Re

Front 1

Steve deeded to his father a home for as long as his father was alive. One stipulation to the deed was that the property would be passed to the local Youth Center upon the death of Steve's father. What type of estate does the Youth Center have?

Back 1

remainder estate

Front 2

What type of estate exists when a third party inherits an interest in real property after a life estate tenant dies?

Back 2

remainderman

Front 3

Which is not a private limitation on title?

Back 3

RE taxes

Front 4

The primary purpose of a deed is to:

Back 4

convey title

Front 5

Which of the following will generally result in a fair market value compensation following litigation?

Back 5

a suit for condemnation

Front 6

Broker Terry wants to obtain an option to buy Franco’s house so that Terry can resell the option to a third party for a profit. If the option sale price is $20,000 below market value, is Terry permitted to do this?

Back 6

yes, bc brokers are permitted to accept and resell options

Front 7

What is the section that is located directly south of section 32?

Back 7

5

Front 8

Blue Bird Development Group has entered into an option agreement with Northwest Florida Land Company to purchase 300 acres for $9,000,000. Blue Bird gave the sellers a $500,000 binder with six months to exercise their right to purchase. Under what circumstances can Northwest Florida Land Company sell the parcel of land that is optioned by Blue Bird?

Back 8

under no circumstances bc they've acquired equitable title

Front 9

Broker Becky has been given the right to sign a real estate sales contract on behalf of her client. what does she act as?

Back 9

power of attorney and assumed attorney

Front 10

A buyer recently breached a real estate sales contract and left behind a $5,000 binder deposit. How should the deposit be handled?

Back 10

broker can legally collect a share of the deposit provided it doesn't exceed what would have been his normal commission

Front 11

What legal effect occurs if a promissory note is witnessed by two persons?

Back 11

witness will also be liable for the debt

Front 12

A property owner obtains a mortgage loan that covers not only his home but the vacant lot next door as well. This type of mortgage is known as:

Back 12

blanket mortgage

Front 13

The Federal National Mortgage Association was created to do which of the following?

Back 13

purchase FHA insured loans from savings and loans

Front 14

If a tenant is disobeying the terms of a lease, the property manager can legally:

Back 14

give tenant 48-hr notice

Front 15

If the Federal Reserve Board planed to implement monetary policies that would tighten the supply of lendable funds, which of the following would occur?

Back 15

Raise the discount rate

Front 16

Which of the following is not considered an intermediary?

Back 16

mortgage banker

Front 17

The earnest money deposit shows up on a closing statement as a:

Back 17

credit to buyer

Front 18

On the closing statement, an assumed mortgage is:

Back 18

debit to seller/credit to buyer

Front 19

What is the seller NOT able to do if a buyer defaults on the contract?

Back 19

request an escrow disbursement order

Front 20

If the capitalization rate goes up and the net income remains stable, what happens to a property’s value?

Back 20

it will decrease

Front 21

Ted purchased a $275,000 home in a neighborhood that has an average property value of $150,000. Based on the principle of conformity, what will likely happen given these conditions?

Back 21

Ted’s home will probably decrease in value while surrounding properties increase in value

Front 22

In the cost depreciation approach, the appraiser will determine the value of the site by using which of the following approaches?

Back 22

The comparable sales approach

Front 23

Bill listed his home with Broker Dave with specific instructions that the property not be sold to families with small children. Which of the following statements best describes this request?

Back 23

The broker must inform the seller that he is obligated to present offers from anyone who is ready, willing, and able to purchase

Front 24

Steve is renting a condo on the beach on a month to month basis. What type of notice must the landlord give Steve in order to terminate the agreement?

Back 24

15 days

Front 25

Fred is an inactive broker who has satisfied all broker licensing requirements. When can Fred perform real estate services?

Back 25

when license becomes active

Front 26

FREC consists of 7 members serving four year terms or five licensees and 2 laypersons serving up to 8 consecutive yrs?

Back 26

5 licensess and 2 laypersons serving up to 8 consecutive years

Front 27

promissory note is evidence of what?

Back 27

debt

Front 28

Frank, who has an inactive broker’s license, decides to become active in the business again. When can Frank begin work?

Back 28

The day the request for change is received by the DRE

Front 29

Broker Robert is the owner of High-Tide Realty and employs five sales associates at his brokerage. If Robert has his license suspended for two years because of a fraud charge, what happens to the licenses of the five sales associates?

Back 29

Their licenses are involuntarily inactive and they should get a reissue of a license under a new broker if they wish to continue to practice real estate

Front 30

Prior to the acceptance of an offer, the earnest money deposit is under the control of the:

Back 30

offeror

Front 31

A broker has a closing scheduled for June 5th. However, the buyer is unable to get financing by that date. If the parties decide to continue with the transaction without a written extension, this could be considered “good faith doubt." What action should the broker take?

Back 31

Notify the FREC within 15-business days of expiration of the contract that she has good faith doubt

Front 32

Which title may be held by a sales associate?

Back 32

limited partner in a limited partnership registered as a brokerage entity

Front 33

Information in a complaint sent to the DBPR becomes public knowledge:

Back 33

when formal complaint is filed

Front 34

Which of the following mortgage loans partially guarantees the lender against default by the mortgagor?

Back 34

VA

Front 35

The initial license of an applicant must be for what classification?

Back 35

whichever category is most appropriate

Front 36

Which of the following best applies for an option contract?

Back 36

unilateral

Front 37

Which is not considered to be an operating expense?

Back 37

depreciation

Front 38

A mortgage that is made up of a pre-determined index and margin is known as:

Back 38

adjustable rate mortgage

Front 39

what is an example of a superior lien?

Back 39

property tax dated january 1, 2010

Front 40

Dan is planning to develop a subdivision in Jacksonville. Prior to construction, Dan must submit which of the following for approval to the local government?

Back 40

subdivision plat map

Front 41

The Florida Real Estate Commission was created to primarily:

Back 41

Ensure minimal competency of real estate practitioners

Front 42

After the license of a real estate sales associate has expired in the initial issue, what is the grace period to reactivate the license?

Back 42

no grace period

Front 43

All of the following are required for a Florida sales associate to obtain a Florida broker’s license except:

Back 43

Work for one broker for twenty-four months out of the past five years

Front 44

David gives a new home to his mother in a life estate with the condition that title will return to him upon his mother’s death. David is said to have a:

Back 44

reversion estate

Front 45

The right that government has to take real property from the private sector is known as:

Back 45

eminent domain

Front 46

Alan purchased a condominium in Miami two years ago and recently contracted to sell it to Donna. How many days does Donna have to rescind the contract to purchase this condominium?

Back 46

3-business days after receiving the condominium documents

Front 47

Recording a deed in the public records achieves:

Back 47

constructive and legal notice

Front 48

The type of title insurance that is non-transferable is known as:

Back 48

mortgagor's policy

Front 49

The requirements of a valid deed include all of the following except:

Back 49

acknowledgement

Front 50

If Tampa Electric wishes to take private property for the purpose of creating power easements, this can be done through the process of:

Back 50

emilnent domain

Front 51

A house is listed at $75,000, but the principal seller tells the broker that he will accept $70,000. What is the best procedure for the broker?

Back 51

The broker should encourage the buyer to offer $75,000

Front 52

A township contains:

Back 52

36 square miles

Front 53

A broker is working with a seller trying to sell a home for $70,000, and the broker joins with two other prospective buyers offering $65,000. Which choice best applies?

Back 53

The broker should terminate the agency and disclose that he is associated with the parties making the offer

Front 54

What effect does leverage have on a real estate investor?

Back 54

Increases buying power and may increase or decreases yield

Front 55

between trust and obedience and arm's length transaction, which is assumed in a real estate sale?

Back 55

arm's length transaction

Front 56

Reconciliation is the property valuation process of:

Back 56

Applying judgment and weighing the value arrived at by the approaches used to arrive at one final value estimate

Front 57

All of the following are considered operating expenses except:

Back 57

mortgage payment

Front 58

An intangible asset of a business based upon the expectation of consumers or based upon the reputation of the business is known as:

Back 58

goodwill

Front 59

true or false: one-year lease contract has to be in writing?

Back 59

false

Front 60

Florida law requires that a copy of a listing agreement be given to the seller within how many days of its execution?

Back 60

24 hrs

Front 61

Bob recently entered into a contract to purchase Steve’s home. One week prior to closing, Bob legally assigned the contract to Fred. One day prior to closing, Fred decides to withdraw from the transaction and defaults on the contract. What are Steve’s rights?

Back 61

sue fred and bob or keep deposit as liquidated damages but not both

Front 62

When a loan is sold to an investor the mortgage is transferred by:

Back 62

assignment

Front 63

A provision in a mortgage which relieves the borrower of personal liability in the event of a deficiency judgment is called:

Back 63

exculpatory clause

Front 64

disentermediation is

Back 64

depositors withdrawing funds from banks faster than funds are being acquired

Front 65

The Real Estate Settlement and Procedures Act requires:

Back 65

I. lenders to provide prospective borrowers a good faith estimate of closing costsII. lenders to provide prospective borrowers with a booklet containing information on obtaining financing

Front 66

Which of the following closing expenses is typically a debit to the buyer?

Back 66

recording of new mortgage

Front 67

Which of the following statements applies to local planning commissions?

Back 67

I. Planning commission members act in advisory role

III. Planning commissions has responsibility insubdivision plat approval

Front 68

The Florida Uniform Land Sales Practice Act applies to certain subdivisions that require the delivery of a public offering statement and contain:

Back 68

50 or more lots

Front 69

What step occurs after the probable cause panel has concluded that probable cause does exist in a complaint?

Back 69

administrative complaint is filed

Front 70

list all phases of trial for real estate

Back 70

Microsoft Word - Florida_Real_Estate_Guide_Pre_Lic_11-23-15.doc The complaint procedure is a seven-step process involving a complaint,investigation, probable cause panel, formal complaint, informalconference or formal hearing, final order, and appeal.

Front 71

Broker Alan files his resignation with Big Time Realty. If a replacement broker of record is not appointed within 14 days, what will the status be of the brokerage and its licensees?

Back 71

cancelled

Front 72

Sales Associate Jennifer does not complete 45-hour post-license course before her first Florida sales associate license expires. After the expiration date, her license will become:

Back 72

null and void

Front 73

What is the name of the imaginary line that runs east and west through Tallahassee?

Back 73

base line

Front 74

Broker Fred sold Allen a house with the understanding that if Allen was not satisfied with the purchase ninety days after the closing, Fred would purchase the property back at the price Allen paid. Which of the following is correct if, sixty days later, Allen decided that he did not want the property?

Back 74

As long as Broker Fred purchases the property as promised, no violations have been committed

Front 75

After receiving conflicting demands over a $3,000 escrow deposit, Broker Bill requests an escrow disbursement order from the FREC which directs Bill to give the deposit to the seller. Following the disbursement, the buyer sues Bill in court for the deposit and obtains a judgment against Bill for $3,000. What remedy may be available?

Back 75

The Real Estate Recovery Fund will pay the judgment and reimburse the broker for attorney fees

Front 76

When a complaint is filed with the DBPR regarding a criminal violation involving a licensee, that information is then reported to the:

Back 76

local state attorney

Front 77

A licensee who has been voluntarily inactive for three years must do which of the following to possess valid real estate license?

Back 77

Find an employer and submit the required form

Front 78

Which of the following best defines a Florida resident for mutual recognition purposes?

Back 78

A person who has resided in Florida for at least four months, or resides in Florida with the intent to remain for at least four months

Front 79

Beth, a sales associate with broker Dave, finds a buyer who is ready, willing, and able to purchase a home that is listed with her office. Ted, the seller, has a change of mind and refuses to sell and also refuses to pay the broker a commission. Which one of the following individuals can sue for the unpaid commission?

Back 79

dave

Front 80

An abstract of title is a:

Back 80

Title search of all recorded documents concerning a property

Front 81

A valid and enforceable real estate sales and purchase agreement must have all of the following except:

Back 81

An earnest money deposit

Front 82

A broker comes to work everyday in a constant state of drunkedness, almost killing people with his car. Which of the following procedures against his license would be most appropriate?

Back 82

Summary suspension

Front 83

A broker was recently employed to find a purchaser. At what point has a commission been earned?

Back 83

When a buyer is found who is ready, willing, and able for a price that is stated in the listing contract or otherwise acceptable to the seller

Front 84

An oral lease for more than one year is a:

Back 84

tenancy at will

Front 85

In a real estate brokerage limited partnership:

Back 85

At least one general partner must be an active broker

Front 86

All of the following are required of a lease for more than a year except:

Back 86

Legal description

Front 87

The total obligation ratio for a VA loan should not exceed:

Back 87

41%

Front 88

Which statement best describes the purpose of greenbelt laws?

Back 88

Agricultural properties should receive a reduced assessed value

Front 89

What would be the most likely result if the Federal Reserve System sold securities through open market operations?

Back 89

Supply of money in circulation will decrease

Front 90

A judgment was entered against a broker for defrauding a client in the amount of $30,000. $10,000 was for compensatory damages and $20,000 for punitive damages. The client has already collected $5,000 on the judgment. How much can the client receive from the recovery fund?

Back 90

5k for punitive damages

Front 91

When an option contract expires, how long does the optionee have to exercise his or her right to purchase?

Back 91

none

Front 92

The most effective method the Federal Reserve System has to influence interest rate is:

Back 92

conduct market operations

Front 93

The seller refuses to pay the agreed upon sales commission. Can the broker file a lien against the property for the unpaid commission?

Back 93

Yes, if the listing contains written permission from the seller to record a lien for an unpaid commission

Front 94

Broker Dan is a sole proprietor broker in Naples, Florida. He has decided to operte his brokerage under the trade name "Naples New Home Sales." What procedure should Dan perform in order to operate his brokerage legally?

Back 94

file the fictitious name with the division of real estate

Front 95

Which type of mortgage allows more than one parcel of real estate to be placed as collateral?

Back 95

Blanket mortgage

Front 96

When Shifty Savings and Loan makes a loan, the purpose of the note being signed by the mortgagor is to:

Back 96

acknowledge a debt and promise to pay it back

Front 97

Broker Dave is working with the seller as a transaction broker. A prospective buyer calls Dave to see the property and requests that Broker Dave work with him in this transaction. Which of the following statements is correct?

Back 97

Broker Dave can work with the seller and buyer as a transaction broker for each

Front 98

Which of the following is a correct statement regarding a term mortgage?

Back 98

mortgage payment is interest only

Front 99

After a certain waiting period, the holder of a tax certificate may:

Back 99

request a tax deed auction

Front 100

George, Elaine, Jerry, and Cosmo are active brokers in a real estate brokerage partnership. George and Elaine are found guilty of conversion (misuse of escrow funds) and have their licenses suspended for five years. What happens to the partnership?

Back 100

Jerry and Cosmo can continue the partnership but must notify the Division of Real Estate partnership composition change

Front 101

Under what circumstances can a broker file a lien against a property for a commission prior to closing?

Back 101

If the seller of the property gives permission

Front 102

A complaint is filed against a licensee, and an investigation is done by the DBPR. What is the next step after the probable cause panel concludes that probable does exist?

Back 102

a formal complaint is filed by the DBPR

Front 103

Under what circumstance can a licensee have his or her license revoked without prejudice?

Back 103

When the DBPR issues a license by mistake

Front 104

How large is a township?

Back 104

6 miles square

Front 105

A minor can transfer title:

Back 105

Never, since minors are considered incompetent

Front 106

If a landlord decides to put security deposits received from tenants into his personal checking account, which of the following would apply?A minor can transfer title:

Back 106

Place a surety bond with the Clerk of Courts in the amount of the deposit and provide 5% interest to tenant

Front 107

A roof with four sloping sides that rise to meet a ridge is known as a:

Back 107

hip roof

Front 108

To be a broker member of the Florida Real Estate Commission, at least how many years of current experience in real estate are required?

Back 108

2 years

Front 109

Which section is directly north of section 8?

Back 109

5

Front 110

The Veterans Administration was given which of the following authorities?

Back 110

partially guarantee loans and fund loans for areas where VA partially guaranteed loans are unavailable

Front 111

Under RESPA rules, lenders are required to provide which of the following to applicants?

Back 111

information booklet on borrowing within 3 days of application, p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 11.0px Helvetica}A good-faith estimate of closing costs within three business days of application, p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 11.0px Helvetica}RESPA prohibits lenders from receiving referrals or kickbacks from closing related businesses unless an actual service was provided.

Front 112

Which of the following properties are immune from real estate taxes?

Back 112

naples high school

Front 113

A Daytona Beach sales associate goes on vacation in Miami. While in Miami, the sales associate sells three properties listed by a Miami broker. The Miami broker should:

Back 113

Pay only the Daytona broker

Front 114

whats the formula for calculating housing expense ratio?

Back 114

PITI / monthyl gross income