Florida Real Estate Practice Final Exam Questions and Answers

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 for several business entities provided there exists a common ownership The no brokerage relationship notice forms must be given Prior to showing A licensed sales associate of a brokerage corporation may be a corporate stockholder John and Harry own investment property together. Harry dies and his interest in the property passes to his estate. John and Harry owned the property as Tenants in common The comparable sales approach is based upon which principle Substitution Jane purchased several adjacent parcels of land for $1.75 per square foot. She plans to combine these lots and sell them as one parcel at a price of $2.50 per square foot. This increase in value attributable to the combining of the parcels is known as Plottage To determine the buyer's willingness to pay, the lender should consider the applicant's: credit rating Which of the following is the best example of external obsolescence A change in zoning In a lien theory state, the mortgage: Is a lien on the property and the mortgagor has title Information which has been published by recording it in the official public records is called constructive notice All of the following statement about a real estate brokerage corporation's official sign are The official sign must be readily visible The official sign must list the name of the corporation and at least one active broker The official sign can have the names of all sale associates and broker-sales associates, but the sign must include his/her license status