FL real estate pearsonvue practice
exam Questions with Verified Answers
equity - ANSWERSthe difference between the value of a property and the total amount
of liens against it is known as
operating expenses - ANSWERSin order for a property manager to determine net
operating income on a property, what fees are subtracted from the effective gross
income?
recommend that the buyer insert an inspection contingency in the purchase agreement -
ANSWERSif a prospective buyer is concerned about the electric service on a property,
the buyer's licensee SHOULD
may rescind the listing contract upon obtaining permission from the owners -
ANSWERSa broker lists a property. the broker advertises and shows the property
several times, but after each showing, the owners call the broker with a list of
unreasonable restrictions they want placed on the showing of the property. the broker
decides not to continue the listing. in this situation, the broker:
as soon as possible - ANSWERSwhen a contract states that "time is of the essence,"
the contract MUST be delivered and presented:
reviewing all documents and transaction files prior to closing - ANSWERSwhat action
BEST describes proper supervision of a license by their broker?
encumbrance to which the policy has not taken an exception - ANSWERSa title
insurance policy will protect a buyer from financial losses that are caused by a(n):
be signed by the seller - ANSWERSa valid real estate sales contact MUST:
common elements - ANSWERSin a condominium apartment project, the BEST term to
describe swimming pools and laundry rooms for the use of unit owners is:
disclose the condition of the roof to prospective buyers - ANSWERSthe owners of a
house must sign a listing agreement and later tell the licensee that the garage roof
leaks. if the owners tell the licensee not to reveal the roof's condition to any prospective
buyers, the licensee MUST:
owner - ANSWERSa property manager works in the best interests of the:
sale price of the comparable property, down for the age and up for the number of baths
- ANSWERSa licensee preparing a competitive market analysis (CMA) has information
, on a comparable property that is similar in all respects to the subject property except
that, while the subject property is ten years old and has two baths, the comparable
property is five years old and has one bath. in this case, the licensee SHOULD adjust
the:
$406
step 1: loan amount = appraised value * loan %
step 2: first monthly payment = interest payment + loan repayment
(loan amount * interest rate) + (appraised value / number of years * 12 months) -
ANSWERSa property has an appraised value of $50,000. a loan is granted on the
property for 75% of its appraised value. the loan is spread over 25 years at an interest
rate of 3/4% per month. if the amount paid toward the principal is to remain constant
throughout the life of the loan, what is the FIRST monthly payment?
errors and omissions - ANSWERSa plaintiff files a lawsuit against a licensee for a
property that was later determined to have termite damage. the licensee was unaware
of any damage at the time of the property sale. the type of insurance that protects the
licensee in this situation is:
redemption - ANSWERSthe act of recovering title to property lost through foreclosure
on a mortgage is called:
environmental protection agency (EPA) - ANSWERSthe CERCLA is administered by
the:
zoning laws - ANSWERSpublic regulations that control the specific uses of land in a
given area are called:
commingling - ANSWERSa licensee deposited a client's earnest money into the
licensee's personal account to hold. this is considered illegal and known as:
a bill sale - ANSWERSwhat document is usually prepared when a real estate buyer also
purchases a seller's riding lawn mower?
terminate the contact if the buyer is not satisfied with the inspection - ANSWERSif a
purchase contract for a commercial property includes a due diligence contingency for
the buyer, then the buyer MAY:
the broker and both of the spouses - ANSWERSwhen a broker lists a property that is
owned by a married couple as joint tenants, the broker SHOULD make sure that the
listing agreement is signed by:
a defect existing in the property being offered - ANSWERSwhat item has to be
disclosed to prospective buyers by the listing broker?
exam Questions with Verified Answers
equity - ANSWERSthe difference between the value of a property and the total amount
of liens against it is known as
operating expenses - ANSWERSin order for a property manager to determine net
operating income on a property, what fees are subtracted from the effective gross
income?
recommend that the buyer insert an inspection contingency in the purchase agreement -
ANSWERSif a prospective buyer is concerned about the electric service on a property,
the buyer's licensee SHOULD
may rescind the listing contract upon obtaining permission from the owners -
ANSWERSa broker lists a property. the broker advertises and shows the property
several times, but after each showing, the owners call the broker with a list of
unreasonable restrictions they want placed on the showing of the property. the broker
decides not to continue the listing. in this situation, the broker:
as soon as possible - ANSWERSwhen a contract states that "time is of the essence,"
the contract MUST be delivered and presented:
reviewing all documents and transaction files prior to closing - ANSWERSwhat action
BEST describes proper supervision of a license by their broker?
encumbrance to which the policy has not taken an exception - ANSWERSa title
insurance policy will protect a buyer from financial losses that are caused by a(n):
be signed by the seller - ANSWERSa valid real estate sales contact MUST:
common elements - ANSWERSin a condominium apartment project, the BEST term to
describe swimming pools and laundry rooms for the use of unit owners is:
disclose the condition of the roof to prospective buyers - ANSWERSthe owners of a
house must sign a listing agreement and later tell the licensee that the garage roof
leaks. if the owners tell the licensee not to reveal the roof's condition to any prospective
buyers, the licensee MUST:
owner - ANSWERSa property manager works in the best interests of the:
sale price of the comparable property, down for the age and up for the number of baths
- ANSWERSa licensee preparing a competitive market analysis (CMA) has information
, on a comparable property that is similar in all respects to the subject property except
that, while the subject property is ten years old and has two baths, the comparable
property is five years old and has one bath. in this case, the licensee SHOULD adjust
the:
$406
step 1: loan amount = appraised value * loan %
step 2: first monthly payment = interest payment + loan repayment
(loan amount * interest rate) + (appraised value / number of years * 12 months) -
ANSWERSa property has an appraised value of $50,000. a loan is granted on the
property for 75% of its appraised value. the loan is spread over 25 years at an interest
rate of 3/4% per month. if the amount paid toward the principal is to remain constant
throughout the life of the loan, what is the FIRST monthly payment?
errors and omissions - ANSWERSa plaintiff files a lawsuit against a licensee for a
property that was later determined to have termite damage. the licensee was unaware
of any damage at the time of the property sale. the type of insurance that protects the
licensee in this situation is:
redemption - ANSWERSthe act of recovering title to property lost through foreclosure
on a mortgage is called:
environmental protection agency (EPA) - ANSWERSthe CERCLA is administered by
the:
zoning laws - ANSWERSpublic regulations that control the specific uses of land in a
given area are called:
commingling - ANSWERSa licensee deposited a client's earnest money into the
licensee's personal account to hold. this is considered illegal and known as:
a bill sale - ANSWERSwhat document is usually prepared when a real estate buyer also
purchases a seller's riding lawn mower?
terminate the contact if the buyer is not satisfied with the inspection - ANSWERSif a
purchase contract for a commercial property includes a due diligence contingency for
the buyer, then the buyer MAY:
the broker and both of the spouses - ANSWERSwhen a broker lists a property that is
owned by a married couple as joint tenants, the broker SHOULD make sure that the
listing agreement is signed by:
a defect existing in the property being offered - ANSWERSwhat item has to be
disclosed to prospective buyers by the listing broker?
