Florida Real Estate True False Questions

Front 1

Absentee owners can be defined as property owners who do NOT reside on the property and who rely on property managers to supervise the investment.

Back 1

TRUE. he statement is TRUE. Absentee owners are property owners who do not reside on the property and who usually rely on property managers to supervise the investment.

Front 2

Appraisers are paid a fee, NOT a commission.

Back 2

TRUE. Appraisers are paid a fee rather than a commission in order to reduce the likelihood of a conflict of interest.

Front 3

Real estate professionals who specialize in the sale, purchase, and lease of businesses must hold a commercial license.

Back 3

The statement is FALSE. In Florida, an active real estate sales associate or broker license is required to market business opportunities. No license distinction is made regarding the type of real estate.

Front 4

Subdividing is the process of converting parcels of land into smaller units or lots, while development is the process of improving raw land so that it can be put to productive use.

Back 4

The statement is TRUE. Subdividing involves converting parcels of land into smaller units or lots, and development involves improving raw land so that it can be put to productive use.

Front 5

he Uniform Standards of Professional Appraisal Practice are standards of practice that must be followed by appraisers but NOT real estate licensees.

Back 5

The statement is FALSE. Florida law requires appraisers, real estate brokers, and sales associates to abide by the Uniform Standards of Professional Appraisal Practice when conducting appraisals of real property.

Front 6

The largest trade organization in the world is the Real Estate Professional Society (REPS).

Back 6

the statement is FALSE. The National Association of REALTORS® (NAR) is the largest trade organization in the world. NAR promotes ethics and education in the real estate industry.

Front 7

The scope of a property manager's functions encompasses more than just rent collection, maintenance, and repair.

Back 7

The statement is TRUE. A property manager must strive to produce the greatest possible net income over the longest possible time. In doing so, the property manager often needs to develop plans for modernization, remodeling, or alteration of existing properties. Property managers also are responsible for improving tenant relations, as well as for advertising and merchandising.

Front 8

According to Chapter 475, F.S., the definition of residential real estate includes up to four residential units.

Back 8

The statement is TRUE. Chapter 475, F.S., defines residential real estate as four or fewer residential units, vacant land zoned for four or fewer residential units, or agricultural property of ten or fewer acres.

Front 9

Follow-up refers to returning phone calls to prospective buyers in a timely manner.

Back 9

The statement is FALSE. Follow-up is what a sales associate does for buyers and sellers after the sale (closing) to promote customer loyalty.

Front 10

The three general categories of residential construction include speculative, custom, and tract.

Back 10

The statement is TRUE. The categories are speculative (purchasing one or more lots and constructing homes without first securing buyers), custom (constructing a home under contract with a buyer, using plans provided by architect or buyer), and tract (buyer selects a floor plan from a group of several model homes).

Front 11

A resident licensee who becomes a nonresident must notify the Commission within 45 days of the change in residency and comply with all nonresident requirements.

Back 11

The statement is FALSE. A resident licensee who becomes a nonresident must notify the Commission within 60 days (not 45 days) of the change in residency and comply with all nonresident requirements.

Front 12

If an applicant does NOT pass the state sales associate license exam within two years of completing the 63-hour sales associate prelicense course, the applicant must repeat the course.

Back 12

The statement is TRUE. If an applicant does not pass the state license exam within two years of the course completion date, the course completion expires and the applicant must again complete the prelicense education course.

Front 13

.S. citizenship is NOT required to become licensed in Florida.

Back 13

The statement is TRUE. U.S. citizenship is not required to become licensed in Florida. However, applicants are required to indicate a social security number on the application.

Front 14

After completing the required real estate education and passing the license exam, applicants are initially licensed as inactive sales associates.

Back 14

The statement is TRUE. Applicants are initially licensed as inactive sales associates. A licensee attains active status by finding an employer and filing the information with the Department of Business and Professional Regulation.

Front 15

After completing the post-licensing education requirement during the initial license period, active and inactive licensees must complete at least 14 hours of continuing education during every two-year license period.

Back 15

The statement is TRUE. Active and inactive licensees must complete at least 14 hours of continuing education during every two-year license period after completing post-licensing education during the initial license period.

Front 16

Any applicant for licensure who has received a four-year degree in real estate from an accredited institution of higher education is exempt from the Commission-prescribed education prerequisite to become initially licensed.

Back 16

The statement is TRUE. The education prerequisite is waived for individuals who have received a four-year degree in real estate from an accredited institution.

Front 17

Examinees who qualify under mutual recognition must pass a Florida-specific real estate law examination consisting of 40 questions.

Back 17

The statement is TRUE. Each licensee who applies for Florida licensure from a state that has a current mutual recognition agreement with Florida must pass, with a grade of at least 75 percent, a Florida-specific real estate law examination consisting of 40 questions worth 1 point each.

Front 18

Broker applicants are required to fulfill an experience requirement of at least 36 months of real estate experience during the five-year period preceding becoming licensed as brokers.

Back 18

The statement is FALSE. Broker applicants are required to fulfill an experience requirement of at least 24 months of real estate experience during the five-year period preceding becoming licensed as brokers.

Front 19

A license applicant is NOT required to disclose a prior criminal conviction if adjudication was withheld.

Back 19

The statement is FALSE. A withhold of adjudication of a criminal offense must be disclosed on the license application.

Front 20

A person appointed by a court of law to sell real estate must be a licensed real estate broker.

Back 20

The statement is FALSE. A person appointed by a court of law to sell property is exempt from licensure.

Front 21

Each member of the Florida Real Estate Commission is accountable to the Department of Business and Professional Regulation.

Back 21

The statement is FALSE. Members of the Commission are accountable to the governor, not the Department of Business and Professional Regulation.

Front 22

A post office box is considered to be an acceptable mailing address for license purposes.

Back 22

The statement is TRUE. Florida License Law mandates that a post office box is an acceptable mailing address.

Front 23

A sales associate who works part time for two different real estate offices may be issued multiple licenses.

Back 23

The statement is FALSE. Multiple licenses are issued to brokers who qualify as the broker for more than one business entity. Because a sales associate or broker associate may register under only one employer at a time, neither a sales associate nor a broker associate may hold multiple licenses.

Front 24

A real estate sales associate whose license was expired at the time of performing real estate services must renew the license prior to the title closing in order to lawfully receive compensation for the transaction.

Back 24

The statement is FALSE. A licensee may not practice real estate with an expired license. A broker or sales associate who does so is committing an unlawful act. The license must be active at the time the real estate services are performed.

Front 25

The Florida Real Estate Commission's duty to create and pass real estate rules and regulations is the exercise of quasi-legislative power.

Back 25

The statement is TRUE. The Commission exercises its quasi-legislative power when it enacts rules and regulations that enforce the Florida statutory license law.

Front 26

The Florida Real Estate Commission consists of seven members, four of which must be consumer members who have never been brokers or sales associates.

Back 26

The statement is FALSE. Among the seven members of the Commission, only two must be consumer members who have never been brokers or sales associates.

Front 27

A licensee's initial license is issued so that it will expire on the nearest six months' renewal date short of two years.

Back 27

The statement is TRUE. An initial license is issued so that it will expire on the nearest six months' renewal date short of two years. March 31 and September 30 are the license termination dates.

Front 28

Real estate schools are permitted to offer refunds to students who fail their licensing exams.

Back 28

The statement is FALSE. Schools are prohibited from offering refunds to students who fail their exams.

Front 29

A proprietary real estate school may guarantee employment of a student or prospective student on the basis of training to be provided so long as the school offers the student a bona fide employment contract.

Back 29

The statement is TRUE. The school may guarantee employment, but only if it also offers the student a bona fide employment contract.

Front 30

When a broker's license is revoked, the licenses of the sales associates registered under the broker will be automatically suspended.

Back 30

The statement is FALSE. If a broker's license is suspended or revoked, the sales associates' licenses will be automatically placed in involuntary inactive status. A sales associate's license is returned to active status as soon as a new broker is chosen and the information is filed with the DBPR.

Front 31

Dual agency exists when a real estate broker represents both parties in a transaction in a fiduciary capacity.

Back 31

The statement is TRUE. Dual agency can lead to a conflict of interest. Such being the case, dual agency was revoked in the state of Florida in 1997.

Front 32

A real estate licensee who enters into a transaction broker relationship must give the customer a transaction broker disclosure notice.

Back 32

The statement is FALSE. Effective July 1, 2008, licensees are no longer required to give customers a written disclosure notice when a transaction broker relationship is chosen.

Front 33

A person who gives or delegates authority to another is referred to as the agent, while the person who accepts the authority is referred to as the principal.

Back 33

The statement is FALSE. The opposite is true: a person who gives or delegates authority to another is referred to as the principal; the person who accepts the authority is referred to as the agent.

Front 34

Residential sales are defined as the sale of improved residential property of two or fewer units, the sale of unimproved residential property intended for use as two or fewer units, or the sale of agricultural property of five or fewer acres.

Back 34

The statement is FALSE. Residential sales are defined as the sale of improved residential property of four (not two) or fewer units, the sale of unimproved residential property intended for use as four (not two) or fewer units, or the sale of agricultural property of ten (not five) or fewer acres.

Front 35

Confidential information learned during the course of the single agency cannot be divulged by the broker until the transaction has concluded and the agent-principal relationship has ended.

Back 35

The statement is FALSE. Confidential information learned during the course of the single agency cannot be divulged before or after the transaction has concluded and the agent-principal relationship has ended.

Front 36

An agency relationship between a principal and broker may be terminated by the principal for any reason.

Back 36

The statement is FALSE. A principal is not free to revoke an agency relationship in all circumstances. The principal may revoke an agency if the agent breaches one or more of the fiduciary duties. Several other events could terminate an agency relationship, such as the fulfillment of the agency's purpose, mutual agreement to terminate the agency, or bankruptcy of the principal.

Front 37

When a real estate broker accepts employment as a single agent of the buyer or the seller, the broker enters into a fiduciary relationship.

Back 37

The statement is TRUE. A fiduciary is defined as a broker in a relationship of trust and confidence between the broker as agent and the seller or a buyer as principal. Note that a sales associate or broker associate owes the same fiduciary obligations to the principal as does the broker.

Front 38

The Code of Ethics adopted by the National Association of REALTORS® emphasizes fair dealings in three major areas: (1) with clients, (2) with other real estate brokers, and (3) with the general public.

Back 38

The statement is TRUE. Adopted in 1913, the Code of Ethics emphasizes fair dealings with clients, with other real estate brokers, and with the general public.

Front 39

A transaction broker is a broker who provides representation to a buyer, a seller, or both in a real estate transaction, and who represents either the buyer or seller in a fiduciary capacity or as a single agent.

Back 39

The statement is FALSE. A transaction broker is a broker who provides limited representation to a buyer, a seller, or both, but who does not represent either in a fiduciary capacity or as a single agent.

Front 40

A single agent is defined as a broker who represents, as a fiduciary, the buyer or seller but NOT both in the same transaction.

Back 40

The statement is TRUE. A single agent is a broker who represents, as a fiduciary, the buyer or seller but not both in the same transaction.

Front 41

An ostensible partnership may be registered as a real estate brokerage entity.

Back 41

The statement is FALSE. An ostensible (or quasi partnership) is considered to be fraudulent and deceitful if the public is deceived into believing that a partnership exists.

Front 42

After discussion with the broker, a real estate licensee offers to share part of the commission with the buyer. The arrangement is disclosed to all interested parties. This is an example of a legal kickback or rebate.

Back 42

The statement is TRUE. Florida law allows a real estate licensee to share part of the commission with the buyer or seller in a real estate transaction, provided the rebate is disclosed to all interested parties. Sharing a portion of the commission with a party to the transaction is an example of a legal kickback or rebate.

Front 43

A corporation sole is permitted to register as a real estate broker.

Back 43

The statement is FALSE. A corporation sole cannot be registered as a real estate broker. A corporation sole is an ecclesiastical or church organization, usually headed by a bishop or other clerical official who has been empowered by a church to hold title to church property. Before dealing with a corporation sole, a broker should obtain a written opinion from an attorney who has experience in such titles.

Front 44

If escrow funds are held by a title company, the broker is under no obligation to deliver the funds to the title company within three business days.

Back 44

The statement is FALSE. FREC rules require that the broker request a written receipt from the attorney or title company. The purpose of the receipt is to document that the funds were delivered to the escrow agent by the end of the third business day.

Front 45

In the event of disputed funds, a broker may request that the Florida Real Estate Commission issue an escrow disbursement order (EDO).

Back 45

The statement is TRUE. A broker may request that the Commission issue an EDO to determine who is entitled to the disputed funds. However, the Commission may choose not to issue an EDO, forcing the broker to choose from one of the other settlement procedures: mediation, arbitration, or litigation.

Front 46

The Supreme Court found "do not call" lists to be unconstitutional. Thus, a licensee may freely call anyone in Florida to solicit business.

Back 46

The statement is FALSE. The Federal Trade Commission maintains a "do not call" list. The list has not been found to be unconstitutional. A licensee is not permitted to call an individual on the list unless the licensee has had a business relationship with the individual on the list. A licensee may call an FSBO seller if the licensee has a bona fide buyer interested in the seller's property, even if the seller is listed on the "do not call" list.

Front 47

All earnest money sale deposits must be placed immediately in an escrow account and cannot be intermingled or commingled with the broker's personal or operating funds.

Back 47

The statement is TRUE. To commingle funds is the illegal practice of mixing a buyer's or seller's funds with the broker's own money or of mixing escrow money with the broker's personal funds or business funds.

Front 48

The office sign at the entrance of the brokerage business must display the brokerage street address.

Back 48

The statement is FALSE. There is no requirement to include the brokerage office street address on the entrance sign. The office sign must contain the broker's name, trade name (if one is used), and the words "Licensed Real Estate Broker" or "Lic. Real Estate Broker."

Front 49

All active Florida real estate brokers are required to have an office.

Back 49

The statement is TRUE. Active real estate brokers are required to have an office. Additionally, the office must be registered with the Department of Business and Professional Regulation.

Front 50

A licensee who violates the federal telephone solicitation law may be fined up to $10,000 per call.

Back 50

The statement is FALSE. Violators of the federal Telephone Consumer Protection Act may be fined up to $11,000 for each illegal call.

Front 51

Appealing a final order stops the enforcement of any penalty stipulated in that order.

Back 51

The statement is FALSE. Appealing an order does not stop enforcement of the penalty. If the penalty would suspend or revoke a license, however, the court will normally grant supersedes (stay suspension) as a matter or right on conditions considered reasonable.

Front 52

he FREC may issue a summary suspension when a licensee's actions endanger the public.

Back 52

The statement is FALSE. A summary suspension (or emergency suspension) must be issued by the DBPR Secretary or a legally appointed designee of the Secretary.

Front 53

The Florida Real Estate Commission possesses the authority to sentence a licensee to imprisonment.

Back 53

The statement is FALSE. All imprisonment penalties must be obtained in a court of law because the Commission lacks the authority to assess such penalties.

Front 54

Members of the Florida Real Estate Commission determine and issue the final order in each disciplinary case.

Back 54

The statement is TRUE. The Commission (except for the members who served of Probable Cause) determine and issue the final order in each disciplinary case. The Commission members may accept, reject, or modify the conclusions of law and the interpretation of administrative rules in the administrative law judge's recommended order.

Front 55

Examples of moral turpitude include embezzlement and crimes of larceny.

Back 55

The statement is TRUE. Moral turpitude is defined as a vile act; conduct contrary to honesty, good morals, justice, or accepted custom. Embezzlement and crimes of larceny fall under this definition.

Front 56

A licensee who receives a notice of noncompliance for a minor violation must take action to correct the violation within 15 days.

Back 56

The statement is TRUE. A licensee has 15 days to take action to correct a violation stipulated in a notice of noncompliance. Failure to take corrective action may result in a fine or other disciplinary penalties.

Front 57

Most violations of Florida Statue 475 are legally misdemeanors of the second degree.

Back 57

The statement is TRUE. A violation of Florida Statue 475 is a misdemeanor of the second degree. A second degree misdemeanor is punishable by a fine of up to $500 and/or by a jail sentence of not more than 60 days. There is one violation of real estate license law that is a first-degree misdemeanor; failing to provide accurate and current rental information for a fee.

Front 58

Suspension of an individual's license is a permanent penalty.

Back 58

The statement is FALSE. Suspension of an individual's license is a temporary penalty. The maximum period for which the Florida Real Estate Commission may suspend a license is ten years.

Front 59

The spouse of a judgment debtor is qualified to make a claim from the Real Estate Recovery Fund.

Back 59

The statement is FALSE. The spouse of a judgment debtor is not qualified to make a claim for recovery from the fund.

Front 60

The maximum payment from the recovery fund for claims based on judgments against a licensed real estate broker may not exceed $150,000.

Back 60

The statement is TRUE. Payment for claims based on judgments against one broker or sales associate may not exceed, in total, $150,000.

Front 61

The Florida Residential Landlord and Tenant Act mandates that landlords pay tenants interest on their security deposits.

Back 61

The statement is FALSE. Landlords are obligated to account for deposits and advance rents in one of three ways. One way allows the landlord to hold the money in a separate noninterest-bearing Florida bank and not commingle, hypothecate (pledge as security for a debit), or use the funds until due to the tenant.

Front 62

The Fair Housing Act recommends the use of an equal opportunity poster that features the equal housing logo and a statement that pledges adherence to the Fair Housing Act.

Back 62

The statement is FALSE. The Act requires, not recommends, the use of an equal opportunity poster featuring the equal housing logo and a statement that pledges adherence to the Fair Housing Act.

Front 63

At the time of application for a loan or within three business days thereafter, the lender is required to provide the borrower with a good-faith estimate of probable closing costs related to those items for which information is available from past experience or from knowledge of current costs.

Back 63

The statement is TRUE. This good-faith estimate is required under the Real Estate Settlement Procedures Act of 1974. Generally, the estimate includes costs for loan closing service fees, recording fees, attorney's fees, title search fees, and title insurance fees.

Front 64

Religious organizations may restrict dwelling units they own or operate to members of their religion.

Back 64

The statement is TRUE. Religious organizations may restrict dwelling units they own or operate to members of their religion provided the organization does not otherwise discriminate in accepting its membership.

Front 65

Age is a protected class under the Fair Housing Act.

Back 65

The statement is FALSE. Protected classes under the Fair Housing Act include race, color, religion, sex, national origin, familial status, and handicap status.

Front 66

The Civil Rights Act of 1866 was overturned by the U.S. Supreme Court in the Jones v. Mayer case.

Back 66

The statement is FALSE. In 1968 the Jones v. Mayer case upheld the Civil Rights Act of 1866.

Front 67

As a condition of selling a property, a seller may require a buyer using a federally related mortgage to buy title insurance from a particular company.

Back 67

The statement is FALSE. The Real Estate Settlement Procedures Act prohibits sellers from requiring buyers purchase title insurance from a particular company.

Front 68

The Americans with Disabilities Act (ADA) of 1990 requires that multifamily dwellings be designed and constructed so that the public and common-use portions of the dwellings are readily accessible to and usable by all persons with disabilities.

Back 68

The statement is TRUE. The ADA is a federal statute designed to remove barriers that prevent qualified individuals with disabilities from enjoying the same employment opportunities that are available to persons without disabilities. The act prohibits discrimination in places of public accommodations and in commercial facilities.

Front 69

Lenders are required to give borrowers a HUD information booklet concerning closing costs at the time or loan application or within three business days.

Back 69

The statement is TRUE. As part of consumer protection under RESPA, lenders are required to give all prospective borrowers a current copy of a special HUD information booklet at the time of loan application or within three business days.

Front 70

Land developers are NOT permitted to sell or lease lots in subdivisions of 100 or more lots unless they have registered the subdivision with the U.S. Department of Housing and Urban Development (HUD).

Back 70

The statement is TRUE. Before selling or leasing lots in subdivisions of 100 or more lots, developers first need to register the subdivision with HUD

Front 71

Developers of condominium projects with 20 or more units must give prospective purchasers a copy of the prospectus.

Back 71

The statement is TRUE. Developers of 20 or more new residential condominium units must prepare a prospectus. A copy of the prospectus must be given to prospective purchasers. The prospectus summarizes the major points detailed in the condominium documents.

Front 72

A tenancy at will is said to exist when the tenant, after rightfully being in possession of the rented premises, continues possession after the tenant’s right has ended.

Back 72

The statement is FALSE. A tenancy at will is a leasehold estate in which the tenant holds possession of the premises with the owner's permission but without a fixed term. A tenancy at sufferance exists when the tenant, after rightfully being in possession of the rented premises, continues possession after the tenant’s right has ended.

Front 73

The Florida Vacation Plan and Time-Sharing Act applies to time-share plans consisting of more than 12 time-share periods over a span of at least three years and the facilities or accommodations are located within the state of Florida.

Back 73

The statement is FALSE. The Florida Real Estate Time-Share Act applies to time-share plans consisting of more than seven, not 12, time-share periods over a span of at least three years and the facilities or accommodations are located within the state of Florida.

Front 74

A joint tenancy features right of survivorship.

Back 74

The statement is TRUE. A joint tenancy is characterized by the right of survivorship. Right of survivorship means that when one co-owner dies, the co-owner’s share goes to the surviving co-owner(s) and not to the deceased tenant's heirs.

Front 75

The right of exclusion recognizes that an owner is considered to have the right to control entry onto the owner’s land without interference and to collect damages for certain forms of trespass.

Back 75

he statement is TRUE. Other parties must have permission to enter the land of an owner with this right

Front 76

In a tenancy by the entireties, an individual's ownership interest automatically transfers to the surviving spouse by right of survivorship.

Back 76

The statement is TRUE. Neither the husband nor the wife may will any portion of the spousal interest in an estate by the entireties.

Front 77

A fixture is defined as an item of personal property temporarily affixed to real property with the intention that it be moved at a later date.

Back 77

The statement is FALSE. A fixture is an item of personal property converted to real property by attaching it to the real property with the intention that it becomes permanently a part thereof.

Front 78

Under a tenancy in common, each tenant must hold an equal percentage of ownership in the property.

Back 78

The statement is FALSE. Tenants in common may hold different percentages of ownership in the property. However, each tenant holds an undivided interest in the property, meaning that tenants in common own an interest in the entire property rather than just a particular part of the property.

Front 79

The bylaws of the condominium association include procedures for calling meetings and determining voting requirements.

Back 79

The statement is TRUE. The bylaws describe the operational requirements of the association and provide for the administration of the association, including procedures for calling meetings and determining voting requirements.

Front 80

Land refers NOT only to the surface of the earth but also to all improvements permanently attached to the land, such as homes, fences, and sewers.

Back 80

The statement is FALSE. Land does not include improvements permanently attached to the land, though it does include everything attached to it by nature. Real estate refers to land and all improvements attached to the land.

Front 81

Title insurance will NOT protect an owner's heirs.

Back 81

The statement is FALSE. The owner's title insurance policy helps to protect a new owner (and the owner's heirs) from title defects.

Front 82

Alienation is the act of transferring ownership, title, or an interest in real property from one person to another.

Back 82

The statement is TRUE. The alienation may be voluntary (with the owner's control and consent) or involuntary (without control and consent of the owner).

Front 83

The constitutions of the federal government and state governments grant the power to take private property for a public use.

Back 83

The statement is TRUE. This power is known as eminent domain.

Front 84

The covenant of quiet enjoyment is found in a general warranty deed.

Back 84

The statement is TRUE. In addition to the covenant of seisin and the covenant against encumbrances, the general warranty deed contains three unique covenants: (1) quiet enjoyment; (2) further assurance; and (3) warranty forever.

Front 85

A mortgage lien is a voluntary lien against real property that pledges the property as security for the debt.

Back 85

The statement is TRUE. If the borrower (mortgagor) defaults, the lender (mortgagee) can proceed to force sale of the property to satisfy the debt.

Front 86

Adverse possession arises when the true owner of record fails to maintain possession and the property is seized by another.

Back 86

The statement is TRUE. If the true owner of record "sleeps on his rights" and does not use the legal means available to remove a hostile trespasser, the owner will lose the right to the property after a period of time.

Front 87

A broker must first obtain a current opinion from an attorney before quoting an opinion that title to a property is good or marketable.

Back 87

The statement is TRUE. When questions of title arise, brokers are required to advise prospective buyers to have their attorney examine the abstract or to obtain a title insurance policy.

Front 88

An abstract of title is an official summary of documents filed in the public records that affect, or may affect, title of a given tract or parcel.

Back 88

The statement is TRUE. An abstract of title informs the reader or title examiner of the chain of title.

Front 89

Constructive notice is direct knowledge acquired in the course of a transaction.

Back 89

The statement is FALSE. Constructive notice refers to information that has been made public by recording the information in the public records.

Front 90

MOST residential and office building leases are variable leases.

Back 90

The statement is FALSE. Residential and office building leases are typically gross leases. Variable leases are usually tied to an index, such as the consumer price index (CPI).

Front 91

Each section in a township contains 640 acres within its boundaries.

Back 91

The statement is TRUE. It is important to remember the exact number of acres in a section because the 640 value is used for many purposes.

Front 92

An acre equals 43,560 square feet.

Back 92

The statement is TRUE. An acre equals 43,560 square feet—approximately 208.71 feet × 208.71 feet.

Front 93

Each township contains 6 sections.

Back 93

The statement is FALSE. Each township contains 36 sections.

Front 94

The federal government's survey system uses certain north-south longitudes as base lines and certain east-west latitudes as principal meridians.

Back 94

The statement is FALSE. The survey system uses certain north-south longitudes as principal meridians and certain east-west latitudes as baselines.

Front 95

Under the survey system, township lines are drawn every 6 miles north and south of a base line.

Back 95

The statement is TRUE. Township lines are drawn every 6 miles north and south of a base line

Front 96

The parcel described as NE¼, SW¼, NW¼ contains 10 acres.

Back 96

The statement is TRUE. 640 ÷ 4 ÷ 4 ÷ 4 =10.

Front 97

Each 24-by-24-mile square created by intersecting guide meridians and correction lines is called a quadrant.

Back 97

The statement is FALSE. Each 24-by-24-mile square created by intersecting guide meridians and correction lines is called a check, not a quadrant.

Front 98

The metes-and-bounds description is the LEAST accurate of the three types of legal descriptions.

Back 98

The statement is FALSE. The metes-and-bounds description is the most accurate method of land description.

Front 99

The MOST common type of legal description used for single-family dwellings located in developed subdivisions is the lot and block method.

Back 99

The statement is TRUE. The lot and block method can be used only where plat maps have been recorded in the public records.

Front 100

The township north of T2S, R3E is T1S, R2E.

Back 100

The statement is FALSE. The township north of T2S, R3E is T1S, R3E. The row of townships due north of T2S is T1S. The range number does not change when moving north and south.

Front 101

Each section in a township contains 640 acres within its boundaries

Back 101

The statement is TRUE. It is important to remember the exact number of acres in a section because the 640 value is used for many purposes.

Front 102

An acre equals 43,560 square feet.

Back 102

The statement is TRUE. An acre equals 43,560 square feet—approximately 208.71 feet × 208.71 feet.

Front 103

Each township contains 6 sections.

Back 103

The statement is FALSE. Each township contains 36 sections

Front 104

The federal government's survey system uses certain north-south longitudes as base lines and certain east-west latitudes as principal meridians.

Back 104

The statement is FALSE. The survey system uses certain north-south longitudes as principal meridians and certain east-west latitudes as baselines.

Front 105

Under the survey system, township lines are drawn every 6 miles north and south of a base line.

Back 105

The statement is TRUE. Township lines are drawn every 6 miles north and south of a base line.

Front 106

The parcel described as NE¼, SW¼, NW¼ contains 10 acres

Back 106

The statement is TRUE. 640 ÷ 4 ÷ 4 ÷ 4 =10.

Front 107

When a wronged party in a breached contract sues for compensatory damages, it is to have the courts force the other party to perform as the contract specifically states.

A)

Back 107

The statement is FALSE. Specific performance is when an injured party sues to have the courts enforce the terms of a contract. A suit for compensatory damages is a suit that seeks money damages

Front 108

In an option contract the optionor has an exclusive right to buy the property within a specified period.

Back 108

The statement is FALSE. In an option contract the optionee (NOT the optionor) has the exclusive right to buy the property within a specified period for a specified price and terms

Front 109

Valuable consideration is a promise that cannot be measured in terms of money, such as love and affection.

Back 109

The statement is FALSE. Valuable consideration is money or a promise of something that can be measured in terms of money.

Front 110

Mutual assent refers to the making and acceptance of an offer.

Back 110

The statement is TRUE. There must have been a meeting of the minds between parties, meaning they must reach an agreement on all terms in the contract.

Front 111

One exception to the Statute of Frauds concerns when an oral contract has been formed and the buyer has paid a part of the purchase price and then has either taken possession of the property or made some improvements to the property.

Back 111

The statement is TRUE. There is one other exception to the Statute of Frauds: when both parties have fully performed as promised, in which case the resulting legal relationships are precisely the same as those that would have existed had the contract been in writing.

Front 112

In the case of a contract, obligation, or liability based on a written instrument, the Statute of Limitations designates that the terms of a written contract may be enforced for a period of ten years.

Back 112

The statement is FALSE. The Statute of Limitations designates that the terms of a written contract may be enforced for a period of five years.

Front 113

Brokers and sales associates should NOT prepare deeds, mortgages, or promissory notes.

A)

Back 113

The statement is TRUE. Unless they are also attorneys, brokers and sales associates who prepare such legal documents could jeopardize their real estate licenses

Front 114

An implied contract is one in which some or all of the obligations or conditions of a contract are NOT stated expressly.

Back 114

The statement is TRUE. With an implied contract, the obligations or conditions of the contract may be reasonably implied by the acts of the parties or by the nature of the transaction.

Front 115

An option contract is a bilateral contract.

Back 115

The statement is FALSE. In an option contract, the owner (optionor) is bound to perform the terms of the option if required to do so by the optionee. The optionee, however, may elect to walk away from the contract because the option contract grants the optionee a right, not an obligation to buy the property.

Front 116

Regarding the parties in a contract, novation is the substitution of a new party for the original one.

Back 116

The statement is TRUE. The effect of novation is to discharge the original party from the obligation

Front 117

A deed in lieu of foreclosure is sometimes referred to as a friendly foreclosure.

Back 117

The statement is TRUE. A deed in lieu of foreclosure is sometimes referred to as a friendly foreclosure because it is a nonjudicial procedure.

Front 118

n a mortgage, the mortgagor owns the mortgage, while the mortgagee owns the property.

Back 118

The statement is FALSE. The opposite is true: the mortgagor owns the property, while the mortgagee owns the mortgage.

Front 119

The VA uses a total monthly obligations ratio of 39 percent to qualify loan applicants

Back 119

The statement is FALSE. The VA uses a total monthly obligations ratio of 41 percent to qualify loan applicants.

Front 120

Florida statute requires mortgagees to send the recorded satisfaction to mortgagors within 60 days.

Back 120

The statement is TRUE. Florida statute requires that the mortgagee send the recorded satisfaction to the mortgagor within 60 days.

Front 121

The primary appeal of an adjustable-rate mortgage (ARM) is a lower interest rate over the life of the loan.

Back 121

The statement is FALSE. An ARM offers a lower initial interest rate, but over the life of the loan an ARM's rate can rise considerably higher than the initial rate.

Front 122

FHA mortgages typically have a higher loan-to-value (LTV) ratio compared with conventional mortgages

Back 122

The statement is TRUE. FHA mortgages require as little as 3.5 percent down payment. Therefore, an FHA mortgage loan requires a smaller down payment or a higher load-to-value ration (LTV) compared with conventional mortgage loans

Front 123

The Federal Housing Administration (FHA) regulates interest rates.

Back 123

The statement is FALSE. FHA does not regulate interest rates. Lenders set their own interest rates for FHA-insured loans to reflect market conditions

Front 124

The open-end clause permits the borrower to increase the loan amount as long as the total debt does NOT exceed the original amount of the loan.

Back 124

The statement is TRUE. The borrower may increase the loan amount under the open-end clause, but only if the total debt does not exceed the original amount of the loan

Front 125

A contract for deed is a method of buying a property in a single lump sum.

Back 125

The statement is FALSE. A contract for deed is a method for buying real property, usually with very little cash investment. The seller accepts a down payment from the buyer and finances the rest of the purchase price.

Front 126

The amount that Federal Reserve member banks are required to keep on deposit is the reserve requirement.

Back 126

The statement is TRUE. The amount that member banks are required to keep on deposit is the reserve requirement. Raising or lowering this reserve requirement is one of three primary methods used by the Fed to control the supply of money in circulation and thereby balance the economy.

Front 127

Deposit accounts are insured to $300,000 per depositor in each bank or thrift the FDIC insures.

A)

Back 127

The statement is FALSE. Deposit accounts are insured to $250,000 per depositor in each bank or thrift the FDIC insures. The coverage limit will return to $100,000 (except for IRAs), effective January 1, 2014.

Front 128

Fannie Mae does NOT make loans directly to consumers; rather, Fannie Mae purchases loans for its own portfolio

Back 128

The statement is TRUE. Fannie Mae (formerly called the Federal National Mortgage Association or FNMA) was established by Congress in 1938 for the purpose of creating a secondary market for mortgage loans. It is authorized to either purchase loans for its own portfolio or underwrite loans

Front 129

Each discount point paid to the lender will increase the lender's yield (return) by approximately 1/8 of 1 percent.

Back 129

The statement is TRUE. Discount points increase the actual yield from a mortgage without showing an increase in the interest rate on the mortgage. As a general rule of thumb, each discount point paid to the lender will increase the lender's yield (return) by approximately 1/8 of 1 percent (.00125

Front 130

State-chartered commercial banks must display the word “National” somewhere in their name.

Back 130

The statement is FALSE. Commercial banks chartered by the federal government must display the word "National" or the initials "N.A." somewhere in their name.

Front 131

The discount rate is another term for mortgage points

Back 131

The statement is FALSE. The discount rate is the interest rate charged member banks for borrowing from the Federal Reserve Bank

Front 132

The cost of 5 discount points on a $100,000 loan is $5,000.

Back 132

The statement is TRUE. Each discount point is equal to 1 percent of the loan amount. Five discount points is equal to five percent of $100,000 or $5,000.

Front 133

Federally chartered SAs are required to be members of their district Federal Home Loan Bank

Back 133

The statement is TRUE. All federally chartered savings associations are required to be members of their district FHLB. While membership is optional for state-chartered savings associations, mutual savings banks, and insurance companies, many that meet federal standards and can qualify elect to join because only member institutions are allowed to borrow from their district FHLB for up to one year without collateral.

Front 134

When the Fed decides to sell securities through open-market bulk trading, the supply of money in circulation increases

Back 134

The statement is FALSE. When the Fed decides to sell securities through openmarket bulk trading, all funds received are held by the FRS. This reduces the supply of money in circulation, which in turn causes a drop in loanable funds and causes interest rates to rise

Front 135

If a comparable property is superior to the subject property with regard to size, a downward adjustment is made to the sale price of the comparable.

Back 135

The statement is TRUE. If a comparable property is superior on a given feature, a downward adjustment is made to the comparable property. To remember: Comp Better = Subtract (CBS).

Front 136

A comparative market analysis (CMA) must conform to the Uniform Standards of Professional Appraisal Practice (USPAP).

Back 136

The statement is FALSE. An appraisal report, not a CMA, must conform to the USPAP. A comparative market analysis (CMA) is an informal estimate of market value performed by a real estate licensee for the seller to assist in arriving at an appropriate listing price, or if working with the buyer, an informal estimate of market value to assist the buyer in arriving at an appropriate offering price.

Front 137

Cost can be defined as the amount of money for which a good is actually sold.

Back 137

The statement is FALSE. Cost is the total expenditure required to bring a new improvement into existence plus the cost of the land. Price refers to the amount of money (or its equivalent) for which a good is actually sold

Front 138

The definition of market value assumes that the terms of sale are in cash in U.S. dollars or in comparable financial arrangements.

Back 138

The statement is TRUE. The definition of market value assumes that (1) market value applies to a specified date and may change with the passage of time; (2) the seller is able to convey a marketable title; (3) buyer and seller are typically motivated, and neither buyer nor seller is under any compulsion or pressure to conclude a sale;(4) both buyer and seller are well informed and acting in their individual best interest;(5) the property is exposed for sale on the open market for a reasonable time; (6) the terms of sale are in cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (7) the price represents a normal consideration for the property, unaffected by creative financing or sales concessions such as seller contributions or buydowns.

Front 139

If an appraisal report involves a federally related transaction, it must be prepared by a state-certified or licensed appraiser

Back 139

The statement is TRUE. Appraisal reports involving a federally related transaction must be prepared by a state-certified or licensed appraiser, unless the real estate licensee also holds such certification or license. Federally related transactions include the sale, lease, purchase, exchange, investment, refinancing, or other use of real estate as security for a loan that has a transaction value greater than $250,000.

Front 140

Replacement cost is the amount of money required to build an exact duplicate of the structure.

Back 140

The statement is FALSE. Replacement cost is the amount of money required to replace a structure having the same use and functional utility as the subject property, but using modern, available, or updated materials. Reproduction cost is the amount of money required to build an exact duplicate of the structure

Front 141

Chronological age is used in the lump-sum age-life method of calculating accrued depreciation.

Back 141

The statement is FALSE. The lump-sum age-life method is based on a ratio of a property's effective age to its economic life. Effective age is the age indicated by a structure's condition and utility.

Front 142

The four characteristics of value are demand, price, scarcity, and transferability.

A)

Back 142

The statement is FALSE. The four characteristics of value are demand, utility, scarcity, and transferability. These characteristics can be remembered by the acronym DUST.

Front 143

In the cost-depreciation approach, the maximum value of a property can be measured by determining the cost to acquire an equivalent site and to reproduce a structure as if new, and then subtracting accrued depreciation

Back 143

The statement is TRUE. The cost-depreciation approach is based on the theory that a knowledgeable purchaser will pay no more for a property than the cost of acquiring a similar site and constructing an acceptable substitute structure. The maximum value of a property can be measured by determining the cost to acquire an equivalent site and to reproduce a structure as if new, and then subtracting accrued depreciation.

Front 144

In platform construction, the wall framing is assembled on the concrete slab and then hoisted into place and anchored.

Back 144

The statement is TRUE. In platform construction, the wall framing is assembled on the concrete slab and then hoisted into place and anchored. If the house has more than one story, additional layers of floor platforms and walls are stacked on top of the first floor walls. The structure is completed with ceiling and roof framing.

Front 145

The high-pressure plumbing system carries wastewater away from the home.

Back 145

The statement is FALSE. The high-pressure system delivers potable water (suitable for drinking) to the various parts of a home, and the low-pressure system carries wastewater away from the home.

Front 146

A corner lot is bounded with streets on two sides.

Back 146

The statement is TRUE. A corner lot is bounded with two intersecting streets

Front 147

T-intersection lots are a type of corner lot.

Back 147

The statement is FALSE. A T-intersection lot is an interior lot that suffers from its location at the end of a T-intersection. T-intersection lots face an oncoming street

Front 148

With balloon frame construction the studs extend continuously to the ceiling of the second floor, providing a smooth unbroken wall surface at each floor level.

Back 148

The statement is TRUE. Balloon construction was common until the 1930s, but it is still used today for some two-story construction, especially if the structure has a masonry exterior. With this type of construction the studs extend continuously to the ceiling of the second floor, providing a smooth unbroken wall surface at each floor level.

Front 149

Casement windows can be opened up completely, providing maximum ventilation

Back 149

The statement is TRUE. Casement windows consist of one or more sashes hinged at the side like a door, swinging horizontally out or in, usually with the aid of a crank. This window can be opened up completely, providing maximum ventilation; however, it needs to be located away from traffic areas such as sidewalks.

Front 150

Ducted systems include two sets of ducts: supply air ducts and return ducts.

A)

Back 150

The statement is TRUE. The supply air ducts carry the hot air from the furnace to the distribution registers throughout the house. The return air intake collects the cooled air through return ducts to a filter located in the furnace, where it is reheated and recycled throughout the home.

Front 151

Weather heads are used to protect an electric circuit from damage caused by too much current.

Back 151

The statement is FALSE. Circuit breakers are used to protect an electric circuit from damage caused by too much current. A breaker will trip (shut off) if the circuit is forced to carry more current than the wire can handle. Inside the breaker is a tripping mechanism that will not allow the breaker to be reset until the wire has cooled. The weather head attaches to the utility service cable and prevents water damage to the wiring.

Front 152

The higher the R-value, the better the energy efficiency

Back 152

The statement is TRUE. The measure of the effectiveness of insulation is its resistance to heat flow, or R-value. The higher the R-value, the better the energy efficiency.

Front 153

A dormer is a projection that extends out of the roof to provide additional light and ventilation.

Back 153

The statement is TRUE. Dormers are incorporated into gable and hip roofs to provide additional light and ventilation.

Front 154

The methods used to estimate the value of a business are very different from the techniques used to appraise real property.

A)

Back 154

The statement is FALSE. The methods employed to arrive at an estimate of a business's value consist of techniques similar to those used in appraising real property with one additional technique referred to as liquidation analysis.

Front 155

One of the ways business brokerage is different from real estate brokerage is that business brokerage transactions frequently involve the assumption by the purchaser of short-term liabilities

Back 155

The statement is TRUE. Business brokerage is different from real estate brokerage in five ways: (1) business brokerage usually involves assets other than real estate, such as personal property and goodwill, (2) the value of an established business may differ from the value of the real estate, (3) unlike real estate, the value of a business may be allocated among shares of corporate stock, (4) business brokerage transactions frequently involve the assumption by the purchaser of short-term liabilities, and (5) the real estate market is local in nature.

Front 156

A disadvantage of investing in real estate is that real estate does NOT keep pace with inflation.

Back 156

The statement is FALSE. Historically, real estate values have increased at a higher pace compared with inflation as measured by the Consumer Price Index (CPI). Property appreciation is an advantage of investing in real estate.

Front 157

Negative leverage occurs when the benefits from borrowing exceed the costs of borrowing

Back 157

The statement is FALSE. If the benefits from borrowing exceed the costs of borrowing, it is called positive leverage. If the borrowed funds cost more than they are producing, it is called negative leverage.

Front 158

Dynamic risk can be transferred to an insurer.

Back 158

The statement is FALSE. Dynamic risk arises from the continual change in the business environment and therefore dynamic risk cannot be transferred to an insurer.

Front 159

Real estate investment analysis can be defined as the process of determining the extent to which real estate investments will achieve an investor's objectives

Back 159

The statement is TRUE. An investment is the outlay of an investor's money in anticipation of income or profit. Real estate investment analysis is the process of determining the extent to which real estate investments will achieve an investor's objectives.

Front 160

The going concern value of a business may be different from the real estate value.

Back 160

The statement is TRUE. The going concern or total value of an established business may differ from the value of the real estate. Going concern value is the value of an established business property compared with the value of just the physical assets of a business that is not yet established

Front 161

The value of investment property should be based primarily on the cost to build.

Back 161

The statement is FALSE. The value of investment property should be based on the return and appreciation it will yield, not only on the cost to build. Three considerations that influence a building's investment value are exterior considerations, interior considerations, and building operating expenses.

Front 162

Chapter 475, F.S. defines the category of commercial properties as "any interest in business enterprises or business opportunities."

Back 162

The statement is FALSE. It is the category of business opportunities that Chapter 475, F.S. defines as "any interest in business enterprises or business opportunities."

Front 163

REITs give individuals the opportunity to pool resources for investment in real property.

A)

Back 163

The statement is TRUE. REITs provide a means for individuals to pool resources for investment in a professionally managed portfolio of real property and/or mortgages secured by real property

Front 164

The IRS useful asset life of nonresidential income-producing property is 27.5 years for calculating depreciation allowance.

Back 164

The statement is FALSE. The useful life of nonresidential income-producing property is 39 years. The useful life of residential rental property is 27.5 years.

Front 165

One mill can be written as .001.

Back 165

The statement is TRUE. A mill is one one-thousandth of a dollar (or one-tenth of a cent). There are 1,000 mills in a dollar

Front 166

Disabled veterans must be at least 20 percent disabled by military service-connected injury to be entitled to an additional $5,000 exemption on their homesteaded property.

Back 166

The statement is FALSE. Veterans must be at least 10 percent (not 20 percent) disabled by military service-connected misfortune to be entitled to an additional $5,000 exemption on homesteaded property.

Front 167

Floridians who homestead their residence and who reside on the property as their permanent legal residence are eligible for a $50,000 homestead tax exemption from city, county, and school board taxes

Back 167

The statement is FALSE. Homeowners are entitled to a $25,000 homestead exemption from the assessed value of the home for city, county, and school board taxes. Homesteaders with assessed values greater than $75,000 are entitled to an additional $25,000 tax exemption from city and county taxes only. Homesteaders with assessed values between $50,001 and $75,000 receive a prorated amount of exemption in addition to the $25,000 base exemption.

Front 168

Step 2 in protesting a property assessment is court litigation.

Back 168

The statement is FALSE. Step 1 is seeking an adjustment by contacting the county property appraiser or a representative of that office; step 2 is filing an appeal with the Value Adjustment Board; and step 3 is court litigation

Front 169

Special assessments are levied according to the value of a property.

Back 169

The statement is FALSE. Special assessments are a one-time tax levied on properties to help pay for some public improvement that benefits the property. Special assessments are not ad valorem taxes—they are not levied according to the value of a property. Usually, special assessments are levied on a front-foot basis for items such as sidewalks and street paving. They are often levied on a per hookup basis for utility and sewer improvements.

Front 170

Government buildings are immune properties—that is, government buildings are NOT subject to taxation.

Back 170

The statement is TRUE. Immune properties are government buildings (city, county, state, and federal government properties) plus special categories that have been made immune by a statute or ordinance, such as municipal airports. Immune properties are not even assessed and are not subject to taxation.

Front 171

The purpose of Florida's Green Belt Law is to protect coastal property from commercial development.

A)

Back 171

The statement is FALSE. Florida's Green Belt Law was designed to protect farmers from having taxes increased just because the land might be in the path of urban growth and therefore well suited for development.

Front 172

One of the requirements for establishing a homestead tax exemption is that the owner must have held title to the property as of January 1 of the year of application.

Back 172

The statement is TRUE. Another requirement is that a recorded deed, recorded contract for deed, or property tax bill must be presented in the homeowner's name, plus two forms of identification.

Front 173

Ad valorem means according to cost.

Back 173

The statement is FALSE. Ad valorem means according to value. Real estate taxes (commonly called property taxes) are based on the value of real property, hence the term ad valorem tax.

Front 174

Market indicators include price levels, vacancy rates, and sales volume.

Back 174

The statement is TRUE. Price levels are indicators of new housing supply and demand for certain price ranges; vacancy rates indicate the need and demand for housing in a certain market; and sales volume can be used in estimating the direction and rate of growth.

Front 175

The real estate market is unusually slow to respond to changes in supply and demand.

Back 175

The statement is TRUE. When the equilibrium between supply and demand is upset, it can be years before the imbalance is corrected.

Front 176

Heterogeneity is a term that refers to the uniqueness of land.

Back 176

The statement is TRUE. Real estate is unique. No two tracts of land are identical. The uniqueness of land is referred to as heterogeneity.

Front 177

The supply of real estate is influenced by the availability of mortgage credit.

Back 177

The statement is FALSE. The variables that influence supply are availability of skilled labor, construction loans and financing, land, and materials. Availability of mortgage credit is a variable that influences demand.

Front 178

The price of real estate is a variable that influences the supply of real estate.

Back 178

The statement is FALSE. The price of real estate influences the demand for real estate, not its supply.

Front 179

As defined by the Census Bureau, a household consists of at LEAST two persons occupying a separate housing space.

Back 179

The statement is FALSE. A household, as defined by the Bureau of the Census, U.S. Department of Commerce, is any person or group of persons occupying a separate housing space.

Front 180

A seller's market develops when the supply and demand equilibrium is upset by excess demand.

Back 180

The statement is TRUE. Whenever the supply and demand equilibrium is upset by excess demand, a seller's market develops. Whenever the supply and demand equilibrium of a market is upset by excess supply, a buyer's market develops.

Front 181

The availability of construction loans influences the supply of real estate.

Back 181

The statement is TRUE. The variables that influence supply are availability of skilled labor, construction loans and financing, land, and materials.

Front 182

Zoning ordinances protect the public health and safety from inferior construction practices.

Back 182

The statement is FALSE. Building codes protect the public health and safety from inferior construction practices. Zoning ordinances authorize segmentation (dividing) of a community into districts or zones in keeping with the character of the land and structures and with their suitability for particular uses and uniformity of use within each zone.

Front 183

Most dwelling units in planned unit developments are clustered, with planned green spaces between clusters

Back 183

The statement is TRUE. The trade-off for smaller residential lots is open green spaces.

Front 184

A variance allows a property owner to vary from strict compliance with all or part of a zoning code.

Back 184

The statement is TRUE. A variance allows a property owner to vary from strict compliance with all or part of a zoning code because to comply would force an undue hardship on the property owner.

Front 185

The purpose of commercial zoning is to regulate density, the number of buildings per acre.

Back 185

The statement is FALSE. The purpose of commercial zoning is to regulate intensity of use. Intensity is determined by the type and amount of pedestrian and vehicular traffic generated by a commercial enterprise. Residential zoning regulates density, or the number of buildings per acre.

Front 186

A final certificate of occupancy is issued only after all of the building inspectors agree that the structure conforms to code and all associated fees have been paid.

Back 186

The statement is TRUE. After all of the building inspectors agree that the structure conforms to code and all associated fees have been paid, a final certificate of occupancy is issued

Front 187

Florida's Growth Management Act requires that the infrastructure be in place before new development is allowed.

Back 187

The statement is TRUE. The concurrency provision in Florida's Growth Management Act of 1985 mandates that the infrastructure, such as roads and water and waste treatment facilities needed to support additional population, be in place before new development is allowed.

Front 188

A strip of park-like green space can be a buffer zone.

Back 188

The statement is TRUE. A buffer zone is a strip of land separating a higher density land use from a lower density use.

Front 189

Developers of large new building projects that affect more than one county must prepare an environmental impact statement.

Back 189

The statement is TRUE. An environmental impact statement (EIS) is a description of the probable cost-benefit impact that a proposed large development project will have on the environment. Large projects are required to submit an EIS, usually to a regional planning agency.

Front 190

City planning commissions are typically delegated authority for site plan approval.

Back 190

The statement is TRUE. There are three areas of responsibility for which city planning commissions are commonly delegated final authority: (1) subdivision plat approval, (2) site plan approval, and (3) sign control

Front 191

A nonconforming use is the permission to build or use in apparent conflict with existing zoning ordinance.

Back 191

The statement is FALSE. A special exception is the permission to build or use in apparent conflict with existing zoning ordinance. A nonconforming use is the permission to continue to use in spite of an enacted zoning ordinance.