Florida Real Estate Principles

Front 1

What is the number directly below #34?

Back 1

#3 is directly below #34

Front 2

How many different expert information areas does Real Estate professionals provide and what are they?

Back 2

3 Areas

Knowledge of property transfer

Knowledge of market condition

Knowledge of how to market real estate and businesses

Front 3

______ is the business of bringing together buyers and sellers, owners and renters, and of completing real estate transactions

Back 3

Real Estate Brokerage

Front 4

What are the five major sales specialties real estate sales associates involved in sales and leasing often specialize in?

Back 4

Residential, Commercial, Industrial, Agricultural and Businesses

Front 5

_____ refers to a selected and limited geographic area to which a sales associate devotes special attention and study. ______ involves expertise in locating prospects.

Back 5

Farm area.

Target marketing

Front 6

_____ is what a sales associate does for buyers and sellers after the sale.

Back 6

Follow-up

Front 7

_____ is a professional service conducted by a person or company hired to maintain and manage property on behalf of property owners. It typically involves leasing, managing, marketing and maintenance of property.

Back 7

Property management

Front 8

Property owner's local representative who is responsible for maintaining the property and managing the expenses.

Back 8

Property manager

Front 9

Property owners who dose not reside on the property and who often relies on a professional property manager to mange the investment

Back 9

Absentee owner

Front 10

The field of property management has experienced rapid growth and specialization, primarily because of the increase in ________.

Back 10

absentee ownership

Front 11

A ________ must hold a CAM license when the community association consists of more than 10 units or has an annual budget in excess of $100,000.

Back 11

community association manager

Front 12

The process of developing and communicating an estimate of a property's value

Back 12

Appraisal

Front 13

Who regulates state-certified and licensed appraisers?

Back 13

FREAB - The Florida Real Estate Appraisal Board

Front 14

Who can prepare an appraisal that involves a federally related transaction?

Back 14

Only a state-certified or licensed appraiser

Front 15

A set of guidelines (standards of practice) to follow when conducting appraisal services. Florida law requires appraisers and real estate brokers and sales associates to abide by this when conducting appraisals of real property.

Back 15

Uniform Standards of Professional Appraisal Practice (USPAP)

Front 16

Real estate licensees may help potential sellers determine an asking price by preparing a _____.

Back 16

comparative market analysis (CMA)

Front 17

A ___ is a marketing tool that is prepared for a potential buyer or seller based on recent sales of similar properties, properties currently on market and recent expired listings.

Back 17

CMA (comparative market analysis

Front 18

A written opinion of the value of real property

Back 18

Broker's price opinion (BPO)

Front 19

Anyone who takes residential mortgage loan applications or offers to negotiate the terms of residential mortgage loan applications for compensation must be licensed as a _____.

Back 19

mortgage loan originator (MLO)

Front 20

What are the three general phases of development and construction?

Back 20

Land acquisition, subdividing and developments, and recording the subdivision plat map

Front 21

Before work can begin, most local governments require that developers submit a ________. This is an engineer's plan for land use superimposed on a map of the land to be developed.

Back 21

subdivision plat map

Front 22

The gift of land by an owner, in this case a developer, to a government body for a public use.

Back 22

Dedication

Front 23

What are the three general categories of residential construction?

Back 23

• Speculative (spec) homes
• custom homes
• tract homes

Front 24

What is DBPR?

Back 24

department of business professional regulation

Front 25

What is the largest trade organization in the world?

Back 25

The national Association of realtors (NAR)

Hint 25

NAR

Front 26

Who appoints the chief administrator (secretary of the DBPR)?

Back 26

The governor

Front 27

The division of professions contracts with a __________For exam services.

Back 27

Professional testing service

Front 28

What is the division of Florida condominiums, timeshares, and mobile homes?

Back 28

It regulates condominiums, cooperatives, timeshares, and mobile home parks.

Front 29

How many general categories of residential construction are there?

Back 29

Three

Front 30

What’s the largest trade organization in the world?

Back 30

National Association of REALTORS (NAR)

Front 31

In 1962, the Florida legislature created the _____ To administer an in force the license law. The ____ Granted the commission authority to keep records and conduct investigations, as well as the power to grant, Deny, suspend, and revoke licenses.

Back 31

Florida legislature

Front 32

What laws and rules must applicants be familiar with?

Back 32

Florida statute 20

Florida statute chapter 475

Part II of chapter 475

Part III OF CHAPTER 475

Chapter 455

Florida statute 120

Chapter 61J2

Front 33

Organizational structure, establishes the structure of the executive branch Of Florida

Back 33

Florida statute 20

Front 34

An_____Is an unlicensed entity that sells, exchanges, or leases its own property

Back 34

Owner-developer

Front 35

An owner developer’s Sales staff Must hold active real estate licenses in order to be paid a commission or other compensation based on what?

Back 35

Actual sales (that is, on a Transactional basis)

Front 36

Where can you apply for Florida real estate license online?

Back 36

WWw.myfloridalicense.com/dbPr and select apply

Front 37

The DBPR exempts the following three categories of applicants from the initial licensing fee for a professional license:

Back 37

Low income applicants

Military personnel and their spouses

Military veterans and their spouses (also Surviving spouse is)

Hint 37

Low income applicants

Front 38

The DBPR is required by Florida law to Waive the initial license fee for qualifying______

Back 38

Low income applicants

Front 39

This law is often called the real estate professional practice act

Back 39

Florida statute chapter 475

Front 40

Part _____ of chapter____what pertains to real estate brokerage?

Back 40

Part I of Florida chapter statute chapter 475

Front 41

Part_____of chapter _____ Pertains to real estate appraisers and sets forth the requirements for licensed and certified appraiser’s according to federal statute?

Back 41

Part II of chapter 475

Front 42

Part_______ of chapter______, The commercial real estate sales commission lien act, Gives a broker lienAnd certified appraiser’s according to federal statute

Back 42

Part III of Chapter 475

Front 43

Chapter ______Business and professional regulation: General provisions, defines the general legal practice and procedure for the DBPR And the licensees of Our professions regulated by the DBPR, including real estate

Back 43

Chapter 455

Front 44

Florida Statute ______The administrative procedure act Defined the procedural process by which regulatory agencies decide and employment agency action

Back 44

Florida statute 120

Front 45

Chapter_____Is the rules of the Florida real estate commission

Back 45

Chapter 61J2

Front 46

The three categories of real estate licenses are as follows:

Back 46

Sales Associate

Broker

Broker associate

Front 47

The DBPR is required by Florida law to Waive the initial license fee for qualifying______

Back 47

Low income applicants

Member of the U.S. armed Services that has served on active duty (The fee waiver also applies to a spouse who was married to the active duty member during a period of active duty into a surviving spouse of a member of the US arm services who is the time to death with serving on active duty duty)

Military Veterans (and their Spouses who apply for a license issued by the DBPR)

Front 48

What fees must be waived for military veterans and their spouses?

Back 48

Application fee

The initial license fee

Unlicensed activity fee

Front 49

For veterans, the application must be made with _______ after honorable discharge from the U.S. armed forces

Back 49

60 Months

Front 50

_____As a process by which the record of a criminal conviction is destroyed or sealed after expiration of time

Back 50

Expungement

Front 51

In reference to “To check for errors and omission” a____ day period Is allowed after receipt of the application to check for errors and omissions and to send the applicant a notice of insufficiency concerning any additional information required

Back 51

30 days

Front 52

The licensure Applicant must be informed of approval or denial of the application within how many days after Receipt of the last correctly submit an application?

Back 52

90 Days

Front 53

When the commission denies an application reference he licensure, It sends a copy of the denial to the applicant, list of reasons for denial, and advised that the applicant has how many days from the date of receipt of the order to request a hearing in Accordance with chapter 120?

Back 53

21 days

Front 54

____Is the practice of mutual exchange of privileges

Back 54

Reciprocity

Front 55

___As a person who has resided in Florida continuously for a period of four calendar months or more within the preceding years, regardless of whether the person who resides in an RV, hotel, rental, or any temp location.

Back 55

Florida Resident

Front 56

_____ Is to recognize the education and experience of individuals licensed in another state or nation When the other two are addiction has education and experience Requirements comparable to Florida requirements

Back 56

Mutual recognition agreements

Front 57

The Social Security number is used to determine where the applicants are in compliance with what?

Back 57

Child support obligations

Front 58

4-Year or higher real estate degree are exempt from the following except what?

Pre-license course I

Pre-license course II

Post License

Back 58

Continuing Education

Front 59

Florida-Licensed Attorney are exempt from Pre-license course one and continuing education...however what are the NOT exempt from?

Back 59

Pre-license course II

Post License

Hint 59

Page 27

Front 60

Request to review the exam must be received within how many days after the date of the examination?

Back 60

21 days

Front 61

Sales associates who do not complete the 45 hour post licensing requirement and want to continue and the real estate business are required to re-qualify for licensure by doing what?

Back 61

By repeating the pre-license course and and of course exam and buy again passing the state Licensing exam

Front 62

After completing the post licensing education requirements during the initial license period, Active and in active licensees must complete at least what every 2 year period after?

Back 62

Continuing education

Front 63

Reference a Real estate broker, The applicant has held in active sale associate license under one or more real estate brokers for at least How many months during the five year period Proceeding application to become a Florida real estate broker?

Back 63

24 months

Front 64

Another way that a broker can fulfill an experience requirement, the applicant must have held an active broker License where? for at least 24 months during the five year period Proceeding application to become a Florida real estate broker?

Back 64

From another state or any foreign jurisdiction

Front 65

A brokers experience CANNOT be earned by working for an owner-developer Unless the owner developer is A licensed broker who holds a current, active, valid _____

Back 65

Real estate license

Front 66

____ Is the process of submitting information to the DBPR that is entered into the departments records

Back 66

Registration

Front 67

______Is obtained when an applicant passes the state license exam

Back 67

Licensure

Front 68

Sales associate and broker associates licensed in Florida must be registered under there employing _____ (or Owner developer, if applicable).

Back 68

Broker

Front 69

Sales associates and broker associates may Have how many registered employers at any given time?

Back 69

One

Front 70

After being issued a real estate license, The license indicates the following: Licensees full name and address, type of License, license number and what other 2 things?

Back 70

Effective date and expiration date

Front 71

_____ Is the phone has any value or valuable consideration, directly or indirectly paid, promised, or expected to be paid or received

Back 71

Compensation

Front 72

____May pay a referral fee to a broker license in another state so as long as the foreign broker does not violate Florida law

Back 72

Florida Broker

Front 73

In reference to presumption of acting as a real estate broker:

The _____Should be upon the individual to show that he was not acting or attempting to act as a broker or sales associate

Back 73

The Burden of proof

Front 74

The Florida statute identify specific exemptions from the Requirement to be licensed as a real estate broker or sales associate. The exemptions has been organizing to how many groups?

Back 74

Five

Front 75

In reference to exemptions from a real estate license what are the five groups of exemptions from The requirement to be licensed as a real estate broker:

Back 75

Owner exemption

Exemptions based on career

Salaried employee exemptions

Court and legally appointment persons

Miscellaneous exemptions

Front 76

Partners in real state partnership are exempt from _____ If selling property owned by the partnership provided the partner receives a share of the profits in Proportion to their interest in the partnership

Back 76

Licensure

Front 77

____Are individuals who receive a salary and do not receive compensation based on the actual real estate transaction

Back 77

Salaried employees

Front 78

What salaried employees are exempt from licensure?

Note: these Employees cannot be Compensated based on transactions completed

Back 78

Employees out of an apartment community who works in an on site rental office

Front 79

Salaried managers Of a condominium or cooperative apartment complex who rent individual units for periods no longer than ____, And do not receive compensation based on transactions

Back 79

1 year

Front 80

In reference to court and legally appointment persons, An ____ Is a person who has been authorized by another person to act in his place

Back 80

Attorney-in-fact

Front 81

In reference to court and legally appointment persons who may a seller choose to To sign legal documents, such as a cell contract or a deed, on the sellers behalf

Back 81

Power of attorney

Front 82

In reference to miscellaneous exemptions rentals and mobile home parks and recreational vehicle lot rentals are not considered what?

Back 82

Real property

Front 83

Tenants of an apartment community may receive a fee up to how much for a referral of a new tenant to the same apartment community?

Back 83

$50

Front 84

A licensed sales associate may operate for the Broker registered as the sales associate’s _______

Back 84

Employer

Front 85

A sales associate applicant is not required to comply with what requirement?

Back 85

Be a boba fide Florida Resident

Front 86

It’s associate applicant is not required to disclose with information on the licensee application?

Back 86

Proof of US citizenship

Front 87

In reference to a real state licensee That works on a commission basis for a brokerage company, How many registered employers can one have?

Back 87

One

Front 88

The DBPR is required by law to wave which fees for low income license applicants

Back 88

Initial license fee

Front 89

Which event because the FREC To refuse to certify an individual as qualified for licensure?

Back 89

Was convicted of fraud in an insurance scam

Front 90

If someone receives their Florida says associate license, Which requirement Must be completed to become a licensed real estate broker?

Back 90

Successfully complete the 45 our post licensing course

Front 91

Anyone who performs any of the services of a real estate for another for a compensation unless specifically exempted by law must be what?

Back 91

Licensed

Front 92

There are three types of laws that society looks too for guidance regarding Agency relationships what are they?

Back 92

Common law

Statutory law

Administrative law

Front 93

A _____Ask in a position of trust and confidence for another

Back 93

Fiduciary

Front 94

A fiduciary Relationship contrasts With the common public relationship that exists in normal trading transaction where people with adverse interest deal at ______ with one another

Back 94

Arm’s Length

Front 95

What does FSBO stand for?

Back 95

For Sale By Owner

Front 96

Caveat Emptor is a Latin term meaning what?

Back 96

Let the buyer beware

Front 97

In reference to a fiduciary relationship, A ____ Is authorized by the principal to perform ask associate it with the continued operations of a particular job or a certain business of the principal

Back 97

General agent

Front 98

A _____Is authorized by the principal (broker or owner-developer) To handle a specific business transaction or to perform a specific act

Back 98

Special agent

Front 99

And a residential transaction, there are three Brokeridge relationship options that a real estate broker will assume for buyers and sellers...WhT are they?

Back 99

Non-representation (no brokerage relationship) 0%

Single Agency

Transaction Broker

Front 100

In reference to Brokeridge relationship options, who determines the appropriate type of brokers relationship?

Back 100

The Broker

Front 101

A _____Is a broker who provides limited representation to a Buyer, a seller, or to both parties in a real estate transaction

Back 101

Transaction Broker

Front 102

What are the transaction broker relationship duties?

Back 102

-Account for all funds

-Deal honestly

-Disclose all known facts of materially affect the Value of residential property

-use skill, care, and diligence in the transaction

-Present all offers and counter offers in a timely manner

-Exercise limited confidentiality, unless waived in writing by a party

-Perform any additional duties that are mutually agreed to with a party

Front 103

In reference to distinct features of a transaction broker relationship, What must be a transaction broker exercise?

Back 103

Limited Confidentiality

Front 104

To gain the principal’s Written consent To a change in relationship, the buyer or the seller (or both) Must sign the _____ Two transaction broker notice set forth in chapter 475

Back 104

Consent to transition

Front 105

What does the following refer to: if the brokerage firm is representing the seller as a single agent, the brokerage firm can work with the buyer, in the same transaction, in a Non-representation capacity

Back 105

brokerage relationship limitations

Front 106

In reference to brokerage relationship disclosure act, written disclosures are required only for residential sales transactions when the brokerage firm acts in the capacity of what 2 things?

Back 106

Single Agent and no brokerage relationship

Front 107

Residential sales transactions are defined as what three following:

Back 107

-Improved residential property of four or fewer units

-Unimproved residential property is zoned for four or fewer units

-Agricultural property of 10 or fewer acres

Front 108

What are the types of transactions that do not require Brokeridge relationship disclosures?

Back 108

-Non-residential transactions

-Rent or lease agreements (except when there is an option to purchase residential property)

-Business opportunities(Except for property with four of your residential units)

-Auctions (is not considered a residential sale)

-Appraisals

Front 109

Under Florida law, it is presumed that all licensees are operating as transaction brokers unless another brokerage relationship is established. Therefore, there is no requirement to give a written transaction broker disclosure to the ____ and/or ____

Back 109

Buyer or Seller

Front 110

In reference to recordkeeping in retention of disclosure documents, brokers must retain Brokeridge relationship disclosure documents for _____ years For all residential transactions that result in a Written contract to purchase and sale real property.

Back 110

Five Years

Front 111

A broker working in a______It’s not an agent of either party Any transaction.

Back 111

No brokerage relationship(Non-representation)

Front 112

- When the licensee knows that a single agent or a transaction broker represents a prospective seller or a prospective buyer

-Add a bona fide “open house)” Or motorhome showing that does not involve eliciting Confidential information

The above are Situations that does not create a what?

Back 112

A brokerage relationship

Front 113

In a non-residential real estate transaction where the buyer and seller each have assets of $1 million or more, the broker at the request of the buyer and seller may designate to sales associates to act as a single agent for the buyer and the seller in the same transaction. What are the two sales associates in such an arrangement called?

Back 113

Designate sales associates

Front 114

What are some reasons A brokerage Relationship between a principal (or a customer) And a broker may be terminated:

Back 114

-Death of a sellers broker or the seller before the broker finds a ready, willing, and able buyer

-Death of the buyers broker or the buyer before the broker find a suitable property for the buyer

-Destruction of the property or condemnation by eminent domain

Front 115

A broker (And the brokers associates) Working in a No brokerage relationship with the parties to a transaction 03 duties to customers...What are they?

Back 115

Account for all funds

Deal honestly and fairly

Disclose all know effects that materially affects the value of the residential real property and are not really Observable to the buyer

Hint 115

Account for our phones

Front 116

Who are required to follow the following three duties:

Account for all funds

Deal Honestly And fairly

Disclose all known fact that affect the value of residential property

Back 116

All brokerage relationships: (No Brokerage, Transaction Broker, Single Agent)

Front 117

Florida license law to find a ______ As a broker who represents, as a fiduciary, Either the buyer or the seller, but not both, In the same transaction

Back 117

Single agent

Front 118

The term _____ and______ Should only be use when referring to a single agent relationship.

Note: Single agent relationships must be in writing

Back 118

Principal and client

Front 119

What are the types of authorized relationships in reference to Fiduciary and Non-Fiduciary relationships

Back 119

Transaction Broker (customer)

Non-representation (customer)

Single agent (100%) (principle/client)

Front 120

____Occurs when a brokerage Firm represents as a fiduciary both the buyer and the seller in the same real estate transaction

Back 120

Dual Agency

Front 121

What for duties do single agents have And our brokerage relationships?

Back 121

-Account for all funds

-Deal honestly and fairly

-Disclose all known facts that materially affect the value of the Residential real property in or not really observable to buyer

-Use skill, care, and diligence

Front 122

It is presumed that all licensees are operating as transaction broker is unless one of the other two brokerage relationships is establish in what matter with the customer?

Back 122

In writing

Front 123

Both the seller and the buyer must transition to a transaction broker relationship before the buyer can be shown The sellers property if what?

Back 123

If A real estate brokerage company has entered into a single agent buyer broker relationship with the buyer

Front 124

The brokerage relationship disclosure requirements in chapter 475 Florida statute applies to what?

Back 124

Settle of condominium unit

Front 125

What duties does the following statement best describe:

The broker must act in the best interest of the principal

Back 125

Single agent relationship

Front 126

A real estate broker who works in a limited capacity for both the buyer and the seller in the same transaction is called a what?

Back 126

A transaction broker

Front 127

Scenario: The licensee of a ABC Realty Must give the no brokerage relationship notice to

Back 127

A for-sale-by-owner (FSBO) Seller before showing the FSBO Home to a buyer customer of ABC Realty

Front 128

And the common public relationship that exists And a typical real estate transaction, buyers and sellers are said to be dealing at ______with each other

Back 128

Arm’s length

Front 129

A brokers obligations to consumers with whom the brokerage firm has a _______ relationship include the duty of Accounting for all funds

Back 129

No brokerage relationship

Front 130

The following designated individuals are best described as the following: Single agent for the buyer and the seller in non-residential transactions were the buyer and the seller me certain asset thresholds

Back 130

Sales associates

Front 131

Relationship between the employing broker and a broker associate we’re considered what type of relationship?

Back 131

General agency

Front 132

All active Florida real estate brokers are required to have an office and to register the office with who?

Back 132

department of business and professional Regulation (DBPR)

Front 133

In reference to brokerage offices, if local zoning and any applicable restrictive covenants permit, The broker’s Office may be located where?

Back 133

Brokers Residence

Front 134

A broker may have an officer offices in ____, Provided the broker agrees and riding to cooperate with any investigation initiate it on their chapter 475

Back 134

In another state

Front 135

In reference to Brokerage offices, Who are not permitted to open offices of their own?

Back 135

Sales associates

Front 136

If a broker decides to close one branch office and open a new branch office at a different location, the registration of the closed office May not be transferred where?

Back 136

To the new location

Front 137

A broker may reopen a branch office in the same location during the same license. By requesting a re-issue of the branch office license without paying what?

Back 137

Additional fees

Front 138

A temporary shelter in a subdivision being sold by broker is not a branch office if the shelter is intended only for the protection of who?

Note: If sales associates are permanently assign there and sell transactions are close there, then the temporary structure must be registered as a BRANCH OFFICE

Back 138

Customers and sales associates

Front 139

In reference to Office signs with real estate brokers, They must display an official sign on either the exterior or the interior of the entrance to their principal office and all branches. Why information must the same contain:

Back 139

Trade Name (of one is used)

Brokers Name

The words “Licensed real estate broker” or “Lic. Real Estate Broker”

Front 140

In reference to Active real estate brokers office sign, What names are not required on the entrance signs?

Back 140

Sales associates in broker associates

Note: If associates names appear on the sign, the names must be below the name of the broker(s) Inappropriate license type

Front 141

In reference to advertising,All advertising must be in the name of the _____ and under the supervision of the broker.

Back 141

Brokerage

Front 142

_____ (also known as group advertising) Is the name or logo used by one or more licensees who represent themselves to the public as a team or group.

Back 142

Team advertising

Front 143

In reference to team advertising, each team is file with their employing broker the name of the licensee whom the team designates to be responsible for ensuring that the team advertising complies with what?

Back 143

Florida license law and administrative rules

Front 144

In reference to advertising, teams most advertise in the name of who?

Back 144

The brokerage

Note: the team name In advertisements may be no larger than the name of the registered Broker

Front 145

In reference to blind advertisements, advertisements must Clearly reveal the license name of the ______ ______. Advertisements that failed to disclose the license name of the ______ are called Blind Advertisements.

Back 145

Brokerage Firm

Front 146

In reference to false advertising, false advertising is a what kind of criminal degree?

Back 146

Misdemeanor of the second degree (page 94)

Front 147

FREC Rules mandate that real estate advertisements must not be what?

Back 147

Fraudulent, false, deceptive, or misleading

Front 148

When advertising on an Internet site, the name of the brokerage firm must appear _____ to or immediately above or below the point of contact information

Back 148

Adjacent

Front 149

In reference to licensee selling property by owner, it is not necessary for a licensee to indicate in the advertisement that the seller is a _______.

Back 149

Real estate licensee

Front 150

In reference to telephone solicitation, calls are restricted to the hours between______ and _____

Back 150

8:00AM and 9:00PM

Front 151

In reference to state regulations, he says associate representing a potential buyer may call the FSBO seller, but only if the associate has an Actual buyer interested In the property in for purposes of ____

Back 151

Negotiating a sale

Front 152

In reference to state regulations, it says associate may contact individuals with whom the associate has had an established business relationship, even if those customers numbers are on the ____

Back 152

National registry

Front 153

In reference to state regulation, sales associates may contact a customer for ______ after a business inquiry or application (Such as a customer who registered at an open house or a FSBO seller who request information from a sales associate).

Back 153

Business inquiry

(Page 96)

Front 154

In reference to email advertising, Provide a clear and obvious way to opt out of every email and honor the unsubscribe request within how many days?

Back 154

10 business days

Front 155

In reference to signatory on escrow accounts, ______ rules Require brokers to be a signatory on all their brokerage escrow accounts.

Back 155

FREC rules

Front 156

In reference to signatory on escrow account, The broker made designate another person, such as a bookkeeper, to sign______On the account in the ordinary course of business.

Back 156

Checks

Front 157

In reference to interest-bearing escrow accounts, if the brokers escrow account is an interest-bearing account, The broker must get written permission from who before placing the funds And this type of account?

Back 157

All Parties

Note: The Written authorization mess specify who is entitled to the interest earned.

Front 158

To _______ funds Is the illegal practice of mixing a buyers, sellers, tenants, or landlords funds with the brokers on money or of mixing escrow money with the brokers personal funds or Brokage funds.

Back 158

Commingle

Front 159

________ (another word for Property) Is the unauthorized control or use of another persons personal property.

Back 159

Conversion

Front 160

In reference to money to maintain escrow account, A broker is allowed to place in the sales escrow account and amount up to how much of personal or brokerage funds?

Back 160

$1,000

Front 161

In reference to Money to Maintain Escrow Account, brokers may keep up to $_______of their own monies in a property manager escrow account.

Back 161

$5,000

Front 162

In reference to the fact solicitations, faxes that contain in unsolicited advertisement must include an

Back 162

Opt-out notice

Front 163

A ____ is A sum of money, or it’s equivalent, delivered to a real estate licensee as earnest money or payment, Or partial payment in connection with a real estate transaction.

Back 163

Deposit (Also called good faith deposits or binder deposit)

Front 164

An ____Is it an account for the positive money in disinterest Third party (for example, the broker) House in trust for others; hence the term trust fund

Note: Trust Funds, Include cash, checks, money orders, and items that can be converted into cash, such as deeds and personal property.

Back 164

Escrow Account

Front 165

In reference to acceptable depositories, brokers may maintain their escrow accounts in a _________Commercial bank, credit union, or savings association.

Back 165

Florida

Front 166

A broker who does not want the responsibility and liability of maintaining escrow accounts may choose to have a_______based title company with the trust powers to maintain the escrow funds, or alternatively, if designated in the sale contract, a Florida attorney may ask her of the funds

Back 166

Florida

Front 167

In reference to immediately defined, Brokers most please trust funds into an escrow account Immediately, Which is defined and rule as no later than the end of the _____ business day following receipt (By the Broker or an agent of the broker) of the item to be deposited.

Back 167

Third

Front 168

Infinite school check is made out to the sales associate personally, the best course of action is to ask the prospective buyer to write a new check payable to who’s escrow account?

Back 168

Broker

Front 169

In reference to post dated checks And insufficient funds, who’s approval must be obtain before excepting the post dated check?

Back 169

The seller

Front 170

In reference to post dated checks and insufficient funds, a broker will not be held responsible for the nonpayment of an escrow check, provided the broker timely deposit the check into the escrow account and the broker’s own _______ just did not cause a check not to be honored.

Back 170

Culpable negligence

Front 171

In reference to a Record-keepingo and Retention, Workers must be preserved for at least ______ years From the date of receipt of money, funds, deposits, or checks and trusted to the broker.

Back 171

5 Years

Front 172

In reference to record-keeping and retention, If a broker’s Records have been the subject of litigation or have served as evidence for litigation, theRelevant records must be preserved for 2 years beyond the Conclusion of the civil action Are the conclusion of an appellate proceeding, but in no case, for less than _____ years.

Back 172

5 years

Front 173

In reference to the title company and attorney escrow accounts, the real estate licensee who prepared or present at the sale contract must indicate on the purchase and sale agreement what?

Back 173

-The title company’s name (or attorney’s name, if applicable)

-address

-Telephone number

Front 174

In reference to title company and attorney escrow accounts, No later than 10 days after each deposit is due under the term of the sales contract, the licensees Broker most request what type of verification of receipt of the deposit?

Back 174

Written

Front 175

In reference to the title company an attorney escrow accounts, No later than ______ business days after the date the broker made the written request for a verification of the deposit, the broker must provide the sellers broker with a copy of the written verification.

Back 175

10 Days

Front 176

In reference to title company and attorney escrow accounts, how many brokers of you having in attorney or a title company maintain escrow funds as a benefit. However, if the transaction feels to close in both the seller and the buyer claim the escrow funds the Frick will not issue an ____________. The buyer and seller will be left with the financial expense of going to court to resolve the dispute.

(Page #103)

Back 176

Escrow Disbursement Order (EDO)

Front 177

________, A determination of who is entitled to the disputed funds.

Back 177

Escrow Disbursement Order (EDO)

Front 178

An EDO Procedure is only available if the dispute a deposit does not exceed $______, and the funds are held in a Brokerage escrow account.

Back 178

$50,000

Front 179

FREC Rules require a broker to notify the commission within ___ business days If the dispute is settled between the parties or if the matter goes to court before the Escrow Disbursement Order (EDO) is issued.

Back 179

10 business days

Front 180

In reference to exceptions to notice and settlement procedures,Brokers who are interested with an earnest money deposit concerning a residential sale contract used by HUD in the sell of HUD-owned Property are required to follow what guidelines?

Back 180

HUD-Guidelines

Page 105

Front 181

If a buyer of a residential condominium unit Tommy delivers To a licensee written notice of the buyers intent to cancel the contract as a authorized by the condominium act, The licensee my return the ______ property to the purchaser

Back 181

Escrowed property

Front 182

If a buyer of real property in good faith fails to satisfy the terms specified in the financing clause of a contract for sale and purchase, the licensee may return the escrowed funds to the _______

Back 182

Purchaser

Front 183

If a broker has a good faith doubt As to which party should receive the escrowed property, the broker must notify the FREC, In writing, within how many business days after having such doubt?

Back 183

15 business days

Front 184

Advertising rental property information or less that are not current or are materially Inaccurate is _____

Back 184

Illegal

Front 185

Any person who violates the requirements in reference to in accurate rental list, is guilty of a Misdemeanor of the _____ degree, And subject to a fine of up to ________ and/or Imprisonment I’m up to one year, And subject to license suspension or revocation

Back 185

Misdemeanor of the first degree and fined up to $1,000

(PG 108)

Front 186

Florida _____ Does not establish or regulate the amount of commission paid

Back 186

Law

Front 187

In reference to Sharing commission with a party to the transaction,FREC Provides an exception for sharing brokerage _____ with a party to the real estate transaction, with a full real estate and be either a contract for sale or at lease.

Back 187

Compensation (Commission)

Front 188

What law protects competition?

Back 188

Anti-trust laws

Front 189

____ Occurs when competing brokers conspire to establish a standard commission rate rather than letting the rate be set by the open market

Back 189

Price-Fixing

Front 190

______ Occurs when brokers agree to split up competitive market area is among themselves and not compete in each others areas

Back 190

Market allocation

Front 191

A ______ may place a lien on a residential real property for nonpayment of commission only if the broker is expressly authorized to do so in the listing agreement, the buyer representation agreement, or the sale contract

Back 191

Broker

Front 192

In reference to commercial real estate sales, Chapter _____, Part III, called the Commercial Real Estate Sales Commission Lien Act, Gives a broker lien rights for nonpayment of earned commission.

Back 192

Chapter 475

Also Note: The commission lien act gives the broker lien rights to the seller’s net proceeds for the commission earned by the broker in accordance with the listing agreement to sell commercial property

Front 193

Reference to commercial real estate leasing commission lien act, Chapter 475, Part _____, Called the Commercial real estate leasing Commission lean act, Gives a broker lien rights for earn commission associated with a brokerage agreement to lease commercial real estate

Back 193

Part IV (Four)

Front 194

A _____ (or rebate) Is an unearned Fee paid to a licensee Associated with a real estate transaction for non-real estate services (Payment for something other than one of the eight services of real estate)

Back 194

Kickback

Front 195

In reference to a kickback, The parties to the transaction must be fully informed of the kickback.

Before payment receipt of the kickback, The buyer and seller must be fully informed of all ____ Regarding the kickback.

Back 195

Facts

Front 196

In reference to a kickback, The _______ Act (______), Prohibits the payment of a kickback or honor and fee associated with a settlement (closing) service, Including title searches, title insurance, attorney services, Service, credit report, and Appraisals.

Back 196

Real Estate Settlement Procedure (RESPA)

Front 197

In reference to the following business entities, what can they NOT do?

• Corporations Sole
• Joint ventures
• Business trusts
• Cooperative associations
• Unincorporated associations

Back 197

The business entities may not register as a real estate brokerage

Front 198

A ____ Is a business owned by an individual.

Back 198

Sole Partnership

Front 199

A _____ partnership Is an association of two or more persons for the purpose of jointly conducting a business

Back 199

General partnership

Front 200

In reference to a general partnership, at least one partner must be ____ as an active broker.

Back 200

Licensed

Front 201

In reference to a real estate brokerage general partnership, if the partnership has only one active Broker (broker or record) and that broker dies, resigns, or is removed from the office, the broker of record must be replace within how many days?

Back 201

14 Calendar Days

Front 202

A _____ partnership Is created by a written instrument found with the Florida Department of state. There must be one or more general partners and one or more limited partners to qualify under the law. The ____ partners must make an investment Of cash or of property, but not of services.

Back 202

Limited partnerships

Front 203

The reference to real estate brokerage limited partnerships, at least _____ general partner must be license as an active Broker.

All other general partner’s must register (Names and addresses are disclosed) with the DBPR For identification purposes.

Back 203

One

Front 204

Who may not be general partners in a real estate brokerage limited partnership; however, They may be limited partners (Regarded in the same light as stockholders in a corporation)

Back 204

Sales Associates and Broker Associates

Front 205

An _______ partnership (or quasi partnership) is not intentionally created. Rather, the conduct of two or more persons creates the “appearance” that a partnership exists.

Back 205

Ostensible Partnership (ARE PROHIBITED)

Front 206

A _____ Is it an artificial person or legal entity created by law and consist of one or more persons.

Back 206

Corporation

Front 207

A ____ Corporation as a corporation organize under the Florida laws of another state but doing business in Florida.

Note: domestic corporations are incorporated in Florida and do business in Florida.

Back 207

Foreign

Front 208

I’m reference to requirements regarding real estate brokerage corporations, how many officers or directors must be licensed as an active broker?

Back 208

One (principle broker or qualifying broker)

Note: At the Florida brokers, inactive Florida Brokers, and unlicensed people May service officers and directors of a real estate brokerage; however, officers and directors who will deal with the public and perform the services of real estate must be license as active brokers.

Front 209

In reference to vacancies of office, if the only active broker of April Christianity dies, resigns, or is unexpectedly unable to remain in the position as active broker, the Vegas he must be filled within how many days?

Back 209

14 Calendar Days

Note: The vacancy may be filled with a temporary Broker. A temporary Broker may be registered with the DBPR For up to 60 days without the need to comply with the department of state registration requirements.

Front 210

A _____ is an ecclesiastical or church organization and should not be confused with a corporation for profit.

Back 210

Corporation Sole

Note: (THEY CAN NOT REGISTER AS A BROKERAGE)

Front 211

A _____ Is a temporary form of business arrangement often encountered in the real estate business. The ____Structure is normally used when two or more parties combine their efforts to complete a single business transaction or a fixed number of business transactions.

Back 211

Joint Venture

Note: (THEY CAN NOT REGISTER AS A BROKERAGE)

Front 212

A ____ Is a form of business entity that may be created to engage in transactions involving its own real property.

Back 212

Business Trust

Note: (THEY CAN NOT REGISTER AS A BROKERAGE)

Front 213

A _____ Is Permitted to conduct commercial business and to convey, sell, or by its own property, but you cannot be register as a real estate broker

Back 213

Cooperative Association

Note: (THEY CAN NOT REGISTER AS A BROKERAGE)

Front 214

_____ Are generally recognized as groups of people associated for some non-commercial common purposes.

Back 214

Unincorporated associations

Note: (THEY CAN NOT REGISTER AS A BROKERAGE)

Front 215

In reference to the DBPR registration of a trade name, how many trade names may an individual Broker or Broker entity register at a time?

Back 215

One

Front 216

A licensed broker Associate Orange Sales Associate may register with the department of state (DOS) A professional corporation (PA), Limited liability company (LLC), Or a professional limited liability company (PLLC) in her ____ name only.

Back 216

Legal

Front 217

_____ Or hired by licensees to perform administrative tasks associated with real estate transactions

Back 217

Personal assistance

Front 218

Some cells associate prefer to use licensed personnel assistances Because licensed assistances Can perform services of real estate including showing ______ properties.

Back 218

Listing Properties

Front 219

_____ Is defined as an evaluation or Omission of a legal and moral duty

Back 219

Breach of trust

Front 220

_____ Is defined as an evaluation or Omission of a legal and moral duty

Back 220

Breach of trust

Front 221

To ____ Funds is to mix the money or other personal property of a buyer or a seller with a brokers on money or property, what’s the combine escrow money with personal or business funds

Back 221

Commingle

Front 222

____ Is it licensees personal use or miss use of client (or customer) monies

Back 222

Conversion

Front 223

___ Involves negligent conduct that, well not intentional, involves a disregard or the consequences likely to result for once action.

Back 223

Culpable negligence

Front 224

Who may be charged with a couple negligence if they do not give ordinary, careful attention to their brokerage and do not exercise reasonable control over the brokerages’ agents

Back 224

Brokers

Front 225

___ Is intentional deceit Reliance on the deception for the purpose of inducing another person to rely on the deceitful information and for the injured person to part with something of value or to surrender a legal right

Back 225

Fraud

Front 226

____ Is an untrue statement of facts or an incorrect or false representation of the facts

Back 226

Misrepresentation

Front 227

____ Involves conducting contrary to honesty, good morals, justice, or excepted custom

Back 227

Moral Turpitude

Front 228

A complaint is ______ If it contains fax indicating that a violation of any of the following has occurred:

• Florida Statute
• Any Existing, legally adopted DBPR rule
• Any existing, legally adopted FREC rule

Back 228

Legally sufficient

Front 229

The DBPR may conduct an investigation with that notification to anyone subject to the investigation if the act under investigation is a _____ criminal offense.

Back 229

Criminal offense

Front 230

In reference to investigation, If the original complainant (Person who filed a complaint) Withdraws to complain or otherwise indicates and desire not to cause it to be investigated we’re prosecutor to completion, the department may do what and the Commission make take what Appropriate actions on the complaint?

Back 230

Department may continue with the investigation and the Commission May take the appropriate final action

Front 231

In reference to Summary suspension, in rare situations, during the investigative process, the DBPR may uncover something so serious that It cannot allow the licensee to what?

Back 231

Continue to endanger the public welfare

Front 232

In reference to summary suspension, the DBPR secretary (Or illegally appointment designee) How’s the authority to issue a ______ (emergency) _______ (stop)

Back 232

Summery (emergency) Suspension order

Front 233

Reasonable grounds for prosecution is called ____

Back 233

Probable cause

Front 234

The determination as to whether probable cause success is made by majority vote of what panel?

Back 234

FREC’s probable-cause panel

Front 235

Each probable cause panel is composed of how many individuals?

Back 235

Two

Note: One of the panel members must currently serve on the Commission

Front 236

In reference to probable cause determination, If the panel funds that probably cost does not exist, it may simply dismissed the case, or it may dismissed the case with what type of letter to the subject?

Back 236

Letter of guidance

Front 237

What does the following pertains to: the licensee may choose to

1. Not dispute the allegations of fact and request an informal hearing
2. Dispute the allegations of fact and request for my hearing
3. Not dispute the allegations of fact and we have the rights to be heard

Back 237

Election of rights

Front 238

A _____ Is in agreement as to the facts of the case and the penalty reach between the attorneys for the DRE in the licensee or licensee’s Attorney

Back 238

Stipulation

Page 134

Front 239

What permanently Puts the license out of real estate business?

Back 239

Voluntary relinquishment for permanent revocation

Front 240

_____ Involve finds that currently range from $100-$500 per offense I may include other assessments (For example, require educational course attendance)

Back 240

Citations

Front 241

In reference to administrative fines, the FREC’s may impose a maximum fine of_____ Per violation of chapter 455, F.S.

Back 241

$5,000

Front 242

In reference to suspension, what is the maximum. For a wish the FREC may suspend a license?

Back 242

10 Years

Note: Licensees must continue our renewal requirements during the period of suspension

Front 243

What is the most severe type of administrative penalty that the FREC is authorized to impose of a license?

Back 243

Revocation

Note: When a real estate brokers license is suspended or revoked, all licenses issued to sales associates who work for the penalized Broker becomes inactive

Front 244

In reference to revoke without prejudice, a license may be revoked or canceled if it is issued through the mistake or inadvertence if the _____

Back 244

Commission

Front 245

The maximum penalty for a first-degree misdemeanor is a fine of what and up to how many years in jail?

Back 245

$1,000 and 1 Year in jail

Front 246

What is the maximum penalty for thirddegree felony and fine amount

Back 246

$5,000 and 5 years in jail

Front 247

What’s the maximum penalty for a second-degree misdemeanor and fine amount?

Back 247

$500 and 60 days in jail

Front 248

What is the number one violation for sales associates?

Back 248

Failure to self-report

Front 249

Administrative ____ Are not subject to control, supervision, or direction by any party, commission, or department of state government.

Back 249

Law Judge

Front 250

The administrative law judge prepares estimates to FREC a ______ That includes the administrative law judge’s Findings of fact and conclusions of law and the recommended penalty, if any, in accordance with the commissions range of penalties as set forth in a rule.

Back 250

Recommended order

Front 251

The FREC (With the members who serve on the probable cause panel excused) Issues the _____ In each disciplinary case. The _____ is FREC’s final decision I was to innocence or guilt And determination of the appropriate penalty.

Back 251

Final Order

Front 252

In reference to the final order, Define order becomes affective how many days after it has been entered?

Back 252

30 Days

Front 253

The licensee-Responded in a challenge to find an order within 30 days by filing a ______

Back 253

Appeal

Front 254

The licensee’s may request a Stay of enforcement. Stay at enforcement, If granted, stops the Forssman of the final order pending the outcome of the appeal process. To obtain a stay of the final order, the district court of appeals must issue a ________

Back 254

Writ of supersedeas

Front 255

Thus, The FREC May not impose what type of penalty And who may a punishment be ordered by?

Back 255

FREC Cannot impose imprisonment and criminal punishment must be ordered by the court.

Front 256

The DBPR may issue a ____ For the first time minor violation by a licensee

Back 256

Notice of non-compliant (warning)

Front 257

In reference to notice of non-compliance, If a license he fails to take action to correct the minor violation within ______ days After being notified, the licensee may be issued a citation or the licensee may be subjective to a disciplinary proceeding

Back 257

15 days

Front 258

Who Reimburses consumers who have been financially injured by a licensee?

Back 258

Real estate recovery fund

Front 259

In reference to claimant requirements, The claimant must secure a _______ Issued on the judgment and make a diligent attempt to satisfy the judgment from the assets of the licensee By conducting an asset search and showing that there were insufficient assets available to satisfy the judgment

Back 259

A writ of execution

Front 260

In reference to time limit to file a claim, A claim must be made within ____ years of either the alleged violation or discovery of the alleged violation

Back 260

Two years

Front 261

The recovery fun will reimburse the claimant for _______ damages. ______ damagesOr actual monetary damages incurred by the claimant. The fund will not Reimbursed attorneys fees, Court costs, treble (triple) damages, Or punitive Damages.

Back 261

Recovery fund

Front 262

In reference to mandatory suspension, the license is Automatically suspended on the date of payment from the recovery fun I will not be restored until the licensee has what?

Back 262

Repaid the amount paid from the fund in full (plus interest)

Front 263

If they broker who complied with an escrow Disbursement order(EDO) Is later sued by the buyer or the seller, and as a result is required by a court of law to pay damages, the FREC is authorized to order reimbursement for the amount of judgment against the broker up to how much?

Back 263

$50,000

Note: No Disciplinary action will be taken against a broker who previously requested and video and follow it’s instructions.

Front 264

The legal purpose of a ______ Is to describe a parcel of land with sufficient detail that it will be excepted by a court of law

Back 264

Legal description

Front 265

Where can you find a proper legal description?

Back 265

• Deed
• Survey
• Owners title insurance policy

Note: The county property appraiser website is not the most accurate

Front 266

In reference to description by metes-and-bounds, How many legal descriptions are use today and what are they?

Back 266

1. metes-and-bounds
2. Government survey system
3. Lot and block description

Front 267

1 square mile, equals how many Acres?

Back 267

640 Acres

Front 268

What is the number directly below #34?

Back 268

#3 is directly below #34

Front 269

In reference to measures and terms Associated with the government service system, Why do we need a check or the reason of the check?

Back 269

Because of the curvature of the earth

Front 270

The most common type of legal description used for a single-family dwellings located in Developed subdivisions is the ______ (recorded plat) method of land description.

Back 270

Lot And Block

Page 243

Front 271

The lot and block method can be used only wear plat maps, Or simple plats, Have been recorded in the ______.

Back 271

Public records

Front 272

The plat map shows the lot divisions and ____ locations, And it may provide for Dedication of streets, parks, and school sites to the county or community. It shows actual dimensions for lots, streets, and other planned improvements

Back 272

Street locations

Front 273

The ____ Is the oldest method of land description.

Back 273

metes-and-bounds description

Front 274

Metes refers to _____ (Measured and feet), and bounds refers to _____.

Back 274

Metes = Distance

Bounds= Direction

Front 275

Metes-and-bounds Description begins at an exact reference point, called a _____.

The survey or identifies each corner of the parcel with a visible marker called a ______.

Back 275

Point of beginning (POB)

And

Marker called a Monument

Front 276

In reference to building blocks of metes- and -bounds descriptions, Recall that a circle contains 360° degrees. A degree can be broken down into smaller units. To be more accurate, boundary directions are given in _____.

Back 276

We’re only be broken down/given to Degrees

Front 277

In the beginning reference is the intersection of a North South Line called a _______ and an east-west line called a ______.

Back 277

Principle Meridian (north-south)

Base line (east-west)

Front 278

In reference to _____, This resulted in a series of lines 6 miles apart on either side of the PM. Each resulting 6 mile wide vertically (north-south) Strip of land on either side of the PM is called a _____

Back 278

Range

Front 279

Township lines goes which way?

Back 279

Horizontal

Front 280

Range Lines goes?

Back 280

Vertical

Front 281

How many square feet are in 1 acre?

Back 281

43,560 Square feet

HINT: 4 little old ladies going 35 MPH in a 65 MPH zon) = 43,560

Front 282

In reference to description by metes-and-bounds, How many legal descriptions are use today and what are they?

Back 282

1. metes-and-bounds
2. Government survey system
3. Lot and block description

Front 283

1 square mile, equals how many Acres?

Back 283

640 Acres

Front 284

What is the number directly below #34?

Back 284

#3 is directly below #34

Front 285

In reference to measures and terms Associated with the government service system, Why do we need a check or the reason of the check?

Back 285

Because of the curvature of the earth

Front 286

The most common type of legal description used for a single-family dwellings located in Developed subdivisions is the ______ (recorded plat) method of land description.

Back 286

Lot And Block

Page 243

Front 287

The lot and block method can be used only wear plat maps, Or simple plats, Have been recorded in the ______.

Back 287

Public records

Front 288

The plat map shows the lot divisions and ____ locations, And it may provide for Dedication of streets, parks, and school sites to the county or community. It shows actual dimensions for lots, streets, and other planned improvements

Back 288

Street locations

Page 244

Front 289

The ____ Is the oldest method of land description.

Back 289

metes-and-bounds description

Front 290

Metes refers to _____ (Measured and feet), and bounds refers to _____.

Back 290

Metes = Distance

Bounds= Direction

Front 291

Metes-and-bounds Description begins at an exact reference point, called a _____.

The survey or identifies each corner of the parcel with a visible marker called a ______.

Back 291

Point of beginning (POB)

And

Marker called a Monument

Front 292

In reference to building blocks of metes- and -bounds descriptions, Recall that a circle contains 360° degrees. A degree can be broken down into smaller units. To be more accurate, boundary directions are given in _____.

Back 292

We’re only be broken down/given to Degrees

Front 293

In the beginning reference is the intersection of a North South Line called a _______ and an east-west line called a ______.

Back 293

Principle Meridian (north-south)

Base line (east-west)

Front 294

In reference to _____, This resulted in a series of lines 6 miles apart on either side of the PM. Each resulting 6 mile wide vertically (north-south) Strip of land on either side of the PM is called a _____

Back 294

Range

Front 295

Township lines goes which way?

Back 295

Horizontal

Front 296

Range Lines goes?

Back 296

Vertical

Front 297

How many square feet are in 1 acre?

Back 297

43,560 Square feet

HINT: 4 little old ladies going 35 MPH in a 65 MPH zon) = 43,560

Front 298

In reference to description by metes-and-bounds, How many legal descriptions are use today and what are they?

Back 298

1. metes-and-bounds
2. Government survey system
3. Lot and block description

Front 299

1 square mile, equals how many Acres?

Back 299

640 Acres

Front 300

What is the number directly below #34?

Back 300

#3 is directly below #34

Front 301

In reference to measures and terms Associated with the government service system, Why do we need a check or the reason of the check?

Back 301

Because of the curvature of the earth

Front 302

The most common type of legal description used for a single-family dwellings located in Developed subdivisions is the ______ (recorded plat) method of land description.

Back 302

Lot And Block

Page 243

Front 303

The lot and block method can be used only wear plat maps, Or simple plats, Have been recorded in the ______.

Back 303

Public records

Front 304

The plat map shows the lot divisions and ____ locations, And it may provide for Dedication of streets, parks, and school sites to the county or community. It shows actual dimensions for lots, streets, and other planned improvements

Back 304

Street locations

Page 244

Front 305

The ____ Is the oldest method of land description.

Back 305

metes-and-bounds description

Front 306

Metes refers to _____ (Measured and feet), and bounds refers to _____.

Back 306

Metes = Distance

Bounds= Direction

Front 307

Metes-and-bounds Description begins at an exact reference point, called a _____.

The survey or identifies each corner of the parcel with a visible marker called a ______.

Back 307

Point of beginning (POB)

And

Marker called a Monument

Front 308

In reference to building blocks of metes- and -bounds descriptions, Recall that a circle contains 360° degrees. A degree can be broken down into smaller units. To be more accurate, boundary directions are given in _____.

Back 308

We’re only be broken down/given to Degrees

Front 309

In the beginning reference is the intersection of a North South Line called a _______ and an east-west line called a ______.

Back 309

Principle Meridian (north-south)

Base line (east-west)

Front 310

In reference to _____, This resulted in a series of lines 6 miles apart on either side of the PM. Each resulting 6 mile wide vertically (north-south) Strip of land on either side of the PM is called a _____

Back 310

Range

Front 311

Township lines goes which way?

Back 311

Horizontal

Front 312

Range Lines goes?

Back 312

Vertical

Front 313

How many square feet are in 1 acre?

Back 313

43,560 Square feet

HINT: 4 little old ladies going 35 MPH in a 65 MPH zon) = 43,560

Front 314

In reference to description by metes-and-bounds, How many legal descriptions are use today and what are they?

Back 314

1. metes-and-bounds
2. Government survey system
3. Lot and block description

Front 315

1 square mile, equals how many Acres?

Back 315

640 Acres

Front 316

What is the number directly below #34?

Back 316

#3 is directly below #34

Front 317

In reference to measures and terms Associated with the government service system, Why do we need a check or the reason of the check?

Back 317

Because of the curvature of the earth

Front 318

The most common type of legal description used for a single-family dwellings located in Developed subdivisions is the ______ (recorded plat) method of land description.

Back 318

Lot And Block

Page 243

Front 319

The lot and block method can be used only wear plat maps, Or simple plats, Have been recorded in the ______.

Back 319

Public records

Front 320

The plat map shows the lot divisions and ____ locations, And it may provide for Dedication of streets, parks, and school sites to the county or community. It shows actual dimensions for lots, streets, and other planned improvements

Back 320

Street locations

Page 244

Front 321

The ____ Is the oldest method of land description.

Back 321

metes-and-bounds description

Front 322

Metes refers to _____ (Measured and feet), and bounds refers to _____.

Back 322

Metes = Distance

Bounds= Direction

Front 323

Metes-and-bounds Description begins at an exact reference point, called a _____.

The survey or identifies each corner of the parcel with a visible marker called a ______.

Back 323

Point of beginning (POB)

And

Marker called a Monument

Front 324

In reference to building blocks of metes- and -bounds descriptions, Recall that a circle contains 360° degrees. A degree can be broken down into smaller units. To be more accurate, boundary directions are given in _____.

Back 324

We’re only be broken down/given to Degrees

Front 325

In the beginning reference is the intersection of a North South Line called a _______ and an east-west line called a ______.

Back 325

Principle Meridian (north-south)

Base line (east-west)

Front 326

In reference to _____, This resulted in a series of lines 6 miles apart on either side of the PM. Each resulting 6 mile wide vertically (north-south) Strip of land on either side of the PM is called a _____

Back 326

Range

Front 327

Township lines goes which way?

Back 327

Horizontal

Front 328

Range Lines goes?

Back 328

Vertical

Front 329

How many square feet are in 1 acre?

Back 329

43,560 Square feet

HINT: 4 little old ladies going 35 MPH in a 65 MPH zon) = 43,560

Front 330

_____ Defined the parties legal relationship and spells out each parties rights and duties

Back 330

Contracts

Front 331

In reference to contracts in general, underlying Every contract is the _____

Back 331

Promise

Front 332

In reference to preparation of contracts, Unless they are attorneys, ______ and _____ May not prepare deeds, mortgages, promissory notes, or most other legal documents.

Back 332

Real estate brokers or associates

Front 333

_____ Defined the parties legal relationship and spells out each parties rights and duties

Back 333

Contracts

Front 334

In reference to contracts in general, underlying Every contract is the _____

Back 334

Promise

Front 335

In reference to preparation of contracts, Unless they are attorneys, ______ and _____ May not prepare deeds, mortgages, promissory notes, or most other legal documents.

Back 335

Real estate brokers or associates

Front 336

In reference to authority of real State Licensees to prepare contracts, Who may not draft leases?

Back 336

Real Estate Licensees

Note: however, Licensees may fill in the blanks on the residential lease instruments for lease Periods that do not exceed one year

Front 337

Real estate Licensees may assist buyers and sellers with the completion of what types of contracts, as directed by the buyer and\or sellers?

Back 337

1. Listing Agreements
2. Buyer Brokerage Agreement
3. Sales and purchase contracts
4. Option Contracts

Front 338

A ____ Is one that complies with the provisions of contract law and contains for essential elements

Back 338

Valid Contract

Front 339

In reference to essential elements of a Contract, a valid contract is one that complies with a provision of contract law and contains what four Essential elements?

Back 339

• Contractual capacity of the parties (Competent parties)
• Offer and acceptance (Mutual assent)
• Legality of object (legal purpose)
• Consideration

POSSIBLE STATE TEST QUESTION: Which one is not correct to make a valid contract?

Above is all correct elements

Front 340

In reference to one party that makes an offer (_______), the individual would be who?

Back 340

The Offeror

Front 341

In reference to one party that receives an offer (_______), the individual would be who?

Back 341

The Offeree

Front 342

In reference to one party that makes an offer (_______), the individual would be who?

Back 342

The Offeror

Front 343

In reference to one party that receives an offer (_______), the individual would be who?

Back 343

The Offeree

Front 344

_____ Is a thing of value given in exchange for some other value

Back 344

Consideration

Front 345

The ____ Is the period of time, set by statute, during which the terms of the contract may be enforced.

Back 345

Statue of limitations

Front 346

In reference to the statute of limitations, He protects people from being compared to perform or otherwise be sued After a period of time has expired. Written contract so good for how many years?

Back 346

5 Years

Front 347

In reference to the statute of limitations, He protects people from being compared to perform or otherwise be sued After a period of time has expired. Written contract so good for how many years?

Back 347

5 Years

Front 348

In reference to the statute of limitations, He protects people from being compared to perform or otherwise be sued After a period of time has expired. Oral contract so good for how many years?

Back 348

Four Years

Front 349

In reference to the statute of limitations, He protects people from being compared to perform or otherwise be sued After a period of time has expired. Written contract so good for how many years?

Back 349

5 Years

Front 350

In reference to the statute of limitations, He protects people from being compared to perform or otherwise be sued After a period of time has expired. Oral contract so good for how many years?

Back 350

Four Years

Front 351

In reference to the statute of limitations, He protects people from being compared to perform or otherwise be sued After a period of time has expired. Partly written and partly oral is good for how many years?

Back 351

Five Years for the written portion and Four Years for the oral portion

Front 352

Real estate purchase contracts are not required to be _____ or _____.

Back 352

Witnessed or Notarized

Front 353

A_____ contract lacks one or more of the requiredElements of a valid contract and, therefore, has no legal effect

Back 353

Void Contract

Front 354

A_____ contract lacks one or more of the requiredElements of a valid contract and, therefore, has no legal effect

Back 354

Void Contract

Front 355

A _______ contract Allows one of the parties to potentially disavow contractual duties

Back 355

Voidable Contract

Front 356

An _____ contract Why not being forced by a court of law

Back 356

Unenforceable Contract

Front 357

In reference to formal contracts, historically, a formal contract was in written form And under seal. The seller has Evolved from the old wax impression on a document to the word seal Or the letters “locus sigilli” which is a Latin word for what?

Back 357

The Place of the Seal

Front 358

A _____ contract Refers to an oral contract as opposed to a written contract or specialty instrument.

Back 358

Informal Contract

Front 359

A _____ contract Obligate both parties To perform in accordance with the terms of the contract

Back 359

Bilateral contract

Front 360

A ______ contract Obligate only one party to an agreement

Back 360

Unilateral Contract

Front 361

An _____ contract Is an actual agreement between the parties, the terms of which are declared orally or in writing, at the time of entering into the agreement

Back 361

Express Contract

Front 362

An _____ contract Is inferred by the acts or conduct at the parties

Back 362

Implied Contract

Front 363

An _______ contract Is an agreement between parties that involves promises to be completed at a further date

Back 363

Executory Contract

Front 364

An ______ contract Exist when both parties have performed their obligations

Back 364

Executed (DONE) Contract

Front 365

In reference to contract negotiation, Enough first time I did it when any of the following what happens?

Back 365

Withdraw by offeror

Insanity

Lots of time

Death

Counter offer

Acceptance

Rejection

Distraction of the property

HINT: WILD CARD

STATE TEST QUESTION

Page: 257

Front 366

What are the four legal remedies for a breach of the contract?

Back 366

• Specific performance
• Liquidated damages
• Rescission
• Compensatory damages

Front 367

In reference to types of listings, what type of listing agreements are used by the broker and owner Determining on the rights and obligations of the parties?

Back 367

Open listing

Exclusive agency listing

Exclusive right of sale listing (🍓)

Net listing

Multiple listing service

Front 368

In reference to brokers compensation, if required to effect a sale, The commission is urn only if the Prospective buyer actually does what?

Back 368

Closes on the property

Front 369

In reference to brokers conversation, the closing agent for a real estate transaction can legally prepare a check payable to a real estate sales associate for the sales associate’s share of what?

Back 369

The Commission (💵)

Front 370

In reference to brokers Compensation, the commission check may be given to the associate at the closing, provided the broker has given the closing agent written authorization and instructions regarding the specific amount of commission the associate is to be paid for the particular what?

Back 370

Particular Transaction (A blanket authorization cannot be given to a closing agent)

Front 371

In reference to brokers compensation, I To be a ______, The broker must have started the chain of events that resulted in a sale.

Back 371

Procuring Cause

Front 372

In reference to option contracts, option contracts must be in writing and signed because they fall under what?

Back 372

The statute of frauds

Front 373

_____ Refers to, if awards of money damages do not afford sufficient relief, The wronged Party may sue for _____ performance to have the courts force the other party to perform as the contract Specifically states

Back 373

Specific Performance

Front 374

_____ refers to the following: Frequently the parties will stipulate an amount of money in the contract (usually the earnest money deposit) to be paid in the case of default by the buyer. This amount is called a ____ to the seller.

Back 374

Liquidated damages

Front 375

______ refers to the following: To rescind Is to cancel or annul the contract.

Back 375

Rescission

Front 376

_____ refers to the following l: Another remedy for breach of contract is a suit for damages. Usually the party bringing suit six in amount of money equal to the extent of loss suffered (__________).

Back 376

Compensatory damages

Front 377

An______ Refers to the transfer of a persons rights and duties under a contract to another person.

Note: An assigner does not escape the obligations to perform the terms and conditions of the contract or to see that they are performed by the assignee, Unless given a release from the other party to the original contract.

Back 377

Assignment

Front 378

A _______ contract Is an employment agreement between a property owner and a real State Broker a Authorized in the Broker to find a buyer (or tenant) For certain property.

Back 378

Listing Contract

Note: A listing contract may be written, oral, or implied.

Front 379

A _____ agreement Is used to substitute a new party for the Original one. The effect is to discharge The original party from the obligation.

Back 379

Notation

Front 380

Chapter 475, requires written listing. Contract to include what following information in reference to dates?

Back 380

A definite expiration date

Front 381

Florida law prohibits a provision in a listing contract that requires the owner to notify the broker of the intent to cancel the listing once the listing has expired. A copy of the listing contract must be given to the owner within how many hours of execution?

Back 381

24 Hours

Front 382

What are the four legal remedies for a breach of the contract?

Back 382

• Specific performance
• Liquidated damages
• Rescission
• Compensatory damages

Front 383

In reference to types of listings, what type of listing agreements are used by the broker and owner Determining on the rights and obligations of the parties?

Back 383

Open listing

Exclusive agency listing

Exclusive right of sale listing (🍓)

Net listing

Multiple listing service

Front 384

In reference to brokers compensation, if required to effect a sale, The commission is urn only if the Prospective buyer actually does what?

Back 384

Closes on the property

Front 385

In reference to brokers conversation, the closing agent for a real estate transaction can legally prepare a check payable to a real estate sales associate for the sales associate’s share of what?

Back 385

The Commission (💵)

Front 386

In reference to brokers Compensation, the commission check may be given to the associate at the closing, provided the broker has given the closing agent written authorization and instructions regarding the specific amount of commission the associate is to be paid for the particular what?

Back 386

Particular Transaction (A blanket authorization cannot be given to a closing agent)

Front 387

In reference to brokers compensation, I To be a ______, The broker must have started the chain of events that resulted in a sale.

Back 387

Procuring Cause

Front 388

In reference to option contracts, option contracts must be in writing and signed because they fall under what?

Back 388

The statute of frauds

Front 389

In reference to option contracts, Licensees who are really interested in obtaining an option on a property as a true optionee (not as listing agent) Must first divest themselves of their role as Licensees. Licensee’s must give a valuable _____ (substantial and not nominal) For the option contract.

Back 389

Consideration

Front 390

_____ Refers to, if awards of money damages do not afford sufficient relief, The wronged Party may sue for _____ performance to have the courts force the other party to perform as the contract Specifically states

Back 390

Specific Performance

Front 391

_____ refers to the following: Frequently the parties will stipulate an amount of money in the contract (usually the earnest money deposit) to be paid in the case of default by the buyer. This amount is called a ____ to the seller.

Back 391

Liquidated damages

Front 392

______ refers to the following: To rescind Is to cancel or annul the contract.

Back 392

Rescission

Front 393

_____ refers to the following l: Another remedy for breach of contract is a suit for damages. Usually the party bringing suit six in amount of money equal to the extent of loss suffered (__________).

Back 393

Compensatory damages

Front 394

An______ Refers to the transfer of a persons rights and duties under a contract to another person.

Note: An assigner does not escape the obligations to perform the terms and conditions of the contract or to see that they are performed by the assignee, Unless given a release from the other party to the original contract.

Back 394

Assignment

Front 395

A _______ contract Is an employment agreement between a property owner and a real State Broker a Authorized in the Broker to find a buyer (or tenant) For certain property.

Back 395

Listing Contract

Note: A listing contract may be written, oral, or implied.

Front 396

A _____ agreement Is used to substitute a new party for the Original one. The effect is to discharge The original party from the obligation.

Back 396

Notation

Front 397

Chapter 475, requires written listing. Contract to include what following information in reference to dates?

Back 397

A definite expiration date

Front 398

Florida law prohibits a provision in a listing contract that requires the owner to notify the broker of the intent to cancel the listing once the listing has expired. A copy of the listing contract must be given to the owner within how many hours of execution?

Back 398

24 Hours

Front 399

What are the four legal remedies for a breach of the contract?

Back 399

• Specific performance
• Liquidated damages
• Rescission
• Compensatory damages

Front 400

In reference to types of listings, what type of listing agreements are used by the broker and owner Determining on the rights and obligations of the parties?

Back 400

Open listing

Exclusive agency listing

Exclusive right of sale listing (🍓)

Net listing

Multiple listing service

Front 401

In reference to brokers compensation, if required to effect a sale, The commission is urn only if the Prospective buyer actually does what?

Back 401

Closes on the property

Front 402

In reference to brokers conversation, the closing agent for a real estate transaction can legally prepare a check payable to a real estate sales associate for the sales associate’s share of what?

Back 402

The Commission (💵)

Front 403

In reference to brokers Compensation, the commission check may be given to the associate at the closing, provided the broker has given the closing agent written authorization and instructions regarding the specific amount of commission the associate is to be paid for the particular what?

Back 403

Particular Transaction (A blanket authorization cannot be given to a closing agent)

Front 404

In reference to brokers compensation, I To be a ______, The broker must have started the chain of events that resulted in a sale.

Back 404

Procuring Cause

Front 405

In reference to option contracts, option contracts must be in writing and signed because they fall under what?

Back 405

The statute of frauds

Front 406

In reference to option contracts, Licensees who are really interested in obtaining an option on a property as a true optionee (not as listing agent) Must first divest themselves of their role as Licensees. Licensee’s must give a valuable _____ (substantial and not nominal) For the option contract.

Back 406

Consideration

Front 407

The parties to a sale and purchase contract (sale contract) are the ______ (or seller) and the _______ (or buyer).

Back 407

Vendor (Seller)

Vendee (Buyer)

Front 408

_____ Refers to, if awards of money damages do not afford sufficient relief, The wronged Party may sue for _____ performance to have the courts force the other party to perform as the contract Specifically states

Back 408

Specific Performance

Front 409

_____ refers to the following: Frequently the parties will stipulate an amount of money in the contract (usually the earnest money deposit) to be paid in the case of default by the buyer. This amount is called a ____ to the seller.

Back 409

Liquidated damages

Front 410

______ refers to the following: To rescind Is to cancel or annul the contract.

Back 410

Rescission

Front 411

_____ refers to the following l: Another remedy for breach of contract is a suit for damages. Usually the party bringing suit six in amount of money equal to the extent of loss suffered (__________).

Back 411

Compensatory damages

Front 412

An______ Refers to the transfer of a persons rights and duties under a contract to another person.

Note: An assigner does not escape the obligations to perform the terms and conditions of the contract or to see that they are performed by the assignee, Unless given a release from the other party to the original contract.

Back 412

Assignment

Front 413

A _______ contract Is an employment agreement between a property owner and a real State Broker a Authorized in the Broker to find a buyer (or tenant) For certain property.

Back 413

Listing Contract

Note: A listing contract may be written, oral, or implied.

Front 414

A _____ agreement Is used to substitute a new party for the Original one. The effect is to discharge The original party from the obligation.

Back 414

Notation

Front 415

Chapter 475, requires written listing. Contract to include what following information in reference to dates?

Back 415

A definite expiration date

Front 416

Florida law prohibits a provision in a listing contract that requires the owner to notify the broker of the intent to cancel the listing once the listing has expired. A copy of the listing contract must be given to the owner within how many hours of execution?

Back 416

24 Hours

Front 417

What are the four legal remedies for a breach of the contract?

Back 417

• Specific performance
• Liquidated damages
• Rescission
• Compensatory damages

Front 418

In reference to types of listings, what type of listing agreements are used by the broker and owner Determining on the rights and obligations of the parties?

Back 418

Open listing

Exclusive agency listing

Exclusive right of sale listing (🍓)

Net listing

Multiple listing service

Front 419

In reference to brokers compensation, if required to effect a sale, The commission is urn only if the Prospective buyer actually does what?

Back 419

Closes on the property

Front 420

In reference to brokers conversation, the closing agent for a real estate transaction can legally prepare a check payable to a real estate sales associate for the sales associate’s share of what?

Back 420

The Commission (💵)

Front 421

In reference to brokers Compensation, the commission check may be given to the associate at the closing, provided the broker has given the closing agent written authorization and instructions regarding the specific amount of commission the associate is to be paid for the particular what?

Back 421

Particular Transaction (A blanket authorization cannot be given to a closing agent)

Front 422

In reference to brokers compensation, I To be a ______, The broker must have started the chain of events that resulted in a sale.

Back 422

Procuring Cause

Front 423

In reference to option contracts, option contracts must be in writing and signed because they fall under what?

Back 423

The statute of frauds

Front 424

In reference to option contracts, Licensees who are really interested in obtaining an option on a property as a true optionee (not as listing agent) Must first divest themselves of their role as Licensees. Licensee’s must give a valuable _____ (substantial and not nominal) For the option contract.

Back 424

Consideration

Front 425

The parties to a sale and purchase contract (sale contract) are the ______ (or seller) and the _______ (or buyer).

Back 425

Vendor (Seller)

Vendee (Buyer)

Front 426

In reference to information contained in sales contract, in earnest money deposit is valuable consideration given by the buyer to indicate serious intent to purchase the property under contract. What is not required to make the contract valid?

Back 426

Earnest Money

Front 427

_____ Refers to, if awards of money damages do not afford sufficient relief, The wronged Party may sue for _____ performance to have the courts force the other party to perform as the contract Specifically states

Back 427

Specific Performance

Front 428

_____ refers to the following: Frequently the parties will stipulate an amount of money in the contract (usually the earnest money deposit) to be paid in the case of default by the buyer. This amount is called a ____ to the seller.

Back 428

Liquidated damages

Front 429

______ refers to the following: To rescind Is to cancel or annul the contract.

Back 429

Rescission

Front 430

_____ refers to the following l: Another remedy for breach of contract is a suit for damages. Usually the party bringing suit six in amount of money equal to the extent of loss suffered (__________).

Back 430

Compensatory damages

Front 431

An______ Refers to the transfer of a persons rights and duties under a contract to another person.

Note: An assigner does not escape the obligations to perform the terms and conditions of the contract or to see that they are performed by the assignee, Unless given a release from the other party to the original contract.

Back 431

Assignment

Front 432

A _______ contract Is an employment agreement between a property owner and a real State Broker a Authorized in the Broker to find a buyer (or tenant) For certain property.

Back 432

Listing Contract

Note: A listing contract may be written, oral, or implied.

Front 433

A _____ agreement Is used to substitute a new party for the Original one. The effect is to discharge The original party from the obligation.

Back 433

Notation

Front 434

Chapter 475, requires written listing. Contract to include what following information in reference to dates?

Back 434

A definite expiration date

Front 435

Florida law prohibits a provision in a listing contract that requires the owner to notify the broker of the intent to cancel the listing once the listing has expired. A copy of the listing contract must be given to the owner within how many hours of execution?

Back 435

24 Hours

Front 436

In reference to sell and purchase contracts, when the property is co-owned by a married couple, Or if it is the homestead and ownership is in only one spouse’s name (in severalty),who must sign the real estate sale contract?

Back 436

Both Spouses

Front 437

Power of attorney is a written legal document designating Some of the person as an ____-_____-_____.

Back 437

Attorney-In-Fact

Note: The attorney in fact then may Bargain and signed the person who granted the power of attorney, provided that power is specific

Front 438

In reference to material defects disclosure, _______vs _______, He will not leave a case of Florida, set legal presidents concerning material defects.

“We hold that where the seller way home knows facts materially Affecting the value of the property which are not readily observable and are not known to the buyer, the seller is under a duty to disclose them to the buyer.

Back 438

Johnson v. Davis

Front 439

The use of an “______” Provision in the contract for the sale of real property does not circumvent the duty to disclose all known material defects.

Back 439

“As Is” Provision

Front 440

In reference to lead based paint disclosure, when purchasing or renting pre-_____ housing, The residential lead-based paint has a reduction act requires Sellers and landlords Disclose to prospective buyers And tenants the presence of known lead based paint and residential property built before _____.

Back 440

1978

Front 441

Florida statue 720 requires sellers of property subject to a mandatory __________ associationTo provide buyers with the disclosure summary regarding the association, The existence of restrictive Covenants, And any assessments that the association imposes?

Back 441

Homeowner Association

Front 442

In reference to building code violation disclosure, noticed that the buyer will be responsible for compliance with the applicable code and with the others issued in the county ______ proceeding.

Back 442

Court Proceeding

Front 443

A _______ Is an independent special district created, pursuant to go to law, to serve the long term specific needs of its community.

Back 443

Community Development District (CDD)

Note: The developer finance is the construction of infrastructure but issuing bonds.

Front 444

______ Is the Misstatement The fact or the new mission or concealment of a factual matter. _______ can lead to fraud.

Back 444

Misrepresentation

Page 271

Front 445

Change the following decimals to percentage:

.5 = ______

1.5= _____

Back 445

.5 = .50 = 50%

1.5= 1.50 = 150%

Move the decimal point two places to the right and add the percent sign (%)

Page 334

Front 446

In reference to preliminary steps to closing, once the loan is approved, any required repairs should be ordered to remove these contingencies when?

Back 446

As soon as possible

Front 447

In reference to Preliminary steps to closing, before the title closing, the buyer makes a final ________ (_______-______) Of the property with the sales associate.

Back 447

Pre-closing Inspection (walk-through)

Front 448

_______ Requires the payment of a tax on deeds and other conveniences. This state Documentary stamp tax on deeds is assessed at the rate of $.70 for each $100 of the full purchase price (or any fraction of $100)

Back 448

Florida

Note: Purchase Price divided by $100 = Taxable Units (If results is a decimal number, round to the next whole number)

Number of Taxable units x $.70 = cost of documentary stamp tax on deeds

Front 449

In reference to state documentary Stamp Taxes on promissory notes, Florida requires the payment of a documentary stamp tax on all what?

Back 449

New and assumed promissory notes

Note: The tax rate is $.35 per $100, or fraction thereof, on the face value of the promissory notes.

Front 450

What is the formula for documentary stamp taxes on promissory notes?

Back 450

Promissory note divided by $100 = taxable units (If result is a decimal number, round up to the next whole number)

Number of taxable units x $.35 = Cost of documentary Stamp tax on promissory notes

Front 451

In reference to stay intangible tax on new mortgages, The tax rate for the state intangible tax on new mortgages is two mills ($.002) per dollar debt. How do you solve the cost of intangible tax?

Back 451

New loan amount x $.002 = cost of intangible tax

Example: $25,000 (new second mortgage) x $.002 = $50 (intangible tax on new second mortgage)

Front 452

What are the two items that are credited to the seller?

Back 452

1. Total Purchase Price
2. Prepaid Items

Front 453

In reference to preliminary steps to closing, once the loan is approved, any required repairs should be ordered to remove these contingencies when?

Back 453

As soon as possible

Front 454

In reference to Preliminary steps to closing, before the title closing, the buyer makes a final ________ (_______-______) Of the property with the sales associate.

Back 454

Pre-closing Inspection (walk-through)

Front 455

_______ Requires the payment of a tax on deeds and other conveniences. This state Documentary stamp tax on deeds is assessed at the rate of $.70 for each $100 of the full purchase price (or any fraction of $100)

Back 455

Florida

Note: Purchase Price divided by $100 = Taxable Units (If results is a decimal number, round to the next whole number)

Number of Taxable units x $.70 = cost of documentary stamp tax on deeds

Front 456

In reference to state documentary Stamp Taxes on promissory notes, Florida requires the payment of a documentary stamp tax on all what?

Back 456

New and assumed promissory notes

Note: The tax rate is $.35 per $100, or fraction thereof, on the face value of the promissory notes.

Front 457

What is the formula for documentary stamp taxes on promissory notes?

Back 457

Promissory note divided by $100 = taxable units (If result is a decimal number, round up to the next whole number)

Number of taxable units x $.35 = Cost of documentary Stamp tax on promissory notes

Front 458

In reference to stay intangible tax on new mortgages, The tax rate for the state intangible tax on new mortgages is two mills ($.002) per dollar debt. How do you solve the cost of intangible tax?

Back 458

New loan amount x $.002 = cost of intangible tax

Example: $25,000 (new second mortgage) x $.002 = $50 (intangible tax on new second mortgage)

Front 459

What are the two items that are credited to the seller?

Back 459

1. Total Purchase Price
2. Prepaid Items

Front 460

REMEMBER

Back 460

S- State Documentary Stamp Tax on deeds

I- Intangible Tax on New Mortgages

N- State Documentary Stamp Tax on Promissory Notes

Front 461

How is the buyer’s binder deposit entered on the closing disclosure?

Back 461

Credit to the buyer only

Front 462

How is the purchase price answered on the closing disclosure?

Back 462

Credit to the seller and debit to the buyer

Front 463

How are unpaid property taxes insert on the closing disclosure?

Back 463

Credit to the buyer and debit to the seller