State Exam FLORIDA REAL ESTATE Questions and Answers 100% Pass

State Exam FLORIDA REAL ESTATE Questions and Answers 100% Pass When money is paid out of the RE recovery fund, on behalf of a Florida Real Estate the licensee's license will be automatically suspended, the max. amount that can be reimbursed is $50,000, the judgement holder cannot be reimbursed for attorney's fees and court costs Which of the following is true regarding the Florida RE commission? Two members do not have to have a Florida Real Estate license The Fair Housing Act prohibits discrimination based on Race, color, religion, national origin, sex, familial status, handicap A piece of property that is 400 feet by 325 feet is 3 acres The truth in lending act gives a consumer the right to rescind a mortgage secured by his homestead Who can renew their initial Florida real estate license without post license education? A person that graduated with a university with a 4 year degree in real estate Which of the following words are synonyms? vendor-seller If an adult enters into a contract with a child this contract can be enforced in a court by the child Price Fixing is a violation of Sherman-clayton antitrust law In a joint tenancy has the right of survivorship and owners acquire interest at the same time An expressed contract is unambiguous To become the chairman of the Florida Real Estate Commission a member is elected by his or her peers A florida Real Estate license has an expiration date on it, expires biennially, serves as prima facie evidence that the holder is properly licensed Florida Real estate licensee cannot promise to re-purchase property back in the future unless a guaranteed re-purchae agreement has been approved by the state of florida A florida real estate salesman must turn escrow money over to his broker before the end of the business day following the day he received the money A florida real estate broker can have an interest bearing escrow account Which of the following would a buyer certainly not get at closing certificate of title When the gov. exercises the power of eminent domain, which of the following statements is NOT true Homestead will protect a widow from eminent domain When a person dies intestate with no heirs Their Real Estate passes to the Florida gov. through a process called escheat Actual notice is something you have learned by reading, seeing, or hearing Minnie Me mortgage back securities carry the full faith and credit guarantee of the US gov. The combining of two or more adjacent properties into one tract to increase the usability and value of the resulting consolidation is Assemblage One advantage of real estate as an investment is it is easy to leverage Positive leverage occurs when the benefits from borrowing exceed the costs of borrowing Which of the following is an encumbrance? lien If a corporation had a blanket mortgage on a property they were developing they would need partial release clause If the title to a property is marketable there are no title defects When can a license be suspended immediately? When the secretary of the DBPR issues an emergency suspension Jones Vs. Meyer is a famous lawsuit that upheld the Civil Rights Act of 1866 Inheritability in Title comes with Tenants in Common Real Estate Tax Prorations are typically entered as credit to the buyer, credit to the seller A tenancy at will can be terminated by either party giving notice, can be a month to month rental agreements and either party can terminate with 15 days notice to the other party, can be written or oral Which of the following comes from the Florida Constitution Homestead rights Which tax is Ad valorem Real estate property tax When a licensee is given a notice of noncompliance That licensee has 15 days to correct a minor infraction Money will be paid from the Real Estate Recovery Fund when A judge rules against an FREC decision in a court of law A VA loan has no legislated maximum loan amount Disintermediation is when normal people borrow money from sources other than financial institutions The office of Thrift Supervision regulates saving association If a broker takes money for a landlord, she must put the money in her escrow account If a builder bough a lot for $40,000 and built a h ouse on that lot. It cost him $200,000 to build the house. He hired an appraiser to appraise the house. The appraiser said it is worth $295,000. A young couple offered to buy the house for $280,000 and the builder agreed. The cost of the house is $240 and the value is $295 Which of the following does not depreciate? land The Federal Reserve System can increase the money supply by decrease reserve requirements An applicant for mutual recognition must have a real estate license in another state The buyer and the Seller have what kind of relationship? Arm's length Which is not an acceptable method to resolve a disputed escrow deposit? writ of mandamus The minimum escrow deposit is there is no minimum Lead Based Paint causes neurological damages if eaten A florida Real estate license expires in 4 years A broker does not disclose a material fact to his customer this is concealment A real estate purchase and sale contract signed by buyer and seller A real estate license can remain involuntary inactive for a max of 2 years A lender's Title insurance policy will transfer if the mortgage assigns the mortgage to another mortgagee A real estate salesperson can draw up a lease only if she uses a particular form in residential transaction skip skip the section located due south of section 33 is in the section 4 How far is it from the North border of section 16 to the South border section 4 one mile why does the prime meridian and the base line intersect in tallahassee? Because this was the point dictated by the Federal government When evaluating a business, the difference between asset and liabilities is net worth How many square miles in a section 1 The recipient of a Power-of-Attorney is called an attorney in fact The Naval Base in Pensacola is a base industry who can bid at a foreclosure auction mortgagee, mortgagor, a real estate with an active florida real estate license An outline of the charges against a licensee is called a formal complaint The florida Real estate commission cannot imprison a licensee Where does the money in the Florida Real Estate Recovery Fund come from? the money is collected from licensees The maximum time a florida real estate license can be suspended is 10 years The Tax Reform Act of 1997 excludes up to $250,000 of capital gain tax on a sale of a principal residence if you are single Which type of depreciation is curable home with broken a/c over improvement 15 year house with peeling paint a 15 year old house with ugly peeling paint The ration between a property's gross monthly income and its selling price is known as gross RENT multipler The most advantageous type of listing to a real estate licensee is exclusive right of sale Which of the following is tax deductible on your primary residence? mortgage interest A notice of a pending legal action is a lis-pendens A transaction broker has the duty of skill, care, and diligence A florida real estate license is revoked with prejudice when a license was issued by mistake If a person does not pay their real estate property tax the property will be sold at a tax deed auction A florida real estate agent sold a property on sept 9, 2011. On Oct. 1 2011 that agent's license becomes involuntary inactive. when that transaction closes on Oct. 20, 2011... that agent will be paid Which of the following is a material fact? the roof leaks If a real estate broker advertise a house for $500 down payment this is considered a tiger term and requires the TILA-mandatory verbiage If you buy a residential condo you can rescind your contract within 15 days if you are buying from a developer if you are buying from the 2nd owner you have 3 days to rescind the contract if the condo is new, the purchases must be given a prospectus by the developer The warrant of a seizen in a deed is a promise from the seller to the buyer that the seller really owns the property A deed is signed by Grantor and 2 witnesses In an amortized mortgage every month the principle payment increase When property is bought subject to the mortgage intangible tax on the mortgage is not paid the grantee is not responsible to pay the note the mortgage could sue the original owner for a deficiency judgement A buyer earns $6000 per month in a gross income and the housing expense is $1680 what is this buyer's housing expense ratio 28% The gov. philosophy of Laissez-Faire is a belief that the gov. does not need to interfere in a private business matter The planning commission is part of a local government and the members are appointed Farmer Brown has 40 acres of land. Developer Bob has money and expertise. They get together to develop the land, turn it into a subdivision and sell the lots. This is a joint venture If a real estate brokerage is arranged as a limited partnership the limited partners are not required to register with the DBPR A florida licensed real estate school A is using an other Fl licensed real estates school B's name in its advertising to fool the consumer into thinking they are in a partnership. School A and School B are ostensible partners