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A comprehensive set of over 200 questions and verified answers for the 45-hour post-licensing exam for real estate professionals in florida. It covers various aspects of real estate law, ethics, and practice, including brokerage relationships, appraisal principles, and property transactions. Designed to help aspiring real estate licensees prepare for the exam and gain a deeper understanding of the industry.
Typology: Quizzes
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"What term refers to a real estate financial transaction that a federal financial institution regulatory
"After the 1st renewal has been completed, what is the license status if the licensee fails to complete
involuntarily inactive, licensee has 12 months to complete the 14 hours of CE and pay a late fee"
was the site of a homicide." "What is a good graphic to show a seller that there will be more activity if the property is competitively
"A home sells for $310,500. Expenses of the sale are $4,800. The brokerage fee is $18,630. Prorations for taxes and interest are $5,036. The mortgage payoff is $181,500. What are the seller's proceeds from the
to remove by ordinary means."
the single agent's acts"
"Aside from a property's location, what is the most important factor that influences market value? -
mortgage that results in the calculated rate."
"When you explain the pricing process during a listing presentation, you would NOT ordinarily discuss -
"Florida statues require that a licensee report to the commission within 30 days after being convicted, found guilty, or entering no contest or guilty to a crime. the penalty resulting from a first violation of this
first violation- 250-1000 and license suspension to revocation second violation- a fine ranging from 1000 to 5000 and license suspension to revocation -full disciplinary hearing and penalties ANSWER: PROBATION" "Florida real estate law requires that all of the following changes be reported to the dbpr, except which
"F. S 455 defines current mailing address as the current residential address, which is used by a licensee to receive mail through US Postal Service. a licensee is required to notofy the department in writing of their current mailing address and any change in the current mailing address within how many days after
"a licensee advertises false, inaccurate, misleading, or exaggerated information. in addition to being
"a licensee attempts to negotiate a rental for a fee paid by the tenant. if the tenant applicant does not like any of the rental properties available, what are they entitled to request within 30 days of the
"sales associate, Chris, receives a deposit check from a buyer during the business day on Monday. what
disciplinary hearing and additional penalties."
"a licensee who practices beyond their scope as a sales associate could be subject to a full disciplinary
revocation or $250-$1000" "The commission has heard cases where the sales associates’ employing broker does not handle property management, so the sales associate set up their own company to handle property
chapter 475" "Which shows the penalties for violations of Florida real estate license law in order of least to most
info" "Which brokerage relationship situation is not permitted in the following instance under Florida laws and
relationship"
"In the early 1980s banks as well as savings and loan associations in the us went through a period of
"To correct many of the problems discovered during the collapse of lending institutions in the us,
"title xi of firrea was directed toward the appraisal profession and required that appraisals utilized by federally regulated lenders in federally related transactions be developed and reported in conformity
recent sales of similar properties in the same neighborhood, utilized many of the appraiasal concept. *appraisail" "an appraiser conducts an independent, impartial, and objective analysis based on research and data
value of the specified real property"
"a variety of situations may call for an appraisal. all of these are valid reasons except which one -
"under what condition may a real estate licensee who is not a state certified appraiser perform an
"which type of value is the value assigned by the property appraiser for ad valorem tax purposes -
"a seller remodels the kitchen, adding $30000, to the value of the property. what is this $30000 referred
"the comparable sales approach is based on the appraisal principle of substitution. which statement best
lowest list price attracts the most demand due to buyers not wanting to pay more than necessary." "tim and sue have the smallest home in a sought after neighborhood. the value of their home is
progression" "which of the following terms best describes the amount which is actually paid in a real estate
"when performing the data collection and analysis is to step of an appraisal, all of the following are
"appraisers follow a defined appraisal process when developing and reporting their opinions and
for active listings"
reports" "there are three mathematical methods that appraisers can employ to estimate the value of a subject
substitution cost approach" "the three approaches to value typically used by a certufied appraiser include all of the following, except
"while preparing a comparative market analysis (cma) a licensee comes across two identical homes in the same neighborhood with the exception that one is lake front and the other is not. the home on the lake is sold for 375000 and the other sold for 355000. based on this scenario, what assumption can the
"chris inherited property and found out if he left the existing structures untouched the property would be worth 500000. an appraisal est the property to be worth 800000 if he spends about 150000 improving the real estate. he elects to make the recommended real estate improvements. which
"Before listing their property the seller remodeled their kitchen at a cost of $75,000. Based on the selling prices in the neighborhood, the real estate licensee estimates that the improvements to the kitchen
contribution" "Which valuation approach do licensees use when similar properties in the same neighborhood are
approach" "Title XI of FIRREA requires appraisals used in federally-related transactions to be developed in
"a lender has come into ownership of a property due to a foreclosure. This type of property is commonly called a Real Estate Owned (REO) property. In order to determine the value of the property, what would
"When licensees prepare a Comparative Market Analysis (CMA), they should base their estimate of value
within the last 6 months in the same neighborhood" "You are listing a property for sale tonight and have done your CMA. The subject property you are listing has 4 bedrooms but one of the comparables you used only has 3 bedrooms. What should your
automated valuation model" "When licensees prepare a CMA for a seller, they must be careful not to refer to the CMA as which term?
The buyer purchases the lowest priced property that meets his/her needs in the neighborhood." "Which appraisal approach is used by investors when purchasing a property expected to bring a positive
"what other term refers to the ad valorem value assigned by the country property appraiser to a
depositors and invest the funds in real estate loans, making them financial intermediaries."
regulations. private parties, syndications, private loan companies"
"usury laws that protect consumers by limiting the rate of interest that may be charged. what lenders are
nstiutional may charge any rate of interest. noninstitut make loans that are subject to usury laws, thereby limiting the rate of interest that may be charged"
"which type of lender, organized as either a mutual or a stock company, is the largest source of funds for
companies" "what is the term used for someone who arranges loans by taking mortgage applications and searching for lenders who offeror the lowest interest rate and easiest borrower qualifications, without actually
do not make loans, but rather arrange loans by taking mortgage applications and searching for lenders who offer the lowest interest rates and easiest borrower qualifications. they also charge borrowers an application fee and often earn a finders fee or commission for arranging loans." "where do borrowers and mortgage originators come together to negotiate terms and effect mortgage
"which of these entities is the oldest and largest participant in the secondary mortgage market -
"what is the main advantage of masonry (concrete block) exterior walls as opposed to wood framed
roof" "what style of window typically seen in older florida homes, has a series of small horizontal panes that
material to resist heat flow"
interior doors leading to the garage" "which type of plumbing supply line piping material, still in use today for hot and cold water distribution,
"a temperature and pressure relief valve is an important safety feature of which component of a
"which system, referred to as an "on-demand" system, provides heated water only when needed -
"the plumbing system consists of water supply lines, water disposal lines, hot water heaters, and what
"all of the following items are components of a typical central air conditioning system, except which one
geothermal"
"which type of conductor, used, in residential writing, has been linked fires due to expansion and
"electrical circuits have three components: a source, a path, and a load. which item is an example of an
health, safety and general welfare as related to the construction and occupancy of buildings and structures" "all of the following are examples of federal regulation of the construction industry, except which one -
"f.s 553 building construction standards, contain eight parts. this adaptation of the building construction
"if you wanted to build a house that was built so as not to retain water on the roof, you would use an of
"the predominant style of home building in florida is concrete block (masonary) and stucco (cbs). what is
temperature and pressure relief valve" "which statement correctly applies to the apperance of small cracks in the masonry concrete blocks of a
"extreme FL weather with high winds can cause significant roof damage. as a result, the building code
ordinary income tax rate"
buyer won't have to pay for mortgage insurance."
to repay, appraising collateral's property value, preparing loan documents, and checking the title of the collateral."
replacements, fixed, and variable."
information in the email" "A home is being appraised for a mortgage loan. One of the comparable properties is smaller than the subject property, and the appraiser estimates the difference to be $7,800. The appraiser will make -
clause supersedes the printed clause"
exclusive right-of-sale listings"
agreements within 24 hours." "A sales associate is talking with a customer. When the customer crosses his legs, the associate smiles
matching."
The person must be certified and follow specific work procedures."
market analysis."
inspection of the property" "A buyer is closing on the purchase of a residence. The ad valorem taxes for the year are estimated to be $2,640. The closing date is February 1, and the day of closing belongs to the buyer. Using the 365-day
"Under the Americans with Disabilities Act, there must be at least one accessible parking space for every
which consumer confidence is shaken and consumers reduce spending." "What is the most likely reason why a sales associate sets appointments with the seller using a range of
in some houses than the sales associate had planned" "A sales associate was preparing a comparative market analysis for a three-bedroom home. One of the three comparable sales he reviewed had an extra bedroom and a larger lot. He made a $7, adjustment for the extra garage stall and a $4,000 adjustment for lot size. Which is TRUE about his
Loan estimate" "A noncash expense similar to depreciation that accounts for the eventual wearing out of major
collateral, and a search of the records." "A sales associate wants to earn at least $45,000 next year. If the average commission from listings sold
personal property"
"Owners of 800 homes in a subdivision list their houses, on average, every eight years. If a sales associate farms that neighborhood and lists 20% of the homes, how many homes can she expect to list
homes listed by the sales associate." "A salesperson wishes to take home $80,000 annually. If taxes, dues, advertising, and fees are about 35%
desired earnings by .65 (100% - 35%). $80,000 ÷ .65 = $123,077, rounded to $123,000." "A sales associate is estimating the prepayments for a new loan that will close on April 12. If the first payment is due on June 1, how will the prepaid interest be calculated for the closing statement? -
"Which federal law requires fair consideration of consumer loan applications from women, minorities,
be a good farm area."
consistent, making them at the same time each day."
losses are subtracted from potential gross income."
through inspection to be certain all items are in working order." "If the seller defaults, and the contract was written using the Florida Realtors®/Florida Bar Residential
the contract"
appraisal cannot be used by a bank for a new loan." "A property sold for $149,300. How much must be paid for the documentary stamp taxes on the deed? -
"When at least 80% of units in a complex have at least one occupant who is at least 55 years of age, -
younger than 60 years old"
"When you talk with a for sale by owner about her property, your principal objective should be to -
Listening"
excellent condition." "A sales associate who asks a prospective buyer, "How many bedrooms do you need in the house?" is -
"A sales associate receives a good-faith deposit from a buyer on Wednesday. The broker must deposit
rights to file a lien on the property."