally desirable alternative property
99. Principle of highest and best use: most profitable use, produces the greatest net return on land

100. External Obsolescence: loss of value caused by factors beyond the bound- aries of the subject property
101. Functional Obsolescence: adding a swimming pool that cost you 20k even though it only provides 10k in value
102. Principles of Value: rate stays the same, value goes up -

> interest goes up 

103. Static Risk: can be offset with insurance, such as fire, flood, robbery, etc
104. Immune Property: properties that are owned by local, state, and federal gov
105. all apply to homestead except?: property is immune
106. Veteran who became 20% disabled in the war: 30k
107. Residential Zoning: based on density