Post-Licensing Practice Exam for Florida Real Estate Sales Associates - 1-16

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 withholding taxes. If a buyer raises an objection to a property, the associate should first confirm and isolate the objection. A bilateral agreement spelling out the complete terms between a buyer and a seller for the transfer of a parcel of real property is a sales contract. What is NOT a good reason to make a preclosing walk-through inspection? To determine that no encroachments exist Susan lists her home with broker William for $90,000 on March 16. On August 1, Henry makes an offer of $85,000, accompanied by a binder deposit of $5,000, and asks the seller to pay points on a new loan of $80,000. Susan counters at a price of $87,500 and agrees to pay four points on a loan of $82,500. Henry accepts. Henry qualifies for the loan at an interest rate of 9% and agrees to pay a 1% origination fee. The monthly payment for principal and interest is $663.81. Henry also will be charged for prepaid interest for the balance of the month of closing. The closing date is September 15, and Henry is charged for the day of closing. Henry will purchase an insurance policy for $720. City and county taxes are $760. Susan agreed to pay her own attorney's fees of $125. Henry must pay $130 for attorney's fees, $56 to record the mortgage, $6 to record the deed, and $640 for title insurance. The payoff on Susan's existing m Debit Susan $612.50. An agreement to hold open for a set time period an offer to sell or lease real property is an option contract.