Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Real Estate School Exam > School Exam > Flashcards

School Exam Flashcards

(89 cards)

Start Studying
1
Q

When preparing a CMA what must a licensee take into account?

A

Current listed prices
Past Sales
Expired listings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What type of license would a licensee need to accept a referral fee from a lender?

A

MLO

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Which part of the FS 475 pertains to liens for commission earned on commercial real estate?

A

Part 3

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What type of plea would involve neither admitting nor denying the charges

A

No Contondrea

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

For mutual recognition applicants, what requirement is needed to obtain a Florida Sales associate license?

A

Passing with 75% or above on Florida state exam

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Why is a social security number required to get a real estate exam?

A

Child Support

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Who is exempt from licensure under FS 475?

A

Salaried Employees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is the maximum amount an apartment complex can pay for a referral or finder’s fee?

A

50

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

How much do members of FREC receive for attending meetings and other FREC business?

A

50 daily

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is is it called when you give up your license to retire?

A

you relinquish

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

How many days do you have to change your mailing address with DBPR after you move?

A

10 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

When would a broker need multiple licenses?

A

When they are the broker for two or more business entities and qualify for such

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What type of agent is a sales associate who is working under a broker

A

general agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Which brokerage relationship would be best for someone who wants brokerage representation in a fiduciary capacity?

A

Single agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What transactions are considered residential sale transactions? What is not?

A

NOT: appraisals, auctions, business opportunities, lease agreements, non residential transactions
IS: Quadplex or less both improved and not improved, agricultural property of 10 or fewer acres

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

If a sales associate wants to advertise as an agent, what must they include in all advertising?

A

Full brokerage name

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

How long may a licensee contact a customer on the DO NOT CALL list after business is concluded?

A

18 months after business is concluded

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

A sales associate receives earnest money on Friday. When is the broker required to deposit the money in escrow

A

3 total business days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

How many days does a broker have to notify FREC of conflicting demands?

A

15 business days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is arbitration?

A

a binding third party that makes binding determination matter

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

If a broker requests an EDO and the buyer and seller resolve their dispute, how many days does the broker have to notify the FREC?

A

10 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Who pays the the commission to a personal assistant working for a sales associate? Who can pay an hourly wage?

A

The commission is payed by the brokerage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is a stipulation agreement?

A

Agreement as to the facts of the case and penalty reached between the licensees attorney and the DRE attorney

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Can the FREC impose restitution to an injured party?

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Would a hearing be part of the process for a Notice of Noncompliance?
No
26
Does the DBPR need to be to be notified if a licensee enters a plea outside of Florida?
Yes, you have 30 days
27
What type of crime is falsifying a DBPR application?
Felony 3rd degree
28
A broker complied with with an EDO. If the broker loses in court. What will the recovery fund pay?
Reimbursement for the amount of the judgement
29
A broker complied with with an EDO. If the broker loses in court. What will the recovery fund pay?
Amount of the judgement, reasonable attorneys fees and court fees
30
What is blockbusting?
Using the entry or rumor of entry, of a protected class into a neighborhood to persuade owners to sell.
31
Would it be relevant for a client to ask a sales associate the color of a tenants skin?
Race is not relevant- violation of fair housing
32
What options allows a landlord to comingle tenant deposit with their own funds?
They cant comingle with posting a surety bond
33
What must be transferred to a new owner when a leased property is sold?
Security deposits and advance rents should be transferred to new owner at closing
34
How long does a landlord have to impose a claim on a tenants deposit?
30 days
35
What is Accretion?
Process of land buildup from waterborne rock and soil
36
What methods are used to determine if an item is a fixture? Which is important for this test?
Intent, Relationship or agreement of the parties, method, adaptation
37
What type of debt does the constitutional homestead protect the forced sale of real property from?
Credit card debt and personal loans
38
Which type of tenancy gives each tenant an undivided interest and passes the property to the owner's heirs?
Tenancy in common
39
Which type of tenancy includes the right of survivorship for someone not married?
Joint tenancy
40
How many days does a buyer have to rescind a contract when purchasing a condo from a developer?
15 days
41
A prospective buyer of an existing condo (resale) must receive which documents? Most important?
Copy of the FAQ's of existing condo units
42
What type of notice occurs when recording something in public record?
constructive notice
43
What title insurance policy is issued in the loan amount and is transferrable?
Lenders policy (Mortgage policy)
44
What needs to happen for a deed to be conveyed?
deed is voluntarily delivered and accepted
45
When would a quitclaim deed be used?
clears clouds or defects on title.
46
What is a net lease?
Fixed rent plus property expenses
47
Is the vendors lien voluntary on involuntary?
voluntary
48
What section is east of T2N, R2W? T2S, R2W?
T1N,R1W? T1S, R1W
49
What Section is north of Section 19?
18
50
The NE1/4 of the SW1/4 and S1/2 of the SW1/4 of the SW1/4 of section 21 contains how many acres?
60 acres alway
51
What is the area of a section? What is Not?
1 sq mile, not a single acre
52
How long must a listing contract be for statue of frauds to apply?
1 year
53
What is a distinctive feature of a unilateral contract?
1 party obligated
54
What is the executory contract?
not fully performed
55
What is specific performance?
remedy for breach of performance
56
What is an open listing?
listed to multiple brokers
57
When is the lead based paint disclosure required?
properties that were built prior to 1978
58
Which Florida Statue governs the home owners association disclosure law
FS 720
59
When can the right to void a contract be waived for a home owner associations disclosure?
Never
60
What is included on the note?
Amount of debt, interest rate, repayment method, maturity date
61
In a lien theory state, who holds title to real property?
Mortgagor
62
What is the formula to calculate a loan to value ratio?
loan amount / value of property
63
When is an assignment mortgage used?
Transfer mortgage one to another
64
What are two characteristics of the early years of a 30 year conventional, fixed rate mortgage?
fixed monthly payments and interest are high
65
How is the interest rate on an adjustable-rate mortgage determined?
index + margin = calculated interest rate
66
What is a trigger term?
terms that requires some type of disclosure
67
Can a borrower cancel a loan contract on a new 30-year mortgage within 3 business days?
No because its a new home purchase
68
When can a seller choose the title insurance company?
if they pay for the title insurance
69
What is another name for a walk through?
pre closing inspection
70
How would unpaid property taxes be entered in the closing disclosure?
credit to the buyer
71
How does the the total purchase price appear on a closing statement?
credit to seller or or debit to buyer
72
How do items prepaid by seller show up on the closing statement?
debit to seller
73
What variable does price influence in real estate?
demand for real estate
74
Which board endorses uniform exams for appraisal certification?
AQB Appraiser Qualifications Board
75
What type of value is used when trying to sell something as soon as possible?
Liquidation Value: the $ amount that a property would bring that is going into foreclosure
76
A homeowner is refinancing. The property appraised for 475,000. what is the value of the property?
475K
77
What is the loss of value due to influences originating outside of the property called?
External Obsolescence
78
what is the effective age used to calculate in the cost-depreciation approach?
Accrued depreciation
79
what is a fixed expense when calculating net operating income?
property taxes hazards insurance costs that do not fluctuate
80
What is equity?
property value -mortgage debt
81
What are appraisal methods only used in business appraisals
cost approach, income analysis, liquidation analysis
82
Is a church exempt from property taxes?
Yes
83
What limits how much the assessed value of a homestead property can increase each year?
The Save our homes amendment
84
What is auctioned to collect delinquent property taxes?
Tax certificates
85
When can property taxes on a second home be deducted?
may be deducted up to 10000 when calculating taxable income
86
What is the IRS straight-line method depreciation deduction for residential property and what depreciates (depreciable basis)?
useful life for residential property is 27 & 1/2 years
87
What does the planning commission have final authority over?
Subdivision Plat approval site plan approval, sign control
88
What is a buffer zone?
strip of land separating one land use from another
89
What is nonconforming use?
land previously allowed

Real Estate School Exam (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions