FL Real Estate Study for Exam Prep Test 1

A R/E licensee who is representing with a party to a R/E sale and purchase share part of her commission with the tenant. Which is TRUE? a) A licensee may share a commission with a party to a r/e sale and purchase agreement, bt not with parties to lease agreement b) R/E licensee may share commssion with parties to residentail lease agreements, but not with parties to commercial lease agreements. c) R/e Licensees may share their commission with a party to a lease agreement. provided it is disclosed to all interested parties. d) its is illegal for a r/e licensee to share commissions with a party to any r/e transaction unless the party is a r/e licensee

Which type of estate in real property is held for a definite number of years? a) fee simple estateb) life estatec) estate for yearsd) estate by the entireties

In the government survey system of legal descriptions, a 'check' is subdivided into 'townships' that measure a) 6 sq milesb) 6 miles sqc) 640 acresd) 640 sq miles

A r/e developer purchased 3 residential lots for 30,000 each. The lots are located on a busy street and just one block from the business disctrict. The developer is successful in getting the lots combined into a single lot zoned professional offices. An appraiser values the professional office lot at 140,000 This increases in value can be attributed to which appraisal principle? a) substitutionb) supply and demandc) plottaged) progression

Listing agreement do NOT have which requirement? a) written formb) definite expiration datec) description of the propertyd) fee or commission charged

A buyer gives the broker a 53,500 good faith deposit. The broker defrauds the buyer of the 53,500. the buyer sues the broker and is awarded a judgement in the amount of 78,500 for the original 53,500 deposit plus 25,000 in punitive damages. the buyer was unable to collect the judgement from the broker, so he request relief from the Fl r/e recovery fund. How much can the buyer receive from the recovery fund? a) 78,500b) 53,500c) 50,000d) 25,000

A seller has listed his property with a r/e company. The seller has informed the sales associtate that he will not sell his codo to collage students. Which is TRUE? a) the seller can refuse to sell to collage students, but the r/e licensee cannot refuse collage students b) the seller and his sales associate can be fined for violating the fair housing act. c) all though this may be poor business decision, it is not a violation of the fair housing act. d) the licensee should withdraw from the listing and rpt the seller to the FREC

A developer wishes to sell several parcels of vacant land that are encombered by a blanket MTG. A borker lists the parcels for 25,000 per lot. A buyer enteres into a contract to purchase one of the lots for 24,000. After contacting the lender, the broker learns that in order to release the lot from the blanket mtg, the lender required a payment of 30,000. Which statement applies? a) the developer must pay the 6,000 difference to the lender prior to closing. b) the buyer is liable to the lender for the 6,000 difference because it was an existing lien. c) the broker can be charged with fraudulent and dishonest dealing by trick, scheme, or device d) the developer can be charged with conversion

The owner of an aprt complex plans to be away for a full year. he arranges for a tenant to take care of his aprt house and to act as his rep during the years absense. The tenant is to be given a free apt plus 150,00 a week for this service. Which is most correct? a) the owner has violated chapt 475.FSb) the tenant has violated chapt 475.FSc) the tenant can perform all the function the owner would if presentd) the tenant can use only legally approved lease forms during the owners absence

The law that requires at the time of loan application (or within 3 bus days) that the lender provide the borrower with a good-faith estimate of settlement cost is the a) Truth in lending actb) Equal credit opportunity actc) Florida 'little FTC act'd) Real estate settlement procedures act

A tenants lease expired Nov 30th. He continued to occupy the premises and to mail his monthly rent payment to the landlord on the same schedule he had observed prior to the expiraton of the formal lease. the tenant is a a) lessorb) life tenantc) tenant at willd) tenant at sufferance

A broker receives conflicting demand from the buyer and seller. The broker properly notifies the FEC and request and escrow disbursement order (EDO) however, before the order is issued, the buyer and seller sue one another. what must the broker do in this situation? a) the broker must notify the FREC of the situation within 10 business days b) the broker needs not do anything because the lawsuits are a separate action. c) the broker must follow the instructions of the EDO when received because it was timely filed d) the broker must notify the FREC of the lawsuit within 15 business days.

Which entity is a HUD agency? a) DIFb) OTSc) Ginnie Maed) Fannie Mae

A broker listed a commercial lot for 98,000. Later the broker learned that a firm that owned the building adjoining the sellers lot was going to need the lot for expansion and would be willing to pay up to 130,000 for the lot. The broker told the seller that he wanted to terminate his brokerage relationship and buy the lot himself for 96,000 cash. The seller agreed to the offer and sold the lot to the broker who then sold the lot to the neighboring firm. This is an example of a) a legitimate business transactionb) conversionc) culpable negligenced) concealment

A broker listed a commercial lot for 98,000. Later the broker learned that a firm that owned the building adjoining the sellers lot was going to need the lot for expansion and would be willing to pay up to 130,000 for the lot. The broker told the seller that he wanted to terminate his brokerage relationship and buy the lot himself for 96,000 cash. The seller agreed to the offer and sold the lot to the broker who then sold the lot to the neighboring firm. This is an example of a) a legitimate business transactionb) conversionc) culpable negligenced) concealment