MULTIPLE CHOICE OF QUESTIONS AND
CORRECT DETAILED SOLVED SOLUTIONS
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The state of Florida requires all brokerage offices to have at
least one enclosed room in a building of stationary construction
what other criteria? - CORRECT ANSWER-An entrance sign
When the Department investigated a complaint against Mick, a
licensee, the investigator believed that the charges were too
serious to allow the licensee to practice real estate during the
investigation and hearings. Which statement is true? - CORRECT
ANSWER-The DBPR Secretary could initiate a summary
suspension against Mick to suspend his license until the matter
was resolved.
As joint tenants, David and Amy bought an investment
property. Amy died suddenly. Which statement is true? - CORRECT
ANSWER-David owned the property as an estate in severalty.
Stefanie had a rental property. There were 14 units. After she
subtracted for collection and vacancy losses, she totaled
$23,500 income for the month. What did she calculate? -
CORRECT ANSWER-Effective Gross Income
,Which group is responsible for the preparation of the
comprehensive plan or plan amendment? - CORRECT ANSWER-The
Planning Commission
How many miles from the base line is T3S, R7W? - CORRECT
ANSWER-18
Sally is buying a home and the closing date is set for April 20th.
The annual property taxes are $1,234.00 and have not been
paid yet. How much will the buyer be credited and the seller be
debited? - CORRECT ANSWER-$368.51
Yvette claimed Giselle's property through adverse possession.
To have done so successfully, Yvette would have to have done
all the following except what? - CORRECT ANSWER-Do so for a
continuous period of 10 Years
Which of the following statements are false regarding The Real
Estate Settlement Procedures Act (RESPA)? - CORRECT ANSWER-
Kickbacks are said to harm consumers by driving down the cost
of transactions.
Winnie failed to add to her application for a Florida real estate
license the fact that she had previously been convicted of theft.
Which statement is true? - CORRECT ANSWER-Failure for Winnie to
disclose the theft would be viewed as falsifying an application.
A building erected permanently on a property is considered
what? - CORRECT ANSWER-Real Property
, Broker Hope took an earnest money deposit from Buyer Burt.
She placed the deposit in her brokerage operating account.
Which statement accurately describes what Hope did? - CORRECT
ANSWER-Hope commingled trust funds by placing the money
with company funds which is illegal.
You list a home on the Atlantic for $4,250,000. The seller
agrees to pay a 6% commission. However, the seller agrees that
he will pay 7% commission on the amount of purchase price
above $3,750,000. The home sells for $4,100,000. How much
is the total commission? - CORRECT ANSWER-$249,500
How does a lien theory affect the mortgage? - CORRECT ANSWER-Is a
lien on the property, but property title is vested with the
mortgagor.
The bundle of rights that a property owner has includes which
of the following? - CORRECT ANSWER-Control
Residential rental property can be depreciated over how many
years using the straight-line depreciation method? - CORRECT
ANSWER-27.5 years
Roberta receives $5,000 a month from court ordered alimony.
However, she does not have other income. Which of the
following laws forces the lender to count the alimony as income
for determining whether Roberta qualifies for a mortgage? -
CORRECT ANSWER-Equal Credit Opportunity Act