Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

ok > Quick Glance Test Questions > Flashcards

Quick Glance Test Questions Flashcards

1
Q

Which tax lien is superior?

A

Property tax lien January 1, 2013

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What fees does the buyer pay at closing?

A

Attorney Fee & Deed Recording

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

There are only three brokers in the town of Agartha. They make a decision to only accept offers, which pay a commission of 7.2%. Is this allowed?

A

No, this is illegal under the Sherman-Clayton act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

To mix your personal funds with escrow funds would be?

A

Commingle

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

The tenancy that is characterized by Right-of-Survivorship is what

A

Joint Tenancy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

If a broker is selling a mans’ home for $75,000, but the seller tells the broker in private that he will accept 72,000 for the home, is the broker obligated to tell the buyer this?

A

The broker cannot disclose this to the buyer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Which rights are characterized by private ownership along a river or stream and includes access rights to water, boating, or dockage

A

Riparian

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

A Package Mortgage covers which type of property

A

Chattel and Real

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

A landlord has how many days to make a claim on a deposit?

A

30 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

A man owned a piece of property before he got married. Now, even though he is married, that property is still considered what?

A

Separate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What does NOT classifies a joint tenancy?

A

contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

When is a deed considered to be transferred?

A

When the deed is signed and delivered by a grantor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What easement benefits a water company maintaining rights to lay pipes along your property line?

A

Gross

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

This body regulates state-certified and registered trainee appraisers

A

Florida Real Estate Appraisal Board - FREAB

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Rights that are characterized by rights relating to land abutting an ocean or lake?

A

Littoral

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

The rights of a property are held by the lender under the what theory

A

Title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

If a seller wishes to sell their home for 92,000, but market value lists the property at 102,500, is the Broker obligated to tell the seller of the true market value.

A

Yes, the broker is obligated

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Is Mortgage interest deductible from the federal income tax

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

An act, promise, love, obligation, or money in exchange for something else is what

A

Consideration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

You don’t need a real estate license to sell cemetery lots, an attorney-client relationship, or if acting as a salaried employee, with no commission

A

You do need a license to auction farmland

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Is a kickback legal if you are receiving it from someone NOT licensed in your field

A

Yes choose longest answer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

If Joey is ruled unfit or incompetent by the court, which deed will be used to determine what happens to his assets

A

Committee deed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

The statute dealing with the regulations of the Department Business Professional Relations?

A

455

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Why is a home equity loan more popular than most other loans?

A

It has a lower interest rate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

How many square feet in an acre

A

43,560

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

An article attached by a commercial tenant as a part of the tenants trade or business and is personal property

A

A trade fixture

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

When May an agent begin working and operating

A

After they register with a broker and that broker submits them to the DBPR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Bob owns 3/4 of an acre of land and wishes to build a home there. However, local requirements state that any new homes built on a full acre of land. What does the owner needed to obtain in order to build their home on the 3/4 acre land?

A

Variance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

If a man owns 958,320 sq ft of property how many acres does he own?

A

22 acres

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

What may the FREC issue in response to an agent committing a minor offense?

A

Notice of Non-Compliance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

A discount rate is charged to member banks of the Federal Reserve for doing what?

A

Borrowing from the Federal Reserve

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Which mortgage is classified by a balloon payment at the end?

A

Partially Amortized

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

A clause in which the lender requires the entire debt due and payable if a promise in the contract is not fulfilled is what?

A

Acceleration Clause

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

If bob owns section 7 and sells the wWest half of the NW quarter of section 7, how many acres does Bob sell?

A

80

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

The Statute of Frauds deals with whether contracts are?

A

In Writing and Signed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Which of the following is NOT a concept regarding escrow accounts

A

Brokers do not need signatory on the escrow account.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

A property line at North 90 degrees East runs in which direction?

A

East to West

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

If a sales associate takes original records from a Brokers office he/she may (be)?

A

Guilty of Larceny

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Substitution of a new party and/or new terms to an existing obligation?

A

Novation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

A buyer presents an offer. The seller rejects the offer, but presents a counter offer dead. What does the seller need for the new terms and price to be established?

A

Approval from the buyer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Members of city planning commissions are usually?

A

Appointed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

A property owner who does not reside on the property and relies on another to look after the property because they live too far away to handle it themselves?

A

An absentee owner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

If there is no trade name what must be displayed on the exterior or interior of the entrance to a broker’s principal office

A

Brokers’ name, the words “Licensed Real Estate Broker”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

If a bathtub were to be installed into a home, making it real property, what is this called?

A

A fixture

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

Homes built prior to 1978 requires what?

A

A disclosure of lead based paint

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

If an owner of a property dies with no will or heirs, what allows the government, usually a state government, to gain possession of the property?

A

Escheat

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

This law requires appraisers, real estate brokers, and sales associates to abide by a set of guidelines when providing any appraisal services

A

Uniform Standards of Professional Appraisal Practices - USPAP

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Which easement benefits an adjacent parcel of land that allows someone to use their neighbor’s property to access their own?

A

Appurtenant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Which of the following is NOT a private restriction?

A

Police power

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

If a woman’s salary is based on her work helping to sell and lease new homes and she does not receive any additional commission does she need a active real estate license

A

She does not need a real estate license because she is a salaried employee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

Who is Debited and will be credited on a property tax proration

A

Debit seller and credit buyer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

Section 33 is north of

A

Section 4

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

Joey’s home is assessed at $90,000 and he already has homesteaded his property by January 1. He serve the military for four years and in an unrelated incident became permanently handicap upon returning from service how much is Joy exempt from paying on property taxes

A

$50,500

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

If you have a four story storage facility with a total of 4000 ft.² and each floor is occupied by an elevator shop that occupies 20% of the entire floor how many 50 square-foot storage units can you fit in the entire building

A

64 units in the entire building

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

If Brian agrees to pay all of the property taxes on the $100,000 purchase price of his new home but does not agree to pay the docs them taxes of his $89,000 mortgage how much Brian owe in taxes

A

$700

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

One of the most common types of ownership for people who are not married is the?

A

Tenants in common

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

Statute that deals with FREC & administrative code in relation to business profession?

A

Ch 61j2

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

Who is allowed to submit a broker price opinion (bpo)

A

Only a broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

The making and acceptance of an offer by both parties is referred to as?

A

Mutual Assent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

If a broker fails to notify a buyer of a $12,000 stipulation in a blanket mortgage, in which releases a particular parcel from the blanket mortgage, who broke the law and what law did they break

A

The broker violated F.S chapter 475

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

A buyers agreement with a broker is referred to as what

A

Buyer brokerage agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

Our entertainment expenses refundable

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

Which of the following is comprised of professional associations and trade organizations that promote ethics and education in the Real estate industry

A

The national Association of realtors – NAR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
64
Q

A summary of what was found in a title search is the _____

A

Abstract of title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
65
Q

The intangible, legal bundle of rights inherent in the ownership of property is the what

A

Title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
66
Q

Attending an official FREC meeting will count for ________ hours of continuing education

A

3 hours

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
67
Q

If homeowners association disclosure must have?

A

a discloser summary of all taxes to be paid, a list of any restrictive covenants, a list of any assessments that may be imposed by the association.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
68
Q

A North/south line and a west/east line it’s called what in the government survey system

A

Principal meridian and baseline

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
69
Q

The best way to describe single – family property in a subdivision is by what sort of method

A

Lots and blocks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
70
Q

What can a sales associate do is they don’t agree with the real estate guidelines and wishes to review them

A

Petition before the FREC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
71
Q

A man who owns the NW 1/4 of the SE 1/4 of the NE 1/4 of the SW 1/4 of section 11 owns how many acres and how many sq feet

A

Less than 5 acres and 108,900 ft.²

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
72
Q

A lead-based paint disclosure is not required in which of the following types of real estate

A

Commercial

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
73
Q

Regulation Z requires what type of the disclosure summary

A

Annual percentage rate apr

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
74
Q

What type of relationship requires a disclosure to be made before showing the property

A

No brokerage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
75
Q

Homestead property is restricted to how many acres outside of a City and how many acres within

A

160 acres outside / 1/2 acre inside

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
76
Q

Which Florida brokerage relationship is automatically assumed if no other relationship is disclosed

A

Transaction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
77
Q

Riparian rights and littoral rights are?

A

Surface rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
78
Q

A broker must request a written verification receipt of the deposit of escrow funds from a title company within how many days of the deposit being made and by which method

A

No later than 10 business days after the deposit is due / in writing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
79
Q

If a sales associate is aware of a cloud in the title, but neglected to inform the purchaser of the cloud, this cloud could be considered?

A

Misinterpretation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
80
Q

A real estate licensee who prepared a sale contract its indicate what on the purchase and sale agreement?

A

Name of the title company, address, phone number

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
81
Q

Using someone else’s money such as a banks to make an investment is called

A

Leverage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
82
Q

Bob left home for a weekend in the summer to visit family upon returning home discarded that is neighbor Jim have build a porch that extended 6 inch is over his property line. What is the proper terminology for this situation in relation to Jim’s actions on Bob’s property

A

Encroachment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
83
Q

Who is allowed to place ads when advertising real estate

A

The licensee with the broker’s approval

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
84
Q

What is the most common and effective for me used by the Federal Reserve for implementing monetary policy

A

Open market operations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
85
Q

What is the maximum time for which your license maybe suspended

A

10 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
86
Q

If Bob just passes real estate sales associate Suzanne and receive his license in the mail which of the following two dates could be present as related to the expiration date listed on the license

A

March 31/September 30

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
87
Q

What type of contract is a parole contract

A

Informal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
88
Q

What fee is charged per year to brokers for new and renew licenses to help replenish the Florida real estate recovery fund

A

$3.50

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
89
Q

Which of the following ways is NOT a way to determine a fixture.

A

Disposition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
90
Q

What township is one tier south of R3W & T2N?

A

R3W and T1N

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
91
Q

If bob does not have a real estate license, what can he not do?

A

a. Show property
b. Answer detailed questions about the property
c. Attempt to sale the property himself.
d. All of the above.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
92
Q

Sales Associate License

A

The first license you obtain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
93
Q

Brokers License

A

After being active under a broker for 2 years you can complete the Broker’s course and sit for the brokers exam.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
94
Q

Broker Associate

A

A broker who chooses to continue working under another broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
95
Q

Owner Developer

A

An entity who owns and sells his property only.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
96
Q

Subdivision Plat Map

A

This is what a builder has to supply to the planning board before receiving permits to build.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
97
Q

USPAP

A

Uniform standards of Professional Appraisal Practices= Guidelines to follow when providing appraisal services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
98
Q

FREAB

A

Florida Real Estate Board= Regulates Appraisers

Appraisers charge a fee bases on the time and difficulty of the work. Appraisers are not paid a commission to reduce the possibility of a conflict of interest.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
99
Q

FRELC has entered mutual recognition with eight states:

A

Alabama, Arkansas, Connecticut, Georgia, Illinois, Mississippi, Nebraska and Oklahoma.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
100
Q

Course one consist of

A

60 hours of instructions plus 3 hours for an end of course examination. The end-of-course examination consist of 100 questions worth 1 point each and is normal organized with 45 questions on principle practices, 45 questions on real estate law and 10 math questions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
101
Q

Sales associates are required to successfully complete what?

A

45 hour post licensing requirement and 14 hours of continuing education during every 2 year license period after that.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
102
Q

Broker applicants must complete?

A

69 hours of instruction plus 3 hours for the end of course examination.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
103
Q

Real estate service includes

A

Any real estate activity involving compensation for performing the service for another.

104
Q

A BAR SALE.. (8 services of Real Estate)

A 
A- Advertise real estate services
B- Buy
A- Appraise
R- Rent or provide rental information or lists
S- Sell
A- Auction
L- Lease
E- Exchange
105
Q

Property owners and salaries employees of business entities are?

A

Exempt from having a real estate license.

106
Q

Chapter 475 F.S. exempts?

A

individuals selling cemetery lots and attorney-client relationship

107
Q

FREC members?

A

Do not receive salary, in lieu are paid $50 per day for each day they attend an official meeting.

108
Q

License renewal period

A

All real estate licenses are issued with an expiration date of either March 31 or September 31

109
Q

Armed forces exemption

A

members of the U.S armed forces exempt from the renewal provisions during the licensee’s period of active duty and six months after discharge from active duty.

110
Q

Voluntarily inactive

A

A licensee who has qualifies for a real estate license but who voluntarily choses not to engage in the real estate business during a give period and request such changes.

111
Q

If a licensee fails to renew an active or voluntary inactive license before the expiration?

A

The license reverts automatically to involuntary inactive status.

112
Q

If your license is suspended, the license is prevented from working for a period of time, max suspension?

A

Max 10 years

113
Q

Multiple Licenses

A

A broker who holds more than one Florida broker license

114
Q

Group Licenses

A

sales associates or broker associates who are registered under an owner-developer. An owner developer may own properties in the names of various entities.

115
Q

Principal

A

A person who delegates authority to another agent: A person entrusted with another’s business is authorized to represent and act for the principal.

116
Q

Fiduciary

A

Acts in a position of trust or confidence for another. The fiduciary owes complete allegiance to the principal.

117
Q

A Transaction brokers

A

Is a broker who provides limited representation to a buyer, a seller or both in a real estate transaction, but who does not represent either part in a fiduciary capacity or as a single agent.

118
Q

The Florida real estate license law defines a single agent as a broker who

A

Represents, as a fiduciary, either the buyer or the seller, but not both, in the same transaction.

119
Q

A Real estate licensee working in a no brokerage relationship capacity with a buyer or seller has the following three duties

A
  • Deal honestly and fairly
  • Disclose all known facts that materially affect the value that are not readily observable to the buyer
  • Account for all funds entrusted to the license
120
Q

To gains the principles written consent to a change in relationship, the buyer and/or seller must either sign or initial the..?

A

Consent to transition to transaction broker notice.

121
Q

Misrepresentation

A

is the misstatement of fact of the omission or concealment of a factual matter.

122
Q

The following 4 elements that can lead to action for fraud

A
  1. A licensee made a misstatement or failed to disclose a material fact.
  2. The licensee either knew or should have known that the statement was not accurate.
  3. The party to whom the statement was made relied on the misstatement
  4. The party to who the statement was made was damaged as a result.
123
Q

Sales associates are not permitted to?

A

Open offices of their own.

124
Q

Sales associates must

A

Be registered from work out an office maintained and registered in the name of their employer.

125
Q

Advertisement must clearly reveal the licensed name of the brokerage firm. Advertisements that fail to disclose the license name of the brokerage firm are..

A

Blind advertisement or a Blind Ad

126
Q

Real estate brokers must display these three things on an official sign

A
  1. Trade Name
  2. Broker’s Name
  3. The words “Licensed Real Estate Broker or “Lic Real Estate Broker”
127
Q

Sales associates who receiver a binder deposit from a customer or principal must deliver it to their broker-employer immediately, which means no later than the end of the next..?

A

Business Day

128
Q

To commingle

A

Is mixing a customers money with your money

129
Q

Conversion

A

Is the unauthorized control or use of another person’s personal property

130
Q

If a broker who maintains an escrow account receives conflicting demand on escrow property, the broker must notify FREC..?

A

In writing within 15 days of receiving the conflicting demands unless specifically exempted.

131
Q

Four Settlement Procedures

A

Mediation, Arbitration, Escrow Disbursement Order, Litigation

132
Q

Mediation

A

Non-Binding

133
Q

Arbitration

A

Binding (Third party makes the binding decision ) Litigation- Lawsuit filed by disputing party so the matter can be resolved in court.

134
Q

Escrow Disbursement Order

A

A broker may request that the FREC issue an EDO determining who is entitled to the disputed funds.

135
Q

Litigation

A

Court and interpleader is involved

136
Q

Federal Anti-Trust Laws:

A

Sherman-Clayton Act & the Federal Trade Commission acts preserve competition and ensure restraint of trade (under these laws, you may not fix commission rates)

137
Q

Kickbacks

A

unearned feeds paid to a licensed associate with a real estate transaction for non-real-estate services. Kickbacks are legal if it is coming from an unlicensed company, such as the lawn company.

138
Q

Legal

A

Received from someone who does not have a state issued license. Received from someone who has a license in a field that you too are licensed in.

139
Q

Illegal

A

Received from someone who has a license in a field that you are not licensed in.

140
Q

Ostensible Partnership (Quasi-Partnership)

A

The appearance of a partnership. It is considered fraudulent. Brokers, who share an office building, must display separate signs and use separate telephone numbers.

141
Q

7 Steps of the complaint process

A
  1. Complaint is filed
  2. Investigation of the complaint
  3. Probable cause determination
  4. Formal Complaint is filed if probable cause is found.
  5. Informal hearing or formal hearing is conducted
  6. Final order is issued
  7. Judicial review
142
Q

The most severe penalty that FRELC is authorized to impose is..?

A

revocation of license, revocation is permanent.

143
Q

The commission may imposed an administrative penalty for violations of the law or rules and regulations:

A

Denial of application, refusal to rectify a license for renewal and revocation of a license for not more than 10 years. Fines may not exceed more than 5,000 for each separate violation.

144
Q

The courts may enforce civil penalties if…?

A

A person has performed any real estate services without a license, the DBPR can issue up to $5000.

145
Q

A violation of F.S 475 or any lawful order, rule or regulation is legally a misdemeanor of the second.

A

It may be punished by a fine of not more than $500 and/or by imprisonment for not more than 60 days.

146
Q

The penalty for failing to provide accurate and current rental information, for a fee is..?

A

is a first-degree misdemeanor and is a fine of not more than $1000 and or up to one year in jail.

147
Q

Monetary limits of the claim

A

50,000 for one transaction no more than 150,000 for more than one transaction

148
Q

Fraud

A

The intentional deceit for the purpose of inducing another to rely on information to part with some valuable asset or legal right.

149
Q

The Civil Rights Act 1866

A

Prohibits discrimination based on race

150
Q

The fair Housing Act

A

Created to protect classes of people and prohibits the discrimination when selling or renting residential property when based on the following: Race, Color, Religion, Sex, Handicap Status, Familial Status, National Origins. The Fair housing act covers single/multi family housing. (Does not Include AGE)

151
Q

Equal credit opportunity act

A

Ensues credit be maid available with fairness without discrimination to: Race, Color, Religion, National Origin, Sex, Marital Status, Age, Or income from assistance programs.

152
Q

Steering

A

Is the channeling of homeowners away from particular neighborhoods because they are of a protected class

153
Q

Blockbusting

A

Is to use the entry, or rumor of entry, of a protected class into a neighborhood to persuade owners to sell.

154
Q

Redlining

A

Is to deny loans or insurance coverage by a lender or insurer that presents different terms or conditions for homes in certain neighborhoods.

155
Q

Concurrency Provision

A

Growth management act requires the infrastructure to be in place before new development can begin.

156
Q

Landlords have ___ days to return the security deposit and and any accrued interest if appliance, provided the landlord does not intend to make a claim on the security deposit

A

15

157
Q

The landlord has __ days to notify the tenant if the landlord intends to impose a claim on the deposit.

A

30

158
Q

A landlord has ___ days to correct the non compliance and resolve a problem.

A

7

159
Q

Riparian Rights

A

Associated with land abutting the banks of a RIVER or stream

160
Q

Littoral Rights

A

Associated with land abutting LAKE or LARGE BODY OF WATER

161
Q

Fee Simple Estate

A

Means absolutely and complete ownership, subject only to governmental restrictions.

162
Q

Life Estates

A

Life estate owners owns the property for only the period of the lifetime of the individual. When the life estate ends, the property returns to the original grantor or goes to a third party called the Remainderman.

163
Q

Tenancy at Will

A

A lease agreement that has a beginning date, but no fixed termination date, is known, as tenancy at will.

164
Q

Tenancy at Sufferance

A

When a tenant stays in a possession of the property beyond the ending date, it is known as tenancy at sufferance.

165
Q

Tenants in common

A

When two or more persons wish to share the ownership of a single property, they may choose to do so as tenants in common.

166
Q

Joint Tenancy

A

Is characterized by the right of survivorship, the surviving co-owner receives a share of the deceased tenants rights.

167
Q

Tenancy by the Entireties

A

Is a joint tenancy between husband and wife.

168
Q

Non- Marital assests

A

Are separate property and include any property the husband or the wife owned separately prior to marriage.

169
Q

Florida law provides for the divorcing couple’s assets to be divided

A

Equally

170
Q

Co-Op

A

The important result of the stock purchase is that ownership of the stock entitles the purchaser to a proprietary lease and the right to occupy the unit for the life of the corporation

171
Q

A buyer of a NEW condominium can cancel the contract within ____ calendar days of signing the contract.

A

15 days

172
Q

The buyer of a resale condominium can cancel the contract within ____ business days after the date of execution of the contract

A

3 days

173
Q

Purchasers of Timeshares and vacation plans may cancel their contract within ____ calendar days of singing the contract.

A

10 days

174
Q

Interval ownership

A

Is fee simple ownership and contains the same rights as any other property conveyed by deed.

175
Q

Right-to-use

A

Grants rights with the rights-to-use forms of the time-sharing that temporary in nature. A lease.

176
Q

Deeds

A

Conveys the legal titles

177
Q

Wills

A

Are instruments used to convey title to real and personal property after a person’s death.

178
Q

Involuntary Alienation

A

Example: Foreclosure

179
Q

Descent

A

Leaves the property of the deceased to legal descendants if they don’t have a will.

180
Q

Escheat

A

Provides for a government, to take the property of an owner; who dies intestate (without a will) and without any known heirs entitled to receive the property.

181
Q

Adverse Possession

A

Arises when the true owner of a record fails to maintain possession and another seizes the property.

182
Q

Eminent Domain

A

Give government the right to take land from an owner through a legal process referred to as condemnation, as long as the taking is for public purpose.

183
Q

Condemnation

A

The process of taking away land from an owner for public use.

184
Q

Actual Notice

A

Direct knowledge acquired in the course of a transaction.

185
Q

Constructive Notice

A

Is accomplished by recording the information in the public records.

186
Q

Title Insurance

A

Owners Policy: (Not transferable) is issued for the total purchase price of the property.
Lenders Policy: (Transferable) Is issued for the unpaid mortgage amount.

187
Q

Habendum Clause

A

Habendum clause limits the estate or tenancy being conveyed and is entered before or after the restrictions or limitations on the property’s use.

188
Q

The Premisies Section of a Deed names…

A

Parties to the deed and date of the deed.

189
Q

A sesin

A

Is a promise that the grantor owns the property and has the right to convey title.

190
Q

The Convenant against encumbrances

A

States that the property is free from liens other encumbrances, except as noted in the deed.

191
Q

Deed Restrictions

A

Are a part of the deed and affect a particular property.

192
Q

Restrictive Covenants

A

Are recorded along with subdivision plat and usually affect entire subdivisions

193
Q

Easements

A

Are rights to use a portion of an owner’s (and for a specific purpose)

194
Q

Easement by Prescription

A

Is created by longtime usage, such as 20 years of open, uninterrupted use.

195
Q

Encroachment

A

Is the unauthorized use of another’s property.

196
Q

Liens

A

Are a right or legal interest given to creditor or a unit of government to have a debt satisfied out of some specific property belonging to a debtor.

197
Q

Metes & Bounds

A

Metes=Distance

Bounds= Direction

198
Q

The beginning reference is

A

The intersection of a north/south line called a principle meridian and an east/west line called the base line.

199
Q

Township

A

A square tract of land measuring six miles on each side and including 36 sections formed by the crossing of range and township lines.

Opposite of N is S and the opposite of W is E.

200
Q

The Statues of Frauds

A

Requires that contracts conveying an interest in real property must be in writing and signed to be enforceable.

201
Q

Statue of Limitations

A

Designates the period of time during which the terms of a contract may be enforced.

Written Contracts: 5 years
Oral Contracts: 4 Years

202
Q

A Parol Contract is

A

An oral agreement and informal contract

203
Q

Bilateral Contract

A

Obligates both parties

204
Q

Unilateral Contract

A

Obligates only one party

205
Q

Counteroffer indicates

A

Willingness to contract, but on terms or conditions different from those contained in the original offer. The original offer is dead and cannot be later accepted.

206
Q

Specific Performance

A

Wronged party may sure to have the courts force the other party to perform as the contract specifically states.

207
Q

Liquidated Damages

A

The parties will stipulate an amount of money in the contract to be paid in case of the default by the buyer.

208
Q

Rescission

A

To rescind is to cancel or withdraw the breach and continue the transaction.

209
Q

Compensatory Damages

A

Suit for damages in addition to liquidated damages; the party bringing the suit seeks an amount of money equal to the extent of the loss suffered.

210
Q

Open Listing

A

An employment contract given to any number of brokers who work simultaneously to sell the owner’s property. Least advantageous to broker.

211
Q

Exclusive-right-of-sale lisitng

A

Is when the seller gives the listing to a selected broker, who then becomes the exclusive real estate agent of the owner, for the sale of the property, during the time the listing contract is in affect. Most advantageous to broker.

212
Q

Radon gas disclosure

A

A disclosure statement on. real estate sale and lease contracts that consist only of what radon is.

213
Q

Lead-Based paint

A

Disclosures of lead-based paint must be given with any home purchased or rented, that was built Pre-1978.

214
Q

Homeowners Association Disclosure

A

Provides buyers with a disclosure summary regarding the association, the existence of restrictive covenants, and any assessments that the association imposes.

215
Q

Property tax disclosure

A

Prospective buyers of residential property must be presented a disclosure summary concerning ad-valorem taxes before or at the time of execution of the contract for sale.

216
Q

Lien Theory

A

The borrower retains title to the property. The lender is protected with a lien on the real property to secure the payment of the mortgage debt.

217
Q

Title Theory

A

Title to the mortgaged property goes to the mortgagee/lender or a third party.

218
Q

Promissory Note

A

Legal instrument that represents the evidence of a debt.

219
Q

Mortgage

A

An instrument that pledges the property as a security for debt. The legal document that represents the lien on the real estate that secures the debt.

220
Q

Hypothecation

A

Refers to the pledging of the property, as security for payment of a loan, without surrendering possession of the property.

221
Q

Assignment

A

Ownership of a mortgage is transferred from one company or individual to another.

222
Q

Equity of Redemption

A

Allows the mortgagor to prevent foreclosures by paying the mortgagee the principal and interest due, plus any expenses the mortgagee has incurred in attempting to collect the debt and initiating foreclosure proceedings.

223
Q

Receivership Clause

A

Allows a receiver to be appointed to collect income from the property and use the income to make mortgage payments in the event of default.

224
Q

FHA: Federal Housing Administration

A

FHA insures the loan.

225
Q

VA Loans

A

Grant the department of Veterans Affairs the authority to partially guarantee mortgage loans made to veterans by private lenders. The guarantee covers the top portion of the loan.

MAX VA guarantee is 104,250 or 25% of the loan. The max loan amount is 417k but if the VA can put 25% down they can borrow a higher loan amount.

226
Q

Loan-Value-ratio

A

Relationship between amount borrowed and appraised value of a property.

227
Q

Primary Market

A

Is a market where securities or goods are actually created.

228
Q

Secondary Mortgage

A

Market is an investor market that buys and sells existing mortgages.

229
Q

Intermediation

A

Is a process practiced by financial thrift institutions that serve as financial, middleman between depositors and borrowers.

230
Q

Disintermediation

A

Occurs when funds are withdrawn from intermediary financial institutions, such as banks and saving associations, and are invested in instruments yielding a higher return.

231
Q

Fannie Mae, Freddie Mac & Ginnie Mae

A

Are secondary market participates that buy up existing mortgages. Bank gives consumer mortgage at 6%, they might sell it to one of these existing at 5% and make a point back quickly. This replenishes funds back into the financial system.

232
Q

Truth-in-lending Act

A

Informs consumers of exact credit cost before they make a purchase so they make compare various credit terms and costs.

233
Q

Loan Application

A

The law requires lenders to disclose annual percentage rate of interest and finance charges imposed on consumers within three business days of accepting a loan application.

234
Q

Liquidity

A

Refers to the ability to sell an investment very quickly without loss of ones capital.

235
Q

Illiquidity

A

Is the inability to sell an investment quickly, depending on the market.

236
Q

Leverage

A

Investors use other’s money (lender)

237
Q

Equity

A

Investors use their own money. The difference between what you owe and what it’s worth.

238
Q

Positive Leverage

A

Making money

239
Q

Negative Leverage

A

Losing money

240
Q

Business enterprise brokers

A

Normally deal in corporate transactions. The purchase of businesses that provide goods and/ or services.

241
Q

Business opportunity brokers

A

Typically deal in sale and purchase of smaller businesses.

242
Q

Goodwill

A

Is the intangible assets attributed to a businesses reputation and the expectation of continued customer loyalty.

243
Q

Going Concern Value

A

The value of an established business property, compared with the value of just the physical assets of a business that is not yet established, is called the going concern value.

244
Q

Homestead Tax Exemption

A

Applicants must reside in the home and have legal title to the property as of January 1st to be eligible.

245
Q

Homeowners are entitled to a _____ dollar tax exemption from the assed value of the home for city, county and school board taxes

A

25,000

246
Q

Homeowners are entitled to an additional ______ dollar exemption from city and county taxes on property assessed value greater than ________ dollars

A

25,000

75,000

247
Q

Widows, legally blind persons and non veterans who are totally and pemanently disabled qualify for a _____ exemption

A

500

248
Q

Veterans who are 10% disabled receive a _____ exemption

A

5000

249
Q

The Florida green belt law authorizes county and property appraisers to asses

A

Agricultural land used for agricultural purposes according to it’s current value as agricultural land.

250
Q

The save our homes amendment

A

Caps how much the assessed value of a homestead property may increase no greater than 3%

251
Q

Property tax certificate

A

The amount of taxes owed is issued for each delinquent property. They are auctioned to bidders who bid starting at 18% interest rate.

252
Q

IRS allows homeowners to exclude up to

A

$250,000 of gain realized on the sale of exchange of a principle residence.

253
Q

Authority, Three areas for responsibility for which city planning commissions are usually delegated final authority are

A
  1. Subdivision plat approval
  2. Site plan approval
  3. Sign control
254
Q

Residential zoning

A

regulated density or the number of homes per acre

255
Q

Commercial zoning & Industrial zoning

A

is to regulate intensity of use.

256
Q

A variance

A

Allows a property owner to vary from strict compliance will all or part of a zoning code because to comply would force an undue hardship on the property owner.

257
Q

Which clause promises the grantor owns the property and has the right to convey title?

A

Seizen

ok (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions