Florida Real Estate State Exam Top Questions 49 Questions And Answers
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Terms in this set
49
1. Which of the following describes leverage?
a. Leverage is the same as cash flow.
b. Leverage is the use of borrowed funds to purchase assets or to finance an investment.
c. Leverage can only be positive.
d. Leverage is when an investor uses his equity to finance an investment.
a. Leverage is the same as cash flow.
b. Leverage is the use of borrowed funds to purchase assets or to finance an investment.
c. Leverage can only be positive.
d. Leverage is when an investor uses his equity to finance an investment.
b
2. How is the binder deposit shown on the Closing Disclosure Form?
a. Credit to the buyer, debit to the seller
b. Credit to the seller
c. Credit to the buyer
d. Debit to the buyer, credit to the seller
a. Credit to the buyer, debit to the seller
b. Credit to the seller
c. Credit to the buyer
d. Debit to the buyer, credit to the seller
c
3. What is the status of a sales associates' license if he/she does not complete the required post licensing education prior to his/her first renewal cycle?
a. Involuntary inactive
b. Void and inactive
c. Suspended
d. Null and void
a. Involuntary inactive
b. Void and inactive
c. Suspended
d. Null and void
d
4. Which of the following is not true concerning kickbacks.
a. Not all kickbacks are illegal.
b. A real estate licensee may not be paid a fee for referring buyers to a title company.
c. Kickbacks cannot violate RESPA (Real Estate Settlement Procedures Act).
d. All kickbacks are illegal.
a. Not all kickbacks are illegal.
b. A real estate licensee may not be paid a fee for referring buyers to a title company.
c. Kickbacks cannot violate RESPA (Real Estate Settlement Procedures Act).
d. All kickbacks are illegal.
d
5. When a lender declares all the unpaid balance due and payable as a result of default, the lender is exercising which clause in a mortgage?
a. Due-on-sale clause
b. Escape clause
c. Acceleration clause
d. Estoppel clause
a. Due-on-sale clause
b. Escape clause
c. Acceleration clause
d. Estoppel clause
c
6. Which mortgage clause allows the mortgagee the right to demand the outstanding loan balance plus accrued interest in the event that the borrower sells or transfer any interest in the property without the lenders prior written consent?
a. Due-on-sale Clause
b. Escape clause
c. Acceleration clause
d. Estoppel clause
a. Due-on-sale Clause
b. Escape clause
c. Acceleration clause
d. Estoppel clause
a
7. Which of the following statements concerning market value is true?
a. Market value is the most probable price a property should bring in a competitive and open market under all conditions, requisite to a fair sale under certain guidelines published by Fannie Mae and Freddie Mac.
b. Market value is the same as price.
c. Market value is the value an investor would typically pay.
d. Market value is the same as the cost of the property.
a. Market value is the most probable price a property should bring in a competitive and open market under all conditions, requisite to a fair sale under certain guidelines published by Fannie Mae and Freddie Mac.
b. Market value is the same as price.
c. Market value is the value an investor would typically pay.
d. Market value is the same as the cost of the property.
a
8. William, who holds title in fee simple of a 35-acre property, deeds the land to Robert until Robert dies. At that time, Tonya is to receive title to the land. Which statement is true concerning this situation?
a. William has a life estate and Robert has a remainder estate
b. William and Robert have life estates
c. Robert has a life estate and Tonya has a remainder estate
d. William has a life estate
a. William has a life estate and Robert has a remainder estate
b. William and Robert have life estates
c. Robert has a life estate and Tonya has a remainder estate
d. William has a life estate
c
9. If the subject property has three bedrooms and the comparable property has two bedrooms, and a bedroom is worth $10,000, the correct adjustment is to
a. add $10,000 to the subject value.
b. add $10,000 to the comparable value.
c. subtract $10,000 from the subject value.
d. subtract $10,000 from the comparable value
a. add $10,000 to the subject value.
b. add $10,000 to the comparable value.
c. subtract $10,000 from the subject value.
d. subtract $10,000 from the comparable value
b
10. How many acres and square feet are there in the legal description N1/2 of the SE1/4 of the NW1/4 and the N1/2 of the S1/2 of the SE1/4 of the N1/4 of section 11?
a. 20 acres and 3,450,000 square feet
b. 30 acres and 1,306,800 square feet
c. 30 acres and 2,613,600 square feet
d. 80 acres and 3,484,800 square feet
a. 20 acres and 3,450,000 square feet
b. 30 acres and 1,306,800 square feet
c. 30 acres and 2,613,600 square feet
d. 80 acres and 3,484,800 square feet
b, This is an extremely popular math question from chapter 10. Every section has 640 acres so every time you see a question that asks you to determine how many acres or how many square feet are in any one section, you are always going to start with 640. Then you will divide 640 by the denominators, (bottom number of the fraction) to arrive at the number of acres. With these problems you are looking for the word AND because if you see the word AND, you will need to start at 640 again because they are asking you about two separate pieces of property. You will need to add the two pieces together.
640/2/4/4= 20 acres
640/2/2/4/4= 10 acres
20 + 10 = 30 acres
Once you know this piece of property has 30 acres you can multiply that by 43,560 which is the number of square feet in one acre.
1 acre = 43,560 square feet
43,560 x 30 = 1,306,800 square feet
The answer is 30 acres and 1,306,800 square feet
640/2/4/4= 20 acres
640/2/2/4/4= 10 acres
20 + 10 = 30 acres
Once you know this piece of property has 30 acres you can multiply that by 43,560 which is the number of square feet in one acre.
1 acre = 43,560 square feet
43,560 x 30 = 1,306,800 square feet
The answer is 30 acres and 1,306,800 square feet