Bob Hogue Practice Exam Questions With
Correct 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 - answer✔✔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. - answer✔✔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 - answer✔✔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.
- answer✔✔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. - answer✔✔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. - answer✔✔F - The statute of
limitations for an oral contract is four years.
T / F - Love and affection is an example of valuable consideration. - answer✔✔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. - answer✔✔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. - answer✔✔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. -
answer✔✔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. - answer✔✔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. - answer✔✔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. - answer✔✔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. - answer✔✔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. - answer✔✔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. - answer✔✔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)
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 Thebright. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
