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class exam

class exam questions

QuestionAnswer
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
Created by: dmboo