FREC 1 TEST QUESTIONS WITH CORRECT ANSWERS LATEST 2025
In order to claim ownership of the property by adverse possession of the person claiming
ownership must meet certain requirements for what period of time? - Answers Seven years.
The person claiming ownership must enter into adverse, open, hostile, and exclusive possession
of the property for a period of seven continuous here's the possessor must also pay our real
estate taxes for all seven years of possession any other requirements of Florida statutes
The second mortgage on the buyers closing statement should be entered as________? - Answers
A credit.
The buyer gives a second mortgage to the lender in return for money to purchase property the
money shows as a credit to the buyer on the closing statement.
Which is the most comprehensive type of appraisal report? - Answers Narrative reports.
A narrative reports give the reasoning and conclusions of the appraiser and maybe more than
50 pages. **A CMA is not an appraisal
Which type of loan is designed to help senior citizens that have sizable equity in the home to
gradually pull out their equity to help with living expenses? - Answers Reverse annuity.
Reverse annuity mortgages allow homeowners to receive a lump sum or monthly advance on
the line of credit based on the equity in their homes. for reversed annuity mortgage the borrower
must be over 62 and at least of 1/3 equity in the property
Regression - Answers Dan has build a 3000 square-foot house in the neighborhood of less
expensive 2300 square-foot houses. The principle that his house will be adversely affected is
called what?
When a loan has negative amortization the: - Answers The term of the loan decreases.
The payments are not even enough to pay the interest portion on the loan there for the interest
is deferred by adding it to the outstanding balance.
The section immediately due north of section 15 is section what? - Answers 10
, What is the federal law that requires a buyer to receive a good faith estimate of closing costs? -
Answers RESPA.
Requires lenders to provide good faith estimates of settlement cost no more than three
business days following the date of a mortgage loan application
Never, because the fair housing act of 1988 - Answers Never, because the fair housing act of
1988
Don owns a six story apartment building. She's concerned for the safety of her tenant so she
decides the families with small children my only rent on the first floor or second floor. This is
except a bowl when?
Property management - Answers Property managementThe marketing, leasing and maintaining
real property for someone is called what?
Give a three day notice - Answers If a tenant is behind on the rent payments and the landlord is
starting the evection process, the first step in would be to:
Substitution. - Answers The buyer would substitute the less expensive propertyThe economic
principle which states that an informed buyer will pay no more for a property then for another
property he thinks is just as good is:
Conformity - Answers A property holding their best value if they fit in or match the surrounding
properties
Contribution - Answers The value of an improvement is not based on the cost to install it but
rather how much it adds to the overall value of the property
In Florida real property taxes become delinquent on: - Answers April 1 of the following year
The broker.
Any compensation that a sales associate receives must come from the registered broker. -
Answers Tom is an active sales associate employed by a broker Tommy except a bonus from
Voidable by Michael but not by jack. A contract between an adult and a minor is only binding on
the adult - Answers Jack is 22 years old and has entered into a written contract with Michael
who is 15 years old the agreement calls for Michael to purchase Jack's condo this contract is:
Basic.
In order to claim ownership of the property by adverse possession of the person claiming
ownership must meet certain requirements for what period of time? - Answers Seven years.
The person claiming ownership must enter into adverse, open, hostile, and exclusive possession
of the property for a period of seven continuous here's the possessor must also pay our real
estate taxes for all seven years of possession any other requirements of Florida statutes
The second mortgage on the buyers closing statement should be entered as________? - Answers
A credit.
The buyer gives a second mortgage to the lender in return for money to purchase property the
money shows as a credit to the buyer on the closing statement.
Which is the most comprehensive type of appraisal report? - Answers Narrative reports.
A narrative reports give the reasoning and conclusions of the appraiser and maybe more than
50 pages. **A CMA is not an appraisal
Which type of loan is designed to help senior citizens that have sizable equity in the home to
gradually pull out their equity to help with living expenses? - Answers Reverse annuity.
Reverse annuity mortgages allow homeowners to receive a lump sum or monthly advance on
the line of credit based on the equity in their homes. for reversed annuity mortgage the borrower
must be over 62 and at least of 1/3 equity in the property
Regression - Answers Dan has build a 3000 square-foot house in the neighborhood of less
expensive 2300 square-foot houses. The principle that his house will be adversely affected is
called what?
When a loan has negative amortization the: - Answers The term of the loan decreases.
The payments are not even enough to pay the interest portion on the loan there for the interest
is deferred by adding it to the outstanding balance.
The section immediately due north of section 15 is section what? - Answers 10
, What is the federal law that requires a buyer to receive a good faith estimate of closing costs? -
Answers RESPA.
Requires lenders to provide good faith estimates of settlement cost no more than three
business days following the date of a mortgage loan application
Never, because the fair housing act of 1988 - Answers Never, because the fair housing act of
1988
Don owns a six story apartment building. She's concerned for the safety of her tenant so she
decides the families with small children my only rent on the first floor or second floor. This is
except a bowl when?
Property management - Answers Property managementThe marketing, leasing and maintaining
real property for someone is called what?
Give a three day notice - Answers If a tenant is behind on the rent payments and the landlord is
starting the evection process, the first step in would be to:
Substitution. - Answers The buyer would substitute the less expensive propertyThe economic
principle which states that an informed buyer will pay no more for a property then for another
property he thinks is just as good is:
Conformity - Answers A property holding their best value if they fit in or match the surrounding
properties
Contribution - Answers The value of an improvement is not based on the cost to install it but
rather how much it adds to the overall value of the property
In Florida real property taxes become delinquent on: - Answers April 1 of the following year
The broker.
Any compensation that a sales associate receives must come from the registered broker. -
Answers Tom is an active sales associate employed by a broker Tommy except a bonus from
Voidable by Michael but not by jack. A contract between an adult and a minor is only binding on
the adult - Answers Jack is 22 years old and has entered into a written contract with Michael
who is 15 years old the agreement calls for Michael to purchase Jack's condo this contract is:
Basic.
