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Which of the following duties is owed by a transaction broker?
One of the conditions an adverse possessor must meet in order to obtain legal title to a property is
In Florida, unpaid property taxes become delinquent
A VA certificate of eligibility determines
A house sold for $350,000. The seller paid a brokerage commission of six percent, legal fees of $600, and had other closing costs of $3,000. What are the net proceeds from the sale?
Under federal fair housing laws, the owner of a ten-unit apartment building may legally
Which of the following is an example of blockbusting?
Mortgage financing is the practice of
In what kind of easement is there a dominant tenement and a servient tenement?
According to federal banking law, which of the following is a “federally related transaction” requiring a certified appraiser to perform the appraisal?
A legal description of a property is one which
Sales associate Tracy accepted an earnest money check on Wednesday, December 24th. Tracey must turn the check over to her broker by end of business on
Under the Equal Credit Opportunity Act, a lender, or a real estate agent who assists a seller in qualifying a potential buyer, may not
Which of the following is included in surface rights?
If a borrower obtains an interest-only loan of $75,000 at an annual interest rate of 8%, what is the monthly interest payment?
In what kind of estate does ownership revert to the grantor of the estate if usage fails to conform to a stated condition in the grant?
All broker licensees are required to complete ________ of post-license education.
A contract that conveys an interest in real estate must
Sales involving a(n) _______________ require a disclosure statement to the buyer that the buyer should not execute the contract until he or she has read the disclosure summary.
What is a loan-to-value ratio?
Which of the following is not required for a real estate office in Florida?
If a complainant withdraws a filed complaint, which of the following actions may happen?
In which relationship is a licensee prohibited from assisting both the buyer and the seller in the same transaction?
All nonresidents applying for a license in Florida
A court might grant an easement by prescription if
The act that required federally-related appraisals to be conducted by a certified appraiser is known as
What is the difference between a variance and a nonconforming use?
Which of the following is prohibited?
If a corporation fails to meet its financial obligations on one of its condominium building, creditors and mortgagees may foreclose on _______.
How long is an initial application for licensure valid?
Among a landlord’s primary obligations in a lease is
The agency relationship is defined by
What is the function of a note in a mortgage or trust deed financing arrangement?
Which of the following is true of a contract for deed transaction?
If a joint tenant sells his or her interest to an outside party,
How much documentary stamp tax will be owed on the note when an individual finances the purchase of a $400,000 single-family home in Miami with a cash down payment of $20,000?
The agent and principal may terminate the agency relationship by mutual consent
What is the purpose of the Florida Community Planning Act?
Which of the following is true of an amortizing loan?
If a lender discovers that an applicant for a mortgage loan has borrowed the down payment from a relative and has to repay that loan, the lender is likely to
FREC members serve __________ terms.
A sign at the entrance to a brokerage office
The best comparable property for use in the sales comparison approach is the one that
What is the relationship between master planning and zoning ordinances?
Which of the following items are paid in arrears?
If a licensee changes his residential address, what must he do?
Escrow account records must be kept for
A tenant in common can
The borrower in a mortgage loan transaction is known as the
What kind of interest does the buyer own after a real estate sale contract is signed by the principal parties?
Which of the following situations illustrates the principle of contribution?
If a tenant occupies a leased property without the consent of the landlord after a lease expires, the type of estate that results is called
During the period between the signing of the sale contract and the closing date,
A property buyer gave sales associate Tracy an earnest money check on Tuesday, December 23rd. The check must be deposited into the broker’s escrow account by the end of business on
The fair housing law that first protected people against discrimination in housing based on race was the
When a joint tenant dies, what happens to the tenant’s interest in the estate?
Which of the following statements is true in regard to Florida’s Save Our Homes (SOH) amendment?
If an applicant for a broker license has been licensed as a Florida sales associate during the preceding 5 years,
Blind advertising occurs when
The Federal Reserve’s Regulation Z applies to which loans?
When a sales associate license is first issued, it is on inactive status. How does the sales associate activate the license?
Which of the following statements properly describes the central concept of the sales comparison approach?
If demand is increasing, what would be the likely effect on real estate prices in an area where the municipality has declared a moratorium on new construction?
By definition, personal property
The practice of redlining is specifically prohibited by
When are the special fees for funding the Recovery Fund suspended?
Which of the following statements properly describes the methodology of the cost approach to appraisal?
If escrow funds are placed in an interest-bearing account, to whom must the interest be disbursed?
An implied contract may be deemed to exist if
A licensee may complete a 28-hour education course to reactivate a license that has been on involuntary inactive status for
The real estate industry is regulated by federal, state and local laws, as well as by
When the Probable Cause Panel finds there is no probable cause, what happens next?
Which of these statements is true regarding opinions of title?
If there are conflicting demands for escrow funds, this has to be reported to FREC within _____.
Among the duties of a broker who is acting as a transaction broker, is Copy
A lien is a
The valuable consideration necessary to make a contract valid must be
Which item would be included in the Florida Transfer Disclosure Statement?
Which statement is true regarding Florida brokerage relationships?
If there is a conflict over escrow fund disbursement, what is the first step the broker should take?
A loan applicant has an annual gross income of $36,000. How much will a lender allow the applicant to pay for monthly housing expense to qualify for a loan if the lender uses an income ratio of 28%?
Title can be voluntarily transferred by
Which of the following best describes actual notice?
Which type of map includes the property owner’s name, mailing address, sales data, valuations, building information, and site address?
In assisting a buyer or seller to complete an offer to purchase, what should an agent do to reduce the risk of committing an unauthorized practice of law?
An applicant must take and pass the state licensure exam within _____ of completing prelicense education.
To avoid violating the Real Estate Settlement Procedures Act, parties who are providing services to the buyer or seller in a transaction must
Which of the following contracts can be assigned to another party?
One of the agent’s fiduciary duties that continues even after a listing agreement expires is
In Florida, rental security deposits are limited to
A unique characteristic of a special assessment tax is that
Which of the following is true regarding the sales associate license requirements?
A property is being appraised by the cost approach. The appraiser estimates that the land is worth $10,000 and the replacement cost of the improvements is $75,000. Total depreciation from all causes is $7,000. What is the indicated value of the property?
Which of the following items is paid in arrears?
A sale transaction closes on April 1, the ninety-first day of the tax year. The day of closing belongs to the seller. Real estate taxes for the year, not yet billed, are expected to be $3,150. According to the 365-day method, what is the seller’s share of the tax bill?
Tom obtained his sales associate license in April of 2016 and renewed that license on March 31, 2018. His next renewal date was scheduled for March 31, 2020. However, Tom obtained his broker license on July 8, 2019. When does this broker license need to be renewed?
A homeowner receives a tax bill that includes an amount for the library district, taxed at $1.00 per $1,000, and the fire protection district, taxed at $2.00 per $1,000. How much does the taxpayer have to pay for these two items if the property’s taxable value is $470,00?
By definition, personal property
A buyer’s broker owes the full set of fiduciary duties to
Among the duties of a broker who is acting as a transaction broker, is