Retake Final Exam | FL-RE-SL-PRE

A licensed Florida real estate broker resides in Panama City, Florida. The broker decides to keep open his real estate office in Panama City but reside in Mississippi. Which statement applies to this situation?

FREC rules define a resident of Florida as a person who

Recording a mortgage instrument in the public records is an example of which type of notice?

In order to enlarge your home by extending the side of your home beyond the setback boundary, you must first obtain

A buyer is purchasing a new condominium from the developer. After receipt of the condominium documents, within how many days does the buyer have the right to rescind the contract?

A sales associate received an earnest money deposit at 9:00 am on Saturday. The sales associate is required to deliver the deposit to the broker by the end of business on

Which duty is ONLY required in single agent relationships?

Which instrument is usually recorded?

Which document must a developer of more than 20 new residential condo units give to prospective buyers?

A licensed sales associate who works for a property management company informs a client that the associate has found a tenant for her residence. The client asks the sales associate, “Do they have dark skin?” How should the sales associate reply?

Which disclosure form MUST be signed by the buyer and the seller in certain nonresidential transactions where two associates act as single agents for the buyer and the seller in the same transaction?

Which business entity may NOT register as a real estate broker?

Which type of contract will be upheld in a court of law?

In Florida, when a mortgage loan is paid off, which instrument is prepared by the lender and given to the borrower?

A sales associate has held an active Florida license for one year. The associate wants to become licensed as a real estate broker. To be eligible for a broker’s license, the sales associate MUST

An applicant has completed all requirements for a real estate sales associate license. The recently licensed applicant has agreed to work for a broker at a local real estate office. The new licensee may

A tenant signs a six-month rental agreement. The owner of the rental unit hires a property manager to collect rent and oversee the unit’s maintenance. Who holds a leasehold estate in the rental unit?

A seller has retained the oil rights to a parcel of land he is selling. The seller is retaining which type of property rights?

An applicant is a former active duty member of the U.S. Air Force. The applicant holds a valid Michigan real estate license. To become a Florida real estate licensee, the applicant MUST

Which legal instrument states the loan amount, interest rate, repayment method, and maturity date?

An elderly couple has paid off their 30-year mortgage in full. They receive Social Security and a pension. The couple is in need of additional income due to increasing medical expenses. What type of mortgage might be beneficial in this situation?

A buyer and a seller are disputing a contract for sale and purchase. They agree to submit the matter to a third party who will make a binding determination regarding the matter. This type of settlement is called

A buyer did NOT receive a Homeowner Association Disclosure at the time of entering into a sale and purchase agreement with the seller. The sale and purchase agreement is which type of contract?

A licensed sales associate decides to have personalized key rings made. Which statement is TRUE regarding the key rings?

Part III of Florida Statute 475 pertains to

A seller lists his property with a brokerage company. However, the seller reserves the right to NOT pay a commission if he sells the property. What type of listing is this?

A prospective purchaser of a residential condominium unit sends written notification to the listing broker stating her desire to cancel the contract within the allowable rescission period. The seller instructs the broker to retain the earnest money deposit as liquidated damages. The broker is legally authorized to

A broker who chooses to maintain an escrow account may NOT establish the account in

Right of survivorship is contained in which tenancy?

Which standard can be used for judging whether an item is a fixture?

Which type of legal description is used only where plat maps have been recorded in the public records?

Homeowners association disclosure law is governed by which Florida statute?

Which type of deed warrants only the acts by the grantor or the grantor’s representatives and is most often given by large corporations?

If applicable, prorated rental income paid in advance will normally appear on the closing disclosure as

The subject property has a pool; the comparable property, which sold for $253,500, has no pool (rated as a price differential of $21,500). The appraisal adjustment should be

The appropriate type of brokerage relationship is determined by the

Which item would be classified as a fixed expense in the calculation of net operating income?

A homeowner is considering replacing his five year-old fiberglass shingle roof with a tile roof. The cost to replace the roof is $35,000 though an appraiser has advised the homeowner that he will only get about $15,000 in added value for the tile roof. The appraiser would classify this as

What is the FHA term for the amount of money that a homebuyer must pay in cash or its equivalent when applying for an FHA loan?

The direction opposite South 20 degrees West in a metest-and-bounds description is

A sales associate is what type of agent of the employing broker?

Which statement is FALSE regarding postdated earnest money checks?

A deed that contains a seisin clause promises the new owner that the previous owner

What information does NOT need to be disclosed when submitting a real estate license application?

When itemizing deductions, an individual homeowner may deduct which expense?

Lynn Amherst is a sales associate for Excel Realty. Lynn is preparing a classified ad for a listed property. The company’s phone number is 222-1010. Lynn’s cell phone number is 333-2020. Which excerpt conforms to the rule regarding advertising?

A broker followed the instructions in an escrow disbursement order. However, as a consequence, the broker was a defendant in a civil court judgment, which resulted in a payment of $5,000 from the recovery fund. As a result, the FREC

Which action associated with water rights will cause the uncovering of additional land caused by the gradual receding of water?

What is the loan-to-value ratio for a home purchased for $285,000 with a down payment of $57,000?

Florida license law requires all active real estate brokers to have

Which requirement is one of the essential elements of a valid real estate contract?

A broker requested that the FREC issue an escrow disbursement order (EDO). Before the EDO was issued, the buyer and the seller settled their dispute over the escrow funds. Within how many business days must the broker notify the FREC that the matter has been settled?

An administrative complaint is issued against a broker for failure to properly maintain the escrow account. The attorneys for the DRE and the broker’s attorney reach an agreement as to the penalty for the violation. This agreement is referred to as a

A contract has been formed between parties; however, something remains to be completed by one or both parties to fulfill the conditions of the contract. Which type of contract classification applies?

When selling a business, the purpose of a due diligence period is to allow the buyer to

There is a presumption in Florida law that businesses have some sort of real property involved, either land and physical improvements or a long-term lease. For this reason, in Florida, in order to list a business,

An investor’s own funds used to purchase investment real estate are called

Which expense is deducted to derive effective gross income?

Which item would be most likely classified as a fixture once incorporated into real property?

The calculated interest rate of an adjustable rate mortgage is arrived at by adding

Which statement is FALSE concerning federally related transactions?

A real estate broker has been hired to manage an apartment complex on behalf of the landlord. How must the broker as agent handle the receipt of security deposits and advance rent?

An unlicensed personal assistant may NOT perform which activity?

How is a new purchase money mortgage (PMM) entered on a closing disclosure?

An owner of an apartment complex pays $50 to each tenant who refers a person who becomes a tenant. This arrangement is

Which type of value takes into consideration an individual’s equity and income tax implications?

Which legal instrument authorizes a person to act for and on behalf of another person?

Which action does NOT terminate a single-agent brokerage relationship with the seller?

Which remedy for breach of contract requests that the courts award damages for the extent of loss suffered?

A lead-based paint disclosure must be given to

Which mortgage clause prevents a buyer from assuming an existing mortgage loan?

A brokerage firm represents a seller as a single agent. The brokerage can work with the buyer, in the same transaction,

Making statements about minority groups moving into a neighborhood in order to persuade existing owners to sell is

The DBPR secretary is

A buyer offered $225,000 for a seller’s property. The seller countered at $250,000. The buyer did not accept the seller’s counteroffer. The seller told her broker that she was revoking the counteroffer and accepting the buyer’s original offer. Which statement is TRUE regarding this situation?

What section is directly north of section 23 in a given township?

A property costs $32,670 per acre. What is the cost per square foot of the property?

A local lender charged 6% interest plus 6 points on a conventional mortgage loan. What was the approximate yield on the loan?

In Florida, which type of brokerage relationship is presumed?

A commercial tenant pays a fixed rent each month. The landlord pays the property taxes, hazard insurance, and maintenance expenses. The tenant has what type of lease?

The statute of frauds requires that

Which type of document may NOT be prepared by a licensed real estate broker?

Which characteristic does NOT describe the real estate market?

Which type of alienation is voluntary?

Which lien is classified as a voluntary lien?

Within how many days must the landlord notify the tenant of intentions to claim part of the security deposit?

In states which subscribe to the title theory, a mortgage

Which deficiency would be classified as functional obsolescence?

The N1/2 of the SE1/4 of the SW1/4 and the NE1/4 of the SW1/4 of Section 19 contains how many acres?

Which instrument is used to transfer ownership of a mortgage from one company or individual to another?

A lease calls for annual minimum rent of $18,500 plus 4% of annual gross sales in excess of $350,000. What is the annual rent for the year if the annual gross sales are $450,000?

A buyer has made an earnest money deposit of $10,150 on a house selling for $94,500. A local savings association has agreed to lend 85% of the selling price at 4 1/2% interest for 30 years. If the buyer’s closing costs amount to $1,575, how much additional cash must the buyer bring to closing?

A prospective borrower has an estimated monthly housing expense of $486, and his monthly obligations total $684. If the borrower’s monthly gross income is $1,950, what is the total obligations ratio?

A developer purchased two 135-front-foot lots for $22,900 net each and divided them into three lots of equal front footage. The developer sold the lots for $230 per front foot. Calculate the developer’s percentage of profit (round to nearest whole percentage point).

While working for a broker, a sales associate acquired a listing for $298,900 at a 6% commission rate. A second sales associate, who works for another brokerage office, found the buyer for the property. The listing and selling brokers agree to a 50-50 split between the two offices. The property sold for $296,000. The selling broker kept 45% of the commission received by the selling office. How much did the selling office’s sales associate receive?

Closing date is July 14. The buyer is assuming the seller’s mortgage loan that has a principal balance of $197,000 at 4% interest. The day of closing is charged to the buyer. What is the proration, and how is it entered on the closing disclosure?

You are appraising a four-year-old, single-family residence. The main dwelling is 60 feet by 45 feet. The garage is 24 feet by 19 feet. According to figures obtained from a cost-estimating service, the base construction cost per square foot of the main dwelling is $102 and it is $91 per square foot for the garage. Calculate the reproduction cost new of the structure.

The city is repaving the streets in a neighborhood and will assume 35% of the expense. It has approved a bid to pave the streets at a cost of $42 per front foot. How much is the special assessment for a lot that measures 115 feet by 120 feet?

A professional office center is purchased for $475,000. The land value is 20% of the total acquisition cost. What is the annual IRS depreciation deduction? (Round answer to nearest dollar.)

A homesteaded property is located in Pensacola, Florida, in Escambia County. The city tax rate is 8.8 mills, the county tax rate is 9.2 mills, and the school district tax rate is 6.5 mills. The homeowner is a widower and has qualified for homestead exemption. The home has been assessed at $183,500. What must the homeowner pay in property taxes?