Florida Real Estate Exam DETAILED QUESTIONS AND ANSWERS GRADED A+

Florida Real Estate Exam DETAILED QUESTIONS AND ANSWERS GRADED A+ A blanket Morgage that allows for the release of a single parcel upon payment of a specified sum contains which clause? a. defeasance b. acceleration c. satisfaction d. release - ANSWER - d. release The Federal Housing Administration a. originates loans b. insures loans c. guarantees loans d. certifies loans - ANSWER - b. insures loans Construction loans are paid out in a. full at the begining of construction b. equal installments during the construction process c. full upon completion of constructions d. draws after specific stages of construction are complete - ANSWER - d. draws after specific stages of construction are complete If a mortgage loan payment consists of interest only, the final payment the final payment which includes the full amount borrowed is called a? - ANSWER - Ballon Payment The _______ normally pays for the documentary stamp tax on the deed. - ANSWER - Seller An earnest money deposit held in escrow is reflected on the closing statement as a? a. credit to the buyer b. debit to the buyer c. credit to both the buyer and seller d. credit to the seller - ANSWER - a. credit to the buyer In the absense of any agreement between the parties, the state documentary stamp tax on the deed is paid by the? - ANSWER - Seller Which statement about the brokers portion of the closing statement is true? a. all double-entry items must appear there b. total reciepts minus the binder deposit equals the grand total c. Reciepts and disbursements must equal d. total expenses less the brokerage fee equals the grand total - ANSWER - c. Reciepts and disbursements must equal Owners that buy income properties as investments and depend on professionals to manage them - ANSWER - Absentee Owners a Value estimated based on resent sales of similar properties in the same neighborhood, not an appraisal - ANSWER - CMA -Comparative Market Analysis... A contractor is employed by an owner of land to build on that land to the owner's specifications - ANSWER - Custom Building When a contractor builds on his own land with the hope of locating a purchaser after construction has been completed - ANSWER - Speculative building A developer that acquires a large that aquires a large tract of land and builds a model center from which sales may be made - ANSWER - tract building Property management has grown as a service of real estate primarily bc of an increase of _______ _________ - ANSWER - Absentee Ownership The category of construction that applies when a property owner employs a contractor to build on his or her lot is called________ ___________ - ANSWER - Custom Building A Real Estate appraiser's fee for professional service is based on: a. a percentage of the property's gross income b. a percentage of the fair market value c. the time and difficulty of the appraisal d. a percentage of property's sales - ANSWER - C. the time and difficulty of the appraisal A developer contracts to build a home on a buyer's lot to the buyer's specifications. This is an example of which type of building: a. tract b. custom c. speculative d. subdivision - ANSWER - b. custom