Random Real Estate Facts From Practice Quiz

Question 1

What must a Mortgage Loan Originator have?

Answer 1

A separate license

Question 2

A real estate appraisers fee is based off of what?

Answer 2

Time and difficulty of appraisal

Question 3

Property managers are allowed responsibilities, wha is NOT ONE

Answer 3

Preparing leases

Question 4

What does farming mean in real estate?

Answer 4

Specializing in one geographic area

Question 5

An appraiser who is registered, licensed, or certified under F.a.475, Part II, must be utilized in what?

Answer 5

Federally-related transactions

Question 6

When was FREC created?

Answer 6

1925

Question 7

What is a Brokers associate?

Answer 7

A broker who is employed as a sale associate

Question 8

Single agency requires which fiduciary duties?

Answer 8

ALL!!

Question 9

What is the maximum fine that Fl Fair Housing Act can impose for first violation?

Answer 9

$10,000

Question 10

What is a net lease?

Answer 10

Tenant pays rent, plus taxes, insurance and maintenance

Question 11

What is a tenancy in common?

Answer 11

When partners go into ownership of a property; without the right of survivorship

Question 12

What is tenancy by entirety?

Answer 12

When a married couple goes into ownership, unless specified otherwise

Question 13

Which clause in a deed states the interest the is being conveyed?

Answer 13

Habendum

Question 14

Party who receives offer?

Answer 14

Offeree

Question 15

Which legal instrument shows the debt and states the interest, term, payment, and requirements related to loan?

Answer 15

Promissory Note

Question 16

What clause in a mortgage requires lender to acknowledge performance by the borrower?

Answer 16

Defeasance