Bob Hogue Practice Exam Review Questions
And Correct Answers
A transaction broker does NOT have which duty?
Full fiduciary duties to both the buyer and the seller
Which individual is exempt from the cotinuing education requirement?
Real estate licensee who is also a Florida attorney in good standing with the Florida bar
A mortgage in which challenges the interest rate may cause changes in the monthly payment
amount is called
an adjustable-rate mortgage
A man is a 72-year-old retired college professor. The local lender to whom the man applied for a
30-year mortgage denied the man's loan application, even though he has sufficient income from
his pension plan and an excellent credit history
The lender's actions violate the Equal Credit Opportunity Act.
Which term refers to a situation where, during the early years of a loan, the principal balance
increases?
Negative amortization
You are apprasising a five-year-old, single-family home. The livable area is 60feet by 50 feet.
The garage is 24 by 20 feet. According to figures obtained from a cost-estimating service, the
base construction cost per square foot of livable area is $103 and $92 per square foot for the
gargae. Calcualte the reproduction cost new of the structure.
$353,160
If a seller refuses to pay a broker her sales commission after the residential property us sold, the
broker may
file a suit in the courts for her commission.
Which information must be disclosed to all prospective buyers?
The home is situated in a flood-prone area.
A seller transfers title to a buyer with a general warranty deed. In which clause of the deed does
the seller define the quality of ownership interest conveyed to the buyer?
Habendum
Which valuation assignment is exempt from USPAP requirements?
Broker's price opinion prepared for a lender concerning a short sale.
An individual who typically finds a tenant for property and collects a fee is referred to as
a rental agent
An example of an ad valorem tax is
a property tax
A seller listed a home for $200,000 and agreed to pay a comission rate of 5%. The listing
agreement required the listing office and the selling office to share the commission on a 50-50
basis. The home was sold four weeks later for 90% of the list price. The listinf broker paid the
listing sales associate 50% of the listing office's commission. The selling broker paid the selling
associate 60% of the selling office's commission. How much commission did the selling sales
associate recieve?
$2,700
What variable does NOT influence demand?
Availability of construction loans
Local government exercises its greatest effect on the real estate business by
using zoning, taxation, and the planning process.
A real estate broker is accused of taking money from the company escrow account to pay
personal expenses. The broker decided that she does not want to go through the hearing process
so the broker turns over her real estate license to the DBPR. What term describes this situation?
Voluntary relinquishment for permanent revocation
Which entity is a primary mortgage lender that does NOT accept deman deposits?
Mortgage lenders
Title to real property is techinically conveyed when the deed is
voluntarily delivered and voluntarily accepted
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