Questions and Answers
How many days does a licensee have to either pay the citation or file an objection to the alleged violation?
30 days
What will the total property taxes be for Pam's home with an assessed value of $301,000?
$4,846.20
What are the similarities between a Business Brokerage and a Real Estate Brokerage?
- Both deal with Real Property; 2) Both require a Real Estate License; 3) Both involve Long-term Liabilities
How much is debited from the seller and credited to the buyer at closing if the rent is $1900?
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What is the loan to value ratio when a home was purchased with a down payment of $36,000 and a loan of $200,000?
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In case of breach by the buyer, how is the earnest money regarded according to most real estate contracts?
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Which is an example of functional obsolescence?
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What is the tenant's interest in a property if they sign a lease for less than a year?
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What is the term used to substitute a borrower in a mortgage with another borrower?
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What happens to a Florida broker's continuing education when accompanying their spouse on military duty?
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What does 'effective age' mean in real estate?
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What does the indestructibility of land refer to?
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How can a church restrict the renting of homes to only members of their church under the Fair Housing Act?
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Which statement is associated only with the transaction broker relationship?
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What is the reproduction cost of a structure if a home with 3,500 square feet and a garage of 400 square feet costs $95 and $60 per square foot respectively?
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Which tenancy has the right of survivorship?
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What section is directly below section 7 in a township?
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What are compensatory damages?
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How long does Broker Smith have left to implement a settlement procedure after receiving conflicting demands regarding earnest money?
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Study Notes
Florida Real Estate Practice Exam Notes
- A sales associate must notify the Commission of a change of address within 30 days to avoid a citation.
- Property assessed at $301,000 with Florida homestead exemption incurs total taxes of $4,846.20 after deductions and applying respective tax rates.
- Both Business Brokerage and Real Estate Brokerage deal with real property, require a real estate license, and involve long-term liabilities.
- In a property closing, for a rental investment with $1,900 rent, closing date on September 10 results in a $1,330 credit to the buyer and debit to the seller.
- The loan-to-value ratio for a $236,000 purchase (with a $36,000 down payment and $200,000 loan) is approximately 85%.
- In real estate contracts, earnest money in case of breach by the buyer is considered liquidated damages to the seller.
- A functional obsolescence example is having only a one-car garage.
- A tenant leasing for under a year has a leasehold estate interest in the property.
- Substituting one borrower in a mortgage for another is termed an assignment of mortgage.
- A Florida broker returning from military duty is exempt from continuing education for up to 2 years post-honorable discharge.
- Effective age refers to how old a building appears, rather than its actual age.
- The concept of land's indestructibility is related to its durability.
- Churches can restrict rentals to members as they are exempt under the Fair Housing Act, provided there is no discrimination in membership.
- Transaction broker relationships indicate that the customer is not liable for the acts of the licensee.
- The reproduction cost of a 5-year-old home with 3,500 square feet at $95/sq ft and a 400 sq ft garage at $60/sq ft totals $356,500.
- Joint tenancy provides the right of survivorship to co-owners.
- The township section directly below section 7 is section 18.
- Compensatory damages are monetary awards reflecting the loss incurred due to a breach of contract.
- Broker Smith has 15 days remaining to implement a settlement procedure after receiving conflicting demands over earnest money.
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Description
Test your knowledge with this 100-question flashcard quiz on Florida real estate rules and regulations. Perfect for sales associates preparing for the licensing exam, this quiz covers crucial topics such as citation responses and property assessments. Enhance your understanding of the real estate landscape in Florida.
