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