ACEABLE AGENT FL RE COURSE
1. The FREC has 30 days to check for errors and omissions in applications
and notify the applicant about the issue. - Answer - Kaitlyn is applying for her Florida sales
associate license. How many days does the FREC have to notify her of any errors or omissions in her application?
2. A marketable title is a title that is free from significant encumbrances or
defects (such as liens) that might otherwise prevent a purchaser from enjoying
or eventually selling the property. - Answer - Odonis' client is concerned about the marketability of
their title. Odonis advises that if they want their title to be marketable, they need to focus on clearing up all - Answer -
3. Common Law - Answer - Can be traced back to customs and precedent established by court decisions over the
centuries in England
4. Alfie bought the home subject to the mortgage. (A property sold subject to
the existing loan retains its original loan. The seller is responsible for making
the payments to the bank, and the buyer makes the payments to the seller. The
seller transfers the title to the buyer, but retains responsibility for the loan. The
bank does not sign off on this agreement — it is done under the table between
the buyer and seller.) Alice is the only one who assumed the loan. (Assumption
is when a buyer takes over a loan from a seller with the lender's permission.
The loan is officially transferred to the buyer with the title of the property, and
the buyer makes the remainder of the loan payments.) The difference between
assuming a mortgage and buying subject to is that the lender is not aware of
Alfie's subject-to mortgage, and did not approve the transfer. - Answer - Which of these
situations BEST describes a buyer assuming a mortgage?
5. Offering tax preparation services for borrowers is not something lenders
do. Collecting property taxes in an escrow account and paying them for the
borrower ensures that a tax lien won't take priority in case of default. - Answer -
What is one way lenders prevent other liens from hopping ahead of them in the debt priority line?
6. A thin market indicates that there are few buyers and sellers in an area. An
,increase in building permits means that there will be an increase in supply. -
Answer - Real estate licensee Jamie discovers that there is an increase in the number of building permits being
issued in her town. What can she expect will result from this?
7. Real estate is land and improvements. Real property is land, improvements,
and the bundle of rights. - Answer - How is real estate ditterent from real property?
,8. The use of designated sales associates in a nonresidential in-house transac-
tion allows a brokerage to offer fiduciary representation to both sides of the
transaction under certain circumstances. One of those circumstances is that
parties to the in-house transaction must sign a disclosure notice consenting to
the use of designated sales associates, and declaring that they are financially
eligible (both parties must have assets of one million dollars or more). - Answer -
Why does each party in a designated sales associate transaction have two disclosures to sign?
9. The fact that there are two parties and in an in-house transaction means
that this must be a nonresidential transaction with designated sales associates.
This is only allowed if the parties have assets equal to or in excess of one
million dollars. - Answer - In what kind of in-house transaction can there be two parties, each with a licensee
providing fiduciary levels of representation? What would that tell you about the assets held by the two parties?
10. Use the following formula to calculate the percentage put down on a prop-
erty - Answer - Down payment ÷ Purchase price = Percentage down. $85,000
÷ $320,000
= 0.265, or 26.5% - Answer - Ozzy bought a house. He put down $85,000. The purchase price of the house was
$320,000. What percentage did Ozzy put down?
11. Large residential properties typically require a large amount of hands-on
management and upkeep. The advantage is that the residential property mar-
ket is less volatile than commercial markets. - Answer - Carmela is part of an investment group
that wants to purchase a property. She's debating between a large residential development and an oflce space.
When you're laying out the pros and cons of each kind of property, what is one advantage of residential property you
would share with her?
12. A multiple offer situation occurs when more than one party submits an offer
on a single property. There could be two people, or, in some hot markets, more
than 10 people all trying to buy the same home. That's not what's happening
here, as Stevie's revised offer is a counteroffer. A counteroffer is considered a
, rejection of the original offer, meaning the original offer dies with the submis-
sion of a counteroffer. A counteroffer is basically a new offer! - Answer - Stevie
receives an otter for his house. He takes part of that otter and adds new language. He sends it to the buyer. This
revised otter - Answer -
13. That's the savings on only school taxes. We need to add the savings for
city and county property taxes, too. Total exemptions x Tax rate = Property
tax savings. If a home has an assessed value above $75,000, the owner gets
1. The FREC has 30 days to check for errors and omissions in applications
and notify the applicant about the issue. - Answer - Kaitlyn is applying for her Florida sales
associate license. How many days does the FREC have to notify her of any errors or omissions in her application?
2. A marketable title is a title that is free from significant encumbrances or
defects (such as liens) that might otherwise prevent a purchaser from enjoying
or eventually selling the property. - Answer - Odonis' client is concerned about the marketability of
their title. Odonis advises that if they want their title to be marketable, they need to focus on clearing up all - Answer -
3. Common Law - Answer - Can be traced back to customs and precedent established by court decisions over the
centuries in England
4. Alfie bought the home subject to the mortgage. (A property sold subject to
the existing loan retains its original loan. The seller is responsible for making
the payments to the bank, and the buyer makes the payments to the seller. The
seller transfers the title to the buyer, but retains responsibility for the loan. The
bank does not sign off on this agreement — it is done under the table between
the buyer and seller.) Alice is the only one who assumed the loan. (Assumption
is when a buyer takes over a loan from a seller with the lender's permission.
The loan is officially transferred to the buyer with the title of the property, and
the buyer makes the remainder of the loan payments.) The difference between
assuming a mortgage and buying subject to is that the lender is not aware of
Alfie's subject-to mortgage, and did not approve the transfer. - Answer - Which of these
situations BEST describes a buyer assuming a mortgage?
5. Offering tax preparation services for borrowers is not something lenders
do. Collecting property taxes in an escrow account and paying them for the
borrower ensures that a tax lien won't take priority in case of default. - Answer -
What is one way lenders prevent other liens from hopping ahead of them in the debt priority line?
6. A thin market indicates that there are few buyers and sellers in an area. An
,increase in building permits means that there will be an increase in supply. -
Answer - Real estate licensee Jamie discovers that there is an increase in the number of building permits being
issued in her town. What can she expect will result from this?
7. Real estate is land and improvements. Real property is land, improvements,
and the bundle of rights. - Answer - How is real estate ditterent from real property?
,8. The use of designated sales associates in a nonresidential in-house transac-
tion allows a brokerage to offer fiduciary representation to both sides of the
transaction under certain circumstances. One of those circumstances is that
parties to the in-house transaction must sign a disclosure notice consenting to
the use of designated sales associates, and declaring that they are financially
eligible (both parties must have assets of one million dollars or more). - Answer -
Why does each party in a designated sales associate transaction have two disclosures to sign?
9. The fact that there are two parties and in an in-house transaction means
that this must be a nonresidential transaction with designated sales associates.
This is only allowed if the parties have assets equal to or in excess of one
million dollars. - Answer - In what kind of in-house transaction can there be two parties, each with a licensee
providing fiduciary levels of representation? What would that tell you about the assets held by the two parties?
10. Use the following formula to calculate the percentage put down on a prop-
erty - Answer - Down payment ÷ Purchase price = Percentage down. $85,000
÷ $320,000
= 0.265, or 26.5% - Answer - Ozzy bought a house. He put down $85,000. The purchase price of the house was
$320,000. What percentage did Ozzy put down?
11. Large residential properties typically require a large amount of hands-on
management and upkeep. The advantage is that the residential property mar-
ket is less volatile than commercial markets. - Answer - Carmela is part of an investment group
that wants to purchase a property. She's debating between a large residential development and an oflce space.
When you're laying out the pros and cons of each kind of property, what is one advantage of residential property you
would share with her?
12. A multiple offer situation occurs when more than one party submits an offer
on a single property. There could be two people, or, in some hot markets, more
than 10 people all trying to buy the same home. That's not what's happening
here, as Stevie's revised offer is a counteroffer. A counteroffer is considered a
, rejection of the original offer, meaning the original offer dies with the submis-
sion of a counteroffer. A counteroffer is basically a new offer! - Answer - Stevie
receives an otter for his house. He takes part of that otter and adds new language. He sends it to the buyer. This
revised otter - Answer -
13. That's the savings on only school taxes. We need to add the savings for
city and county property taxes, too. Total exemptions x Tax rate = Property
tax savings. If a home has an assessed value above $75,000, the owner gets
