Florida Real Estate - Practice Exam| 100 Questions and Answers 100% Verified

Florida Real Estate - Practice Exam| 100 Questions and Answers 100% VerifiedFlorida Real Estate - Practice Exam| 100 Questions and Answers 100% VerifiedFlorida Real Estate - Practice Exam| 100 Questions and Answers 100% VerifiedFlorida Real Estate - Practice Exam| 100 Questions and Answers 100% VerifiedFlorida Real Estate - Practice Exam| 100 Questions and Answers 100% Verified A sales associate was issued a citation for failing to timely notify the Commission of her change of address. How many days does the licensee have to either pay the citation or file an objection to the alleged violation? - ANSWER-30 days Pam's home has an assessed value of $301,000. She qualifies for the Florida homestead exemption. The area she lives in has the following taxes: County tax rate is 8.6 mills, City tax rate is 4 mills and the school district tax rate is 6.1 mills. How much will the property taxes be? - ANSWER-[Section 18 Slide 31] $301,000 -$50,000 = $251,000 x .0126 (8.6 mils + 4 mils =12.6 mils) = $3,162.60; $301,000 - $25,000=$276,000 x .0061 (6.1 mils) = $1,683.60; $3,162.60+ $1,683.60 = $4,846.20 What are the similarities between a Business Brokerage and a Real Estate Brokerage? - ANSWER-1) Both deal with Real Property 2) Both require a Real Estate License 3)Both involve Long-term Liabilities A rental investment property is scheduled to close on September 10. The buyer gets day of closing. The rent is $1900. How much is debited and/ or credited at closing and to whom? - ANSWER-$1330 Credit to Buyer and $1330 Debit to Seller [Section 14, Slide 63] There are 30 days in September, so there are 21 days that the seller owes the buyer including the day of closing. Divide $1900 by 30 = 63.3 x 21 days =$1,330 A home was purchased with a down payment of $36, 000 and a loan of $200,000 at 6.5% for 30 years. Monthly payments are $1,264.14. What is the loan to value ratio? - ANSWER-[Section 12 Slide 52] $36,000 + $200,000 = $236,000 Purchase price; $200,000 � $236,000 = 0.1 or 85% rounded. In case of breach by the buyer, most real estate contracts include a provision that the earnest money be regarded as: - ANSWER-Liquidated damages to the seller Which is an example of a functional obsolescence? - ANSWER-One car garage A tenant signs a lease for less than a year. What is his interest in the property? - ANSWER-Leasehold estate To substitute a borrower in a mortgage with another borrower is called: - ANSWER-Assignment of mortgage