Florida Real Estate STATE exam Questions and Answers 100% Pass The best protection that the public has during a Real Estate transaction is (are) A. The national and state association of REALTORS B... . The punishment of licensees dealing dishonesty C. the high ethical standards of real estate agents D. FREC and the license law ✔✔D. FREC and the license law A group license A. allows a broker to have a branch office B. allows a sales associate to work for more than one broker C. may be held by a sale associate or broker associate D.allows a broker to qualify more than one broker firm ✔✔C. may be held by a sale associate or broker The following are exempt from F.S. 475 EXCEPT A. Trustees for an estate B. Personal representatives for an estate C. Mortgage brokers engaged in financing activities. D. Business Brokers ✔✔D. Business Brokers General Partners in a brokerage partnership that are not qualified to perform the services of real estate must be registered as for what? ✔✔For Identification Purposes Which brokerage disclosure notice must be signed or initialed by the buyer or seller before implementation? ✔✔Transition to Transaction When a seller is about to enter a fiduciary relationship with a brokerage firm what must be given? ✔✔Single Agency Notice A broker owes which duty to a customer? What should he disclose? ✔✔Known Facts affecting the value of the residential property Sale associate works for a broker and receives an escrow deposit when should he deliver it? ✔✔To his broker immediately (next business day) Listings obtained by a sales associate become property of whom? ✔✔Employing broker Jim failed his state exam twice and believes some of the questions that he answered were indeed correct. He can write a written obligation for consideration for the questions to whom? ✔✔FREC Validation Committee Which Florida law prohibits a lender from refinancing a loan to the same borrower within the first 18 months of making a loan, if doing so does NOT reasonably benefit the borrower ✔✔Florida Fair Lending Act When there is a dispute over escrow funds, the procedures include four choices. Which choice involves a third person recommending a solution? A. Arbitration B. Mediation C. Litigation D. Escrow Disbursement Order ✔✔B. Mediation What is a step that follows the investigation in complaint process ✔✔Formal Hearing If a licensee does not dispute a citation it has the same effect as what? ✔✔Final Order What is the max penalty that a court could impose a second-degree misdemeanor? ✔✔$500 fine and/or 60 Days of Jail time For multiple claims against a licensee, the FL real estate recovery fund has a max of how much? ✔✔$150,000 For single judgment against a licensee, the FL real estate recovery fund has a max of how much? ✔✔$50,000 How is the FL Real Estate Fund funded? ✔✔From licensing fees Appeals of FREC final orders must be filed where? ✔✔District Court of Appeals If a broker fails to pay his sale associate he may be charged with? ✔✔Conversion What are the 7 things that the Fair housing act of 1968 prohibits the discrimination based on? ✔✔Race, Color, Sex, Religion, Handicap, Marital Status and National Orgin What Law required that buyers be given a good estimate of closing costs prior to closing? ✔✔RESPA (Settlement Act) What Federal law requires lenders to fully inform borrowers of important information related to loans, including the annual percentage rate charged? ✔✔Truth-in-Lending Act What illegal act is known when the licensee picks the properties for a buyer based on their race? ✔✔Steering Telling home owners that minority families are moving into their neighborhood in an attempt to get them to sell their home and move would be what? ✔✔Blockbusting Broker bill gives lower rental rates to women rather than men. What is this a violation of? ✔✔The Fair Housing Act of 1968 In the Landlord Tenant act how many days does the landlord have to inform his tenant what he is doing with the deposit money? ✔✔Must inform tenant in 30 days how the deposit will be held What is the main purpose of Regulation Z? ✔✔For lenders to disclose the true cost of credit to consumers. Triggering terms all contain what? ✔✔An amount of something A broker receives a kickback or referral fee from a title insurance company. This practice is a violation of what? ✔✔RESPA Property that boarders a river or stream includes what rights? ✔✔Riparian rights What be included if the Court tests to determine if personal property has become a fixture? ✔✔Relationship of the parties Three friends buy a property together with equal shares. If they have the right of survivorship they have created what? ✔✔Joint Tenancy Purpose of homestead exemption is to protect the surviving spouse and children and to exempt property from foreclosure for what? ✔✔Debts other than direct debts and federal liens The part of the deed which states that the grantor was in procession and has the right to sell the property is called what clause? ✔✔Seisin Actual Notice is what ✔✔procession of property that can be seen and heard A deed must be what? ✔✔Witnessed The ownership of a property actually transfers from the grantor to the grantee when the deed is what? ✔✔delivered and accepted Private restrictions are enforced by private citizens. The strongest control they have over a proper owner is? ✔✔deed restrictions Owner's title insurance protects what? ✔✔Buyers from title defects No warrants or promises are contained in what deed? ✔✔Quitclaim What clause in a deed assures the grantee that there are no claims or liens on the property other than those specifically listed on the deed? ✔✔encumbrance clause Broker bob has an exclusive listing. The owner calls and asks if bob has any offers bob says no. Broker Charles submits an offer to the owner that is accepted Bob can do what? ✔✔Sue for unliquidated damages. What must every active or inactive licensee complete prior to the renewal during every 2 year license period? How many hours ✔✔14 hours of commission approved continuing education. Salaried managers of condos are exempt along as rentals are what ✔✔no greater than 1 year leases What is the title given, when brokerage offices in non residential sales who both the seller and buyer have assets more the an 1 million dollars request single agents for different customers, when one or more sales associates are involved? ✔✔designated sales associate What is called when any real estate advertisement doesn't contain the registered or trade name of a broker. ✔✔Blind ads In rental information how many days does a tenant have to demand a return fee paid for rental info? ✔✔30 days In rental information when a tenant is with in their timeframe what would get them 100% paid back and what would get them 75% back? ✔✔100% if broker misrepresented what was offered and 75% if tenant did not like or accept the offer. What is called when created by filing a declaration of trust with the secretary of state? ✔✔common law trust or Massachusetts trust What is it called when two people share one office space and seem like them be in a partnership but are not a true partnership? ✔✔ostensible / quasi partnership What occurs if an individual is deemed by DRE (division of Real Estate) because lack of character, competence to deal with the public safely or was found guilty of. ✔✔Denial of License If the probable cause panel determines that the probable cause exists, an administrative complain formed and is also know as what? ✔✔formal complaint All information related to a investigation of the probably cause panel are confidential until when? ✔✔10 days following a finding of probable cause How much is the yearly fee for brokers and sales associates that are maintained by FL Real Estate Recovery Fund? ✔✔$3.50 a year for Brokers and $1.50 per year for sales associates What and when was the case that caused the prohibiting of all discrimination in all sales or rental of real property? ✔✔in 1968 Civil rights act of 1866 (jones v. Mayer) What and when was expanded from the civil rights act? ✔✔Federal Fair housing act in 1968 (jones v mayer) To induce and cause panic to a seller to sell their home due to influx of minority is called what? ✔✔blockbusting What are some exemptions to the civil rights act of 1968? ✔✔Private Clubs, Rental of Rooms, Churches, Frats What is it called when an owner sells a property to an investor and immediately leases the property back? who is the seller? ✔✔Sale-leaseback / lessee A U.S. Department of Community affairs produced booker regarding the energy efficiency of buildings that must be provided to any purchaser is called? ✔✔Energy-effciency rating disclosure The party who creates a life estate is called the what? ✔✔Grantor The right of a Grantor to regain the ownership of a life estate is called? ✔✔Reversion If someone other than the grantor was to receive ownership of the life estate it is called? ✔✔Remainder What is a legal principal when a person takes exclusive possession of the an owner's property? How many years must they have possessed the property to make it legal? ✔✔Adverse possession / 7 years What type of possession is adverse possession? ✔✔Involuntary What happens when a loan is sold to another lender and has title insurance? ✔✔Mortgagee policy is transferable to new lender What is the necessary clause in the deed? ✔✔Granting Clause What is used to show ownership in the event of a foreclosure? ✔✔Certificate of Title What was created by 20 years or more of continuous uninterrupted use of a portion of another person's property? ✔✔Easement by prescription What is files so that all potential claimants are required to appear in court and assert their claim? ✔✔Suit to quiet title What act is when law presumes a broker has a lien for collection and payment of commissions due in a nonresidential sales transaction? ✔✔Commercial Real Estate Sales Commission Lien Act What are the two mortgage insurance premiums required on an insured FHA loan? ✔✔UFMIP (up front mortgage insurance premium) and AMIP (annual mortgage insurance premium) What is the period during a VA's peacetime and military conflicts' eligibility? ✔✔peacetime 181 days and conflicts 90days What is a single mortgage given by a borrower that pledges two or more parcels as security for loan and what does it usually contain? ✔✔Blanket Mortgage / Release Clause What provides payments of interested during a term of the mortgage? ✔✔Term mortgage What do you call any mortgage loan obtained from any source including the seller when the proceeds of the loan are used to purchase real property? ✔✔Purchase Money Mortgage (PPM) Who does not make loans but arranges loans by taking mortgage applications and searching for lenders who offer the lowest interest rates? ✔✔Mortgage loan originators Where do the funds come from that commercial banks provide for mortgage bankers? ✔✔from Demand deposits in checking account and time deposits in saving accounts What was sold in 1968 and became a for-profit stockholder owned corporation with stock traded on the NYSE? ✔✔FNMA (Fannie Mae) - Federal National Mortgage Association What was sold in 1968 and became a for profit in the NYSE? ✔✔Fannie Mae / FNMA (federal national mortgage association) Which secondary mortgage market original purpose was to purchase conventional loans originated by saving and loans association? ✔✔Freddie Mac / FHLMC (Federal Home Loan Mortgage Corporation) In the grand total of a broker's statement what are the numbers that are summed up? ✔✔receipts and disbursements (numbers must be equal) What are the characteristics of value? ✔✔Demand, Utility, Scarcity, Transferability What principal states the value of a component of the property that is the amount added to the goal value of a property? ✔✔Property of Contribution What is the first step in an appraisal process before proceeding? ✔✔Define the problem A reconciliation and final value estimate ✔✔... 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