FL REAL ESTATE PRACTICE END OF COURSE EXAM
A contract for deed is typically used when the parties enter into a binding contract in
which the seller... - Answers :contracts to deliver a deed at some future date after a
designated amount has been paid and allows the buyer to take possession while paying
the agreed-on payments
Title to real property may pass by... - Answers :deed
Primary reference lines running in a north-south direction - Answers :Prime meridians
The type of ownership available only to married couples that has the right of
survivorship - Answers :Tenancy by entirety
What are the demand factors? - Answers :1) price of real estate
2) Population and Household composition
3) income of consumers
4) availability of mortgage credit
5) consumer tastes or preferences
Purpose of the FL Americans with Disabilities Accessibility Implementation act -
Answers :incorporate into the law of this state the accessibility requirements of the
Americans with Disabilities Act of 1990, and to obtain and maintain U.S> Dept. of
Justice certification of the FL Accessibility code for Building Construction as equivalent
to federal standards for accessibility of building, structures, and facilities
How many acres are there in the S 1/2 of the NW 1/4 of Section 3? - Answers :80 acres
what is the requirement of state statute in order for the Commission to action a
proposal? - Answers :There must be a majority vote of 4 Commission members
An investor was looking at a sixteen-unit apartment building. Four of the units rented for
$600, four for $750, four for $725, and four for $800 per month. The building had
monthly expenses of $1200. If the investor wants an 8% rate of return, how much
should he pay for the building? - Answers :$1,545,000
A comparable sold for $110,000 five months ago. You estimate that real estate values
have been rising at 1 percent per month during that period of time. How much is an
identical house worth today? - Answers :$115,500
the primary physical distinguishing characteristic of land is... - Answers :immobility
Developers subdivide land and assign lot and block numbers to identify lots in the
subdivision. This is a legal description known as... - Answers :recorded plat description
, the Interstate Land Sales Full Disclosure Act (ILSA) of 1968 was passed by Congress to
regulate interstate land sales and too... - Answers :protect consumers from fraud and
abuse in connection with the sale or lease of land
if you were trying to buy a home you and the seller would need to sign a written contract
called a... - Answers :purchase agreement
Broker Paul from ABC Realty and Broker Shawn from XYZ Realty meet to play golf at
the country club. During their round of golf and at lunch, both discuss how the cost of
business continues to rise. They agree that they should each increase their commission
rates. This discussion is... - Answers :a violation of the Sherman Anti-trust Act
timeshares are typically resort condominium units in which multiple parties hold rights to
use the property and each sharer is allotted... - Answers :a period of time in which they
may use the property
Mortgage bankers originate mortgage loans and resell them to... - Answers :Secondary
mortgage lenders like Fannie Mae or Freddie Mac
The party to whom a deed conveys real estate is the... - Answers :grantee
certain violations of the Florida Statutes, the Florida Administrative Code and other rules
and regulations regarding the practice of real estate fall under the authority of the... -
Answers :Florida Real Estate Commission (FREC)
What is the principal underlying legal description of real property? - Answers :To create
a consistent, unchanging standard for locating the property
the scope of authority and procedures for real estate transactions rests largely with... -
Answers :state governments
Which of the following is not a requirement to obtain a real estate license in Florida?
a. applicant must be a minimum age of 18 years old
b. have a 4 year degree in real estate
c. hold a diploma
d. must be honest and trustworthy - Answers :have a 4 year degree in real estate
Which type of mortgage loan requires a balloon payment at the end of the loan term? -
Answers :partially amortized
The state intangible tax on new mortgages only is... - Answers :2 mills ($.002)
A refined older home on a well-landscaped corner is appraised and the appraiser
recommended that the building be razed. This would be for what reason? - Answers
:highest and best use of land
A contract for deed is typically used when the parties enter into a binding contract in
which the seller... - Answers :contracts to deliver a deed at some future date after a
designated amount has been paid and allows the buyer to take possession while paying
the agreed-on payments
Title to real property may pass by... - Answers :deed
Primary reference lines running in a north-south direction - Answers :Prime meridians
The type of ownership available only to married couples that has the right of
survivorship - Answers :Tenancy by entirety
What are the demand factors? - Answers :1) price of real estate
2) Population and Household composition
3) income of consumers
4) availability of mortgage credit
5) consumer tastes or preferences
Purpose of the FL Americans with Disabilities Accessibility Implementation act -
Answers :incorporate into the law of this state the accessibility requirements of the
Americans with Disabilities Act of 1990, and to obtain and maintain U.S> Dept. of
Justice certification of the FL Accessibility code for Building Construction as equivalent
to federal standards for accessibility of building, structures, and facilities
How many acres are there in the S 1/2 of the NW 1/4 of Section 3? - Answers :80 acres
what is the requirement of state statute in order for the Commission to action a
proposal? - Answers :There must be a majority vote of 4 Commission members
An investor was looking at a sixteen-unit apartment building. Four of the units rented for
$600, four for $750, four for $725, and four for $800 per month. The building had
monthly expenses of $1200. If the investor wants an 8% rate of return, how much
should he pay for the building? - Answers :$1,545,000
A comparable sold for $110,000 five months ago. You estimate that real estate values
have been rising at 1 percent per month during that period of time. How much is an
identical house worth today? - Answers :$115,500
the primary physical distinguishing characteristic of land is... - Answers :immobility
Developers subdivide land and assign lot and block numbers to identify lots in the
subdivision. This is a legal description known as... - Answers :recorded plat description
, the Interstate Land Sales Full Disclosure Act (ILSA) of 1968 was passed by Congress to
regulate interstate land sales and too... - Answers :protect consumers from fraud and
abuse in connection with the sale or lease of land
if you were trying to buy a home you and the seller would need to sign a written contract
called a... - Answers :purchase agreement
Broker Paul from ABC Realty and Broker Shawn from XYZ Realty meet to play golf at
the country club. During their round of golf and at lunch, both discuss how the cost of
business continues to rise. They agree that they should each increase their commission
rates. This discussion is... - Answers :a violation of the Sherman Anti-trust Act
timeshares are typically resort condominium units in which multiple parties hold rights to
use the property and each sharer is allotted... - Answers :a period of time in which they
may use the property
Mortgage bankers originate mortgage loans and resell them to... - Answers :Secondary
mortgage lenders like Fannie Mae or Freddie Mac
The party to whom a deed conveys real estate is the... - Answers :grantee
certain violations of the Florida Statutes, the Florida Administrative Code and other rules
and regulations regarding the practice of real estate fall under the authority of the... -
Answers :Florida Real Estate Commission (FREC)
What is the principal underlying legal description of real property? - Answers :To create
a consistent, unchanging standard for locating the property
the scope of authority and procedures for real estate transactions rests largely with... -
Answers :state governments
Which of the following is not a requirement to obtain a real estate license in Florida?
a. applicant must be a minimum age of 18 years old
b. have a 4 year degree in real estate
c. hold a diploma
d. must be honest and trustworthy - Answers :have a 4 year degree in real estate
Which type of mortgage loan requires a balloon payment at the end of the loan term? -
Answers :partially amortized
The state intangible tax on new mortgages only is... - Answers :2 mills ($.002)
A refined older home on a well-landscaped corner is appraised and the appraiser
recommended that the building be razed. This would be for what reason? - Answers
:highest and best use of land
