Exam (elaborations)
MISSISSIPPI REAL ESTATE FINAL EXAM QUESTIONS AND ANSWERS
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MISSISSIPPI REAL ESTATE FINAL EXAM QUESTIONS AND ANSWERS
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1-154 of 154Salesperson Jerri helped her sister Summer get a job with Calhoun Title Company. As
a way of saying thanks, Summer sends Jerri a $200 referral fee from the Title Company
for every transaction that Jerri closes through Calhoun Title. Knowing Florida real
estate law, Jerri had a lawyer friend add a phrase in her sale and purchase
documentation stating that the buyer "agrees to use Calhoun Title Co." Which of the
following statements is accurate regarding this situation?
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, Florida law prohibits a title company from paying a referral fee to anyone
recommending the use of its services, or as a reward for those who do.
The seller under a land contract is called
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The vendor
At age 18, Leslie is considering what to do when she graduates from high school in 9
months. Can she begin taking prelicense coursework during her final year of high
school?
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Yes, but she cannot be licensed until she receives her high school diploma.
Can brokers provide Legal Advice?
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No, Brokers should not provide legal advice unless they are also a lawyer.
To comply with the statutes, which of the following actions must broker Haley take
when she moves her office from Winter Park to Sanford?
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She must notify the Commission within 10 days of her change of address by
sending the required form along with a list of licensees no longer
associated with the firm.
With regards to appraisal services, which of the following holds TRUE?
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The law allows brokers and sales associates to provide valuation services
for compensation as long as they do not represent themselves as
appraisers.
A mortgage broker
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arranges loans between borrowers and investors.
What is the acronym for the process of adverse posession to take place in Florida?
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P.O.A.C.H.
, The Smiths' purchased a residence for $750,000. They made a down payment of
$150,000 and agreed to assume the seller's existing mortgage, which had a current
balance of $230,000. The Smiths' financed the remaining $370,000 of the purchase
price by executing a second mortgage whereby the seller became a mortgagee. This
type of loan is called a
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part purchase mortgage
In which of the following markets may a lender sell a loan that a mortgage banker has
previously originated?
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Secondary market
What is the correct term for a Florida real estate licensee working under the direction
of a broker?
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Real estate sales associate
An owner advertised "beautiful acreage; only $5,000 down; owner will personally
finance down payment." Would this be in violation of the Truth in Lending Act?
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