Bob Hogue Florida Real Estate Final Exam
Questions With Correct Answers
In |Florida, |real |property |is |assessed |on |January |1 |of |each |year, |and |property |taxes |become |a |
lien |on |the |property |on
January |1, |the |same |year.
Failure |to |comply |with |the |statute |of |frauds |will |result |in
an |unenforceable |contract.
A |woman |has |homesteaded |her |residence. |Her |home |has |an |assessed |value |of |$279,000. |She |
is |a |nonveteran |who |is |totally |and |permanently |disabled |as |a |result |of |a |serious |car |accident. |
She |is |also |legally |blind. |What |is |her |cumulative |county |tax |exemption |on |her |homesteaded |
residence?
$51,000
A |developer |who |wants |to |develop |a |new |subdivision |must |submit
a |subdivision |plat |map |to |the |planning |commission.
Individuals |who |solicit |mortgage |loans, |accept |applications |for |mortgage |loans, |and |negotiate |
the |terms |of |new |mortgage |loans |on |behalf |of |a |borrower |are |called |mortgage
loan |originators.
The |following |taxes |were |paid |at |the |closing |of |a |new |home: |$1,540 |state |documentary |stamp
|tax |on |the |deed, |$693 |state |documentary |stamp |tax |on |the |note, |and |$396 |state |intangible |
tax |on |the |mortgage. |What |was |the |purchase |price |of |the |home?
$220,000
Which |statement |is |FALSE |regarding |advertising?
The |brokerage |firm's |address |is |required |in |all |advertising.
A |broker's |license |was |involuntary |inactive |for |two |years |and |one |month. |To |operate |again |as |
an |active |licensee, |the |broker |must |complete
,FREC |Course |I |and |pass |the |sales |associate's |licensing |exam.
A |comparable |property |has |one |more |bedroom |($8,000) |and |is |on |a |slightly |larger |lot |($2,000)
|than |the |subject |property. |The |comparative |market |analysis |requires |a |net |adjustment |of
minus |$10,000 |to |the |comparable |property.
If |a |seller |refuses |to |pay |a |broker |her |sales |commission |after |the |residential |property |is |sold, |
the |broker |may
file |a |suit |in |the |courts |for |her |commission.
Which |variable |does |NOT |influence |demand?
Availability |of |construction |loans
A |property |closes |on |June |10, |with |the |day |of |closing |charged |to |the |buyer. |The |buyer |is |
assuming |the |seller's |mortgage |loan |with |its |principal |balance |of |$227,500 |at |4.5% |interest. |
Which |entry |will |appear |on |the |Closing |Disclosure?
Debit |to |seller |and |credit |to |buyer |in |the |amount |of |$252.43
The |formula |to |calculate |the |overall |capitalization |rate |is
NOI |÷ |value |(or |price).
The |owner |of |a |hardware |store |has |filed |for |bankruptcy |and |the |real |estate |is |up |for |sale. |The |
money |that |the |property |will |bring |at |auction |is |BEST |described |as |which |type |of |value?
Liquidation |value
The |duties |of |a |real |estate |licensee, |owed |to |a |buyer |or |a |seller |who |engages |the |real |estate |
licensee |as |a |single |agent, |do |NOT |include
limited |confidentiality, |unless |waived |in |writing |by |a |party.
Which |property |is |NOT |covered |under |the |Fair |Housing |Act?
Commercial |property
Which |statement |does |NOT |describe |a |planned |unit |development?
Industrial |parks |are |a |welcomed |offshoot |of |the |PUD |concept.
Requirements |of |a |valid |deed |do |NOT |include
signature |of |a |competent |grantee.
, You |have |been |hired |to |appraise |the |local |public |library |building. |The |approach |that |is |likely |to
|be |the |MOST |relevant |is |the
cost |approach.
In |relation |to |section |1 |of |a |township, |section |12 |is |due
south.
The |bundle |of |legal |rights |associated |with |real |property |ownership |does |NOT |include |the |right
|of
intent.
Constructive |notice |is
provided |by |recording |in |the |public |records.
Which |expense |is |subtracted |to |derive |NOI?
Vacancy |and |collection |losses
Eligible |homestead |owners |may |transfer |up |to |what |amount |of |their |Save |Our |Homes |(SOH) |
benefit |from |their |previous |homestead |to |a |new |homestead?
$500,000
The |original |law |requiring |that |the |annual |percentage |rate |be |disclosed |to |consumers |was |the
Truth |in |Lending |Act.
A |title-theory |state |is |one |in |which |a |mortgage
transfers |title |to |the |lender |or |escrow |agent |until |the |loan |is |paid.
Local |government |exercises |its |greatest |effect |on |the |real |estate |business |by
using |zoning, |taxation, |and |the |planning |process.
A |single |agent |broker |received |an |offer |on |a |listed |property |at |the |seller's |price |and |terms. |
Before |informing |the |seller, |the |broker |received |a |higher |offer. |The |broker |submitted |only |the |
first |offer, |and |the |seller, |his |principal, |accepted |it. |The |broker
has |violated |his |fiduciary |duty |to |his |principal.
Which |estate |includes |the |right |of |survivorship?
Joint |tenancy
Questions With Correct Answers
In |Florida, |real |property |is |assessed |on |January |1 |of |each |year, |and |property |taxes |become |a |
lien |on |the |property |on
January |1, |the |same |year.
Failure |to |comply |with |the |statute |of |frauds |will |result |in
an |unenforceable |contract.
A |woman |has |homesteaded |her |residence. |Her |home |has |an |assessed |value |of |$279,000. |She |
is |a |nonveteran |who |is |totally |and |permanently |disabled |as |a |result |of |a |serious |car |accident. |
She |is |also |legally |blind. |What |is |her |cumulative |county |tax |exemption |on |her |homesteaded |
residence?
$51,000
A |developer |who |wants |to |develop |a |new |subdivision |must |submit
a |subdivision |plat |map |to |the |planning |commission.
Individuals |who |solicit |mortgage |loans, |accept |applications |for |mortgage |loans, |and |negotiate |
the |terms |of |new |mortgage |loans |on |behalf |of |a |borrower |are |called |mortgage
loan |originators.
The |following |taxes |were |paid |at |the |closing |of |a |new |home: |$1,540 |state |documentary |stamp
|tax |on |the |deed, |$693 |state |documentary |stamp |tax |on |the |note, |and |$396 |state |intangible |
tax |on |the |mortgage. |What |was |the |purchase |price |of |the |home?
$220,000
Which |statement |is |FALSE |regarding |advertising?
The |brokerage |firm's |address |is |required |in |all |advertising.
A |broker's |license |was |involuntary |inactive |for |two |years |and |one |month. |To |operate |again |as |
an |active |licensee, |the |broker |must |complete
,FREC |Course |I |and |pass |the |sales |associate's |licensing |exam.
A |comparable |property |has |one |more |bedroom |($8,000) |and |is |on |a |slightly |larger |lot |($2,000)
|than |the |subject |property. |The |comparative |market |analysis |requires |a |net |adjustment |of
minus |$10,000 |to |the |comparable |property.
If |a |seller |refuses |to |pay |a |broker |her |sales |commission |after |the |residential |property |is |sold, |
the |broker |may
file |a |suit |in |the |courts |for |her |commission.
Which |variable |does |NOT |influence |demand?
Availability |of |construction |loans
A |property |closes |on |June |10, |with |the |day |of |closing |charged |to |the |buyer. |The |buyer |is |
assuming |the |seller's |mortgage |loan |with |its |principal |balance |of |$227,500 |at |4.5% |interest. |
Which |entry |will |appear |on |the |Closing |Disclosure?
Debit |to |seller |and |credit |to |buyer |in |the |amount |of |$252.43
The |formula |to |calculate |the |overall |capitalization |rate |is
NOI |÷ |value |(or |price).
The |owner |of |a |hardware |store |has |filed |for |bankruptcy |and |the |real |estate |is |up |for |sale. |The |
money |that |the |property |will |bring |at |auction |is |BEST |described |as |which |type |of |value?
Liquidation |value
The |duties |of |a |real |estate |licensee, |owed |to |a |buyer |or |a |seller |who |engages |the |real |estate |
licensee |as |a |single |agent, |do |NOT |include
limited |confidentiality, |unless |waived |in |writing |by |a |party.
Which |property |is |NOT |covered |under |the |Fair |Housing |Act?
Commercial |property
Which |statement |does |NOT |describe |a |planned |unit |development?
Industrial |parks |are |a |welcomed |offshoot |of |the |PUD |concept.
Requirements |of |a |valid |deed |do |NOT |include
signature |of |a |competent |grantee.
, You |have |been |hired |to |appraise |the |local |public |library |building. |The |approach |that |is |likely |to
|be |the |MOST |relevant |is |the
cost |approach.
In |relation |to |section |1 |of |a |township, |section |12 |is |due
south.
The |bundle |of |legal |rights |associated |with |real |property |ownership |does |NOT |include |the |right
|of
intent.
Constructive |notice |is
provided |by |recording |in |the |public |records.
Which |expense |is |subtracted |to |derive |NOI?
Vacancy |and |collection |losses
Eligible |homestead |owners |may |transfer |up |to |what |amount |of |their |Save |Our |Homes |(SOH) |
benefit |from |their |previous |homestead |to |a |new |homestead?
$500,000
The |original |law |requiring |that |the |annual |percentage |rate |be |disclosed |to |consumers |was |the
Truth |in |Lending |Act.
A |title-theory |state |is |one |in |which |a |mortgage
transfers |title |to |the |lender |or |escrow |agent |until |the |loan |is |paid.
Local |government |exercises |its |greatest |effect |on |the |real |estate |business |by
using |zoning, |taxation, |and |the |planning |process.
A |single |agent |broker |received |an |offer |on |a |listed |property |at |the |seller's |price |and |terms. |
Before |informing |the |seller, |the |broker |received |a |higher |offer. |The |broker |submitted |only |the |
first |offer, |and |the |seller, |his |principal, |accepted |it. |The |broker
has |violated |his |fiduciary |duty |to |his |principal.
Which |estate |includes |the |right |of |survivorship?
Joint |tenancy
