Bob Hogue Practice Exam Review m m m m
QUESTIONS & ANSWERS SOLVED
m m m m m
CORRECT!!
m
A .transaction .broker .does .NOT .have .which .duty? .- .(correct .answer) .-Full .fiduciary .duties .to .both
m m m m m m m m m m m m m m m
.the .buyer .and .the .seller
m m m m m
Which .individual .is .exempt .from .the .cotinuing .education .requirement? .- .(correct .answer) .-Real
m m m m m m m m m m m m
.estate .licensee .who .is .also .a .Florida .attorney .in .good .standing .with .the .Florida .bar
m m m m m m m m m m m m m m m
A .mortgage .in .which .challenges .the .interest .rate .may .cause .changes .in .the .monthly .payment
m m m m m m m m m m m m m m
.amount .is .called .- .(correct .answer) .-an .adjustable-rate .mortgage
m m m m m m m m m
A .man .is .a .72-year-old .retired .college .professor. .The .local .lender .to .whom .the .man .applied .for .a
m m m m m m m m m m m m m m m m m
.30-year .mortgage .denied .the .man's .loan .application, .even .though .he .has .sufficient .income .from
m m m m m m m m m m m m m m
.his .pension .plan .and .an .excellent .credit .history .- .(correct .answer) .-The .lender's .actions .violate
m m m m m m m m m m m m m m m
.the .Equal .Credit .Opportunity .Act.
m m m m m
Which .term .refers .to .a .situation .where, .during .the .early .years .of .a .loan, .the .principal .balance
m m m m m m m m m m m m m m m m
.increases? .- .(correct .answer) .-Negative .amortization
m m m m m m
You .are .apprasising .a .five-year-old, .single-family .home. .The .livable .area .is .60feet .by .50 .feet. .The
m m m m m m m m m m m m m m m
.garage .is .24 .by .20 .feet. .According .to .figures .obtained .from .a .cost-estimating .service, .the .base
m m m m m m m m m m m m m m m m
.construction .cost .per .square .foot .of .livable .area .is .$103 .and .$92 .per .square .foot .for .the .gargae.
m m m m m m m m m m m m m m m m m m
.Calcualte .the .reproduction .cost .new .of .the .structure. .- .(correct .answer) .-$353,160
m m m m m m m m m m m m
If .a .seller .refuses .to .pay .a .broker .her .sales .commission .after .the .residential .property .us .sold, .the
m m m m m m m m m m m m m m m m m
m.broker .may .- .(correct .answer) .-file .a .suit .in .the .courts .for .her .commission.
m m m m m m m m m m m m m
Which .information .must .be .disclosed .to .all .prospective .buyers? .- .(correct .answer) .-The .home .is
m m m m m m m m m m m m m m
.situated .in .a .flood-prone .area.
m m m m m
, A .seller .transfers .title .to .a .buyer .with .a .general .warranty .deed. .In .which .clause .of .the .deed .does
m m m m m m m m m m m m m m m m m m
.the .seller .define .the .quality .of .ownership .interest .conveyed .to .the .buyer? .- .(correct .answer) .-
m m m m m m m m m m m m m m m m
Habendum
Which .valuation .assignment .is .exempt .from .USPAP .requirements? .- .(correct .answer) .-Broker's
m m m m m m m m m m m
.price .opinion .prepared .for .a .lender .concerning .a .short .sale.
m m m m m m m m m m
An .individual .who .typically .finds .a .tenant .for .property .and .collects .a .fee .is .referred .to .as .-
m m m m m m m m m m m m m m m m m
.(correct .answer) .-a .rental .agent
m m m m m
An .example .of .an .ad .valorem .tax .is .- .(correct .answer) .-a .property .tax
m m m m m m m m m m m m m
A .seller .listed .a .home .for .$200,000 .and .agreed .to .pay .a .comission .rate .of .5%. .The .listing
m m m m m m m m m m m m m m m m m
.agreement .required .the .listing .office .and .the .selling .office .to .share .the .commission .on .a .50-50
m m m m m m m m m m m m m m m m
.basis. .The .home .was .sold .four .weeks .later .for .90% .of .the .list .price. .The .listinf .broker .paid .the
m m m m m m m m m m m m m m m m m m m
.listing .sales .associate .50% .of .the .listing .office's .commission. .The .selling .broker .paid .the .selling
m m m m m m m m m m m m m m m
.associate .60% .of .the .selling .office's .commission. .How .much .commission .did .the .selling .sales
m m m m m m m m m m m m m m
.associate .recieve? .- .(correct .answer) .-$2,700
m m m m m m
What .variable .does .NOT .influence .demand? .- .(correct .answer) .-Availability .of .construction .loans
m m m m m m m m m m m m
Local .government .exercises .its .greatest .effect .on .the .real .estate .business .by .- .(correct .answer) .-
m m m m m m m m m m m m m m m
using .zoning, .taxation, .and .the .planning .process.
m m m m m m
A .real .estate .broker .is .accused .of .taking .money .from .the .company .escrow .account .to .pay
m m m m m m m m m m m m m m m
.personal .expenses. .The .broker .decided .that .she .does .not .want .to .go .through .the .hearing
m m m m m m m m m m m m m m m
.process .so .the .broker .turns .over .her .real .estate .license .to .the .DBPR. .What .term .describes .this
m m m m m m m m m m m m m m m m m
.situation? .- .(correct .answer) .-Voluntary .relinquishment .for .permanent .revocation
m m m m m m m m m
Which .entity .is .a .primary .mortgage .lender .that .does .NOT .accept .deman .deposits? .- .(correct
m m m m m m m m m m m m m m
.answer) .-Mortgage .lenders
m m m
Title .to .real .property .is .techinically .conveyed .when .the .deed .is .- .(correct .answer) .-voluntarily
m m m m m m m m m m m m m m
.delivered .and .voluntarily .accepted
m m m m
Which .disclosure .must .be .given .to .the .buyer .of .both .new .and .resale .residential .condominium
m m m m m m m m m m m m m m
.units? .- .(correct .answer) .-Declaration
m m m m m
A .real .estate .brokerage .company .is .a .transaction .broker .for .a .buyer. .The .buyer .wants .to
m m m m m m m m m m m m m m m
.purchase .a .new .home .so .the .sales .associate .take .him .to .three .model .centers .listed .by .three
m m m m m m m m m m m m m m m m m
.competing .real .estate .companies. .The .sales .associate .must .give .a .written .no .brokerage
m m m m m m m m m m m m m
.relationship .notice .to .- .(correct .answer) .-no .one.
m m m m m m m m
In .Florida, .real .property .is .assessed .on .January .1 .of .each .year, .and .property .taxes .become .a .lien
m m m m m m m m m m m m m m m m m
m.on .the .property .on .- .(correct .answer) .-January .1, .the .same .year
m m m m m m m m m m m
QUESTIONS & ANSWERS SOLVED
m m m m m
CORRECT!!
m
A .transaction .broker .does .NOT .have .which .duty? .- .(correct .answer) .-Full .fiduciary .duties .to .both
m m m m m m m m m m m m m m m
.the .buyer .and .the .seller
m m m m m
Which .individual .is .exempt .from .the .cotinuing .education .requirement? .- .(correct .answer) .-Real
m m m m m m m m m m m m
.estate .licensee .who .is .also .a .Florida .attorney .in .good .standing .with .the .Florida .bar
m m m m m m m m m m m m m m m
A .mortgage .in .which .challenges .the .interest .rate .may .cause .changes .in .the .monthly .payment
m m m m m m m m m m m m m m
.amount .is .called .- .(correct .answer) .-an .adjustable-rate .mortgage
m m m m m m m m m
A .man .is .a .72-year-old .retired .college .professor. .The .local .lender .to .whom .the .man .applied .for .a
m m m m m m m m m m m m m m m m m
.30-year .mortgage .denied .the .man's .loan .application, .even .though .he .has .sufficient .income .from
m m m m m m m m m m m m m m
.his .pension .plan .and .an .excellent .credit .history .- .(correct .answer) .-The .lender's .actions .violate
m m m m m m m m m m m m m m m
.the .Equal .Credit .Opportunity .Act.
m m m m m
Which .term .refers .to .a .situation .where, .during .the .early .years .of .a .loan, .the .principal .balance
m m m m m m m m m m m m m m m m
.increases? .- .(correct .answer) .-Negative .amortization
m m m m m m
You .are .apprasising .a .five-year-old, .single-family .home. .The .livable .area .is .60feet .by .50 .feet. .The
m m m m m m m m m m m m m m m
.garage .is .24 .by .20 .feet. .According .to .figures .obtained .from .a .cost-estimating .service, .the .base
m m m m m m m m m m m m m m m m
.construction .cost .per .square .foot .of .livable .area .is .$103 .and .$92 .per .square .foot .for .the .gargae.
m m m m m m m m m m m m m m m m m m
.Calcualte .the .reproduction .cost .new .of .the .structure. .- .(correct .answer) .-$353,160
m m m m m m m m m m m m
If .a .seller .refuses .to .pay .a .broker .her .sales .commission .after .the .residential .property .us .sold, .the
m m m m m m m m m m m m m m m m m
m.broker .may .- .(correct .answer) .-file .a .suit .in .the .courts .for .her .commission.
m m m m m m m m m m m m m
Which .information .must .be .disclosed .to .all .prospective .buyers? .- .(correct .answer) .-The .home .is
m m m m m m m m m m m m m m
.situated .in .a .flood-prone .area.
m m m m m
, A .seller .transfers .title .to .a .buyer .with .a .general .warranty .deed. .In .which .clause .of .the .deed .does
m m m m m m m m m m m m m m m m m m
.the .seller .define .the .quality .of .ownership .interest .conveyed .to .the .buyer? .- .(correct .answer) .-
m m m m m m m m m m m m m m m m
Habendum
Which .valuation .assignment .is .exempt .from .USPAP .requirements? .- .(correct .answer) .-Broker's
m m m m m m m m m m m
.price .opinion .prepared .for .a .lender .concerning .a .short .sale.
m m m m m m m m m m
An .individual .who .typically .finds .a .tenant .for .property .and .collects .a .fee .is .referred .to .as .-
m m m m m m m m m m m m m m m m m
.(correct .answer) .-a .rental .agent
m m m m m
An .example .of .an .ad .valorem .tax .is .- .(correct .answer) .-a .property .tax
m m m m m m m m m m m m m
A .seller .listed .a .home .for .$200,000 .and .agreed .to .pay .a .comission .rate .of .5%. .The .listing
m m m m m m m m m m m m m m m m m
.agreement .required .the .listing .office .and .the .selling .office .to .share .the .commission .on .a .50-50
m m m m m m m m m m m m m m m m
.basis. .The .home .was .sold .four .weeks .later .for .90% .of .the .list .price. .The .listinf .broker .paid .the
m m m m m m m m m m m m m m m m m m m
.listing .sales .associate .50% .of .the .listing .office's .commission. .The .selling .broker .paid .the .selling
m m m m m m m m m m m m m m m
.associate .60% .of .the .selling .office's .commission. .How .much .commission .did .the .selling .sales
m m m m m m m m m m m m m m
.associate .recieve? .- .(correct .answer) .-$2,700
m m m m m m
What .variable .does .NOT .influence .demand? .- .(correct .answer) .-Availability .of .construction .loans
m m m m m m m m m m m m
Local .government .exercises .its .greatest .effect .on .the .real .estate .business .by .- .(correct .answer) .-
m m m m m m m m m m m m m m m
using .zoning, .taxation, .and .the .planning .process.
m m m m m m
A .real .estate .broker .is .accused .of .taking .money .from .the .company .escrow .account .to .pay
m m m m m m m m m m m m m m m
.personal .expenses. .The .broker .decided .that .she .does .not .want .to .go .through .the .hearing
m m m m m m m m m m m m m m m
.process .so .the .broker .turns .over .her .real .estate .license .to .the .DBPR. .What .term .describes .this
m m m m m m m m m m m m m m m m m
.situation? .- .(correct .answer) .-Voluntary .relinquishment .for .permanent .revocation
m m m m m m m m m
Which .entity .is .a .primary .mortgage .lender .that .does .NOT .accept .deman .deposits? .- .(correct
m m m m m m m m m m m m m m
.answer) .-Mortgage .lenders
m m m
Title .to .real .property .is .techinically .conveyed .when .the .deed .is .- .(correct .answer) .-voluntarily
m m m m m m m m m m m m m m
.delivered .and .voluntarily .accepted
m m m m
Which .disclosure .must .be .given .to .the .buyer .of .both .new .and .resale .residential .condominium
m m m m m m m m m m m m m m
.units? .- .(correct .answer) .-Declaration
m m m m m
A .real .estate .brokerage .company .is .a .transaction .broker .for .a .buyer. .The .buyer .wants .to
m m m m m m m m m m m m m m m
.purchase .a .new .home .so .the .sales .associate .take .him .to .three .model .centers .listed .by .three
m m m m m m m m m m m m m m m m m
.competing .real .estate .companies. .The .sales .associate .must .give .a .written .no .brokerage
m m m m m m m m m m m m m
.relationship .notice .to .- .(correct .answer) .-no .one.
m m m m m m m m
In .Florida, .real .property .is .assessed .on .January .1 .of .each .year, .and .property .taxes .become .a .lien
m m m m m m m m m m m m m m m m m
m.on .the .property .on .- .(correct .answer) .-January .1, .the .same .year
m m m m m m m m m m m
