FL Real Estate Exam - Magnolia School all terms.pdf file:///C:/Users/HP/Desktop/NIW/FL%20Real%20Estate%20Exam%
FL Real Estate Exam - Magnolia School all terms
1. What is leverage?
Ans Use of borrowed funds to purchase assets or to finance aninvestment
2. How is the binder deposit notated on the closing disclosure?
Ans Credit buyer –BDCB
3. What is the status of a sales associates license but they do not complete the required
post licensing education prior to their first renewal cycle
Ans Null andvoid
4. How many sections are in a Township?
Ans 36 (square miles)
5. Which mortgage clause allows the mortgagee the right to demand the outstanding loan
balance plus secured interest in the event that the borrowersells or transfers any interest
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in the property without the lenders prior writtenconsent
Ans Due on sale clause
6. What requirement is not apply regarding dwellings built prior to 1978
Ans Buy-ers must have the property inspected for lead-based paint
7. Two close friends on a daycare center as joint tenants with the right of Sur-vivorship.
One owner passed away, who owns the daycare center?
Ans Survivingowner becomes soul owner of the daycare center by operation of law
8. The subject property is a three-bedroom, two-bath home. A comparable property is a
three-bedroom, two and one-half-bath home. An appraiser hasdetermined that the extra
half bath is worth about $2,200. What adjustment should the appraiser make?
Ans Subtract $2200 from the comparable
9. Which of the following is incorrect concerning FHA and VA mortgages?
Ans VAis the government insured loan and could be accompanied by an origination fee
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10. FHA (Federal Housing Administration) mortgage
Ans Government insured loanOrigination fee
11. VA (Veterans Affairs) mortgage
Ans Government guaranteed loanFunding fee
Origination fee
12. What lien takes priority first and second?
Ans Property Tax, Special Assessment
13. Intangible tax is noted on the closing disclosure as
Ans Debit to the buyer
14. What is a blind ad?
Ans Doesn't list the realty company or brokerage
15. Which of the following is a penalty for first time minor violation that is not
accompanied by a fine?
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Ans Notice of noncompliance
16. Nonlicensed assistants may perform which activity?
Ans Handout objectivewritten information on a rental property
17. Two brothers have decided to purchase investment property in or not surehow they
want to take title. The brothers wives have looked into the options and have decided that
in the event that one of the brothers die, his wife would
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