FlashcardsReal Estate State Exam Flashcards
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This comprehensive 151-card set covers Florida real estate licensing exams, including broker and sales associate requirements, property management, licensing procedures, legal statutes, and contract law. Topics span national and state regulations, the Statute of Frauds, mortgage underwriting, appraisal methods, and real estate ethics. Use it for preparation before taking the Florida real estate state exam or as a study reference for licensing candidates.
Terms in This Set
- Property Management
- The primary reason for the increased need for property managers is:
- Dedication
- Construction - Building
- Professional organizations - National Association of Realtors (NAR)
- National Association of Realtors
- Governments play a role in the regulation of real estate. Which of the following would be an action of local government?
- Terminology
- Must have an active Florida Real Estate License to:
- Services of Real Estate - The eight services of Real Estate are:
- A property owner tells a friend that she would like to sell her house. The friend tells the owner that she has been able to find buyers for several people in the same situation. The friend was successful in finding a buyer and the transaction closes. Based on the above facts, which of the following applies? (D)
- Requirements for Sales Associates
- Which of the following is not a requirement to obtain a FL real estate license?
- Requirements for Broker License
- In order for sales associates to qualify for a broker’s license, they must:
- Licensing & Renewal Process
- Licensing & Renewal Process
- Licensing requirements
- Licensing Requirements
- Application
- DBPR received Jim’s sales assoc license application on July 12, 2016. Jim’s application will expire if he does not take the license exam before:
- One reason for an applicant’s request for licensure to be “denied without prejudice” is: (D)
- A candidates application was approved on March 24, 2023. The course completion date is April 14, 2023. The last date the candidate may take the state exam is?
- Employment - Licenses are ineffective until activated
- Associates
- Once notified that you have passed the state exam, you may: (D)
- Exemptions from Licensure
- An owner appoints a neighbor to sell her house when she dies. Which of the following applies:
- Mary, who is not licensed, works for AAA Syndicate, which buys & sells its own property as well as manages & leases its own property. Mary was hired to lease & sell AAA’s property & is compensated by a salary.
- John is a salaried resident manager of a condo complex. An owner of one of the units has asked John to lease his unit while he is away for an extended trip. John may:
- As an owner of a service station who holds an inactive sales associate’s license has been appointed by the court to appraise another service station. Which is most correct?
- Statutes and Rules
- Where are the rules of the FL Real Estate Commission Fraud?
- Florida Division of Real Estate - DBPR
- Florida Division of Real Estate - DRE
- Florida Division of Real Estate - FREC
- Division of Real Estate
- Florida Real Estate Commission
- Powers of the Commission (FREC)
- Sales Associates
- After the first renewal, if a licensee fails to renew his/her license at the end of the prescribed period, the license:
- Active VS Inactive
- A licensee’s license expired on September 30, 2015. On February 10, 2018 he wants to activate it again. Which is correct?
- Void & Ineffective License
- The inactive broker for ABC Realty, Inc. wants to open a second office called XYZ Realty, Inc. and be the active broker for that a=office as well. Under what condition can the broker do this?
- The principle, employer, and client are the same as:
- A licensee with full representation to both parties in the same transaction is referred to as:
- A broker’s principle is away on vacation. The broker receives an offer of $75,000 for his principle’s property. Before the principle returns, the broker receives a 2nd offer of $72,000. What should the broker do?
- Which documents must be signed?
- If an oral offer is made to a broker on a property he/she has listed, which of the following should the broker do?
- A broker, while looking for a deal for his best friend, gets a listing. The seller must sell because of a family emergency. What should the broker say to this best friend?
- If a broker is aware of a construction lien on a piece of property, the broker should:
- A broker takes a listing on a condo. The seller notifies the broker that the rook leaks. The borker negotiates the sale of the condo without disclosing the leak. A year later, the buyer sells the condo for a profit. Which of the following applies:
- Which of the following is not required to be displayed in a broker’s office?
- Which of the following applies to advertising?
- Which of the following would be the best definition of “escrow”?
- A broker sells a prospective tenant a rental list for $100 on May 1st. If he/she wants a refund, it must be requested by:
- A broker sold a prospective tenant a rental list on March 8 for $100. She inspected all the properties & found them to be occupied. On April 6 she demands a refund. What action should the broker take?
- Six brokers wish to become partners in a real estate agency & and active in real estate sales:
- Two brokers decide to share office space. They do not use a trade name or common letterhead although they share a secretary. Prior to putting up their signs, a prospect comes into the office & is defrauded by one of the brokers. Based on this information which of the following is correct?
- A licensee files a false affidavit to make a claim against a property. This would be a:
- A broker is sued for misrepresentation. The court awards the buyer $100,000 in damages. This is:
- A violation of ch. 475 can cause which of the following?
- What is the max time the license can be suspended on the first offense?
- A broker who is temporarily incapacitated in regard to his/her ability to act as a broker with safety to the public will probably have his/her license:
- The misstatement, omission or concealment of a factual matter is:
- A broker lists a property for $30,000. The broker learns of a new development which will be built beside the listed property. The broker purchases the property from the seller for the full listed price & discloses that he is a licensed broker. Broker then sells the property to the developer for $50k. Which of the following is most correct:
- In the complaint process, if there is no dispute over material facts, the case may be resolved by:
- A broker has been hired to rent an owner’s apartment building located in a college town. He quotes lower rents & deposits to females because he has found through experience that they cause less trouble than males & maintain their apartments better. This is:
- A buyer asks a broker to be shown only houses in black neighborhoods. Broker advises that he will show houses w/out regard to the racial characteristics of the neighborhood. Broker shows buyer houses in both predominately b&w neighborhoods. Buyer is interested in 2 houses in a predominately black neighborhood. If broker had complied with buyer’s initial instructions, he would:
- Which is correct according to the florida residential landlord and tenant act?
- Complete this sentence: Valuable consideration...
- Which item is an essential element of a sales contract?
- What does the Statute of Frauds require?
- What is stated in the Statute of Limitations?
- What is the most likely consequence for a broker who negotiates a contract for the sale of a house between the owner & purchaser in violation of the Statute of Frauds?
- Which of the following is a characteristic of an option contract?
- A broker accepts a listing that has an unmarketable title. A sales contract is signed, a deposit is obtained contingent upon the owner clearing title. At closing seller cannot give clear title. The deposit is returned to the buyer. Which states applies to this situation?
- The buyer signs an offer with a deposit, but the seller changes the price. What should the sales associate do?
- Which remedies are available when a seller breaches a contract?
- An owner gives a listing to only one broker, setting forth the price, term, time & commission, but reserves the right to sell the property without paying any commission. What type of listing has the seller given?
- A broker has a listing & shows the property to buyers. The buyers show an interest in the property but don't make an offer. After the protection period has expired, the buyers happen to meet the sellers while shopping. After several meetings, the buyers make an offer & buy the property. The broker:
- An owner was in need of cash & asked a broker to list his property. The broker inspected the property & advised the owner that the house was worth $90k. Since the owner had to sell quickly, he listed the property for $84k. The broker acquired a 60-day option for $1,500 consideration & sold the property 2 weeks later for $92k. Which choice is correct?
- To avoid an undue hardship imposed by zoning regulations, a property owner may request:
- A convenience store located in an area that has now been zoned for residential use only would be:
- Wha tis the name for the legal rights of property owners whose land borders the intra-coastal waterway?
- The court usually apply legal tests to determine if personal property has become a fixture. Which of the following is included in those tests?
- Fencing material has been bought by a homeowner & stacked in the backyard. What type of property id the fencing material?
- What could cause a fixture to be converted into personal propety?
- Which homeowner’s right can keep someone off his or her property?
- What is required to create a joint tenancy?
- Which of the following is the most comprehensive state?
- In a tenancy by the entireties who owns the property?
- Three friends buy property together with equal shares at the same time, & with the right of survivorship. What tenancy have they created?
- The purpose of the homestead exemption is to protect the surviving spouse & children & to exempt property from foreclosure for?
- How is the right to occupy a cooperative evidenced?
- A seller sold his home & gave the buyers a warranty deed. The buyers moved into the home but did not record the deed. Two days later, the seller died & his heirs sold the property to a second buyer & conveyed title all w/out the knowledge that the home had already been sold. The 2nd buyer recorded the deed. Who owns the property?
- What is an abstract of title?
- Which statement accurately describes an owner’s title insurance policy?
- How would a property be transferred when an owner has been declared mentally incompetant?
- What term is used to refer to the process used by the gov to exercise its power of eminent domain?
- Which entity enforces deed restrictions?
- Which is not classified as a private restriction on the ownership of real property?
- A seller sold a home to a buyer for $50k. The buyer made a cash down payment of $25k. The balance of the purchase price was secured by a pledge of $25k in stock certs. The buyer defaulted on the balance of the sales price, which was secured by the pledged stock. Which statement is correct regarding the seller?
- What does an encumbrance affect?
- A line from a POB running N 90 degrees E* would be best described as:
- The SW corner of Section 31, T1N R4E, is how many miles from Tallahassee?
- Which survey method should be used when there are recorded subdivisions?
- Which of the following does the buyer not receive at closing?
- Which of the following is not required for a valid mortgage?
- The mortgage clause calling for the entire balance to be paid is:
- Which clause in a mortgage calls for the principal balance to be paid in full?
- The clause in a mortgage which requires the lender to look to the mortgaged property only for satisfaction is the:
- The clause in a mortgage allowing the borrower to borrow back up to the original loan amount is the:
- A mortgage clause which permits the mortgage to have a third party appointed to collect income & manage the property until foreclosure proceedings have been accomplished is the:
- All of the following are correct regarding a certificate of estoppel except:
- In the process of mortgage underwriting (qualifying), which of the following is of most concern to the lender?
- Who may not assign a mortgage?
- Which of the following loans does not require a down payment?
- An interest-only loan is called a(an):
- When the Federal Reserve orders financial institutions to increase their reserves, it serves to:
- Savings associates look to what federal agency to sell their mortgages?
- All of the following are ways that the Federal Reserve uses to control the money supply EXCEPT:
- Which of the following is not involved in the secondary mortgage market?
- What is the function of a secondary lender as opposed to a primary lender?
- Which of the following constitutes the annual percentage rate (APR)?
- Which document is required to be provided to the buyer no later than three business days prior to closing?
- Which expenses are typically not prorated?
- How does an existing mortgage loan that is being retired at closing appear on a closing statement?
- Under which condition would the binder deposit show on the seller’s closing statement?
- Which tax is paid on a new loan but not on an assumed loan?
- Which of the following items would appear as debits to the seller on the closing statements?
- Factors of demand in residential real estate include all of the following except:
- What is the real estate market experiencing when the demand for available housing exceeds current supply?
- All of the following characteristics are normally taken into account when determining the value of a good, EXCEPT?
- The process of arriving at a final estimate of value in appraising is called?
- In Which of the following appraisal is the land valued separately from the improvements?
- Which of the following combinations would be agreeable to an experienced appraiser?
- Which of the following would be an example of functional obsolescence?
- Which of the following would be an example of external obsolescence?
- Which of the following is not a step in the cost depreciation approach to estimating market value?
- Which of the following is not an example of “physical” depreciation?
- Which of the following is/are not subtracted from the PGI to arrive at the NOI?
- In the income approach to valuation of real estate the main steps are:
- The concern that an investment property can’t be bought or sold quickly enough to prevent loss is called?
- Which of the following best describes positive leverage?
- What would be an investor’s motivation for deducting depreciation?
- The purchase price of a business, less the value of the tangible assets of that business, equals the intangible assets of the business known as:
- Which of the following would likely be immune from property taxes?
- When a City or County sells a tax certificate, a sale of the property may occur only after the certificate has been outstanding for how many years?
- Jane sold her principal residence after living in it for the statutory period. She realized a capital gain of $135k on the sale. Which of the following applies?
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