Florida Real Estate - Practice Exam 100 Question

Florida Real Estate - Practice Exam 100 Question A sales associate was issued a citation for failing to timely notify the Commission of her change of address. How many days does the licensee have to either pay the citation or file an objection to the alleged violation? 30 days Pam's home has an assessed value of $301,000. She qualifies for the Florida homestead exemption. The area she lives in has the following taxes: County tax rate is 8.6 mills, City tax rate is 4 mills and the school district tax rate is 6.1 mills. How much will the property taxes be? [Section 18 Slide 31] $301,000 -$50,000 = $251,000 x .0126 (8.6 mils + 4 mils =12.6 mils) = $3,162.60; $301,000 - $25,000=$276,000 x .0061 (6.1 mils) = $1,683.60; $3,162.60+ $1,683.60 = $4,846.20 What are the similarities between a Business Brokerage and a Real Estate Brokerage? 1) Both deal with Real Property 2) Both require a Real Estate License 3)Both involve Long-term Liabilities A rental investment property is scheduled to close on September 10. The buyer gets day of closing. The rent is $1900. How much is debited and/ or credited at closing and to whom? $1330 Credit to Buyer and $1330 Debit to Seller [Section 14, Slide 63] There are 30 days in September, so there are 21 days that the seller owes the buyer including the day of closing. Divide $1900 by 30 = 63. x 21 days =$1,330 A home was purchased with a down payment of $36, 000 and a loan of $200,000 at 6.5% for 30 years. Monthly payments are $1,264.14. What is the loan to value ratio? [Section 12 Slide 52] $36,000 + $200,000 = $236,000 Purchase price; $200,000 � $236,000 = 0. or 85% rounded. In case of breach by the buyer, most real estate contracts include a provision that the earnest money be regarded as: Liquidated damages to the seller Which is an example of a functional obsolescence? One car garage A tenant signs a lease for less than a year. What is his interest in the property? Leasehold estate To substitute a borrower in a mortgage with another borrower is called: Assignment of mortgage An active Florida broker accompanies her husband when he goes on active military duty in Ohio for five years. She is not active in real estate in Ohio. Upon their return to Florida, she Need not complete any continuing education or reactivation education for those five years and for up to 2 years after honorable discharge Effective age means: How old the building or house appears to be The indestructability of land refers to: Durability If religion is a protected class under the Fair Housing Act, how can a church restrict the renting of homes to only members of their church? Churches and private clubs are exempt as long as they do not discriminate in accepting membership. Which statement is associated only with the transaction broker relationship? The customer is not responsible for the acts of the licensee You are appraising a 5 year old home. If the livable square footage is 3,500 with a cost of $95 to replace according to a cost-estimating service and the 400 square foot garage can be replaced at $60 a sq foot, calculate the reproduction cost of the structure $356,500 [Section 16 Slide 89] 95 x 3,500 = $332,500; $60 x 400 = $24,000; $332500 + 24000 = $356500 Which tenancy has right of survivorship? Joint tenancy What section is directly below section 7 in a township? 18 Compensatory damages are The amount of money equal to the extent of loss awarded to the damaged party when there has been a breach of contract. Buyer Ralph didn't like the results of an inspection report. He requested to cancel his contract and demanded his earnest money back. Seller Heather denied his request noting that he was one day past the time that was allotted to cancel the contract. Buyer Ralph claimed Seller Heather was miscounting the dates and both demanded that Broker Smith return the money to each of them. Broker Smith waited 15 days, hoping the situation would resolve, before notifying FREC of the conflicting demands. How long does Broker Smith have left to implement a settlement procedure? 15 days Sales Agent Sam employed by XYZ Realty has a house listed for sale for Seller Tom. He is working as a single agent. Broker Associate Cliff, also employed by XYZ Realty brings a contract from his buyer Sue for Tom's property. What must Agent Sam have signed to allow both Tom and Sue be represented by XYZ Realty? Consent Transition to Transaction Broker Notice The period of time during which the terms of a contract may be enforced according to the statute of limitations are: Five years for written contracts and 4 years for parol contracts It is unlawful for a real estate licensee to prepare an appraisal under which circumstance?