Exam (elaborations)
50 Most Asked Questions on Florida Real Estate State Exam Questions and Answers 2024
- Course
- Institution
50 Most Asked Questions on Florida Real Estate State Exam
[Show more]
Content preview
50 Most Asked Questions on FloridaReal Estate State Exam
1. Which of the following describes leverage?
a. Leverage is the same as cash flow.
b. Leverage is the use of borrowed funds to purchase assets or to finance an
investment.
c. Leverage can only be positive.
d. Leverage is when an investor uses his equity to finance an investment. - answerb
2. How is the binder deposit shown on the Closing Disclosure Form?
a. Credit to the buyer, debit to the seller
b. Credit to the seller
c. Credit to the buyer
d. Debit to the buyer, credit to the seller - answerc
3. What is the status of a sales associates' license if he/she does not complete the
required post licensing education prior to his/her first renewal cycle?
a. Involuntary inactive
b. Void and inactive
c. Suspended
d. Null and void - answerd
4. Which of the following is not true concerning kickbacks.
a. Not all kickbacks are illegal.
b. A real estate licensee may not be paid a fee for referring buyers to a title company.
c. Kickbacks cannot violate RESPA (Real Estate Settlement Procedures Act).
d. All kickbacks are illegal. - answerd
5. When a lender declares all the unpaid balance due and payable as a result of default,
the lender is exercising which clause in a mortgage?
a. Due-on-sale clause
b. Escape clause
c. Acceleration clause
d. Estoppel clause - answerc
6. Which mortgage clause allows the mortgagee the right to demand the outstanding
loan balance plus accrued interest in the event that the borrower sells or transfer any
interest in the property without the lenders prior written consent?
a. Due-on-sale Clause
, b. Escape clause
c. Acceleration clause
d. Estoppel clause - answera
7. Which of the following statements concerning market value is true?
a. Market value is the most probable price a property should bring in a competitive and
open market under all conditions, requisite to a fair sale under certain guidelines
published by Fannie Mae and Freddie Mac.
b. Market value is the same as price.
c. Market value is the value an investor would typically pay.
d. Market value is the same as the cost of the property. - answera
8. William, who holds title in fee simple of a 35-acre property, deeds the land to Robert
until Robert dies. At that time, Tonya is to receive title to the land. Which statement is
true concerning this situation?
a. William has a life estate and Robert has a remainder estate
b. William and Robert have life estates
c. Robert has a life estate and Tonya has a remainder estate
d. William has a life estate - answerc
9. If the subject property has three bedrooms and the comparable property has two
bedrooms, and a bedroom is worth $10,000, the correct adjustment is to
a. add $10,000 to the subject value.
b. add $10,000 to the comparable value.
c. subtract $10,000 from the subject value.
d. subtract $10,000 from the comparable value - answerb
10. How many acres and square feet are there in the legal description N1/2 of the
SE1/4 of the NW1/4 and the N1/2 of the S1/2 of the SE1/4 of the N1/4 of section 11?
a. 20 acres and 3,450,000 square feet
b. 30 acres and 1,306,800 square feet
c. 30 acres and 2,613,600 square feet
d. 80 acres and 3,484,800 square feet - answerb, This is an extremely popular math
question from chapter 10. Every section has 640 acres so every time you see a
question that asks you to determine how many acres or how many square feet are in
any one section, you are always going to start with 640. Then you will divide 640 by the
denominators, (bottom number of the fraction) to arrive at the number of acres. With
these problems you are looking for the word AND because if you see the word AND,
you will need to start at 640 again because they are asking you about two separate
pieces of property. You will need to add the two pieces together.
640/2/4/4= 20 acres
640/2/2/4/4= 10 acres
20 + 10 = 30 acres
Once you know this piece of property has 30 acres you can multiply that by 43,560
which is the number of square feet in one acre.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now