Practice end-of-course exam for Florida
real estate license Correct 100%
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. Whch statement is TRUE regarding this situation? -
ANSWER The broker is required to be a state-certified appraiser to perform this
appraisal assignment.
Leasehold estate do NOT include - ANSWER A remainder estate.
The Florida Real Estate Commission must notify which agency when it takes
disciplinary action against any of the agency's licensees? - ANSWER Division of Florida
Condominiums, Time-shares, and Mobile Homes
Failure to comply with the statute of frauds will result in - ANSWER An unenforceable
contract.
Which statute prohibits discrimination in hotels, restaurants, and other places of public
accommodation if such discrimination is based on national origin? - ANSWER Civil
Rights Act of 1964
A broker received a $5000 deposit from the buyer on Tuesday at 1 PM. The seller will
not be available until Monday. The broker's normal banking days Monday. The broker is
required to deposit the $5000 before the end of - ANSWER Business on Friday.
Which expense is subtracted to derive NOI? - ANSWER Vacancy and collection losses
An investor wanted to build a motel. A brokerage showed him three choices sites zones
hotel -motel. The investor promised to decide on the site in three weeks, so the broker
took a two-week vacation. When the broker returned, the investor bought one of the
sites. The broker sold the site, not knowing that the zoning on that site had been
changed to industrial. Which is correct? - ANSWER The broker is guilty of culpable
negligence
Which clause is included in the mortgage to prevent a subsequent buyer from assuming
an existing mortgage loan? - ANSWER Due-on-sale clause
The broker is a single agent of the seller. The principal has this close to the broker at
the roof leaks although there's no visible evidence of water problem. The broker has
satisfied his legal obligation to both the principal and all perspective buyers if he
discloses - ANSWER That the roof leaks.
, Which statement concerning characteristics of a real estate market is FALSE? -
ANSWER The real estate market is organized and controlled centrally.
A comparable property has one more bedroom ($8000) and is on a slightly larger lot
($2000) then the subject property. The comparative market analysis requires a net
adjustment of - ANSWER -$10,000 to the comparable property
Which entity may not be registered as a real estate brokerage? - ANSWER Corporation
sole
The formula to calculate the overall capitalization rate is - ANSWER NOI divided by
value (or price).
Which action is not a requirement under TILLA-RESPA? - ANSWER Give mortgage
applicant a list of competing lenders so that the consumer can comparison shop for the
bast rate.
A transaction broker does not have which duty? - ANSWER Full fiduciary duties to both
the buyer and the seller
Which governmental entity must be informed when the FREC takes disciplinary action
against a real estate licensee? - ANSWER Division of Florida condominiums, time
shares, and Mobile homes
A real estate brokerage company is a transaction broker for a buyer. The buyer wants to
purchase a new home so the sales associate take some to three model centers listed
by three competing real estate companies. The sales associate must given written no
brokerage relationship notice to - ANSWER No one
Title to real property is technically conveyed when the deed is - ANSWER Voluntarily
delivered and voluntarily accepted
Which variable does NOT influence demand? - ANSWER Availability of construction
loans
A seller transfers title to a buyer with a General warranty deed. In which clause of the
deed does the seller define the quality of ownership interest conveyed to the buyer? -
ANSWER Habendum
A single agent broker received an offer on the listed property at the sellers 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 -
ANSWER Has violated his fiduciary duty to his principal.
real estate license Correct 100%
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. Whch statement is TRUE regarding this situation? -
ANSWER The broker is required to be a state-certified appraiser to perform this
appraisal assignment.
Leasehold estate do NOT include - ANSWER A remainder estate.
The Florida Real Estate Commission must notify which agency when it takes
disciplinary action against any of the agency's licensees? - ANSWER Division of Florida
Condominiums, Time-shares, and Mobile Homes
Failure to comply with the statute of frauds will result in - ANSWER An unenforceable
contract.
Which statute prohibits discrimination in hotels, restaurants, and other places of public
accommodation if such discrimination is based on national origin? - ANSWER Civil
Rights Act of 1964
A broker received a $5000 deposit from the buyer on Tuesday at 1 PM. The seller will
not be available until Monday. The broker's normal banking days Monday. The broker is
required to deposit the $5000 before the end of - ANSWER Business on Friday.
Which expense is subtracted to derive NOI? - ANSWER Vacancy and collection losses
An investor wanted to build a motel. A brokerage showed him three choices sites zones
hotel -motel. The investor promised to decide on the site in three weeks, so the broker
took a two-week vacation. When the broker returned, the investor bought one of the
sites. The broker sold the site, not knowing that the zoning on that site had been
changed to industrial. Which is correct? - ANSWER The broker is guilty of culpable
negligence
Which clause is included in the mortgage to prevent a subsequent buyer from assuming
an existing mortgage loan? - ANSWER Due-on-sale clause
The broker is a single agent of the seller. The principal has this close to the broker at
the roof leaks although there's no visible evidence of water problem. The broker has
satisfied his legal obligation to both the principal and all perspective buyers if he
discloses - ANSWER That the roof leaks.
, Which statement concerning characteristics of a real estate market is FALSE? -
ANSWER The real estate market is organized and controlled centrally.
A comparable property has one more bedroom ($8000) and is on a slightly larger lot
($2000) then the subject property. The comparative market analysis requires a net
adjustment of - ANSWER -$10,000 to the comparable property
Which entity may not be registered as a real estate brokerage? - ANSWER Corporation
sole
The formula to calculate the overall capitalization rate is - ANSWER NOI divided by
value (or price).
Which action is not a requirement under TILLA-RESPA? - ANSWER Give mortgage
applicant a list of competing lenders so that the consumer can comparison shop for the
bast rate.
A transaction broker does not have which duty? - ANSWER Full fiduciary duties to both
the buyer and the seller
Which governmental entity must be informed when the FREC takes disciplinary action
against a real estate licensee? - ANSWER Division of Florida condominiums, time
shares, and Mobile homes
A real estate brokerage company is a transaction broker for a buyer. The buyer wants to
purchase a new home so the sales associate take some to three model centers listed
by three competing real estate companies. The sales associate must given written no
brokerage relationship notice to - ANSWER No one
Title to real property is technically conveyed when the deed is - ANSWER Voluntarily
delivered and voluntarily accepted
Which variable does NOT influence demand? - ANSWER Availability of construction
loans
A seller transfers title to a buyer with a General warranty deed. In which clause of the
deed does the seller define the quality of ownership interest conveyed to the buyer? -
ANSWER Habendum
A single agent broker received an offer on the listed property at the sellers 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 -
ANSWER Has violated his fiduciary duty to his principal.
