Exam (elaborations)
FLORIDA REAL ESTATE SALES ASSOCIATE
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FLORIDA REAL ESTATE SALES ASSOCIATE
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FLORIDA REAL ESTATE SALES ASSOCIATEA suit for specific performance or Buyer gets deposit returned, but, not both - Answers -
Which remedies are available when a seller breaches a contract?
Right of redemption - Answers -What term refers to the right of a mortgagor to stop a
foreclosure process by paying the entire balance, interest, and so on?
Purchase money mortgage - Answers -Which type of mortgage is known as seller
finacing?
Note - Answers -Where are the interest rate, payment, and other terms of a loan found?
The mortgage serves as a lien against the property - Answers -Which statement is
correct in a lien-theory state such as Florida?
The early payments are mostly interest - Answers -Which of the following is a
characteristic of an amortized or level payment mortgage?
Accertion - Answers -Which term refers to the process of sand deposits building up over
time, causing an increase in land?
Fee simple - Answers -Which estate or tenancy is the most comprehensive?
Police power - Answers -Which term refers to the government's right to limit or control
the actions of citizens in the form of such things as zoning codes and building codes?
Condemnation - Answers -Which process is used by the government to take private
land for public use?
Direct capitalization - Answers -The present value of a future cash flow is the basis for
which appraisal technique?
Credit the buyer and debit the seller - Answers -How would a purchase money
mortgage appear on a closing statement?
27.5 years straight-line - Answers -What method can be used to depreciate residential
real estate purchased after 1986?
Potential gross income - Answers -What is the name for the annual income that an
investment property could make with no vacancies or collection losses?
A form of owner financing - Answers -What is a contract for deed, or land contract?
, A real estate license - Answers -What is required for a person who represents
themselves as a business broker?
Assets - Answers -Which term refers to the tangible and intangible resources of a
business?
Goodwill - Answers -Which asset is the most difficult to set a dollar value on for a
business?
Positive leverage - Answers -John has the opportunity to invest in a property with a 9%
return. He can borrow the money at an investment rate of 7%. Which investment
characteristic exists?
Real estate property taxes - Answers -What are ad valorem taxes?
April 1 of the following year - Answers -When do property taxes in Florida become
delinquent?
County property appraiser - Answers -Who can assess property for tax purposes?
Green belt law - Answers -Which law requires farmland near an urban area to be valued
the same as more distant farmland for tax purposes?
The gain is exempt from tax - Answers -The Johnsons have lived in their home for the
last four years. Now they are selling and expect a profit of nearly $200,000. Which
statement applies?
2 - Answers -Failure to pay property taxes will lead to the sale of tax certificates. In
order to force the sale of the property, how many years must the investor wait?
Police power - Answers -Which governmental power authorizes a city to make zoning
laws?
Nonconforming use - Answers -A convenience store existed at a location prior to zoning
law changes that would have disallowed it. Under which type of exception can the store
remain?
Communites are divided into districts based on use - Answers -What results from
zoning laws?
Two county commissioners, one school board member and two private citizens -
Answers -What is the membership composition of the value adjustment board?
Zoning variances - Answers -Local planning agencies have the final authority for all of
the following, EXCEPT:
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