45 HOUR POST LICENSE REAL ESTATE FLORIDA

45 HOUR POST LICENSE REAL ESTATE FLORIDA An economic recovery is defined as A) two successive quarterly declines in the gross domestic product. B) two successive quarterly increases in the gross domestic product. C) a period of higher housing prices. D) two successive periods of stock market gains. - answerB) two successive quarterly increases in the gross domestic product. Explanation When consumers, lured by lower prices, venture back into the market, business activity increases and confidence begins to return. Slowly, production facilities gear up to meet the new consumer demand, capital begins to flow back into business enterprises, and additional employees are hired. The three types of operating expenses of an income property are A) fixed, debt service, and reserves for replacements. B) reserves for replacements, fixed, and variable. C) variable, income taxes, and fixed. D) reserves for replacements, variable, and income taxes. - answerB) reserves for replacements, fixed, and variable. Explanation Operating expenses are divided into three categories: fixed expenses, variable expenses, and reserves for replacement. A person applies for a $300,000, 30-year fixed-rate mortgage loan at 4%. The mortgage payment factor is .. Taxes for the year are $4,000, and insurance is $2,400. Her monthly payment for principal, interest, taxes, and insurance (PITI) will be A) $1,432.25. B) $1,773.64. C) $1,273.64. D) $1,965.58. - answerD) $1,965.58. 58. $300,000 × . = $1,432.25 principal and interest. $4,000 taxes ÷ 12 months = 333.33. $2,400 insurance ÷ 12 months = 200. $1,432.25 + $333.33 + $200 = $1,965.58 total PITI. A sales associate receives a good-faith deposit from a buyer on Wednesday. The broker must deposit the funds into the escrow account no later than the following A) Tuesday. B) Monday. C) Thursday. D) Friday. - answerB) Monday. FREC rules require that the sales associate must give the broker the funds within one business day. The broker must deposit the funds in a bank within three business days. The minimum legal description for a platted subdivision would include A) street address, lot and block number, and subdivision name. B) county, lot and block number, name of subdivision, and lot dimensions. C) subdivision name, county, reference to section, township, and range. D) subdivision name, county, lot and block number, plat book and page number. - answerD) subdivision name, county, lot and block number, plat book and page number. Antitrust laws A) allow brokers to boycott cut-rate brokers' listings. B) prohibit commercial advertising in faxes. C) allow brokers to split up market areas. D) prohibit price fixing. - answerD)