Real Estate State Exam Prep

Front 1

What is Chapter 120

Back 1

The administrative procedure act

Hint 1

APA

Front 2

What is chapter 455

Back 2

Business and professional regulation: General provisions

Hint 2

BPRwhat

Front 3

What is Chapter 475 F.S.

Back 3

Part 1, real estate license law, administered and enforced by FREC. Part 2, RE appraiser license law, admin and enforced by FREAB. Part 3, commercial sales lien law, part 4, Commercial leading lien law

Hint 3

4 part answer

Front 4

What is chapter 61j2, F.A.C.

Back 4

Rules of the Florida real estate commission

Hint 4

FREC

Front 5

What is chapter 60Q, F.A.C.

Back 5

Rules of the division of administrative hearings

Front 6

What is Escheat

Back 6

When someone dies with no will and no heir. Goverment takes over property

Front 7

The exercise that includes enacting rules regulating the practice of real estate and for the FREC's own internal affairs

Back 7

Quasi-legislative powers

Front 8

Involves disciplinary action and the powers cannot be delegated. They require a quorum vote.

Back 8

Quasi-judicial powers

Front 9

Certificates authenticated by the seal are

Back 9

Prima Facie evidence

Front 10

A sales associate who leaves the employ of a broker and take original records may be charged with

Back 10

Larceny. He or she is guilty of bad faith if copies are taken

Front 11

An attempt to fix or establish a uniform rates of commission is in violation of the

Back 11

Sherman-Clayton Anti trust act

Front 12

In a brokerage firm, a broker associate and sale associate (May) or (May not) be an officer or director or partner

Back 12

May not

Front 13

What is conversion ?

Back 13

The loss or misuse of money or property belonging to another.

Front 14

Brokers may place escrow deposits in

Back 14

A Florida bank, savings and association, credit union or title company. Funds may also be held by a title company or attorney as long as that is indicated on the purchase offer.

Front 15

When rental list are sold, how much must be refunded if the list was correct but no rental was obtained ?

Back 15

75% of the fee, request for refunds must be made within 39 days

Front 16

Violations of 475 F.S. Are typically

Back 16

Second degree misdemeanors punishable by a criminal fee not to exceed $500 and/or 60 days in prison. One exception classified as first degree misdemeanor is selling outdated rental list.

Front 17

First degree misdemeanors are punishable by

Back 17

A fine of up to $1,000 and/or imprisonment for up to 1 year.

Front 18

A notice of noncompliance issued for an initial minor violation, if not corrected within 15 days may result in

Back 18

A citation or regular disciplinary proceedings

Front 19

Disciplinary actions that the FREC may use against a licensee include

Back 19

Reprimand, administrative fine of up to $5,000, probation, suspension for up to 10 years, and revocation.

Front 20

What is blockbusting

Back 20

Inducing sellers to list or sell

Front 21

What is steering ( channeling )

Back 21

Directing buyers to neighborhoods based on race, color and so forth

Front 22

What is redlining ?

Back 22

The unlawful practice of lending institutions refusing to lend or reducing loan funds to an area because of the integrated make up of the community

Front 23

What is the only type of entity that can broker real estate ?

Back 23

limited partnership

Front 24

What is a abstract ?

Back 24

A compilation of all recorded documents effecting title.

Front 25

What is a net lease

Back 25

When the tenant pays rent plus some or all of the property expenses.

Front 26

Gross lease

Back 26

The landlord receives rent and pays all expenses

Front 27

Demand factors include

Back 27

Income of consumers, availability of mortgage credit, price of real estate and population numbers

Front 28

The business cycle is composed of

Back 28

Expansion, recession, contraction and revival

Front 29

Easement

Back 29

A type of encumbrance where a property owner gives the right of use to another

Front 30

Encroachment

Back 30

A physical intrusion by one property owner on another's land

Front 31

Principle meridians run ....

Baselines run ....

Back 31

Principle meridians run north/south

Baselines run east/west

Front 32

Townships are

Back 32

6 miles square and contain 36 square miles

Front 33

Actual notice

Back 33

Parties taking possession

Front 34

Constructive notice

Back 34

Recording of documents

Front 35

Havendum clause

Back 35

Describes the duration of the estate

Front 36

Seisin clause

Back 36

Claim of ownership

Front 37

That power of Goverment to promote health, safety and welfare of society

Back 37

Police power

Front 38

What type of theory states enable the lender to receive title to the property

Back 38

Title theory states

Front 39

What type of theory states allow the borrower to retain the title on the property

Back 39

Lien theory states

Front 40

Income ratios for an FHA-insured loan are

Back 40

31% for the monthly housing expense ratio and 43% for the total obligations ratio.

Front 41

The first step in the appraisal process is to

Back 41

Define the problem

Front 42

The IRV formula

Back 42

Income ➗ rate = value

Income ➗ value = rate

Rate ✖️ value = income

Front 43

Regulation Z

Back 43

Truth in lending act is to inform consumers of exact credit cost before they make a purchase.

Front 44

Insurance agent appraisals estimate

Back 44

Replacement value

Front 45

What measures heat or cooling output

Back 45

BTUs

Front 46

Fannie Mae is

Back 46

A secondary lender authorized to buy any type of residential loan.

Front 47

Novation is

Back 47

The substitution of one contracting party for another

Front 48

Anortization

Back 48

Known as the killing of the debt