Which group is responsible for the preparation of the comprehensive plan or plan amendment? - The Planning Commission
Advertising that discriminates
... [Show More] against people based on ________ is prohibited by the Fair Housing Act and its amendments. - Religion
Which of the following protects mortgage applicants from discrimination based on receiving public assistance? - Equal Credit Opportunity Act
Fannie Mae purchases all of the following loans EXCEPT: - Freddie Mac
* Hilda and Hyatt paid $7,875 last year in mortgage interest, $4,200 in principal payments, $1,850 in property tax, $840 in mortgage insurance, $1,200 in property insurance, and $1,500 in maintenance. Which expenses are deductible from their federal taxes? - Mortgage interest of $7,875 and property taxes of $1,850
What instrument includes the specific terms of the loan such as rate, length of term, payment, etc.? - Promissory Note
Practicing real estate without a license is a: - Third-degree felony
A township contains: - 36 sections
Heather has been using a roadway at the back of the 22 acres Pam owns in order to access a fishing pond. She has been driving down the roadway almost every day without permission for over 20 years. This is called an: - Easement by prescription.
When figuring effective gross income which expenses are deducted? - Collection and Vacancy losses
On Monday, Agent Sally collected an earnest money check. Agent Sally turned it over to Broker Mary on that same day. What is the last day that Broker Mary can deposit the earnest check to the escrow account? - Thursday
A buyers loan payment called "PITI" will change if:
1) The property taxes increase
2) The property taxes decrease
3) Their home owners insurance fluctuates
Submitted answer
4) All of the above - All of the above
Candy died intestate. After an extensive search, no heirs were found. Candy's real property would transfer by: - Escheat
Which of the following properties requires a lead based paint disclosure? - A single-family home for sale built Prior to 1978
* You have a listing with a 6% commission. Your sellers have accepted an offer from a buyer that has their own agent. You have agreed to give the buyers agent 3.5% of the commission. Your agreement with your broker is that you get paid 92% of the commission you earn. The sales price was $387,500.00. How much will you get paid? - $8,912.50
$387,500 X .02.5 (6%-3.5%) = $9,687.50 x .92 = $8,912.50
All of the following are acceptable to register with the DBPR as a real estate brokerage EXCEPT:
1) Non-profit corporation
2) Corporation sole
3) Limited liability corporation
4) For profit corporation - Corporation sole
An individual and/or their spouse that is an active duty member of the armed forces and has a real estate license in another state can get a _________ real estate license if stationed in Florida - regular license
*Jackson is buying a home for $412,000. His interest rate on the loan will be 4.75% for 15 years. He will have a down payment of $16,480. What is the LTV on the loan? - 96%
Loan Amount Price (or value) = LTV ratio Take $412,000 - $16480 = $395,520; $395,520 / 412000 = 96% LTV
A sales associate has a licensed assistant which is paid both on an hourly basis and a commission basis. How should the assistant be paid? - The sales associates' broker must pay the assistant the commission while the sales associate may pay the hourly wage if it is for tasks that do not require a license
Brokers must retain brokerage relationship disclosure documents for 5 years except when: - Working with a buyer or seller as a transaction broker from the outset
Sales associate Troy wants to create a business entity with the State of Florida to conduct real estate as a licensee. He will then register that name instead of his personal name with the DBPR. All of the following business formats are acceptable, except:
1) A profession corporation
2) A limited liability company
3) Professional limited liability company
4) Corporation - Corporation
Which of the following elements must you have for a valid real estate contract?
1) Competency
2) An offer and an acceptance
3) Legality of object
4) All of the above - All the above
What clause in a mortgage is activated when the entire mortgage has been paid in full? - Defeasance
As a sales associate can do an appraisal and collect a fee if: - It is to be used in court for a divorce case
APPRAISERS licensed in Florida must abide by: - USPAP
You sell Jessica a current up-to-date rental list and provide all the proper disclosures and paperwork. Jessica contacts you 15 days later and asks for a refund in writing of the amount she paid for the list because she could not find a rental on the list. She is entitled to how much of a refund? - 75%
Yvette claimed Giselle's property through adverse possession. To have done so successfully, Yvette would have to have done all of the following EXCEPT:
1) Take actual possession of the property
2) Possession was open and notyorious all the neighbors could see Yvette living there.
3) Do so for a continuous period of 10 Years
4) Paid taxes for the entire period - Do so for a continuous period of 10 Years
Which individual is NOT exempt from holding a Florida real estate license? - Certified public account (CPA) who is employed by a real estate corporation and receives a salary, plus bonuses based on real estate transactions
A Primary reference line that runs North and South is called: - Principle meridian lines
Without written permission - Phillip tells his buyer Tom, that his seller Mark is getting divorced and has to sell the property quickly. Phillip is representing both Mark and Tom as a transaction broker. Phillip has violated which agency duty? - limited confidentiality
Actual notice is: - Something you have learned by reading, seeing or hearing
There are three types of agents in general business dealings. These include the universal agent, the general agent, and the: - special agent [Show Less]