A licensed real estate broker has been hired by a lender to appraise a home for a buyer who has applied for an FHA loan. Which statement is true regarding this situation?
The broker is required to be a state certified appraiser to perform this appraisal assignment.
Leasehold estates do NOT include
A remainder
Estate
The florida real estate commission must notify which agency when it takes disciplinary action against any of the agency's licensees?
Division of florida condominiums, timeshares and mobile homes
Failure to comply with the statute of frauds will reault in?
An unenforceable contract
Which statute prohibits discrimination in hotels, restaurants, and other places of public accommodation if such discrimination is based on national origin?
Civil rights act of 1964
A broker received a $5,000 deposit from a buyer on Tuesday at 1:00 pm. The seller will not be available until Monday. The broker is required to deposit the $5,000 before the end of
Business on Friday
Which expense is subtracted to derive NOI?
Vacancy and collection losses
An investor wanted to build a motel. A broker showed him three choice sites zoned hotel/motel. The investor promised to decide on a site in three weeks, so the broker took a 2 week vacation. When the broker returned, the investor bought one of these sites
The broker is guilty of culpable negligence
Which clause is included in a mortgage to prevent a subsequent buyer from assuming an existing mortgage loan?
Do on sale clause
The broker is a single agent of the seller. The principal has disclosed to the broker that the roof leaks, although there us no visible evidence of a water problem. The broker has satisfied his legal obligation to both the principal and all prospective bu
That the roof leaks
The seller instructs the listing broker not to show his home to members of a protected class. The broker informs the seller that this is a violation of fair houseing laws, but the seller is insistent. Which choice is the brokers best course of action unde
Withdraw from the listing agreement
A broker has a listing priced at $120,000. An uninformed buyer offers $125,000 for the property. The broker buys the property for 120,000, then sells it for 125,000. Which statement is false
This is legal as long as the broker withdraws from the listing first.
A women has homesteaded her residence. Her home has an assessed value of $279,000. She is a nonveteran who is totally and permanently disabled as a result of a serious car accident. She is also legally blind. What is her cumulative County tax exemption on
51,000
The duties of a real estate licensee, owed to a buyer or a seller who engages the real estate licensee as a single agent, do not include
Limited confidentiality, unless waved in writing by a party
Which savings association is federally chartered?
Federal savings association
A sales associate who is employed by an owner developer who owns properties in the name of various entities may be issued
A group license
A tenant signed a 10 year lease requiring a monthly base rent of $1,900, plus 2% of all monthly gross sales volume over $95,000. The tenant also must pay all property taxes, insurance and other costs normally considered property owners costs. This is a
Net lease
A real estate license may be revoked without prejudice for which action?
Issuance of a license by mistake of the commission
A brokers license was involuntary inactive for 2 years and 1 month. To opperate again as an active licensee, the broker must complete
FREC course 1 and pass the sales associate's licensing exam.
A man successfully negotiated (and was paid for) the sale of a federal communications commission license for a telivision station. He is not a licensed real estate broker or sales associate. The man
Has not violated F.S. 475
Which statement concerning characteristics of the real estate market is false
The real estate market is organized and controlled centrally
A comparable property has one more bedroom ($8,000) and is on a slightly larger lot ($2,000) than the subject property. The comparative market analysis requires a net adjustment of
Minus $10,000 to the comparable property
Which entity may not be registered as a real estate brokerage?
Corporation sole
The formula to calculate the overall capitalization rate is
NOI � Value (or price)
Which action is not a requirement under TILA-RESPA?
Give mortgage applicant a list of competing lenders so that the consumer can comparison shop for the best rate
A transaction broker does NOT have which duity
Full fiduciary duties to both the buyer and the seller
Which governmental enitity must be informed when the FREC takes disciplinary action against a real estate license
Division of florida condominiums, timeshares, and mobile homes
A real estate brokerage company is a transaction broker for a buyer. The buyer wants to purchase a new home so the sales associate takes him to three model centers listed by three competing real estate companies. The sales associate must give a written no
No one
Title to real property is technically conveyed when the deed is
Voluntarily delivered and voluntarily accepted
Which variable does not influence demand?
Availability of construction loans
A seller transfers title to a buyer with a general warranty deed. In what clause of the deed does the seller define the quality of ownership interest conveyed to the buyer?
Habendum
A single agent broker received an offer on a listed property at the sellers price and terms. Before informing the seller, the broker received a higher offer. The broker submitted only the first offer, and the seller, his principal, accepted it. The broker
Has violated his fiduciary duty to his principal
A man earned a $7,500 commission by selling a coin operated laundry business, which has six more years before the expiration of its present lease. The man
Must be registered with the florida real estate commission as a real estate licensee
Three claimants have come before the commission requesting relief from the real estate recovery fund. All three claimants were involved the same real estate transaction. Payment for their claims, in the aggregate, is limited to
$50,000
The rate of interest that the federal reserve bank charges member banks for borrowing from the federal reserve bank is called
The discount rate
Local government exercises its greater effect on the real estate business by
Using zoning, taxation, and the planning process
Which information must be disclosed to all prospective buyers
The home is situated in a flood prone area
Which statement does not describe a planned unit development?
Industrial parks are a welcomed offshoot of the PUD concept
A real estate broker is accused of taking money from the company escrow account to pay personal expenses. The broker decides the she does not want to go through the hearing process so the broker turns over her real estate license to the DBPR. What term de
Voluntarily relinquishment for permanent revocation
A licensee makes a statement that is material to the transaction as though it were a fact when the licensee does not know whether the statemwnt is true or false, and the buyer relies on the statement. As a result of the statement made by the licensee, the
Fraud
The DBPR may issue which penalty for an initial offense of a minor violation by a licensee?
Notice of noncompliance
A man owns a farm in fee simple. He deeds the farm to a friend until the friend dies, at which time a woman will acquire a fee simple title to the farm. The womens interest in the farm is a
Remainder Estate
Business brokers appraise businesses using appraisal methods similar to real estate appraisal EXCEPT
Liquidation analysis
What authority originates from the U.S. constitution and relates to protection of health and welfare of citizens at local levels?
Police powers
Which element is not essential in a valid real estate sale contract
An earnest money deposit
A provision in all mortgages that allows the delinquent mortgagor to avoid foreclosure by paying all the back mortgage payments , late penalties and costs of collection up untill the time of foreclosure sale is the
Equity of redemption
The statute of limitations is the authority that outlines the
Period of time during which a contract may be enforced
The statute of frauds applies to
Instruments of conveyance of real property
The documentary stamp tax on deeds is based on the
Entire sale price of the property
Which statement concerning tenancy by the entireties is false,
The deed must specifically state intent to create such a tenancy
The financial term applied to the use of borrowed funds to finance the purchase of an office building is
Leverage
A mortgage in which changes in the interest rate may cause changes in the monthly payment amount is called
An adjustable rate mortgage
Depreciation
Is an allowable deduction that requires no current outlay of cash
Constructive notice is
Provided by recording in the public records
In a deed, the warranty of quiet enjoyment pertains to
Peaceful possession undisturbed by others claims of title
The law requiring that the annual percentage rate be disclosed to consumers is the
Truth in lending act/regulation z
Homeowners who have a homestead exemption on their current home in either of the two preceding years can transfer up to what amount of their save our home benifit to a new home
$500,000
The government survey method of legal description
Has as a basis a principal meridian and a base line
A buyer who obtains a mortgage loan that covers the purchase of a condominium plus furniture, appliances, and other personal property, such as towels and kitchen utensils has a
Package mortgage
The bundle of legal rights associated with the real property ownership does NOT include the right of
Intent
Which estate includes the right of survivorship
Joint tenancy
A title theory state is one in which a mortage
Transfers title to the lender or escrow agent until the loan is paid
Which term refers to a situation where, during the early years of a loan, the principal balance increases
Negative amortization
Which statement is true reguarding the monthly payments on a 30 year, fully amortized loan
Initially, interest is the larger portion of the payment
When the fed wants to ease a tight money supply, it may
Buy treasury securities
How much personal money may a broker place in a property management escrow account
$5,000
An example of an ad valorem tax is
A property tax
Which individual is NOT exempt from real estate licensure under F.S. 475?
A business broker who negotiates leases of business property only
A developer who wants to develope a new subdivision must submit
A subdivision plat map to the planning commision
You have been hired to appraise the local public library building.the approach that is likly to be the MOST relevant is the
Cost approach
In the cost approach, estimating accrued depreciation involves estimating
The loss in value of the improvements
The purchase price of a business minus the value of the tangible assets of that business equals thw intangible assets of the business. This is called
Goodwill