Exam (elaborations)
FL Real Estate Class Exam Questions Solved 100% Correct| Verifie
- Course
- Institution
FL Real Estate Class Exam Questions Solved 100% Correct| Verifie
[Show more]
Seller
Follow
Content preview
FL Real Estate Class Exam QuestionsSolved 100% Correct| Verified
Ted, Will, Mike and Tom own a 20 room home as tenants in common. Mike and Tom, 2
of the owners, decide to sell to 2 new owners, Larry and Joe. Can this be legally done? -
✔✔Yes, because each co-owner has a separate title to the undivided interest.
Berry, the seller, wants Paul, the Broker, to change from a single agency relationship to
a transactional broker. Paul agrees to do this as long as the transition disclosure is
made in writing so that all parties understand what is happening. Paul needs to
transition to a transition broker when? - ✔✔Before the listing agreement is signed
To be a fixed-rate, fully amortized loan, certain terms must exist. Which is NOT a term
or condition of a amortized loan? - ✔✔An amortized loan will have the same
monthly payments for P&I over the lifetime of the loan.
First Federal has a loan on a property for $40,000. The homeowner gets a second deed
of trust from Home Savings in the amount of $100,000 and the home is valued at
$300,000. Home Savings wants to be in the higher priority than First Federal since they
have a larger loan. First Federal agrees. How can they do this? - ✔✔First Federal
signs a subordination agreement with Home Savings.
What must be on a Real Estate Brokerage sign? - ✔✔Trade Name
Brokers Name
, Licensed RE Broker
A buyer bought a property without telling the seller or broker of his intended purpose
for the property. The contract contained no contingency clause and was properly
signed and executed. The buyer is now unable to obtain the zoning he planned for the
commercial project he needs for this property and he is unable to use the property.
What is the status of the contract at this time? - ✔✔This is a valid, enforceable,
executed contract
A broker advised his local news paper that a home was for sale for $50,000. A buyer
called in and was told that this was a typing error and that the correct price is
$500,000. The buyer was angry that the associate was so arrogant on the phone and
the buyer filed a written complaint with the FREC. The most serious determination by
the FREC would be to? - ✔✔Punish the broker with an administrative fee of $1000
and up to one year suspension.
A really modern looking home is being built on the corner of 5th and Main. It has
huge windows, an open floor plan, and a slanted roof with a single steep plane. This
type of roof is called? - ✔✔Shed Roof
Mrs. Smith owns a piece of Florida real estate. Her mill rate is 45 and the home has
been assessed at $225,000. She has a homestead exemption. How much money does
the Homestead Exemption save Mrs. Smith? - ✔✔$10,125
Which is not a source of financing in the primary mortgage market? -
✔✔Mortgage bankers
The Probable Cause Committee of FREC acts as a grand jury. They determine if there is
a law violation or not and recommend whether to take further action or dismiss the
case to the DNPR. How long does the Probable Cause Committee have to determine
whether the case should go forward? - ✔✔30 days
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 KenAli. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.24. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now