Bob hogue practice exam 9/2021 questions &
m m m m m m
answers solved 100% correct!!
m m m m
What .authority .originates .from .the .U.S. .Constitution .and .relates .to .protection .of .health .and
m m m m m m m m m m m m m
.welfare .of .citizens .at .local .levels?
m m m m m m
A)
Situs
B)
Community .protection .power m m
C)
Escheat
D)
Police .power .- .(correct .answer) .-D)
m m m m m
Police .power m
Police .power .- .The .authority .of .government .to .protect .the .property, .life, .health, .and .welfare .of
m m m m m m m m m m m m m m m
.its .citizens.
m m
Situs .refers .to .prospective .buyers' .preference .for .a .certain .area.
m m m m m m m m m
Escheat .provides .for .a .government, .normally .a .state .government, .to .take .the .property .of .an
m m m m m m m m m m m m m m
.owner .who .dies .intestate .and .who .has .no .known .heirs .entitled .
m m m m m m m m m m m m
,To .receive .the .property. .The .power .of .escheat .is .a .practical .solution .to .ensure .that .property .is
m m m M m m m m m m m m m m m m
.always .owned .by .someone.
m m m m
You .have .been .hired .to .appraise .the .local .public .library .building. .The .approach .that .is .likely .to .be
m m m m m m m m m m M m m m m m m
.the .MOST .relevant .is .the
m m m m m
A)
Comparable .sales .approach. m m
B)
Income .approach. m
C)
Public .land .and .property .approach.
m m m m
D)
Cost .approach. .- .(correct .answer) .-D)
m M m m m
Cost .approach.
m
Single-family .homes ./ .a .vacant .lot .in .an .established .neighborhood .- .sales .comparison .approach .
m m m m m m m m m m m m m m
Income-producing .property .- .income .approach m m m m
Special-purpose .properties .like .hospitals, .schools, .or .government .buildings, .newly .constructed
m m m m m m m m m
.homes, .cross-checking .the .other .two .approaches .- .cost .approach
m m m m m m m m m
Three .claimants .are .requesting .relief .from .the .Real .Estate .Recovery .Fund. .All .three .claimants
m m m m m m m m m m M m m
.were .named .in .a .single .judgment .(the .same .real .estate .transaction). .What .is .the .maximum
m m m m m m m m m m m M m m m
.payment .from .the .Recovery .Fund .for .this .claim?
m m m m m m m m
A)
$75,000
B)
$1,000,000
,C)
$150,000
D)
$50,000 .- .(correct .answer) .-D) .$50,000
m m m m m
The .maximum .payment .from .the .fund .for .a .single .transaction .is .$50,000
m m m m m m m m m m m
T ./ .F .- .Brokers .and .sales .associates .should .NOT .prepare .deeds, .mortgages, .or .promissory .notes. .-
m m m m m m m m m m m m m m m M
.(correct .answer) .-T .- .Unless .they .are .also .attorneys, .brokers .and .sales .associates .who .prepare
m m m m m m m m m m m m m m m
.such .legal .documents .could .jeopardize .their .real .estate .licenses.
m m m m m m m m m
T ./ .F .- .A .buyer .brokerage .agreement .is .an .employment .contract .between .the .brokerage .and .a
m m m m m m m m m m m m m m m m
.buyer. .- .(correct .answer) .-T .- .A .buyer .brokerage .agreement .is .an .employment .contract .with .a
m M m m m m m m m m m m m m m m
.buyer.
m
T ./ .F .- .The .statute .of .limitations .for .an .oral .contract .is .five .years. .- .(correct .answer) .-F .- .The
m m m m m m m m m m m m m m M m m m m m
.statute .of .limitations .for .an .oral .contract .is .four .years.
m m m m m m m m m m
T ./ .F .- .Love .and .affection .is .an .example .of .valuable .consideration. .- .(correct .answer) .-F .- .Love
m m m m m m m m m m m m M m m m m m
.and .affection .is .an .example .of .good .consideration .because .it .cannot .be .measured .in .terms .of
m m m m m m m m m m m m m m m m
.money.
m
T ./ .F .- .An .implied .contract .is .one .in .which .some .or .all .of .the .obligations .or .conditions .of .a
m m m m m m m m m m m m m m m m m m m m
.contract .are .NOT .stated .expressly. .- .(correct .answer) .-T .- .With .an .implied .contract, .the
m m m m m M m m m m m m m m m
.obligations .or .conditions .of .the .contract .may .be .reasonably .implied .by .the .acts .of .the .parties .or
m m m m m m m m m m m m m m m m m
.by .the .nature .of .the .transaction.
m m m m m m
T ./ .F .- .A .signed .sale .contract .between .the .time .of .signing .and .the .time .of .title .closing .is .an
m m m m m m m m m m m m m m m m m m m m
.executed .contract. .- .(correct .answer) .-F .- .A .sale .contract .between .the .time .of .signing .and .the
m m M m m m m m m m m m m m m m m
.time .the .title .is .conveyed .from .the .grantor .to .the .grantee .is .an .executory .contract.
m m m m m m m m m m m m m m m
T ./ .F .- .A .real .estate .contract .that .includes .a .radon .gas .contingency .is .a .voidable .contract. .-
m m m m m m m m m m m m m m m m m M
.(correct .answer) .-T .- .A .real .estate .contract .that .includes .a .radon .contingency .is .voidable .because
m m m m m m m m m m m m m m m m
.if .the .contingency .is .not .satisfied .and .released, .the .offer .and .acceptance .element .of .an
m m m m m m m m m m m m m m m
.enforceable .contract .is .not .met.
m m m m m
T ./ .F .- .A .real .estate .sale .contract .is .an .example .of .a .bilateral .contract. .- .(correct .answer) .-T .- .A
m m m m m m m m m m m m m m m M m m m m m
.bilateral .contract .obligates .both .parties .to .perform .in .accordance .with .the .terms .of .the .contract.
m m m m m m m m m m m m m m m
.A .sale .contract .is .a .bilateral .contract .because .both .the .seller .and .the .buyer .are .obligated .to
M m m m m m m m m m m m m m m m m
.perform.
m
T ./ .F .- .The .person .making .an .offer .is .the .offeree. .- .(correct .answer) .-F .- .The .offeree .is .the
m m m m m m m m m m m M m m m m m m m m
.person .receiving .the .offer.
m m m m
, Makes .offer .- .offerorm m m
Receives .offer .- .offeree m m m
T ./ .F .- .An .electronic .signature .can .be .accepted .as .part .of .a .real .estate .contract. .- .(correct
m m m m m m m m m m m m m m m m M m
.answer) .-T .- .Letters .and .other .written .communications, .including .a .signature, .may .be .sent .by
m m m m m m m m m m m m m m m
.electronic .means .or .facsimile, .and .will .be .considered .part .of .the .contract.
m m m m m m m m m m m m
T ./ .F .- .A .counteroffer .will .extend .an .offer. .- .(correct .answer) .-F .- .A .counteroffer .kills .the .original
m m m m m m m m m M m m m m m m m m m
.offer.
m
The .original .law .requiring .that .the .annual .percentage .rate .(APR) .be .disclosed .to .consumers .was
m m m m m m m m m m m m m m
.the
m
A)
Florida ."Little .FTC .Act."
m m m
B)
Equal .Credit .Opportunity .Act.
m m m
C)
Truth .in .Lending .Act.
m m m
D)
Real .Estate .Settlement .Procedures .Act. .- .(correct .answer) .-C. .Truth .in .Lending .Act .(TILA)
m m m m M m m m M m m m m
Constructive .notice .is m m
A)
Notarizing .a .conveyance. m m
B)
Information .advertised .in .the .newspaper. m m m m
C)
Provided .by .recording .in .the .public .records.
m m m m m m
D)
Information .learned .by .reading, .seeing, .or .hearing. .- .(correct .answer) .-C)
m m m m m m M m m m
Provided .by .recording .in .the .public .records.
m m m m m m
m m m m m m
answers solved 100% correct!!
m m m m
What .authority .originates .from .the .U.S. .Constitution .and .relates .to .protection .of .health .and
m m m m m m m m m m m m m
.welfare .of .citizens .at .local .levels?
m m m m m m
A)
Situs
B)
Community .protection .power m m
C)
Escheat
D)
Police .power .- .(correct .answer) .-D)
m m m m m
Police .power m
Police .power .- .The .authority .of .government .to .protect .the .property, .life, .health, .and .welfare .of
m m m m m m m m m m m m m m m
.its .citizens.
m m
Situs .refers .to .prospective .buyers' .preference .for .a .certain .area.
m m m m m m m m m
Escheat .provides .for .a .government, .normally .a .state .government, .to .take .the .property .of .an
m m m m m m m m m m m m m m
.owner .who .dies .intestate .and .who .has .no .known .heirs .entitled .
m m m m m m m m m m m m
,To .receive .the .property. .The .power .of .escheat .is .a .practical .solution .to .ensure .that .property .is
m m m M m m m m m m m m m m m m
.always .owned .by .someone.
m m m m
You .have .been .hired .to .appraise .the .local .public .library .building. .The .approach .that .is .likely .to .be
m m m m m m m m m m M m m m m m m
.the .MOST .relevant .is .the
m m m m m
A)
Comparable .sales .approach. m m
B)
Income .approach. m
C)
Public .land .and .property .approach.
m m m m
D)
Cost .approach. .- .(correct .answer) .-D)
m M m m m
Cost .approach.
m
Single-family .homes ./ .a .vacant .lot .in .an .established .neighborhood .- .sales .comparison .approach .
m m m m m m m m m m m m m m
Income-producing .property .- .income .approach m m m m
Special-purpose .properties .like .hospitals, .schools, .or .government .buildings, .newly .constructed
m m m m m m m m m
.homes, .cross-checking .the .other .two .approaches .- .cost .approach
m m m m m m m m m
Three .claimants .are .requesting .relief .from .the .Real .Estate .Recovery .Fund. .All .three .claimants
m m m m m m m m m m M m m
.were .named .in .a .single .judgment .(the .same .real .estate .transaction). .What .is .the .maximum
m m m m m m m m m m m M m m m
.payment .from .the .Recovery .Fund .for .this .claim?
m m m m m m m m
A)
$75,000
B)
$1,000,000
,C)
$150,000
D)
$50,000 .- .(correct .answer) .-D) .$50,000
m m m m m
The .maximum .payment .from .the .fund .for .a .single .transaction .is .$50,000
m m m m m m m m m m m
T ./ .F .- .Brokers .and .sales .associates .should .NOT .prepare .deeds, .mortgages, .or .promissory .notes. .-
m m m m m m m m m m m m m m m M
.(correct .answer) .-T .- .Unless .they .are .also .attorneys, .brokers .and .sales .associates .who .prepare
m m m m m m m m m m m m m m m
.such .legal .documents .could .jeopardize .their .real .estate .licenses.
m m m m m m m m m
T ./ .F .- .A .buyer .brokerage .agreement .is .an .employment .contract .between .the .brokerage .and .a
m m m m m m m m m m m m m m m m
.buyer. .- .(correct .answer) .-T .- .A .buyer .brokerage .agreement .is .an .employment .contract .with .a
m M m m m m m m m m m m m m m m
.buyer.
m
T ./ .F .- .The .statute .of .limitations .for .an .oral .contract .is .five .years. .- .(correct .answer) .-F .- .The
m m m m m m m m m m m m m m M m m m m m
.statute .of .limitations .for .an .oral .contract .is .four .years.
m m m m m m m m m m
T ./ .F .- .Love .and .affection .is .an .example .of .valuable .consideration. .- .(correct .answer) .-F .- .Love
m m m m m m m m m m m m M m m m m m
.and .affection .is .an .example .of .good .consideration .because .it .cannot .be .measured .in .terms .of
m m m m m m m m m m m m m m m m
.money.
m
T ./ .F .- .An .implied .contract .is .one .in .which .some .or .all .of .the .obligations .or .conditions .of .a
m m m m m m m m m m m m m m m m m m m m
.contract .are .NOT .stated .expressly. .- .(correct .answer) .-T .- .With .an .implied .contract, .the
m m m m m M m m m m m m m m m
.obligations .or .conditions .of .the .contract .may .be .reasonably .implied .by .the .acts .of .the .parties .or
m m m m m m m m m m m m m m m m m
.by .the .nature .of .the .transaction.
m m m m m m
T ./ .F .- .A .signed .sale .contract .between .the .time .of .signing .and .the .time .of .title .closing .is .an
m m m m m m m m m m m m m m m m m m m m
.executed .contract. .- .(correct .answer) .-F .- .A .sale .contract .between .the .time .of .signing .and .the
m m M m m m m m m m m m m m m m m
.time .the .title .is .conveyed .from .the .grantor .to .the .grantee .is .an .executory .contract.
m m m m m m m m m m m m m m m
T ./ .F .- .A .real .estate .contract .that .includes .a .radon .gas .contingency .is .a .voidable .contract. .-
m m m m m m m m m m m m m m m m m M
.(correct .answer) .-T .- .A .real .estate .contract .that .includes .a .radon .contingency .is .voidable .because
m m m m m m m m m m m m m m m m
.if .the .contingency .is .not .satisfied .and .released, .the .offer .and .acceptance .element .of .an
m m m m m m m m m m m m m m m
.enforceable .contract .is .not .met.
m m m m m
T ./ .F .- .A .real .estate .sale .contract .is .an .example .of .a .bilateral .contract. .- .(correct .answer) .-T .- .A
m m m m m m m m m m m m m m m M m m m m m
.bilateral .contract .obligates .both .parties .to .perform .in .accordance .with .the .terms .of .the .contract.
m m m m m m m m m m m m m m m
.A .sale .contract .is .a .bilateral .contract .because .both .the .seller .and .the .buyer .are .obligated .to
M m m m m m m m m m m m m m m m m
.perform.
m
T ./ .F .- .The .person .making .an .offer .is .the .offeree. .- .(correct .answer) .-F .- .The .offeree .is .the
m m m m m m m m m m m M m m m m m m m m
.person .receiving .the .offer.
m m m m
, Makes .offer .- .offerorm m m
Receives .offer .- .offeree m m m
T ./ .F .- .An .electronic .signature .can .be .accepted .as .part .of .a .real .estate .contract. .- .(correct
m m m m m m m m m m m m m m m m M m
.answer) .-T .- .Letters .and .other .written .communications, .including .a .signature, .may .be .sent .by
m m m m m m m m m m m m m m m
.electronic .means .or .facsimile, .and .will .be .considered .part .of .the .contract.
m m m m m m m m m m m m
T ./ .F .- .A .counteroffer .will .extend .an .offer. .- .(correct .answer) .-F .- .A .counteroffer .kills .the .original
m m m m m m m m m M m m m m m m m m m
.offer.
m
The .original .law .requiring .that .the .annual .percentage .rate .(APR) .be .disclosed .to .consumers .was
m m m m m m m m m m m m m m
.the
m
A)
Florida ."Little .FTC .Act."
m m m
B)
Equal .Credit .Opportunity .Act.
m m m
C)
Truth .in .Lending .Act.
m m m
D)
Real .Estate .Settlement .Procedures .Act. .- .(correct .answer) .-C. .Truth .in .Lending .Act .(TILA)
m m m m M m m m M m m m m
Constructive .notice .is m m
A)
Notarizing .a .conveyance. m m
B)
Information .advertised .in .the .newspaper. m m m m
C)
Provided .by .recording .in .the .public .records.
m m m m m m
D)
Information .learned .by .reading, .seeing, .or .hearing. .- .(correct .answer) .-C)
m m m m m m M m m m
Provided .by .recording .in .the .public .records.
m m m m m m
