State Exam FLORIDA REAL ESTATE|| 90
QUESTIONS CORRECT ANSWERS
When money is paid out of the RE recovery fund, on behalf of a Florida Real Estate -
ANSWER the licensee's license will be automatically suspended, the max. amount that
can be reimbursed is $50,000, the judgement holder cannot be reimbursed for
attorney's fees and court costs
Which of the following is true regarding the Florida RE commission? - ANSWER Two
members do not have to have a Florida Real Estate license
The Fair Housing Act prohibits discrimination based on - ANSWER Race, color, religion,
national origin, sex, familial status, handicap
A piece of property that is 400 feet by 325 feet is - ANSWER 3 acres
The truth in lending act - ANSWER gives a consumer the right to rescind a mortgage
secured by his homestead
Who can renew their initial Florida real estate license without post license education? -
ANSWER A person that graduated with a university with a 4 year degree in real estate
Which of the following words are synonyms? - ANSWER vendor-seller
If an adult enters into a contract with a child - ANSWER this contract can be enforced in
a court by the child
Price Fixing is - ANSWER a violation of Sherman-clayton antitrust law
In a joint tenancy - ANSWER has the right of survivorship and owners acquire interest
at the same time
An expressed contract - ANSWER is unambiguous
To become the chairman of the Florida Real Estate Commission - ANSWER a member
is elected by his or her peers
A florida Real Estate license - ANSWER has an expiration date on it, expires biennially,
serves as prima facie evidence that the holder is properly licensed
Florida Real estate licensee cannot promise to re-purchase property back in the future
unless - ANSWER a guaranteed re-purchae agreement has been approved by the state
of florida
, A florida real estate salesman must turn escrow money over to his broker - ANSWER
before the end of the business day following the day he received the money
A florida real estate broker can have - ANSWER an interest bearing escrow account
Which of the following would a buyer certainly not get at closing - ANSWER certificate
of title
When the gov. exercises the power of eminent domain, which of the following
statements is NOT true - ANSWER Homestead will protect a widow from eminent
domain
When a person dies intestate with no heirs - ANSWER Their Real Estate passes to the
Florida gov. through a process called escheat
Actual notice is - ANSWER something you have learned by reading, seeing, or hearing
Minnie Me mortgage back securities - ANSWER carry the full faith and credit guarantee
of the US gov.
The combining of two or more adjacent properties into one tract to increase the usability
and value of the resulting consolidation is - ANSWER Assemblage
One advantage of real estate as an investment is - ANSWER it is easy to leverage
Positive leverage occurs - ANSWER when the benefits from borrowing exceed the costs
of borrowing
Which of the following is an encumbrance? - ANSWER lien
If a corporation had a blanket mortgage on a property they were developing they would
need - ANSWER partial release clause
If the title to a property is marketable - ANSWER there are no title defects
The office of Thrift Supervision - ANSWER regulates saving association
If a broker takes money for a landlord, she must - ANSWER put the money in her
escrow account
If a builder bough a lot for $40,000 and built a h ouse on that lot. It cost him $200,000 to
build the house. He hired an appraiser to appraise the house. The appraiser said it is
worth $295,000. A young couple offered to buy the house for $280,000 and the builder
agreed. - ANSWER The cost of the house is $240 and the value is $295
Which of the following does not depreciate? - ANSWER land
QUESTIONS CORRECT ANSWERS
When money is paid out of the RE recovery fund, on behalf of a Florida Real Estate -
ANSWER the licensee's license will be automatically suspended, the max. amount that
can be reimbursed is $50,000, the judgement holder cannot be reimbursed for
attorney's fees and court costs
Which of the following is true regarding the Florida RE commission? - ANSWER Two
members do not have to have a Florida Real Estate license
The Fair Housing Act prohibits discrimination based on - ANSWER Race, color, religion,
national origin, sex, familial status, handicap
A piece of property that is 400 feet by 325 feet is - ANSWER 3 acres
The truth in lending act - ANSWER gives a consumer the right to rescind a mortgage
secured by his homestead
Who can renew their initial Florida real estate license without post license education? -
ANSWER A person that graduated with a university with a 4 year degree in real estate
Which of the following words are synonyms? - ANSWER vendor-seller
If an adult enters into a contract with a child - ANSWER this contract can be enforced in
a court by the child
Price Fixing is - ANSWER a violation of Sherman-clayton antitrust law
In a joint tenancy - ANSWER has the right of survivorship and owners acquire interest
at the same time
An expressed contract - ANSWER is unambiguous
To become the chairman of the Florida Real Estate Commission - ANSWER a member
is elected by his or her peers
A florida Real Estate license - ANSWER has an expiration date on it, expires biennially,
serves as prima facie evidence that the holder is properly licensed
Florida Real estate licensee cannot promise to re-purchase property back in the future
unless - ANSWER a guaranteed re-purchae agreement has been approved by the state
of florida
, A florida real estate salesman must turn escrow money over to his broker - ANSWER
before the end of the business day following the day he received the money
A florida real estate broker can have - ANSWER an interest bearing escrow account
Which of the following would a buyer certainly not get at closing - ANSWER certificate
of title
When the gov. exercises the power of eminent domain, which of the following
statements is NOT true - ANSWER Homestead will protect a widow from eminent
domain
When a person dies intestate with no heirs - ANSWER Their Real Estate passes to the
Florida gov. through a process called escheat
Actual notice is - ANSWER something you have learned by reading, seeing, or hearing
Minnie Me mortgage back securities - ANSWER carry the full faith and credit guarantee
of the US gov.
The combining of two or more adjacent properties into one tract to increase the usability
and value of the resulting consolidation is - ANSWER Assemblage
One advantage of real estate as an investment is - ANSWER it is easy to leverage
Positive leverage occurs - ANSWER when the benefits from borrowing exceed the costs
of borrowing
Which of the following is an encumbrance? - ANSWER lien
If a corporation had a blanket mortgage on a property they were developing they would
need - ANSWER partial release clause
If the title to a property is marketable - ANSWER there are no title defects
The office of Thrift Supervision - ANSWER regulates saving association
If a broker takes money for a landlord, she must - ANSWER put the money in her
escrow account
If a builder bough a lot for $40,000 and built a h ouse on that lot. It cost him $200,000 to
build the house. He hired an appraiser to appraise the house. The appraiser said it is
worth $295,000. A young couple offered to buy the house for $280,000 and the builder
agreed. - ANSWER The cost of the house is $240 and the value is $295
Which of the following does not depreciate? - ANSWER land
