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A collection of questions and answers related to real estate, covering topics such as truth in lending, appraisals, zoning, and agency agreements. It is a valuable resource for students preparing for a real estate exam or professionals seeking to refresh their knowledge.
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property value is sufficient to cover the loan" "A scale drawing shows a room to be 3 inches by 4-1/2 inches. Carpet, which is $15 per square yard, is to be
"A tenant leased 3,000 square feet at $10 per square foot and 8% of gross income. The total annual rent
pending or recent zoning change" "The zoning commission of Jefferson County requires that all new construction in a specific area adhere to
"Apartment houses in an area were selling for $100,000 and a buyer offered $100,000 for an apartment
unless they are also a lawyer." "In valuing a single family residence by the comparison approach, an appraiser would make adjustments
"Some expenses paid at closing must be __________ between the buyer and the seller. The most common
monthly rent"
"At age 18, Leslie is considering what to do when she graduates from high school in 9 months. Can she
she cannot be licensed until she receives her high school diploma." "Marhall has a court order against a bankrupt broker for $75,000 in damages caused by the broker's
"Wilma accepted an offer on her home from a buyer who provided a $3,500 earnest money deposit, but thereafter neither she nor her broker heard from the buyer. What is the most accurate way the broker
Commission within 15 business days that he has a good-faith doubt." "Moe relocated from Brooklyn to Florida, qualified for a Florida broker's license and opened a small office in Palm Beach. His family back in Brooklyn say he should open an office in Brooklyn too. Could Moe do this
out of state as long as all of his escrow funds are held in trust by a Florida bank or credit union." "Eve and her husband Adrian have homesteaded property. Adrian owns investment real estate in severalty and has expressed his desire that his investment property would go to his friend Rex. When
an elective share of the investment property. Rex would be entitled to the investment property by reason of the testate."
industrial; agricultural; special purpose property." "Salesperson Jerri helped her sister Summer get a job with Calhoun Title Company. As a way of saying thanks, Summer sends Jerri a $200 referral fee from the Title Company for every transaction that Jerri closes through Calhoun Title. Knowing Florida real estate law, Jerri had a lawyer friend add a phrase in her sale and purchase documentation stating that the buyer "agrees to use Calhoun Title Co." Which of the
title company from paying a referral fee to anyone recommending the use of its services, or as a reward for those who do." "Rita fell in love with a home built in 1905. She was surprised when the listing broker gave her a lead-based
seller may not accept an offer from the buyer unless both the Lead-based Paint Disclosure and EPA pamphlet have been given. If the seller fails to give the disclosure and pamphlet to the buyer, the broker is responsible for doing so." "Eldon arrived in Coral Gables and found the perfect apartment. He signed a written agreement with the property owner, but the contract had no date of termination. Which of the following most accurately
the tenant has loud parties, makes too much noise, and is constantly disturbing other tenants" "4. Broker Carr, with ABC Real Estate Company, listed the property with a seller. Broker Smith, with XYZ Real Estate Company, called Broker Carr, and disclosed that he was a Buyer Agent. Broker Smith wrote a contract with a buyer for the sale of the property. What, if any, is the relationship between the buyer's
parties. Broker Carr represents the Seller and Broker Smith represents the Buyer." "A buyer bought a property without telling the seller of his intended purpose for the property. The contract contains no contingency clauses and it is a properly executed contract. After the closing, the buyer is unable to obtain the zoning he needs for his commercial project. What is the contract at this
"6. The seller and the buyer finally agreed to a purchase price of $203,500 with the closing to occur on June
"A seller listed his home for six months on February 26. On April 29, a buyer made an offer on the property. The listing broker presented the offer to the seller on April 30. The seller accepted the offer on May 1, with
"The sellers listed their property for six months on February 26 for $522,500. They agreed to pay the listing broker a 7% commission at closing on the agreed upon sale price. A buyer made an offer on the property on March 29 for $510,000. The seller countered the offer on April 1 at $517,500, and the buyer accepted the counter offer with the closing to occur on June 15. How much commission did the seller owe the listing
seller." "The seller and the buyer agreed to a purchase price of $270,000 with the closing to occur on June 15. The seller's loan balance after the June 1 payment was $170,000. with an interest rate of 6%.The monthly payment was $1,800 principal and interest. What was the loan balance the day of closing, and how much
"The buyer and seller agreed to a purchase price of $310,500. The buyer received an 80% loan. How much
248,400. Credit the buyer only."
"On an 8% straight term loan of $6,071, the borrower paid total interest of $1,700. How long did he have
Lending statement."
"On a $500,000 loan the borrower is required to pay two points. How much does the borrower have to pay
would go down." "When the amortized payment of a mortgage remains constant over the period of the loan but leaves an
payment."
rate of interest."
"A house sold for $420,000. The buyer made a 20% down payment. Monthly interest on the loan was
"Which of the following describes a mortgage that requires principal and interest payments at regular
No, Not only are guidelines not uniform, qualification standards can vary enormously from lender to lender."
promulgates rules that protect consumers against misleading practices by the lending industry." "A mortgage company makes a number of loans to be assembled into one package and sold to permanent
credit."
To check for mathematical errors" "If a single parent is applying for a real estate loan, when would the fact have to be revealed that part of
for repayment of the loan" "When the lender under a deed of trust requires title insurance, who would be the most likely person to
"The Pickets are purchasing a home for $780,000 and the lender is giving them a 90% loan at 5% interest,
Novation"
"A buyer wanted to use a promissory note for consideration on the purchase of a property. Can he do this?
- CORRECT ANSWER Yes. This is acceptable as long as the seller agrees." "Seller Jolita lists her house with Broker Fred. Fred then buys Jolita's house and collects the agreed-upon
because it was his own home."
deed." "Looking at shopping centers in the appraisal process, the social fiber of the community and distances
"The Rose family owns a home in a semi-rural area, which is about five years old. Recently announced plans for a new regional airport will place their home directly in line with a main runway ending 1 mile
or running water"
One-eighth of a mile square is the same as 10 acres. Multiply 1/8 X 1/8 = 1/64 divided into 640 acres = 10 acres"
description of the property, and specify the fee or commission." "After a long dispute with a bankrupt and corrupt Florida broker, the Gonzalez family was awarded a judgment for $12,500 in actual damages and $87,500 in punitive damages, for a total of $100,000. They were then surprised find that the Real Estate Recovery Fund would not cover all $100,000. Which of the
not punitive damages. Therefore only $12,500 would be available for recovery in this case." "Ralph is a sales person with Sunlight Real Estate Brokers and when he shows his client Ben a property listed by Xavier Realty, Ben decides to make an offer on the property. Ralph notices that Ben has written the earnest money deposit check to be made payable to the wrong name. Which of the following
wrote the check payable to Ralph, Ralph should return the check to Ben and request he make out a new check." "Alejandro is a salesperson at Rococo Real Estate Brokerage in Pensacola. While visiting his daughter in Daytona, Alejandro sees a property offered by Daytona Diligent Realty which he proceeds to sell to a client back in Pensacola. Alejandro receives 5% commission from Daytona Diligent Realty. Is there anything
and Daytona Diligent Realty are in violation of Florida's real estate license law.***** (Alejandro may only be compensated by his broker, Rococo Real Estate, so any offer of commission or fee made directly by Daytona Diligent Realty must be refused. Both parties are in violation of Florida's real estate license law.)"
"What Florida Act was initiated to limit urban sprawl and encourage a more compacted development of
"Mario signed an exclusive listing with Paula to sell his apartment complex. After a few weeks Mario cancelled the listing agreement and contacted an auction house to turn the property quickly. Paula feels
conditions for payment of commission before the cancellation of the agreement."
urban sprawl; adequate provisions of services such as fire, police and libraries; providing for road right-of- ways and set backs; protection against costly drainage, flooding or environmental problems; protection for the public from harm in building; reduction in political and equity problems in landfills, prisons etc.; reduction in cost for major catastrophes such as earthquakes, tornados and fire."
"John has been farming his land in Florida for nearly 22 years. His principal crops are cabbage and oranges. He also raises pigs and horses for sale on his 280-acre property. He has consistently used conservation methods and fertilizing to maintain the value of the land. He has also reforested where possible on his
because his property falls under the Florida Green Belt Law."
than the encroaching cities around the land, and preserves the land for future agricultural use." "Lane, a broker, listed a small cottage near the causeway at $250,000, but the seller finally had to accept an offer of only $230,000. When Lane met with the parties, both the buyer and her client asked her to prepare a second contract in the amount of $250,000 "so the mortgage company will give us a higher
"If the board determines a proposed site does not conform with existing land use plans and zoning
plan and zoning ordinances to bring the proposed site into line with the existing local land use plans and zoning ordinances." "Broker Marge was swamped, and asked Jilly and Kelly to help with 1 of her clients. Jilly is a non-licensed secretary and Kelly is a real estate licensee working in a non-representative role with the seller. Who could
could. There is no restriction to prevent a licensee from preparing a CMA for a buyer or seller." "When Theresa's neighbor Joe died, his son informed Theresa that he was going to enforce the easement he and Joe had running along the back edge of Theresa's property. Theresa said that since Joe hadn't enforced it in 18 years, he had lost the right because the easement automatically terminated in that
years without interruption before the easement may be terminated." "Millie and Britt have owned 2 homes for the past 7 years, 1 in Manhattan and 1 in Tampa. 6 years ago they separated, and Millie decided to stay in Manhattan, with Britt electing to live in Tampa. They now want to sell the house in Manhattan and buy Millie a condo. Can Britt and Millie exclude up to $500,000 of gain
for joint filers) of gain on the sale or exchange of a home if it was owned and used as the taxpayer's principal residence for 2 of the 5 years preceding the sale. Both Britt and Miller must have lived in and used the home to qualify for the $500,000 exclusion."
"When applying for the Florida real estate licensure examination, what does a candidate need to submit?
Yes, net listings are legal in Florida." "Which of the following brokers is in violation of the recent updates to Florida statutes regarding
owners from displaying any materials on their doors, so Alana has her business sign posted on the inside of her condo door, which is visible to clients as soon as they enter." "To comply with the statutes, which of the following actions must broker Haley take when she moves her
of her change of address by sending the required form along with a list of licensees no longer associated with the firm."
"Can a successful sales associate who is ambitious to generate new business, place a series of
name of the firm or broker in addition to the sales associate's." "A broker has had his license suspended for failure to properly market his listings. The Whitfields obtain a civil court judgment against him for the damages resulting from his action. Which of the following
"What are the maximum aggregate payment from the Recovery Fund for multiple claims against a single
"With regards to the 2003 changes to the Florida Statutes, which of the following limitations has been
until the Recovery Fund reaches $1 million."
"A real estate licensee is acting as a transaction broker facilitating the sale of a commercial building. Which
is required to sign the broker disclosure notice if the broker is acting as a transaction broker."
"An optionor and an optionee make a contract for an option on a commercial piece of property. If the
his option under the terms of the option contract." "A home improvement company was negotiating with a homeowner to add on two rooms to a home. The company agreed to take a second mortgage as long as the homeowner also included the rest of the property in the loan. The company and the homeowner agreed to a price and the company provided the necessary disclosure form on Monday and the homeowner signed the agreement at noon the following day. Assuming that the week had five business days, until what time could the homeowner rescind the
"The Smiths' purchased a residence for $750,000. They made a down payment of $150,000 and agreed to assume the seller's existing mortgage, which had a current balance of $230,000. The Smiths' financed the remaining $370,000 of the purchase price by executing a second mortgage whereby the seller became a
"In most states, by paying the debt after a foreclosure sale, the mortgagor has the right to regain the
"The lender is required, under RESPA, to provide a detailed "Good Faith Estimate (GFE)" statement at the
"An owner advertised "beautiful acreage; only $5,000 down; owner will personally finance down
not covered by Regulation Z." "Mrs. Jones, an appraiser, is appraising a single family residence for which she has located six closely comparable properties, all sold within the past six months. The subject property is rented for $1,500 per month. It is a custom-built home, approximately three years old. Mrs. Jones would probably give the most
Market data approach"