Social Science Law Civil Law
Florida RE FINAL EXAM
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real contracts defenses: torts Tort Law Key Concepts: Assault, Fals... Cases W
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An insurance policy which combines personal liability A
insurance and hazard insurance coverage for a dwelling
and its contents is called what?
A: Homeowners insurance
B: buyers insurance
C: Errors and omissions insurance
D: All of the above
Surface rights, air rights and subsurface rights are all A
rights that can be sold by a property owner while still
retaining the property itself. These rights are know as:
A: Severable rights
B: Littoral rights
C: Owners rights
D: Riparian rights
When an easement allows for the use of a neighboring B
property which automatically transfers upon the sale of
either dominant or servient property, it is called what
type of easement?
A: Easement by prescription
B: Easement appurtenant
C: Easement in gross
D: Easement of utility
What type of ownership would allow two or more owners C
to have various unequal percentages of ownership?
A: Joint tenancy with Rights of Survivorship
B: Joint tenancy
C: Tenants in common
D: Tenancy in severalty
,Tenancy in severalty is best described as: B
A: Two property owners
B: One property owner
C: More than two property owners
D: Property owned by a corporation
The interest rate banks charge to their preferred C
customers is called:
A: The graduated rate
B: The preferred rate
C: The prime rate
D: The priority rate
Paul owns an older residential property in an area now A
zoned for commercial use. Paul decides to renovate the
home into a laundry mat. The change in the property's
functionality for Paul's financial gain is an example of
what:
A: Highest and best use
B: Substition
C: Assembledge
D: Conformity
Jon's Tire Store is being built across the street from Big C
Bob's Tires. What appraisal principle describes this
situation?
A: Substitution
B: Plottage
C: Competetion
D: Progression
While working on an appraisal report, appraiser Jake finds A
that the comparable property is superior to the subject
property with more amenities. How will Jake make
adjustments to arrive at a value of the subject property?
A: Subtract value from the comparable
B: Add value to the subject
C: Subtract value to the subject
D: Add value to the comparable
Homeowner Paul is selling his home without a real estate C
agent. He places an advertisement stating "Owner
Financing 3% down payment" is Paul's advertisement in
violation of the Truth in Lending Act?
A: Yes, when a down payment is listed there must be a
price listed also.
B: Yes, the ad contains trigger terms.
C: No, property owners are not regulated by TRIL
advertising requirements.
D: Yes, all the terms of the owner financing are not
disclosed.
, Which of the following loan types do not require a A
downpayment?
A: VA Loan
B: Conventional loan
C: Bridge loan
D: FHA Loan
Discount points are a way lenders are able to charge C
prepaid interest in order to lower the interest over the life
of the loan. What is the cost of discount points?
A: The downpayment required
B: The appraised property value
C: The loan amount
D: The sales price
FHA loans require that borrowers provide protection to C
the lender in case of loan default. What must the
borrower pay for to provide this protection to the
lender?
A: Credit life insurance
B: Homeowners insurance
C: Mortgage Insurance premium
D: Title insurance
When a lender denies a mortgage soley based on the B
racial demographics of the neighborhood the property is
located in, the lender is gilty of:
A: Steering
B: Redlining
C: Mortgage fraud
D: Panic selling
Mark is not able to make his entire mortgage payment on C
time each month and has fallen behind on payments.
Because of his failure to pay, his lender, ABC home loans,
sent him notice that they are calling for the remaining
mortgage balance to be paid in full in one lump sum
immediately. This is an example of a(n)?
A: Judicial Foreclosure
B: Subordination clause
C: Acceleration clause
D: Escalation clause
Some lonas are structured where a lender places a A
portion of each payment the borrower makes into a
special account to pay the property taxes at the end of
each year. What is the account called?
A: Escrow account
B: Mortgage account
C: Interest account
D: Savings account
Florida RE FINAL EXAM
Save
Students also studied
real contracts defenses: torts Tort Law Key Concepts: Assault, Fals... Cases W
49 terms 56 terms 40 terms 80 terms
bakere99 Preview maddy_shostack Preview Mike_Marrone1 Preview tary
An insurance policy which combines personal liability A
insurance and hazard insurance coverage for a dwelling
and its contents is called what?
A: Homeowners insurance
B: buyers insurance
C: Errors and omissions insurance
D: All of the above
Surface rights, air rights and subsurface rights are all A
rights that can be sold by a property owner while still
retaining the property itself. These rights are know as:
A: Severable rights
B: Littoral rights
C: Owners rights
D: Riparian rights
When an easement allows for the use of a neighboring B
property which automatically transfers upon the sale of
either dominant or servient property, it is called what
type of easement?
A: Easement by prescription
B: Easement appurtenant
C: Easement in gross
D: Easement of utility
What type of ownership would allow two or more owners C
to have various unequal percentages of ownership?
A: Joint tenancy with Rights of Survivorship
B: Joint tenancy
C: Tenants in common
D: Tenancy in severalty
,Tenancy in severalty is best described as: B
A: Two property owners
B: One property owner
C: More than two property owners
D: Property owned by a corporation
The interest rate banks charge to their preferred C
customers is called:
A: The graduated rate
B: The preferred rate
C: The prime rate
D: The priority rate
Paul owns an older residential property in an area now A
zoned for commercial use. Paul decides to renovate the
home into a laundry mat. The change in the property's
functionality for Paul's financial gain is an example of
what:
A: Highest and best use
B: Substition
C: Assembledge
D: Conformity
Jon's Tire Store is being built across the street from Big C
Bob's Tires. What appraisal principle describes this
situation?
A: Substitution
B: Plottage
C: Competetion
D: Progression
While working on an appraisal report, appraiser Jake finds A
that the comparable property is superior to the subject
property with more amenities. How will Jake make
adjustments to arrive at a value of the subject property?
A: Subtract value from the comparable
B: Add value to the subject
C: Subtract value to the subject
D: Add value to the comparable
Homeowner Paul is selling his home without a real estate C
agent. He places an advertisement stating "Owner
Financing 3% down payment" is Paul's advertisement in
violation of the Truth in Lending Act?
A: Yes, when a down payment is listed there must be a
price listed also.
B: Yes, the ad contains trigger terms.
C: No, property owners are not regulated by TRIL
advertising requirements.
D: Yes, all the terms of the owner financing are not
disclosed.
, Which of the following loan types do not require a A
downpayment?
A: VA Loan
B: Conventional loan
C: Bridge loan
D: FHA Loan
Discount points are a way lenders are able to charge C
prepaid interest in order to lower the interest over the life
of the loan. What is the cost of discount points?
A: The downpayment required
B: The appraised property value
C: The loan amount
D: The sales price
FHA loans require that borrowers provide protection to C
the lender in case of loan default. What must the
borrower pay for to provide this protection to the
lender?
A: Credit life insurance
B: Homeowners insurance
C: Mortgage Insurance premium
D: Title insurance
When a lender denies a mortgage soley based on the B
racial demographics of the neighborhood the property is
located in, the lender is gilty of:
A: Steering
B: Redlining
C: Mortgage fraud
D: Panic selling
Mark is not able to make his entire mortgage payment on C
time each month and has fallen behind on payments.
Because of his failure to pay, his lender, ABC home loans,
sent him notice that they are calling for the remaining
mortgage balance to be paid in full in one lump sum
immediately. This is an example of a(n)?
A: Judicial Foreclosure
B: Subordination clause
C: Acceleration clause
D: Escalation clause
Some lonas are structured where a lender places a A
portion of each payment the borrower makes into a
special account to pay the property taxes at the end of
each year. What is the account called?
A: Escrow account
B: Mortgage account
C: Interest account
D: Savings account
