ROWLETT REAL ESTATE SCHOOL
END OF CLASS EXAM PART 2
Which statement does NOT correctly describe a township? - CORRECT ANSWERS
✅✅ -A township contains 43,560 sq feet
When a loan is paid off in a lien theory state, which instrument should the lender
prepare and give to the borrower? - CORRECT ANSWERS ✅✅ -Satisfaction of
mortgage
The constitutional homestead law protects real property from forced sale to satisfy
which type of delinquent debt? - CORRECT ANSWERS ✅✅ -Personal loan to pay
medical expenses
Which business organization may NOT register as a real estate broker? - CORRECT
ANSWERS ✅✅ -Business trust
Which expense is NOT deducted to derive net operating income (NOI)? - CORRECT
ANSWERS ✅✅ -Income tax
Which statement is FALSE regarding homeowners association disclosure
requirements? - CORRECT ANSWERS ✅✅ -The right to void the contract can be
waived in writing by the buyer.
The SE1/4 of the SW1/4 of the N1/2 and the NE1/4 of the SW1/4 of the Section 19
contains how many acres? - CORRECT ANSWERS ✅✅ -60
/4/4 = 20 + /4= 40
20 + 40 = 60
Which statement is FALSE regarding a notice of noncompliance? - CORRECT
ANSWERS ✅✅ -It is a type of discipline imposed by the Florida Real Estate
Commission in an informal hearing
The established useful asset life for a non residential income producing property under
the IRS code is? - CORRECT ANSWERS ✅✅ -39 years
, The Florida Real Estate Commission's authority to revise administrative rules fall under
which area of responsibility - CORRECT ANSWERS ✅✅ -Quasi-legislative
The title to a parcel of real property is NOT effectively conveyed until a valid deed is? -
CORRECT ANSWERS ✅✅ -Voluntarily delivered and accepted
A sales associate receives an earnest money deposit on Friday morning and turns it
over to her broker that afternoon. Assuming no legal holidays are involved, the broker
has until the end of business on which day to place the earnest money in escrow? -
CORRECT ANSWERS ✅✅ -Wednesday
Which statement applies only to the transaction broker relationship? - CORRECT
ANSWERS ✅✅ -The customer is not responsible for the acts of the licensee
A prospective licensee explains on his licensee explains on his license application that
10 years ago he entered a plea in a criminal court in which he did not admit or deny the
charges. This type of plea is called? - CORRECT ANSWERS ✅✅ -nolo contendere
Which statement about the economic concept of demand is FALSE? - CORRECT
ANSWERS ✅✅ -The availability of building materials influences demand.
A prospective purchaser of residential property sends written notification to the listing
broker documenting that she has been unable to secure financing according to the
terms of the agreement and request return of the earnest money deposit. The seller
instructs the broker to retain the earnest money deposit as liquidated damages. The
broker is legally authorized to? - CORRECT ANSWERS ✅✅ -Return the deposit to
the buyer
Which clause in a mortgage instrument allows the mortgagee to advance the due date
of the unpaid balance if the borrower defaults on the loan? - CORRECT ANSWERS
✅✅ -Acceleration
The statue of frauds does NOT apply to which contract? - CORRECT ANSWERS ✅✅
-6 - months listing agreement
A real estate licensee notified the DBPR in writing, indicating that he is retiring and no
longer desires to hold a real estate license. Provided there are no pending disciplinary
issues involving the license, this situation is decribed as? - CORRECT ANSWERS
✅✅ -Voluntary relinquishement
Which type of depreciation is associated with inefficient architectural design? -
CORRECT ANSWERS ✅✅ -Functional obsolenscence
Which lien is a junior lien? - CORRECT ANSWERS ✅✅ -Income tax lien
END OF CLASS EXAM PART 2
Which statement does NOT correctly describe a township? - CORRECT ANSWERS
✅✅ -A township contains 43,560 sq feet
When a loan is paid off in a lien theory state, which instrument should the lender
prepare and give to the borrower? - CORRECT ANSWERS ✅✅ -Satisfaction of
mortgage
The constitutional homestead law protects real property from forced sale to satisfy
which type of delinquent debt? - CORRECT ANSWERS ✅✅ -Personal loan to pay
medical expenses
Which business organization may NOT register as a real estate broker? - CORRECT
ANSWERS ✅✅ -Business trust
Which expense is NOT deducted to derive net operating income (NOI)? - CORRECT
ANSWERS ✅✅ -Income tax
Which statement is FALSE regarding homeowners association disclosure
requirements? - CORRECT ANSWERS ✅✅ -The right to void the contract can be
waived in writing by the buyer.
The SE1/4 of the SW1/4 of the N1/2 and the NE1/4 of the SW1/4 of the Section 19
contains how many acres? - CORRECT ANSWERS ✅✅ -60
/4/4 = 20 + /4= 40
20 + 40 = 60
Which statement is FALSE regarding a notice of noncompliance? - CORRECT
ANSWERS ✅✅ -It is a type of discipline imposed by the Florida Real Estate
Commission in an informal hearing
The established useful asset life for a non residential income producing property under
the IRS code is? - CORRECT ANSWERS ✅✅ -39 years
, The Florida Real Estate Commission's authority to revise administrative rules fall under
which area of responsibility - CORRECT ANSWERS ✅✅ -Quasi-legislative
The title to a parcel of real property is NOT effectively conveyed until a valid deed is? -
CORRECT ANSWERS ✅✅ -Voluntarily delivered and accepted
A sales associate receives an earnest money deposit on Friday morning and turns it
over to her broker that afternoon. Assuming no legal holidays are involved, the broker
has until the end of business on which day to place the earnest money in escrow? -
CORRECT ANSWERS ✅✅ -Wednesday
Which statement applies only to the transaction broker relationship? - CORRECT
ANSWERS ✅✅ -The customer is not responsible for the acts of the licensee
A prospective licensee explains on his licensee explains on his license application that
10 years ago he entered a plea in a criminal court in which he did not admit or deny the
charges. This type of plea is called? - CORRECT ANSWERS ✅✅ -nolo contendere
Which statement about the economic concept of demand is FALSE? - CORRECT
ANSWERS ✅✅ -The availability of building materials influences demand.
A prospective purchaser of residential property sends written notification to the listing
broker documenting that she has been unable to secure financing according to the
terms of the agreement and request return of the earnest money deposit. The seller
instructs the broker to retain the earnest money deposit as liquidated damages. The
broker is legally authorized to? - CORRECT ANSWERS ✅✅ -Return the deposit to
the buyer
Which clause in a mortgage instrument allows the mortgagee to advance the due date
of the unpaid balance if the borrower defaults on the loan? - CORRECT ANSWERS
✅✅ -Acceleration
The statue of frauds does NOT apply to which contract? - CORRECT ANSWERS ✅✅
-6 - months listing agreement
A real estate licensee notified the DBPR in writing, indicating that he is retiring and no
longer desires to hold a real estate license. Provided there are no pending disciplinary
issues involving the license, this situation is decribed as? - CORRECT ANSWERS
✅✅ -Voluntary relinquishement
Which type of depreciation is associated with inefficient architectural design? -
CORRECT ANSWERS ✅✅ -Functional obsolenscence
Which lien is a junior lien? - CORRECT ANSWERS ✅✅ -Income tax lien
