REAL ESTATE COURSE FINAL EXAM
2024/2025
What type of relationship has been formed if two or more parties agree
to combine their efforts for a single business transaction? - Precise
Answer ✔✔Joint venture
A city is in need of additional land for a new school. What right would
the city have to acquire the land, even over the objections of the property
owner? - Precise Answer ✔✔Eminent Domain
Which type of deed would be best to convey property from the
standpoint of the grantor? - Precise Answer ✔✔Quitclaim
These are all remedies for breach of a real estate contact between a
buyer and a seller, EXCEPT: - Precise Answer ✔✔Claim from the Real
Estate Recovery Fund
Which concept of value pertains to appraisals of profitable business
enterprises or opportunities? - Precise Answer ✔✔Going concern
Fred, a licensed sales associate, was registered with Broker Harry when
he claimed that Harry had failed to pay a sales commission due him. If
Fred resigned and was employed under Broker Norman before the
dispute was resolved, which statement would be correct? - Precise
,Answer ✔✔Fred cannot bring a legal action for the claimed commission
against anyone other than Harry.
FHA housing expense ratio and total obligations ratios, correspondingly,
cannot exceed which of the following limits? - Precise Answer ✔✔31%
and 43%
What is the price of state documentary stamp tax on the deed for
property that is located outside of Dade County? - Precise Answer
✔✔0.70 cents per hundred dollars of sales price
Three sisters buy a home. They each have equal portions of possession,
interest, time, and title. They decide that upon death, the survivor will
acquire their shares. What type of tenancy exists? - Precise Answer
✔✔Joint Tenancy
Which stamp applies to a new mortgage but NOT to an assumed
mortgage? - Precise Answer ✔✔Intangible tax
Which approach to value would most likely be selected to determine the
value of the County Court House? - Precise Answer ✔✔Cost
Depreciation (ojo)
Which of the following is not a primary lender? - Precise Answer
✔✔Government National Mortgage Association
, Which document specifies the amount of the mortgage loan, the interest
rate, loan term, and repayment schedule? - Precise Answer
✔✔Promissory note
a debt instrument that contains a written promise by one party (the note's
issuer or maker) to pay another party (the note's payee) a definite sum of
money, either on-demand or at a specified future date.
Three persons own a parcel of property with equal rights of use and
possession. They have equal interest and acquired their interests by the
same or different deeds. What type of ownership did they acquire? -
Precise Answer ✔✔Tenancy in common
What does an over-improved property suffer from? - Precise Answer
✔✔Functional obsolescence, because it will not sell in the market for
the amount invested.
Which of the following is a possible disadvantage of investing in real
estate? - Precise Answer ✔✔Illiquidity
occurs when a security or other asset that cannot easily and quickly be
sold or exchanged for cash without a substantial loss in value.
What is the name for a person who has passed the state broker license
examination but continuous to be employed by an actively licensed real
estate broker? - Precise Answer ✔✔Broker associate
2024/2025
What type of relationship has been formed if two or more parties agree
to combine their efforts for a single business transaction? - Precise
Answer ✔✔Joint venture
A city is in need of additional land for a new school. What right would
the city have to acquire the land, even over the objections of the property
owner? - Precise Answer ✔✔Eminent Domain
Which type of deed would be best to convey property from the
standpoint of the grantor? - Precise Answer ✔✔Quitclaim
These are all remedies for breach of a real estate contact between a
buyer and a seller, EXCEPT: - Precise Answer ✔✔Claim from the Real
Estate Recovery Fund
Which concept of value pertains to appraisals of profitable business
enterprises or opportunities? - Precise Answer ✔✔Going concern
Fred, a licensed sales associate, was registered with Broker Harry when
he claimed that Harry had failed to pay a sales commission due him. If
Fred resigned and was employed under Broker Norman before the
dispute was resolved, which statement would be correct? - Precise
,Answer ✔✔Fred cannot bring a legal action for the claimed commission
against anyone other than Harry.
FHA housing expense ratio and total obligations ratios, correspondingly,
cannot exceed which of the following limits? - Precise Answer ✔✔31%
and 43%
What is the price of state documentary stamp tax on the deed for
property that is located outside of Dade County? - Precise Answer
✔✔0.70 cents per hundred dollars of sales price
Three sisters buy a home. They each have equal portions of possession,
interest, time, and title. They decide that upon death, the survivor will
acquire their shares. What type of tenancy exists? - Precise Answer
✔✔Joint Tenancy
Which stamp applies to a new mortgage but NOT to an assumed
mortgage? - Precise Answer ✔✔Intangible tax
Which approach to value would most likely be selected to determine the
value of the County Court House? - Precise Answer ✔✔Cost
Depreciation (ojo)
Which of the following is not a primary lender? - Precise Answer
✔✔Government National Mortgage Association
, Which document specifies the amount of the mortgage loan, the interest
rate, loan term, and repayment schedule? - Precise Answer
✔✔Promissory note
a debt instrument that contains a written promise by one party (the note's
issuer or maker) to pay another party (the note's payee) a definite sum of
money, either on-demand or at a specified future date.
Three persons own a parcel of property with equal rights of use and
possession. They have equal interest and acquired their interests by the
same or different deeds. What type of ownership did they acquire? -
Precise Answer ✔✔Tenancy in common
What does an over-improved property suffer from? - Precise Answer
✔✔Functional obsolescence, because it will not sell in the market for
the amount invested.
Which of the following is a possible disadvantage of investing in real
estate? - Precise Answer ✔✔Illiquidity
occurs when a security or other asset that cannot easily and quickly be
sold or exchanged for cash without a substantial loss in value.
What is the name for a person who has passed the state broker license
examination but continuous to be employed by an actively licensed real
estate broker? - Precise Answer ✔✔Broker associate
