Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

Real Estate

Real Estate Study Guide

Question	Answer
The leasing, managing, marketing, and overall maintenance of property for others is called	property management.
A gift of land by an owner to a governmental body for a public use is called	dedication.
Which property is classified as residential real estate according to Chapter 475?	Five acres of agricultural land.
Post-contact requirements in the real estate sale process include	listing properties.
Real estate licensees who engage in the sale, purchase, and lease of businesses are called	business brokers.
Owners of investment real estate who do not reside on the premises are called	absentee owners.
Which statement is TRUE regarding comparative market analyses (CMAs)?	Real estate licensees may charge a fee for preparing a CMA.
The process of purchasing one or more lots and constructing homes on the lots without first securing buyers for the homes is called	building on speculation.
Which statement concerning broker price opinions (BPOs) is FALSE?	BPOs must follow USPAP guidelines.
When a residential sales associate specializes in a particular location within a community, the location is called a	farm area.
What does DBPR mean?	Department of Business Professional Regulation.
What does CMA mean?	Comparative Market Analysis.
What does BPO mean?	Broker Price Opinion.
What does HUD mean?	Housing and Urban Development.
What does EPA mean?	Environmental Protection Agency.
What does FREC mean?	Florida Real Estate Commission.
What does DRE mean?	Division of Real Estate.
What does MLS mean?	Multiple Listing Manager.
What does FHA mean?	Federal Housing Administration.
What does NAR mean?	National Administration of Realtors.
What does MLO mean?	Mortgage Lending Officer.
What does CMA mean?	Community Management Association.
What does CAM mean?	Community Association Manager.
What does FDLE mean?	Florida Management Law Enforcement
What does USPAP mean?	Uniform Standard Professional Appraisal Practice
What does SL mean?	Sales Associate.
What does BK mean?	Broker.
What does CQ mean?	Corporations & LLCs
What does BL mean?	Broker associates.
What does BO mean?	Branch officer.
What does PR mean?	Partnerships & LLCs
Within what period of time must an applicant pass the state license exam without having to retake the pre-license education course?	Two years.
Caveat emptor is a Latin term that means	let buyer beware.
A person who is broker-qualified but who works under the direction of a broker is called	a broker associate.
A man has completed the sales associate's pre-license course and has taken the end-of-course exam. He received a grade of 68% on his end-of-exam. Which statement BEST describes what he must do to successfully complete his pre-license education?	The man must wait at least 30 days from the date of the original en-of-course exam to take a different form of the end-of-course exam.
When completing the license application, information must be included in the background information section of the application concerning whether applicants have been convicted of a crime. Which statement is TRUE regarding completing this section of the a	Applicants should attach details of cases, even if adjudication was wthheld.
Part III of Chapter 475, F.S., applies exclusively to which type of real estate?	Commercial.
A Florida real estate sales associate who moves and becomes a nonrisident of Florida must notify the Commission of the change in residency within how many days?	60 days.
For purposes of a real estate license, FREC rules defines resident of Florida as a person who has resided in Florida continuously for how many calendar months?	4 months.
An owner of a large apartment complex in a college town has sent a letter to each tenant indicating that if the tenant refers a prospect and the prospect signs a rental agreement, the owner will pay the tenant a $50 finder's fee for the referral. Which st	Owners of apartment complexes are exempt from licensure for the purpose of paying a finder's fee to tenants of the apartment complex.
Which Florida statute defines the procedural process that regulatory agencies use to discipline licenses?	Chapter 120.
Who appoints members to the Florida Real Estate Commission?	Governor.
A sales associate FREC member must have held an active real estate license for how many years preceding appointment?	Two.
The FREC's ability to interpret questions regarding the practice of real estate is an exercise of which general power?	Quasi-legislative.
Licensees must notify the DBPR in writing of a change in mailing address within how many days?	10 days.
Which date is one of the two dates on which real estate licenses expire?	March 31st and September 30th.
Which statement is TRUE of the Division of Real Estate?	The Division's ministerial duties involve record-keeping.
A license has been involuntary inactive for 12 months. This is the third renewal cycle. What is the education requirement to renew the license?	14 hours of continuing education.
Real estate professionals possess expert information on:	Knowledge of property transfer. Knowledge of market conditions. knowledge of how to market real estate or businesses.
What are the 5 sales specialties?	Residential Commercial Industrial Agricultural Businesses
Who can prepare an appraisal that involves a federally related transaction?	Only a state-certified or licensed appraiser.
Three general phases of development and construction are:	Land acquisition Subdividing and development Recording the subdivision plat map.
What is dedication?	It is the gift of land by an owner, in this case the developer, to a government body for a public.
There are three general categories of residential construction:	Speculative-buy land without having a buyer in advance Custom homes- construct homes under a contract with buryer Tract homes- New subdivision where people select a lot and floor plan
What a sales associate does for buyer and sellers after the sale	Follow-up
Managing which type of property of more than 10 units requires a CAM license?	Apartment building.
Chapter 475 I - pertains to	Real estate brokerage.
Chapter 475 II - pertains to	Real estate appraisers and sets forth the requirements for licensed and certified appraisers according to federal statute.
Chapter 475 III - pertains to	The Commercial Real Estate Sales Commission Lien Act, gives a broker lien rights for earned property.
Chapter 455 -	Business and Professional Regulation:
Florida Statute 120- The Administrative Procedure Act	Defines the procedural process by which regulatory agencies decide and implement agency action. The licensing and disciplinary process for real estate licenses is outlined in this chapter.
Chapter 6IJ2. Rules of the Real Estate Commission
4 year or higher real estate degree	Exempt of all except continuing education
Florida-licensed attorney	Exempt for Pre-license course I and Post-license but not from Pre-license II and continuing education
What does continuing education for licensees entails?	Must complete 14 hours every 2 years.
How many hours of post-licensing education before the first renewal of their licenses a sales associates must complete?	45 hours.
Discrimination under the Fair Housing Act regarding familial status would apply to which individual?	A 39-year-old pregnant woman
Can an insurance company refuse to provide insurance coverage to applicants within a particular neighborhood because of the socioeconomic characteristics of the neighborhood?	No, to do so is redlining, which is a violation of the Fair Housing Act.
What federal law requires developers of 25 or more lots to provide prospective purchasers with a property report before they sign a purchase contract?	Interstate Land Sales Full Disclosure Act
Which business is considered a public accommodation under the Americans with Disabilities Act (ADA)?	Hotel, Restaurant, Shopping Center
Which phrase, if used in advertising real estate may constitute a violation of the Fair Housing Act?	No wheelchairs.
The Fair Housing Amendments Act of 1988 added which protected class?	Handicap Status
Within how many days must the landlord notify tenants of how security deposits are handled according to the Florida Residential Landlord and Tenant Act?	30 days
If a tenant is properly notified of the landlord's claim on the security deposit, the tenant is allowed how many days after receipt of the landlord's notice to file an objection?	15 days
Which property is covered under the Florida Residential Landlord and Tenant Act?	Duplex units
A person has what period of time from the day the discriminatory act occurred to file a complaint with HUD?	1 year
What information must be included on the broker's entrance sign?	Company's trade name
Which entity administers Florida's telemarketing law?	Department of Agriculture and Consumer Services
What type of listing is given to one broker and promises commission to the listing broker provided the owner does NOT find the buyer?	Exclusive agency listing
When all parties to a contract have completely performed all obligations and promises contained in the contract, it is	an executed contract
A remedy for breach of contract that asks the courts to force the other party to proceed as the contract states is called	specific performance
The lead-based paint disclosure must be given to	tenants and buyers of all residential properties built before 1978
What is the statute of limitation for parole contracts?	Four years
What does Florida's homeowners assoc. law require of sellers who own property to a mandatory HOA?	The seller must provide the buyer with the disclosure summary regarding the association
The following are required elements of a valid real estate contract EXCEPT..	acknowledgement (offer and acceptance, legality of object and consideration)
The Florida statute of limitations defines	the time that a written contract is legally enforceable
A buyer has breached a real estate sale contract. The seller wants to recover damages in excess of the earnest money deposit. Which remedy for breach should the seller use?	Compensatory damages
Which statement is true regarding the Florida Energy Efficiency Rating Act?	Sellers must furnish buyers an information brochure notifying the buyer of the right to conduct an energy-efficiency rating on the structure.
The probable-cause panel includes	a total of two members
Neglecting to correct omissions or errors on a license application returned by the DBPR to the applicant for correction is considered grounds for	administrative revocation
Once penalty that the Commission may not legally levy is to	deny the payment of compensation
A sales associate deposits earnest money in the sales associate's bank account. The sales associate has committed which illegal action?	Commmingling
A broker who receives a notice of noncompliance has how many days to correct the minor violation?	15 days
What is the maximum amount of administrative fine that the FREC may issue for one violation F.S. 455?	$5,000
The DBPR issues a legal document that outlines the allegations of facts and charges against a licensee in a compliant case. This document is called a	formal (administrative) complaint
A licensee engages in false or deceptive advertising or real estate. Under F.S. 475 a court may find the licensee guilty of what type of criminal violation?	Second-degree misdemeanor
What is the maximum amount of claims that may be paid from the Real Estate Recovery Funds based on judgments against one license?	$150,00 at $50,00 each
Which of the following buyers may make a claim from the Real Estate Recovery Fund?	A buyer who is awarded a judgment against a sales associate who misrepresented the property
The interest rate charged to member banks for borrowing money from the Federal Reserve is called	the discount rate
The Fed periodically buys and sells an inventory of securities to increase or decrease the amount of money in circulation called	open-market operations
A federally chartered saving association must have which term or abbreviation in its name?	FA
The flow of funds into deposits held by primary lenders, increasing the mortgage money supply is called	intermediation
The following entities are financial intermediaries that accept savings deposits EXCEPT	mortgage companies (credit companies, commercial banks, savings associations?
Which secondary market entity is a government-owned corporation?	Ginnie Mac
Fannie Mae	purchases conventional , FHA, and VA loans from primary lenders.
The interest rate on an adjustable-rate mortgage loan is calculated by adding the index rate to the	margin
What charge does the VA impose on veteran borrowers to help the government defray the costs of foreclosures?	Funding Fee`
Which items in the monthly mortgage payments do FHA mortgages require the borrower to pay?	Principal, interest, taxes, hazard insurance, and monthly insurance premium, if applicable
A local lender charged 7% interest plus 4 points on a conventional mortgage loan. What was the approximate yield on the loan?	7 1/2%
Which pair does not belong together?	Mortgage-borrower (equity of redemption-remedy for borrower to prevent foreclosure, mortgagor-gives the mortgage as security for the debt, due-on-sale - assumption not allowed)
Florida laws requires the lender to execute a release of mortgage within 60 days, also called a	satisfaction of mortgage
Lenders sometimes handle the loan payment collection and recordkeeping associated with mortgage loans called	loan servicing
If a foreclosure property fails to bring sufficient proceeds at the foreclosure sale to pay the debt, the lender	may obtain a deficiency judgment for the amount of deficit
In a title theory state, which clause requires the lender to return legal title to the mortgagee when the debt is satisfied?	Defeasance
What document transfers ownership of a mortgage and note from the original to an investor?	Assignment of mortgage
A contract that allows another mortgage created at a later date to take priority is called a	subordination agreement
A buyer agrees to purchase a house for $262,500 and will receive a mortgage loan for $210,000. How much is the buyer's down payment?	$52,500
What type of agent is authorized by the principal to perform all acts that the principal can personally perform and that may lawfully be delegated to another?	Universal
Which type of brokerage relationship is presumed to exist unless another type of relationship is created?	Transaction broker
Which type of duty is NOT a duty in a no-brokerage relationship?	Use skill, care and diligence
The Latin term meaning let the buyer beware is	Caveat emptor
Which duty applies exclusively to a single agency relationship?	Obedience
For what period must brokers retain brokerage relationship disclosure documents for residential transactions that result in a written contract?	5 years
In nonresidential transactions, the buyer and the seller may request designated sales associates to represent them if the buyer and the seller each meet which criteria?	Have assets of $1million or more
In which brokerage relationship is the buyer or the seller NOT responsible for the acts of a licensee?	Transaction broker relationship
Case law is also called?	Common law
Which type of agency relationship is prohibited in Florida?	Dual agent
A tenant, after rightfully being in possession of rented premises, continues after the right has ended. This action creates	A tenancy at sufferance
Which property interest is NOT included in the definition of real property according to Chapter 475, FS?	Lot in a mobile home park
The gradual loss of land associated with moving water and/or wind is called	erosion
A type of estate created when a husband and wife take title in both of their names is called	A joint tenancy
A mother executes a deed stating that upon her death the property will convey to her son, Abraham Lacey. The mother created which type of estate?	Life estate
Courts at various levels have ruled that	constructive notice and actual notice have equal legal priority.
The purpose of recording a deed is to	give constructive notice of ownership
The deed that contains the covenant guaranteeing that the grantor will forever be responsible for warranting title and will defend the title and possession is a	general warranty deed
The owner's title insurance policy is	issued for an amount no greater than the purchase price of the property and is not transferable.
The recipient of real property under the terms of a will is the	devisee
Which part of the deed contains a promise by the grantor that the grantor owns the property and has the right to convey title?	Seisin
A tenant has just signed a five-year lease for an office suite. The lease calls for $2,500 a month rent plus the tenant's portion of the maintenance and utility costs. This describes	a net lease
Which is a superior lien?	Special assessments
If the county is taking a half acre of an owner's land to build a new road, how can the owner dispute the price offered for the land?	Request a condemnation proceeding
An acre of land contains how many feet?	43,560
What term describes a fractional piece of land located along the banks of a river and contains less than 160 acres?	Government lot
Which statement accurately describes the size of a section?	A section contains 640 acres.
What is the designation of the horizontal strip of land that begins at the base line and extends 6 miles to the north along the entire length of the base line?	T1N
What term is used to denote the exact starting point of a metes-and-bounds legal description?	Point of Beginning (POB)
A square 24 miles on each side is called a	Check
In Florida, where does the principal meridian intersect with the base line?	Tallahassee
Which lot contains exactly one-half acre of land?	110 feet by 198 feet
Which term describes a square that is six miles wide and six miles long?	Township
A term follow-up refers to	What a sale associate does for buyers and sellers after the sale
Even though certain exceptions apply, an active real estate licensee is legally entitled to appraise real property for compensation concerning a nonfederally related transaction	As long as she does not represent herself as a state-certified or licensed appraiser and complies with the USPAP.
The field of property management has experienced growth and specialization primarily because of	the increase in number of absentee owners.
Real estate licensees must comply with the Uniform Standards of Professional Appraisal (USPAP) when conducting which value estimates?	Appraisals
Appraisers are paid a fee because	To accept compensation based on the appraised value is a conflict of interest
The five major sales specialties are	Agricultural, residential, commercial, business and industrial
The real estate activity that is devoted to leasing, managing, marketing, and overall maintenance of property for other is	Property management
Which type of construction involves building to a buyer's specifications?	Custom homes
The term dedication as it applies to development and construction refers to	A gift of land by the owner to the local government for a public use
What type of license is required to sell or lease business opportunities for another person?	Real Estate License
Selecting a limited geographical area in which a real estate professional develops special expertise is	Farming
Managing which type of property of more than 10 units requires a CAM license?	Apartment building
Effective advertising involving developing a database of prospects to direct a specific message is called	Target marketing
A broker charges a prospective seller $50.00 for a comparative market analysis (CMA). Which statement applies?	This is permissible, provided the broker does not represent the CMA as an appraisal
A licensed sales associate may operate	For the broker registered as the sales associate's broker
A sales associate applicant is NOT required to comply with which requirement	Be a bona fide Florida resident
What information appears on the face of a real estate license?	License Number
What is the Latin term for a plea of "no contest"?	Nolo contendere
Members of the FREC are appointed by	The governor and confirmed by the state senate
Real estate licensees on active duty with the US Army are required to renew their licenses	Within 6 months after discharge
The member of the Commission receive	$50 per day when on official business, plus expenses
The Commission is NOT empowered to	levy fines and imprisonment as penalties for certain crimes
Responsibilities of the FREC include	determining the amount of licensing fees needed to operate the Commission; reporting criminal violations to the state's attorney; informing the Division of Florida Condominiums, Timeshares, and Mobile Homes of disciplinary action against any of its licens
A sales associate is employed by a broker. The broker's license is suspended. This action causes the sales associate's license to be	Placed in involuntary inactive status
When an active broker changes a business address and the broker notifies the FREC within the required 10 days, the licenses of the sales associates	Remain in force
If an active licensee fails to renew her third two-year license before the expiration date on the license, the license will	Revert automatically to involuntary inactive status at the end of the license period.
An involuntary inactive license will automatically become void without further action by the FREC or the DBPR after	2 years
An owner developer owns several properties with the different names, but all are business entities closely connected and controlled by the owner. A sales associate working for that owner-developer may legally obtain	A group license
A broker moves his real estate office to a new, trendy location. He is so busy coordinating the move that he forgets to notify the DBPR. The broker's license	Will cease to be enforced.
An initial real estate license is issued on September 10, 2015. When will it expire?	Mar 31, 2017
A broker decides to relocate her real estate brokerage office. She notifies the DBPR of the change of address. She also informs the DBPR of the names of two sales associates who are no longer associated with her brokerage. The sales associate's licenses w	Placed on involuntary inactive status.

Created by: cielo3556

"Know" box contains:
Time elapsed:
Retries: