Florida Real Estate Exam TEST Questions WITH 100% Correct Answers LATEST UPDATE
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Course
Florida Real Estate
Institution
Florida Real Estate
Florida Real Estate Exam TEST Questions WITH 100% Correct Answers LATEST UPDATE
How is the binder deposit shown on the closing disclosure form? - Answer-Credit Buyer ONLY
/.What is the status of a sales associate's license if he/she does not complete the required post licensing education pr...
Florida Real Estate Exam TEST Questions WITH 100%
Correct Answers LATEST UPDATE
How is the binder deposit shown on the closing disclosure form? - Answer-Credit Buyer
ONLY
/.What is the status of a sales associate's license if he/she does not complete the
required post licensing education prior to his/her first renewal cycle? - Answer-Null and
void. (anytime you see this on the test that ask about License status and has the word
post, this is going to be the answer)
/.How many sections are in a township? - Answer-36 sections, 36 square miles
/.Which mortgage clause allows the mortgagee the right to demand the outstanding loan
balance plus accrued interest in the event that the borrower sells or transfers any
interest in the property without the lender's prior written consent? - Answer-due on sale
clause
/.What requirement does apply regarding dwellings built prior to 1978? - Answer-1.
Sellers and lessors must disclose the presence of known lead-based paint in residential
dwellings.
2. Seller must provide the buyer with a disclosure regarding the dangers to led based
paint and BUYERS must acknowledged that they received that disclosure.
3. Sellers must give buyers an EPA preapre pamflet
4. must give 10 day period to inspect for led. Buyers do not have to inspect and seller
does not cover that if they do.
/.Two close friends own a daycare center as joint tenants with right of survivorship. One
owner passed away? Who owns the daycare center? - Answer-The surviving owner
becomes sole owner of the daycare center by operation of law.
/.What are the different types of freehold estate? - Answer-
/.The subject property is a three-bedroom, two-bath home. A comparable property is a
three-bedroom, two and one-half-bath home. An appraiser has determined that the
extra half bath is worth about $2,200. What adjustment should the appraiser make? -
Answer-Subtract $2,200 from the comparable's transaction price.
/.Which of the following is incorrect concerning FHA and VA mortgages? - Answer-VA is
a government insured loan and could be accompanied by an origination fee.
, /.Which of the following liens would take priority? - Answer-Property tax lien filed on
January 14, 2018.
/.what are superior liens vs junior liens? - Answer-
/.How is the intangible tax typically noted on the Closing Disclosure Statement? -
Answer-Buyer debit only.
/.Which of the following is a penalty for a first-time minor violation that is not
accompanied by a fine? - Answer-A notice of non-compliance
/.A father intended to leave his house to his son and executed a general warranty deed
to the property and gave it to his son. Shortly after, the father died, before the deed
could be recorded. Which applies? - Answer-The son has title to the property because
title to the property was conveyed when the father delivered the deed to his son and his
son voluntarily accepted it.
/.Which of the following clauses or covenants in a deed states that the grantor owns the
property and has the right to convey it? - Answer-Covenant of seisin
/.Which expenses associated with a principal residence are deductible for income tax
purposes? - Answer-Property taxes, mortgage interest, points, and mortgage loan
origination fees
/.If a sales associate picks up an escrow check on Tuesday, when does the broker have
to deposit it into the escrow account? - Answer-Immediately, as defined, by Friday
/.If the title company is holding the escrow check, what must be on the purchase and
sales contract regarding the title company? - Answer-The name, address, and phone
number of the title company
/.A broker sold an up-to-date and accurate rental list to a customer on June 10th for
$475.00 On June 14th the customer decided not to obtain a rental and then orally
demanded, and should receive, how much of a refund? - Answer-$356.25 (75%)
/.Which statement is true concerning the primary mortgage market and the secondary
mortgage market? - Answer-1. The existence of a secondary mortgage market allows
lenders to have stable cash flow so that they can originate more new loans.
2. Fannie Mae is the largest participant in the secondary mortgage market.
3. The primary mortgage market consists of lenders that originate new mortgage loans
for borrowers.
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