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Which statement is TRUE regarding the Real Estate Recovery Fund? Punitive damages and interest cannot be reimbursed from the fund.
Which statement is FALSE regarding a notice of noncompliance? It is a type of discipline imposed by the Florida Real Estate Commission
A car dealer promises to give a $5
000 bonus to the first salesperson who sells ten cars this week. Which type of contract is this? Unilateral
A sales associate receives an earnest money deposit on Friday morning and turns it over to her broker that afternoon. Assuming no legal holidays are involved
the broker has until the end of business on which day to place the earnest money in escrow? Wendesday
FREC issued a seven- year suspension of a broker\'s license. The broker decides to appeal FREC\'s final order. Which request should the broker\'s attorney make so that the broker can continue to work during the appeal process? Stay of enforcement
When a consumer files a complaint against a real estate license that contains facts indicating that a violation of rules of the Florida Real Estate Commission has occurred
the complaint is said to be? legally sufficient
A brokerage firm represents a seller as a single agent. The brokerage can work with the buyer
in the same transaction
The statue of frauds requires that documents that transfer an interest in real estate must be in WRITING to be enforceable unless certain specific conditions exist.
A broker received conflicting demands from the buyer and the seller for the earnest money deposit. The broker unsuccessfully attempted to resolve the issue between the parties to the contract. 14 days after receiving conflicting demands the broker notified the Florida Real Estate Commission (FREC) of the conflict. How many remaining business does the broker have to implement a settlement procedure? 16 days
Risk of vandalism is classified as which type of risk? Static
The constitutional homestead law protects real property form forced sale to satisfy which type of delinquent debt? Personal loan to pay medical expenses
Part III of Florida Statute 475 pertains to...? Liens for commission earned on commercial real estate sales
Which type of window is hinged at the side of the window frame and swings either out or in with the aid of a crank? Casement
Which statement is FALSE concerning the lead-based disclosure requirements? If requested by the buyer
sellers are required to have residential properties built prior to 1978 tested for lead-based paint.
Which statement is TRUE regarding a title company holding the escrow funds? Within 10 days after the date the broker requests written verification of receipt of the deposit
the broker must provide the sellers\'s broker with a copy of the verification
How many days notice is required to terminate a week-to-week tenancy at will? seven days
Which expense is NOT deducted to derive net operating income (NOI)? Income tax
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? Place the funds in the broker\'s escrow account
Which entity guarantees mortgage-backed securities with the full faith and credit of the U.S. government? Ginnie Mae
The primary purpose of an owner\'s title insurance policy if to protect the? buyer against unexpected losses due to title defects
Which type of cost is calculated using similar but NOT identical building materials resulting in equal utility as compared with the subject property? replacement
Which item would be classified as a fixed expense in the calculation of net operating income? Hazard Insurance
Who issues a recommended order at the conclusion of a formal hearing? Administrative law judge
What is the FHA term for the amount of money that home-buyer must pay in cash or its equivalent when applying for an FHA loan? Minimum cash investment
A person applies for a mortgage loan from a local credit union. The loan officer did not give the loan applicant a copy of the HUD information booklet concerning settlement costs at the time of loan application. Which statement is TRUE regarding this situation? The loan officer has three business days to give the loan applicant a copy of the information booklet.
A seller lists her vacant lot with a real estate company. In the listing agreement
the seller specifies the minimum amount of cash she must receive at closing. What type of listing does the describe? Net listing
A developer who sells or leases lots in subdivisions of 100 or more lots must register the subdivision with which agency? Department of Housing and Urban Development
Which expense may be deducted when calculating taxable income for an individual homeowner? Property taxes paid on second residence
What is the cost of the state intangible tax on a new mortgage of $10
000? $20
FL state intangible tax=.002
The department of business and professional regulation (DBPR) is under which branch of gov\'t? executive
The title to a parcel of real property is NOT effectively conveyed until a valid deed is? Voluntarily delivered and accepted
The covenant of further assurance is included in which type of statutory deed? general warranty deed
The actions undertaken by the Federal Reserve to influence the availability and cost of money and credit are governed by which type of policy? Monetary
IRS regulation require buyers to withhold what percentage of the gross sale price when purchasing property from a foreign seller? 10 percent
In lien theory states
the? ...borrower has title to the property and the lender has the a lien.
Which power is NOT granted to the department of business and professional regulation (DBPR) under Florida statute 455? Issue a civil penalty
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