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Bob Hogue Practice Exam 9/2021 With Questions And 100% ALL CORRECT ANSWES
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Bob Hogue Practice Exam 9/2021 With Questions And 100% ALL CORRECT ANSWES
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JACKLINEBob Hogue Practice Exam 9/2021 With Questions And 100% ALL CORRECT
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ANSWES
Terms in this set (117)
D)
What authority originates from the U.S. Constitution
Police power
and relates to protection of health and welfare of
citizens at local levels?
Police power - The authority of government to protect the property, life, health, and welfare of its
A)
citizens.
Situs
B)
Situs refers to prospective buyers' preference for a certain area.
Community protection power
C)
Escheat provides for a government, normally a state government, to take the property of an owner
Escheat
who dies intestate and who has no known heirs entitled
D)
to receive the property. The power of escheat is a practical solution to ensure that property is always
Police power
owned by someone.
,You have been hired to appraise the local public D)
library building. The approach that is likely to be the cost approach.
MOST relevant is the
A) single-family homes / a vacant lot in an established neighborhood - sales comparison approach
comparable sales approach.
B) income-producing property - income approach
income approach.
C) special-purpose properties like hospitals, schools, or government buildings, newly constructed
public land and property approach. homes, cross-checking the other two approaches - cost approach
D)
cost approach.
Three claimants are requesting relief from the Real D) $50,000
Estate Recovery Fund. All three claimants were The maximum payment from the fund for a single transaction is $50,000
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
T / F - Brokers and sales associates should NOT T - Unless they are also attorneys, brokers and sales associates who prepare such legal documents
prepare deeds, mortgages, or promissory notes. could jeopardize their real estate licenses.
T / F - A buyer brokerage agreement is an T - A buyer brokerage agreement is an employment contract with a buyer.
employment contract between the brokerage and a
buyer.
T / F - The statute of limitations for an oral contract is F - The statute of limitations for an oral contract is four years.
five years.
T / F - Love and affection is an example of valuable F - Love and affection is an example of good consideration because it cannot be measured in terms
consideration. of money.
,T / F - An implied contract is one in which some or T - With an implied contract, the obligations or conditions of the contract may be reasonably implied
all of the obligations or conditions of a contract are by the acts of the parties or by the nature of the transaction.
NOT stated expressly.
T / F - A signed sale contract between the time of F - A sale contract between the time of signing and the time the title is conveyed from the grantor to
signing and the time of title closing is an executed the grantee is an executory contract.
contract.
T / F - A real estate contract that includes a radon T - A real estate contract that includes a radon contingency is voidable because if the contingency is
gas contingency is a voidable contract. not satisfied and released, the offer and acceptance element of an enforceable contract is not met.
T - A bilateral contract obligates both parties to perform in accordance with the terms of the
T / F - A real estate sale contract is an example of a
contract. A sale contract is a bilateral contract because both the seller and the buyer are obligated
bilateral contract.
to perform.
F - The offeree is the person receiving the offer.
T / F - The person making an offer is the offeree. makes offer - offeror
receives offer - offeree
T / F - An electronic signature can be accepted as T - Letters and other written communications, including a signature, may be sent by electronic means
part of a real estate contract. 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 C. Truth in Lending Act (TILA)
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.
, Constructive notice is C)
A) provided by recording in the public records.
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.
A developer who wants to develop a new A)
subdivision must submit a subdivision plat map to the planning commission.
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.
Which individual must hold an active real estate A)
license? A person who sells time-share periods for customers
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
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