Test 2 Real Estate

Front 1

Blind Ad

Back 1

If the name of the firm is not included in the advertisement.

Front 2

Deposit (broker held)

Back 2

1)A deposit must be insured escrow or trust account

2)may have escrow accounts in more than one depository . Commercial band or credit union

Front 3

Trust or escrow account means

Back 3

Bank, trust company, title company, credit union, savings or loan association within the state of FL!

Front 4

Escrow

Back 4

No personal funds of any licensee shall be deposited or intermingled with any funds being held in escrow.

Front 5

Interest bearing escrow account

Back 5

A broker is allowed to place escrow in an interest bearing account , you must designate who is to receive the interest with written permission of all parties

Front 6

A broker may place and maintain 1) up to 5,000 of personal or brokerage funds in the brokers property management escrow account and up to 1,000 of personal or brokerage funds in the brokers sales escrow account.

Back 6

Fact

Front 7

Each broker who furnishes a rental info list for a fee shall provide such prospect with receipt for the repayment of any amount over 25% of the fee if he does not obtain a rental. (75% refund)

Back 7

If rental list is not current or accurate the full fee shall be repaid (100% refund) the demand can be made within 30 days .

Front 8

An unlicensed assistant may

Back 8

Answer phones, writes advertisements with approval from broker , place adds in the local newspaper. Hand out brochures at an open house for the associate, place a for sale sign. You CAN NOT conduct a listing appointment.

Front 9

Section

Back 9

1/36 of a township

It contains 640 acres in a section.

Front 10

Acre

Back 10

43,560 sq feet

Front 11

Frontage is usually the first number 200x272

Back 11

It would be 200

Front 12

In Fl the max quantity of AG land that qualifies for homestead exemption is 260 acres.

Back 12

1/4 section of land

Front 13

Radon gas disclosure

Back 13

The law does not require testing to determine radon levels before a sale or lease. And does not require them to pay for test

Front 14

A listing contract is

Back 14

Bilateral

Front 15

Lead based paint before ratification of contract

Back 15

If built before 1978

Must give a pamphlet , disclose any Known information, include in contact or lease , must provide 10 day period to conduct inspection, must acknowledge that he has informed seller or tenant of such. A test is NOT required

Front 16

Homeowners association disclosure 720.401

Back 16

A prospective buyer must be presented a “disclosure summary” before executing contract for sale .

Front 17

Condominium and cooperative disclosures

Back 17

Every developer of new res condominiums which contain more then 20 shall provide prospectus . 15 days to cancel

Front 18

Most conventional loans have a due on sale Clause this means a purchaser can not assume the mortgage without consent of lender.

Back 18

You may be allowed a assumption of the existing mortgage if you meet the lenders guidelines.

Front 19

Conventional mortgage?

Back 19

Fannie Mae and Freddie Mac

Front 20

Package mortgage includes

Back 20

Personal property such as furniture and appliances.

Front 21

PMM ( purchase money Mortgage)

Back 21

The seller may be willing to finance a portion of the purchase price for the buyer.

Front 22

FHA is a mortgage insurance program sponsored and regulated by the government .

Back 22

FHA is NOT a lender , it insured loans made by private FHA approved mortgages

Front 23

Discount points buy down the interest rate on the note.

Back 23

FHA needs a down payment of 3.5% of purchase price or appraised value whichever is less.

Front 24

Warranty deed

Back 24

Voluntary alienation of legal title to real property