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class exam
class exam questions
| Question | Answer |
|---|---|
| The three areas of expertise real estate licensees bring to the transaction relate to | VALUATION |
| The three areas of expertise real estate licensees bring to the transaction relate to | MARKETING |
| The three areas of expertise real estate licensees bring to the transaction relate to | PROPERTY TRANSFER |
| the composite value of the real & personal property, plus intangible assets of a business, is called | going concern value |
| after completion of construction of a subdivision the streets side walks & common area conveyed to city or county process is called | DEDICATION |
| concentrating on one neighborhood or style property is called | FARMING |
| brokers are not required to have knowledge of | accounting |
| brokers should have knowledge of | marketing, valuation, property transfer |
| the service provided by brokers that is considered to require the most experience | counseling |
| a broker associate acts the same as | sales associate |
| upon passage of the state exam a sales associate will receive an | inactive license |
| Fl does not reciprocate with other states, but does have_______ with some states that have educational requirements that are similar | mutual regonition |
| the post license educational course for sales associate consists of | 45 hours |
| owner-employers are__________ but do not receive a license | registered |
| _________education must be completed during the initial sales associate license period | post license |
| a sales associate fails to complete post license eduction | void |
| an attorney in fact | is a authorized power of attorney |
| n active licensed attorney with the florida bar | is exempt from continuing education to maintain real estate license |
| to qualify for a fl real estate license | must have a high school diploma |
| a broker associate | broker employes as a sales associate |
| a plumber has been appointed by a court to appraise a small business | may do so & a fee be paid |
| the rule making authority of the frec is called | quasi-legislative |
| members of the Fl real estate commission may serve no more then__ consecutive terms | 2 |
| to become a broker of the fl real estate commission a broker must have been a active licensee for a min of | 2 years |
| the dept of business does not have the authority to issue a | injunction |
| the max number of years a member may serve on the fl real estate commission is | unlimited |
| fl real estate comission held a meeting for the purpose of passing a new rule | quasi-legislative |
| what action may the department determine an unlicensed person operated in violation | adminstrative fine up to 5,000 |
| associate fails to complete post license education | voluntary inactive |
| damages specified in a contract are | liquidated damages |
| when a contract has not yet been fully performed is | executory |
| a contract wholly in writing may be enforced for | 5 years as specified in statue of limitations |
| the parties in a option are | optioner & optionee |
| one example of a unilateral contract | purchase & sale contract |
| when all terms & conditions are not fully expressed a contract is referred to | implied |
| which statue requires a purchase & sale contract to be in writing to be enforceable | statute of frauds |
| the time period for enforcement of a contract is established by the | statue of limitations |
| how many acres in a square mile | 36 |
| property described by lot & block # is | recorded plat |
| how many square feet are in 1 acre | 43,560 |
| zoning is a example of which government limitation over private property rights | police power |
| to obtain title by adverse possession requires | notorious, open, hostile, adverse, possion for 7years |
| what type of notice is considered to be the best proof | constructive |
| which clause in a deed states the interest being conveyed | habendum |
| quitclaim deed | may be used to cure defects |
| zoning is an example of which government limitation over private property rights? | police power |
| to obtain title by adverse possession requires | notorious, open, hostile, adverse, & exclusive possession of the property for 7 or more consecutive years |
| what type of notice is considered to be the best proof of ownership | constructive |
| the most accurate method of legally describing property is the | metes & bounds method |
| the initial reference point in a metes & bounds legal description is the | monument, then the point of begining |
| A township is | 6 miles square & contains 36 square miles |
| how many square feet in a acre | 43,560 |
| how many feet in a mile | 5,280 |
| how many acres in a section | 640 |
| properties located in subdivided areas are usually described using the | plat method |
| section 13 is | south off section 12 |
| the primary reference point in a metes & bounds description is the | initial reference point |
| how many square feet in a acre | 43,560 |
| a property described by lot & block number is part of | recorded plat |
| how many acres in a square mile | 36 |
| damages specified in a contract are | liquidated damages |
| one example of a unilateral contract is the | purchase & sale contract |
| when all terms are not fully expressed a contract is referred to as being | implied |
| the phrase meeting of the minds refers to | offer & acceptance |
| which statue requires a purchase & sale contract to be in writing to be enforceable | statue of frauds |
| the time period for enforcement of a contract is established by the | statue of limitations |
| the legal instrument which evidences the debt & states the intrest rate, term payment requirements & other information related to the loan is the | promissory note |
| when financing the purchase of real estate, the mortgager | gives mortgage to mortgagor |
| the party that holds title to real property in a lien theory state is the | mortgagor |
| the right of a mortgagor in default to pay all money owed & prevent the sale of property at foreclosure is called the equity of | redemption |
| funds remaining after all liens have been paid following a foreclosure sale belong to the | mortgagor |
| the real estate settlement procedures act (RESPA)does not require | disclosure of the annual percentage rate (APR) |
| life insurance companies are the largest source of funds | for financing loans |
| the major source of funds for large commercial real estate developments are | life insurance companies |
| the secondary mortgage market is | where loans originated in the primary market are sold |
| the federal housing administration mortgages are determine by | insures loans |
| which entry would normally appear as a debit on the buyers statement | intangible tax on a new mortgage |
| an earnest money deposit held in escrow is reflected on the closing statement as a | credit to the buyer |
| expenses on a closing statement are always entered as a | debit |
| title insurance is ordinarily paid by the | buyer |
| the state documentary stamp is on the promissory note & intagible tax on a new morgage is normally paid by the | buyer |
| the least effective tool the federal reserve system has to affect the money supply is changes in the | discount rate |
| the process of qualifying a borrower & a property in connection with a loan application is known as a mortgage | underwriting |
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