A home sells for $225,000, with a total commission of 7% of the sales price. The listing brokerage agreed in advance as part of the negotiations to split the full commission with the buyer’s broker 50/50. The seller’s listing agent will receive 70% of her firm’s share. How much will the listing agent earn?
$15,750
$2,362.50
$5,512.50
$7,875
For income-producing properties, how is rent prorated at closing?
All rent halts. New rental agreements must be made with new tenants.
The buyer receives all rent for the current month.
The seller receives rent through the leasing period, after which the buyer receives the rent.
The seller typically receives rent through the day of closing, with the buyer receiving rent afterward.
If the broker has died, how long do partnerships and corporations have to replace that broker before the brokerage would lose its registration with the DBPR?
14 days
30 days
One day
Seven days
Archie wants to buy Claire’s membership share in a cooperative. Assuming he has submitted his application, which of the following statements is true?
Archie need not submit an application to the cooperative board.
At Claire’s request, the cooperative is obligated to approve Archie’s application.
Claire can sell her membership share to whomever she wants, regardless of what the cooperative board says.
The cooperative board must approve Archie’s application before Claire can sell her membership share to him.
What factors does a consumer analyze when selecting an investment property to purchase?
Financing only
Price only
Price, rate of return, and financing
Rate of return only
Which of the following may be used to defer paying taxes when there is an almost immediate repurchase of what’s called a “like-kind” property?
Capital gain exclusion
Depreciation
Reverse annuity
Tax-deferred exchange
A landlord discovers his married tenants are expecting their first child. He doesn’t want other tenants to be inconvenienced by a crying baby, so he serves them with a 30-day eviction notice. What type of discrimination is this?
Familial status discrimination
Racial discrimination
Religious discrimination
Sex discrimination
According to the Statute of Frauds, in order to be legally enforceable, a contract must be in writing, name the contracting parties, identify the subject matter of the contract, and ______.
Be for a legal purpose
Be signed by two or more attorneys
Include a certain amount of financial consideration
Present the essential terms and conditions of the contract
Which document should be provided to borrowers no fewer than three days prior to closing?
Closing Disclosure
Escrow Closing Notice
Loan Estimate
Mortgage Servicing Transfer Disclosure
How does the income from property taxes benefit the community?
It’s used to build high-end housing.
It’s used to build new shopping malls.
It’s used to determine property tax increases.
It’s used to fund essential services and public works.
Keeping an area dry and keeping the air circulating can ______.
Help prevent mold
Increase mold
Kill mold
Remove mold
Sharla just refinanced her home with a 10-year loan of $18,000. Her interest rate is 2.125%. How much will Sharla pay per month for interest on her loan?
$113.87
$31.88
$38.13
$382.50
What’s the National Flood Insurance Program?
A program that cleans up flooding in hazard areas
A program that covers all of the costs of flood insurance in hazard areas
A program that helps homeowners in flood hazard areas obtain insurance
A program that provides boats to homeowners in flood hazard areas
If a commercial property is difficult to finance, an investor will sometimes buy the property for cash and then lease it back to the owner. What’s this called?
Buying the business
Capital freeze
Reverse equity
Sale leaseback
What is the name of the act that requires items like ramps, elevators, and minimum door widths be included in all new building and facility design, construction, and alterations?
Florida Building Managers Act
Florida Deceptive and Unfair Trade Practices Act
Florida Residential Landlord and Tenant Act
The Florida Americans with Disability Accessibility Implementation Act
Which of the following statements describes laws and ethics?
Both laws and ethics establish what actions are deemed illegal and are punishable.
Ethics are consistent from person to person, whereas laws may change.
It’s not a punishable offense to violate either laws or ethics.
Laws are made by the government, and ethics are dependent on conscience and values.
The required condo documents include a declaration of condominium, articles of incorporation, bylaws, FAQs, and _______________.
Common area project plan
Declaration of legal descriptions
Estimated operating budget
HOA rules