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100 Cards in this Set
- Front
- Back
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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? A. A reversion estate B. A remainder estate C. A life estate D. An estate for years |
B. A remainder estate |
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A property that has been declared a homestead has which of the following rights? A. It is exempt from any foreclosure B. It is created in favor of the head of household C. Up to 160 acres of a properties located within the municipality is protected D. All of the above |
B. It is created in favor of the head of household |
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A lease that has a beginning date and an ending date and is in writing is known as a: A. Tenancy for years B. Tenancy in common C. Tenancy at will D. Tenancy at sufferance |
A. Tenancy for years |
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Once taxes and debt are discharged, which of the following percentages of real property would a widow with two children receive after her husband’s death if the property had been owned as tenants by the entireties? A. 25% B. 30% C. 50% D. 100% |
D. 100% |
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What type of estate exists when a third party inherits an interest in real property after a life estate tenant dies? A. Reversion B. Equitable C. Remainderman D. Sufferance |
C. Remainderman |
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Which is not a private limitation on title? A. A mechanic’s lien B. An easement by necessity C. A deed restriction D. Real estate taxes |
D. Real estate taxes |
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Which of the following best describes the function of the Marketable Record Title Act? A. It provides a satisfaction of mortgage once a debt has been paid in full B. It serves to cure most defects in title that are more than 30 years C. It is used in the process of eminent domain D. It is a police power used by local governments to raise property taxes |
B. It serves to cure most defects in title that are more than 30 years |
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The primary purpose of a deed is to: A. Provide constructive notice B. Provide collateral for a mortgage C. Convey title D. Establish equitable title |
C. Convey title |
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Which clause of a deed contains the type of estate being conveyed? A. The habendum clause B. The testimonium clause C. The redendum clause D. The seisen clause |
A. The habendum clause |
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Which of the following will generally result in a fair market value compensation following litigation? A. A suit to quiet title B. A suit to change zoning C. A suit for condemnation D. A suit for the equity of redemption |
C. A suit for condemnation |
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A rental property has a tenant with a one-year written lease. If the property is sold before the lease expires, which of the following applies? A. The lease must be renewed in order to be effective B. The lease is binding on the new owner C. The lease becomes void automatically D. The tenant can remain as a month to month tenant only |
B. The lease is binding on the new owner |
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In order for title to real estate to transfer from one person to another, a deed must be: A. Acknowledged B. Recorded C. Delivered and accepted D. Both a and b |
C. Delivered and accepted |
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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? A. No, this is a breach of fiduciary duty B. No, this would be a secret profit C. Yes, provided the option price is changed to market value D. Yes, because brokers are permitted to accept and resell options |
D. Yes, because brokers are permitted to accept and resell options |
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Which of the following transactions would be governed by the Real Estate Settlements and Procedures Act (RESPA)? A. Sale of 35-acre agricultural property B. Lease of vacant land C. Option to purchase government owned property D. Sale of single-family residential property |
D. Sale of single-family residential property |
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What is the section that is located directly south of section 32? A. 5 B. 18 C. 24 D. 36 |
A. 5 |
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Broker Brad takes an exclusive right of sale listing for six months on November 5th. The seller informs Brad that he has had to file bankruptcy as of December 2nd. Brad continues to market the home and on December 21st finds a ready, willing, and able buyer who makes a full-price, cash offer. Which of the following statements is correct? A. Brad is entitled to a commission because his listing was still in effect when he found the buyer B. Brad is not entitled to a commission because the owner is no longer in control of the property C. Brad is entitled to a commission because the buyer was paying cash at the asking price D. Brad is not entitled to a commission because the bankruptcy court is immune from paying fees |
B. Brad is not entitled to a commission because the owner is no longer in control of the property |
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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? A. Under no circumstances because the optionee has acquired equitable title B. Only if the seller finds another ready, willing, and able buyer who will close sooner C. Anytime because an option contract is not an agreement to purchase and sell D. Only when title is held in a fee simple estate |
A. Under no circumstances because the optionee has acquired equitable title |
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David has entered into a sales contract with Sally who is a minor. Which of the following statements is correct? A. This is not a legal contract and is invalid B. This contract is automatically void C. This contract may be voidable D. This is an enforceable contract under common law |
C. This contract may be voidable |
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William made an offer to purchase Fred’s home which included a $3,000 binder deposit. Fred received the contract and decided to accept it. Which of the following statements is correct? A. This is a valid contract under common law B. This is a voidable contract under common law C. This is only an option contract D. This is not a valid contract since there is no indication of communication of the acceptance |
D. This is not a valid contract since there is no indication of communication of the acceptance |
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Broker Becky has been given the right to sign a real estate sales contract on behalf of her client. Which of the following statements is correct? A. Becky is considered to be a general agent B. Becky has been given the power of attorney C. Becky is considered to be an attorney in fact D. Both b and c are correct |
D. Both b and c are correct |
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A buyer recently breached a real estate sales contract and left behind a $5,000 binder deposit. How should the deposit be handled? A. The broker is automatically entitled to 50% of the deposit B. The broker can legally collect a share of the deposit provided it does not exceed what would have been his normal commission C. Brokers are not entitled to any portion of the binder unless the buyer signs a release of deposit form D. Brokers are not entitled to any portion of the binder unless both the buyer and seller sign a release of deposit form |
B. The broker can legally collect a share of the deposit provided it does not exceed what would have been his normal commission |
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The document used in real estate transactions that is considered to be an acknowledgement of a debt and the promise to repay is known as a: A. Promissory note B. Contract for deed C. Mortgage D. Deed |
A. Promissory note |
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What legal effect occurs if a promissory note is witnessed by two persons? A. The note becomes void B. The note becomes voidable C. Nothing, as long as there is at least one witness D. The witnesses will also be liable for the debt |
D. The witnesses will also be liable for the debt |
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In a listing contract, what is the most common way to determine the broker’s commission? A. Time and effort B. Trust and obedience C. Agreement of the parties D. Performance |
C. Agreement of the parties |
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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: A. Package mortgage B. Wrap-around mortgage C. Blanket mortgage D. Purchase money mortgage |
C. Blanket mortgage |
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The Federal National Mortgage Association was created to do which of the following? A. To purchase conventional loans from Savings and Loans B. To purchase FHA insured loans from Savings and Loans C. To purchase VA guaranteed loans from Savings and Loans D. All of the above |
B. To purchase FHA insured loans from Savings and Loans |
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If a tenant is disobeying the terms of a lease, the property manager can legally: A. Evict the tenant personally B. Turn off the power and water to the premises C. Give the tenant a 48-hour notice D. File a court action |
C. Give the tenant a 48-hour notice |
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If the Federal Reserve Board planed to implement monetary policies that would tighten the supply of lendable funds, which of the following would occur? A. Lower the reserve requirement B. Buy government securities C. Increase the national debt D. Raise the discount rate |
D. Raise the discount rate |
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Which of the following is not considered an intermediary? A. Commercial Bank B. Mortgage Banker C. Savings Association D. Credit Union |
B. Mortgage Banker |
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The earnest money deposit shows up on a closing statement as a: A. Credit to the buyer B. Credit to the seller C. Debit to the buyer and a credit to the seller D. Credit to the buyer and a debit to the seller |
A. Credit to the buyer |
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On the closing statement, an assumed mortgage is: I. a debit to the seller II. a credit to the seller III. a debit to the buyer IV. a credit to the buyer A. II and III B. I and IV C. II and IV D. I and III |
B. I and IV |
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Which of the following is not a characteristic of economic value? A. Immobility B. Utility C. Transferability D. Scarcity |
A. Immobility |
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The planning commission has been given the authority for all of the following except: A. Subdivision plat map review and approval B. Sign control C. Site plan review and approval D. Real estate taxes |
D. Real estate taxes |
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Which of the following is correct concerning a Planned Unit Development? A. It could involve residential, multi-family, and commercial uses B. It contains common areas shared by its residents C. It affords a higher density than current zoning allows D. All of the above |
D. All of the above |
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A development company recently purchased a parcel of land that is zoned residential. However, the developer plans to construct a drug store on that site. What will be required for this to happen? A. The developer must request a variance B. The developer must be approved as a nonconforming use C. The developer must apply for a special exception D. Nothing, drug stores are not allowed in residential areas |
C. The developer must apply for a special exception |
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What is the seller NOT able to do if a buyer defaults on the contract? A. Sue for specific performance B. Sue for damages C. Sue the broker D. Request an Escrow Disbursement Order |
D. Request an Escrow Disbursement Order |
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If the capitalization rate goes up and the net income remains stable, what happens to a property’s value? A. It will remain stable as well B. It will decrease C. It will increase D. None of the above |
B. It will decrease |
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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? A. Ted’s home will stabilize the neighborhood creating a buyer’s market B. Ted’s home will appreciate faster than the surrounding homes C. Ted’s home will probably decrease in value while surrounding properties increase in value D. Ted’s home will set the upper limit of value for surrounding properties |
C. Ted’s home will probably decrease in value while surrounding properties increase in value |
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Which of the following is an example of external obsolescence? A. Leaky roof B. One-car garage C. Swimming pool that leaks D. Increased speed limit in a residential neighborhood |
D. Increased speed limit in a residential neighborhood |
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Fading paint on a building is an example of which of the following? A. Physical deterioration B. Functional obsolescence C. Economic obsolescence D. External obsolescence |
A. Physical deterioration |
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In the cost depreciation approach, the appraiser will determine the value of the site by using which of the following approaches? A. The residual land value approach B. The highest and best use approach C. The comparable sales approach D. The age-life approach |
C. The comparable sales approach |
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While doing the comparable sales approach in an appraisal, the appraiser discovers that an additional bedroom has an added value of $10,000. If the subject property has three bedrooms and the comparable has four bedrooms, what is the proper adjustment? A. Add $10,000 to the subject B. Subtract $10,000 from the subject C. Add $10,000 to the comparable D. Subtract $10,000 from the comparable |
D. Subtract $10,000 from the comparable |
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An income property has monthly income of $2,000 with a capitalization rate of 12%. If the rate were to change to 10%, what would be the effect on the value of the property? A. Increase by $40,000 B. Increase by $3,333 C. Decrease by $40,000 D. Decrease by $3,333 |
A. Increase by $40,000 |
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Which of the following would best describe accretion? A. The accumulation of sediment in a coastal area B. The washing away of sediment in a coastal area C. The washing away of sediment in a coastal area D. The washing away of sediment in a coastal area |
A. The accumulation of sediment in a coastal area |
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One major advantage of the installment sale is: A. It allows the seller to defer paying taxes on a capital gain until it is received B. It does not allow for capital loss until the last year of the installment C. It requires that any capital gain or loss be deferred until the last year of the installment D. All gains are required to remain in escrow until the last year of the installment |
A. It allows the seller to defer paying taxes on a capital gain until it is received |
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The Fair Housing Act of 1968 prohibits discrimination based on all of the following except: A. National origin B. Familial status C. Age D. Religion |
C. Age |
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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? A. The seller is prohibited from selling this property because of age B. The broker must comply with the owner’s instructions and post a warning in the MLS regarding these instructions C. The broker must inform the seller that he is obligated to present offers from anyone who is ready, willing, and able to purchase D. This is an illegal instruction and the broker must withdraw, regardless |
C. The broker must inform the seller that he is obligated to present offers from anyone who is ready, willing, and able to purchase |
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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? A. 7 days B. 15 days C. 30 days D. None of the above |
B. 15 days |
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Broker John has a branch office in Brandon. Two months later, John decides to move his Brandon branch office to Tampa. If John decides to move back into the same location in Brandon during the same registration period, what actions must John take? A. Re-register the Brandon branch office with the Division of Real Estate B. John does not have to re-register the Brandon branch office but must notify the DRE of the move C. John must notify the DBPR and the Department of State of the move within 10 days D. Re-register the Brandon branch office with the DRE and pay a penalty for being so confused |
B. John does not have to re-register the Brandon branch office but must notify the DRE of the move |
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Fred is an inactive broker who has satisfied all broker licensing requirements. When can Fred perform real estate services? A. When Fred’s license has been properly renewed B. When Fred’s license is current C. When Fred’s license becomes active D. Only when Fred becomes a broker associate for the company |
C. When Fred’s license becomes active |
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The responsibility to regulate and enforce rules of the real estate industry falls under which of the following FREC powers? A. Administrative B. Executive C. Quasi-Legislative D. Quasi-Judicial |
B. Executive |
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Andrew is subdividing a large track of land into single-family lots. He intends to hire his brother, John, to sell lots on a salary plus commission basis. Which of the following statements would be correct? A. John could do this as long as he is licensed as a sales associate B. This is permissible if John first has the commission agreement approved by the FREC C. Andrew must register as an owner-employer with the FREC D. Both a and c |
D. Both a and c |
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Which of the following statements is most accurate regarding the Florida Real Estate Commission? A. Seven members serving a four-year term only B. Seven members serving a maximum of eight years C. Five licensees and two laypersons serving up to eight consecutive years D. Five licensees and two members of the general public serving no more than eight years |
C. Five licensees and two laypersons serving up to eight consecutive years |
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Which of the following documents is evidence of a debt? A. Mortgage B. Promissory note C. Deed D. Closing statement |
B. Promissory note |
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If a broker finds a possible title problem and informs the buyer of it. If the buyer still insists on getting the property, the broker should: A. broker finds a possible title problem and informs the buyer B. Inform FREC C. Get approval from the title company to proceed D. Continue because you properly informed the buyer of the problem |
D. Continue because you properly informed the buyer of the problem |
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Frank, who has an inactive broker’s license, decides to become active in the business again. When can Frank begin work? A. The day the request for change is received by the DRE B. The day Frank receives notice of licensure C. The day Frank receives his cancelled check D. The day the request for change is postmarked for delivery |
A. The day the request for change is received by the DRE |
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An owner of a local restaurant listed his business with Broker Steve. Their listing agreement did not include the duty of loyalty but did state that Steve would have the duty of limited confidentiality. What type of agency relationship did the parties enter into? A. Transaction broker B. Single agency C. Limited dual agency D. Limited single agency |
A. Transaction broker |
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The relationship of trust and confidence between a broker and a principal is known as a: A. Special relationship B. Universal relationship C. Fiduciary relationship D. Dual agency relationship |
C. Fiduciary relationship |
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All of the following might be grounds for suspension or revocation except: A. Licensee is found guilty of concealment B. Licensee is found guilty of conversion C. Licensee is found guilty of improper lettering on the official sign D. Licensee is found guilty of another crime in another state |
C. Licensee is found guilty of improper lettering on the official sign |
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The housing expense ratio for the FHA insured loans should not exceed: A. 28% of the net monthly income B. 28% of the gross monthly income C. 31% of the net monthly income D. 31% of the gross monthly income |
D. 31% of the gross monthly income |
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A Florida broker pays referral fees to a Georgia broker who comes to Florida and helps write the contract. Which of the following statements best applies to this situation? A. This is legal because Florida has mutual recognition with Georgia B. The Florida broker is in violation of chapter 475 C. The Georgia broker is in violation of chapter 475 D. Both brokers are in violation of chapter 475 |
D. Both brokers are in violation of chapter 475 |
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Whenever a broker refuses to pay a sales associate a commission that was legally earned, the broker could be guilty of: A. Fraud B. Concealment C. Failure to account and deliver D. Commingling |
C. Failure to account and deliver |
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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? A. Their licenses are also suspended for two years because they are sub-agents of the broker B. Their licenses are suspended until they find a new broker for whom to work C. Their licenses are canceled until the broker has his license re-instated D. 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 |
D. 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 |
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Broker Alice accepts a check as a binder deposit on Wednesday and on the following Monday deposits it in her escrow account. The check is returned due to insufficient funds. Which applies? A. Broker Alice did nothing wrong B. Broker Alice is guilty of conversion and the DBPR could suspend her license C. Broker Alice is guilty of culpable negligence and be fined up to $1,000 by the FREC D. Broker Alice is guilty of money laundering and could be prosecuted by the State Attorney’s office |
A. Broker Alice did nothing wrong |
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Prior to the acceptance of an offer, the earnest money deposit is under the control of the: A. Listing broker B. Offeror C. Selling broker D. Offeree |
B. Offeror |
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Abraham, Martin, and John are forming a limited partnership in which Martin and John are general partners and Abraham is a limited partner. Which of the following statements best applies to Abraham’s role in the partnership? A. He can contribute cash, property, or services B. He can contribute cash or services but not property C. He can contribute cash or property but not services D. He can contribute cash, property, or services as long as he remains a limited partner |
C. He can contribute cash or property but not services |
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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? A. Notify the FREC within 15-business days of expiration of the contract that she has good faith doubt B. Notify the FREC within 15-business days of the last demand of the deposit of good faith doubt C. Notify the Department of Banking and Finance within 15-business days of expiration of the contract that bank fraud has occurred D. Notify the DBPR within 30-business days of the last demand of the deposit of failure to account |
A. Notify the FREC within 15-business days of expiration of the contract that she has good faith doubt |
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Which lien would be superior over the others? A. Mechanic’s lien dated May 1st, 2009 B. Judgment lien dated May 24th, 2009 C. IRS lien dated June 12th, 2009 D. Property tax lien dated January 1, 2010 |
D. Property tax lien dated January 1, 2010 |
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Brokers who hold earnest money deposits in escrow can maintain that account in all of the following places except: A. Commercial bank B. Credit union C. Stock brokerage money market account D. Title company |
C. Stock brokerage money market account |
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A broker is holding an earnest money deposit toward the purchase of a property he has listed. The buyer is in breach of the contract, and the terms of the agreement state that the seller is to receive the deposit as liquidated damages. The seller asks that the broker turn over the deposit to him. The buyer, shortly thereafter, demands that the broker return the deposit to her. Given this information, what should the broker do? A. Notify the DBPR within 15 days of the first party’s demand for the deposit B. Notify the FREC within 15 days of the last party’s demand for the deposit C. Notify the FREC within 15-business days of the last party’s demand for the deposit D. Turn the deposit over to the seller in accordance with the contract |
C. Notify the FREC within 15-business days of the last party’s demand for the deposit |
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A Tallahassee broker sold a rental list to a potential tenant on May 1st . The prospective tenant could not find a rental unit that was acceptable and decided to ask for a refund. Which of the following best applies to this situation? A. The broker must make a 100% refund if the request is made by May 31st B. The broker must make a 75% refund if the request is made by June 1st C. The broker must make a 75% refund if the request is made by May 31st D. The broker is not required to give a refund unless the list is inaccurate |
C. The broker must make a 75% refund if the request is made by May 31st |
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Broker Frank and Sales Associate Dan want to start a real estate brokerage corporation in which both will hold equal shares of stock. Which of the following statements is correct? A. This is legal provided Dan does not participate as an officer or director of the corporation B. This is legal provided Frank act as an officer and Dan only participate as a director of the corporation C. A sales associate cannot own stock in a real estate brokerage corporation D. This is illegal under any circumstances |
B. This is legal provided Frank act as an officer and Dan only participate as a director of the corporation |
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A broker relocates his office two blocks away. What must the broker and any sales associates do? A. Notify the Division of Real Estate within 30 days of the move B. Notify the Division of Real Estate within 10 days of the move C. Nothing is required unless it a branch office that moves D. Only the broker is required to notify the Division of Real Estate within 10 days of the move |
D. Only the broker is required to notify the Division of Real Estate within 10 days of the move |
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Commercial zoning is based on: A. Population B. Density C. Special use needs D. Intensity |
D. Intensity |
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Broker Ann is working out of a construction trailer at a development project that she has listed. Her sales associates use this facility to show buyers floor plans and brochures about the project. It is also used by the construction crew for storage and a place to get out of the weather. Is the broker required to register this as a branch office? A. Yes, if agents set this facility for more than three hours each day B. No, this is considered a temporary shelter C. Yes, anywhere an agent works must be registered D. No, a broker can only have one registered office |
B. No, this is considered a temporary shelter |
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Property management has experienced increased growth and popularity because of: A. Increased office space availability for lease B. Brokers can earn a larger commission than previously C. An increase in absentee ownership D. Property owners do not understand the management process |
C. An increase in absentee ownership |
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The type of construction where you build homes for potential customers is: A. Custom construction B. Speculative construction C. Tract construction D. Potential construction |
B. Speculative construction |
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Which title may be held by a sales associate? A. A general partner B. An officer for a corporation C. A limited partner in a limited partnership registered as a brokerage entity D. Sole proprietor |
C. A limited partner in a limited partnership registered as a brokerage entity |
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Broker Tom was found guilty of two violations of F.S. 475. FREC has the power and authority to: A. Suspend Tom’s license B. Place Tom on probation C. Fine Tom up to $2,000 D. All of the above |
D. All of the above |
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A broker defrauds a member of the public in a real estate transaction and is found guilty on five counts. A judgment was ordered for damages in the amount of $85,000. The maximum the real estate recovery fund will pay in this situation is: A. $50,000 B. $75,000 C. $85,000 D. $125,000 |
A. $50,000 |
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How long does a respondent have to file written exceptions to the Recommended Order drafted by an Administrative Law Judge? A. 10 days B. 14 days C. 30 days D. 90 days |
A. 10 days |
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Information in a complaint sent to the DBPR becomes public knowledge: A. After the final order has been issued B. When the DBPR receives the complaint fully executed by the complainant C. Within 30 days of the investigation D. When the formal complaint is filed |
D. When the formal complaint is filed |
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Which of the following mortgage loans partially guarantees the lender against default by the mortgagor? A. FHA B. VA C. Conventional D. All of the above |
B. VA |
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The initial license of an applicant must be for what classification? A. Sales associate B. Broker C. Broker-sales associate D. Whichever category is most appropriate |
D. Whichever category is most appropriate |
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Which of the following approaches to value in an appraisal is based on the principle of anticipation? A. The comparable sales approach B. The cost depreciation approach C. The income capitalization approach D. All of the above |
C. The income capitalization approach |
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Which of the following best applies for an option contract? A. Unilateral B. Bilateral C. Only requires an obligation from the optionee D. Does not need definite consideration |
A. Unilateral |
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Which of the following is not considered to be an operating expense? A. Real estate taxes B. Depreciation C. Property insurance D. Management fee |
B. Depreciation |
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Which of the following is typically incurable? A. Physical depreciation B. External obsolescence C. Leaky roof D. Straight line depreciation |
B. External obsolescence |
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When a buyer assumes an existing mortgage from a seller and the bank agrees to release the seller from personal responsibility of the debt, this is known as: A. Subordination B. Satisfaction of the mortgage C. Novation D. Take out commitment |
C. Novation |
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A mortgage that is made up of a pre-determined index and margin is known as: A. Package mortgage B. Purchase money mortgage C. Adjustable rate mortgage D. Wrap-around mortgage |
C. Adjustable rate mortgage |
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A 10-year old property recently sold for $450,000 of which 20% is allocated to the cost of land. The property has an economic life of 40 years and an effective age of 12 years. Given this information and using the straight-line depreciation method, what is the value of the building? A. $252,000 B. $270,000 C. $342,000 D. $360,000 |
D. $252,000 |
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A property closed on May 25, 2009. The ad valorem taxes are $1,940 for the year. Prorate the taxes for this transaction. (day of closing belongs to the buyer) A. $765.37 credit to the seller/debit to the buyer B. $765.37 credit to the buyer/debit to the seller C. $1,174.63 credit to the seller/debit to the buyer D. $1,174.63 credit to the buyer/debit to the seller |
B. $765.37 credit to the buyer/debit to the seller |
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How much of the 2nd monthly payment will be applied to the principal balance of a $120,000 mortgage at 6% interest for 30 years if each monthly payment is $719.46? A. $119.46 B. $120.06 C. $600.00 D. $599.40 |
B. $120.06 |
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A developer purchased three adjacent lots that measure 150 ft. by 320 ft. each for $300 per front foot. She subdivides the land into 8 parcels which sell for $25,000 each. What is the developer’s percentage of profit? A. 28% B. 38% C. 48% D. 58% |
C. 48% |
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Calculate all state taxes on a purchase price of $258,525 with an assumed mortgage of $122,500 and a purchase money mortgage of $30,275. A. $2,299.50 B. $2,345.00 C. $2,405.55 D. $2,499.50 |
D. $2,405.55 |
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The city has decided to pave the street in front of your home. The city agrees to pay 70% of the cost of paving which will be $50 per running foot. The remaining costs are to be apportioned between the owners on both sides of the street. What will the assessment of your property be if your lot is 90 ft. by 150 ft.? A. $675.00 B. $1350.00 C. $1575.00 D. $3150.00 |
A. $675.00 |
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A developer purchased a three-story building to renovate and lease rooms to potential clients. Each floor contains 5,000 square feet of which 10% will be used for halls and other common areas. If each office will contain 380 square feet, how many rooms will this building provide for future tenants? A. 26 B. 33 C. 34 D. 35 |
B. 33 |
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How many acres are contained in the NE ¼ of the NW ¼ and the NE ¼, of the SW ¼ of Section 13, T2N, R21W? A. 2.5 B. 40 C. 50 D. 80 |
D. 80 |
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If an investor is in the 40% tax bracket, which of the following gives the best rate of return? A. 12% after-tax return B. 10% after-tax return C. 22% before-tax return D. 17% before-tax return |
A. 12% after-tax return |
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A rental property has effective gross income of $50,000 with operating expenses of $2,000. If the overall capitalization rate is 12%, what is the value of this property? A. $178,250 B. $219,333 C. $400,000 D. $416,667 |
C. $400,000 |
