Post Licensing Exam for Sales Associate
in FL Questions and Answers
A property is likely to sell faster if it is priced at the...
"sold" section of the CMA
Voluntary Inactive
The license status that results when a licensee has met all of the requirements for
licensure, yet the licensee chooses not to engage in the real estate business, and has
requested that the license be placed in this status.
Involuntary Inactive
A sales associate who works for a broker whose license is revoked by the FREC) will
have his/her license placed in ________ status .
Most conventional res mortgage lender have adopted the Fannie suggested
housing expense ratio and the total long term obligations ratio calculated from
gross income amounts for underwriting loans. The fannie mae ratios for housing
expenses (HER) and the total obligations (TOR) currently range from
28% (HER) and 36% (TOR)
The best way to acquire product knowledge is to...
Be in the market place
Broker who works with a seller is legally presumed to be...
Transaction broker. FL law presumes that a licensee is a transaction broker unless the
licensee enters into another brokerage relationship with the customer.
The process of evaluation the risks involved in issuing a new real estate
mortgage is commonly called
Loan Underwriting. Loan underwriting is the evaluation of the risks involved when
issuing a new mortgage. This process involves qualifying the borrower and the property
, to determine whether they meet the minimum requirements established by the lender,
investor, or secondary market in which the loan is to be sold.
The closing date for a transaction is Sept. 15. If annual property taxes are $760
and a lender wants a 3 monthtax escrow plus the number of months through the
day of closing, what is the amount of prepaid taxes the lender collects at closing?
$760 The closing month is Sept (9th month). Add 3 more months and that means the
lender wants a full year of taxes. Annual taxes are $760.
When the annual debt service is subtracted from NOI, the result is
Before-tax cash flow
A bilateral agreement spelling out the complete terms between a buyer and a
seller for the transfer of a parcel of real property is
Sales contract.
A comparable property sold 2 months ago for 138K. It has 4 beds (subject has 3)
and is 160 SF larger as a result. An analysis shows that the additional room/space
makes a 8K difference. The subject is newer and in slightly better condition, so
you estimate a difference of 5K. Due to the difference in SF and Beds, you make
a...
Minus 8K adjustment to the comparable. Because its larger the adjustment would be
minus 8k to the sales price of the comparable
A house sells for 87,500. How are the documentary stamp taxes on the deed
handled on the closing statement?
612.50. The seller pays for the stamp taxes on the deed. Divide the sales price by 100
then round to the next highest 100 and multiply that by by $0.70
What is the most important in a sales contract?
Legal Description. A defective Legal description can render the contract unenforceable.
The relationship between a property's NOI and its present value is the
Capitalization Rate
The monthly payment for P and I is $663.81. Annual ins is $720. City and County
tax are $760 annually. Mortgage ins premium is $50.18 per month, what is the
total monthly payment (PITI) on the mortgage?
in FL Questions and Answers
A property is likely to sell faster if it is priced at the...
"sold" section of the CMA
Voluntary Inactive
The license status that results when a licensee has met all of the requirements for
licensure, yet the licensee chooses not to engage in the real estate business, and has
requested that the license be placed in this status.
Involuntary Inactive
A sales associate who works for a broker whose license is revoked by the FREC) will
have his/her license placed in ________ status .
Most conventional res mortgage lender have adopted the Fannie suggested
housing expense ratio and the total long term obligations ratio calculated from
gross income amounts for underwriting loans. The fannie mae ratios for housing
expenses (HER) and the total obligations (TOR) currently range from
28% (HER) and 36% (TOR)
The best way to acquire product knowledge is to...
Be in the market place
Broker who works with a seller is legally presumed to be...
Transaction broker. FL law presumes that a licensee is a transaction broker unless the
licensee enters into another brokerage relationship with the customer.
The process of evaluation the risks involved in issuing a new real estate
mortgage is commonly called
Loan Underwriting. Loan underwriting is the evaluation of the risks involved when
issuing a new mortgage. This process involves qualifying the borrower and the property
, to determine whether they meet the minimum requirements established by the lender,
investor, or secondary market in which the loan is to be sold.
The closing date for a transaction is Sept. 15. If annual property taxes are $760
and a lender wants a 3 monthtax escrow plus the number of months through the
day of closing, what is the amount of prepaid taxes the lender collects at closing?
$760 The closing month is Sept (9th month). Add 3 more months and that means the
lender wants a full year of taxes. Annual taxes are $760.
When the annual debt service is subtracted from NOI, the result is
Before-tax cash flow
A bilateral agreement spelling out the complete terms between a buyer and a
seller for the transfer of a parcel of real property is
Sales contract.
A comparable property sold 2 months ago for 138K. It has 4 beds (subject has 3)
and is 160 SF larger as a result. An analysis shows that the additional room/space
makes a 8K difference. The subject is newer and in slightly better condition, so
you estimate a difference of 5K. Due to the difference in SF and Beds, you make
a...
Minus 8K adjustment to the comparable. Because its larger the adjustment would be
minus 8k to the sales price of the comparable
A house sells for 87,500. How are the documentary stamp taxes on the deed
handled on the closing statement?
612.50. The seller pays for the stamp taxes on the deed. Divide the sales price by 100
then round to the next highest 100 and multiply that by by $0.70
What is the most important in a sales contract?
Legal Description. A defective Legal description can render the contract unenforceable.
The relationship between a property's NOI and its present value is the
Capitalization Rate
The monthly payment for P and I is $663.81. Annual ins is $720. City and County
tax are $760 annually. Mortgage ins premium is $50.18 per month, what is the
total monthly payment (PITI) on the mortgage?
