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51 Cards in this Set
- Front
- Back
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How much are doc stamps on the deed? |
.70 cents per $100ho |
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How much are doc stamps on the note? |
.35 centers per $100
They are only paid on mortgages & assumed mortgages. |
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How much is intangible tax on a real estate purchase mortgage? |
.002 |
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Joe bought a house for $125,00 cash. How much will he have to pay in doc stamps? |
$875.00
.70x125,000 |
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When a broker receives commission for the sale of a property, even though she did not sell it, she most likely has what type of agreement? |
Exclusive right of sale |
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How many consumer members are there of the Florida Real Estate Commission (FREC)? |
2.
7 all together. 2 consumers, 4 real estate brokers, 1 real estate agent or broker associate. |
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Property management is becoming popular because |
Absentee owners |
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By law, real estate agents must abide by |
USPAP- United Standards of Professional Appraisal Practice |
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A broker can charge a fee for a BPO.
True or False? |
True |
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What must developers submit to the local planning board? |
Subdivision plat map |
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What is a subdivision plat map? |
It details the slab division of land into lots of tracts |
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Which is not a type of residential construction |
Block homes |
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What is a speculative home? |
When a developer builds without a buyer. |
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What is a custom home? |
When a developer builds home on a buyers specifications. |
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What is a custom home? |
When a developer builds home on a buyers specifications. |
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What is tract home? |
Model home for other buyers to mimic |
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Joe wants to develop in an already developed subdivision, he has to match a certain architectural design. There is a |
Restrictive covenent |
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How many hours are required for the Florida Real Estate Sales associate post licensing course? |
45 hours. |
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Toby has a 4 year degree. Which exam is he NOT exempt from? |
Continuing education |
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Members of the Florida Real Estate commission are appointed by the Governor & confirmed by the state senate.
True or False? |
True |
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Fiduciary duties? |
Single Agent |
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Transaction broker |
Limited representation to a buyer & seller. |
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When should a no brokerage must be disclosed? |
Before the showing of a property. |
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Designated sales associates can be assigned in a non residential transaction |
Buyer & seller have assets of $1 million or more. |
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Sean the tenant pays the landlord monthly rent & is not responsible for property taxes on insurance. What kind of lease is he on? |
Gross lease. |
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Gross lease |
Pays rent & landlord pays taxes, insurance, & repairs. |
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Net lease |
Tenant pays lease, plus costs such as taxes, and insurance |
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Percentage lease |
Pays rent based on a gross sale earned on lease property |
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Variable lease |
Pays rent which may increase in the future |
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Ground lease |
Tenant pays lease for land & builds a building on the land |
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Financial institutions must make credit available w/ out discrimination of race in accordance withl |
The Equal Credit Opportunity Act |
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Down payments are not required on VA loans.
True or False? |
True |
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How many square feet are in an acre? |
43,560 |
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Potential gross income minus vacancy & collection losses is |
Effective gross income |
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How do you calculate net operating income? |
Subtract operating income from the effective gross income |
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Chris has been driving through Ashley’s property for 20 years to get to work. Chris has what easement? |
Prescription |
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Explain easement by prescription |
Easement by prescription is created after continuous usage of another property for 20 years. |
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Tenancy by entireties convey title at the same time & must be |
Husband and wife
Tenant by entireties is a tenancy between husband & wife. |
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What is it called when a person prepares a will before death. |
Testate |
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A licensee may receive kickback as long as |
The buyer & seller are fully aware of the kickback |
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What is a kickvakc |
Kickback is after paid to a licensee associated w/ a real estate transaction for non real estate services |
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The DBPR is under which Florida statute? |
Chapter 455 |
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A member of the US armed forces is transferred to active duty in Florida. His spouse has a valid NY real estate license. She wants a Florida Real Estate license. |
Upon application for a license, the DBPR must issue the spouse a Florida real estate license. |
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Which statement is true regarding owner developer |
The owner developer staff must hold a real estate license to get paid a commission |
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Which activity is NOT a real estate service that requires a real estate license? |
Managing real property |
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What is false regarding mutual recognition agreement? |
Mutual recognition applicants may be Florida residents or non residents. |
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8 months ago, a licensed real estate sales associate did not complete the post license education requirement. What statement applied to this situation? |
The FREC has no legislative authority to extend the post licenses requirement beyond 6 months. |
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Which Florida statute governs the DBPR and the professions regulated by the DBPR |
Chapter 455 F.S |
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Spouse of a retired naval officer holds a valid Connecticut real estate license. The spouse submits an application for a Florida license. |
The spouse qualifies for a reciprocal real estate license pending a satisfied background check |
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Florida statute prohibits members from serving the commission for more than |
4 consecutive terms |
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The commissions authority to promulgate admin rules is part of its |
Quasi Legislative |
