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Florida Real Estate|140 Exam Quiz
Questions
An earnest money deposit held in escrow is reflected on the closing statement as a?
a. credit to the buyer
b. debit to the buyer
c. credit to both the buyer and seller
d. credit to the seller - โ โ a. credit to the buyer
In the absense of any agreement between the parties, the state documentary stamp tax on the deed is paid by the? - โ โ Seller
Which statement about the brokers portion of the closing statement is true?
a. all double-entry items must appear there
b. total reciepts minus the binder deposit equals the grand total
c. Reciepts and disbursements must equal
d. total expenses less the brokerage fee equals the grand total - โ โ c. Reciepts and disbursements must equal
_______ __ _______applies when a higher-priced property is constructed in an area of lower-priced properties. the higher priced property will REGRESS in value toward the level of less expensive properties in the area. - โ โ Principle of regression
This approach is usually the most applicable method for appraising residential properties - โ โ Comparable sales approach
________ expenses do not change w/ occupancy levels, examples property taxes and hazard insurance. - โ โ Fixed
Owners that buy income properties as investments and depend on professionals to manage them - โ โ Absentee Owners
a Value estimated based on resent sales of similar properties in the same neighborhood, not an appraisal - โ โ CMA - Comparative Market Analysis...
A contractor is employed by an owner of land to build on that land to the owner's specifications - โ โ Custom Building
When a contractor builds on his own land with the hope of locating a purchaser after construction has been completed - โ โ Speculative building
b. Business and Professional Regulation
c. Revenue
d. Real Estate - โ โ b. Business and Professional Regulation
Which information supplied by an applicant is Public Record?
a. financial Information
b. test scores
c. name and address
d. medical information - โ โ c. name and address
The Florida Real Estate Commission held a meeting for the purpose of passing a new rule. This is an exercise of which Commission power?
a. executive
b. quasi-legislative
c. quasi-judicial
d. ministerial - โ โ b. quasi-legislative
When is a request for the renewal of a license effective?
a. when recieved by the department
b. the day following the experation
c. on the date the application is mailed
d. on the date indicated on the license - โ โ a. when recieved by the department
A real estate license expires
a. on the date shown on the license
b. every 2 years
c. on the effective date
d. at the end of 1 year - โ โ a. on the date shown on the license
A sales associate failed to complete required postlicense education prior to expiration of the license period. What is the status of license?
a. active
b. voluntary inactive
c. involuntary inactive
d. null and void - โ โ d. null and void
The only brokerage that includes fiduciary duties is the __________ __________. - โ โ Single Agency
A licensee assigned by a broker to act as a single agent of a buyer or seller in a nonresidential transaction is titled a ________ _________ ________. - โ โ Designated Sales
Associate
Brokers in a nonresidential sale are not required to use _________ _________. - โ โ Written disclosure
Which relationship is not adversarial?
a. arms length
b. buyer beware
c. caveat emptor
d. fiduciary - โ โ d. fiduciary
The signature or initials of a party is required by the Brokerage Relationship Disclosure Act on which Form?
a. Single Agency Disclosure
b. Transaction Broker Disclosure
c. Consent to Transition to Transaction Broker
d. Important Information Disclosure - โ โ c. Consent to
Transition to Transaction Broker
A Broker
a. can refuse offers on behalf of the principal
b. can buy the listed property w/o consent of the principal
c. must follow all legal instructions of the principal or withdrawl
d. must ignore the instructions of a principal when the instructions are not in the best interests of the principal. - โ โ c. must follow all legal instructions of the principal or withdrawl
Sales associates can be stockholders in a brokerage corporation but may not be _________ or _________? - โ โ officers
or
directors
A real estate brokerage corporation must have at least ____ active broker serving as an ______. - โ โ One
Officer
Anyone licensed or not can be a _________ _________ in a real estate brokerage limited partnership? - โ โ limited
partner
c. cannot be created by real estate brokers
d. will not be treated as though the partisipants were partners - โ โ b. is not a true partnership
A location would be required to register as a brokerage branch office if
a. tables and chairs are provided for sales associates and customers
b. the location is used as a shelter
c. literature is handed out containing the broker's office address
d. sales associates are permenently assigned to the location
- โ โ d. sales associates are permenently assigned to the location
Which statement best describes the sign requied for a brokerage office?
a. only 1 sign per firm is required regardless of the number of offices
b. each sales associate associated w/ the firm must have a separate sign
c. Every active broker must maintain a sign at each brokerage office or branch office
d.office signs are permitted but not required by law - โ โ c. Every active broker must maintain a sign at each brokerage office or branch office
If a commission dispute arises prior to closing, the broker
a. may retain the entire amount of escrowed funds until the dispute is resolved
b. must withdrawl the amount of the commission from the escrow account
c. may retain the exact amount of the disputed commission in the escrow account until the dispute is settled
d. must deliver the entire amount of the escrowed funds at closing - โ โ c. may retain the exact amount of the disputed commission in the escrow account until the dispute is settled
The maximum amount that can be paid from the Real Estate Recovery Fund based on the actions of a licensee is ___________ - โ โ $150,
The criminal penalty for violation of F.S. 475 is typically a fine of up to _____ and/or imprisionment for no more than _______ days - โ โ $500,
60
a licensee that has had a payment made from the real estate recovery fund as a result of his or her actions will
b. submit the matter to mediation
c. file extentions (10 days to file)
d. request novations - โ โ c. file extentions (10 days to file)
Cival Rights Act of 1866 - โ โ prohibits discrimination on the basis of race
Federal Fair Housing Act - โ โ is the expanded on the 1866 Act and makes discrimination in the showing , negotiation, sale, rental or financing of a dwelling prohibited when based on color, handicapp, family status
Redlining - โ โ don't lend in certain areas because of
minorities
the Cilvil rights Act prohibits discrimination on the basis of ________ - โ โ Race
An owner that does not use the service of a broker and does not discriminate in advertising is _________ from the Civil Rights Act of 1968 - โ โ Exempt
Lenders that refuse to make loans in certain geographic areas based on social or economics considerations are practicing __________. - โ โ redlining
When all rights under a lease have been transfered to another, the process is called an ___________. - โ โ assignment
Federal law governing telephone solicitations prohibits calls to residences after ______ - โ โ 9:00 pm
To be enforcable, a lease longer than 1 year
a. can be oral if witnessed by 2 people
b. does not have to conform to the Statute of Frauds
c. must be in writing, signed by the landlord (no witness is required in Florida)
d. Does not have to be witnessed - โ โ c. must be in writing, signed by the landlord (no witness is required in Florida)
A 5-year lease of a 10,000 sq ft warehouse prohibits assignment. After 2 yrs the tenant is unable to continue w/ the full rent payments and arranges w/ another tenant to take over one-half of the space and one-half of the rent for the remaining term. This arrangement is
a. a violation of the terms of the lease
b. a sublease
c. in violation of Statute 83
d. illegal - โ โ b. a sublease
Discrimination based on religion is prohibited by the
Or
Stocks
Property that is exempt from execution of foreclosure to satisfy a personal debt of the head of the household can be up to one-half acre within a city or up to ______ acres outside a city. - โ โ 160
What rights does a property owner have to the use of water flowing over or through his or her land?
a. riparian
b. littoral
c. flowage
d. aquifer - โ โ a. riparian
A potential purchaser of a timeshare can cancel the contract without penalty within how many days? - โ โ 10
which statement best describes a tenancy at sufferance?
a. The tenant suffers from the landlord's failure to maintain the property
b. the landlord suffers from the tenant's failure to pay rent
c. The lease instrument is valid
d. The tenant remained in possession after expiration of a lease - โ โ d. The tenant remained in possession after expiration of a lease
The full bundle of the rights in real property includes
a. destruction, use and extinction
b. destruction, use and enjoyment
c. use, expatriation and enjoyment
d. disposition, use exclusion - โ โ d. disposition, use exclusion
Tests used by courts to determine whether an item is real or personal property include - โ โ intent,
relationship of the parties,
method of annexation,
adaption
The four unities required to create a joint tenancy are
a. interest, survivorship, possesion and time
b. possession, deed, title and time
c. possession, interest, time and title
Section 13 is _________ of Section 12 - โ โ South
The main north/south line used in the government survey method is the principal
a. latitude
b. longitude
c. baseline
d. meridian - โ โ d. meridian
A Township contains how many sections? - โ โ 36
Oral contracts are also known as _________ contracts? - โ โ Parol Contracts
An _______ contract can be oral or written. - โ โ Express
The seal of a Notary public, called an __________, should not be confused w/ the word "seal" as used in connection with contract law. - โ โ acknowledgement
The _____ is the placement of the word seal or the letters "L.S.", locus sigilli, following the signatures of the parties. - โ โ seal
A ______ _______ is defined as a contract that is wholly written and under seal (in writing and signed. - โ โ formal contract
____________ of ___________ provides time limits within which parties are allowed to bring legal action to enforse their rights under a contract. - โ โ Statue of Limitations
Parol Contracts, if a contract is entirely oral , action must be brought within _____ years. - โ โ 4
Written Contracts, a contract wholly in writting may be enforcedif action is brought within _____ yrs - โ โ 5
The broker who successfully performs by locating a "willing , ready and able" buyer is said to be the "______ _______" of the sale and is the only broker entitled to a commission. - โ โ Procuring Cause
the ______ _______ of a sale is what entitles a broker to commission. - โ โ Procuring Cause
Which statute requires a purchase and sale contract to be in writing to be enforceable?
a. Chapter 475
b. Chapter 120
c. Statute of Limitations
d. Statute of Frauds - โ โ d. Statute of Frauds
__________ clause allows the lender to Foreclose on you bc you haven't been making your payments. - โ โ Acceleration
