Practice end-of-course exam for Florida real estate license 100% SOLVED.

A licensed real estate broker has been hired by a lender to appraise a home for a buyer who has applied for an FHA loan. Whch statement is TRUE regarding this situation? - Answer- The broker is required to be a state-certified appraiser to perform this appraisal assignment. Leasehold estate do NOT include - Answer- A remainder estate. The Florida Real Estate Commission must notify which agency when it takes disciplinary action against any of the agency's licensees? - Answer- Division of Florida Condominiums, Time-shares, and Mobile Homes Failure to comply with the statute of frauds will result in - Answer- An unenforceable contract. Which statute prohibits discrimination in hotels, restaurants, and other places of public accommodation if such discrimination is based on national origin? - Answer- Civil Rights Act of 1964 A broker received a $5000 deposit from the buyer on Tuesday at 1 PM. The seller will not be available until Monday. The broker's normal banking days Monday. The broker is required to deposit the $5000 before the end of - Answer- Business on Friday. Which expense is subtracted to derive NOI? - Answer- Vacancy and collection losses An investor wanted to build a motel. A brokerage showed him three choices sites zones hotel -motel. The investor promised to decide on the site in three weeks, so the broker took a two- week vacation. When the broker returned, the investor bought one of the sites. The broker sold the site, not knowing that the zoning on that site had been changed to industrial. Which is correct? - Answer- The broker is guilty of culpable negligence Which clause is included in the mortgage to prevent a subsequent buyer from assuming an existing mortgage loan? - Answer- Due-on-sale clause The broker is a single agent of the seller. The principal has this close to the broker at the roof leaks although there's no visible evidence of water problem. The broker has satisfied his legal obligation to both the principal and all perspective buyers if he discloses - Answer- That the roof leaks. The seller instructs the listing broker not to show his home to members of a protected class. The broker informs the seller that this is a violation of the fair housing laws, but the seller is insistent. Which choice is the brokers best course of action under these circumstances? - Answer- Withdraw from the listing agreement A broker has a listing price at $120,000. An uninformed buyer offers $125,000 for the property. The broker buys the property for $120,000, then sells it for $125,000. Which statement is FALSE? - Answer- This is legal as long as the broker withdraws from the listing first. A woman has Homesteaded her residence. Her home has assessed value of $279,000. She is a non-veteran who is totally and permanently disabled as a result of a serious car accident. She's also legally blind what is her cumulative county tax exemption on her Homesteaded residence? - Answer- $51,000 The duties of a real estate licensee, ode to a buyer or seller who engages the real estate licensee as a single agent, do NOT include - Answer- Limited confidentiality, unless waived in writing by a party.