who should prepare a legal description?
which of the following statements regarding a deed of trust is correct?
a corporation operating in the state of florida that was organized under the laws of another state is considered what type of corporation?
the most probable price that a property will bring in an open and competitive market is referred to as what?
what type of investment risk is caused by changes in general business conditions?
Mary is a sales associate working for a broker. An owner-developer has asked her to work weekends to sell new homes on commission. What must Mary to do work for the owner-developer?
Anthony is in the u.s. army and while stationed in florida he obtained a real estate license. A year later he was transferred to California, but seven years later he retires and returns to Florida. What must he do if he wishes to sell real estate?
Paul, brad and Sarah are real estate brokers. They form a partnership to purchase real estate to renovate and ten resell for a profit. They decide to have two sales associates, jack and Karl, join as partners. is this legal and why?
a developer acquires a large area of land where they build and market several model homes in a new neighborhood. This is an example of which type of building?
what is the purpose of the national association of realtors?
a tenant with a proprietary lease has which type of property?
which clause in a mortgage allows a part of multiple properties to be removed from the security on a loan as the balance comes down on a blanket mortgage?
in the cost-depreciation approach, to determine the cost per square foot the appraiser may compare the subject property to recently built buildings of similar quality construction. These new buildings may be referred to as what?
Clifford is a developer and he wishes to build a shopping center. in order to build it he must combine 5 smaller pieces of land into one large lot. What is this process known as?
what action should a broker take if a commission dispute a rises prior to closing?
a prospect requested that a broker locate a rental unit for $700 per month. The broker requested $300 in an up from fee from the client to pay for time and effort while locating this type of property. The broker could only find a unit renting for $850 per month. The broker can keep what percentage of the funds prepaid?
if a zoning requirement were to cause a financial hardship to a homeowner, the homeowner should apply for a what?
which of the following contains a property described by lot and block number?
which type of damages, specifically named and agreed upon in a contract, would be imposed upon breach of the contract?
which document indicates the financial condition of a business as of a particular time?
which of the following statements regarding an ostensible partnership is correct?
which of the following is required for a valid deed?
what is the purpose of the FREC disciplinary guidelines?
interest rates for FHA marriages are determined by which of the following?
under the law of descent and distribution, what percent of property passes to a surviving spouse if there are no lineal descendants?
a husband and wife purchase a home together, at the same time, on the same deed. What type of tenancy has been formed?
a sales associate licensed with a real estate brokerage corporation can be which of the following?
which of the following is true in regards to a quitclaim deed?
Juan gives a life estate to Marie with the stipulation that upon her death the property passes to his grandchildren. The children are considered what?
Cynthia an appraiser tells the owner Elizabeth that the value of her house would increase $5,000 if the exterior were painted. Elizabeth contacts Gary the painter about having the house painted and is told it will cost $3,000. What is this an example of?
regulation is published by whom?
a buyer of a new timeshare unit from a developer may cancel the agreement within how many days?
when estimating supply, it is not necessary to consider which of the following?
who pays the balance due to the seller upon the closing of a real estate transaction?
when appraising a vacant lot, the appraisal approach carrying the most weight in the appraiser’s final decision would be which of the flooring approaches?
which clause in a deed reserves a right in the title?
What type of notice is considered to be the best proof of ownership?
what is the purpose of the homestead protection?
what is the purpose of a receivership clause in a mortgage?
which of the following is the most comprehensive type of appraisal report?
which secondary lender was originally created to purchase conventional loans that were originated by savings and loan associations?
dan has built a 3,000 square foot house in a neighborhood of less expensive 2,300 square foot houses. The principle that his house will be adversely affected is called what?
janice has lived in her home for the last 23 years which has a lovely view of the ocean. She enjoys walking on the beach but has to cross the neighbors’ property to gain access. If she has been using the same path for the full time, it may now be considered what?
which of the following is the instrument used as evidence of the debt when purchasing real estate?
the local planning agency is advisory in nature, buy in most communities it is delegated the authority to approve which of the following?
what is the rationale behind government planning of real estate development?
what is the category of business that meets payroll expense by using dollars generated by persons who live in the immediate vicinity?
what must an applicant for a real estate license do if they have been convicted of a crime?
why would a borrower prepay interest to “buy down” a mortgage?
Kevin has purchased a home and the transaction is scheduled to close on July 17th. If the contract makes no mention of the type of deed he is to receive, what type should he expect to receive at closing?
which law prohibits discrimination on the basis of age in the granting of loans?
a real estate licensee takes a listing as a transaction broker. Which responsibility is owed to the seller?
Which deed would be the best deed in regard to promises and guarantees from the grantee’s point of view?
which of the following statements is correct regarding a double-entry item on a closing statement?
the holder of a life estate has an estate in what?
what action may be taken if either the FREC or the licensee disagrees with a recommended order submitted by the administrative law judge?
Real estate professionals provide expert knowledge concerning the transaction. What area of expertise are licensees NOT expected to possess?
A sales associate has decided to concentrate on trying to obtain listings from a particular neighborhood. The associate believes this should increase knowledge of the market and improve the likelihood of success. This approach to real estate business is known as
A developer has completed construction of a new sub division. All streets, electric, water and sewer installations are finished and the developer wants to deed the common elements to the county. What process would the developer use to convey the ownership?
Owner-employers of real estate sales associates are
A person who has passed the state license examination for broker but continues to be employed by an actively licensed real estate broker is
A person who has been given power of attorney to act for another person is called
Frank has no real estate license, but has been acting as a broker and collecting commissions for arranging sales transactions. If the department wishes to take action against this individual they may not issue a(an)
The Chairperson of the Florida Real Estate Commission acting alone may exercise what powers?
A licensee has been found to be guilty of a violation of the rules of the Real Estate Commission. Which disciplinary actions is the commission NOT allowed to impose?
A licensee failed to renew prior to expiration and became involuntary inactive. How long may this individual remain in this status?
$2 years
A licensee’s license expired on March 31. What is the status of the license on April 1st?
Broker Tony is the only stockholder, director and officer of Tony Real Estate, Inc. Tony has learned Jason Realty, a registered real estate brokerage corporation located in an adjacent community, is for sale. Tony wants to purchase the corporation, retain the name, and be the sole stockholder, officer and broker of both corporations. Tony
A broker gave permission for a real estate sales associate to deal directly with the broker’s principal. Which applies?
A real estate broker who represents both parties as agent in a transaction
With regard to a broker’s office, which statement is INCORRECT?
Which statement about the real estate brokerage is true?
Which institutions are approved depositories for earnest money?
If sales associate Sherri receives an offer to purchase listed property which is accompanied by a post-dated check, Sherri should:
A broker’s initial action when entering doubt as to which person is entitled to the delivery of escrowed property should be to
Broker Bill is holding money in his escrow account pending closing of the sale of Henry’s home to buyer Aaron. If Henry and broker Bill disagree on the amount of commission due at closing
A real estate broker who operates in an excessively reckless or careless manner could be charged with
Three individuals form a brokerage partnership. If each of the partner’s intends to provide real estate services to others, which statement would be correct?
What type of relationship has probably been formed if two or more parties agree to combine their efforts for a single business transaction?
A business known as the XYZ company is legally formed as a
Sunnydale Real Estate, Inc., a real estate brokerage corporation, has had its registration revoked by action of the Florida Real Estate Commission. Concerning the licenses of those licensed with the corporation, which statement is true?
Which business organization may be registered to a broker real estate?
An unlicensed individual has been found guilty of operating as a real estate broker in a criminal proceeding. The maximum penalty that may be imposed for this activity is a fine of up to
An applicant for a real estate license has been denied by the Department of Business and Professional Regulation. Which statement is correct concerning this denial?
An investigator for the Department of Business and Professional Regulation has discovered a minor infraction of Commission rules. What action would usually be appropriate?
An investigator for the Department of Professional Regulation has been assigned to conduct an investigation based on a complaint filed against a licensee. What is the investigator allowed to do in connection with this matter?
To appeal a final order of the Florida Real Estate Commission a licensee’s initial action would be to
During a formal hearing being held as the result of an administrative complaint, a broker may seek testimony from a witness by
The money in the Real Estate Recovery is obtained from
A broker defrauded three customers in a real estate transaction. The court rendered a single judgement against the broker in the amount of $55,000. If the broker could not satisfy any portion of the judgement from personal assets, what is the most that the former customers are eligible to recover from the Real Estate Recovery Fund?
The illegal practice of inducing homeowners to list or sell their property by telling them that minorities are moving into their neighborhood is called
Which statement is INCORRECT with respect to the Americans with Disabilities Act?
A landlord may commingle a tenant’s security deposits with other business funds if the
Legal rights may be transferred from one person to another by a(an)
Which term refers to the physical land and improvements as well as intangible interests and rights?
A written agreement creating a non-freehold estate in real property that provides for occupancy of the property for a special time period is a tenancy
A defect in title to real property may be cured by the use of
The city of Happy Acres is in need of additional land for a new school. What right would the city have to acquire the land, even over the objections of the property owner?
The primary reference point in a metes and bounds legal description of real estate is called the
Which statement about legal descriptions is INCORRECT?
In a township, the section that is two sections west of section 10 is section
In order to create a valid real estate contract
In a lean theory state, title to mortgaged real property is held by the
The amount of the mortgage loan, the interest rate, loan term and repayment schedule is specified in the
If a mortgage loan is based on an interest rate of 10% per annum and the lender charges 6 discount points, the effective rate of interest would be approximately
With regard to Federal Housing Administration Section 203(b) mortgage, the
What is NOT required to obtain a Veteran’s Administration loan?
The least effective method employed by the Federal Reserve System to alter the cost and availability of credit is
Expenses owed by a buyer or seller to third parties are entered on a closing statement as
On a closing statement, which is NOT prorated?
As used by an appraiser, the term “price” refers to
The concept that states an informed buyer will pay no more for a property than the cost of acquiring another equally desirable property with the same or equal utility is based upon the
An over-improved property suffers from
A buyer is considering the purchase of a corner lot on which to build a new home. In weighing its advantages and disadvantages, which characteristic might be seen as advantage of such a location
What type of common residential roof style has been known to lift off during hurricanes and tornados and is required to have substantial anchoring to avoid the problem?
One way to determine if a home is equipped with a heat pump is
The most important factor underlying investment decisions is
A business that is failing and NOT expected to to continue would best be valued using which appraisal approach?
The city of Sunflower wants to establish a property tax rate for the coming year. What is the first step that must be taken?
The four factors of production do NOT include
A good indicator of the relationship between supply and demand for residential real property in an area is
which statement about the real estate market is correct?
The highest and best use of a parcel of real estate is the legal and possible use that generates the greatest return on
The local planning Commission is reviewing an economic base analysis of the community. The commission notes there are ten businesses whose payroll costs are met with dollars generated from within the community. How are these employers classified in the analysis?