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BOB HOGUE - PRE LIC. TEST QUESTIONS AND ANSWERS
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BOB HOGUE - PRE LIC. TEST QUESTIONS AND ANSWERS
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BOB HOGUE - PRE LIC. TESTQUESTIONS AND ANSWERS
"Nolo contendere" is a term that means
A)no one witnessed the signature.
B)no contest.
C)no compensation is paid for services.
D)property was seized from the owner. - Answer-B
315 apartments are rented in a 350-unit apartment building. What is the building's
occupancy rate?
A)
90 percent
B)
95 percent
C)
75 percent
D)
80 percent - Answer-A
A borrower does NOT have the right to cancel which loan contract within three business
days?
A)
Second mortgage on vacation home
B)
15-year mortgage to purchase a home
C)
15-year mortgage loan to refinance home at a lower interest rate
D)
Home equity line of credit - Answer-B
A broker licensee is the broker for two independent real estate brokerages. Which
statement applies to this situation?
A)
The broker must request and be issued a group license.
B)
The broker licensee may only be the broker for one Florida real estate company.
C)
The broker must register as a broker associate for one of the real estate companies.
D)
The broker must request and be issued multiple broker licenses—one for each
brokerage company. - Answer-D
,A broker made a request to the Commission that it issue an escrow disbursement order
(EDO) regarding disputed escrowed funds. Prior to the EDO being issued, the escrow
dispute was settled between the parties. How long does the broker have to notify the
FREC that the matter has been resolved?
A)
30 calendar days
B)
24 hours
C)
10 business days
D)
15 business days - Answer-C
A broker places an earnest money deposit into the broker's business operating account.
The broker can be disciplined for which violation?
A)
Misrepresentation
B)
Commingling
C)
Concealment
D)
Conversion - Answer-B
A broker who fails to pay an earnest money deposit at the title closing in accordance
with the contract for sale and purchase may be charged with which offense?
A)
Breach of contract
B)
Failure to account for and deliver
C)
Moral turpitude
D)
Commingling - Answer-B
A broker who has a good faith doubt regarding who is entitled to escrow funds should
take which action?
A)
Send a certified letter to the parties to the contract indicating that they will forfeit the
funds if they do not make a claim within 30 business days
B)
Notify the FREC in writing of the good faith doubt within 15 business days
C)
Institute one of the settlement procedures within 15 business days
D)
,Request an escrow disbursement order from the DBPR - Answer-B
A buyer has breached a real estate sale contract. The seller wants to recover damages
in excess of the earnest money deposit. Which remedy for breach should the seller
use?
A)
Compensatory damages
B)
Specific performance
C)
Liquidated damages
D)
Rescission on breach of contract - Answer-A
A buyer pays $198,000 for a home and secures a mortgage for 80 percent of the
purchase price. The mortgage is for 5 percent plus 2 points. How much did the buyer
pay in discount points?
A)
$3,168
B)
$3,960
C)
$2,810
D)
$792 - Answer-A
The solution is: $198,000 purchase price × .80 rate = $158,400 mortgage; $158,400
× .02 rate = $3,168.
A case in which the interest paid for borrowed funds is more than the overall rate of
return to an investor is an example of
A)
liquidity.
B)
yield.
C)
positive leverage.
D)
negative leverage. - Answer-D
A case is heard before an administrative law judge in a formal hearing. In such cases,
who renders the final order?
A)
Administrative law judge
B)
Attorney general
, C)
DBPR secretary
D)
FREC (with members who served on the probable-cause panel excused) - Answer-D
A city wants to acquire land for a fair price for the purpose of building a new interstate
ramp. The land is acquired through which legal process?
A)
Condemnation
B)
Adverse possession
C)
Escheat
D)
Foreclosure - Answer-A
A commercial property has a potential gross income of $75,000. Vacancy and collection
losses are 5 percent of PGI. Additional operating expenses total $16,500. Payments on
the first mortgage are $1,500 per month. Using a capitalization rate of 10 percent, which
amount is an accurate estimate of the property's value?
A)
$547,500
B)
$595,250
C)
$585,000
D)
$615,789 - Answer-A
A comparable property has one more bathroom than does the subject property. The
appraiser estimates the value of an extra bath at $30,000. How should the adjustment
be entered on the reconciliation?
A)
Decrease the value of the subject property by $30,000
B)
Increase the value of the comparable by $30,000
C)
Decrease the value of the comparable by $30,000
D)
Increase the value of the subject property by $30,000 - Answer-C
A contract specifies the amount of money that must be paid if the buyer defaults. Which
remedy for breach does this describe?
A)
Valuable consideration
B)
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