Watson Florida Real Estate Final Exam UPDATED ACTUAL Questions and CORRECT Answers
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Course
Watson Florida Real Estate
Institution
Watson Florida Real Estate
Watson Florida Real Estate Final Exam
UPDATED ACTUAL Questions and
CORRECT Answers
multiple licenses. - CORRECT ANSWER- A licensee is a broker for several real estate
companies. In this situation, the licensee should request that the DBPR issue him
show proof that he has held an active real ...
Watson Florida Real Estate Final Exam
UPDATED ACTUAL Questions and
CORRECT Answers
multiple licenses. - CORRECT ANSWER✔✔- A licensee is a broker for several real estate
companies. In this situation, the licensee should request that the DBPR issue him
show proof that he has held an active real estate license for at least 24 months. - CORRECT
ANSWER✔✔- A sales associate was issued his initial Florida sales associate's license last
year. The sales associate wants to become licensed as a real estate broker. To be eligible for a
broker's license, he must
Reserve for replacements because it is not a cash expense and therefore is not deductible -
CORRECT ANSWER✔✔- Which expense may NOT be deducted when calculating taxable
income for an investment property?
FHA insures the mortgage and establishes a maximum mortgage amount; the VA guarantees
the mortgage and has no legislated down payment requirement. - CORRECT ANSWER✔✔-
Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans differ
in that the
debit to the seller and a credit to the buyer. - CORRECT ANSWER✔✔- The interest on an
assumed mortgage is entered on the closing statement as a
The name of the real estate brokerage firm for which the associate works must be printed on
the key rings. - CORRECT ANSWER✔✔- A licensed sales associate decides to have
personalized key rings made. Which statement is TRUE regarding the key rings?
Person who works for an owner-developer and is paid a salary plus a bonus on each lot sold
in the development - CORRECT ANSWER✔✔- Which individual must hold a Florida real
estate license?
, The day after signing the sale contract and reviewing the condominium documents, the
buyers notify the broker that they want to cancel the contract. - CORRECT ANSWER✔✔- A
broker is NOT required by law to notify the FREC of conflicting demands in which situation?
Property report - otherwise called disclosure document - CORRECT ANSWER✔✔-
Developers of 25 or more lots must provide buyers with which document before signing the
sale contract?
Monthly payments remain constant, and the interest portion comprises the majority of the
payment amounts. - CORRECT ANSWER✔✔- Which statement MOST accurately
describes the first year of a 30-year level-payment, fixed-rate mortgage?
arbitration. - CORRECT ANSWER✔✔- A buyer and a seller are disputing a contract for sale
and purchase. They agree to submit the matter to a third party who will make a binding
determination regarding the matter. This type of settlement is called
15 Days - CORRECT ANSWER✔✔- If a tenant vacates a rental unit at the end of the lease
period, how many days does the landlord have by law to return the security deposit to the
tenant if the landlord does NOT intend to claim part of the security deposit?
hypothecation. - CORRECT ANSWER✔✔- When real property is pledged as security for a
debt, it is called
contact the county property appraiser or a representative. - CORRECT ANSWER✔✔- The
first step in protesting the assessed value of real property is to
margin. Or Spread - CORRECT ANSWER✔✔- On an adjustable-rate mortgage loan, the
lender's estimated overhead costs plus profit equals the lender's
Real Estate Settlement Procedures Act (RESPA) - CORRECT ANSWER✔✔- Which law
requires lenders to provide borrowers with an estimate of closing costs at the time of loan
application or within three business days?
The properly witnessed signature of the grantor - CORRECT ANSWER✔✔- Which
requirement must a deed contain in order to be valid?
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