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Bob Hogue Florida Real Estate Final Exam QUESTIONS & ANSWERS 100% SOLVED.
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Bob Hogue Florida Real Estate Final Exam QUESTIONS & ANSWERS SOLVED.
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Bob Hogue Florida Real Estate FinalExam QUESTIONS & ANSWERS
SOLVED
In ,Florida, ,real ,property ,is ,assessed ,on ,January ,1 ,of ,each ,year, ,and ,property ,taxes ,become ,a ,lien ,on
,the ,property ,on ,- ,(correct ,answer) ,-January ,1, ,the ,same ,year.
Failure ,to ,comply ,with ,the ,statute ,of ,frauds ,will ,result ,in ,- ,(correct ,answer) ,-
an ,unenforceable ,contract.
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 ,a
ccident. ,She ,is ,also ,legally ,blind. ,What ,is ,her ,cumulative ,county ,tax ,exemption ,on ,her ,homesteaded ,
residence? ,- ,(correct ,answer) ,-$51,000
A ,developer ,who ,wants ,to ,develop ,a ,new ,subdivision ,must ,submit ,- ,(correct ,answer) ,-
a ,subdivision ,plat ,map ,to ,the ,planning ,commission.
Individuals ,who ,solicit ,mortgage ,loans, ,accept ,applications ,for ,mortgage ,loans, ,and ,negotiate ,the ,ter
ms ,of ,new ,mortgage ,loans ,on ,behalf ,of ,a ,borrower ,are ,called ,mortgage ,- ,(correct ,answer) ,-
loan ,originators.
The ,following ,taxes ,were ,paid ,at ,the ,closing ,of ,a ,new ,home: ,
$1,540 ,state ,documentary ,stamp ,tax ,on ,the ,deed, ,
$693 ,state ,documentary ,stamp ,tax ,on ,the ,note, ,and ,
$396 ,state ,intangible ,tax ,on ,the ,mortgage. ,What ,was ,the ,purchase ,price ,of ,the ,home? ,- ,
(correct ,answer) ,-$220,000
Which ,statement ,is ,FALSE ,regarding ,advertising? ,- ,(correct ,answer) ,-
The ,brokerage ,firm's ,address ,is ,required ,in ,all ,advertising.
,A ,broker's ,license ,was ,involuntary ,inactive ,for ,two ,years ,and ,one ,month. ,To ,operate ,again ,as ,an ,ac
tive ,licensee, ,the ,broker ,must ,complete ,- ,(correct ,answer) ,-
FREC ,Course ,I ,and ,pass ,the ,sales ,associate's ,licensing ,exam.
A ,comparable ,property ,has ,one ,more ,bedroom ,($8,000) ,and ,is ,on ,a ,slightly ,larger ,lot ,
($2,000) ,than ,the ,subject ,property. ,The ,comparative ,market ,analysis ,requires ,a ,net ,adjustment ,of ,- ,
(correct ,answer) ,-minus ,$10,000 ,to ,the ,comparable ,property.
If ,a ,seller ,refuses ,to ,pay ,a ,broker ,her ,sales ,commission ,after ,the ,residential ,property ,is ,sold, ,the ,br
oker ,may ,- ,(correct ,answer) ,-file ,a ,suit ,in ,the ,courts ,for ,her ,commission.
Which ,variable ,does ,NOT ,influence ,demand? ,- ,(correct ,answer) ,-Availability ,of ,construction ,loans
A ,property ,closes ,on ,June ,10, ,with ,the ,day ,of ,closing ,charged ,to ,the ,buyer. ,The ,buyer ,is ,assuming ,t
he ,seller's ,mortgage ,loan ,with ,its ,principal ,balance ,of ,
$227,500 ,at ,4.5% ,interest. ,Which ,entry ,will ,appear ,on ,the ,Closing ,Disclosure? ,- ,(correct ,answer) ,-
Debit ,to ,seller ,and ,credit ,to ,buyer ,in ,the ,amount ,of ,$252.43
The ,formula ,to ,calculate ,the ,overall ,capitalization ,rate ,is ,- ,(correct ,answer) ,-NOI ,÷ ,value ,(or ,price).
The ,owner ,of ,a ,hardware ,store ,has ,filed ,for ,bankruptcy ,and ,the ,real ,estate ,is ,up ,for ,sale. ,The ,mone
y ,that ,the ,property ,will ,bring ,at ,auction ,is ,BEST ,described ,as ,which ,type ,of ,value? ,- ,(correct ,answer)
,-Liquidation ,value
The ,duties ,of ,a ,real ,estate ,licensee, ,owed ,to ,a ,buyer ,or ,a ,seller ,who ,engages ,the ,real ,estate ,license
e ,as ,a ,single ,agent, ,do ,NOT ,include ,- ,(correct ,answer) ,-
limited ,confidentiality, ,unless ,waived ,in ,writing ,by ,a ,party.
Which ,property ,is ,NOT ,covered ,under ,the ,Fair ,Housing ,Act? ,- ,(correct ,answer) ,-
Commercial ,property
Which ,statement ,does ,NOT ,describe ,a ,planned ,unit ,development? ,- ,(correct ,answer) ,-
Industrial ,parks ,are ,a ,welcomed ,offshoot ,of ,the ,PUD ,concept.
Requirements ,of ,a ,valid ,deed ,do ,NOT ,include ,- ,(correct ,answer) ,-signature ,of ,a ,competent ,grantee.
You ,have ,been ,hired ,to ,appraise ,the ,local ,public ,library ,building. ,The ,approach ,that ,is ,likely ,to ,be ,th
e ,MOST ,relevant ,is ,the ,- ,(correct ,answer) ,-cost ,approach.
In ,relation ,to ,section ,1 ,of ,a ,township, ,section ,12 ,is ,due ,- ,(correct ,answer) ,-south.
The ,bundle ,of ,legal ,rights ,associated ,with ,real ,property ,ownership ,does ,NOT ,include ,the ,right ,of ,- ,
(correct ,answer) ,-intent.
Constructive ,notice ,is ,- ,(correct ,answer) ,-provided ,by ,recording ,in ,the ,public ,records.
Which ,expense ,is ,subtracted ,to ,derive ,NOI? ,- ,(correct ,answer) ,-Vacancy ,and ,collection ,losses
, Eligible ,homestead ,owners ,may ,transfer ,up ,to ,what ,amount ,of ,their ,Save ,Our ,Homes ,
(SOH) ,benefit ,from ,their ,previous ,homestead ,to ,a ,new ,homestead? ,- ,(correct ,answer) ,-$500,000
The ,original ,law ,requiring ,that ,the ,annual ,percentage ,rate ,be ,disclosed ,to ,consumers ,was ,the ,- ,
(correct ,answer) ,-Truth ,in ,Lending ,Act.
A ,title-theory ,state ,is ,one ,in ,which ,a ,mortgage ,- ,(correct ,answer) ,-
transfers ,title ,to ,the ,lender ,or ,escrow ,agent ,until ,the ,loan ,is ,paid.
Local ,government ,exercises ,its ,greatest ,effect ,on ,the ,real ,estate ,business ,by ,- ,(correct ,answer) ,-
using ,zoning, ,taxation, ,and ,the ,planning ,process.
A ,single ,agent ,broker ,received ,an ,offer ,on ,a ,listed ,property ,at ,the ,seller's ,price ,and ,terms. ,Before ,in
forming ,the ,seller, ,the ,broker ,received ,a ,higher ,offer. ,The ,broker ,submitted ,only ,the ,first ,offer, ,and ,
the ,seller, ,his ,principal, ,accepted ,it. ,The ,broker ,- ,(correct ,answer) ,-
has ,violated ,his ,fiduciary ,duty ,to ,his ,principal.
Which ,estate ,includes ,the ,right ,of ,survivorship? ,- ,(correct ,answer) ,-Joint ,tenancy
A ,mortgage ,in ,which ,changes ,in ,the ,interest ,rate ,may ,cause ,changes ,in ,the ,monthly ,payment ,amou
nt ,is ,called ,- ,(correct ,answer) ,-an ,adjustable-rate ,mortgage.
Which ,statement ,is ,FALSE ,regarding ,a ,corporation ,for ,profit ,that ,is ,doing ,business ,as ,a ,real ,estate ,b
roker? ,- ,(correct ,answer) ,-All ,stockholders ,must ,be ,registered ,with ,the ,FREC ,as ,inactive ,brokers
Which ,secondary ,market ,participant ,is ,a ,guarantor ,of ,government-insured ,and ,government-
guaranteed ,loans? ,- ,(correct ,answer) ,-Ginnie ,Mae
Sales ,associate ,Terry ,Stoufer ,may ,have ,which ,information ,entered ,on ,his ,license, ,if ,applicable? ,- ,
(correct ,answer) ,-Terry ,Stoufer, ,LLC
When ,the ,parties ,to ,a ,contract ,state ,the ,terms ,of ,the ,contract ,and ,show ,their ,intentions ,in ,words, ,
either ,orally ,or ,in ,writing, ,what ,type ,of ,contract ,classification ,has ,been ,created? ,- ,(correct ,answer) ,-
Express
A ,real ,estate ,company ,represents ,a ,motel ,owner ,who ,wishes ,to ,list ,one ,of ,his ,motels ,for ,sale. ,The ,
owner ,has ,told ,the ,listing ,agent ,that ,he ,does ,not ,want ,to ,sell ,the ,motel ,to ,any ,racial ,minorities. ,W
hich ,statement ,is ,TRUE? ,- ,(correct ,answer) ,-
To ,refuse ,to ,sell ,or ,lease ,any ,real ,property ,based ,on ,a ,party's ,race ,is ,a ,violation ,of ,the ,federal ,Civil ,
Rights ,Act ,of ,1866.
A ,homesteaded ,property ,is ,located ,in ,Jupiter, ,Florida, ,in ,Palm ,Beach ,County. ,The ,property ,has ,been
,assessed ,at ,
$185,000. ,The ,city ,tax ,rate ,is ,8.8 ,mills, ,the ,county ,tax ,rate ,is ,9.3 ,mills, ,and ,the ,school ,board ,levy ,is ,
6.5 ,mills. ,The ,owner ,is ,a ,widow ,and ,has ,qualified ,for ,and ,received ,homestead ,tax ,exemption. ,How ,
much ,will ,the ,owner ,pay ,in ,property ,taxes? ,- ,(correct ,answer) ,-$3,471.20
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