Cram Test

Front 1

Local Planning Agency

Back 1

establishing & implementing the roles, processes & powers of comprehensive planning & future development: subdivision plat map

Front 2

Multiple Licenses

Back 2

Broker can be issued 2 or more

Front 3

Members of Armed Forces

Back 3

if stationed in FL can practice up to 6 months under a temporary license, must have valid license from another state

Front 4

Sales Associate

Back 4

cannot use a trade of fictitious name, violates FS 475

Front 5

Challenging State Exam Questions

Back 5

applicant must submit in writing to be scheduled for review

Front 6

Dispute a citation

Back 6

if licensee does not dispute it is considered a final order

Front 7

2nd degree Misdemeanor

Back 7

maxium penalty a court can impose is $500 fine and or 60 days in jail

Front 8

Notice of non-compliance from FREC

Back 8

minor violation

Front 9

Fair Housing Act of 1968 as Amended

Back 9

prohibits discrimination based upon race, color, religion, sex, national origin, family status or handicap

Front 10

RESPA

Back 10

requires buyers to be given a good faith estimate of closing costs prior to closing

Front 11

Landlord & Tenant Act

Back 11

must inform tenant within 30 days how deposit is being held

Front 12

Truth & Lending Act

Back 12

advertising trigger terms would include numbers in it

Front 13

4 tests used by courts to determine real or personal property

Back 13

1. Intent of Parties

2. Relationship of Parties

3. Method of Annexation

4. Adaptation of the article

Front 14

Joint Tenancy

Back 14

fee simple estate shared by 2 or more persons, distinctive characteristic is right of survivorship, upon death interest passes to surviving joint tenants, cannot will it to family

Front 15

Initial Tax Exemption for Homestead is only available to owners that:

Back 15

claim their principal residence by Jan 1st and filed by March 1st

Front 16

Best Bundle of Rights with a Time Share

Back 16

interval ownership: 50 (1) weeks sold to individuals

Front 17

Cooperative Association

Back 17

buys and owns multi unit buildings

shares of stock are sold to individuals who in turn are given a proprietary lease

Front 18

Seisin Clause in a Deed

Back 18

the grantor was in possession and has the right to sell the property

Front 19

Deed Must be

Back 19

witnessed

Front 20

Ownership Transfer of Property from Grantor to Grantee

Back 20

when deed is delivered and accepted

Front 21

Title

Back 21

bundle of ownership rights

Front 22

Title Insurance

Back 22

Protects buyer from title defects

Front 23

Open Listing

Back 23

listing that can be held by more than one broker

Front 24

Performance

Back 24

can terminate a contract

Front 25

What does the Statue of Frauds Require

Back 25

to be enforceable a contract transferring an interest in real estate must be in writing

Front 26

Title Theory State

Back 26

borrower transfer ownership to the the mortgagee or third party until paid

FL is a Lien Theory State

Front 27

Mortgage

Back 27

legal document that pledges a property as security for a loan

Front 28

Package Mortgage

Back 28

includes real & personal property as security for a loan

Front 29

Seller Breaches a Contract: Remides are

Back 29

1. a suit for specific performance

2. buyer gets deposit back

3. does not concern FREC in civil matters

Front 30

Seller Finance Mortgage

Back 30

known as Purchase Money Mortgage, when buyer can't qualify for a mortgage

Front 31

Note

Back 31

Interest Rate, Payment and other terms of of a loan is found

Front 32

Discount Rate

Back 32

term referring to the interest that is charged when banks borrow from the Federal Reserve

Front 33

Federal Home Loan Bank System

(Freddie Mac)

Back 33

primary purpose is to provide support for Savings Associations

Front 34

Intermediation in Financial Institutions

Back 34

occur when supply of funds is increasing and the demand is decreasing

Front 35

Component Depreciation

Back 35

not a basic type of depreciation

it is for tax purposes by dividing real estate improvements into various parts

ex: roof, plumbing electrical and shell

Front 36

Direct Capitalization

Back 36

mathematical process in which future income is converted into present value

Front 37

Purchase Money Mortgage on a Closing Statement would appear

Back 37

credit the buyer & debit the seller

Front 38

Potential Gross Income

Back 38

annual income an investment property could make with no vacancies or collection losses

Front 39

Contract for Deed

Back 39

form of owner financing

Front 40

Business Broker Required to have

Back 40

real estate license

Front 41

When do Florida Property Taxes become delinquent?

Back 41

April 1st of the following year

Front 42

Capital Gain from Selling a Home in FL

Back 42

not taxed

Front 43

Zoning Laws

Back 43

divide communities into districts based on use

Front 44

Sellers Market

Back 44

shortage of housing

Front 45

Balance Sheet

Back 45

financial statement that shows the status of a business as a specific date