Question 1

A broker wishes to be issued several broker licenses for business reasons. She may

Accepted Answer

request multiple licenses.

Question 2

A broker mailed a signed purchase offer to a property owner. Instead of signing the purchase offer contract, the owner sent the broker a telegram accepting the offer. Which is correct?

Accepted Answer

There is a valid contract between the buyer and seller.

Question 3

A sales associate has helped a buyer locate a home for which the buyer has made an offer to purchase. The buyer gives the sales associate an earnest money check of $2,500 payable to a title company. Which applies?

Accepted Answer

The sales associate must indicate the name, address, and telephone number of the title company on the purchase and sale agreement.

Question 4

Which term describes the beneficial interest in real estate that implies that an individual will receive legal title at a future date?

Accepted Answer

Equitable title

Question 5

A fast-growing church has just purchased an adjacent apartment building and plans to convert it to a retirement home. Disregarding other factors, property owners in that area probably would be affected by

Accepted Answer

higher taxes : Property owned by a church that is used for nonprofit purposes is exempt from property taxes. Property that once was part of the tax base, if changed to exempt property, will require higher taxes on taxable property.

Question 6

A mortgage clause (in title theory states) that provides for the transfer of title to real property to the borrower once the mortgage debt has been repaid is the

Accepted Answer

defeasance clause.

Question 7

Developers of new cooperative units must give buyers a disclosure which informs buyers that they may cancel within how many days of signing the contract?

Accepted Answer

15 calendar days

Question 8

FHA requires borrowers to pay

Accepted Answer

one-twelfth of the estimated property taxes with each monthly payment.

Question 9

A type of concurrent ownership that provides an undivided interest in the property with no right of survivorship is

Accepted Answer

a tenancy in common.

Question 10

Which description describes a check?

Accepted Answer

A square 24 miles on each side created by intersecting guide meridians and correction lines, containing 16 townships

Question 11

False advertising concerning real estate information incurs what type of penalty?

Accepted Answer

Second degree misdemeanor

Question 12

Widely accepted appraisal techniques for appraising businesses does NOT include

Accepted Answer

A)... leverage analysis.  B)comparable sales analysis.
  C) cost approach. D) liquidation analysis.

Question 13

When a city or county government in Florida must collect delinquent taxes on a property, it issues a

Accepted Answer

property tax certificate.

Question 14

A seller and a buyer negotiated the sale and purchase of the seller's condominium over a two-week period. Finally, they reached a meeting of the minds regarding the purchase price and terms of the sale. What type of contract exists at this point?

Accepted Answer

Express contract

Question 15

The United States Supreme Court ruling in Jones v. Mayer, as it pertains to real property, focuses on

Accepted Answer

discrimination.

Question 16

A real estate licensee is NOT authorized to draw which contract?

Accepted Answer

Lease

Question 17

A licensed real estate sales associate did NOT complete the post license education requirement eight months ago. Which statement applies to this situation?

Accepted Answer

The Commission has no legislative authority to extend the post-license requirement beyond six months

Question 18

An active broker accompanies her husband when he goes on active military duty in Ohio for five years. She is not active in real estate in Ohio. To obtain a current Florida broker's license within six months of her husband's discharge, she

Accepted Answer

need not complete any continuing education or reactivation education for those five years.

Question 19

Income tax benefits to homeowners are available only if

Accepted Answer

deductions are itemized annually.

Question 20

In Florida, Range 2 East is closest to

Accepted Answer

Tallahassee.

Question 21

Which activity is NOT a real estate service?

Accepted Answer

Mortgaging real property

Question 22

For tax purposes, the installment sale method

Accepted Answer

relieves the seller of paying tax on a capital gain before it is received.

Question 23

The covenant in a general warranty deed that promises that the grantor will obtain and deliver any legal instrument that might be required to make the title good in the future is the covenant of

Accepted Answer

further assurance

Question 24

An individual does not intend to engage in real estate activity. However, he does plan to be an officer of a real estate brokerage corporation. Which status BEST describes this situation?

Accepted Answer

Registered with the DBPR

Question 25

The term acknowledgment refers to

Accepted Answer

a signer’s formal declaration before an authorized official that the signer is executing the instrument as a free act and deed

Question 26

Each of these is a method of acquiring legal title to real property EXCEPT

Accepted Answer

A)... novation. B) quitclaim deed. C) eminent domain.  D) descent.

Question 27

The legal description method that uses direction, distance, and a POB is the

Accepted Answer

metes-and-bounds method.

Question 28

The ownership right that permits an owner of real property to sell, mortgage, dedicate, or otherwise dispose of all or any portion of the property is referred to as the right of

Accepted Answer

disposition

Question 29

Which contract is NOT covered under the statute of frauds?

Accepted Answer

A) Option contract  B) Mortgage  C)... 6-month lease agreement
 D) 18-month listing agreement

Question 30

When a loan is paid off in a lien theory state such as Florida, the lender is required to give the borrower

Accepted Answer

a satisfaction of mortgage.

Question 31

Title by adverse possession must continue for at LEAST how many consecutive years without the owner's consent?

Accepted Answer

7 Years

Question 32

The VA loan guarantee is referred to as the

Accepted Answer

maximum entitlement

Question 33

Which legal instrument would contain the interest rate, loan amount, maturity date, and payment schedule?

Accepted Answer

Note

Question 34

Which Florida statute governs the DBPR and the professions under the DBPR?

Accepted Answer

Chapter 455, F.S.

Question 35

What is the correct sequence to arrive at an estimate of value using the income capitalization approach?

Accepted Answer

Determine potential gross income; determine effective gross income; find operating expenses; find net operating income

Question 36

A widower who owns a condominium unit holds a

Accepted Answer

freehold estate

Question 37

When the supply and demand equilibrium is upset by excess demand, which market activity results?

Accepted Answer

a seller's market develops

Question 38

Which description is MOST nearly due north?

Accepted Answer

N 0° 30' W

Question 39

The Civil Rights Act of 1968 made discrimination illegal if based on any of these criteria EXCEPT

Accepted Answer

Age

Question 40

Which type of mortgage requires a total obligations ratio and a housing expense ratio?

Accepted Answer

FHA-insured

Question 41

A smaller well maintained home in a subdivision of larger homes will tend to benefit from its proximity to the larger homes. Which principle of value applies?

Accepted Answer

Progression

Question 42

An interest in real property that exists for a designated period, created by a properly executed lease agreement, is

Accepted Answer

an estate for years.

Question 43

Which statement regarding a due-on-sale clause is NOT true?

Accepted Answer

The clause releases the mortgagor from personal liability on the sale of the property.

Question 44

Which statement regarding the Division of Real Estate (DRE) is FALSE?

Accepted Answer

The director of the DRE is appointed by the FREC chairperson.

Question 45

A financing device that grants a buyer "equitable title" without a deed from grantor to grantee is called

Accepted Answer

a land contract.

Question 46

An example of a granted variance could be a

Accepted Answer

shopping center that has fewer than the number of parking spaces required per square foot of rentable space

Question 47

A man owned two farms and a home when he died intestate. The court appointed a personal representative to dispose of any portions of the decedent's estate that might be subject to estate taxes and debts of the deceased. The personal representative

Accepted Answer

may advertise, negotiate, and sell the property and be compensated for his work without registering with the DBPR.

Question 48

Which condominium document is required to be given to prospective buyers only for new residential construction of 20 or more units?

Accepted Answer

Prospectus

Question 49

Which type of mortgage loan is a nonconventional mortgage loan?

Accepted Answer

FHA-insured

Question 50

A single person bought his home 18 months ago and is now relocating to another city because of a change in employment. Is he entitled to an exclusion of gain from the sale of his home?

Accepted Answer

He is entitled to a reduced exclusion because he did not occupy the residence for at least two years.

Question 51

When associated with real estate finance, the term leverage means

Accepted Answer

the use of borrowed funds to minimize the necessity for a borrower to use his own money.

Question 52

Which type of statutory deed is typically used to clear clouds on the title?

Accepted Answer

Quitclaim

Question 53

A seller who wishes to recover monetary damages equal to the extent of loss suffered in excess of the earnest money deposit may

Accepted Answer

sue for compensatory damages.

Question 54

A protected class under the Fair Housing Act is

Accepted Answer

national origin.

Question 55

How many acres are contained in a parcel described as the SE¼ of the NW¼ and the S½ of the NE¼ of a certain section?

Accepted Answer

120.... 640 ÷ 4 ÷ 2 = 80 acres; 
640 ÷ 4 ÷ 4 = 40 acres;
80 + 40 = 120 acres

Question 56

A sublease will result in a lease of

Accepted Answer

a portion of the leased rights and interests.

Question 57

The Zoning Board of Adjustment will only grant a variance if the property owner demonstrates that

Accepted Answer

a hardship exists or would be created if required to comply with the zoning code.

Question 58

If both buyer and seller claim the earnest money deposit in a broker's escrow account, how much time after the last claim received does the broker have to notify the FREC in writing?

Accepted Answer

15 business days

Question 59

A prop owner & broker sell $20 lottery tix for a chance to win owner's prop, If 1,000 tix sold, -winning tix gets the prop free & clear. if less than 1,000 tix sold, the winning tix will get the property for $200,000 - value of the tix sold. Which s TRUE?

Accepted Answer

The broker may be charged with fraudulent and dishonest dealing by trick, scheme, or device.

Question 60

With which government agency do developers of subdivisions with 100 or more lots have to register?

Accepted Answer

Consumer Financial Protection Bureau

Question 61

The owner of an automobile parts business rents space in a commercial shopping center. The business owner has installed shelving and display racks. The shelving is bolted to the floors and the racks are attached to the walls. The racks and shelving are

Accepted Answer

trade fixtures.

Question 62

Which statement BEST describes Fannie Mae's function?

Accepted Answer

It acts as a secondary market in purchases of FHA, VA, and conventional loans.

Question 63

Real property can be converted into personal property by

Accepted Answer

severance.

Question 64

Which violation is a third-degree felony?

Accepted Answer

Falsifying a license application and unlicensed practice of real estate are third-degree felonies. Theft or reproduction of a license exam are third-degree felonies.

Question	Answer
A broker wishes to be issued several broker licenses for business reasons. She may	request multiple licenses.
A broker mailed a signed purchase offer to a property owner. Instead of signing the purchase offer contract, the owner sent the broker a telegram accepting the offer. Which is correct?	There is a valid contract between the buyer and seller.
A sales associate has helped a buyer locate a home for which the buyer has made an offer to purchase. The buyer gives the sales associate an earnest money check of $2,500 payable to a title company. Which applies?	The sales associate must indicate the name, address, and telephone number of the title company on the purchase and sale agreement.
Which term describes the beneficial interest in real estate that implies that an individual will receive legal title at a future date?	Equitable title
A fast-growing church has just purchased an adjacent apartment building and plans to convert it to a retirement home. Disregarding other factors, property owners in that area probably would be affected by	higher taxes : Property owned by a church that is used for nonprofit purposes is exempt from property taxes. Property that once was part of the tax base, if changed to exempt property, will require higher taxes on taxable property.
A mortgage clause (in title theory states) that provides for the transfer of title to real property to the borrower once the mortgage debt has been repaid is the	defeasance clause.
Developers of new cooperative units must give buyers a disclosure which informs buyers that they may cancel within how many days of signing the contract?	15 calendar days
FHA requires borrowers to pay	one-twelfth of the estimated property taxes with each monthly payment.
A type of concurrent ownership that provides an undivided interest in the property with no right of survivorship is	a tenancy in common.
Which description describes a check?	A square 24 miles on each side created by intersecting guide meridians and correction lines, containing 16 townships
False advertising concerning real estate information incurs what type of penalty?	Second degree misdemeanor
Widely accepted appraisal techniques for appraising businesses does NOT include	A)... leverage analysis. B)comparable sales analysis. C) cost approach. D) liquidation analysis.
When a city or county government in Florida must collect delinquent taxes on a property, it issues a	property tax certificate.
A seller and a buyer negotiated the sale and purchase of the seller's condominium over a two-week period. Finally, they reached a meeting of the minds regarding the purchase price and terms of the sale. What type of contract exists at this point?	Express contract
The United States Supreme Court ruling in Jones v. Mayer, as it pertains to real property, focuses on	discrimination.
A real estate licensee is NOT authorized to draw which contract?	Lease
A licensed real estate sales associate did NOT complete the post license education requirement eight months ago. Which statement applies to this situation?	The Commission has no legislative authority to extend the post-license requirement beyond six months
An active broker accompanies her husband when he goes on active military duty in Ohio for five years. She is not active in real estate in Ohio. To obtain a current Florida broker's license within six months of her husband's discharge, she	need not complete any continuing education or reactivation education for those five years.
Income tax benefits to homeowners are available only if	deductions are itemized annually.
In Florida, Range 2 East is closest to	Tallahassee.
Which activity is NOT a real estate service?	Mortgaging real property
For tax purposes, the installment sale method	relieves the seller of paying tax on a capital gain before it is received.
The covenant in a general warranty deed that promises that the grantor will obtain and deliver any legal instrument that might be required to make the title good in the future is the covenant of	further assurance
An individual does not intend to engage in real estate activity. However, he does plan to be an officer of a real estate brokerage corporation. Which status BEST describes this situation?	Registered with the DBPR
The term acknowledgment refers to	a signer’s formal declaration before an authorized official that the signer is executing the instrument as a free act and deed
Each of these is a method of acquiring legal title to real property EXCEPT	A)... novation. B) quitclaim deed. C) eminent domain. D) descent.
The legal description method that uses direction, distance, and a POB is the	metes-and-bounds method.
The ownership right that permits an owner of real property to sell, mortgage, dedicate, or otherwise dispose of all or any portion of the property is referred to as the right of	disposition
Which contract is NOT covered under the statute of frauds?	A) Option contract B) Mortgage C)... 6-month lease agreement D) 18-month listing agreement
When a loan is paid off in a lien theory state such as Florida, the lender is required to give the borrower	a satisfaction of mortgage.
Title by adverse possession must continue for at LEAST how many consecutive years without the owner's consent?	7 Years
The VA loan guarantee is referred to as the	maximum entitlement
Which legal instrument would contain the interest rate, loan amount, maturity date, and payment schedule?	Note
Which Florida statute governs the DBPR and the professions under the DBPR?	Chapter 455, F.S.
What is the correct sequence to arrive at an estimate of value using the income capitalization approach?	Determine potential gross income; determine effective gross income; find operating expenses; find net operating income
A widower who owns a condominium unit holds a	freehold estate
When the supply and demand equilibrium is upset by excess demand, which market activity results?	a seller's market develops
Which description is MOST nearly due north?	N 0° 30' W
The Civil Rights Act of 1968 made discrimination illegal if based on any of these criteria EXCEPT	Age
Which type of mortgage requires a total obligations ratio and a housing expense ratio?	FHA-insured
A smaller well maintained home in a subdivision of larger homes will tend to benefit from its proximity to the larger homes. Which principle of value applies?	Progression
An interest in real property that exists for a designated period, created by a properly executed lease agreement, is	an estate for years.
Which statement regarding a due-on-sale clause is NOT true?	The clause releases the mortgagor from personal liability on the sale of the property.
Which statement regarding the Division of Real Estate (DRE) is FALSE?	The director of the DRE is appointed by the FREC chairperson.
A financing device that grants a buyer "equitable title" without a deed from grantor to grantee is called	a land contract.
An example of a granted variance could be a	shopping center that has fewer than the number of parking spaces required per square foot of rentable space
A man owned two farms and a home when he died intestate. The court appointed a personal representative to dispose of any portions of the decedent's estate that might be subject to estate taxes and debts of the deceased. The personal representative	may advertise, negotiate, and sell the property and be compensated for his work without registering with the DBPR.
Which condominium document is required to be given to prospective buyers only for new residential construction of 20 or more units?	Prospectus
Which type of mortgage loan is a nonconventional mortgage loan?	FHA-insured
A single person bought his home 18 months ago and is now relocating to another city because of a change in employment. Is he entitled to an exclusion of gain from the sale of his home?	He is entitled to a reduced exclusion because he did not occupy the residence for at least two years.
When associated with real estate finance, the term leverage means	the use of borrowed funds to minimize the necessity for a borrower to use his own money.
Which type of statutory deed is typically used to clear clouds on the title?	Quitclaim
A seller who wishes to recover monetary damages equal to the extent of loss suffered in excess of the earnest money deposit may	sue for compensatory damages.
A protected class under the Fair Housing Act is	national origin.
How many acres are contained in a parcel described as the SE¼ of the NW¼ and the S½ of the NE¼ of a certain section?	120.... 640 ÷ 4 ÷ 2 = 80 acres; 640 ÷ 4 ÷ 4 = 40 acres; 80 + 40 = 120 acres
A sublease will result in a lease of	a portion of the leased rights and interests.
The Zoning Board of Adjustment will only grant a variance if the property owner demonstrates that	a hardship exists or would be created if required to comply with the zoning code.
If both buyer and seller claim the earnest money deposit in a broker's escrow account, how much time after the last claim received does the broker have to notify the FREC in writing?	15 business days
A prop owner & broker sell $20 lottery tix for a chance to win owner's prop, If 1,000 tix sold, -winning tix gets the prop free & clear. if less than 1,000 tix sold, the winning tix will get the property for $200,000 - value of the tix sold. Which s TRUE?	The broker may be charged with fraudulent and dishonest dealing by trick, scheme, or device.
With which government agency do developers of subdivisions with 100 or more lots have to register?	Consumer Financial Protection Bureau
The owner of an automobile parts business rents space in a commercial shopping center. The business owner has installed shelving and display racks. The shelving is bolted to the floors and the racks are attached to the walls. The racks and shelving are	trade fixtures.
Which statement BEST describes Fannie Mae's function?	It acts as a secondary market in purchases of FHA, VA, and conventional loans.
Real property can be converted into personal property by	severance.
Which violation is a third-degree felony?	Falsifying a license application and unlicensed practice of real estate are third-degree felonies. Theft or reproduction of a license exam are third-degree felonies.
The terms in each pair are synonymous EXCEPT	A) mortgagee—lender. B)...grantee—seller. C) vendee—purchaser. D) lessor—landlord.
A buyer obtains a mortgage of $200,000. The lender makes the loan at 4% interest plus 2 discount points. What is the approximate yield on the mortgage loan?	4¼% ⅛ × 2 points = ²⁄₈ = ¼; 4% + ¼% = 4¼% approximate yield
A 66-year-old widow is totally disabled due to a serious heart condition. The assessed value of her homesteaded property is $189,500. How much is her homestead exemption?	assessed value more than $75,000; so the homesteader entitled to the $25k base exemption and the $25k addl exemption on property with an assessed value more than $75k $50k homestead + $500 surviving spouse + $500 disability = $51k cumulative tax exemption
Property taxes become a lien on real property on the first of which month?	January
Which government restriction on ownership represents the broadest power of government to limit the rights of property owners?	Police power
The Truth in Lending Act is implemented by	Regulation Z.
Three persons were co-owners of a parcel of real property. One owner died, and his ownership passed to the two remaining co-owners. He was a	joint tenant.
A broker promises to give a $20,000 bonus to the first sales associate who sells 20 homes. Which type of contract is this?	Unilateral contract
property owner defaulted on mortg. Prior to forecl, owner paid the missed mortgage payms plus the exp incurred by lender as a result of the default. Which mortg provision allows the borrower to make mortgage payments as specified in the promissory note?	Defeasance clause
The MOST suitable appraisal method for a vacant lot in a choice subdivision is the	sales comparison approach.
The statement that land is nonhomogeneous refers to which characteristic of the real estate market?	Real estate is unique.
Which real estate loan transaction is exempt from the provisions of TILA-RESPA?	Reverse mortgage loan
In which situation is the broker NOT exempt from the notice requirements regarding conflicting demands?	A dispute over escrow funds related to a property inspection
Which method of settling a default involves a conveyance of the title to the lender?	Deed in lieu of foreclosure
If the Fed decides to sell securities through open-market bulk trading, the result will be	a decrease of money in circulation.
A parol contract is also called	an informal contract.
A father deeds a property to his daughter for her lifetime. After the daughter's death, in accordance with the deed, the property is to pass to the father's grandson. What interest, if any, does the grandson have in the property?	The grandson is a vested remainderman in a remainder estate.
Tax advantages of home ownership include all EXCEPT	depreciation allowance.
Does a licensee who is convicted of a misdemeanor offense have a duty to report the conviction to the FREC?	Yes, licensees must disclose all convictions to the FREC within 30 days.
Freddie Mac is a	secondary market for SAs.
If a property has been cited as being in violation of building code, the seller must provide a disclosure to the buyer. Which statement is TRUE regarding the disclosure?	If the seller does not clear the violation before closing, it becomes the buyer’s responsibility to clear the violation.
To compute the dollar value of a loan discount, each discount point is equal to	1% of the amount loaned.
A member of the Armed Services died while on active duty. The surviving spouse is entitled to a homestead deduction of	a 100% tax exemption.
An owner-developer employs five licensed sales associates and pays each sales associate a commission for sales of the owner-developer's lots. Which is TRUE of the owner-developer?	The owner-developer must register with the DBPR but does not have to be licensed.
A 17-year-old high school student has entered into a contract to purchase an adult's car. This is	a voidable contract.
An estate or interest in real property that can be measured by the lifetime of an individual is a type o	freehold estate.
Which statement is FALSE regarding the probable-cause panel?	A former Commissioner with an inactive real estate license may serve on the panel.
Which statement is TRUE concerning loss in value due to depreciation?	Extra-large, load-bearing columns in a large but old, one-floor store represent incurable functional obsolescence.
The maximum Save Our Home benefit that may be transferred to a new homestead is	$500,000.
licensee was issued admin complaint. licensee has signed the election of rights indicating that he does not dispute the allegations of fact and he requests an informal hearing. How much prior notice of a hearing MUST be given to the licensee-respondent?	14 days
The type of real estate investment that involves the sale or lease of a business is called	business opportunities.
A buyer is assuming the seller's existing mortgage. Which agreement relieves the seller of liability for the assumed mortgage?	Novation
Buyer and seller are discussing the type of deed that is to be conveyed. The buyers are requiring a guarantee that the seller owns the property and has a legal right to sell. This guarantee is part of which clause in the deed?	Seisin
To better estimate the demand for dwelling space, most experts charged with analysis of populations will use as a basis for their analysis	the household.
The SW¼ of the SE¼ of the NW¼, of Section 10, Township 3 South, Range 5 East, describes a tract of	64 acres: 640 ÷ 4 ÷ 4 ÷ 4 = 10 acres
Business brokers	must be licensed as real estate licensees.
Which statement is FALSE concerning townships?	A)Townships are located by referring to principal meridians and base lines. B) A township is six miles square. C)....There are 640 acres in a township. D) Each township is composed of 36 sections.
City planning commissions are usually NOT delegated which authority?	Zoning change approval
Economic characteristics of real estate include	situs.
Mortgage loan payments made in regular installments of interest only with the full principal amount plus accrued interest paid at one time at the end of the loan period describes	a term mortgage.
Characteristics of real estate value do NOT include	cost: The four characteristics of value are demand, utility, scarcity, and transferability
After contracting to sell and unless otherwise agreed, the seller is responsible for	existing liens
Mortgage loan payments made in regular installments of interest only with the full principal amount plus accrued interest paid at one time at the end of the loan period describes	a term mortgage
One mortgage clause NOT normally found in a VA or FHA mortgage is the	prepayment penalty clause.
A closing agent, who is preparing for a closing, wants to verify the balance of an existing mortgage before cutting a check to pay the lender in full at closing. Which document verifies this information?	Estoppel certificate
A range is numbered to the	east or west of a principal meridian
A buyer decides to purchase a property for $255,000. Which down payment will create the lowest risk for the mortgagee?	$51,000 ; The larger the down payment of the borrower, the lower the risk for the lender (mortgagee).
The law that makes it illegal to deny credit on the basis of age is the	Equal Credit Opportunity Act.
A borrower does not give up possession of a property but does use the property as collateral for a loan. This process is called	hypothecation
A nephew inherits his uncle's 1,150-acre cattle ranch. The legal term for the nephew in this situation is	devisee
One result of the current tax law is that homeowners	are not required to reinvest the sale proceeds in a new residence to claim the exclusion.
The difference between the adjusted basis of a property and its net selling price is called	capital gain
Which statement is TRUE regarding listing agreements	If required to effect a sale, the commission is earned only if the buyer closes on the property.
Salaried employees sell time-share units for a large owner-developer in Ft. Myers, Florida. Each Christmas, the employees receive a year-end bonus based on sales production for the year. Must the employees be licensed as real estate sales associates?	Yes, they must be licensed as real estate sales associates because part of the compensation is based on real estate sales production.
Real estate license applicants who desire to review their most recent license exam MUST file a request to review within	21 days
If a tenant legally subrogates or subordinates the rental space, it means that the tenant has	subleased the lease
You have just learned that the nearby airport has obtained government approvals to redirect the flight path of planes over your subdivision. The effect on your subdivision is called	external obsolescence.
If the capitalization rate remains constant, but net operating income is increased, how will the property value be affected?	Property value increases.
landlord got final judgm to evict a tenant. At 9:00 am on the following day, writ of possession delivered to sheriff req immediate service. At 2:00 pm same day, sheriff was stopped from evicting. What grounds attorney have for stopping the eviction?	The sheriff must give the tenant 24 hours’ notice to surrender the premises before physical eviction can begin.
An economic indicator that is used to adjust the interest rate on an adjustable rate mortgage is	the margin
The amount of a loan expressed as a percentage of the value of real property offered as security is the	loan-to-value ratio.
Which property is neither exempt nor immune from ad valorem property taxes?	Undeveloped farmland
When a security deposit or advance rent is required by a landlord, the landlord may	post a surety bond in the total amount of security deposits/advance rents or $50,000, whichever is less, and pay the tenant 5% per year simple interest.
A sales associate's license expired 20 months ago. What MUST this sales associate do to again work as a real estate sales associate?	Complete a 28-hour Commission-prescribed education course
Industrial zoning is used to control	emissions and effluents.
The practice of using five or six model homes to sell houses in a subdivision is associated with	tract building.
An increase in the mortgage money supply is called	intermediation; The flow of funds into deposits held by primary lenders, increasing the mortgage money supply is called intermediation.
A type of lien that results when a seller accepts a mortgage as part of the purchase price for a home is a	vendor’s lien
If a brokerage office provides property management services to property owners, and collects and holds rental funds on behalf of the owner, how must the broker account for the advance rent and security deposits?	The broker must deposit the advance rent and security deposits into an escrow account and prepare reconciliation statements for the account each month.
A nonresident who holds a Florida real estate license MUST	complete all required post-licensing and continuing education requirements.
The essential elements of a deed do NOT include	A) witnessing. B) ... under seal. C) delivery. D) consideration
The buyers paid a cash down payment of $55,000 and applied for a $145,000 loan. What is the LTV ratio?	72.5% ; $145,000 loan + $55,000 down payment = $200,000 sale price; $145,000 ÷ $200,000 = .725 or 72.5% LTV
In the formula for determining the tax rate for a government taxing unit, the approved budget minus nonproperty tax revenue is divided by	total assessed property valuation minus exemptions.
A sales associate receives a good-faith deposit on Monday morning. The broker is in the office that day, so he gives the deposit to his broker that same day. By the end of business on what day must the broker deposit the funds into the escrow account?	Thursday The broker must deposit the funds by the end of business on the third business day. The three-day period begins on Tuesday.
The statutory creation of a condominium building requires certain basic items of legal documentation, one of which is NOT the	common elements agreement.
A dispute over escrowed funds arises between the buyer and seller. The broker notifies the FREC of the conflicting demands and requests that the Commission issue an escrow disbursement order; but the FREC declines. Which alternative method CANNOT be used	Petition for review or appeal
Fannie Mae does NOT	originate federal loans.
Two buyers purchased a three-story building and took title as legal joint tenants. One died testate. The surviving owner now owns the building	in severalty.
What landmark legislation ended racial segregation in public schools, in the workplace, and in public accommodations?	Civil Rights Act of 1964
A condominium is created by	recording a declaration in the public records.
Which statement is TRUE about the sections in a township?	Section 13 lies to the north of Section 24.
The terms in each pair are synonymous EXCEPT	A) lessor—landlord. B)... grantee—seller. C) mortgagee—lender. D) vendee—purchaser.
If a property owner's request to the county property appraiser for a tax adjustment is rejected, the property owner may appeal to the Value Adjust Board within what period of time after the TRIM notice is mailed?	25 days
Which statement is TRUE about the sections in a township?	Section 13 lies to the north of Section 24.
The process of land buildup from water-borne rock, sand, and soil is	accretion.
Characteristics of real estate value do NOT include	A) transferability. B)... cost. C) utility. D) scarcity.
The type of time-share ownership that the usage rights revert back to the developer-seller is	right to use.
A real estate licensee is interested in obtaining an option on property as the true optionee. Which statement is FALSE regarding a real estate licensee's obligations?	In the option contract, the licensee must pledge a nominal consideration.
Which type of risk is the probability that projected income will NOT be adequate to meet operating expenses?	Business risk
What is the correct sequence to arrive at an estimate of value using the income capitalization approach?	Determine potential gross income; determine effective gross income; find operating expenses; find net operating income
Which clause is typically found in a mortgage loan to finance income-producing property?	Receivership clause
If a broker is given the right to sign a real estate sale contract that will be binding on the seller, the broker is	an attorney-in-fact.
Which type of alienation is voluntary?	Will
How will the binder deposit appear on the closing disclosure?	Entered on page three as a credit for the buyer
An economic indicator that is used to adjust the interest rate on an adjustable rate mortgage is	the index.
rental proration, and where will it appear on the closing disclosure?	Credit buyer, debit seller - page three
Which statement does NOT describe an owner's title insurance policy?	The policy is issued for an amount equal to the unpaid balance of the mortgage loan.
If I lease my lake front property to you for an indefinite period of time, your interest in real property would be	a tenancy at will.
proration for property taxes, where will the information appear on the closing disclosure?	Credit buyer, debit seller - page three
The section number located due west of Section 6 is	1
The seller informs the broker that he wants single agency representation. The broker MUST	give the seller the single agent notice.
The clause in a deed that contains the words "bargains and sells" or similar words is the	granting clause.
A strip of land that separates one type of land use from another is	a buffer zone.
A lawsuit against a farmer is pending. The court rules that her vegetable farm be seized and held as security in case of a judgment against the farmer. This legal action is called	attachment.
The factor by which annual rent from a commercial property is multiplied to obtain an estimate of the property's value is called the	gross income multiplier.
Which statement is TRUE with respect to the assignment of a lease?	The entire leasehold is transferred.
A type of deed that contains the words "remise and release" or similar words is the	quitclaim deed.
WHERE WILL state documentary stamps and intangible taxes For financing appear on the closing disclosure?	page two
Florida Statutes prohibit members from serving on the Commission for more than	two consecutive four-year terms.
Where will the assumption fee and discount points be entered on the closing disclosure?	page two
On which page of the closing disclosure will the documentary stamps entries appear?	page two
When mortgage interest paid in arrears on a loan assumption is prorated, the amount up to the day of closing is	debited to the seller, credited to the buyer.

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