Government group charged with the record keeping services of real estate?
Division of Real Estate
City acquires a 10' strip of land on a home owners property for a public walking space. The home owner is not effected and can use the land. Is the home owner eligible for compensation?
Yes, the city is using its power of Eminent Domain.
Repairing the roof, replacing lighting, cleaning gutters on an apt are considered by the property manager to be part of the job, this is known as?
Proper Maintenance and is required
The city is replacing all the streets curbs and gutters. Home owners are charged with a special assessment tax. Kyle has a 120' lot. Cost is $90 per foot. The city pays 25%. How much will Kyle pay?
$8100
Broker Bill takes his Broker course and passes it. He applies and gets his license on time. He pays all his fees and begins to work. ( He does not have a 4 year degree in real estate ). He does not know what course to take to renew his license for the 1st
60 hour post license course
System that uses measurements, monuments, compass readings, and POB is called?
Metes and Bounds
Ken represented John in the sale of a home. Sale went well and closed on time. Later, John discovered that Ken told the buyer that John was willing to take a lower price to speed up the sale of the home and that Ken told the buyer a specific price. Which
Ken, the agent, violated the law of agency
Steve is interested in learning how to become a single agent business broker. He needs to know the steps in selling a business. What is not a step in a business sale?
Represent the buyer and obtain a purchase agreement.
A legal description of real property should be complete enough so that a reasonably competent:
Surveyor can find it.
The Florida Real Estate Commission (FREC) was organized in 1926. It has 7 members who are appointed by the Governor and approved by the Senate. It's primary purpose is:
Provide licensing requirements for brokers and sales associates
A broker from Nebraska wants a license in Florida. He takes a written exam of 40 questions and passes 35 of them. The broker has taken advantage of the written agreements between the states for real estate licensing. This is an example of?
Mutual Recognition
John is considering purchasing a commercial building. His accountant is working with him to determine the property's value to John. The initial cost of an investment property plus the cost of any additional improvements less qualified deductions represent
Adjusted Basis
Jim Jones, the landlord, rents property to Tom Smith, a handicap person. Mr. Jones gives Mr Smith permission to modify the home to suit his needs. When the lease expires, Mr. Smith will NOT be required to?
Restore the wide door ways that were installed for his wheelchair to their original size.
A very important person bought a home at Lake Geneva, WI. He purchased a home and in the mortgage he also included the boat, dock, and boat house. What type of mortgage did this important person have?
Package mortgage
Justin is an unlicensed person and he has been appointed a trustee of a special needs trust for his nephew. The trust will be funded by the sale of the property of his brother. Justin lists, sells, and puts the money into the trust as required. What best
Justin cannot take any money for selling the home since this would be compensation and he would need a license to do this
The Federal Housing Administration (FHA) insures loans for lenders of real property. What is FALSE about FHA loans?
The buyer does NOT have to make a down payment. (FHA has a min of 3.5% down)
A notice of compliance may be issued for a first time minor offense or minor violation. Who can issue this notice?
The DBPR Investigator
A developer is considering building a community for Senior Citizens. He sets up a building that is occupied only by tenants 62 yrs or older. HE designs his community with barrier free access and advertises to older people in retirement magazines. A niece
The Developer may discriminate against the children and mother because senior housing is exempt under Federal Fair Housing when certain conditions have been met.
The government control real estate market by?
Zoning Ordinances
Jacob got a new home loan to purchase his home. He went to a local savings and loan and signed a deed of trust as part of his closing. What is the lender called in the deed of trust?
Mortgagee
The buyer of an industrial complex wants the broker to place the earnest money in an interest bearing account. The broker does this, clearly identifying all parties who are to receive the interest and the date the earned interest is to be dispersed. With
The broker is able to follow the buyers instructions and has complied with Florida Law
The federal government allows a homeowner certain deductions when filing the long form for income tax. Which is not an allowable deduction?
Hazard insurance premiums
Neighbors have gotten into a quarrel over a black walnut tree that sits on Mr Jone's property. The limbs extend over to Mr. Simpson's property, and the fruit falls everywhere. Mr. Simpson wants the limbs removed. Does he have legal reason for doing this?
Yes. The tree is legally invading Mr. Simpson's air space and is an encumbrance on the property.
A prospective buyer submits an offer to purchase a home for $256,000. The seller changes the price to $260,000, initials the changes, signs the offer and sends it back to the purchaser. What has occurred here?
The seller rejected the initial offer and has become the offeror of the counter offer.
A listing contract that spells out terms and conditions for the seller and broker is what type of agency agreement?
Written or Expressed agency agreement
At a listing apt. the seller of a large home on the water gives special instructions to the sales associate to only show the home to a certain class of people. the sales associate clearly tells the seller this is an act of discrimination, but the owner in
Refuse the listing
What is the major difference between acquiring title by voluntary alienation compared to involuntary alienation?
Voluntary alienation means the grantor is involved in the transfer of the deed, and involuntary alienation the grantor is not involved or it is against his wishes.
Richard and Catherine are man and wife. They own a home in Florida by the entirety and live there all year. Katherine came home from work to find that her husband sold the home without her knowledge or consent. Richard says he is entitled to do this since
Tenancy by the entireties allows for each person to be able to sell his/her interest independent of the other.
Which side of the Tallahassee Principal Meridian is Range E1?
East
Peter held a sale associate license. He renewed it by completing the post licensure class on time, but he filled out the wrong renewal form fraudulently. He was discovered by the FREC and his license was revoked. Can Peter ever apply for a new license aga
Peter can apply for the license , but is not likely to receive it
The FREC's authority to impose disciplinary actions on a licensee is part of its?
Quasi-Judicial Powers
A 150 yr old mansion in the center of town was up for sale. The home has one bathroom on the first floor and wide columns that can not be removed in the living and dining rooms. The appraiser depreciated the value of the home based on?
Functional Obsolescence
True or false: Liquidity is how fast property can be sold?
False. Liquidity is the ease with which an asset can be converted into cash
The appraiser was looking at 3 different homes to compare to the subject house. House A had one more bedroom and a screened in porch compared to the subject house. House B had 2 fire places where the house subject had 1: and house C had a 3 car garage whe
The appraiser will subtract from Houses A,B,and C to get the subject value.
Emma, a 70-year old widow living alone, has a fixed income of $11,000 per year from social security. If the local option homestead relief exemption exists in Emma's county of residence, Emma may be entitled to?
A homestead exemption of $25,000, which is the standard deduction.
ECOA requires lenders to make consumer loans with re-guards to?
Occupation
A large piece of ground is developed with lights, street, and sewers. The subdivider wants to get it ready for building. He does an environmental impact statement and makes a large map which shows where each lot and block is located. Streets, parks, and u
Subdivision plat map
A nonresident licensee retires from his job in St Louis and moves to Florida to begin work as a real estate broker. HE has had his nonresident license for several years and has complete all of the requirements to maintain his license. HE has renewed his l
Notify the FREC that he has moved to Florida within 60 days of the change.
A grantor may use any number of deeds to convey ( transfer) property from one person to another. The importance of each type of deed is the type of promises made from the grantor to the grantee. The highest and best deed for the grantee is?
General warranty deed
Ted, Will, Mike and Tom own a 20 room home as tenants in common. Mike and Tom, 2 of the owners, decide to sell to 2 new owners, Larry and Joe. Can this be legally done?
Yes, because each co-owner has a separate title to the undivided interest.
Berry, the seller, wants Paul, the Broker, to change from a single agency relationship to a transactional broker. Paul agrees to do this as long as the transition disclosure is made in writing so that all parties understand what is happening. Paul needs t
Before the listing agreement is signed
To be a fixed-rate, fully amortized loan, certain terms must exist. Which is NOT a term or condition of a amortized loan?
An amortized loan will have the same monthly payments for P&I over the lifetime of the loan.
First Federal has a loan on a property for $40,000. The homeowner gets a second deed of trust from Home Savings in the amount of $100,000 and the home is valued at $300,000. Home Savings wants to be in the higher priority than First Federal since they hav
First Federal signs a subordination agreement with Home Savings.
What must be on a Real Estate Brokerage sign?
Trade Name
Brokers Name
Licensed RE Broker
A buyer bought a property without telling the seller or broker of his intended purpose for the property. The contract contained no contingency clause and was properly signed and executed. The buyer is now unable to obtain the zoning he planned for the com
This is a valid, enforceable, executed contract
A broker advised his local news paper that a home was for sale for $50,000. A buyer called in and was told that this was a typing error and that the correct price is $500,000. The buyer was angry that the associate was so arrogant on the phone and the buy
Punish the broker with an administrative fee of $1000 and up to one year suspension.
A really modern looking home is being built on the corner of 5th and Main. It has huge windows, an open floor plan, and a slanted roof with a single steep plane. This type of roof is called?
Shed Roof
Mrs. Smith owns a piece of Florida real estate. Her mill rate is 45 and the home has been assessed at $225,000. She has a homestead exemption. How much money does the Homestead Exemption save Mrs. Smith?
$10,125
Which is not a source of financing in the primary mortgage market?
Mortgage bankers
The Probable Cause Committee of FREC acts as a grand jury. They determine if there is a law violation or not and recommend whether to take further action or dismiss the case to the DNPR. How long does the Probable Cause Committee have to determine whether
30 days
An appraiser is working on an appraisal. He gathers info about the highest and best used, identification of key features, and identification of possible legal or physical problems. This is called?
Site Analysis
Jack, a dairy farmer in Florida, stores a banned chemical, DDT, on his property. He got it several years ago and uses it to keep flies off his milking cows. He thinks nothing of it until he gets a letter from his lender stating that if he doesn't get rid
Florida law inserts a Hazardous Waste Clause in the standard mortgage instrument.
Nathan made out his last will and testament with his attorney. He was of legal age, the will had the proper wording, and had the correct number of witnesses. The next day, Nathan was committed to a state mental health hospital. Can Nathan's will serve the
The courts will determine at probate if Nathan was of sound mind at the time of signing before the will is certified as valid.
A product found in homes before 1975 that is harmful to children and is generally hazardous. It should be cleaned up by specialists and is required to be disclosure for sales of real property. What environmental hazard is this?
asbestos
Greater Florida BUilders wants to build a 450 acre housing development. They submit the plans to the local zoning commission who agrees with the plans, providing they agree to give land for a new school to be located with in the subdivision. Greater Flori
Dedicate the property for the school.
When a property is sold "subject to mortgage" how does it affect the original borrower?
The original buyer is still liable because no new note was signed.
Fred leases a taco store in the shopping center. In order to prepare his tacos, Fred installs a large, old stove to cook the meat. The lease runs out and Fred does not want to renew his lease. He leaves town and leaves the stove in the landlord's property
The stove is a trade fixture, but Fred did not take it with him upon the expiration of the lease. Now it is the property of the landlord.
Mike wanted to make lots of money in real estate. He agreed to represent Kevin is the sale of his property and Mike also represented Sharon, the buyer, in the same transaction. Neither parties were aware they were both represented by Mike. The transaction
It is illegal to represent both parties simultaneously without the consent of both parties. No Duel agency in FL but can be transactional.
Jimmy has used his neighbors property to run cattle for several years. He never spoke to the neighbor about it nor did the neighbor speak to him about it. His cattle were in the open for all to see and Jimmy continued to do this for 20 years. Jimmy determ
Jimmy has met the claims of easement by prescription.
Bill Broker prints an office policy that says he requires a security deposit of $350 for whites and $500 for blacks in his area, since he has records to prove that blacks have weaker financial qualifications. Is this acceptable?
No. It is discriminatory to set different deposits because of race.
The fact that all real estate rules must be written or printed under the seal of the commission provides for what point of law?
This provides Prima Facie evidence of their existence.
The subdivision has a deed restriction that states all homeowners must build their homes with shaker shingle or Spanish style roofs. One home was not built to the restriction and the other homeowners are upset. What can the neighbors do?
Apply for a court injunction against the property owner.
Johnson has his property listed with ABC Reality. On November 1, a fire causes considerable damage to the property. On November 15, Johnson rescinds the listing. On November 30, the broker was deemed by a judge to be incompetent. December 30 was the listi
November 1
Population of household composition, price of real estate in the area, availability of mortgage credit, consumer tastes, and income of consumers are all indicators of what?
Demand
Which is not a method of solving a good-faith doubt in the resolution of an escrow account dispute?
Subrogation
Under the Statute of Frauds in Florida is a handshake a legal contract?
No, it is unenforceable.
Jim and Joan owned a farm which produced fruits and veggies for sale. The farm was located in a heavily populated area. Every year, hundreds of customers came to buy produce from the farm. One day, customers were surprised to see that the farm stand was g
Highest and best use
A division of territory used in the government rectangular survey system of land description that is six miles square and contains 36 sections is a ?
Township
The FREC is investigating a claim by a buyer that the broker had not given the proper disclosure to the buyer before the buyer purchased a home. The broker has paperwork dating back 3 years from the date of the signing of the document in question, and one
No, the broker needs to keep the records 5 years from the date of the document and 2 years after any legal action.
A good source of heating in a home that has cables run throughout the floors or in the walls, and provides clean, even heat throughout a home is?
Electricity
As a result of a major hurricane, James' property experienced heavy flooding. His home was in a specialized flood hazard area. What insurance will allow James to recoup part of his loss?
Hazard Insurance
A Buyers Agency Agreement is an employment contract between the buyer and the broker. The agreement should contain all elements except?
Type of Broker - Seller relationship
The homeowner has just purchased his new home and is meeting his new neighbors. They are discussing the annual taxes and the assessed value of the property. The new home owner feels he is paying too much in taxes compared to his neighbors. To whom can the
The county's tax collector.
To determine the effective gross income on a property, the sales associate should?
Subtract vacancy and collection losses from potential gross income.
The practice by some lenders refusing to lend to certain areas because of race, color, national origin, or religion, regardless of the ability of an individual person's ability to pay, best describes?
Redlining
A property owner moved from a farm he owned in fee and simple to another county. He continued to pay taxes on the property and keep the title clear. Did he violate his rights of private ownership?
No, because as long as he paid taxes on the property it is not considered abandoned.
Yield, as it is referred to in financing, is?
The effective annual amount of income that is being accrued on an investment.
Along a lake in Michigan, a homeowner put a large "Keep Off" sign on the land at the lake's edge. He was tired of all the noise and the trash that the general population had deposited on the property and he felt he owned it. His lawyer told him he had to
The lawyer was concerned about littoral rights.
A broker moves his office without tell the FREC where he is moving. Two weeks later, a seller comes in and lists his property. The property sells, but the seller is most unhappy with the way the broker performed. The seller refuses to pay a commission to
Yes, because the broker's license ceases to be in force when the broker changes his address without notifying the FREC within 10 days.
Ad valorem taxation in Florida is based on which types of value?
Just value
The owner and a property manager sign a property management agreement. The property manager advertises the property, shows the property, collects the rent and deposits the money in the proper account. He fails to maintain the units in proper working order
Has failed his fiduciary duties and is responsible for any losses in value the owner has suffered.
As used in the government survey method, a section of land with a land area of one square mile contains?
640 acres
An appraiser is trying to find the value of a piece of property. He looks at the land first and figures its value, and then he determines the value of the building by subtracting depreciation factors. After he has determined these facts, he then adds the
In appraising land is never depreciated, as are buildings.
June is looking to buy her first home. She is shown a number of houses on the market, but the market seems to be sluggish because there are so few buyers. Interest rates are steady and June has several good prospect homes to choose from at reasonable pric
Buyers market
After working with a buyer for 2 months, Sally finally has accepted contract between her buyer and seller. The contract calls for earnest money deposit (EMD) to be delivered to the seller upon acceptance. Sally's out of state buyer did not bring his check
Sally should suggest an amendment to the contract with a mutually agreeable time frame for completing the EMD deposit.
When Paul decided to become a real estate sale associate, he applied for his license. He was 23 years old at the time, had a college degree, and had previously owned a lawn mowing service known as Green Acres Land Service, and he called himself John. He h
He should also disclose his other name and business.
A property has a subdivision restriction forbidding use of properties for commercial purposes. The zoning ordinance for the area would permit a commercial use. Can the property be used for commercial use?
No. The subdivision restrictions takes precedence over the zoning ordinance since it is more restrictive.
A buyer of an installment contract buys the property on a 5 year contract. At the end of the second year, the buyer of the installment decides to sell the property to someone else because he is to busy to manage it. Can the buyer legally do this?
The buyer cannot sell the property because he does not have equitable title.