Thanks to this act, sites containing hazardous substances are identified, and responsible parties must clean them up.
Comprehensive Environmental Response Compensation and Liability Act
Department of Housing and Urban Development
National Environmental Policy Act
State Department of Environmental Quality
Who (or which entity) is responsible for testing community wells?
The DDOE
The EPA
The local water utility
The property owners within the community
Dan and Virginia were refinancing their home. Their loan amount was $235,000, the appraised value was $290,000, their interest rate was 4.125%, and their lender charged them a flat commitment fee of $1,200. When their refinance fell through, they still owed the lender ______.
$1,200
$2,350
$9,693
$985
What’s a typical interpretation a seller has of a pre-qualification letter?
It isn’t as assuring as a pre-approval letter.
It’s an assurance of the buyer’s financial wherewithal.
It’s a red flag.
It’s required.
Between commercial and residential properties, which type of property is depreciated for a longer time?
Both commercial and residential income-producing properties are depreciated according to the same schedule.
Commercial income-producing properties are depreciated longer (39 years) than residential income-producing properties (27.5 years) are.
Residential income-producing properties are depreciated longer (39 years) than commercial income-producing properties (27.5 years) are.
You cannot depreciate income-producing properties.
What are the two categories of comparison when evaluating comparables to a subject property in the market comparison approach?
Broad and specific
Components and measures
Elements and units
General and detailed
If Rina wants to pay off her mortgage early, what might she consider before doing so?
Whether she can take out a second mortgage
Whether she’d rather rent
Whether she’ll incur a pre-payment penalty
Whether she would save money in interest
The ______ makes it illegal to send unsolicited commercial solicitations via fax without the recipient’s permission or an established relationship.
Anti-Telemarketer Act of 2000
CAN-SPAM Act of 2003
Do Not Call Implementation Act of 2003
Junk Fax Prevention Act of 2005
If the Florida Real Estate Commission consisted of four brokers, one sales associate, and one consumer, whom could the governor appoint to the complete the commission?
A broker with at least five years of experience
A broker with at least two years of experience
A consumer who does not have a license
A sales associate with at least two years of experience
With which entity is a complaint against a Florida licensee filed?
With HUD
With the DBPR
With the FREC
With the supervising brokerage
Which statement best describes a real estate syndicate?
A company that owns, and usually operates, income-producing real estate
An entity used to pool mortgage loans and issue mortgage-backed securities
An organization that manages income-producing real estate properties.
An organization with many investors who jointly participate in a real estate investment
Septic systems have some basic requirements. Which of the following is true?
An as-built drawing must be filed with the local environmental protection department.
An engineer or an architect must design the septic system.
A septic system installer has to certify that the system won’t adversely impact the environment.
If drinking water shares the same run, filters must be present.
When a lower-quality property is adjacent to a higher-quality property, it can diminish the value of the higher-quality property. What economic principle of value is this?
Anticipation
Contribution
Progression
Regression
An acre is equal to ______.
43,560 square feet
5,2280 feet
One mile
One square mile
Which of the following describes commingling?
Placing personal funds into a business account
Placing trust funds into a business account
Stealing escrow funds
Stealing personal funds
When a higher-quality property is adjacent to a lower-quality property, it can increase the lower-quality property’s value. What economic principle of value is this?
Anticipation
Contribution
Progression
Regression
A real estate licensee in Florida could be found guilty of unauthorized practice of law for preparing which one of the following types of real estate contracts?
Broker representation agreement
Lease agreement with a term longer than one year
Listing agreement
Purchase agreement