Exam Review Tampa School of Real Estate Questions With 100% Correct Answers.

A city park would be considered what type of zone? - Special use zone. A property's value minus any outstanding debt is known as... - Equity. A sales associate receives an earnest money deposit check on Thursday. The broker must deposit the check by? - 0- Thursday 1- Friday 2- Monday 3- Tuesday. A sales associate receives an earnest money deposit check on Thursday. The sales associate must turn the check over to their broker by: - Friday (the next business day). A timeshare owner is selling their portion of the timeshare for sale by owner, are they required to have a real estate license? - No. An adjustable rate mortgage consists of what two components? - Index and margin. Can a corporation sole register as a real estate broker? - No, corporation sole is a religious organization. Can discount points be deducted from income taxes on your principal residence? - Yes. Does bankruptcy have to be disclosed on a license application? - No.Does the DBPR need to be notified if a licensee enters a guilty plea outside of Florida? - Yes (Must always notify within 30 days regardless of where the plea is entered). Executive power allows the Florida Real Estate to... - Regulate and enforce license law. How long does a broker have to request a written verification of receipt of deposit if holding funds with a title company? - Within 10 business days after the deposit is due. How long does a credit union have to mail a loan applicant a copy of the loan estimate if they do not receive it at the time of applying? - 3 business days. How long does a licensee have to correct a notice of noncompliance? - 15 days. How long does a licensee have to notify the DBPR of a guilty plea? - 30 days. How many broker associate licenses may a licensee hold? - Only one (Brokers may have more than one). How many days does a buyer have to rescind a contract when purchasing a condominium from a developer? - 15 days. How would unpaid property taxes be entered on a closing disclosure if the closing is set for June 15th? - Debit to seller, credit to buyer