Aceable Agent FL RE Course UPDATED ACTUAL
Questions And Correct Answers
Terms in this set (99)
The FREC has 30 days to check for Kaitlyn is applying for her Florida sales associate
errors and omissions in applications license. How many days does the FREC have to
and notify the applicant about the notify her of any errors or omissions in her
issue. application?
A marketable title is a title that is free Odonis' client is concerned about the marketability
from significant encumbrances or of their title. Odonis advises that if they want their
defects (such as liens) that might title to be marketable, they need to focus on
otherwise prevent a purchaser from clearing up all:
enjoying or eventually selling the
property.
Common Law Can be traced back to customs and precedent
established by court decisions over the centuries in
England
,Alfie bought the home subject to the Which of these situations BEST describes a buyer
mortgage. (A property sold subject assuming a mortgage?
to the existing loan retains its original
loan. The seller is responsible for
making the payments to the bank,
and the buyer makes the payments
to the seller. The seller transfers the
title to the buyer, but retains
responsibility for the loan. The bank
does not sign off on this agreement
— it is done under the table between
the buyer and seller.) Alice is the
only one who assumed the loan.
(Assumption is when a buyer takes
over a loan from a seller with the
lender's permission. The loan is
officially transferred to the buyer
with the title of the property, and the
buyer makes the remainder of the
loan payments.) The difference
between assuming a mortgage and
buying subject to is that the lender is
not aware of Alfie's subject-to
mortgage, and did not approve the
transfer.
Offering tax preparation services for What is one way lenders prevent other liens from
borrowers is not something lenders hopping ahead of them in the debt priority line?
do. Collecting property taxes in an
escrow account and paying them for
the borrower ensures that a tax lien
won't take priority in case of default.
, A thin market indicates that there are Real estate licensee Jamie discovers that there is an
few buyers and sellers in an area. An increase in the number of building permits being
increase in building permits means issued in her town. What can she expect will result
that there will be an increase in from this?
supply.
Real estate is land and How is real estate different from real property?
improvements. Real property is land,
improvements, and the bundle of
rights.
The use of designated sales Why does each party in a designated sales
associates in a nonresidential in- associate transaction have two disclosures to sign?
house transaction allows a brokerage
to offer fiduciary representation to
both sides of the transaction under
certain circumstances. One of those
circumstances is that parties to the
in-house transaction must sign a
disclosure notice consenting to the
use of designated sales associates,
and declaring that they are
financially eligible (both parties must
have assets of one million dollars or
more).
The fact that there are two parties In what kind of in-house transaction can there be
and in an in-house transaction means two parties, each with a licensee providing
that this must be a nonresidential fiduciary levels of representation? What would that
transaction with designated sales tell you about the assets held by the two parties?
associates. This is only allowed if the
parties have assets equal to or in
excess of one million dollars.
Questions And Correct Answers
Terms in this set (99)
The FREC has 30 days to check for Kaitlyn is applying for her Florida sales associate
errors and omissions in applications license. How many days does the FREC have to
and notify the applicant about the notify her of any errors or omissions in her
issue. application?
A marketable title is a title that is free Odonis' client is concerned about the marketability
from significant encumbrances or of their title. Odonis advises that if they want their
defects (such as liens) that might title to be marketable, they need to focus on
otherwise prevent a purchaser from clearing up all:
enjoying or eventually selling the
property.
Common Law Can be traced back to customs and precedent
established by court decisions over the centuries in
England
,Alfie bought the home subject to the Which of these situations BEST describes a buyer
mortgage. (A property sold subject assuming a mortgage?
to the existing loan retains its original
loan. The seller is responsible for
making the payments to the bank,
and the buyer makes the payments
to the seller. The seller transfers the
title to the buyer, but retains
responsibility for the loan. The bank
does not sign off on this agreement
— it is done under the table between
the buyer and seller.) Alice is the
only one who assumed the loan.
(Assumption is when a buyer takes
over a loan from a seller with the
lender's permission. The loan is
officially transferred to the buyer
with the title of the property, and the
buyer makes the remainder of the
loan payments.) The difference
between assuming a mortgage and
buying subject to is that the lender is
not aware of Alfie's subject-to
mortgage, and did not approve the
transfer.
Offering tax preparation services for What is one way lenders prevent other liens from
borrowers is not something lenders hopping ahead of them in the debt priority line?
do. Collecting property taxes in an
escrow account and paying them for
the borrower ensures that a tax lien
won't take priority in case of default.
, A thin market indicates that there are Real estate licensee Jamie discovers that there is an
few buyers and sellers in an area. An increase in the number of building permits being
increase in building permits means issued in her town. What can she expect will result
that there will be an increase in from this?
supply.
Real estate is land and How is real estate different from real property?
improvements. Real property is land,
improvements, and the bundle of
rights.
The use of designated sales Why does each party in a designated sales
associates in a nonresidential in- associate transaction have two disclosures to sign?
house transaction allows a brokerage
to offer fiduciary representation to
both sides of the transaction under
certain circumstances. One of those
circumstances is that parties to the
in-house transaction must sign a
disclosure notice consenting to the
use of designated sales associates,
and declaring that they are
financially eligible (both parties must
have assets of one million dollars or
more).
The fact that there are two parties In what kind of in-house transaction can there be
and in an in-house transaction means two parties, each with a licensee providing
that this must be a nonresidential fiduciary levels of representation? What would that
transaction with designated sales tell you about the assets held by the two parties?
associates. This is only allowed if the
parties have assets equal to or in
excess of one million dollars.
