Question Set 2

Question Set 2 (ANSWERS WILL BE REVEALED WITH PROPER SUBSCRIPTION)

 

 

Questions Set 2 WITH NO ANSWERS

1. Define Principal meridian – imaginary line running north and south and intersecting a base line at a definite point, used by surveyors as reference to locate land under the government survey system

2. A developer purchased three small lots along a street targeted for widening. The developer paid $30,000 per lot. The developer combines the three small lots into one larger lot valued at $145,000. What is the appraisal term for the added value resulting from combining the small lots into one large lot?

Question Set 2

3. A borrower does NOT have the right to cancel which loan contract within three business days?

4. When completing a license application, the applicant must provide details in the background information section of the application regarding criminal convictions. Which statement is TRUE regarding completing this section?

5. A seller places an ad in the local newspaper indicating that the seller will pay $10,000 to the first licensed real estate broker who finds a buyer for the seller’s condo that results in a closed sale. Which type of contract is this?

6. A buyer offered $225,000 for a seller’s property. The seller countered at $250,000. The buyer did not accept the seller’s counteroffer. The seller told her broker that she was revoking the counteroffer and accepting the buyer’s original offer. Which statement is TRUE regarding this situation?

7. A sales associate received an earnest money deposit at 8:00 a.m. on Tuesday. The sales associate is required to deliver the deposit to the broker by the end of business on

8. Which expense may be deducted when calculating taxable income for an individual homeowner?

9. A benefit of investing in real estate does NOT include

10 . The loan–to–value ratio for a home purchased for $265,000 with a down payment of

$66,250 is

11. Which governmental power is used to acquire land for public use?

12. The direction opposite South 45 degrees West in a metes–and–bounds description is

13. Which amount is used to compute the state documentary stamp tax on the deed?

14. How many acres are contained in the parcel described as the SW 1/4 of the SE 1/4 of the NW 1/4 of Section 15?

15. A strip of land that separates one land use from another is referred to as a(n) ?

16. A local lender charged 4 percent interest plus 3 points on a conventional mortgage loan. What was the approximate yield on the loan?

17. Which mortgage clause prevents a buyer from assuming an existing mortgage loan?

18. Which type of legal description is used only where plat maps have been recorded in the public records?

19. What action will be taken against a broker’s license when a claim NOT associated with an escrow disbursement order is paid from the Real Estate Recovery Fund?

20. Which variable does NOT influence the supply of real estate?

21. A lead–based paint disclosure must be given to-tenants and buyers of all residential property built before?

22. Which expense is NOT an operating expense in calculating net operating income (NOI)?

23. Which characteristic applies to assets exchanged in both business brokerage and real estate brokerage?

24. Which type of deed provides the grantor the best assurance of no future liability?

25. Which legal instrument contains the interest rate, loan amount, maturity date, and payment schedule?

26. A broker complied with an escrow disbursement order (EDO). Later, the buyer sued the broker and was awarded a judgment of $20,000. The buyer’s attorney fees and courts costs totaled $4,500. The real estate broker’s attorney’s fees totaled $5,000. What is the maximum amount that can be paid from the Real Estate Recovery Fund as a result of the judgment?

27. The overall capitalization rate (OAR) is determined by analyzing which two components of similar properties in the subject property’s market area?

28. Payment collection and record keeping associated with mortgage loans is referred to as?

29. A Baptist church owns a convalescent home for its members. The church only admits members of its church to the convalescent home. Which statement is TRUE regarding this practice?

30. What type of foundation is characterized by a crawl space below the structure?

31. A licensed sales associate decides to have personalized key rings made. Which statement is TRUE regarding the key rings?

32. The established useful asset life for nonresidential income–producing property under the IRS code is what number of years?

33. Which requirement is one of the elements of a valid real estate contract?

34. An escrow account may NOT be established in a-stock brokerage company doing business in Florida.

35. Which type of value takes into consideration an individual’s equity and income tax implications?

36. Planning commissions commonly do NOT have the final authority to rule on?

37. Which statement regarding state intangible taxes on new mortgages is TRUE?

38. Real estate licensees who specialize in the sale, purchase, or lease of businesses are referred to as-business brokers.

39. What is 9.26 mills converted to the decimal form?

40. Which statement is TRUE regarding Florida’s telemarketing law?

41. Which law requires lenders to provide borrowers with an estimate of settlement costs at the time of loan application or within three business days?

42. The cost of materials and labor to produce ten $100 bills was found to be $8.97. The amount of goods and services that may be purchased with these ten $100 bills measures their?

43. Which contract would be considered a residential transaction under Florida Statute 475?

44. Taking which action is an example of constructive notice?

45. The Florida Real Estate Commission (FREC) does NOT have the authority to impose which penalty?

46. Which clause in the deed is a promise that the grantor owns the estate that is being conveyed?

47. The Florida Building Energy–Efficiency Rating Act does NOT require-the seller, at the seller’s expense, to conduct an energy–efficiency rating of the structure prior to closing.

48. A married couple is interested in purchasing residential investment property. The couple has informed their sales associate that they want the brokerage company to represent their interests as a fiduciary in all negotiations. Which brokerage relationship disclosure must be given to this couple?

49. A sales associate received a citation and $100 fine for failure to notify the Division of Real Estate of a change of mailing address. The citation was issued in error. What should the sales associate do?

50. Tax advantages of owning a home do NOT include?

51. A township has 36 parcels called “sections.” Section 36 would be located in which corner?

52. Which statement is TRUE regarding an amortized mortgage?

53. A couple are interested in purchasing residential investment property and they have informed their sales associate that they want limited representation but do not want to be legally held responsible for the acts of a licensee. Which brokerage relationship is best suited to this couple?

54. Within how many days is the landlord required to notify tenants if the landlord intends to impose a claim on the deposit?

55. Which statement concerning Department of Veterans Affairs (VA) mortgage loans is FALSE?

56. Which statement concerning Florida Real Estate Commission (FREC) qualifications is FALSE?

57. A broker’s license was revoked. The licenses of the sales associates registered with the broker will become

58. A widower is a non–veteran who is 10 percent disabled. The assessed value of his condo is $49,875. What is the total property tax exemption he can claim on his homesteaded property?

59. The covenant of further assurance is included in which type of statutory deed?

60. What legal document allows a purchaser of a cooperative to occupy a particular unit?

61. Which item is entered on the closing statement as a credit to the seller?

62. A real estate license application received by the DBPR expires after what period of time?

63. Which individual is exempt from real estate licensure?

64. A developer advertises homes for sale with a total down payment of $2,000. A qualified buyer offers to pay the $2,000 down, but the developer states that the $2,000 down homes are all sold. Is this transaction covered under Truth in Lending Act?

65. Which document must a prospective buyer of an existing (resale) condominium unit receive?

66. Abby, Bob, and Cathy were co–owners of a parcel of real property. Abby died and her ownership passed, according to her will, to her surviving spouse. Abby was a?

67. A parcel of real estate has been left to a spouse through her husband’s will for the wife’s use and enjoyment during her lifetime, with the provision that the property goes to the wife’s stepson at her death. What interest does the stepson hold?

68. A roof design that incorporates an overhang on all sides is called

69. Which requirement must a deed contain in order to be valid?

70. Which action by the Fed will reduce the supply of money in circulation?

71. A sales associate listed a condo in Oak Glen for $205,000. A sales associate from a competing office called the listing associate to inform him of a verbal offer of $190,000 on the Oak Glen property. The listing associate did not present the verbal offer. Which statement applies to this situation?

72. Placement of the windows is most important on which type of lot if the homeowner is concerned about the possibility of vehicular headlights shining into the front windows?

73. An owner of an apartment complex pays $50 to each tenant that refers a person who becomes a tenant. This arrangement is?

74. When a consumer files a complaint against a real estate licensee that contains facts indicating that a violation of rules of the Florida Real Estate Commission has occurred, the complaint is said to be?

75. Which action associated with water rights will cause a decrease in land mass?

76. A contractor purchased twelve boxes of ceramic tile from the local tile supply company.

What type of property is the ceramic tile before it is installed?

77. Which statement is FALSE regarding a notice of noncompliance?

78. Right of survivorship is contained in which tenancy?

79. A Florida–licensed attorney is exempt from what education requirement?

80. Which business organization may NOT register as a real estate broker?

81. A group license-allows a sales associate or broker associate employed by an owner–developer to sell property for all the affiliated entities owned by the developer.

82. Which deficiency would be classified as external obsolescence?

83. A prospective purchaser of a residential property sends written notification to the listing broker documenting that she has been unable to secure financing according to terms of the agreement and requests return of the earnest money deposit. The seller instructs the broker to retain the earnest money deposit as liquidated damages.

84. Which instrument is usually recorded?

85. All national chartered commercial banks are members of which entity?

86. Part IV of Florida Statute 475 pertains to?

87. A seller lists his property with a brokerage company. However, the seller reserves the right to NOT pay a commission if he sells the property. What type of listing is this?

88. What is the statute of limitations for written contracts?

89. Which document would be used to prevent future land owners of a particular parcel of land from selling firearms on the site?