Midterm Exam
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Question 1 of 50
1. Question
Sam is opening a brokerage office in Walton County. Which is NOT required?
CorrectIncorrect -
Question 2 of 50
2. Question
Two brokers are organizing a new brokerage firm. If they don’t want to pay income taxes twice on profits, they should NOT set up as CorrectIncorrect -
Question 3 of 50
3. Question
A broker who violated the license law was sued by the buyer who had a substantial loss. The court awarded a judgement of $70,000 to the buyer, which included attorney fees and court costs. Because the broker could not pay, the buyer filed a claim with the Real Estate Recovery Fund. Which is correct? CorrectIncorrect -
Question 4 of 50
4. Question
A broker working for a buyer may be charged with unauthorized practice of law if she prepares a CorrectIncorrect -
Question 5 of 50
5. Question
Part III of Chapter 475, F.S. is related to CorrectIncorrect -
Question 6 of 50
6. Question
Mary contracted to purchase Harry’s house. Mary was required to make an application for financing within ten days, but failed to do so. The words time is of the essence was in the agreement. The contract CorrectIncorrect -
Question 7 of 50
7. Question
When must a nonrepresentative broker give a customer a no brokerage relationship notice? CorrectIncorrect -
Question 8 of 50
8. Question
Gloria Robinson of Robinson Brokers, LLC is opening a brokerage firm. Which entrance sign is acceptable? CorrectIncorrect -
Question 9 of 50
9. Question
A written contract for the sale of a house is CorrectIncorrect -
Question 10 of 50
10. Question
A DBPR investigator/auditor makes an office inspection and finds that a broker’s sign does not conform to the requirements. The offense is the first for this broker, so there is no fine. The investigator tells the broker information about how to correct the violation and gives the broker 15 days to correct it. This is called a CorrectIncorrect -
Question 11 of 50
11. Question
Sharon has sold her house on Juniper Street, but the transaction has not closed yet. Sharon still has CorrectIncorrect -
Question 12 of 50
12. Question
The Schmidt Company moved in to their new offices In November, 2018. The company paid rent at the rate of $22,400 per year when the Consumer Price Index (CPI) was 255.1. If the rent is tied to the CPI, how much will the rent be when the company renews the lease in November, 2020 if the CPI at that time is 257.1? CorrectIncorrect -
Question 13 of 50
13. Question
The license of a veteran sales associate expired March 31 last year. This year in September, she wants to renew her license. She must pay a late fee, pay the renewal fee, and complete CorrectIncorrect -
Question 14 of 50
14. Question
James has just purchased a single-family rental house. A tenant has given a $1,200 check as a security deposit. James deposits the check into an interest-bearing account that is not commingled with any of his personal funds. James must CorrectIncorrect -
Question 15 of 50
15. Question
Which is NOT an example of involuntary alienation? CorrectIncorrect -
Question 16 of 50
16. Question
Which is legal evidence of a debt? CorrectIncorrect -
Question 17 of 50
17. Question
In a contract for deed, CorrectIncorrect -
Question 18 of 50
18. Question
Which brokerage relationship is illegal in Florida? CorrectIncorrect -
Question 19 of 50
19. Question
Linda, a sales associate in a brokerage firm lists a house and acts as the seller’s single agent. Henry, another sales associate in the firm is acting as a single agent for a buyer. If the buyer wants to buy Linda’s listing, Henry CorrectIncorrect -
Question 20 of 50
20. Question
Which is correct about an offer to purchase property? CorrectIncorrect -
Question 21 of 50
21. Question
A sales associate receives an earnest money check from a customer on Tuesday. The check must be deposited by the broker by the end of business day on CorrectIncorrect -
Question 22 of 50
22. Question
A buyer and a seller ask a court to determine whether an item is real property or personal property. The item was not included in the sales contract. The three criteria court will use to help make that determination are CorrectIncorrect -
Question 23 of 50
23. Question
The Smiths are buying the Gomez’s home. Before the closing, Smith visits the house and meets Samuels, who is occupying the house. What type notice does Smith have about the occupancy?
CorrectIncorrect -
Question 24 of 50
24. Question
Which legal description method uses a principal meridian? CorrectIncorrect -
Question 25 of 50
25. Question
A seller of a commercial property agrees to give a broker an open listing. The seller says, “I want $168,000 net to me. You can put your commission on top of that. If the broker customarily asks for a 6% commission on the sale price of commercial property, at what price should the broker list the property in order to receive the right commission? CorrectIncorrect -
Question 26 of 50
26. Question
The stated interest rate on a new loan is 3 7/8 percent but the investor who is buying the loan requires a yield of 4 3/8 percent. How many points must the borrower pay to obtain this loan? CorrectIncorrect -
Question 27 of 50
27. Question
Which is NOT one of the duties of a broker who has no brokerage relationship with a buyer? CorrectIncorrect -
Question 28 of 50
28. Question
Which is real estate? CorrectIncorrect -
Question 29 of 50
29. Question
When an owner deeds her ownership rights to another person, it is called CorrectIncorrect -
Question 30 of 50
30. Question
The City of Orlando is building a new toll road and needs the Johnson’s land for an interchange. What power allows the city to require Johnson to sell for a fair price? CorrectIncorrect -
Question 31 of 50
31. Question
A clause in most mortgages allows lenders to require the borrower to immediately pay off the entire balance of the loan in case of default. The name of this clause is CorrectIncorrect -
Question 32 of 50
32. Question
A property is sold at a foreclosure sale for $223,000. The loan amount was $265,650. How can the lender recover the balance? CorrectIncorrect -
Question 33 of 50
33. Question
Helen wants to give her mother a house to live in for the rest of her life, but wants to be sure Mom doesn’t will it to any of Helen’s siblings when she dies. The best way to do this is to give Mom a CorrectIncorrect -
Question 34 of 50
34. Question
Which is NOT a reason for having a survey made when purchasing property? CorrectIncorrect -
Question 35 of 50
35. Question
In what corner of a township is Section 1? CorrectIncorrect -
Question 36 of 50
36. Question
Assume a borrower finances the purchase of a home with a $218,000 mortgage at 2.8 percent interest for 30 years. The monthly principal and interest on the loan is $895.75. The annual taxes are estimated at $2,114 and the hazard insurance is $987. What will the total payment be if the lender requires an escrow? CorrectIncorrect -
Question 37 of 50
37. Question
Larry and Jeanine bought a house for $215,000 and financed 80% of the purchase price. The lender charged 1 ½ discount points. What was the dollar amount of points? CorrectIncorrect -
Question 38 of 50
38. Question
Which is correct about the Florida Real Estate Commission? CorrectIncorrect -
Question 39 of 50
39. Question
Which is NOT a characteristic of a fiduciary relationship? CorrectIncorrect -
Question 40 of 50
40. Question
What is the brokerage relationship in a commercial transaction that requires the parties to have at least $1 million in assets? CorrectIncorrect -
Question 41 of 50
41. Question
Which real estate group name is proper? CorrectIncorrect -
Question 42 of 50
42. Question
A broker is holding an earnest money deposit in her escrow account when the buyer and seller have a dispute. Both buyer and seller demand the funds. The broker promptly notifies the FREC. Which is NOT one of the settlement procedures available to the broker? CorrectIncorrect -
Question 43 of 50
43. Question
A broker’s license will become void when the first license expires unless the broker has CorrectIncorrect -
Question 44 of 50
44. Question
Which is NOT a way to terminate a contract? CorrectIncorrect -
Question 45 of 50
45. Question
A Florida broker sells rental lists for $200. A customer who purchased the list 20 days earlier found that many of the rentals shown in the list were not available and demands a refund. The broker CorrectIncorrect -
Question 46 of 50
46. Question
William owns property with three of his friends. If one person dies, the others on the deed will automatically own the property. What type tenancy is this? CorrectIncorrect -
Question 47 of 50
47. Question
Jane owns a condominium apartment that has 1,800 square feet. The total square footage in all apartments in the building is 228,600. The annual expenses of the property are $551,000. What is Jane’s MONTHLY assessment for association fees? CorrectIncorrect -
Question 48 of 50
48. Question
An appraiser is estimating the cost to reproduce a building new and knows that the original cost of the building was $316,900. A cost manual shows that there has been a 22% increase in building costs since the subject property was built. The updated cost to build the house using the index method is approximately CorrectIncorrect -
Question 49 of 50
49. Question
Which individual does NOT need a Florida real estate license? CorrectIncorrect -
Question 50 of 50
50. Question
Sigmoid Realty, Inc. has designed a new web site and wants to be sure it conforms to FREC requirements. The name of the company must appear CorrectIncorrect