State exam final prep 10-10

All of the following items are relevant when estimating the value of a business, EXCEPT:
Personal income taxes
Short term liabilities
Which method of legal description starts at a point of beginning POB and uses angels of direction to describe property?
Metes and Bounds
Government land survey
The range of penalties that may be imposed on a licensee by the commission for violation of law or rules includes which of the folllowing?
Denial, reprimand, fine, probation, suspension and revocoation
A fine reprimand denial suspension revocation and imprisonment
Which of the following terms relates specifically to the location of a property?
Situs
Demographics
All of the following are required elements of a valid deed, EXCEPT:
Signature of the grantee
Signature of the grantor
All of the following are required by the real estate settlement procedures act RESPA EXCEPT:
Disclosure of the annual percentage rate APR
Use of the closing disclosure form at closing
Which of the following applies if a broker received a kickback or referral fee from a title insurance company?
It is a violation of RESPA
It is legal
Who owes fiduciary duties in a single agency relationship?
The broker only
Both the broker and the principal
In order to claim ownership of a property by adverse possession, the person claiming ownership must meet certain requirements for what period of time?
7 years
5 years
All of the following are tax benefits of homeownership, EXCEPT:
Deduction of mortgage principal amount paid
Exclusion of an amount of gain on the sale of a principal residence
If a brokerage entity is going to use a trade name it must be registered with the division of corporations, secretary of state. It must also then be registered with the DBPR unless the brokerage is established as what type of business?
Sole propretorship
Corporation
What is a correct statement regarding the monthly payment on an amortized loan?
The interest portion decreases and the principal portion increases
The interest portion increases and the principal portion decreases
When a mortgage loan is paid off in a title theory state, what will the lender will give the borrower?
A reconveyance deed
A letter of satisfaction
When financing the purchase of real estate, what is the role of the mortgagor?
The mortgagor gives a mortgage to a mortgagee
The mortgage takes a mortgage from a mortgagee
What types of damages, specifically named and agreed upon in a contract, would be imposed upon breach of the contract?
Liquidated damages
Unliquidated damages
If a zoning requirement were to causes a financial hardship to a homeowner, the homeowner should apply for what?
A variance
A special use exception
Which method of legal description uses compass bearings to indicate the direction of boundary lines?
Surveyor's method
Government survey method
How is the amount of a mortgage loan assumed at closing by the buyer allocated at closing?
Double entry
Debit to the buyer
A landlord with several residential rental properties would usually hire a real estate broker as what type of agent?
A general agent
A special agent
An option contract is a unilateral contract that is binding upon which party?
Optionor
Optionee
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