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Fl. Real Estate Exam

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Quiz on Fl. Real Estate Exam, created by adriiana_rodd on 07/06/2015.
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Quiz by adriiana_rodd, updated more than 1 year ago
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Created by adriiana_rodd about 9 years ago
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Resource summary

Question 1

Question
(Ch 1) The term follow-up refers to
Answer
  • returning calls in a timely manner.
  • completing instructions given by one's broker.
  • following though on listing calls made to For Sale by Owners.
  • what a sales associate does for buyers and sellers after the sale.

Question 2

Question
(Ch 1) The field of property management has experienced growth and specialization primarily because of
Answer
  • the deregulation of the real estate industry.
  • the increase in the number of licensees specializing in property management.
  • the increase in the number of absentee owners.
  • higher construction costs that have caused an increase in the number of renters.

Question 3

Question
(Ch 1) Appraisers are paid a fee because
Answer
  • to accept compensation based on the appraised value is a conflict of interest.
  • custom dictates the method of compensation.
  • the fee would be too high if it were based on a percentage of property value.
  • only brokers and sales associates are paid commissions for their service.

Question 4

Question
(Ch 1) When a developer makes lots available for custom buliding in a newly developed subdivision, the overall purpose of restrictive covenants is to ensure that custombuilt homes will
Answer
  • not conflict with local zoning ordinances.
  • not exceed the minimum square-footage requirements.
  • conform to standard building codes.
  • not decrease the value of neighboring properties.

Question 5

Question
(Ch 1) The real estate activity that is devoted to leasing, managing, marketing, and overall maintenance of property for others is called
Answer
  • commercial sales.
  • property management.
  • counseling.
  • rental agents.

Question 6

Question
(Ch 1) The term 'dedication' as it applies to development and construction refers to
Answer
  • a gift of land by the owner to the local government for a public use.
  • the builder's careful attention to construction details.
  • recording a subdivision plat map in the public records.
  • preparing raw land for site improvements.

Question 7

Question
(Ch 2) A sales associate applicant is NOT required to comply with which requirement?
Answer
  • Submit an application fee.
  • Be 18 years of age or older.
  • Be a bona fide Florida resident.
  • Possess a Social Security number.

Question 8

Question
(Ch 2) Which person does NOT meet the experience requirements to obtain a Florida broker's license?
Answer
  • An applicant who has held an active California broker's license for the preceding three years.
  • An applicant who has held an active Ohio sales associate license during four of the preceding five years while employed by an Ohio broker.
  • An applicant who has held an active Florida sales associate license for the preceding two years while employed by a Florida broker.
  • An applicant who has held an active Florida sales associate license during two of the preceding five years while employed by an owner-developer.

Question 9

Question
(Ch 2) A sales associate applicant is NOT required to disclose which information on the license application?
Answer
  • Convicted of a crime
  • Proof of U.S. citizenship
  • Maiden name, if applicable
  • A findng of guilt in conduct that would have resulted in the disciplinary action if the applicant had been licensed to practice real estate

Question 10

Question
(Ch 2) A sales associate sells real estate for a real estate brokerage company. He also works as a sales associate for another real estate brokerage company.
Answer
  • The sales associate is in violation of F.S. 475.
  • The sales associate may work for both companies so long as he registers both employers with FREC.
  • This is legal as long as he only works part-time for each company.
  • The sales associate must be a broker associate for this to be legal.

Question 11

Question
(Ch 2) To receive a notice of satisfactory completion of Course I or Course II, a student may NOT miss more than
Answer
  • 4 instructional hours.
  • 6 instructional hours.
  • 8 instructional hours.
  • 12 instructional hours.

Question 12

Question
(Ch 2) Services of real estate do not include
Answer
  • advertising rental property lists.
  • appraising real property.
  • selling cemetery lots for compensation.
  • conducting an auction for real property.

Question 13

Question
(Ch 3) The statements below are ture with the respect to the members of the Florida Real Estate Commission except that they
Answer
  • are a mix of real estate practitioners and consumer members.
  • are accountable to the governor for proper performance.
  • are DBPR employees.
  • depend on the DRE for their administrative assistance.

Question 14

Question
(Ch 3) The Commission's purpose is to regulate
Answer
  • real estate brokers, broker associates, and sales associates.
  • real estate schools and instructors.
  • real estate brokerage firms.
  • all of these.

Question 15

Question
(Ch 3) Real estate licensees on active duty with the U.S. Amry ae required to renew their licenses
Answer
  • every two years.
  • on discharge.
  • within one year after discharge.
  • within six months after discharge.

Question 16

Question
The term of office for each Commission member is
Answer
  • two years.
  • four years.
  • five years.
  • seven years.

Question 17

Question
(Ch 3) The members of the Commission receive
Answer
  • no compensation for their services.
  • only a per-diem fee when on official business.
  • 50$ per day when on official business, plus expenses.
  • an annual salary equal to a state legislator's annual salary.

Question 18

Question
(Ch 3) A sales associate recently moved from Dunedin, Florida, to High Springs, Florida. Which statement is true?
Answer
  • The sales associate must notify the DBPR of her change in current mailing address within 60 days of the change.
  • The sales associate must notify the DBPR of her change in current mailing address within 10 days of the change.
  • If the sales associate does not change brokers, she is not required to notify the DBPR of her change in mailing address.
  • The sales associate's license is automatically canceled until she notifies the DBPR of her change in current mailing address.

Question 19

Question
(Ch 4) The brokerage relationship disclosure requirements in Ch. 475, F.S., apply to the
Answer
  • sale of a 20-unit apartment complex.
  • sale of a condominium unit.
  • residential lease agreement in a duplex.
  • sale of a book store business and real property.

Question 20

Question
(Ch 4) Which statement best describes the duty of loyalty in a single agent relationship?
Answer
  • The broker must act in the best interest of the principal.
  • The broker must disclose all latent defects to prospective buyers.
  • Th broker is held to a standard of care that requires knowledge concerning the land and the physical characteristics of the property.
  • The broker must be able to account for all funds received on behalf of the principal.

Question 21

Question
(Ch 4) A real estate broker who works in a limited capacity for both the buyer and the seller in the same transaction is
Answer
  • a dual agent.
  • a transaction broker.
  • bound to fiduciary duties to both the buyer and the seller.
  • a single agent of both the buyer and the seller.

Question 22

Question
In the common public relationship that exists in a typical real estate transaction, buyers and sellers are said to be dealing
Answer
  • in a fiduciary capacity.
  • at arm's length with each other.
  • in an agency status with each other.
  • under the doctrine of ethical confidentiality.

Question 23

Question
(Ch 5) John Anderson is a licensed real estate sales associate. Under which name may he register and be licensed?
Answer
  • Complete Real Estate Sales Services
  • John Anderson Brokerage
  • John Anderson, LLC
  • John Anderson and Partners

Question 24

Question
(Ch 5) A sales associate receives a binder deposit from a prospective buyer on Thursday morning. Later that same day, the associate gives the binder to his broker. By the end of business on what day of the week must the broker deposit the funds into her escrow account?
Answer
  • Friday
  • Monday
  • Tuesday
  • Wednesday

Question 25

Question
(Ch 5) Real estate sales associates who receive check payable to them as desposits on the pruchase of the real property
Answer
  • endorse the checks, deposit them in their employers' accounts, and maintain good records.
  • endorse the checks and immediately turn them over to their employers.
  • deposit the checks immediately in their own accounts and notify their employers of the reansactions.
  • deposit the checks immediately and give their employers the equivalent amounts in the form of checks or cash.

Question 26

Question
(Ch 5) An individual who paid for rental information but did not obtain a rental is entitiled to repayment of
Answer
  • the fee
  • the fee if requested within 10 days of the contract/receipt date
  • 75% of the fee if requsted within 10 days of the contratc/receipt date.
  • 75% of the fee if requested within 30 days of the contract/receipt date.

Question 27

Question
(Ch 5) A broker is preparing to open Sunnyside Realty as a sole proprietorship and is placing an order to have an entrance sign made. Which wording does not need to be included on the sign?
Answer
  • Sunnside Realty
  • The broker's lega name
  • Licensed real estate broker
  • 1000 Sunset Blvd.

Question 28

Question
(Ch 7) The federal statute that prohbits a private homeowner from discriminating strictly on the basis of race if selling, renting, or leasing is the
Answer
  • 1968 Fair Housing Act
  • 1866 Civil Rights Act
  • 1934 National Housing Act
  • 1968 Interstate Land Sales Full Disclosure Act

Question 29

Question
(Ch 7) The law requiring lenders to disclose the annual percentage rate (APR) of interest is the
Answer
  • Regulation Z (Truth in Lending Act)
  • Real Estate Settlement Procedures Act (RESPA)
  • Federal Housing Act (FHA)
  • Florida Deceptive and Unfair Trade Practices Act ("Little FTC Act")

Question 30

Question
(Ch 7) The federal 1968 Fair Housing Act prohibits discrimination based on
Answer
  • race, color, religion, sex national origin, familial status, or handicap status
  • race or age
  • religion, age, race, familial status, or handicap status.
  • race, color, religion, age, or national origin.

Question 31

Question
(Ch 7) When security deposits or advance rents are required by a landlord in Florida, such funds
Answer
  • must always be kept in a seperate account.
  • may be deposited in the landlord's account if a sufficient surety bond has been posted
  • must always be placed in an interest bearing account.
  • must bear interest at the rate of 7%

Question 32

Question
(Ch 7) The sales associates in a real estate office have been instructed to send all their Spanish-speaking prospects to a new subdivision "beautifully designed with a Spanish flavor." This is an exmaple of
Answer
  • steering
  • subordination
  • alienation
  • blockbusting

Question 33

Question
(Ch 8) The most comprehensive interst in real property that an individual may possess in a(n)
Answer
  • estate for years.
  • life estate.
  • remainder estate.
  • fee simple estate.

Question 34

Question
(Ch 8) Physical components of real property do not include
Answer
  • surface.
  • air space.
  • equitable rights.
  • subsurface.

Question 35

Question
(Ch 8) Fixtures are items that
Answer
  • are fixed, or attached, to real propery.
  • were once personal property but are now real property.
  • have been incorporated as a part of real property.
  • are all of these.

Question 36

Question
(Ch 8) A husband and wife decide to get a divorce. In addition to their Florida homesteadd property, they own a vacant lot in the same subdivision acquired in both of their names during the marriage. How will the lot be distributed?
Answer
  • The lot is considered to be seperate property and will be distributed equally between the husband and wife.
  • Because the real estate is community property, each spouse is entitled to a one-half interest in the lot.
  • The interest in the lot will revert to a life estate and will be distributed to the lineal descendants.
  • The lot is a marital asset and will be distributed equitably.

Question 37

Question
(Ch 8) The bundle of rights associated with real property does not include
Answer
  • use.
  • possession.
  • disposition.
  • utility.

Question 38

Question
(Ch 8) A man and a woman were recently wed. The woman owns a residential lot that was purchased before the marriage. The lot is considered to be
Answer
  • seperate property.
  • a marital asset.
  • a tenancy in common.
  • an estate by the entireties.

Question 39

Question
(Ch 8) At the expiration of the lease period and before renegotiation of the lease,a tenant continued to occupy the apartment. The tenant's position is called
Answer
  • a tenancy at will
  • a tenancy at sufferance.
  • a freehold estate.
  • an estate in reversion.

Question 40

Question
(Ch 9) A 92-year old man is being forced from his home because of a governmental taking. The home has been in his family for four generations. What recourse, if any, does he have?
Answer
  • He can file an injuction to stop the taking.
  • He can pay the deliquent property taxes to prevent the foreclosure.
  • He may request a condemnation proceeding to protest the amount of compensation being offered by the governmental body.
  • He may do all of these.

Question 41

Question
(Ch 9) If the sale contract does not specify the type of deed to be delivered, the seller is required to provide a
Answer
  • general warranty deed.
  • special warranty deed.
  • bargain and sale deed.
  • quitclaim deed.

Question 42

Question
(Ch 9) The process of taking property under the power of eminent domain is called
Answer
  • escheat.
  • foreclosure.
  • condemnation.
  • voluntary alienation.

Question 43

Question
(Ch 9) The seisin clause in a deed specifies
Answer
  • the type of estate being conveyed
  • the improvements being transferred with the land
  • the rights reserved by the grantor
  • that the grantor actually owns the property and has the right to sell it.

Question 44

Question
(Ch 9) The provision in a deed that names the parties and contains the granting clause is the
Answer
  • premises
  • encumbrance clause.
  • habendum clause.
  • seisin clause.

Question 45

Question
(Ch 9) When a pathway to a property has been used continuously and without interruption for more than 20 years, it creates an
Answer
  • implied easement
  • encroachment
  • alienation by adverse possesion
  • easement by prescription

Question 46

Question
(Ch 10) The NW1/4 of the NE1/4 of the SW1/4, Section 20, Township 4 South, Range 2 East, describes a tract of
Answer
  • .125 acre
  • .5 acre
  • 10 acres
  • 64 acres

Question 47

Question
(Ch 10) Calculate the number of acres contained in the following legal description: NE1/4 of the SE1/4 and the SE1/4 of the NE1/4 and the N1/2 of the NE1/4.
Answer
  • 30 acres
  • 80 acres
  • 120 acres
  • 160 acres

Question 48

Question
(Ch 10) If you have located a township designated as T1N, R1E, the township due north of that thwonship is
Answer
  • T1N, R2E
  • T1S, R1E
  • T2N, R1E
  • T2N, R2E

Question 49

Question
(Ch 11) Which group of legal instruments may legally be prepared by a licensed real estate broker?
Answer
  • Listing contracts, buyer brokerage agreements, commercial leases, and deeds.
  • leases, option contracts, promissory notes, and buyer brokerage agreements.
  • Listing agreements, buyer brokerage agrrements, sale contracts, and option contracts.
  • Mortgages, promissory notes, commercial leases, and option contracts.

Question 50

Question
(Ch 11) An adult contracting with a minor is an example of failure to meet which essential of a real estate contract?
Answer
  • legality of the object
  • offer and acceptance
  • meeting of the minds
  • competent parties

Question 51

Question
(Ch 11) Canceling a daughter's property indebtedness in a contract due to love and affection is an example of
Answer
  • good consideration
  • valuable consideration
  • insufficient consideration
  • inadequate consideration

Question 52

Question
A contract that is not in writing is called
Answer
  • a formal contract
  • a parol contract
  • a unilateral cotract
  • an executory contract

Question 53

Question
(Ch 11) A 15-year old teenager entered into a contract with a man, who is of legal age to contract. Which statement is true?
Answer
  • the teenager is obligated to honor the terms of the contract
  • the man may divest himself of his obligations under the contract because the contract is invalid
  • the teenager may choose to divest himself of his obligation under the contract
  • this contract is a void contract

Question 54

Question
(Ch 12) In a mortgage transaction in Florida, the legal evidence of the personal debt is the
Answer
  • property (collateral)
  • note
  • mortgage instrument
  • borrower's credit history

Question 55

Question
(Ch 12) In title theory states, the mortgage clause that provides that the conveyance of title to the lender is defeated when all the terms of the agreement have been fulfilled is the
Answer
  • penatly clause
  • release clause
  • defeasance clause
  • insurance clause

Question 56

Question
(Ch 12) The current maximum FHA loan available for a single-family dwelling is
Answer
  • dependent on the location
  • $108,000
  • $203,000
  • $417,000

Question 57

Question
(Ch 12) The maximum amount of a VA loan is
Answer
  • $89,000
  • $104,000
  • $417,000
  • not a legislated limit for qualified borrowers.

Question 58

Question
(Ch 12) The loan-to-value ratio is 80%. A buyer wants to acquire a property with a purchase price of $116,000. Calculate the required down payment.
Answer
  • $20,000
  • $23,200
  • $32,800
  • $92,800

Question 59

Question
(Ch 13) A couple purchased their home for $125,000. They financed the purchase with an 80% conventional loan. The mortgagee charged 2 1/2 points. Calculate the actual cost in dollars of the points.
Answer
  • $1,600
  • $2,000
  • $2,500
  • $3,125

Question 60

Question
(Ch 13) When the Fed increases the reserve requirement,
Answer
  • the supply of money increases
  • the supply of money decreases
  • inflation usually immediately follows
  • mortgage interest rates decline immediately

Question 61

Question
(Ch 13) A commercial bank sold a group of 2,000 mortgages directly to Frannie Mae. This is an exmaple of
Answer
  • primary market activity
  • secondary market activity
  • loan correspondence
  • intermediation

Question 62

Question
(Ch 13) When the Fed purchases securities, what happens?
Answer
  • The supply of money in circulation is reduced
  • Interest rates begin to rise
  • Loanable funds are relased into circulation
  • Pressure is applied to increase the discount rate

Question 63

Question
(Ch 13) The Office of Thrift Supervision regulates
Answer
  • savings associations
  • commercial banks
  • credit unions
  • the Rural Housing Service

Question 64

Question
(Ch 13) The rule of thumb used to convert discount points to an annual percentage rate is that each discount point increased the yield by approximately
Answer
  • 1/8 of 1%
  • 1/4 of 1%
  • 1/2 of 1%
  • 1%

Question 65

Question
(Ch 14) You bought a house in Citrus, Florida, for $130,000. You gave a deposit of $19,480, assumed a recorded mortgage of $90,520, and signed a new second mortgage and note for $20,000. What are the total state taxes due as a result of this transfer of property?
Answer
  • $1,297.50
  • $1,336.75
  • $1,336.8
  • $1,337.10

Question 66

Question
(Ch 14) A woman bought three 200-foot lots on a lake for $500 per front foot each. She then subdivided these lots into six lakefront lots, which she then sold fod $62,000 each. What was her percnetage of profit on the sales?
Answer
  • 20%
  • 25%
  • 75%
  • 80%

Question 67

Question
(Ch 14) The following taxes were paid at the closing of a new home: $1,540 state documentary stamp tax on the deed, $693 state documentary stmp tax on the note, and $396 state intangible tax on the mortgage. What was the purchase price of the home?
Answer
  • $198,000
  • $220,000
  • $346,500
  • $440,000

Question 68

Question
(Ch 14) A couple is purchasing an apartment building. Each of the five apartments rents for $815 per month. The closing is scheduled for Spetmeber 16, and the rents were collected on September 1. What is the rent proration for this transaction and to whom will the amount be credited? The day of the closing belongs to the buyer.
Answer
  • $407.50, credit buyer
  • $1,901.67, credit seller
  • $2,037.50, credit buyer
  • $2,173.33, credit seller

Question 69

Question
(Ch 15) The approach to value most likely to be relevant for appraising a community college is the
Answer
  • comparable sales approach
  • cost-depreciation approach
  • income capitlization approach
  • straight-line approach

Question 70

Question
(Ch 15) The subject property has 200 less square feet of living area than a comparable. The market area value of 200 square feet is $20,000. Which adjustment should be made?
Answer
  • Add $20,00 to the subject
  • Add $20,00 to the comparable
  • Subract $20,00 from the subject
  • Subtract $20,00 from the comparable

Question 71

Question
(Ch 15) A home has 1,800 square feet of living area and 200 square feet of garage. The reproduction cost new is $48 per square foot for living area and $28 per square foot for finished garage area. The site measures 75 feet wide by 110 feet deep and is valued at $3 per square foot. The economic life of the home is estimated to be 50 years. The house is 10 years old. Te value of the property using the cost depreciation approach is
Answer
  • $73,600
  • $86,400
  • $92,000
  • $98,350

Question 72

Question
(Ch 15) A limited partnership wishes to purchase an apartment building that has a monthly net income of $4,000 and monthly expenses of $1,000. If the partnership is to get a 12% return on it's investment, what should it pay for the property?
Answer
  • $25,000
  • $33,000
  • $300,000
  • $400,000

Question 73

Question
(Ch 15) An income-producing property has a potential annual gross income of $81,420. Vacancy and collection losses are estimated at 10% of potential gross income. Expenses are estimated at $40,000. The estimated value of the property is $250,000. The capitilization rate for this property is
Answer
  • 13.31%
  • 14.91%
  • 16.57%
  • 17.5%

Question 74

Question
(Ch 15) A home recently sold for $58,500. The rent on the home is $450 per month. The GRM for the home is
Answer
  • 1.08
  • 10.83
  • 108
  • 130

Question 75

Question
(Ch 15) A building is valued at $150,000 when NOI is capitalized at a rate of 8%. NOI is 40% of effective gross income. The effective gross income is
Answer
  • $12,000
  • $22,000
  • $30,000
  • $32,000

Question 76

Question
(Ch 15) A commercial property has a potential gross income of $40,000. Vacancy and collection losses ar 5% of PGI. Additional operating expenses total $12,920. The property has a first mortgage requiring payments of $1,070.50 per month. Using a capitalization rate of 12%, which amount is an accurate estimate of the property's value?
Answer
  • $101,333
  • $107,667
  • $209,000
  • $316,667

Question 77

Question
(Ch 15) The annual income earned on a commercial property is $85,000, and the sale price is $722,500. What is the GIM?
Answer
  • 6.5
  • 7.5
  • 8.5
  • 9.5

Question 78

Question
(Ch 18) In Florida, real property taxes are levied on a
Answer
  • county fiscal-year basis
  • calendar year basis
  • fiscal-year basis
  • quarterly basis

Question 79

Question
(Ch 18) The first step in protesting the assessed value of real property is to
Answer
  • contact the county property appraiser or a representative
  • contact the county tax collector or a representative
  • contact the Value Adjustment Board
  • file suit against the Value Adjustment Board

Question 80

Question
(Ch 18) What would be your city and county property taxes if the property assessment is $38,000, you are a Florida resident receiving homestead tax exemption, and the total rate is 28 millls?
Answer
  • $364
  • $380
  • $429
  • $924

Question 81

Question
(Ch 18) A 25% service-disabled veteran, who is 75 years old, has been granted a homestead exemption on his $270,000 residence. How much is his total homestead exemption for county taxes?
Answer
  • $25,500
  • $30,000
  • $55,000
  • Totally tax exempt

Question 82

Question
(Ch 18) If a lot frontage is 100 feet, street paving costs are $40 per running foot, and the city will pay 25% of paving costs, what will be the assessment to the property owner?
Answer
  • $1,000
  • $1,500
  • $3,000
  • $4,000

Question 83

Question
(Ch 18) The maximum amount of profit that may be excluded from taxation on the sale of a home for a qualifying couple, filing seperately, is
Answer
  • $125,000
  • $150,000
  • $250,000
  • $500,000
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