Florida Real Estate Exam QUESTION AND ANSWER GRADED A+

A blanket Morgage that allows for the release of a single parcel upon payment of a specified sum contains which clause? a. defeasance b. acceleration c. satisfaction d. release - ANSWER - d. release The Federal Housing Administration a. originates loans b. insures loans c. guarantees loans d. certifies loans - ANSWER - b. insures loans Construction loans are paid out in a. full at the begining of construction b. equal installments during the construction process c. full upon completion of constructions d. draws after specific stages of construction are complete - ANSWER - d. draws after specific stages of construction are complete If a mortgage loan payment consists of interest only, the final payment the final payment which includes the full amount borrowed is called a? - ANSWER - Ballon Payment The _______ normally pays for the documentary stamp tax on the deed. - ANSWER - Seller An earnest money deposit held in escrow is reflected on the closing statement as a? a. credit to the buyer b. debit to the buyer c. credit to both the buyer and seller d. credit to the seller - ANSWER - a. credit to the buyer In the absense of any agreement between the parties, the state documentary stamp tax on the deed is paid by the? - ANSWER - Seller Which statement about the brokers portion of the closing statement is true? a. all double-entry items must appear there b. total reciepts minus the binder deposit equals the grand total c. Reciepts and disbursements must equal d. total expenses less the brokerage fee equals the grand total - ANSWER - c. Reciepts and disbursements must equal Owners that buy income properties as investments and depend on professionals to manage them - ANSWER - Absentee Owners a Value estimated based on resent sales of similar properties in the same neighborhood, not an appraisal - ANSWER - CMA -Comparative Market Analysis... A contractor is employed by an owner of land to build on that land to the owner's specifications - ANSWER - Custom Building