Florida Real Estate State Exam: Gold Coast Q&A CRAM EXAM 1&2

Property management - Answer- Abesntee ownership has increased the demand for which area of brokerage A fee based upon time and difficulty of appraisal - Answer- What is a real estate appraiser is paid A subdivision plat map - Answer- What does the local planning agency have the authority to approve Dedication - Answer- What is it called when a developer gives land to a governmental body? Property management - Answer- What business is a license engaged in who markets, leases and maintains property for someone else? Residential sales - Answer- In which service of real estate must a licensee disclosure the agency relationship and the responsibilities of that relationship to the public QUASI legislative - Answer- Which power authorizes the frec to pass or revise rules Not being a resident of Florida - Answer- Would be grounds for suspension or revocation of a real estate license except Transfer her license from the broker to owner developer - Answer- Sandy works as a sales associate for a broker and has been asked to work weekends for a developer to sell new homes on commission. What must sandy do to work for the developers A post licensing course - Answer- What does the license law require that a licensee complete before the first renewal of a Florida real estate license qualify just as anyone else - Answer- In a brokerage corp, the officers and directors can be active or inactive brokers or non licensed registeres persons. if someone who is non licensed and registered wants to become a broker, what must they do? a person who rents mobile home lots - Answer- who would be exempt from the real estate licensing law? FREC and the license law - Answer- Which entity provides the best protection for the public during a real estate transaction it may be held by a sales associate or broker associate - Answer- Which of the following is a characteristic of the group license business brokers - Answer- All of the following are exempt from FS 475 EXCEPT holds multiple licenses - Answer- Complete the sentence. A broker who holds more than one broker license for identification purposes - Answer- General partners in a brokerage partership that are not qualified to perform the services of real estate must be registered: late fee and 14 hours of continuing education - Answer- Bill's license expired on Sept. 30, 2013. On Feburary 14, 2012 he wants to renew it. If it is not his first renewal, what must bill do? Ron and his wife are exempt from renewal - Answer- Ron and his wife each have real estate licenses before he enters the military. Ron is stationed in Washington, DC. And his wife accompanies him there, if they makw their licenses inactive involuntary inactive - Answer- what is the status of a sales associates license if the sales associate works for a broker loses his license? Impose imprisonment as a penalty - Answer- The Florida Real Estate Commission my do all of the following except His license is null and void - Answer- Karls license expired on sept 30 2010. on Feb 10 2014 he wants to activate it again. Which is correct? Both the seller and investor must agree to transition to transaction broker - Answer- A real estate broker has entered into a single agency relationship with the sellers of a three bedroom, two-bath house. One of the agents in that brokers office has found an investor wanting to hire the brokerage firm as a single-agent. For the investor to be shown this seller's house: Single agency notice - Answer- What must be given to a seller who is about to enter into a fiduciary relationship with a brokerage firm? Find a new employer - Answer- What should sales associate do if his employing broker instructs him or her not to show properties to people of a certain race? Transition to transaction broker - Answer- Which form requires the signature of all parties? Residential sales - Answer- The agency disclosure forms developed by the state must be used in which instance? disclose known facts affecting the value of residential property - Answer- A broker owes which duty to a customer? name of the brokerage firm - Answer- What must all advertising of listed property must contain Deliver it to his broker immediately - Answer- Sales associate Glenn works for broker John. If Glenn receives an escrow deposit on Tuesdy what should he do? Mutual fund - Answer- A broker may hold escrow deposits in any of the following, except a: The employing broker - Answer- Who do listings obtained by a sales associate belong to? illegal under FS 475 - Answer- A broker sells a rental list to a prospective tenant for $200. In a written agreement, the broker states that the fee is nonrefundable. This is: This would violate FS 475 - Answer- A sales associate wants to use a trade or ficticious name. which statement applies? file a written objection to the questions during the schduled questions review - Answer- Jim is a sales associate applicant but has failed the exam twice. After reviewing his most recent exam, he feels that some of the questions he missed were really correct and marked wrong in error. What may Jim do? They must contain abc realty Inc - Answer- Craig is a real estate sales associare working for ABC realty, INC. Craigs decides to have refrigerator magnets made to give out to the public. What must he inlcude on the magnets? Florida fair lending act - Answer- If a mortg. broker informs a borrowoer that they need to refinance their loan after only 10 months, with a higher interest rate and also some closing costs, which law would be violated? Corporation sole - Answer- Which business entity may not register as real estate brokerage firm? mediation - Answer- When there is a dispute over escrow funds, the procedures include four choices. Which choice involves a third person recommending a solution? Probable cause determination - Answer- Which steps follows the investigation in the complaing process? final order - Answer- Complete the sentence. If a licensee does not dispute a citation, it has the same effect as a: 500 fine an or 60 days jail time - Answer- What is the maximum criminal penalty that a court could impose for a second-degree misdemeanor? Anyone - Answer- Who has the right to file complaint against a licensee with the DBPR notice of non compliance - Answer- Which punishment would FREC likelt impose for a first offense against a broker found guilty of a minor violation 10 - Answer- FREC may suspend a licensee for a maximum of how many years 150,000 - Answer- For multiple claims against a licensee, what is the maximum reimbursement from the Florida RE recovery fund? Is funded from licensing fees - Answer- The Florida re recovery fund: District court of appeals - Answer- Where must appeals of FREC final orders must be filed? 10,000 - Answer- What is the maximum fine the commission could impose against a licensee who was found guilty of two violtions of Chapter 475 Conversion - Answer- What charge may be filed against a broker who fails to pay his or her sales associate? Race, color, religion, sex, national, origin, family status or handicap - Answer- The fair houseing act of 1968 prohibits discrimination based upon: RESPA - Answer- What law require that buyers be given a good fith estimate of closing costs prior to closing? steering - Answer- A licensee picks the properties a particular buyer is shown based on the race of the buyer. What is this illegal act known as? Blockbusting - Answer- Telling home owners that minorities are moving near to make them sell is: A violation of the fair housing act of 1968 - Answer- Broker bill was hired to rent Mrs. Brown's apartment building located in a large college town. Broke bill quors lower rents and deposits to females because "they cause less trouble" this is: Landlord must inform tenant within 30 days how the deposit is being held - Answer- Which is correct according to FL landlord tenanct act? Yes this is a bait and switch advertising and is illegal - Answer- A dev advertides a home for downpayment of 1500. however that package is sold out, is this transaction covered under truth in lending laws? requires lenders to disclose the true cost of credit to consumers - Answer- Regulation z? easy terms - Answer- which is not a "triggering term" a violation of RESPA - Answer- Broker receiving kickback from title co. riparian - Answer- property that borders a river or stream Relationship of the parties - Answer- Courts apply legal tests to determine if personal property has become a fixture. which is included in those tests? Personal property - Answer- An owner of a peice of real estate has purchased the materials to fence the backyard. What type of property is the fencing material. Joint tenancy - Answer- Thre friends buy a property together, with equal shares at the same time. If they have the right of survivorship, what type of tenancy have they created? Who own the property in a tenancy by the entireties? - Answer- Husband and wife tenancy at sufferance - Answer- What type of tenancy exists when a tenant remains in possession of property after his or her rights have expired? debts other than direct debts and federal liens - Answer- The purpose of the homestead exemption is to protect the surviving spouse and children and to exempt property from foreclosure for: Joint - Answer- Which tenancy contains the right of survivorship claimed the property as their principal residence as of january 1 and filed by March 1 - Answer- The initial tax exemption for homestead is availible only to owners that: interval ownership - Answer- What would the best bundle or rightd with a timeshare include: proprietary lease - Answer- How is the right to occupy a cooperative is evidenced eminent domain - Answer- what term refers to the poeer that the fovernment has to take land for the public good? seisin - Answer- which clause in a deed states that the grantor was in possession and has the right to sell the property? possession of the property that can be seen and heard - Answer- What is actual notice witnessed - Answer- a deed must be: as a way to clear clouds on the title - Answer- how is a quitclaim deed most often used? delivered and accepted - Answer- the onweeship of a property actually transfers from the grantor to the grantee when the deed is: run a chain of title - Answer- what is the purpose of a title search? a bundle of ownership rights - Answer- what is a title ? deed restrictions - Answer- which is the strongest control private citizens have over a property owner it protects the buyer from title defects - Answer- which statement correctly applies to owners title insuance? quitclaim deed - Answer- Which deed contains no warrants or promises? escheat - Answer- if an owner dies intestate with no known heirs, how can the state can take the property 40 - Answer- the following legal description contains how many acres? The s 1/2 of the sw 1/4 of the nw 1/4 and the n 1/2 of the n/w 1/4 of the sw 1/4 of a section 17 - Answer- the southeast corner of section 31, township 1 north, range 3 west, is how many miles from Tallahassee Township 1 north - Answer- The horizontal strip of land 6 miles wide immediately nith if the Tallahassee baseline would be: open listing - Answer- What type of listing can be held by more than one broker? performance - Answer- Which action can terminate a contract? an offer and acceptance - Answer- Which item is an essential element of a sales contract to be enforcable a contract transferring an interest in real estate must be in writing - Answer- what does the statute of frauds require the time frame in which a contract can be enforced - Answer- What is stated in the Statute of limitations? the time frame in which a contract can be enforced - Answer- What is stated in the statute of limitations? transfers ownership until paid - Answer- In states which operate under the title theory, the borrower: loan amount - Answer- What is the amount of guarantee based upon for a VA gauranteed loan? 28%, 36% - Answer- Conven. lenders usually want the buyer's housing ratio not to exceed __ and the total obligations ratio not to exceed ___ mortgage - Answer- What is the name for the legal document that pledges a property as security for a loan? insures loans - Answer- what does the FHA do with respect to mortgages lending? assumption of the mortgage - Answer- What is it called when a buyer buys a property and takes over responsibility on an existing loan? gross monthly income - Answer- When calculating housing and total obligations ratios. which income value does the lender use? Package mortgage - Answer- Which type of loan uses both real and personal property as security? a or b but not both - Answer- Which remedies are available when a seller breaches a contract? Right of redemption - Answer- What term refers to the right of a mortgagor to stop a forclosure process bt paying the entire balance, interest and so on? Purchase money mortgage - Answer- Which type of mortgage is known as seller financing? note - Answer- Where would the interest rate, payment and other terms of a loan be found? The mortgage serves as a lien against the property - Answer- Which statement is correct in a lien theory state such as Florida? the early payments are mostly interest - Answer- Which of the following is a characteristic od an amortized or level payment mortgage? Accretion - Answer- Which term refers to the process of sand deposits building up over time, causing an increase in land? fee simple - Answer- Which estate or tenancy is the most comprehensive? Police power - Answer- gov'ts power to limit or control the actions of citizens in the form of such things as zoning codes and building codes? condemnation - Answer- Which process is used by the government to take private land for public use? Discount rate - Answer- Which term refers to the interest that is charged when banks borrow from the Fed. Reserve? 8.25% - Answer- If a lender charged 8% interest plus 2 points what is the approximate yeild on the loan? Savings associations - Answer- The primary purpose of the Federal Home Loan Bank system is to provide support for which of the following? .35 per 100 - Answer- Which characteristic applies to the note documentary stamp tax? decrease the reserve requirement - Answer- What would the Fed. reserve do when it wants to increase the supply of loanable funds? When supply of funds is increasing, and the demand is decreasing - Answer- When is intermediation in financial institutions most likely to occ