What type of zoning is based on density
A buyer is considering the purchase of a home located in an area zoned PUD. Which statement is INCORRECT concerning this zoning?
Bill ones a home which he has rented to a tenant on a one-year lease. It is assessed for 185,000. If the tax rate is 22.5 mills, what is the amount of Bills property tax?
What is the operating expense ratio of a property that has an effective gross income of $62,000 and a net operating income of $36,580?
A residence recently sold for 120,000 that was rented for $1,100 per month. What is the Gross Rent Multiplier?
An appraiser has selected a comparable sale that recently sold for $86,000 for inclusion in an appraisal. The comparable 3 bedrooms, 1 bath and fireplace. The subject has 3 bedrooms, 2 baths and no fireplace. Analysis by the appraiser indicates a bathroom is worth $2,500 and a fireplace is worth $1,200. What is the adjusted sales price of the comparable property.
A $20,000 mortgage loan was originated at an interest rate of 8.5% for a term of 5 years. If each monthly payment was $410.33, what was the principal balance of the loan after the second monthly payment?
A residence that is rented is being sold with a closing on the 12th of March. The rent which is due and payable on the first of each month is $550. If the day of closing belongs to the seller, what is the amount of the proration and how will it be entered on the closing statement?
What does a broker associate mean?
Which statement is correct regarding an individual who has been convicted of a crime
Sales associate Smith decides to work for ABC. Realty on MWF and for XYZ. Realty on Tuesday, Thursday, and Saturday. Which statement correctly describes this situation?
What is the grace period for a sales associate to complete his or her post license education after the original expiration date?
ABC real estate Inc. a real estate brokerage corporation has its registration revoked by FREC, which statement correctly descries the licenses of those licensed with the corporation?
Paula made a written offer of $78,000 on Peter’s home that was listed with broker Alice. Before the offer could be presented, Larry arrived at Alice’s office and made an oral offer or $82,000 on the same property but did not give a deposit. Alice promised Larry that she would submit the oral offer but only present the written offer to Peter. Which statement is correct?
A real estate licensee working with a seller in limited representation receives a phone call from another agent working with the buyer, the agents opening comments states the following: “Hi, I am Robert Macias with East Side Realty. I am standing in front of a house that has your name on the listing sign and I am with my principal. I have a few questions to ask you about the property.” Based on the buyers agents’ comments, what should the seller conclude?
A real estate agent that wants to close a deal informs the purchaser that as a house warming present the agent will kickback a portion of the commission, which statement correctly applies to this arrangement?
Robert, a Michigan real estate broker, referred a customer to broker Wendy in Tampa with the understanding that Rover will receive a portion of any commission earned, the customer purchased a home with Wendy’s assistants. If Robert did not participate int he transaction and Wendy mailed Robert a portion of the commission, what would this conclude?
Which statement about the real estate office is true?
A sales contract requires a $10,000-secondary deposit to be paid to ABC. Title company by June 1, which is correct regarding the brokers responsibility?
Which escrow dispute settlement procedure involves the use of an interpleader?
A buyer notifies the broker that he has lost his job and is unable to close on the property, the buyer requests a return of his deposit. The seller objects and tells the broker that he wants to keep the deposit as payment for damages. What should the broker do in this situation.
A sales contract had the contingency that the home will be purchased subject to appraisal, the house appraised for $15,000 less than the contract amount, Which caused the financing to be rejected. The buyer attorney noticed the sellers brokers that their client will not be purchasing their property and is requesting a return of the escrow deposit. The broker called the seller and the seller objected to the return of the deposit. Which statement is correct?
Peter, a licensed sales associate, was registered with broker Harry when he claimed that Harry has failed to pay a sales commission to him. If Peter resigns and now is employed under broker Norman before the dispute is resolves. Which statement is correct?
Roberta has been notified that her husband will be transferred to the New York office of his office. Roberta currently has a Florida real estate sales associate license. She plans to accompany her husband as a result of the reassignment and would like to keep her license. What is Roberta required to do to continue practicing real estate in Florida?
Which of the following business entities can register as a broker?
Which business organization is formed simply by the agreement of the parties?
An unlicensed individual has been found guilty of operating as a real estate broker in a criminal proceeding, what is the maximum penalty that can be imposed for this activity?
A sales contract requires a $10,000-secondary deposit to be paid by June 1, the sales associate forgot to collect the deposit. Which statement correctly applies to this situation?
What is the maximum fine amount that FREC may impose for each violation of the F.S. 475?
The residential development company, an owner developer just completed several new models in a new development. As a part of a marketing promotion to kick-off the new development any individual that came to see the model will be given a surprise key which if it unlocks the door to the model they will win the home for free. Which statement is correct?
What would a licensee’s initial action need to be in order to appeal a final order of the FREC?
Tom, a Florida real estate licensee acting as a buyer, engages the services of another Florida real estate licensee to help him purchase a residential property. Toms agent misrepresented a material fact related to the property causing Tom to lose his deposit. Which statement is correct?
A real estate licensee will not show properties in the Ocala area to individuals of a selected minority, this is an example of which prohibited activity?
All of the following statements are correct about the Federal “Do not call” list, ExCEPT”
Three persons own a parcel of property with equal rights of use and possession. They have equal interest and acquire their interest by the same or different deeds. What type of ownership did they acquire?
Five investors purchased an investment property and two titled as tenants in common. All of the following statements apply to their legal interests, EXCEPT:
If the property returns to the original grantor when the life estate ends, what type of ownership does the original grantor have?
What type of tenancy is formed by a written agreement that creates a non-freehold estate providing occupancy of the property for a specified time period?
Which statement best describes a tenancy for years?
Robert died with a will and gave his entire estate to charity including the principal residence that he shred with his family. Which law protects his family from this type of act?
The act of transferring ownership title or an interest in real property from one person to another is called alienation, alienation may be voluntary or involuntary. Which type of ownership transferred are correctly identified as voluntary or involuntary?
These are all requirements for a valid instrument of deed conveyance, EXCEPT:
Which type of deed would best to convey property from the stand point of the grantor?
A city id in need of additional land for a new school, what right would the city have to acquire the land?
What type of lease is it when the tenant is paying a flat fee plus a portion of gross sales to the landlord?
What type of lease exists when a landlord requires the tenant to pay a fixed rent plus taxes, insurance, and maintenance?
A homeowner has sidewalks installed by the city and the city charged the owner $500 special assessment. The homeowner was also delinquent in their income tax in the amount of $1,000. A judgement lien was filed. What is the correct order that these liens were paid?
Which of the following is a characteristic of a township?
the northeast 1 quarter of a section in a legal description contains how many acres?
Which real property identifier is assigned by the county property accessor to identify a property?
The promise of future money I- a contract needs which essential element of a valid real estate?
A contract that transfers an interest in real property must be in writing. Which Doctrine dictated these requirements?
Which statute stipulates the time period during which a party may sue for the enforcement of a contract?
How many contractual rights rights can be transferred from one person to another?
A buyer and seller have entered into a contract for the sale of a duplex. The buyer defaults on the contract and the seller claims the escrow deposit for contractual agreements. What would the seller seek to obtain in a suit?
A buyer enters into a contract with a seller. A week before closing the seller decides that he doesn’t want to sell. The seller tells the buyer that he can have his deposit back, but the buyer refuses and will file which type of suit?
When a sales contract for residential real property includes the “as is” provision which statement correctly applies?
A seller and broker enter into a 6-month agreement where the seller agrees to pay a commission to the broker regardless of who actually sells the property?
Which document specifies the amount of the mortgage loan, the interest rate, and repayment schedule?
In a lien theory estate, who holds title to mortgage real property
Which document does the mortgagee file to document that the mortgage debt has been paid in full?
What is the name of the clause found in a mortgage instrument that allows the lender to increase the interest rate based on a certain event?
A mortgage loan is based on an interest rate of 10% per year and the lender charges 6 discount point. What is the effective yield (APR)?
Which act requires lenders to judge loan applicants on the basis of credit rating, income expenses, and assets. Without regards to their age, race, religion, sex, marital status, or nationality?
All of the following are parts of the mortgage loan underwriting process, EXCEPT:
The FHA housing expense ratio cannot exceed which of the following limits?
After defaulting on mortgage payments but prior to foreclosure the mortgagor has the right to redeem his or her interest int he property by paying the amount owed the lender?
A homeowner defaults on the mortgage, the home owner owes the lender $200,000. The home is sold at a public auction and sale produced $240,000. Where does the surplus amount of the balance due on the promissory note go?
What will a private lender require the mortgagor to pay on a conventional loan if the loan to value ration is greater than 80%
Rachel purchased a new home for $350,000 she made a 20% down payment and financed the balance at 5% for 30 years with monthly payments of $1,503.10. How much is the interest portion of her second monthly payment?
What is the least effective method employment by the federal reserve system to alter the cost and availability of credit?
Which entity would be a possible source of long-term mortgage money to fund a shopping center?
A small triplex was purchased. At the time of the loan application the quoted interest was 6.5%. At the time of closing the true interest rate including finance charges came to be 7.5%. The lender did not disclose this to the purchaser. The lender is in violation of which law?
Which item will show as a credit to the buyer on the closing disclosure (CD)?
How is prepaid interest on a purchase money mortgage (PMM) shown on a closing statement?
How are expenses owned by a buyer or seller to third parties on a closing statement?
As used by an appraisal what does the term “price” refer too?
The concept that stated that 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 which of the following?
The highest and best use of a parcel of real estate is the legal and possible use that generated the greatest return on which of the following?
A subject property that is being appraised has 4 bedrooms and is beautiful maintained. It has been freshly painted inside and out. The landscaping is well maintained with many trees and colorful flowers. It has hurricane windows and a grand entrance. Next door is a home that has rust stains from the sprinkler water, peeling paint, no flowers, or trees. Bad maintained landscape. What type of depreciation will affect the subject property?
What does an over improved property duffer from?
Operating expenses for an investment property include all of the following, EXCEPT:
An investor purchased 3 lots x 150ft for $12 per square foot. The lots were subdivided into four parcels that were sold for $180,000 each. What is the investor percentage of profit?
Some properties are exempt or immune from property taxes. Which type of properties are correctly identified as immune or exempt?
The “save our homes” act states that the county property appraisal may increase assessed value of homestead properties each year by which method?
What made a home owner filing an itemized income tax deduct?
A restaurant has been int he family for many years. The zoning on the street where the restaurant is located has recently been changed to residential duplexes. Why may the restaurant remain?
When the ordinance imposes an undue hardship on an owner
A seller and broker enter into a six month agreement where the seller agrees to pay a commission to the broker, regardless of who actually sells the property. What type of contract is this?
Fred, a licensed sales associate, was registered with broker Harry when he claimed that Harry had failed to pay a sales commission due him. If Fred resigned and became employed under broker Norman before the dispute was resolved, which statement would be correct?
Which clause in a mortgage limits the lender’s rights in a foreclosure to the amount received from the sales proceeds and prohibits the lender from seeking a deficiency judgment?
John recently purchased a home from Mary. Mary had owned and lived in the home for several years and had qualified for and filed for all allowable tax exemptions. Which statement is correct?
There is a dispute over an escrow deposit. The parties agree to have a 3rd party hear both sides and make the final decision. What settlement (escape) procedure is being used to settle the dispute?
If a real estate licensee is involved in a personal real estate transaction, which of the following would be correct?
Bob is a licensed sales associate, employed by broker Jerry. Jerry fails to pay Bob a commission, so Bob resigns and is hired by broker Sam. Bob decides to sue for his lost commission. Which of the following is accurate regarding this scenario?
Ted, a Michigan real estate broker, referred a customer to broker Wendy in Tampa with the understanding that Ted would receive a portion of any commission earned. The customer purchased a home Wendy’s assistance. If Ted did not participate in the transaction and Wendy mailed Ted a portion of the commission, which of the following statements applies?
Which term refers to physical land and improvements as well as intangible ownership interests and rights?
The county plans to install sidewalks along a busy street. One owner’s 15,000 sq. ft. lot measures 150 front-feet adjacent to the street. The cost of the improvement is 25% of the expense, how much is the special assessment to the property owner?
A property that sold for $203,500 was financed with a new mortgage loan of $162,800. What amount must be charged for the state documentary stamp tax on the deed if the property is not located in Dade County?
These are all remedies for breach of a real estate contract between a buyer and seller. EXCEPT.
These are all examples of eminent domain, EXCEPT:
Fred, a licensed sales associate, was registered with broker Harry when he claimed that Harry had failed to pay a sales commission due him. If Fred resigned and was employed under broker Norman before the dispute was resolved, which statement would be correct?
Which tax applies to a new mortgage but NOT to an assumed mortgage?