BOB HOGUE FLORIDA REAL ESTATE
FINAL EXAM
In Florida, real property is assessed on January 1 of each year, and property taxes
become a lien on the property on - Correct Answers -January 1, the same year.
Failure to comply with the statute of frauds will result in - Correct Answers -an
unenforceable contract.
A woman has homesteaded her residence. Her home has an assessed value of
$279,000. She is a nonveteran who is totally and permanently disabled as a result of a
serious car accident. She is also legally blind. What is her cumulative county tax
exemption on her homesteaded residence? - Correct Answers -$51,000
A developer who wants to develop a new subdivision must submit - Correct Answers -a
subdivision plat map to the planning commission.
Individuals who solicit mortgage loans, accept applications for mortgage loans, and
negotiate the terms of new mortgage loans on behalf of a borrower are called mortgage
- Correct Answers -loan originators.
The following taxes were paid at the closing of a new home: $1,540 state documentary
stamp tax on the deed, $693 state documentary stamp tax on the note, and $396 state
intangible tax on the mortgage. What was the purchase price of the home? - Correct
Answers -$220,000
Which statement is FALSE regarding advertising? - Correct Answers -The brokerage
firm's address is required in all advertising.
A broker's license was involuntary inactive for two years and one month. To operate
again as an active licensee, the broker must complete - Correct Answers -FREC Course
I and pass the sales associate's licensing exam.
A comparable property has one more bedroom ($8,000) and is on a slightly larger lot
($2,000) than the subject property. The comparative market analysis requires a net
adjustment of - Correct Answers -minus $10,000 to the comparable property.
If a seller refuses to pay a broker her sales commission after the residential property is
sold, the broker may - Correct Answers -file a suit in the courts for her commission.
,Which variable does NOT influence demand? - Correct Answers -Availability of
construction loans
A property closes on June 10, with the day of closing charged to the buyer. The buyer is
assuming the seller's mortgage loan with its principal balance of $227,500 at 4.5%
interest. Which entry will appear on the Closing Disclosure? - Correct Answers -Debit to
seller and credit to buyer in the amount of $252.43
The formula to calculate the overall capitalization rate is - Correct Answers -NOI ÷ value
(or price).
The owner of a hardware store has filed for bankruptcy and the real estate is up for
sale. The money that the property will bring at auction is BEST described as which type
of value? - Correct Answers -Liquidation value
The duties of a real estate licensee, owed to a buyer or a seller who engages the real
estate licensee as a single agent, do NOT include - Correct Answers -limited
confidentiality, unless waived in writing by a party.
Which property is NOT covered under the Fair Housing Act? - Correct Answers -
Commercial property
Which statement does NOT describe a planned unit development? - Correct Answers -
Industrial parks are a welcomed offshoot of the PUD concept.
Requirements of a valid deed do NOT include - Correct Answers -signature of a
competent grantee.
You have been hired to appraise the local public library building. The approach that is
likely to be the MOST relevant is the - Correct Answers -cost approach.
In relation to section 1 of a township, section 12 is due - Correct Answers -south.
The bundle of legal rights associated with real property ownership does NOT include
the right of - Correct Answers -intent.
Constructive notice is - Correct Answers -provided by recording in the public records.
Which expense is subtracted to derive NOI? - Correct Answers -Vacancy and collection
losses
Eligible homestead owners may transfer up to what amount of their Save Our Homes
(SOH) benefit from their previous homestead to a new homestead? - Correct Answers -
$500,000
, The original law requiring that the annual percentage rate be disclosed to consumers
was the - Correct Answers -Truth in Lending Act.
A title-theory state is one in which a mortgage - Correct Answers -transfers title to the
lender or escrow agent until the loan is paid.
Local government exercises its greatest effect on the real estate business by - Correct
Answers -using zoning, taxation, and the planning process.
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 -
Correct Answers -has violated his fiduciary duty to his principal.
Which estate includes the right of survivorship? - Correct Answers -Joint tenancy
A mortgage in which changes in the interest rate may cause changes in the monthly
payment amount is called - Correct Answers -an adjustable-rate mortgage.
Which statement is FALSE regarding a corporation for profit that is doing business as a
real estate broker? - Correct Answers -All stockholders must be registered with the
FREC as inactive brokers
Which secondary market participant is a guarantor of government-insured and
government-guaranteed loans? - Correct Answers -Ginnie Mae
Sales associate Terry Stoufer may have which information entered on his license, if
applicable? - Correct Answers -Terry Stoufer, LLC
When the parties to a contract state the terms of the contract and show their intentions
in words, either orally or in writing, what type of contract classification has been
created? - Correct Answers -Express
A real estate company represents a motel owner who wishes to list one of his motels for
sale. The owner has told the listing agent that he does not want to sell the motel to any
racial minorities. Which statement is TRUE? - Correct Answers -To refuse to sell or
lease any real property based on a party's race is a violation of the federal Civil Rights
Act of 1866.
A homesteaded property is located in Jupiter, Florida, in Palm Beach County. The
property has been assessed at $185,000. The city tax rate is 8.8 mills, the county tax
rate is 9.3 mills, and the school board levy is 6.5 mills. The owner is a widow and has
qualified for and received homestead tax exemption. How much will the owner pay in
property taxes? - Correct Answers -$3,471.20
FINAL EXAM
In Florida, real property is assessed on January 1 of each year, and property taxes
become a lien on the property on - Correct Answers -January 1, the same year.
Failure to comply with the statute of frauds will result in - Correct Answers -an
unenforceable contract.
A woman has homesteaded her residence. Her home has an assessed value of
$279,000. She is a nonveteran who is totally and permanently disabled as a result of a
serious car accident. She is also legally blind. What is her cumulative county tax
exemption on her homesteaded residence? - Correct Answers -$51,000
A developer who wants to develop a new subdivision must submit - Correct Answers -a
subdivision plat map to the planning commission.
Individuals who solicit mortgage loans, accept applications for mortgage loans, and
negotiate the terms of new mortgage loans on behalf of a borrower are called mortgage
- Correct Answers -loan originators.
The following taxes were paid at the closing of a new home: $1,540 state documentary
stamp tax on the deed, $693 state documentary stamp tax on the note, and $396 state
intangible tax on the mortgage. What was the purchase price of the home? - Correct
Answers -$220,000
Which statement is FALSE regarding advertising? - Correct Answers -The brokerage
firm's address is required in all advertising.
A broker's license was involuntary inactive for two years and one month. To operate
again as an active licensee, the broker must complete - Correct Answers -FREC Course
I and pass the sales associate's licensing exam.
A comparable property has one more bedroom ($8,000) and is on a slightly larger lot
($2,000) than the subject property. The comparative market analysis requires a net
adjustment of - Correct Answers -minus $10,000 to the comparable property.
If a seller refuses to pay a broker her sales commission after the residential property is
sold, the broker may - Correct Answers -file a suit in the courts for her commission.
,Which variable does NOT influence demand? - Correct Answers -Availability of
construction loans
A property closes on June 10, with the day of closing charged to the buyer. The buyer is
assuming the seller's mortgage loan with its principal balance of $227,500 at 4.5%
interest. Which entry will appear on the Closing Disclosure? - Correct Answers -Debit to
seller and credit to buyer in the amount of $252.43
The formula to calculate the overall capitalization rate is - Correct Answers -NOI ÷ value
(or price).
The owner of a hardware store has filed for bankruptcy and the real estate is up for
sale. The money that the property will bring at auction is BEST described as which type
of value? - Correct Answers -Liquidation value
The duties of a real estate licensee, owed to a buyer or a seller who engages the real
estate licensee as a single agent, do NOT include - Correct Answers -limited
confidentiality, unless waived in writing by a party.
Which property is NOT covered under the Fair Housing Act? - Correct Answers -
Commercial property
Which statement does NOT describe a planned unit development? - Correct Answers -
Industrial parks are a welcomed offshoot of the PUD concept.
Requirements of a valid deed do NOT include - Correct Answers -signature of a
competent grantee.
You have been hired to appraise the local public library building. The approach that is
likely to be the MOST relevant is the - Correct Answers -cost approach.
In relation to section 1 of a township, section 12 is due - Correct Answers -south.
The bundle of legal rights associated with real property ownership does NOT include
the right of - Correct Answers -intent.
Constructive notice is - Correct Answers -provided by recording in the public records.
Which expense is subtracted to derive NOI? - Correct Answers -Vacancy and collection
losses
Eligible homestead owners may transfer up to what amount of their Save Our Homes
(SOH) benefit from their previous homestead to a new homestead? - Correct Answers -
$500,000
, The original law requiring that the annual percentage rate be disclosed to consumers
was the - Correct Answers -Truth in Lending Act.
A title-theory state is one in which a mortgage - Correct Answers -transfers title to the
lender or escrow agent until the loan is paid.
Local government exercises its greatest effect on the real estate business by - Correct
Answers -using zoning, taxation, and the planning process.
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 -
Correct Answers -has violated his fiduciary duty to his principal.
Which estate includes the right of survivorship? - Correct Answers -Joint tenancy
A mortgage in which changes in the interest rate may cause changes in the monthly
payment amount is called - Correct Answers -an adjustable-rate mortgage.
Which statement is FALSE regarding a corporation for profit that is doing business as a
real estate broker? - Correct Answers -All stockholders must be registered with the
FREC as inactive brokers
Which secondary market participant is a guarantor of government-insured and
government-guaranteed loans? - Correct Answers -Ginnie Mae
Sales associate Terry Stoufer may have which information entered on his license, if
applicable? - Correct Answers -Terry Stoufer, LLC
When the parties to a contract state the terms of the contract and show their intentions
in words, either orally or in writing, what type of contract classification has been
created? - Correct Answers -Express
A real estate company represents a motel owner who wishes to list one of his motels for
sale. The owner has told the listing agent that he does not want to sell the motel to any
racial minorities. Which statement is TRUE? - Correct Answers -To refuse to sell or
lease any real property based on a party's race is a violation of the federal Civil Rights
Act of 1866.
A homesteaded property is located in Jupiter, Florida, in Palm Beach County. The
property has been assessed at $185,000. The city tax rate is 8.8 mills, the county tax
rate is 9.3 mills, and the school board levy is 6.5 mills. The owner is a widow and has
qualified for and received homestead tax exemption. How much will the owner pay in
property taxes? - Correct Answers -$3,471.20
