Since 5 to 20 questions can be a large margin, it's best to be as prepared as possible, especially since every right question is as equally as important as the next on the real estate exam. one year A tenant in an apartment complex may recieve up to _____ for refferal of a new tenant for the same complex. After an extensive search, no heirs were found. With 460+ questions, quizzes, and strategies we'll help you pass with confidence. Any junior mortgage or deed of trust (any mortgage other than the first mortgage or deed of trust). Florida Real Estate Practice Exam. A buyer gives a sales associate a binder check made out to him. To have done so successfully, Yvette would have to have done all of the following EXCEPT what? Which statement about this situation is true? endobj Here, you can put your knowledge to the test with our 120-question practice exams. Taxes, insurance, management fees, maintenance, utilities, and reserves. A form of co-ownership that includes the right of survivorship. Which survey method would likely have been used for the parcel? Usually has a lower down payment, can be fixed or adjustable interest rate, any person can apply for this loan. Who is responsible for deciding the brokerage relationship? To schedule your exam, please make your reservation online or contact our Call Center at 888-204-6289. Sam and I go over finance questions that commonly appear on the real estate exam. Our famous Audio CD's have now been converted to MP3 Files which can be played on any computer, lapt.. Mutual Recognition Law Review Are other pages on our site taking a long time to load or not loading at all. As a sales associate you can do an appraisal and collect a fee in which of the following instances? Deals with the intensity of use. Sales associate Tim Burr wants to create a business entity with the State of Florida to conduct real estate as a licensee. 63 Hour Sales Associate Pre-License (FREC I), Key Point Review Audio MP3 Files. Bilateral, Unilateral, Formal, Informal, Express, Implied, contract not fully performed on both sides. Florida statute 475 defines residential real estate and would include which one of the following properties? Real Estate Practice Exam 3. FREE Practice Test. Operations Management: Sustainability and Supply Chain Management, Alexander Holmes, Barbara Illowsky, Susan Dean. 8 - 13 cards; Real Estate Terminologies - 65 cards; All real estate licenses are issued with an expiration date of either March 31st or September 30th. The wireless carriers supported by the Service are not liable for delayed or undelivered messages. States that upon default, all of the principal installments come due immediately. 4 0 obj He sold the house for $485,000 with $24,000 in selling costs. as supv. What is his taxable value for county taxes? Government-sponsored enterprise; one of the largest purchasers of residential mortgages in the secondary market. designates the period of time during which the terms of a contract may be enforced. How much should you price the subject property? Direct knowledge acquired in the course of a transaction, such as having actually seen the deed instrument or heard that there is a lien on the property. A bad study habit is memorizing questions. There are two parties to a mortgage. as supervising . Dave sold his interest in the property to Mike. A government supervised enterprise established to purchase primarily conventional mortgage loans in the secondary mortgage market. Which of the following actions would terminate a contract? His interest rate on the loan will be 3.6 for 30 years. 2 0 obj One which continues for an indefinite period of time. These randomly generated practice questions can be selected by topic, and focus on real estate law, principles & practices, or math. Add to Cart. Ralph is a 62-year-old veteran who sustained 25% disability from service in the military. The FHA insurance that the borrower is charged with a percentage of the loan as a premium. A government agency that plays an important role in the secondary mortgage market it guarantees mortgage backed securities using FHA insured and VA guaranteed loans as collateral. The national portion of the Minnesota real estate salesperson exam is 80 questions. Which of the following is an example of a bilateral contract? Save 20% when you order the Florida Sales Associate Exam Manual, Online Exam Prep and Key Point Audio Review CD together. Under the Fair Housing Act of 1968, which of the following types of discrimination are prohibited? A set of rules issued by the Federal Reserve Board of Governors to implement the provisions of the Truth-in-Lending Act. State real estate exam. The legal document that represents the lien on the real estate that secures the debt. How long can a broker hold onto a deposit? The broker has no assests, so Ann requests relief from the Florida Real Estate Recovery Fund. The reason you have to create an account to take our free practice exam is so that we can save your exam progress. A lease. A real estate licensee who prepared a sale contract must indicate what on the purchase and sale agreement? The Florida real estate sales associate exam covers a lot of information over 19 topics. Read more studying for free today Start Learning What is her legal requirement? A real estate sales associate is a person who: may perform any of the services ordinarily performed by a broker provided that the service is under the supervision of the employing broker. 1) deduct from comp if better than subject; add to comp if worse than subject, Governor with subject to approval by Senate. As joint tenants, Dave and Lindsay bought an investment property together 5 years ago. A disclosure statement on real estate sale and lease contracts that consists only of what radon is, Pre-1978, disclosure form MUST be attached with real estate sales or lease agreements (purchase or rent), Provides buyers with a disclosure summary regarding the association, the existence of restrictive covenants, and any assessments that the association imposes, Prospective buyers of residential property must be presented a disclosure summary concerning ad-valorem taxes before or at the time of execution of the contract for sale, the borrower retains title to the property and the lender is protected with a lien on the real property to secure the payment of the mortgage debt, Title to mortgaged property goes to the mortgagee/lender or a third party, a written promise to pay a specified amount of money on demand or at a definite time. Florida Real Estate Mutual Law Cram Review Course with Exam Prep. There are three types of agents in general business dealings. Answer along with us and be better prepared to pass your exam!Want to pass . A fee charged by the lender at settlement that results in increasing the lender's effective yield on the money borrowed. The best way to describe a single-family property in a subdivision. How long does the buyer of a new condominium have to cancel a contract? If your license is suspended, the licensee is prevented from working for a period of time. Youre about to enroll in our Who is debited and who will be credited on a property tax proration? It is considered fraudulent. A sales associate receives a check for the earnest money with a contract and gives it to her broker immediately. Exempt within scope of his duties as attorney; Must notify FREC of change within 10 days; must notify DBPR within 60 days of change in state residency, Null and void due to 1) failure to complete post-license course or has been expired for more than two years. Which of the following is not true regarding this change of employer? The broker received conflicting demands regarding the earnest money. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 An instrument that pledges the property as security for a debt. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. She is putting $50,000.00 as a down payment and getting a mortgage in the amount of $250,000.00. For compensation Also referred to as external obsolescence. Can a sales associate properly licensed with a broker manage a branch office? $104,250 or 25% of the loan amount (maximum loan amount is $417,000). He will then register that name instead of his personal name with the DBPR. Physical deterioration that cannot be repaired in a cost-effective manner. You get access to more study tools, dynamic practice tests, simulated exams, explainer videos, and more, all covering various topics of the real estate exam. Discover all the features that make Exam Prep the choice for you when readying yourself for your upcoming Pre-Licensing exam. Not responsible for acts of a licensee. How much can a broker legally place in escrow for purposes of opening an new account and paying ordinary service charges? Defends title against all claims whomsoever forever. Promotional messages may include promotions, specials, and other marketing offers (e.g., cart reminders). Since she has a judgment for $52,500, how much can she receive from the Florida Real Estate Recovery Fund? Which statement is FALSE regarding a net Listing? Ann takes the broker to court and wins a judment of $37,500 plus $15,000 punitive damages. 9171 sergeant of police 9015 9156 9158 9160 9166 9201 police legal officer i p.o. Preforming a service of real estate 2. Which tenancy ownership creates the right of survivorship? Absolute and complete ownership, subject only to government restrictions, Give owners fewer rights than the owner of a fee simple estate. Brokers must retain brokerage relationship disclosure documents for 5 years except in which of the following situations? The life estate owner owns the property for only the period of the lifetime of the individual. What must he do? Is it worth getting a real estate license in Florida? The sales price was $540,000.00. one authorized by the principal to execute specific acts, Usually a special agent with limited power or authority. A buyer/seller chooses not to be represented (i.e. The FRES mobile message service (the "Service") is operated by FRES (FRES, we, or us). Juan bought a house for $375,000 with$15,000 in closing costs. cnslr. Disclosure notices retained for 5 years in all transactions that result in a written contract to purchase and sell real property. Information required by law to inform consumer of all costs associated with use of a credit card. Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed. Upon the death of the grantee, the property goes to a third party. To use entry, or rumor of entry, of a protected class into a neighborhood to persuade owners to sell. prevents price fixing, group boycotts, agree not to compete. How long does the broker have to notify the FREC that the conflict exists? 1 0 obj Your participation in this program is completely voluntary. If you get a new mobile number, you will need to sign up for the program with your new number. FSBO). When figuring effective gross income which expenses are deducted? In a metes-and-bounds description what is the opposite direction of North 10 degrees East? How many hours of CE will attending an official FREC meeting count for? All rights reserved. The online study material covers Law, Practices, and Math that is required on the Florida Real Estate Sales Associate Examination. You understand that you do not have to sign up for this program in order to make any purchases, and your consent is not a condition of any purchase with FRES. Service-related messages may include updates, alerts, and information (e.g., order updates, account alerts, etc.). Owes complete allegiance to the principal. How much will you get paid? Issued by the DBPR in the case of a minor rule violation that does not endanger the public health, safety, and welfare. These serve as excellent final review tools. Which group is responsible for the preparation of the comprehensive plan or plan amendment? Juan had to relocate. A Florida Real Estate lisence is required when anyone performs a service is specified under F.S. Live Lessons: Some of the lessons included with this course are offered live and taught by actual real estate . Annual fee is $3.50. Fannie Mae purchases all of the following loans EXCEPT which one? 1. Notice given to the world by recorded documents. If a continuous chain of title has existed for at least 30 years, any potential title defect more than 30 years old is considered cured, DIE CORE: death, incapacity, expiration, counter offer, rejection, expiration, Leases of one year or less; buyer paid part of price and made improvements or moved on to property; transaction has closed/legal title has transferred. When do property taxes become a lien on real property? The buyer receives a deed for the property that allows possession for an allotted time each year. Is an earnest money deposit required to create a valid contract? Least advantageous to the broker. A tenancy that occurs when a tenant that is supposed to vacate does not, but continues to pay rent, and the landlord accepts it. Earnest money deposit is shown on a closing statement as a what? Welcome to our free real estate practice exam! A mortgage loan that requires the remaining principal balance be paid at a specific point in time. How much gain does the IRS allow homeowners to exclude? Also available: California Real Estate Practice Exam and the Florida Real Estate Practice Exam. Arrest and police history must be provided, plus recent fingerprints.
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