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What is the way to determine the identity of a property? - ANSWERSA legal Description What does a legal description identify? - ANSWERSa property's location, measurements, and all necessary location information to identify a plot of land What is a legal description used for? - ANSWERSas a form of identification, is used on legal papers like contracts, deeds and title insurance policies for a particular property What are the 3 methods for creating a legal descriptio...

Who must be licensed to practice real estate in Florida? - ANSWERSAnyone who performs any of the services of real estate for another for compensation unless exempted by law. An applicant has the right to object to any questions they feel were incorrect or improperly written on the state exam within ______ days? - ANSWERS21 John received his Florida real estate sales associate license three years ago. Which requirement must John complete to become a Florida licensed real estate broker? - AN...

One Acre - ANSWERS43560 sq ft One Mile - ANSWERS5280 feet Township - ANSWERS36 Sections (6m x 6 m) Section - ANSWERS640 acres (1m x 1m) Follow-up - ANSWERSwhat a sales associate does for buyers/sellers after a sale Property Management - ANSWERSinvolves leasing, managing, marketing & maintenance of property CMA - ANSWERSComparative Market Analysis: a marketing tool & many not be referred to or represented as an appraisal - CMAs do not have to conform to USPAP standards Catego...

Estates are estates of ownership. - ANSWERSFreehold Estates are estates of possession. - ANSWERSLeasehold The most comprehensive estate and is inheritable. - ANSWERSLeasehold An estate measured by a natural life span. - ANSWERSLife An estate ____ occurs when the property returns to the grantor. - ANSWERSin reversion A _____ (vested/contingent)___ remainderman refers to someone whose legal name is specified - ANSWERS.vested A _____ (vested/contingent)___ remainderman refers to s...

Pam is a partner in CRL Brokerage. Her liability is limited to the amount of money she has invested. What type of partner is Pam? - ANSWERSLimited - Limited partners' liability is proportionate to the amount of money that partner has invested. Mr. Schroeder installed built-in bookcases that he intended to remain as part of the home forever. This refers to which part of IRMA? - ANSWERSIntent of the parties placing the item on the property - The I in IRMA stands for intent of the parties pla...

Stacey, a buyer, is working with licensee Rebecca in a state that doesn't recognize or permit implied agency. Rebecca doesn't represent Stacey, however, and is performing only ministerial tasks for her. Which of these statements about this situation is correct? A. Stacey is Rebecca's client. B. Rebecca is acting in an agency capacity for Stacey. C. Stacey is Rebecca's customer. D. Rebecca can't work with Stacey without an agency agreement. - ANSWERSC. Stacey is Rebecca's ...

Broker moves office. Must give notice of any sales associates who are no longer employed with the broker of record. What happens to their licenses? - ANSWERSInvoluntary in active status Legal term went to real estate brokers share office space such that the public thinks that a partnership exists - ANSWERSQuasi partnership The brokerage relationship disclosure requirements in chapter 475, FS do not apply to - ANSWERSAn agreement to lease a residential condominium. The disclosures did not a...

What has a large tract of land and is designated for unit development rather than for a single use? - ANSWERSPlanned Unit Developments (PUD) Housing What type of leverage occurs when the rate of return exceeds? - ANSWERSPositive Leverage What is the APR when you have 10% Loan + 6 points? - ANSWERSAPR = 10.75% (Remember Divide 6 by 8 years which gives you .75) Somebody that owns a property until they die is what type of ownership? - ANSWERSLife Estate The grantor of the life estate ma...

What is the way to determine the identity of a property? - ANSWERSA legal Description What does a legal description identify? - ANSWERSa property's location, measurements, and all necessary location information to identify a plot of land What is a legal description used for? - ANSWERSas a form of identification, is used on legal papers like contracts, deeds and title insurance policies for a particular property What are the 3 methods for creating a legal descriptio...

A provision in all mortgages that allows the delinquent mortgagor to avoid foreclosure by paying all the back mortgage payments, late penalties, and costs of collection up until the time of foreclosure sale is the - ANSWERSequity of redemption. The bundle of legal rights associated with real property ownership does NOT include the right of - ANSWERSintent. Which statement does NOT describe a planned unit development? - ANSWERSIndustrial parks are a welcomed offshoot of the PUD concept. ...