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23 Cards in this Set
- Front
- Back
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Bob, who owns an orange grove near Orlando, was appointed by a probate court judge to appraise a grove near Tampa. Bob can: |
Be compensated for the appraisalReason:Textbook Page 2-7 / Online Chapter Page 2-16. Whenever someone is court appointed to perform any task, it's legal. |
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Which of the following statements best describes a group license? |
It is issued to sales associates and broker associates who work for an owner-developer allowing the associates to sell property owned by different business entities provided there exists a commonality of ownershipReason:Textbook Page 3-5 / Online Chapter Page 3-10 |
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The Notice of Non-Representation disclosure form must be given to potential buyers and sellers: |
Prior to showing residential propertyReason:Textbook Page 8-4 / Online Chapter Page 8-8 |
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Which of the following is the best example of external obsolescence? |
A change in zoning |
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Ann remits an earnest money deposit of $37,500 on a property that is listed for $150,000. The broker then defrauds Ann out of the $37,500. Ann takes the broker to court and wins a judgment of $37,500 plus $15,000 punitive damages. If the broker has no assets, how much money can Ann receive from the Florida Real Estate Recovery Fund? |
$37,500Reason:Textbook Page 20-5, 20-6 / Online Chapter Page 20-10, 20-11. Punitive damages are not recoverable from the Florida Real Estate Recovery Fund. |
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The statute of frauds applies to: |
Real property sales contracts |
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Bob, a resident of Maine who holds a sales associate license there, wishes to become a Florida real estate broker. What must Bob do to obtain a Florida real estate broker license? |
Complete a broker pre license course and pass the 100 question state exam for brokers with a score of 75% or better |
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Which of the following best describes a transaction broker relationship? |
Limited representation to the customer(s) |
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Which of the following duties is unique to single agency? |
obedience |
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A Florida general partnership operating as a real estate brokerage can be created by which of the following methods? |
Oral agreement between the partners |
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If a legally sufficient complaint has been filed, investigated, and found valid, the next step in the complaint process is: |
Probable cause panel |
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When a landlord accepts a security deposit, what may the landlord legally do with the funds? |
Deposit such funds in a non-interest-bearing account |
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A purchase money mortgage: |
Is commonly associated with seller financing |
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After Broker Sharon listed Todd's home for $200,000 as a single agent, Buyer Bert offers $190,000 and states that he will pay more if Todd does not accept the offer. Sharon is required to: |
Submit the $190,000 offer and tell Todd that the prospect said he would pay more if the offer is not accepted |
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A Georgia buyer comes to Florida and contacts Broker Bob who shows him a parcel of land. The buyer makes a written offer on the property and gives Bob a binder deposit in the form of his personal check drawn on an Atlanta Bank. Before the offer is accepted, the buyer directs the broker to place the binder deposit funds into an interest-bearing account. How should the broker respond? |
Move the funds to an interest-bearing account, even if the seller is not notified |
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The Federal National Mortgage Association (Fannie Mae) presently buys and sells which types of mortgages? |
All of the above |
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Sandra Sales Associate listed Tom's house on May 1, 2009 and sold it ten days later. The transaction closed June 5, 2009, but Sandra's license had expired on March 31, 2009. If her employing broker's license did not expire until September 30, 2009, which of the following statements best applies? |
Tom does not owe a sales commission |
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Harold's investment property does not generate enough income to cover the cost of its expenses. What type of risk is Harold experiencing? |
Financial risk |
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A licensee who fails to renew can remain involuntarily inactive for: |
Two years |
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An encroachment can only be proven by: |
a current survey |
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An investor buys a property which has a net income of $1,750 per month. It has a capitalization rate of 14 percent. What did the investor pay for the property? |
$150,000Reason:$1,750 x 12 ÷ 14% = $150,000 |
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Calculate the deed documentary stamp tax on a purchase price of $325,750 with a purchase money mortgage of $250,000. |
$2,280.60 |
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GRM= |
value/rent |
