A contractor purchased 12 boxes of ceramic tile from the local tile supply company

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?

A borrower does NOT have the right to cancel which loan contract within three

business days?

New 30-year mortgage to purchase a home

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?

Applicants should attach details of cases, even if adjudication was withheld.

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?

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?

The seller cannot now accept the original offer because it was killed by the

counteroffer.

6. 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

Which expense may be deducted when calculating taxable income for an individual

homeowner?

Property taxes paid on a second residence

A benefit of investing in real estate does NOT include

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

$66,250 is

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

The direction opposite South 45 degrees West in a metes-and-bounds description is

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

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?

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

A local lender charged 4 percent interest plus 3 points on a conventional mortgage

loan. What was the approximate yield on the loan?

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

Which type of legal description is used only where plat maps have been recorded in

the public records?

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?

Mandatory suspension of the license until the licensee has reimbursed the fund,

including interest.

Which variable does NOT influence the supply of real estate?

A lead-based paint disclosure must be given to

tenants and buyers of all residential property built before 1978.

Which expense is NOT an operating expense in calculating net operating income

(NOI)?

Which characteristic applies to assets exchanged in both business brokerage and real

estate brokerage?

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

Which legal instrument contains the interest rate, loan amount, maturity date, and

payment schedule?

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?

The overall capitalization rate (OAR) is determined by analyzing which two components

of similar properties in the subject property's market area?

Net operating income and sale price

Payment collection and record keeping associated with mortgage loans is referred to

as

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?

This is permissible under the Fair Housing Act.

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

A licensed sales associate decides to have personalized key rings made. Which

statement is TRUE regarding the key rings?

The name of the real estate brokerage firm for which the associate works must be

printed on the key rings.

31. The established useful asset life for nonresidential income-producing property under

the IRS code is what number of years?

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

An escrow account may NOT be established in a

stock brokerage company doing business in Florida.

Which type of value takes into consideration an individual's equity and income tax

implications?

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

zoning variances in residential areas.

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

The rate is two mills per dollar of debt.

Real estate licensees who specialize in the sale, purchase, or lease of businesses are

referred to as

What is 9.26 mills converted to the decimal form?

Which statement is TRUE regarding Florida's telemarketing law?

Calls are restricted to the hours between 8:00 AM and 9:00 PM.

Which law requires lenders to provide borrowers with an estimate of settlement

costs at the time of loan application or within three business days?

Real Estate Settlement Procedures Act

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

Which contract would be considered a residential transaction under Florida Statute

475?

Sale and purchase contract of a residential duplex

Which type of age is used to calculate depreciation in the cost-depreciation approach?

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

public notice through recording in the public records

B.

The Florida Real Estate Commission (FREC) does NOT have the authority to impose

which penalty?

Restitution to the injured party

Which clause in the deed is a promise that the grantor owns the estate that is being

conveyed?

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.

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?

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?

File a written objection within 30 days explaining that the citation was issued in

error.

Tax advantages of owning a home do NOT include

deduction of hazard insurance expense on a principal residence.

51. A township has 36 parcels called "sections." Section 36 would be located in which

corner?

Which statement is TRUE regarding an amortized mortgage?

The amount applied to interest decreases each month

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?

Within how many days is the landlord required to notify tenants if the landlord intends

to impose a claim on the deposit?

Which statement concerning Department of Veterans Affairs (VA) mortgage loans is

FALSE?

The government charges veterans a mortgage insurance premium.

Which statement concerning Florida Real Estate Commission (FREC) qualifications is

FALSE?

One member must be an active sales associate who has held that status for

at least three years.

A broker's license was revoked. The licenses of the sales associates registered with

the broker will become

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?

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

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

A real estate license application received by the DBPR expires after what period of

time?

Which individual is exempt from real estate licensure?

Owner of a time-share period who offers the time-share period for resale.

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?

Yes, because this is an example of bait-and-switch advertising and it is illegal.

Which document must a prospective buyer of an existing (resale) condominium unit

receive?

Year-end financial information that the condo association provided to the owners

the previous year

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

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?

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

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

The properly witnessed signature of the grantor

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

Increasing the reserve requirement

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?

The listing associate was required to present the verbal offer to the seller.

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?

An owner of an apartment complex pays $50 to each tenant that refers a person who

becomes a tenant. This arrangement is

legal under Chapter 475, Florida Statutes.

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?

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?

Which statement is FALSE regarding a notice of noncompliance?

It is a type of discipline imposed by the Florida Real Estate Commission.

78. Right of survivorship is contained in which tenancy?

A Florida-licensed attorney is exempt from what education requirement?

Sales associate prelicense course

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

allows a sales associate or broker associate employed by an owner-developer to

sell property for all the affiliated entities owned by the developer.

Which deficiency would be classified as external obsolescence?

Road dust and traffic noise prevents opening the windows on cool mornings

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

the 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.

return the deposit to the buyer.

84. Which instrument is usually recorded?

All national chartered commercial banks are members of which entity?

Part IV of Florida Statute 475 pertains to

liens associated with brokerage agreements to lease commercial units.

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?

What is the statute of limitations for written contracts?

The Florida Real Estate Commission's authority to determine license law violations is

which type of power?

The Florida Real Estate Commission's authority to determine license law violations is

which type of power?

Which document would be used to prevent future land owners of a particular parcel of

land from selling firearms on the site?

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

Which statement is true regarding the federal telemarketing law?

When the supply of available housing exceeds the current demand what occurs?

Which document must a prospective buyer of an existing condominium unit receive quizlet?