colibri real estate practice
In real estate, which of the following is correct about the term "title?"
Taxes and insurance are often prepaid at closing to establish the escrow account.
On which page of the Closing Disclosure form will the buyer see an accounting of
the escrow account set up?
Page two, under other costs
How is the sales price reflected on the closing form for the buyer and the seller?
The sales price is a debit to the buyer and a credit to the seller
Which clause in a deed defines the ownership taken by the grantee and clarifies
the purpose of the deed?
The Habendum Clause
When a cap rate used with income capitalization is high, the following relationship
with sales price exists:
risk and cap rate are higher, the sales price is usually lower.
Property is located next to a busy freeway; semi-trucks use the freeway all night
long. After two years on the market, the seller reduced his price by 25%. Which
loss of value has occurred?
Economic or external obsolescence
A homestead exemption in Florida is available to those who qualify and file
documents making the Florida home a primary residence. The base homestead
exemption is:
$25,000
A closing is March 5 for a rental property with an annual tax bill of $2800.
Calculate and show the debit and credits for the tax proration between the buyer
,and seller using the 365-day method, the day of closing belongs to the buyer.
debit seller $483.29; credit buyer $483.29
John is a sales associate who has complaints against him for making false
statements about the property and for giving advice about the purchase contract.
This is the third time these same violations have been investigated. If John is
found guilty of violating these two practices at the formal hearing, the maximum
fine John can face is:
10,000
A deed and a real estate purchase agreement would not be considered valid
without:
an adequate legal description.
A mortgage is a legal contract with terms that benefit both the lender and the
borrower. Which clause is a benefit to the borrower and NOT to the lender?
The Defeasance clause
When a homeowner is delinquent on property taxes, the first step taken by the
government in correcting the late payment is:
the delinquent taxpayer names are published in the local paper.
Broker Joe has a listing for a distressed seller. He finds a buyer for the property
who enters into a contract for purchase. Ten-days prior to closing, the seller calls
Joe to share that he has had to file for bankruptcy. This filing may:
terminate the contract.
The two voluntary forms of title transfer are:
by will and by deed.
A licensee has been notified that there is a formal complaint against him as a
result of findings by the probable cause panel. How long does the licensee have to
, answer the complaint?
20 days
John is a real estate licensee in Georgia (A state that has mutual Recognition with
Florida), whereby he wishes to obtain a Florida real estate license. As long as John
remains a Georgia resident, which of the following is an option for John when
acquiring a Florida license?
John can pass a 40-question law exam and obtain the license
A buyer is closing with a purchase price of $232,000 and a down payment of 10%.
He will pay the doc stamps on the note and the intangible tax on the mortgage.
What are the transfer tax charges to the buyer?
$731 for the note; $417.60 for the mortgage
Which appraisal approach to value would be most suitable for a waterfront home
with a high-end remodel on a lot that cannot be duplicated, in an area with many
other remodels and sales?
A market data or sales comparison approach
A broker's records must be available for inspection during business hours. Who
inspects the records?
A DBPR employee or authorized representative
Which of the items listed below is NOT a tax advantage of real estate ownership?
Property can depreciate
The purpose of the owner's title policy is to protect the:
owner from forgery in the record and claims that may not have surfaced prior to
closing.
Which of the statements listed below regarding the earnest money deposit (EMD)
is correct?
An earnest money deposit is NOT required to create a valid contract
In real estate, which of the following is correct about the term "title?"
Taxes and insurance are often prepaid at closing to establish the escrow account.
On which page of the Closing Disclosure form will the buyer see an accounting of
the escrow account set up?
Page two, under other costs
How is the sales price reflected on the closing form for the buyer and the seller?
The sales price is a debit to the buyer and a credit to the seller
Which clause in a deed defines the ownership taken by the grantee and clarifies
the purpose of the deed?
The Habendum Clause
When a cap rate used with income capitalization is high, the following relationship
with sales price exists:
risk and cap rate are higher, the sales price is usually lower.
Property is located next to a busy freeway; semi-trucks use the freeway all night
long. After two years on the market, the seller reduced his price by 25%. Which
loss of value has occurred?
Economic or external obsolescence
A homestead exemption in Florida is available to those who qualify and file
documents making the Florida home a primary residence. The base homestead
exemption is:
$25,000
A closing is March 5 for a rental property with an annual tax bill of $2800.
Calculate and show the debit and credits for the tax proration between the buyer
,and seller using the 365-day method, the day of closing belongs to the buyer.
debit seller $483.29; credit buyer $483.29
John is a sales associate who has complaints against him for making false
statements about the property and for giving advice about the purchase contract.
This is the third time these same violations have been investigated. If John is
found guilty of violating these two practices at the formal hearing, the maximum
fine John can face is:
10,000
A deed and a real estate purchase agreement would not be considered valid
without:
an adequate legal description.
A mortgage is a legal contract with terms that benefit both the lender and the
borrower. Which clause is a benefit to the borrower and NOT to the lender?
The Defeasance clause
When a homeowner is delinquent on property taxes, the first step taken by the
government in correcting the late payment is:
the delinquent taxpayer names are published in the local paper.
Broker Joe has a listing for a distressed seller. He finds a buyer for the property
who enters into a contract for purchase. Ten-days prior to closing, the seller calls
Joe to share that he has had to file for bankruptcy. This filing may:
terminate the contract.
The two voluntary forms of title transfer are:
by will and by deed.
A licensee has been notified that there is a formal complaint against him as a
result of findings by the probable cause panel. How long does the licensee have to
, answer the complaint?
20 days
John is a real estate licensee in Georgia (A state that has mutual Recognition with
Florida), whereby he wishes to obtain a Florida real estate license. As long as John
remains a Georgia resident, which of the following is an option for John when
acquiring a Florida license?
John can pass a 40-question law exam and obtain the license
A buyer is closing with a purchase price of $232,000 and a down payment of 10%.
He will pay the doc stamps on the note and the intangible tax on the mortgage.
What are the transfer tax charges to the buyer?
$731 for the note; $417.60 for the mortgage
Which appraisal approach to value would be most suitable for a waterfront home
with a high-end remodel on a lot that cannot be duplicated, in an area with many
other remodels and sales?
A market data or sales comparison approach
A broker's records must be available for inspection during business hours. Who
inspects the records?
A DBPR employee or authorized representative
Which of the items listed below is NOT a tax advantage of real estate ownership?
Property can depreciate
The purpose of the owner's title policy is to protect the:
owner from forgery in the record and claims that may not have surfaced prior to
closing.
Which of the statements listed below regarding the earnest money deposit (EMD)
is correct?
An earnest money deposit is NOT required to create a valid contract
