Exam (elaborations)

Florida Real Estate U Final Exam Questions and Answers 2024/2025 with verified solutions

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Florida Real Estate U

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Florida Real Estate U

Florida Real Estate U Final Exam Questions and Answers 2024/2025 with verified solutionsFlorida Real Estate U Final Exam Questions and Answers 2024/2025 with verified solutionsFlorida Real Estate U Final Exam Questions and Answers 2024/2025 with verified solutionsFlorida Real Estate U Final Exam Qu...

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florida real estate u
florida real estate
florida real estate u final exam questions and ans
florida real estate u final exam questions
florida real estate u final exam

Institution Florida Real Estate U
Course Florida Real Estate U

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Florida Real Estate U Final Exam Questions and
Answers 2024/2025 with verified solutions

Express Contract - ANSWER>>>A contract in which all elements of a contract are specifically stated (offer,
acceptance consideration)

Article 12-A - ANSWER>>>The primary purpose of this is to "protect the public".

18 years old - ANSWER>>>According to Article 12-A, how old must a salesperson be?

20 years old - ANSWER>>>According to Article 12-A, how old must a broker be?

Sponsor - ANSWER>>>This is a person who is a licensed real estate broker that holds a license of a
salesperson.

Misdemeanor - ANSWER>>>1 year in prison and/or $1,000 fine

Fiduciary - ANSWER>>>This is a person who on the behalf of or for the benefit of another transacts
business, money, or property.

Obedience, Loyalty, Disclosure, Confidentiality, Accountability, Reasonable Care - ANSWER>>>These are
the 6 fiduciary duties of an agent.

Obedience - ANSWER>>>In this fiduciary duty, agents must act in accordance to the client's demands
and instructions.

Loyalty - ANSWER>>>In this fiduciary duty, agents must work in the best interest of the client.

Disclosure - ANSWER>>>In this fiduciary duty, agents must communicate with the client and present all
offers.

Confidentiality - ANSWER>>>In this fiduciary duty, all information as described by the client must remain
so unless given permission in writing.

Accountability - ANSWER>>>This is one of the more serious fiduciary duties.

Reasonable Care - ANSWER>>>In this fiduciary duty, an agent may be liable for costly mistakes.

Listing Agreement - ANSWER>>>This is an employment contract between principal and agent,
authorizing the agent to perform services for the principal involving property.

Disclosure Regarding Real Estate Agency Relationship/ "Agency Disclosure Form" - ANSWER>>>This is a
written explanation signed by prospective buyer/seller explaining the role of the broker in the
transaction.

Disclosure Regarding Real Estate Agency Relationship/ "Agency Disclosure Form" - ANSWER>>>This is the
first document to be submitted to all prospective clients.

,Exclusive Right to Sell Agreement - ANSWER>>>This listing contract offers the most security to the
broker.

Exclusive Right to Sell Agreement - ANSWER>>>In this listing contract, the seller must work exclusively
with the broker to sell the property. The broker is entitled to a commission even if the seller finds a
buyer themselves.

Exclusive Agency Agreement - ANSWER>>>In this listing contract, the seller must work exclusively with
the broker to sell their property BUT the seller does not have to pay the broker a commission if they find
a buyer themselves.

Open Listing Contract - ANSWER>>>In this type of listing contract, the seller is allowed to work with any
broker who brings them a buyer. Only the broker who brings a buyer is entitled to a commission.

Open Listing Contract - ANSWER>>>This type of listing contract is an example of a unilateral contract.

Open Listing Contract - ANSWER>>>This type of listing contract is the riskiest type of listing contract for a
broker.

Principle - ANSWER>>>This is the employer of an agent or broker; the broker's or agent's client.

1)Independent contractor is NOT an employee 2)The agent does not have to work in a specific location
3)The broker cannot control the agent's work activities - ANSWER>>>3 Components of an Independent
Contractor Relationship

Price Fixing - ANSWER>>>Conspiring to establish fixed fees or prices for services or products is called...

Market Allocation - ANSWER>>>This is an agreement between members of a trade conspiring to refrain
from competition in specific market areas.

Bundle of Rights - ANSWER>>>This is the premise that the ownership of real estate consists of the
ownership of the various rights associated with it.

The right to use, sell, lease, bequeath, and quiet enjoyment - ANSWER>>>These are some of the bundle
of rights.

Littoral Rights - ANSWER>>>This is the right of a property owner whose land borders on a body of water,
such as a lake, ocean, or sea to reasonable use and enjoyment of the shore and water the property
borders on.

Riparian Rights - ANSWER>>>This is the right of a property owner whose land borders a natural water
course such as a river, to reasonable use and enjoyment of the water that flows past the property.

Specific Lien - ANSWER>>>A lien that only binds to a specific asset.

Voluntary Lien - ANSWER>>>A contractural or consensual lien that is created by an action taken by the
debt, such as a mortgage loan to buy real estate.

Tax Lien - ANSWER>>>A lien imposed by law upon a property to secure the payment of taxes.

Mechanics Lien - ANSWER>>>This type of lien applies to individuals or companies who have "supplied
labor or materials that improve a property."

, Mechanics Lien - ANSWER>>>This type of lien would be filed if a roofing contractor does not get paid for
work performed on a person's property.

Mortgage Lien - ANSWER>>>This is the most common type of lien.

Mortgage Lien - ANSWER>>>In this type of lien, a homeowner obtains a mortgage and if the mortgage is
not paid, the lender may exercise this type of lien and demand full payment of the loan through the sale
of the property (foreclosure).

Easement - ANSWER>>>A right to cross or otherwise use someone else property for a specified purpose.

Easement in Gross - ANSWER>>>A right to use in the land of another without the requirement that the
holder of the right own adjoining land.

Easement in Gross - ANSWER>>>This type of easement is commonly used by utility companies.

Easement by Necessity - ANSWER>>>This type of easement is used when a property owner is landlocked
and needs to cross an adjacent property to get access to their property.

Easement by Prescription - ANSWER>>>This type of easement is obtained by use of land without the
owner's permission for a legally prescribed length of time. In NY, the use must be open and obvious, and
must continue uninterrupted for 10 years.

10 years - ANSWER>>>This is the amount of time for an Easement by Prescription.

Vicarious Liability - ANSWER>>>A situation where one party is held responsible for the unlawful actions
of a third party.

Agency by Estoppel - ANSWER>>>This agency exists when a principal does not stop an individual from
representing his or her interests, creating an agency between the two.

Broker - ANSWER>>>This person pays a salespersons commission.

Sales Price - ANSWER>>>A salesperson's commission is a percentage of the...

Affirmative Easement Appurtenant - ANSWER>>>An easement that occurs when parcels without access
to a public way have an easement of access over adjacent land if crossing that land is absolutely
necessary to reach the landlocked parcel and there has been some original intent to provide the lot with
access.

Encumbrance - ANSWER>>>Any right or interest in the land interfering with its use of transfer, or
subjecting it to an obligation. Not being able to enjoy the property for one reason or another.

Full Covenant and Warranty Deed - ANSWER>>>A deed which conveys simply the grantor's rights or
interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or
any other covenants.

Quitclaim Deed - ANSWER>>>A deed that is usually used to remove a cloud from the title.

Full Covenant and Warranty Deed - ANSWER>>>This deed contains the broadest form of guarantee of
title and provides the greatest protection to the grantee.

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