Exam (elaborations)
Bob Hogue Practice Exam 9/2024 Questions and Answers
- Course
- Institution
Bob Hogue Practice Exam 9/2024 Questions and Answers
[Show more]
Content preview
Bob Hogue Practice Exam 9/2024Questions and Answers
What authority originates from the U.S. Constitution and relates to protection
of health and welfare of citizens at local levels?
A)
Situs
B)
Community protection power
C)
Escheat
D)
Police power - -D)
Police power
Police power - The authority of government to protect the property, life,
health, and welfare of its citizens.
Situs refers to prospective buyers' preference for a certain area.
Escheat provides for a government, normally a state government, to take the
property of an owner who dies intestate and who has no known heirs entitled
to receive the property. The power of escheat is a practical solution to
ensure that property is always owned by someone.
-You have been hired to appraise the local public library building. The
approach that is likely to be the MOST relevant is the
A)
comparable sales approach.
B)
income approach.
C)
public land and property approach.
D)
cost approach. - -D)
cost approach.
single-family homes / a vacant lot in an established neighborhood - sales
comparison approach
income-producing property - income approach
,special-purpose properties like hospitals, schools, or government buildings,
newly constructed homes, cross-checking the other two approaches - cost
approach
-Three claimants are requesting relief from the Real Estate Recovery Fund.
All three claimants were named in a single judgment (the same real estate
transaction). What is the maximum payment from the Recovery Fund for this
claim?
A)
$75,000
B)
$1,000,000
C)
$150,000
D)
$50,000 - -D) $50,000
The maximum payment from the fund for a single transaction is $50,000
-T / F - Brokers and sales associates should NOT prepare deeds, mortgages,
or promissory notes. - -T - Unless they are also attorneys, brokers and sales
associates who prepare such legal documents could jeopardize their real
estate licenses.
-T / F - A buyer brokerage agreement is an employment contract between
the brokerage and a buyer. - -T - A buyer brokerage agreement is an
employment contract with a buyer.
-T / F - The statute of limitations for an oral contract is five years. - -F - The
statute of limitations for an oral contract is four years.
-T / F - Love and affection is an example of valuable consideration. - -F -
Love and affection is an example of good consideration because it cannot be
measured in terms of money.
-T / F - An implied contract is one in which some or all of the obligations or
conditions of a contract are NOT stated expressly. - -T - With an implied
contract, the obligations or conditions of the contract may be reasonably
implied by the acts of the parties or by the nature of the transaction.
-T / F - A signed sale contract between the time of signing and the time of
title closing is an executed contract. - -F - A sale contract between the time
of signing and the time the title is conveyed from the grantor to the grantee
is an executory contract.
-T / F - A real estate contract that includes a radon gas contingency is a
voidable contract. - -T - A real estate contract that includes a radon
,contingency is voidable because if the contingency is not satisfied and
released, the offer and acceptance element of an enforceable contract is not
met.
-T / F - A real estate sale contract is an example of a bilateral contract. - -T -
A bilateral contract obligates both parties to perform in accordance with the
terms of the contract. A sale contract is a bilateral contract because both the
seller and the buyer are obligated to perform.
-T / F - The person making an offer is the offeree. - -F - The offeree is the
person receiving the offer.
makes offer - offeror
receives offer - offeree
-T / F - An electronic signature can be accepted as part of a real estate
contract. - -T - Letters and other written communications, including a
signature, may be sent by electronic means or facsimile, and will be
considered part of the contract.
-T / F - A counteroffer will extend an offer. - -F - A counteroffer kills the
original offer.
-The original law requiring that the annual percentage rate (APR) be
disclosed to consumers was the
A)
Florida "Little FTC Act."
B)
Equal Credit Opportunity Act.
C)
Truth in Lending Act.
D)
Real Estate Settlement Procedures Act. - -C. Truth in Lending Act (TILA)
-Constructive notice is
A)
notarizing a conveyance.
B)
information advertised in the newspaper.
C)
provided by recording in the public records.
D)
information learned by reading, seeing, or hearing. - -C)
provided by recording in the public records.
-A developer who wants to develop a new subdivision must submit
A)
, a subdivision plat map to the planning commission.
B)
a site plan to the zoning board of adjustment.
C)
an existing land-use study to the planning commission.
D)
a thoroughfare study to the Department of Transportation. - -A)
a subdivision plat map to the planning commission.
-Which individual must hold an active real estate license?
A)
A person who sells time-share periods for customers
B)
A person employed by Meadow Hills Cemetery to sell cemetery lots
C)
A salaried employee of an oil company who buys and sells land on behalf of
the company
D)
An executor of a will who is selling the real property of a deceased individual
- -A)
A person who sells time-share periods for customers
-A woman has homesteaded her residence. Her home has an assessed value
of $279,000. She is a nonveteran who is totally and permanently disabled as
a result of a serious car accident. She is also legally blind. What is her
cumulative county tax exemption on her homesteaded residence?
A)
$51,000
B)
$50,500
C)
$55,000
D)
$26,000 - -A)
$51,000
homestead over 75k = -50k (does not apply to school board tax rate - only
city and county)
disabled nonvet = -500
blind = -500
if she was a totally disabled veteran, she would be 100% exempt /// also
disabled veterans under 100% but over 10% = -5000
if she were a widow that would be another - 500
remember that the "tax exemption" is the exemptions added up, the
"taxable value of a home" is the value minus all the exceptions, and the cost
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Nursephil2023. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73314 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now