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A written contract for sale and purchase of commercial property that used designated sales associates failed to close. Is the broker required to retain the brokerage relationship disclosure documents, and if so, for how long?
A brokerage firm represents a seller as a single agent. The brokerage can work with the buyer, in the same transaction,
A sales associate receives a deposit from a buyer on Wednesday morning. The associate must
An owner of an apartment complex pays $100 to each tenant who refers a person who becomes a tenant. The referring tenants do not hold real estate licensees. This arrangement is
A buyer and seller enter into a contract for sale and purchase of a home. The contract is contingent on a radon test. The radon test indicates a high level of radon gas in the home, and the buyer gives written notice to cancel the contract. The seller refuses to sign a release of the buyer's earnest money deposit and demands receipt of the deposit for himself. Which statement applies to this situation?
Lynn Amherst is a sales associate for Excel Realty. Lynn is preparing a classified ad for a listed property. The company's phone number is 222-1010. Lynn's home phone number is 333-2020. Which excerpt conforms to the rule regarding advertising?
An individual who repeatedly writes bad checks can be charged with
The Florida Real Estate Commission (FREC) issued a seven-year suspension of a broker's license. The broker decides to appeal FREC's final order. Which request should be made by the broker's attorney so that the broker can continue to work during the appeal process?
A licensee who is issued a citation may be ordered to
If a licensee/respondent disputes any of the allegations outlined in the administrative complaint, the case must be heard in
When a consumer files a complaint against a real estate licensee that contains facts indicating that a violation of rules of the Florida Real Estate Commission has occurred, the complaint is said to be
Which law prohibits racial discrimination in the sale or lease of all real property without exception?
A real estate broker has been hired to manage an apartment complex on behalf of the landlord. How must the broker as agent handle the security deposits and advance rent?
Within how many days must a landlord notify a tenant of intentions to claim part of the security deposit?
A developer advertises homes for sale with a total down payment of $2,000. A qualified buyer offers to pay the $2,000 down, but the developer states that the $2,000 down homes are all sold. Is this transaction covered under Truth in Lending Act?
Three brothers join together to purchase property. The brothers want their interest in the property to go to their spouses in the event of their deaths. They have created which type of estate or tenancy?
A parcel of real estate has been left to the wife through her husband's will for the widow's use and enjoyment during her lifetime, with the provision the property goes to the widow's stepson at her death. The stepson's interest is that of
The process of land buildup from water-borne rock and soil is referred to as
Which document must be given to prospective purchasers only if purchasing a condo from a developer of 20 or more new residential condominium units?
A tenant, unable to contact the landlord or the landlord's representative prior to the expiration of a written lease, continues to pay the rent and occupy the premises after the lease expired. The tenant has a tenancy
Which document must a prospective buyer of an existing (resale) condominium unit receive?
The constitutional homestead law protects real property from forced sale to satisfy which type of delinquent debt?
Which lien is classified as a voluntary lien?
The right of the state to take property of a person who died intestate and without heirs is known as
Which type of alienation is voluntary?
A commercial tenant pays a fixed rent each month. The landlord pays the property taxes, hazard insurance, and maintenance expenses. The tenant has what type of lease?
The covenant of warranty forever is included in which type of statutory deed?
The mortgagee's title insurance policy
The SE1/4 of the SW1/4 of the N1/2 and the NE1/4 of the SW1/4 of Section 19 contains how many acres?
A township has 36 parcels called "sections." Section 31 would be located in which corner?
In the Government Survey System, the six-mile vertical strip of land that extends from the north to the south of Florida, located immediately west of the Tallahassee Principal Meridian, is called
Which requirement is one of the elements of a valid real estate contract?
Under the statute of frauds, which element is required for contracts pertaining to the purchase and sale of real property (except for certain specific exceptions)?
Which type of listing allows the seller to list the property with other brokers?
Which mortgage clause requires the lender to waive the right to a deficiency judgment against the borrower, relieving the borrower of personal liability to repay the loan?
How much is the minimum cash investment on an FHA loan?
When a loan is paid off in a lien theory state, which instrument should the lender prepare and give to the borrower?
The calculated interest rate of an adjustable-rate mortgage is determined by adding which two components?
Which entity is a guarantor of mortgage-back securities?
A local lender charged 4 percent interest plus 4 points on a conventional mortgage loan. What was the approximate yield on the loan?
All national chartered commercial banks are members of which entity?
Savings associations can sell existing mortgage loans to which entity?
What is the state's intangible tax on a new mortgage of $10,000?
The earnest money deposit normally appears on the closing statement as a
A closing is set for July 15. How will the property taxes be entered on the closing statement?
Which item would be classified as a fixed expense in the calculation of net operating income?
A comparable property recently sold for $315,000. Compared with the subject property, the comparable is built of superior materials ($20,000) and the comparable has more square footage ($25,000). What is the adjusted sale price of the comparable?
Which expense is deducted to derive effective gross income?
Which type of depreciation is associated with inefficient architectural design?
The overall capitalization rate (OAR) is determined by analyzing which two components of similar properties in the subject property's market area?
Placement of the windows is most important on which type of lot if the homeowner is concerned about the possibility of vehicular headlights shining into the front windows?
The term used to measure the amount of energy an electrical appliance consumes is
Which type of window is the least energy efficient?
Which list of appraisal methods is unique to the appraisal of business enterprises?
Which characteristic is a disadvantage of investing in real estate?
Which property is immune from property taxes?
Local government can recover the cost of widening a street in an existing neighborhood by charging the neighborhood property owners a
Which amendment to the Florida constitution limits how much the assessed value of homesteaded property can increase in a given year?
The assessed value of an 88-year-old legally blind widow's condominium is $49,500. What is the total property tax exemption on her homesteaded property?
Which business would be classified as a service industry?
A lease calls for annual minimum rent of $14,500 plus 3 percent of annual gross sales in excess of $350,000. What is the annual rent for the year if the annual gross sales are $450,000?
A developer purchased two 145-front foot lots for $23,900 net each and divided them into three lots of equal front footage. The developer sold the lots for $250 per front foot. Calculate the developer's percentage of profit (round to nearest whole percentage point).
A duplex is scheduled to close on September 10. On the first of the month, the seller collected total rent for September amounting to $950. According to the contract for sale and purchase, the buyer is due the rental income for the day of closing. Use the actual number of days in the closing month when determining the time line. Calculate the proration and indicate who is debited and who is credited.
An apartment building produces an effective annual gross income of $71,820. If the annual operating expenses amount to $36,990, and a prospective investor insists on at least a 12 percent overall rate of return, what is the maximum amount the investor should pay for the property?
You are appraising a four-year-old, single-family residence. The total square footage of the livable area is 2,600. The garage is 485 square feet. According to figures obtained from a cost-estimating service, the base construction cost per square foot of livable area is $92, and $76 per square foot for the garage. Calculate the reproduction cost new of the structure.
A buyer has applied for a 20-year mortgage of $52,000 at 7 3/8 percent interest. How much of the $414.94 monthly payment paid in month two will apply to principal?
A building is valued at $135,000 with an estimated 25-year useful economic life. The building has an effective age of five years. Using the lump-sum age-life method, find the depreciated value of the building.
The street in front of your house is to be paved at a cost of $45 per foot. The city has agreed to pay 25 percent of the paving cost and will assess abutting properties for the remainder. If your lot frontage on the street is 90 feet, what is your portion of the special assessment?
A professional office center is purchased for $475,000. The land value is 20 percent of the total acquisition cost. What is the annual IRS depreciation deduction? (Round answer to nearest dollar.)
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