- Study guides, Class notes & Summaries

Township A square 6 miles on each side (6 miles square) containing 36 square miles (36 sections); also an (east-west) strip of land north and south of a baseline (tier). Section A square 1 mile on each side (1 mile square) containing 1 square mile (640 acres). Quarter Section One-fourth of a square mile-or 160 acres- of publicly owned land. Government lot Fractional piece of land less than a quarter section resulting from geographical features (e.g., lakes, streams) interfering with lan...

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7 pages

Written in 2023/2024

Grade A+

twishfrancis

FHA requirements for housing expense ratios (HER) and total obligations ratio (TOR) are 28% (HER) and 36% (TOR). Yesterday, a broker obtained a 90-day listing contract that has a self-renewing provision extending the agreement an additional 60 days after expiration unless either party cancels in writing. The listing contract is void. Unlicensed personal assistants who are directed by the sales associate in how to do their jobs cannot be classified as independent contractors, and must pay w...

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53 pages

Written in 2023/2024

Grade A+

twishfrancis

1. What was the significance of the 1968 Jones v. Mayer Supreme Court ruling? (a) Handicap and familial status protections were added. (b) Certain exemptions were upheld for racial discrimination. (c) Discrimination based on race was strictly prohibited, preventing exceptions of any kind. (d) Persons with AIDs or HIV were designated as handicapped. (c) Discrimination based on race was strictly prohibited, preventing exceptions of any kind. What year is civil rights? 1866, race, no exem...

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35 pages

Written in 2023/2024

Grade A+

twishfrancis

Absentee ownership has increased the demand for which area of brokerage? Commercial sales What is a real estate appraiser paid? A fee based upon how time and difficulty of the appraisal What does the local planning agency have the authority to approve? A subdivision plat map what is it called when a developer gives land to a governmental body? Dedication What business is a licensee engaged in who markets, leases and maintains property for someone els? Property management In which ...

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18 pages

Written in 2023/2024

Grade A+

twishfrancis

Brokers who list and sell smaller businesses are business opportunity brokers. Before roadbuilding begins, a developer must submit a document to the local planning board for approval. The document is called a subdivision plat map. Investors who don't live on the properties they own are absentee owners. Real estate specialists who sell properties close to airports, seaports, and rail sidings work in which sector of the real estate business? Industrial The field of real estate that re...

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20 pages

Written in 2023/2024

Grade A+

twishfrancis

How to market real estate and business The three areas of expertise that real estate licensees bring to the transaction - Knowledge of Residential Commercial Industrial Agricultural

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3 pages

Written in 2023/2024

Grade A+

twishfrancis

The _______________________ determines monetary policy in the U. S. by controlling the availability of money. Federal Reserve System The Homestead Act was passed primarily to exempt property from forced sale A sales associate authorized to negotiate a sale of property has the authority to work under the direction of a broker or in some cases an owner-developer The sales specialty that involves the knowledge of regulated land use, environmental considerations, transportation, labor costs...

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15 pages

Written in 2023/2024

Grade A+

twishfrancis

A suit for specific performance or Buyer gets deposit returned, but, not both Which remedies are available when a seller breaches a contract? Right of redemption What term refers to the right of a mortgagor to stop a foreclosure process by paying the entire balance, interest, and so on? Purchase money mortgage Which type of mortgage is known as seller finacing? Note Where are the interest rate, payment, and other terms of a loan found? The mortgage serves as a lien against the proper...

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9 pages

Written in 2023/2024

Grade A+

twishfrancis

What are the two applicant agendas? Which is a nonappearance agenda and which is an appearance agenda? Consent agenda (nonappearance) and Summary of Applicant (SOA, applicant appearance agenda) What is the time period allowed for the DBPR to check an application for errors and omissions? 30 days Theft of a license exam or unauthorized copying of an exam is what type of crime? Third degree felony What is a Mutual Recognition Agreement? A written agreement between the FREC and another sta...

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13 pages

Written in 2023/2024

Grade A+

twishfrancis

Business Broker Someone who specializes in selling businesses would be referred to as? Spec Homes Beginning construction on homes without having secured any buyers is referred to as what type of constrcution? Commercial Leases Florida Statute 475 Part IV allows a broker to place a lien for unpaid commission on what type of transactions? Reciprocity 22 If a member of the US Armed Forces has a real estate license in another state, Florida must issue them a real estate license. This...

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8 pages

Written in 2023/2024

Grade A+

twishfrancis

John anderson is a licensed real estate sales associate. Under which name may he register and be licensed? John anderson, LLC A sales associate receives a binder deposit from a prospective buyer on Thursday morning. Later that same day the associate gives the binder to his broker. By the end of the business day on what day must the broker deposit the funds into her escrow account? Tuesday A broker may have an office in the broker's residence provided local _______ allows such activity and...

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4 pages

Written in 2023/2024

Grade A+

twishfrancis

What are the three types of residential construction? Tract homes: model homes, buyers pick floorplan from catalog. Custom homes Speculative homes: Homes built with the assumption that buyers will purchase. What is the national association of Realtors? Largest trade association in the world, it promoted ethics and education in the real estate industry. What does Chapter 475.41 of the Florida Statutes state? No contract for commission is valid unless the agent is licensed. In which ch...

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29 pages

Written in 2023/2024

Grade A+

twishfrancis

Bob was appointed by a court to sell an orange grove near Tampa. Bob can: Be compensated for the sale During the week, Jane works for Dolphin Realty, Inc. as a sale associate. On weekends, she holds open house for Grouper Homes and is paid a 2% commission directly by Greg Grouper on any sales she helps procure. Which is correct? This is prohibited activity Which of the following statements best describes a group license? It is issued to sales associates and broker-associates when working f...

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18 pages

Written in 2023/2024

Grade A+

twishfrancis

Absentee Owner A property owner who does not reside on the property and who usually relies on a property manager to oversee the investment Abstract of Title A compilation of the recorded documents relating to a parcel of land from which an attorney may give an opinion as to the condition of title (a history of title) Acceleration Clause A condition in a loan contract that permits the lender to require immediate repayment of the entire loan balance of the loan if the contract is breached or con...

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8 pages

Written in 2023/2024

Grade A+

twishfrancis