Gold Coast real estate,Practice final
exam.
A 40,000 mortgage for a term of 20 years originated at an 8%interest rate,with monthly
mortgage payments of 334.58 What is the principal balance remaining after the second
monthly payment ? - ANS-$39,863.72
\A broker has an exclusive right of sale listing to sell an owner's property with no other
authority granted .What type of agency does the broker have with the principal? -
ANS-Special agency
\A judgment is awarded against a licensee for 100,000.what is the maximum the
complainant may be compensated from the real estate recovery fund? - ANS-50%
\A licensee is being disciplined by the FREC for multiple violations of f.s.475 which penalty
may the commission not impose? - ANS-A fine not to exceed 5,000 and or imprisonment not
to exceed one year
\A transaction broker - ANS-Owes limited confidentiality to both parties
\Concerning all FHA/VA mortgages which statement is correct - ANS-Borrowers must meet
minimum requirements
Foreclosure on the property tenant redeem in home what is term - ANS-Statutory right of
redemption
\If the price of a lot $9 per square food how many square feet are contained in a lot that sells
for 27000 - ANS-3,000
\Realtor - ANS-100 test
\what is the tax levy of a non-homestead property that is as seed at 36000 with a tax rate of
11 mills? - ANS-$396
\What terms apply to the practice of keeping low-income people out of a particular
neighborhood? - ANS-Exclusionary zoning
\When must a written no brokerage relationship notice be provided to customers? -
ANS-Before showing homes that are listed
\Which of the following cannot be used by the federal reserve to change or control tHe
money supply - ANS-Alter income tax rates
\Which term is used to refer to the difference between: current market value of for a property
and the amount the owner still owes on the mortgage - ANS-Equity
\Who determines the form for the closing states - ANS-The closing agent
\
exam.
A 40,000 mortgage for a term of 20 years originated at an 8%interest rate,with monthly
mortgage payments of 334.58 What is the principal balance remaining after the second
monthly payment ? - ANS-$39,863.72
\A broker has an exclusive right of sale listing to sell an owner's property with no other
authority granted .What type of agency does the broker have with the principal? -
ANS-Special agency
\A judgment is awarded against a licensee for 100,000.what is the maximum the
complainant may be compensated from the real estate recovery fund? - ANS-50%
\A licensee is being disciplined by the FREC for multiple violations of f.s.475 which penalty
may the commission not impose? - ANS-A fine not to exceed 5,000 and or imprisonment not
to exceed one year
\A transaction broker - ANS-Owes limited confidentiality to both parties
\Concerning all FHA/VA mortgages which statement is correct - ANS-Borrowers must meet
minimum requirements
Foreclosure on the property tenant redeem in home what is term - ANS-Statutory right of
redemption
\If the price of a lot $9 per square food how many square feet are contained in a lot that sells
for 27000 - ANS-3,000
\Realtor - ANS-100 test
\what is the tax levy of a non-homestead property that is as seed at 36000 with a tax rate of
11 mills? - ANS-$396
\What terms apply to the practice of keeping low-income people out of a particular
neighborhood? - ANS-Exclusionary zoning
\When must a written no brokerage relationship notice be provided to customers? -
ANS-Before showing homes that are listed
\Which of the following cannot be used by the federal reserve to change or control tHe
money supply - ANS-Alter income tax rates
\Which term is used to refer to the difference between: current market value of for a property
and the amount the owner still owes on the mortgage - ANS-Equity
\Who determines the form for the closing states - ANS-The closing agent
\
