Florida Real Estate Practice Exam 2
Accurate 100%
Which remedies are available when a
seller breaches a contract?
a. A suit for specific performance
b. Buyer gets deposit returned
c. A or b but not both
d. Notifying FREC - ANSWER c. A or b but not both
What term refers to the right of a
mortgagor to stop a foreclosure process
by paying the entire balance, interest and
so on?
a. Equity of estoppel
b. Right of redemption
c. Right of defeasance
d. Equity of disposition - ANSWER b. Right of redemption
Which type of mortgage is known as
seller financing?
a. Package mortgage
b. Term mortgage
c. Second mortgage
d. Purchase money mortgage - ANSWER d. Purchase money mortgage
Where are the interest rate, payment, and
other terms of a loan found?
a. Note
b. Lease
c. Satisfaction
d. Mortgage - ANSWER a. Note
Which statement is correct in a lientheory
state such as Florida?
a. The borrower will obtain title only after
the loan is paid.
b. Foreclosure will take place much quicker
than in title theory states.
c. The borrower conveys title to the lender
using a deed of trust.
d. The mortgage serves as a lien against
the property. - ANSWER d. The mortgage serves as a lien against
the property.
, Which of the following is a characteristic
of an amortized or level payment
mortgage?
a. The early payments are mostly interest
b. The early payments are mostly principal
c. Each monthly payment increases and the
balance decreases
d. With each monthly payment, the interest
increases and the balance decrease - ANSWER a. The early payments are mostly
interest
Which term refers to the process of sand
deposits building up over time, causing
an increase in land?
a. Reliction
b. Accretion
c. Erosion
d. Alluvion - ANSWER b. Accretion
Which estate or tenancy is the most
comprehensive?
a. Fee simple
b. Life estate
c. Estate for years
d. Free sample estate - ANSWER a. Fee simple
Which term refers to the government's
right to limit or control the actions of
citizens in the form of such things as
zoning codes and building codes?
a. Police power
b. Eminent domain
c. Escheat
d. Taxation - ANSWER a. Police power
Which process is used by the
government to take private land for
public use?
a. Escheat
b. Encroachment
c. Condemnation
d. Acknowledgment - ANSWER c. Condemnation
Which term refers to the interest that is
charged when banks borrow from the
Accurate 100%
Which remedies are available when a
seller breaches a contract?
a. A suit for specific performance
b. Buyer gets deposit returned
c. A or b but not both
d. Notifying FREC - ANSWER c. A or b but not both
What term refers to the right of a
mortgagor to stop a foreclosure process
by paying the entire balance, interest and
so on?
a. Equity of estoppel
b. Right of redemption
c. Right of defeasance
d. Equity of disposition - ANSWER b. Right of redemption
Which type of mortgage is known as
seller financing?
a. Package mortgage
b. Term mortgage
c. Second mortgage
d. Purchase money mortgage - ANSWER d. Purchase money mortgage
Where are the interest rate, payment, and
other terms of a loan found?
a. Note
b. Lease
c. Satisfaction
d. Mortgage - ANSWER a. Note
Which statement is correct in a lientheory
state such as Florida?
a. The borrower will obtain title only after
the loan is paid.
b. Foreclosure will take place much quicker
than in title theory states.
c. The borrower conveys title to the lender
using a deed of trust.
d. The mortgage serves as a lien against
the property. - ANSWER d. The mortgage serves as a lien against
the property.
, Which of the following is a characteristic
of an amortized or level payment
mortgage?
a. The early payments are mostly interest
b. The early payments are mostly principal
c. Each monthly payment increases and the
balance decreases
d. With each monthly payment, the interest
increases and the balance decrease - ANSWER a. The early payments are mostly
interest
Which term refers to the process of sand
deposits building up over time, causing
an increase in land?
a. Reliction
b. Accretion
c. Erosion
d. Alluvion - ANSWER b. Accretion
Which estate or tenancy is the most
comprehensive?
a. Fee simple
b. Life estate
c. Estate for years
d. Free sample estate - ANSWER a. Fee simple
Which term refers to the government's
right to limit or control the actions of
citizens in the form of such things as
zoning codes and building codes?
a. Police power
b. Eminent domain
c. Escheat
d. Taxation - ANSWER a. Police power
Which process is used by the
government to take private land for
public use?
a. Escheat
b. Encroachment
c. Condemnation
d. Acknowledgment - ANSWER c. Condemnation
Which term refers to the interest that is
charged when banks borrow from the
