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What does the local planning agency have the authority to approve?
A subdivision plat map
What business is a licensee engaged in Who markets leases and maintains property for someone else?
Property manager
Any brokerage corporation the officer and director's can be active or in active brokers or non-licensed registered persons.if someone who is not licensed and registered wants to become a broker what must he she do?
Qualify for broker license in the same way as anyone else
Who would be exempt from the real estate licensing law? A. An apartment manager in an on-site rental office renting for two years B. A condominium manager leasing units for two years on salary C. A mortgage broker negotiating a lease for one year D. A person who rents mobile home lots
D. A person who rents mobile home lots
All of the following are exempt from the FS 475 except A. Trustees for an estate B. Personal representatives for the state. C. Mortgage brokers engaged in financing activities. D. Business brokers
D. Business brokers
Complete the sentence.General partners in a brokerage partnership that are not qualified to perform the services of real estate must be registered
For identification purposes
Ron and his wife each have real estate licenses before he enters the military.Ron is stationed in Washington DC and his wife accompanies him there.if they make their licenses inactive
Ron and his wife are exempt from the renewal requirements until six months after Ron's discharge
A real estate broker has entered into a single agency relationship with the seller for a three bedroom two bath house.one of the agents in the brokers office has found an investor wanting to hire the brokerage firm as a single agent.for the investor to be shown this sellers house.
Both the seller and the investor must agree to a transition to transaction broker status
Which form requires the signature of all parties Transition to transaction broker
A broker owes which duty to a customer? Disclose known facts affecting the value of residential property
A broker may hold escrow deposits in any of the following except A. Savings Association B. Commercial bank C. Credit union D.Mutual funds
D.Mutual funds
A broker sells a rental list to a prospective tenant for $200.in a written agreement, The broker states that the fee is nonrefundable.this is:
Illegal under the FS
A sales associate wants to use a trade or fictitious name.which statement applies?
This would violate FS 475
Jim is a sales associate applicant but has failed state exam twice.after reviewing his most recent exam, he feels that some of the questions he missed were really correct and marked wrong in error.what me Jim do?
File a written objection to the questions during the scheduled question review
If a mortgage broker informs the borrower that they need to refinance their loan after only 10 months, with a higher interest rate and also some closing costs, which lot would be violated?
Florida fair lending act
Who has the right to file a complaint against the licensee with the DBPR?
Anyone
Which punishment with the FREC likely impose for a first offense against the broker found guilty of a minor violation?
Notice of noncompliance
Complete the sentence. The florida real estate recovery fund. A. Is replenished from state taxes if needed. B. Covers punitive damages. C. Is to protect licensees. D. Is funded from licensing fees.
D. Is funded from licensees fees.
What is the maximum fine the commission could impose against a licensee who was found guilty of two violations of chapter 475 FS?
What is the purpose of a title search? Run a chain of title
Which deed contains no warrants or promises? Quitclaim deed
What type of listing can be held by more than one broker?
Open listing
What does the statute of frauds require? To be enforceable, a contract transferring an interest in real estate must be in writing.
What is stated in the statute of limitations? The timeframe in which a contract can be enforced.
In states which operate under title theory, the borrower: Transfers possession to the mortgagee or a third party until paid.
Conventional lenders usually want the buyer's housing ratio not to exceed ___ and the total obligations ratio not to exceed ___.
What is the name for the legal document that pledges a property as security for a loan?
Mortgage
What does the FHA do with respect to mortgage lending?
Insures loans
When calculating housing and total obligations ratios, which income value does the lender use?
Gross monthly income
Which type of loan uses both real and personal property as security?
Package mortgage
Which remedies are available when a seller breaches a contract? A. A suit for specific performance B. Buyer gets deposit returned C. A or b but not both D. Notifying FREC
C. A or b but not both
Which type of mortgage is known as seller financing? Purchase money mortgage
Where would the interest rate, payment and other terms of a loan be found?
Note
Define a lien theory state such as florida? The mortgage serves as a lien against the property.
Which of the following is a characteristic of an amortized or level payment mortgage? A. The early payment are mostly interest B. The early payments are mostly principal C. Each monthly payment increases and the balance decreases D. With each monthly payment, the interest increases and the balance decreases.
A. The early payments are mostly interest
Which process is used by the goverment to take private land for public use?
Condemnation
Which term refers to the interest that is charged when banks borrow from the federal reserve?
Discount rate
If a lender charges 8% interest plus 2 points what is the appoximate yield on the loan?
The primary purpose of the federal home loan bank system is to provide support for which of the following? A. Savings associations B. Federal commercial banks C. Mortgage brokers D. Insurance companies
A. Savings association
What would the federal reserve do when it wants to increase the supply of loanable funds?
Decrease the reserve requirements
When is intermediation in financial institution most likely occur?
When supply of funds is increasing, and the demand is decreasing.
What is the name for the annual income that an investment property could make with no vacancies or collection losses?
Potential gross income
What is a contract for deed, or land contract? A form of owner financing
Which asset is the most difficult to set a dollar value on for a business?
Goodwill
John has the opportunity to invest in a property with a 9% return. He can borrow the money at an interest rate of 7% which investment characteristic exists?
Positive leverage
What are ad valorem taxes? Real estate property taxes
Who can assess property for tax puposes? County property appraiser
Failure to pay property taxes will lead to the sale of tax certificates. In order to force the sale of the property, how many years must the investor wait?
An owner of the service station removals an inactive sales associate licensee has been appointed by the court to apraise another service station which statement is most correct? A. Since he or she has registration status that person maybe compensated for this service of real estate B. He or she must have an active license to be compensated C. He or she may be compensated by licensed broker D. He or she may be compensated directly for this service
D.he or she may be compensated directly for the service
Which action would cause an applicant's request for licensure be denied without prejudice? A. Cheating on the state exam B. Having been convicted of fraud C. Have you been disbarred from the legal profession D. Omitting one or more answers to questions on the application
D. Omitting one or more answers to questions on the application
Jasper Judd is a salaried resident manager of the Golden age condominium complex.Adolph Ajax and owner of one of the units in the condominium has asked Jasper to lease his unit while he is away on an extended trip to Bulgaria.jasper may A. Lease out the unit for any period of time as long as he is not compensated B. Lease out the unit for adolph for not more than one year as long as he is not compensated in addition to his salary C. Not Lisa the unit since this would Violate FS 475 D. Lease of the unit but may not be compensated more than $
B. Lease out the unit for adolph for not more than one year as long as he is not compensated in addition to his salary
George portfolio is a stockbroker who does not hold a real estate license. He believes the stock of the Gasaway corporation has high potential.upon contacting the president of Gassaway to assist the corporation in this thing it's stock for sale, he learns that the success of the company hinges on the negotiations open oil lease. George offers his assistance in the company engages him to negotiate the lease with slick slacker, the owner.upon closing the lease, the company employs George as it's stockbroker.George subsequently sells the Corporation stock.the corporation pays George a commission on the stock sale and gives him five shares for handling the oil lease.George: A. Is exempt as a salaried employee B. Acted properly functioning as a stockbroker C. Has violated FS 475 D. Has not violated FS 475
C. Has violated FS 475
A resident of Canada that has been denied a license in the province of Ontario subsequently moved to Florida and applies for real estate sales associates license.which would most likely apply? A. The applicant will automatically be denied a license in Florida B. The person will be granted a hearing, and application will be pending based on the results of the hearing C. The Canadian denial will have no bearing in Florida D. The previous problem does not need to be noted on the application as it took place outside of the country
B. The person will be granted a hearing, and application will be pending based on the results of the hearing
What should a sales associate do if he or she considers a rule to be invited?
Notify FREC
Erin applicant has passed the state examination for becoming a sales associate an hour later Erin has the opportunity to list his neighbors house parent may: A. List the house as long as he has in employing broker and both Erin and the employing broker are properly registered on the record of the DBPR. B. Not list the property until he has sent a copy of his past slip and a copy of his employing broker's business tax receipt number to the division of real estate for certification C. List the property as long as he has been properly pre- registered with his new owner developer and the pass slip is physically in his possession D. Not list the property until he has joined and paid the required fees to the local association of realtors
A. List the house as long as he has been employing broker and both Erin and employing broker or properly registered on the record of the DB PR
Before the rules and regulations and acted by the Florida real estate commission become effective they must be filed with which entity?
Secretary of state
Certificates of the FREC meetings which reflects the actions of the commission or signed by which entity
FREC chairperson or vice chairperson
Which item would be optional on the brand office sign? A. Branch office name B. The words licensed real estate broker C. The name of the business entity D. The name of an individual broker
A. Branch office name
A broker list a property for $30,000 the broker learned of a new development which will be built besides the listed property.the broker purchases the property from the seller for full listed price and discloses the fact that he is a licensed broker the broker than sells the property to the developer for 50,000 which statement is correct? A. The broker acting ethically B. The broker is guilty of concealment C. The broker is guilty of failure to account D. The broker is guilty of culpable negligence
B. The broker is guilty of concealment
Which of the following limits the actions of brokers? A. Certificate of estoppel B. Statute of frauds C. Law of agency D. All of the above
C. Law of agency
Complete the sentence.a fiduciary relationship is one of: Trust and confidence when excepted
Can a broker be entitled to two commissions will consummating an exchange?
Yes providing both parties are advised and approve
What is a licensee with full representation to both parties in the same transaction referred to as?
Dual agent
Which of the following documents not only recommends that the principal sign it, but requires? A. Consent to transition to transaction broker B. Notice of non-representation C. Single agent notice D. Transaction broker notice
A. Consent to transitions the transaction broke
In Illinois corporation is transferring its employees to Florida.the firm retained the floor broker to find homes for their employees.the Charlie representing the Illinois corporation notifies the Florida broker that in the state of Illinois, and attorney is recognized as a real estate broker.therefore, the attorney wants a referral fee.what should The Illinois attorney do? A. Produce a certified statements to the Florida broker that the Illinois attorneys are recognized as brokers B. Not expect a referral from the Florida broker C. Notify FREC prior to expecting any referral fee D. Expect to receive a referral fee because he is recognized as a broker in Illinois
D. Expect to receive a referral fee because he is recognized as a broker in Illinois
Unless exempt, performing the service over the state for someone else for compensation in Florida without an active license is considered to be which of the following criminal violations? A. Misdemeanor of the 1st° B. Misdemeanor of the 2nd° C. Felony of the 1st° D. Felony of the 3rd°
D. Felony of the 3rd°
Broker Davis, broker Ben and broke her bone for me partnership that the partnership buys, develops and sells land the sales associate Jerry becomes an equal partner in the firm.a sale is made resulting in a $40, profit.which statement is correct?
A. The partnership is illegal unless Jerry becomes broker B. The partnership agreement must be filed with the Secretary of State. C. The profits may be divided equally D. Jerry cannot receive any portion of the profits
C. The profits may be divided equally
Six brokers wish to become partners in a real estate agency in each be active in real estate sales what is required? A. That the register with the DB PR as interactive brokers B. That they all be licensed as active brokers. C. That they have at least one at the broker. D. That they register the partnership with the department of state.
B. That they all be licensed as active brokers
All of the following are required to be displayed at the brokers office, except? A. Copies of each sales associates license. B. A fair housing poster. C. A proper sign on or about the entrance. D. The license status of any brokers listed on the office sign.
A. Copies of each sales associates license
Unless there is a reasonable benefit for the borrower, the Florida fair lending act Prohibits a lender from refinancing the same borrower with and how many months?
In the complaint process, if there is no dispute over material facts, how many bouquets be resolved?
An informal proceeding
A broker has been found guilty of mail fraud by court and sent to jail.the brokers license will:
Probably be revoked because of the conviction
Which court is the final court in the appeals process? Florida Supreme Court
