FREC Course I practice exam Review Questions and answers, rated A+[APPROVED EXAM QUESTIONS]

FREC Course I practice exam Review Questions and answers, rated A+ a licensed real estate broker has been hired by a lender to appraise a home for a buyer. who has applied for an FHA loan. Which statement is TRUE regarding this situation? A. the broker may not charge for this assignment B. the broker's license entitles him to appraise this property C. the broker is required to be a state-certified appraiser to perform this appraisal assignment D. the broker may not accept this appraisal assignment because to do so is a conflict of interest - -C. the broker is required to be a state-certified appraiser to perform this appraisal assignment (unit 16) Which disclosure must be given to the buyer of both new and resale residential condominium units? - -declaration - a condominium is created by recording the declaration of condominium and is part of the condominium documents that must be given to all condominium purchasers the financial term applied to the use of borrowed funds to finance the purchase of an office building is - -leverage (unit 17) a single agent broker received an offer on a listed property at the seller's price and terms. before informing the seller, the broker received a higher offer. the broker submitted only the first offer, and the seller, his principal, accepted it. the broker - -has violated his fiduciary duty to his principal (unit 4) a real estate brokerage company is a transaction broker for a buyer. the buyer wants to purchase a new home so the sales associate takes him to three model centers listed by three competing real estate companies. the sales associate must give a written no brokerage relationship notice to - -no one (Unit 4) the seller instructs the listing broker not to show his home to members of a protected class. the broker informs the seller that this is a violation of fair housing laws, but the seller is insistent. which choice is the broker's best course of action under these circumstances - -withdraw from the listing agreement a tenant signed a 10-year lease requiring a monthly base rent of $1,900, plus 2% of all monthly gross sales volume over $95,000. the tenant also must pay all property taxes, insurance, and other costs normally considered property owner's costs. this is a - -net lease The Florida Real Estate Commission is empowered by law to - -fine or otherwise discipline licensees a developer purchased three oceanfront lots, each measuring 75 by 110 feet, for $20 per square foot. the developer later sold the lots for $200,000 each. what was the developer's percentage of profit on the sale of the three lots? - -21% (14) in Florida, real property is assessed on January 1 of each year, and property taxes become a lien on the property on - -January 1, the same yea