FREC 1question with answers
A real estate company represents a motel owner who wishes to list one of his
motels for sale. The owner has told the listing agent that he does not want to sell
the motel to any racial minorities. Which statement is TRUE? - -To refuse to sell or
lease any real property based on a party's race is a violation of the federal Civil
Rights Act of 1866. (Unit 7)
-A real estate brokerage company is a transaction broker for a buyer. The buyer
wants to purchase a new home so the sales associate takes him to three model
centers listed by three competing real estate companies. The sales associate must
give a written no brokerage relationship notice to - -No one. (Unit 4)
-Which individual is exempt from the continuing education requirement? - -Real
estate licensee who is also a Florida-licensed attorney
-A lender quotes a mortgage loan of $265,000 at 4.5% interest. The monthly
payment is $1,342.72. How much of the second monthly payment will apply to the
principal reduction? - -$350.28 (Unit 13)
-A real estate broker is accused of taking money from the company escrow account
to pay personal expenses. The broker decides that she does not want to go through
the hearing process so the broker turns over her real estate license to the DBPR.
What term describes this situation? - -Voluntary relinquishment for permanent
revocation (Unit 6)
-Which clause is included in a mortgage to prevent a subsequent buyer from
assuming an existing mortgage loan? - -Due-on-sale clause (Unit 12)
-An example of an ad valorem tax is - -a property tax. (Unit 18)
-Which action is NOT a requirement under TILA-RESPA? - -Give mortgage applicant
a list of competing lenders so that the consumer can comparison shop for the best
rate
(Unit 13)
Requirements:
Give a copy of the special information booklet to the mortgage applicant within
three business days
Give mortgage applicant the loan estimate disclosure within three business days
Give the mortgage applicant a closing disclosure at least three business days before
closing
-Individuals who solicit mortgage loans, accept applications for mortgage loans,
and negotiate the terms of new mortgage loans on behalf of a borrower are called
mortgage - -loan originators. (Unit 13)
, -Which valuation assignment is exempt from USPAP requirements? - -Broker's price
opinion prepared for a lender concerning a short sale (Unit 1)
-A comparable property has one more bedroom ($8,000) and is on a slightly larger
lot ($2,000) than the subject property. The comparative market analysis requires a
net adjustment of - -minus $10,000 to the comparable property. (Unit 16)
-What authority originates from the U.S. Constitution and relates to protection of
health and welfare of citizens at local levels? - -Police power (Unit 9)
-Requirements of a valid deed do NOT include - -signature of a competent grantee.
Include:
voluntary delivery and acceptance.
good or valuable consideration.
signature of two witnesses.
(Unit 9)
-Local government exercises its greatest effect on the real estate business by - -
using zoning, taxation, and the planning process. (Unit 9)
-The bundle of legal rights associated with real property ownership does NOT
include the right of - -Intent
does include:
possession
disposition
control
(Unit 8)
-Which statement does NOT describe a planned unit development? - -Industrial
parks are a welcomed offshoot of the PUD concept.
Does:
Dwelling units are typically clustered, with planned green space areas between
clusters.
The open space areas are maintained by a community association.
A variety of types of housing may be used.
(Unit 19)
-Which statement is TRUE regarding the monthly payments on a 30-year, fully
amortized loan? - -Initially, interest is the larger portion of the payment. (Unit 13)
A real estate company represents a motel owner who wishes to list one of his
motels for sale. The owner has told the listing agent that he does not want to sell
the motel to any racial minorities. Which statement is TRUE? - -To refuse to sell or
lease any real property based on a party's race is a violation of the federal Civil
Rights Act of 1866. (Unit 7)
-A real estate brokerage company is a transaction broker for a buyer. The buyer
wants to purchase a new home so the sales associate takes him to three model
centers listed by three competing real estate companies. The sales associate must
give a written no brokerage relationship notice to - -No one. (Unit 4)
-Which individual is exempt from the continuing education requirement? - -Real
estate licensee who is also a Florida-licensed attorney
-A lender quotes a mortgage loan of $265,000 at 4.5% interest. The monthly
payment is $1,342.72. How much of the second monthly payment will apply to the
principal reduction? - -$350.28 (Unit 13)
-A real estate broker is accused of taking money from the company escrow account
to pay personal expenses. The broker decides that she does not want to go through
the hearing process so the broker turns over her real estate license to the DBPR.
What term describes this situation? - -Voluntary relinquishment for permanent
revocation (Unit 6)
-Which clause is included in a mortgage to prevent a subsequent buyer from
assuming an existing mortgage loan? - -Due-on-sale clause (Unit 12)
-An example of an ad valorem tax is - -a property tax. (Unit 18)
-Which action is NOT a requirement under TILA-RESPA? - -Give mortgage applicant
a list of competing lenders so that the consumer can comparison shop for the best
rate
(Unit 13)
Requirements:
Give a copy of the special information booklet to the mortgage applicant within
three business days
Give mortgage applicant the loan estimate disclosure within three business days
Give the mortgage applicant a closing disclosure at least three business days before
closing
-Individuals who solicit mortgage loans, accept applications for mortgage loans,
and negotiate the terms of new mortgage loans on behalf of a borrower are called
mortgage - -loan originators. (Unit 13)
, -Which valuation assignment is exempt from USPAP requirements? - -Broker's price
opinion prepared for a lender concerning a short sale (Unit 1)
-A comparable property has one more bedroom ($8,000) and is on a slightly larger
lot ($2,000) than the subject property. The comparative market analysis requires a
net adjustment of - -minus $10,000 to the comparable property. (Unit 16)
-What authority originates from the U.S. Constitution and relates to protection of
health and welfare of citizens at local levels? - -Police power (Unit 9)
-Requirements of a valid deed do NOT include - -signature of a competent grantee.
Include:
voluntary delivery and acceptance.
good or valuable consideration.
signature of two witnesses.
(Unit 9)
-Local government exercises its greatest effect on the real estate business by - -
using zoning, taxation, and the planning process. (Unit 9)
-The bundle of legal rights associated with real property ownership does NOT
include the right of - -Intent
does include:
possession
disposition
control
(Unit 8)
-Which statement does NOT describe a planned unit development? - -Industrial
parks are a welcomed offshoot of the PUD concept.
Does:
Dwelling units are typically clustered, with planned green space areas between
clusters.
The open space areas are maintained by a community association.
A variety of types of housing may be used.
(Unit 19)
-Which statement is TRUE regarding the monthly payments on a 30-year, fully
amortized loan? - -Initially, interest is the larger portion of the payment. (Unit 13)
