Real Estate Sale Associate Pre-License Course 5 Hour Exam |100% Correct Answers|

Real Estate Sale Associate Pre-License Course 5 Hour Exam |100% Correct Answers| (GRM) Gross Rent Multiplier technique *Ans* Used for monthly rental properties and is derived from comparable properties which are rented at the time of sale by using the following formula: Comparable Sales Price/ Gross Monthly Rent= GRM A BAR SALE *Ans* The most common services of real estate: Appraising Buying Auctioning Renting Selling Advertising Leasing Exchanging A guilty licensee *Ans* May receive one of the following disciplinary actions Issued a reprimand or admin. fine up to $5,000 per offense Be placed on probation Or Have their license suspended for up to ten years or permanently revoked A Sales Associate transitioning to a Broker *Ans* Must have been employed under one or more actively licensed brokers for at least 24 months writhing the last 5 yrs before becoming eligible to take the state broker examination Acretion *Ans* An increase in land area as solid deposits in other than its original location. Opposite of erosion ADA- Americans with Disabilities Act *Ans* For existing owners: required to make necessary modifications when readily achievable and economically feasible Additional applicants who qualify to apply for a brokers license [F.A.C.61J2-2.027(1)(b)] *Ans* Actively licensed real estate sales associates from another STATE OR NATION who have been Licensed for at least 24 months during the preceding 5 yrs Administrative Law Judge *Ans* Can issue subpoenas for witnesses and compel attendance of a witness. A respondent may request that a admin law judge subpoena a witness Adverse Possession *Ans* A legal principle under which an owner may lose title to another person who has taken control of the property. New owner must enter into open, hostile, adverse, and exclusive possession of the property for a period of 7 continuous years APN- Assessors Parcel Number *Ans* A number that is assigned to a parcel of real property by a county property assessor to uniquely identify that property within the jurisdiction County appraiser officers use many different terms interchangeably, including ID Number, Folio Number, Assessor Identification Number (AIN), Parcel Identification Number(PIN), and Parcel Control Number(PCN). These terms are used synonymously with APN Application Denial *Ans* If an application to take state exam is denied, the applicant will be notified in writing. The notification will identify the reasons for denial and advise the applicant they they have 21 days from the date of receipt to request a formal hearing before an administrative law judge As is Contracts *Ans* The seller is under no obligation to make any repairs to the property that are discovered during the inspection process Although they're Required to disclose any material defects (Any fact that could affect the property's value) Assignment *Ans* The sale, transfer, or subrogation of rights in a contract is called.... Attorney-in-fact *Ans* Persons who are granted authority under a power of attorney to act for others in some capacity, such as signing documents Bilateral Contract *Ans* Both parties are required to perform Binder deposit *Ans* Credit the buyer Blinds Ads *Ans* Any real estate advertisement that does not contain the registered or trade name of the broker, or for which there is doubt that the ad is that of a real estate broker. Block Busting *Ans* Inducing an owner to sell on basis that neighborhood is deteriorating or minority's moving in Branch Office Requirements *Ans* If conducting business from more than one office each additional office and office location must be registered individually as a branch office with the appropriate fees paid. If broker closes a branch office, the registration of the branch office cannot be transferred If closed, then later reopened in the Same Location during the Same Two Year License Period, a reissue of the license may be requested, without the need to pay an addtl fe