Post-Licensing Practice Exam for Florida
Real Estate Sales Associates
FHA requirements for housing expense ratios (HER) and total obligations ratio
(TOR) are
28% (HER) and 36% (TOR).
Yesterday, a broker obtained a 90-day listing contract that has a self-renewing
provision extending the agreement an additional 60 days after expiration unless
either party cancels in writing. The listing contract is
void.
Unlicensed personal assistants
who are directed by the sales associate in how to do their jobs cannot be classified as
independent contractors, and must pay withholding taxes.
If a buyer raises an objection to a property, the associate should first
confirm and isolate the objection.
A bilateral agreement spelling out the complete terms between a buyer and a
seller for the transfer of a parcel of real property is
a sales contract.
What is NOT a good reason to make a preclosing walk-through inspection?
To determine that no encroachments exist
Susan lists her home with broker William for $90,000 on March 16. On August 1,
Henry makes an offer of $85,000, accompanied by a binder deposit of $5,000, and
asks the seller to pay points on a new loan of $80,000. Susan counters at a price
of $87,500 and agrees to pay four points on a loan of $82,500. Henry accepts.
Henry qualifies for the loan at an interest rate of 9% and agrees to pay a 1%
origination fee. The monthly payment for principal and interest is $663.81. Henry
also will be charged for prepaid interest for the balance of the month of closing.
The closing date is September 15, and Henry is charged for the day of closing.
Henry will purchase an insurance policy for $720. City and county taxes are $760.
, Susan agreed to pay her own attorney's fees of $125. Henry must pay $130 for
attorney's fees, $56 to record the mortgage, $6 to record the deed, and $640 for
title insurance.
The payoff on Susan's existing mortgage will be $64,455.16 on the day of closing.
Broker William's fee is 6%. Doc stamps and intangible taxes are paid according to
custom. Use the 365-day method for prorations.
How are the documentary stamp taxes on the deed handled on the closing
statement?
Debit Susan $612.50.
An agreement to hold open for a set time period an offer to sell or lease real
property is
an option contract.
Susan lists her home with broker William for $90,000 on March 16. On August 1,
Henry makes an offer of $85,000, accompanied by a binder deposit of $5,000, and
asks the seller to pay points on a new loan of $80,000. Susan counters at a price
of $87,500 and agrees to pay four points on a loan of $82,500. Henry accepts.
Henry qualifies for the loan at an interest rate of 9% and agrees to pay a 1%
origination fee. The monthly payment for principal and interest is $663.81. Henry
also will be charged for prepaid interest for the balance of the month of closing.
The closing date is September 15, and Henry is charged for the day of closing.
Henry will purchase an insurance policy for $720. City and county taxes are $760.
Susan agreed to pay her own attorney's fees of $125. Henry must pay $130 for
attorney's fees, $56 to record the mortgage, $6 to record the deed, and $640 for
title insurance.
The payoff on Susan's existing mortgage will be $64,455.16 on the day of closing.
Broker William's fee is 6%. Doc stamps and intangible taxes are paid according to
custom. Use the 365-day method for prorations.
What is the proration of taxes between the seller and the buyer?
Debit Susan; credit Henry $535.12.
Callers who are asking about property they saw from a sign usually ask for the
price.
Real Estate Sales Associates
FHA requirements for housing expense ratios (HER) and total obligations ratio
(TOR) are
28% (HER) and 36% (TOR).
Yesterday, a broker obtained a 90-day listing contract that has a self-renewing
provision extending the agreement an additional 60 days after expiration unless
either party cancels in writing. The listing contract is
void.
Unlicensed personal assistants
who are directed by the sales associate in how to do their jobs cannot be classified as
independent contractors, and must pay withholding taxes.
If a buyer raises an objection to a property, the associate should first
confirm and isolate the objection.
A bilateral agreement spelling out the complete terms between a buyer and a
seller for the transfer of a parcel of real property is
a sales contract.
What is NOT a good reason to make a preclosing walk-through inspection?
To determine that no encroachments exist
Susan lists her home with broker William for $90,000 on March 16. On August 1,
Henry makes an offer of $85,000, accompanied by a binder deposit of $5,000, and
asks the seller to pay points on a new loan of $80,000. Susan counters at a price
of $87,500 and agrees to pay four points on a loan of $82,500. Henry accepts.
Henry qualifies for the loan at an interest rate of 9% and agrees to pay a 1%
origination fee. The monthly payment for principal and interest is $663.81. Henry
also will be charged for prepaid interest for the balance of the month of closing.
The closing date is September 15, and Henry is charged for the day of closing.
Henry will purchase an insurance policy for $720. City and county taxes are $760.
, Susan agreed to pay her own attorney's fees of $125. Henry must pay $130 for
attorney's fees, $56 to record the mortgage, $6 to record the deed, and $640 for
title insurance.
The payoff on Susan's existing mortgage will be $64,455.16 on the day of closing.
Broker William's fee is 6%. Doc stamps and intangible taxes are paid according to
custom. Use the 365-day method for prorations.
How are the documentary stamp taxes on the deed handled on the closing
statement?
Debit Susan $612.50.
An agreement to hold open for a set time period an offer to sell or lease real
property is
an option contract.
Susan lists her home with broker William for $90,000 on March 16. On August 1,
Henry makes an offer of $85,000, accompanied by a binder deposit of $5,000, and
asks the seller to pay points on a new loan of $80,000. Susan counters at a price
of $87,500 and agrees to pay four points on a loan of $82,500. Henry accepts.
Henry qualifies for the loan at an interest rate of 9% and agrees to pay a 1%
origination fee. The monthly payment for principal and interest is $663.81. Henry
also will be charged for prepaid interest for the balance of the month of closing.
The closing date is September 15, and Henry is charged for the day of closing.
Henry will purchase an insurance policy for $720. City and county taxes are $760.
Susan agreed to pay her own attorney's fees of $125. Henry must pay $130 for
attorney's fees, $56 to record the mortgage, $6 to record the deed, and $640 for
title insurance.
The payoff on Susan's existing mortgage will be $64,455.16 on the day of closing.
Broker William's fee is 6%. Doc stamps and intangible taxes are paid according to
custom. Use the 365-day method for prorations.
What is the proration of taxes between the seller and the buyer?
Debit Susan; credit Henry $535.12.
Callers who are asking about property they saw from a sign usually ask for the
price.
