Exam (elaborations) Florida 100%

Binder deposit shows up as what on closing statement? - ANSWER Credit to buyer Which of the following is true about leverage? - ANSWER Leverage is the use of borrowed funds to purchase assets. Which of the following liens would take priority? - ANSWER A property tax lien In which of the following theories of mortgage lending does the borrower not retain ownership of the property during the loan period? - ANSWER Title theory What is the status of a sales associate's license if he does not complete the required 45-hour post license course before the first expiration of his license? - ANSWER Null and void Which mortgage clause allows the mortgagee the right to demand the outstanding loan balance plus accrued interest in the event that the borrower sells or transfers any interest in the property without the lenders prior written consent? - ANSWER Due-onsale clause Which of the following is the type of method a surveyor would use to describe a property that is in a subdivision? - ANSWER The lot and block method Which of the following is also called "legal notice" and is the act of recording documents in the public records? - ANSWER Constructive notice What kind of rights are associated with water flowing through your property? - ANSWER Riparian rights Which of the following expenses associated with a principal residence are deductible for income tax purposes? - ANSWER Mortgage interest and property taxes In platted subdivision, the legal description most often used is? - ANSWER Lot and block An option contract is a? - ANSWER Unilateral contract Assuming that the broker is a seller's agent, the sales commission would appear most commonly on the closing disclosure as a? - ANSWER Debit to seller Harold filed his application for sales associate licensure 31 days ago. To date he has not heard if his application has been approved or not. What is the status of Harold's application? - ANSWER It is still pending approval until 90 days have passed. A licensed broker in Georgia moved to Florida 6 months ago and now wants to apply for a Florida broker's license under the mutual recognition agreement between Florida and Georgia. What must the broker do to obtain the Florida license under this agreement? - ANSWER The broker is not eligible for a Florida license under the mutual recognition agreement. Lisa is a full-time graduate student in an appraising degree program at the University of South Florida. All of Lisa's appraisal activities are being supervised by Ken who is a licensed real estate broker. What type of license must Lisa have to perform the appraisal activities she is involved in? - ANSWER No license If Charlie submits an application for licensure, completes the educational requirements, but does not pass the licensing exam, when will Charlie's application expire? - ANSWER 2 years after it was received To meet the continuing education requirements for either a sales associate or a broker, what can a licensee substitute for 3 classroom hours of coursework? - ANSWER A Attendance at a legal agenda session of the Commission B An approved course on real estate issues relevant to the modern practice of real estate by a licensee C An approved course on technology used in the real estate industry D Any of the above A broker's post-license education requirement includes - ANSWER passing end-ofcourse exam. Ted is a licensed real estate broker in Florida, but he is moving to North Dakota to live. What should Ted do about his Florida broker license? - ANSWER Notify the Commission of his change of residency and comply with nonresident requirements