Real Estate Quiz
[UNIT 1] The term "follow-up" refers to:
Talking or contacting clients AFTER the sale.
Talking or contacting clients BEFORE the sale.
Contact a potential client.
Answering a question previously asked by a current client.
[UNIT 1] What is a CMA ( Comparative Market Analysis) ?
Written opinion of the value of real property.
An examination of the prices at which similar properties in the same area recently sold
Process of developing and communicating an estimate of the property's value.
New development for a review by the applicable government planning board (commission).
[UNIT 1] What is a subdivision plat map ?
The gift of land by an owner, in this case a developer, to a government body for public use.
A plan of a tract of land subdivided into lots and showing required or planned amenities.
To segment large, acquired tracts of real property in order to create small tracts for the purpose of resale.
Process of improving raw land so that it can be put to productive use.
[UNIT 1] Farm area refers to ______.
A selected and limited geographic area to which a sales associate devotes special attention and study.
An area of land that is devoted primarily to agricultural processes with the primary objective of producing food and other crops; it is the basic facility in food production.
Allow someone to collect and keep the revenues from (a tax) on payment of a fee.
Make one's living by growing crops or keeping livestock.
[UNIT 2] What are the categories of real estate licenses ? ( Select All That Apply )
Sales associate
Broker
Broker Associates
All of the above.
[UNIT 2] How many months do military veterans and spouses have to apply for a real estate license to get fees waived ? In what status of discharge ? Which fees does the waiver not include?
60 months. Honorable discharge. Waiver does not include examination fee and fingerprinting processing fee.
6 months. Honorable discharge. Waiver does not include examination fee and fingerprinting processing fee.
60 months. Dishonorable discharge. Waiver removes ALL fees.
6 months. Dishonorable discharge. Waiver removes ALL fees.
[UNIT 2] Mutual Recognition applicant must _____.
Take a 40 question real estate law license exam and pass with AT LEAST 75%.
Take a 100 question real estate law license exam and pass with AT LEAST 75%.
Provide proof of address change within 10 days and new license will be issues regardless of the state.
Provide proof of address change within 60 days and new license will be issues regardless of the state.
[UNIT 2] A person who has been given power of attorney is also called ___________.
Attorney-In-Fact
Stipulation
Entities
Designated Sales Associates
[UNIT 2] What is FREC's number one job ?
Distribute license
Protect the public
Protect real estate licensees
Oversee DBPR.
[UNIT 2] The Florida Statutes exempts the following individuals from holding real estate license (Select All That Apply):
No one can be exempted.
Attorney-In-Fact
Individuals who rent lots in a mobile home park or recreational travel park.
Attorney-at-Law
Broker's secretary
[UNIT 2] After completing the post-licensing education requirement during the initial license period, active and inactive licensees must:
Take the Broker post-licensing education.
Complete at least 14 hours of continuing education during every two-year license period after that.
Complete at least 28 hours of continuing education during every two-year license period after that.
Complete at least 11 hours of continuing education during every two-year license period after that.
[UNIT 3] Define Quasi-judicial:
Gives power to suspend and revoke licenses.
An obligation of one party to another imposed by law independently of an agreement between the parties.
A type of business strategy that joins two or more entities.
Gives power to suspend, revoke licenses, and impose imprisonment as penalty if need be.
[UNIT 3] Which of the following is the term used when there is a proceeding pending against a licensee and licensee wishes to no longer engage in the real estate business.
Voluntarily relinquish
Cancel
Summary Suspension
Stay of Enforcement
[UNIT 3] Multiple Licenses are issued to (select all that apply).
Broker
Broker associates
Sales associates
[UNIT 3] Group Licenses are issued to (select all that apply):
Broker
Broker associates
Sales associates
[UNIT 4] The duties of the transaction broker are as follow (select all that apply):
Account for all funds
Disclose all known facts that affect value of residential propert
Deal honestly and fairly
Use skill, care, and diligence
Present all offers and counteroffers
Exercise limited confidentiality
Perform additional duties that are mutually agreed to
Confidentiality
Obedience
Loyalty
Disclosure (full)
[UNIT 4] Brokers must retain brokerage relationship disclosure documents for _____ years for all residential transactions that result in a written contract to purchase and sell real property. Files of properties that have failed to close must also be retained.
Three
Four
Five
Six
[UNIT 4] In a nonresidential real estate transaction where the buyer and seller each have assets of $1 million or more, the broker at the request of the buyer and seller may designate two sales associates to act as single agents for the buyer and seller in the same transaction. This is called ________________.
Designated Sales Associates
Single Agent
Transaction Broker
Principal
[UNIT 4] What does the Latin term "caveat emptor" mean ?
Let the buyer beware.
Position of trust and confidence for another.
Authorized by the principal to handle only a specific business transaction.
Persons authorized to assist and represent the agent.
[UNIT 4] Fiduciary means:
Acts in a position of trust and confidence for another.
Person who delegated authority to another.
Person entrusted with another's business.
Authorized by the principal to handle only a specific business transaction.
[UNIT 4] True or false: General agent is authorized by the principal to handle only a specific business transaction or to perform only a specific act.
True
False
[UNIT 4] What is residential sale define as ? (Select all that apply)
Sale of improved residential property of 4 or fewer units.
Sale of unimproved residential property of 4 or fewer units.
Sale of agricultural property of 10 or fewer acres.
Sale of agricultural property of 15 or fewer acres.
[UNIT 4] A licensee of ABC Realty must give the no brokerage relationship notice to:
A buyer who has a single agent relationship with XYZ Realty.
Every prospective buyer and prospective seller in all cases.
A for-sale-by-owner (FSBO) seller before showing the FSBO home to a buyer customer of ABC Realty.
Every prospective buyer who walks through an open house listed by ABC Realty.
[UNIT 4] A real estate broker who works in a limited capacity for both the buyer and the seller in the same transaction is:
A dual agent.
A transaction broker.
Bound to fiduciary duties to both the buyer and the seller.
A single agent of both the buyer and the seller.
[UNIT 4] In the common public relationship that exists in a typical real estate transaction, buyers and sellers are said to be dealing:
In a fiduciary capacity.
At arm's length with each other.
In an agency status with each other.
Under the doctrine of ethical confidentiality.
[UNIT 1] Real estate licensees must comply with the USPAP when conducting which value estimates?
Appraisals
Broker Price Opinions
Comparative Market Analysis
Real estate licensees are exempt from the provisions of USPAP.
The term "dedication" as it applies to development and construction refers to:
A gift of land by the owner to the local government for a public use.
The builder's careful attention to construction details.
Recording a subdivision plat map in the public records.
Preparing raw land for site improvements.
[UNIT 1] A broker charges a prospective seller $50 for a comparative market analysis (CMA)). Which statement applies?
Brokers are not permitted to charge for CMAs
This permissible, provided the broker does not represent the CMA as an appraisal.
The broker must be a state-certified or licenses appraiser to do this.
The CMA must be signed by a state-certified or licensed appraiser.
[UNIT 2] A licensed sales associate may operate:
For any registered broker.
For the broker registered as the sales associate's employer.
Independently if registered with the DBPR.
As a broker associate.
[UNIT 3] An initial real estate license is issued on September 10, 2016. When will it expire?
March 31, 2017
March 31, 2018
September 10, 2018
September 30, 2018
[UNIT 5] Truth or false: This example of a brokerage corporation sign is correct.
True
False, it should include the names of sale associates and broker associates.
[UNIT 5] Violators of Florida's Telemarketing Act may be fined:
$10,000 per call
$5,000 per call
$1,000 per call
$4,000 per call
[UNIT 5] Truth or false: A sales associate may contact individuals with whom the associate has had an established business relationship, even if those customer's numbers are on the national registry.
True
False
[UNIT 5] A sales associate receives a binder deposit from a prospective buyer on Thursday morning. Later that same day, the associate gives the binder deposit to his broker. By the end of business on what day of the week must the broker deposit the funds into her escrow account?
Friday
Monday
Tuesday
Wednesday
[UNIT 5] A dispute arises between the buyer and the seller as to which one is entitled to escrowed property. The broker should first:
Mediate the matter
Arbitrate the matter with the consent of both parties.
Notify the FREC in writing, unless exempted from the notice requirements.
Submit the matter to a court of law for adjudication.
[Unit 5] Truth or false: If a broker requests an EDO and the escrow dispute is either settled or goes to court before the EDO is issued, the broker must notify the FREC within 10 business days.
True
False
[Unit 5] Match word to following definition: Process whereby, with the prior written consent of all parties to the dispute, the matter is submitted to a disinterested third party who will make binding judgement in favor of one side or the other.
Arbitration
Escrow disbursement order
Mediation
Litigation
[Unit 5] Match word to following definition: A course of action for determining the disposition of a contested deposit.
Arbitration
Litigation
Escrow disbursement order
Mediation
[Unit 5] Match word to following definition: Fixing of commission or fees for services.
Price-fixing
Litigation
Mediation
Market allocation
[Your Days/Reasoning sheet] Determine up to how many DAYS you have to report the following: Move within Florida.
10
15
30
60
[Your Days/Reasoning sheet] Determine up to how many DAYS you have to report the following: Move outside of Florida.
10
15
30
60
[Your Days/Reasoning sheet] Determine up to how many DAYS you have to report the following: Conflicting demands, including asking a EDO to be sent to you.
10
15
30
60
[Your Days/Reasoning sheet] Determine up to how many DAYS you have to report the following: If decision is made with settlement procedure to STOP that EDO.
10
15
30
60
[Your Days/Reasoning sheet] If landlord IS NOT making a claim, they must return security deposit within ____ days.
10
15
30
60
[Unit 6] Notice of noncompliance is issued for a minor violation and have ___ days to take action.
10
15
30
60
[Unit 5] Which of the following is an entity NOT ALLOWED to open a brokerage firm ?
Sole proprietorship
Corporation Sole
Limited partnership
General Partnership
[Unit 6] A complaint is _____________________ if it contains facts indicating that a violation of a Florida statute, a DBPR rule, or a FREC rule has occurred.
Conversion
Concealment
Legally sufficient
Culpable negligence
[Unit 6] To _______________ funds is to mix the money or other personal properties of buyer/seller with own personal property.
Conversion
Commingle
Concealment
Misrepresentation
[Unit 6] Conversion means:
A licensee's personal use or misuse of client ( or customer ) monies.
Mix the money or other personal properties of buyer/seller with own personal property.
Intentional deceit and reliance on the deception for the purpose of inducing another person to rely on the deceitful information and for the injured person to part with some valuable thing or to surrender a legal right.
The act of failing to pay money to a person entitled to receive it.
[Unit 6] A licensee-respondent may challenge the final order within ______ days by filing an appeal.
10
15
30
60
[Unit 6] A licensee may request a ___________________, which if granted, stops the suspension or revocation in the final order pending the outcome of the appeal process.
Writ of supersedeas
Stay of enforcement
Stipulation
Subpoena
[Unit 6] A _______________ is if enough probable cause is found that you will be a danger to the public, they will suspend you on the spot.
Stipulation
Summary suspension
Mandatory suspension
Writ of supersedeas
[Unit 6] Stipulation is:
Like a plea deal.
Specific rule or statute has been broken.
A recommended order
Final decision as to innocence or guilt and the determination of the appropriate penalty.
[Unit 6] Truth or false: A Real Estate Recovery Fund is used to compensate for monetary damages as result of licensee.
True
False
[Unit 6] The moment an amount of money is taken out of the Real Estate Recovery Fund, you get a ___________.
Mandatory suspension
Summary suspension
Revoked
Emergency suspension
[Unit 6] Determine what are the punishment for the following: 2nd degree misdemeanor.
Up to 1 year in jail and/or a $1,000 fine.
Up to 60 days in jail and/or up to $500 fine.
Up to 5 year in jail and/or a $5,000 fine.
Not listed.
[Unit 6] Determine what are the punishment for the following: 1st degree misdemeanor.
Up to 1 year in jail and/or a $1,000 fine.
Up to 60 days in jail and/or up to $500 fine.
Up to 5 year in jail and/or a $5,000 fine.
Not listed.
[Unit 6] Determine what are the punishment for the following: 3rd degree felony.
Up to 1 year in jail and/or a $1,000 fine.
Up to 60 days in jail and/or up to $500 fine.
Up to 5 year in jail and/or a $5,000 fine.
Not listed.
[Unit 7] Blockbusting is ____.
Scaring owner to sell because of a protected class.
Channel homeseekers to or away from a particular neighborhood because they are members of a protected class.
Refuse to rent to, sell to, negotiate with, or deal with a member of a protected class.
Quote different terms, conditions, or privileges for buying or renting.
[Unit 7] Developers of 25 or more lots must provide buyers with a _____________ prior to signing the sale contract.
Property Report
Lease
Contract
ILSA disclosure
[Unit 7] Developers must register subdivisions with of 100 or more lots with ________.
Bureau of Consumer Financial Protection
FREC
DBPR
DRE
[Unit 8] Riparian rights are associated with ___________.
Banks of a river or stream.
An ocean or sea.
Petroleum, natural gas, and underground minerals.
Aerial navigation, building rights, and easements.
[Unit 8] Legal test for fixtures: (Select all that apply)
Intent of the parties
Relationship or agreement of the parties.
Method or degree of attachment.
Adaption of the item.
[Unit 8] A ________ is an item that once was personal property but has been permanently attached to or made part of real estate and is now legally considered real property.
Fixture
Fee simple estate
Stipulation
Prospectus
[Unit 8] __________ occurs when a tenant stays in possession of the property beyond the ending date of a legal tenancy without the consent of the landlord.
Tenancy at sufferance
Tenancy at will
Joint tenancy
Tenancy in common
[Unit 8] Which concurrent ownership has "No right of survivorship" ?
Tenancy at sufferance
Tenancy in common
Joint tenancy
Tenancy by the entireties
[Unit 8] Which concurrent ownership has "Interest equal percentage" ?
Tenancy at sufferance
Tenancy in common
Join Tenancy
Tenancy by the entireties
[Unit 8] Which of the following is FALSE about a Tenancy by the Entireties ?
Heirs inherit
Interest equal each 100%
It's between husband and wife.
Has right of survivorship.
[Unit 8] Testate means _______.
Another type of freehold estate.
With will.
To inherit property through will.
Like layaway
[Unit 8] Which freehold estate has FEWER rights.?
Fee simple estate
Life estate
[Unit 8] Developers of 20 or more residential condo units must give purchasers a copy of _________.
The lease agreement
The prospectus
The declaration of condominium
The tenancy at Will.
[Unit 8] Truth or false: An equitable title is the promise the grantor is the absolute owner.
True
False
[Unit 9] What best describes equitable title?
Like layaway.
What makes a deed valid.
You are equally protected.
The promise the grantor is the absolute owner.
[Unit 9] a "devise" is:
Will
Act of receiving a will.
A promise the grantor is the absolute owner.
A thing made or adapted for a particular purpose, especially a piece of mechanical or electronic equipment
[Unit 9] Constructive notice ( also called Legal notice ) is:
Direct knowledge acquired in the course of a transaction.
Accomplished by recording a document in the public records.
Protects the lender against title defects.
A search of the recorded documents concerning a parcel of real property.
[Unit 9] Lender's policy:
Protects the lender against title defects.
A search of the recorded documents concerning a parcel of real property.
A promise the grantor is the absolute owner.
Contract that protects the policyholder from losses arising from defects in the title insurance.
[Unit 9] Habendum clause:
Defines the bundle of legal rights being conveyed to the grantee.
The promise the grantor is the absolute owner.
Is a deed who format is defined by state law.
Provides the grantee with the least protection of the statutory deeds.
[Unit 9] Truth Or false: Seisin ( also seizin) is the promise the grantor is the absolute owner.
True
False
[Unit 9] Truth Or false: Further assurance provides the grantee with the least protection of the statutory deeds.
True
False
[Unit 9] Truth Or false: Quiet enjoyment guarantees peaceful possession undisturbed by hostile claims of title.
True
Falso
[Unit 9] Truth Or false: Warranty forever guarantees to forever warrant and defend the grantee's title against all lawful claims.
True
False
[Unit 9] Macy pays rent of $25,000/yr plus 4% when sales are over $200,000. If sales are $300,000, what was the annual rent for the year?
$29,000
$31,100
$45,000
$22,000
[Unit 9] A building rents for $12 per square foot with an index of 1.5. The index increases to 1.8. What is the adjusted rental rate ?
$0.30
$14.00
$14.40
$3.00
[Unit 9] Junior liens are recorded by date. Which are the exemption ? (select all that apply)
Vendor's liens
Mortgage liens
Income tax liens
Construction liens
[Unit 9] A business has a five-year variable lease for a suite in an office park. The first year of the lease calls for rent of 21.50 a square foot based on a beginning index of 189. The index increases to 195 at the beginning of the second year. What is the new rental rate ?
$22.18
$22.58
$22.89
$22.05
[Unit 9] A retail business rents a space in a mall. The lease calls for a base rent of $2,000 a month plus 5% of the annual gross sales that exceed $400,000. If the annual gross sales are $550,000, what is the total annual rent for the business?
$7,500
$20,600
$24,000
31,500
[Unit 11] Truth Or False: Unilateral contract obligates BOTH parties to perform in accordance.
True
False
[Unit 10] Each resulting six-mile-wide vertical (north-south) strip of land on either side of the principal meridian (PM) is called ___________.
The range
The tier
The township
The base line
[Unit 10] The NW 1/4 of the NE 1/4 of the SW 1/4, Section 20, Township 4 South, Range 2 East describes a tract of:
.125 acre
.5 acre
10 acre
64 acre
[Unit 10] Calculate the number of acres contained in the following legal description: NE 1/4 of the SE 1/4 and the SE 1/4 of the NE 1/4 and the N 1/2 of the NE 1/2.
30 acres
80 acres
120 acres
160 acres
[Unit 11] Statute of Frauds requires that contracts conveying an interest in real property and contracts that are not to be performed within one year of the date created must be in writing and signed to be enforceable (meaning legally binding). Florida Statute of frauds include the following: (Select all that apply)
Purchase and sale contracts
Option contracts
Deeds and mortgage instruments
Lease agreements for a term longer than one year.
Listing agreements for a term longer than one year.
Listing agreements for a term shorter than one year.
Lease agreements for a term shorter than one year.
[Unit 11] A contract is either _________ or executed, depending on the extent to which the contract has been performed.
Executory
Binding
Unilateral
Bilateral
[Unit 11] Truth or false: An executory contract is an agreement between parties that involves promises to be completed at a future date. ( In the process of )
True
False
[Unit 11] Liquidated damages is when:
The parties will stipulate an amount of money in the contract ( usually escrow money ) in the case of default by the buyer.
To cancel or annul the contract.
Usually the party bringing suit seeks an amount of money equal to the extent of loss suffered.
Not listed.
[Unit 11] Compensatory damages is when:
Usually the party bringing suit seeks an amount of money equal to the extent of loss suffered.
To cancel or annul the contract.
The parties will stipulate an amount of money in the contract ( usually escrow money ) in the case of default by the buyer.
Not listed.
[Unit 11] Select all ( if multiple apply) which type of listing(s) describes the following: Any company can market home, but if owner finds buyer, he does not owe commission.
Open listing
Exclusive-agency listing
Exclusive-right-of-sale listing
Net listing
[Unit 11] Select all ( if multiple apply) which type of listing(s) describes the following: Only one company can market home, but if owner finds buyer, he does not owe commission.
Open listing
Exclusive-agency listing
Exclusive-right-of-sale listing
Net listing
[Unit 11] Select all ( if multiple apply) which type of listing(s) describes the following: One company can market. Does not matter matter who finds buyer, commission is paid.
Open listing
Exclusive-agency listing
Exclusive-right-of-sale listing
Net listing
[Unit 11] ____________ is created when a seller agrees to sell a property for a stated acceptable minimum amount.
Open listing
Exclusive-agency listing
Exclusive-right-of-sale listing
Net listing
[Unit 11] Which of the following statements about Homeowner Association Disclosure is NOT correct?
The right to void the contract can be waived by the buyer.
The right to void the contract cannot be waived by the buyer.
To void contract, the buyer must give seller or seller's agent written notice of their intention within three calendar days after receipt of the disclosure summary or before closing (whichever occurs first).
If the disclosure summary is not provided to the buyer before executing the contract for sale and purchase, the contract is voidable.
[Unit 11] Which of the following does NOT pertain to Statute Of Limitations ?
Written contract - 5 years
Oral contract - 4 years
Partly written/oral - 5 years for written & 4 years for oral
Partly written/oral - 5 years
[Unit 11] Lead-Based Paint Hazard Reduction Act requires which of the following:
Sellers and landlords disclose to prospective buyers and tenants the presence of known lead-based paint in residential property built before 1978
Sellers allow homebuyers a 10-day period during which to conduct an inspection for the presence of lead-based paint
An EPA pamphlet regarding the danger of lead-based paint be given to buyers and tenants before the sale or lease of residential property built before 1978
Sale contracts and leases include a disclosure about lead-based paint
[Unit 11] Prospective buyers of residential property must be presented a disclosure summary concerning as valorem taxes before or at the time of execution of the contract for sale for the purpose of:
Disclose to buyer what to expect as to taxes.
Disclose to buyers that they cannot rely on the amount the seller's property taxes were.
[Unit 11] Promissory note serves as:
A legal instrument that serves as evidence of a debt.
The reference to the pledging of property as security for repayment of a loan without surrendering possession of the property.
A lien on the property to secure repayment of the mortgage debt.
The release of a mortgage.
[Unit 11] Truth or false: A mortgage is an instrument that pledges the property as security ( Collateral ) for a debt.
True
False
In which market are loans created?1
Federal market
Primary market
First market
Treasury market
Which market buys and sells existing mortgages?
Federal market
Primary market
Secondary market
Treasury market
The mortgagee advances the due date of the unpaid mortgage this is known as:
Due on sale clause
Acceleration clause
Defeasance clause
Prepayment clause
Truth or false: Mortgage loan originators do not make loans.
True
False
The Department of Business and Professional Regulation (DBPR) is under which Florida Statute?
Chapter 455
Chapter 475
Chapter 20
Chapter 61J2
A licensee may receive kickback as long as:
The buyer and seller are fully aware of the kickback.
A licensee may not receive kickback.
It is under $1000.
It is after the closing.
Drew the tenant pays the landlord rent in advance and a security deposit, the landlord puts the funds in his personal account
The landlord must put the funds in an interest bearing escrow account
The landlord is allowed to put the funds in his personal account
The landlord is not allowed to put the funds in his personal account they must be put in a separate account
The landlord is allowed to put the funds in his personal account as long as he does not spend them
A developer of 20 or more new residential units must give a __________ to a buyer.
Interval
Time Share
Plat Map
Prospectus
Chris has been driving through Ashley's property for the past 20 years to get to work, Chris has which type of easement
Appurtenant
Gross
Prescription
Necessity
STATE [Unit 9] General warranty contains the following covenants:
Seisin (promise the grantor owns the property)
Against encumbrances (property is free of liens, restrictions, and so forth)
Further assurance (a promise by grantor to sign and deliver any legal instrument in the future that might be required to make the title good.
Quiet enjoyment (grantor guarantees peaceful possession undisturbed by hostile claims of title)
Warranty forever (grantor guarantees to forever warrant and defend the grantee's title against all lawful claims.
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