State Exam Final Prepping

Lee is a new broker. What licensing renewal requirements must he complete next?

60 hours of post-license education before his first renewal deadline

60 hours of post license education within two years

William, Carl and John Purchase a property. When Carl dies the property passes equally to William and John. How was the property held?

Joint tenancy

Tenancy in common

A buyer purchased a home and arranged financing at an interest rate of 4.5%. At closing the buyer realized that the true interest rate was actually 5.99%. This would be a violation of which of the following legislation?

Truth-In-Lending-Act

RESPA

A real estate brokerage office runs the following classified advertisement: "Beautiful lake front home, 3 bedroom/2 bath with 2 car garage, only $389,000. For more information, contact Craig at ABC Realty, Inc. (555) 222-3333

An illegal ad because a specific price was given it's required to give all of the terms

An illegal ad because if the agent's name is in the ad, it must have their first and last name.

Jerry owns an apartment complex and thinks it would be safer if families with small children were on the main floor of his buildings. To limit his liability, he institutes a rule stating such. What term applies to this practice?

Steering

Risk Management

How is the total purchase price allocated between the parties at closing?

As a double entry; debit to the buyer and credit to the seller

As a single entry; credit to the seller

If Jack has the ownership of a property for as long as Carol lives, his ownership would be best defined as what?

A life estate

Joint tenants

What is the term used in a real estate transaction to describe the party who receives an offer?

Offeree

Offeror

An individual who purchases a unit in a cooperative receives shares of stock in the corporation that owns a building. Which of the following most accurately represents the license requirements of those selling cooperative units?

Condominiums, cooperatives and timeshare are all forms of ownership in a common building, and the sale of such units does not require any licensing in Florida.

The individual selling the unit must have a Florida real estate license as cooperatives are sold as proprietary lease in Florida.

If a licensee does not renew real estate license for any renewal period other than the first renewal, what will happen to their license?

It will revert to involuntary inactive for a max of two years

It will revert to voluntary inactive for a max of two years.

When a broker lists a property the owner has some landscaping done to enhance the sale of the property. The broker recommended a landscaping company and the company gave a referral fee to a real estate office for sending them business. What would this arrangement be considered?

Legal if the referral fee were disclosed to the owner

A violation of RESPA

What does the term "title" title to in real estate?

Any instrument that guarantees legal rights?

Ownership

State Exam Final Prepping

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