Knowledge Test

Are you prepared for the Florida Real Estate Examinations? Check your knowledge with these 1100 questions.

1. What is the purpose of Florida’s Real Estate License requirement?
2. What is the purpose of the Florida Real Estate Commission (FREC)?
3. What statute controls Florida Real Estate Licensure?
4. Where are the lawful rules of FREC annotated?
5. How many members serve on the FREC?
6. How many FREC members are required to be broker-licensed?
7. Are there any age requirements for the FREC members?
8. Are there any requirements for FREC’s 4 broker-members to have been active within specific time frames?
9. Is there any possibility for a salesperson or broker-salesperson to be appointed to FREC?
10. Is there a requirement for this 5th licensed member of FREC to have been "active" within Any specific time frame?
11. How many consumer advocates serve on the FREC?
12. May these "consumer advocates" have held a real estate license in the past?
13. Who appoints the Director, Division of Real Estate?
14. Who must approve the appointment of the Director, Division of Real Estate?
15. Who appoints FREC members?
16. Who must "confirm" FREC member appointments?
17. For how long are FREC members appointed (term length)?
18. How many consecutive terms may a FREC member serve?
19. What are the three categories of Florida Real Estate License?
20. What is a Broker-Salesperson?
21. When a Broker-Salesperson withdraws into inactive status, what is his/her proper title?
22. In rules for coursework, are make-up classes and examinations allowed?
23. Is there a time limitation on makeup classes and examinations? What is it?
24. What is the only authorized "excuse" for makeup class or exam work?
25. If an applicant "fails" an end of course examination, may he/she "retake" that exam?
26. Is there a "waiting" period required for "retaking" an end of course exam?
27. Are there limitations on how often an end of course final exam may be retaken?
28. If an applicant fails the state license examination is there a statutory waiting period for re-taking The state license examination?
29. Are there limits to how many re-takes of the state license examination allowed by statute?
30. Is there a limitation on how many times a state license examination may be retaken?
31. Are persons with a 4-year degree in real estate required to complete salesperson pre-license courses?
32. Are persons with a 4-year degree in real estate exempt from state license examinations?
33. The state examination must be passed within how long of Completion of FREC course I ?
34. When may a successful state examination candidate begin to operate in real estate?
35. What maximum time frame is allowed for a candidate to review a past state examination?
36. Is there a restriction on how many past state examinations may be reviewed?
37. Within what time frame must an examinee appeal a state exam or exam question ?
38. To whom would an appeal of state examination materials be made?
39. Is U.S. citizenship and Florida residency required of Florida real estate licensees?
40. What is the only "non-resident" requirement in Florida’s real estate licensing process?
41. What is an "irrevocable consent to service" ?
42. If a resident licensee becomes non-resident of Florida, within what time frame must the "non-resident" requirement be forwarded?
43. A licensee in a FREC-recognized state may procure a non-resident license by taking a 40 question examination of Florida law. What is the term applied to this process?
44. What is the minimum age for Florida Real Estate License applicants?
45. What is the minimum education requirement for Florida Real Estate License applicants?
46. What does "nolocontendre" mean?
47. If an applicant has pled nolocontendre to crimes in the past must he disclose this on his initial application for license?
48. What experience must a salesperson have before being eligible to take the Broker’s pre-license course?
49. What experience must a salesperson have before being eligible to take the Broker’s examination?
50. May "experience" gained in the employ of an owner-developer count toward broker qualification?
51. Does Florida accept experience toward broker-qualification from non-Florida license authorities?
52. Is there a time limitation/restriction on how recent "experience" must be in qualifying as a broker?
53. Must a Florida salesperson complete a full two year license period as salesperson prior to being eligible to apply for a broker’s examination?
54. May a salesperson "skip" the required salesperson post-license education course if applying for a broker examination prior to expiration of the initial salesperson license?
55. At what point is a person considered to be "licensed"
56. When may a licensee begin to perform as a licensee? ( What is "licensed", what is "registered")
57. Should a "first-term" licensee fail to complete the required post-license course prior To expiration of the initial license period, what status describes that license?
58. Are persons with a four-year degree in real estate from an accredited institution exempt From salesperson post-license courses?
59. What education requirements exist for licensees in second and subsequent renewal periods?
60. What continuing education credits may be gained by attending a FREC meeting?
61. May "core-law" continuing education credit be earned by attending a FREC meeting?
62. Are members of the Florida BAR (who also hold real estate licenses) exempt from continuing education requirements?
63. Are members of the Florida BAR (who also hold real estate licenses) exempt from post-license education requirements?
64. What are the services of real estate which, if performed for compensation , require a real estate license?
65. Are those people engaged in marketing cemetery lots required to hold real estate licenses?
66. Are those people engaged in rental of mobile home lost of recreational vehicle lots required to hold Real estate licenses?
67. Under the definition of "compensation" in requirements for real estate licensing, are salaried employees of associations or owner-developers exempt from license requirements?
68. What length of lease may a salaried employee negotiate and still retain the license exemption status?
69. May licensed mortgage brokers prepare leases without needing a real estate license?
70. May a business owner be appointed by the court to perform a service of real estate or appraisal With no requirement for state real estate or appraiser license?
71. May an owner of a time-share period sell his time share without needing a real estate license?
72. Are persons engaged in marketing time shares exempt from Florida’s real estate license requirement?
73. Must an appraiser, conducting an appraisal, also hold a license under part I of the real estate license law?
74. What are Part I and Part II of the FS475?
75. May a landlord pay a tenant for the referral of a new tenant?
76. An age requirement exists for FREC members. At least one of the 7 members must be what age?
77. To whom are members of the FREC accountable?
78. Travel on FREC business outside of Florida must be approved by whom?
79. The Florida legislature has assigned several statutory duties to the FREC; what are they?
80. May FREC "delegate" the above assigned duties to sections within the DBPR?
81. From whom does the FREC receive legal counsel?
82. If the FREC wishes to retain independent legal counsel, whose authority is required?
83. Can the FREC award a criminal penalty ?
84. FREC responsibility is "administrative" only over licensees. Is FREC required to report any criminal violation of the license law to the State’s Attorney General?
85. Where does funding for the Division of Real Estate come from?
86. By Florida statute, where must the FREC and Division of Real Estate Offices be?
87. Real Estate examination services and examination oversight are responsibilities of whom?
88. Who must the DBPR consult in the examination preparation process?
89. Does FREC have authority to reject state examination questions after exams have been taken?
90. Where must records of state examinations be kept? For how long?
91. State examination applicant grades and state examination questions are classified at what level?
92. Licensee address changes must be reported to DRE within what time frame?
93. What is the citation fine associated with failure to notify the DRE of a licensee’s address change?
94. What are the two license renewal dates for Real Estate Licenses?
95. May a person with an inactive or expired license perform the services of real estate for compensation?
96. A license is considered to have been renewed at what point?
97. What special exemption to renewal requirements of real estate licenses exists for personnel called to active military service?
98. What special exemption to renewal requirements of real estate licenses held by spouses of personnel called to active military service and stationed outside the state of Florida?
99. Two categories of "inactive" license status exist for real estate licenses. What are they?
100. Are there limits to the length of time a license may be "voluntary inactive"?

101. Must a person with a "voluntary inactive" license still complete required education and pay bi-annual renewal fees?
102. What is the maximum time a licensee may remain "involuntary inactive"?
103. During the first 12 months of involuntary inactive status, what is required to "rescue" the license?
104. During the second twelve months of involuntary inactive status what is required to "rescue" the license?
105. What happens to the involuntary inactive license after 24 months of involuntary inactive status?
106. If a broker changes his/her business address, within how many days must the DRE be notified?
107. What is the status of all licenses affiliated with a broker during any time lag between a business address change and the proper notification to DRE of the move?
108. What is the automatic status of all licenses affiliated with a broker when that broker has his/her License suspended or revoked or expired?
109. What does the term "multiple license" mean?
110. Who may hold multiple licenses? Who may not?
111. What is a group license?
112. Who may hold "group license"? Who may not?
113. May a real estate school promise "job placement" or employment?
114. May a real estate school advertise (or communicate) pass or fail ratios of students taking state examinations?
115. May a real estate school guarantee students success on real estate license exams?
116. What penalty Is probable for those schools who do guarantee student success?
117. May a real estate school refund student tuitions to those students who fail state license examinations?
118. What penalty is probable for those schools who do promise refunds to unsuccessful students?
119. May real estate schools possess state exam questions or imply they have state exam questions?
120. What penalty is probable for schools who have, imply they have, or provide "supposed" state examination questions?
121. Who administers the Real Estate Education and Research Foundation?
122. What is the purpose of the Real Estate Education and Research Foundation?
123. To what must the Real Estate Education and Research Foundation give priority?
124. From where is funding made available for the Real Estate Education and Research Foundation?
125. Who submits the Real Estate Education and Research Foundation’s budget to the FREC?
126. What reporting requirement exists for the Real Estate Education and Research Foundation?
127. Define a "principal" in the agency relationship?
128. Define an "agent" in the agency relationship?
129. What is a sub-agent?
130. Does payment/receipt of a commission determine or define the principal/agent relationship?
131. What establishes a principal/agent relationship?
132. Define a fiduciary as in "who is a fiduciary"?
133. Define a fiduciary in relationship terms?
134. Are salespersons required to abide by the same fiduciary relationships as the broker?
135. In a single-agency relationship who is the agent and who is the principal?
136. Is the term "client" synonymous with the term "principal"
137. In broker-salesperson relationships who is the principal and who is the agent?
138. What is a sub-agent?
139. Express the difference between "caveat emptor" and "agency" in relationships?

A written "brokerage relationship disclosure" must be presented to each
buyer or seller by the licensee prior to beginning to work with those
parties.

140. Does the requirement to present a written disclosure apply to non-residential sales?
141. Define "residential" transactions?
142. Do brokerage relationship disclosure requirements apply to rental or lease transactions?
143. List the three authorized options in brokerage relationships in Florida Real Estate transactions?
144. Of the three authorized relationships, which one carries "fiduciary/agency" responsibility?
145. Of the three authorized relationships which one provides "limited representation" for seller, or buyer, or both?
146. What are the three specific duties of a licensee in a "no brokerage relationship" situation?
147. What are the 9 duties of a "single agent".
148. What are the 7 specific duties of a licensee in a "transaction broker" relationship?
149. May a broker, in a "no brokerage relationship" situation list a property and be paid?
150. At what time in the relationship must a "no brokerage relationship" be presented?
151. If a licensee is aware that the customer "has an agent" must disclosure be given anyway ?
152. If a licensee is selling units built by his employer and his attire/location clearly indicates that the licensee is an employee of the owner, is the licensee required to give written disclosure to the customer anyway?
153. If a licensee is working at a bona-fide "open house" must he give written disclosure to the customers?
154. If a licensee has an unanticipated/casual contact with a potential, must he give written disclosure during that casual contact?
155. If a prospective is simply asking factual questions, must the licensee give written disclosure before answering?
156. If a licensee is "recruiting" employees or talking about himself or his wonderful company, is it required that a written disclosure be presented?
157. Must a licensee, in a single agency relationship, follow instructions of his principal regardless of the legality of those instructions?
158. Are there cases where discrimination is illegal and where particular instructions from a principal might therefore constitute an "illegal act" should the agent follow those instructions?
159. In single agency relationships, "full disclosure" is a requirement. Where a licensee takes or receives a benefit from the transaction which the principal is not made aware of, what three phrases might describe this prohibited act by the licensee?
160. Are relationship disclosure forms (copies) required to become a part of brokerage transaction files?
161. Is failure to present relationship disclosure to customers/clients a violation of FREC rule/FS475?
162. Are possible penalties for violation of disclosure requirements different from other rule violations?
163. May a single agent status be changed to transaction broker status?
164. What document, signed by seller, or buyer, or both is required before changing from single agent to transaction broker?
165. Is it ok for a licensee to prepare and have the parties sign "single agency "and "consent to transition to transaction broker" forms at the same time?
166. Is "dual agency" allowed in Florida?
167. Is it ever allowed for two different salespersons in the same brokerage firm to be designated as "single agents" for opposing buyer and seller in the same transaction?
168. Under "designated salesperson" rules, what type of transaction is specifically excluded from this program?
169. Under "designated salesperson" rules what financial assets must both buyer and seller attest to?
170. Under "designated salesperson" rules, what is the broker’s role?
171. Under "designated salesperson" rules must the individual salespersons present the single-agency disclosure to their respective parties?
172. In what circumstance may a "seller’s agent" refuse to convey an offer to that seller?
173. Must a known "material fact" be disclosed to all parties of a transaction?
174. May a known "material fact" ever be withheld from either party?
175. What is a "material fact"?
176. Will performance of the accepted task (selling the house) terminate the agency relationship?
177. May an agency relationship be terminated by mutual agreement of agent & principal?
178. Does expiration of the "employment contract" terminate an agency relationship?
179. May the agent terminate an agency relationship by renouncing it/resigning?
180. May the principal terminate an agency relationship by revoking it/firing the agent?
181. Will death of the agent or principal terminate an agency relationship?
182. Will bankruptcy of the principal terminate an agency relationship?
183. Define misrepresentation?
184. Define "fraud"?

Under the broad category of "deceptive practices" as described by FREC, A
particular list of actions has been described as " fraudulent; dishonest
dealing by trick, scheme or device..

185. May a licensee neglect to disclose the existence of a blanket mortgage to a prospective buyer?
186. In what case may the licensee neglect to disclose the existence of a blanket mortgage?
187. If appropriate, WHEN must a licensee disclose existence of a blanket mortgage?
188. If the potential/offered sale price is more than enough to clear the entire blanket mortgage, is the licensee still required to make disclosure of the blanket mortgage to the buyer?
189. Is it permitted to use a promise of repurchase or resale as a tool to convince a buyer to buy?
190. What describes the violation where a licensee fails/refuses to honor his repurchase promise?
191. Are licensees permitted to engage in marketing programs whereby "prospects" are invited to participate in a lottery/game/puzzle/drawing whereby a "free lot" might be awarded?

Word association of ethics and legality;

192. Can an act be both legal and ethical?
193. Can an act be both illegal and ethical?
194. Can an act be legal but still be unethical?
195. Does the National Association of Realtors promote ethical conduct among its members?
196. What is considered to be the best way to protect the public in real estate transactions?
197. Is a licensee the agent of his broker and a sub-agent of his broker’s principal?
198. Is the broker the agent of the clients, regardless of which salesperson got the listing?
199. Is the broker ultimately responsible for all agency relationships of his/her company.?
200. May a licensee circumvent his broker and directly sue a client or principal?

201. May a broker operate without having an office?
202. What physical attributes must a broker’s office possess?
203. Must the brokerage files & records physically be IN the registered office?
204. Must a broker "register" his/her office with the DBPR?
205. May the broker’s office be at his/her home?
206. May a broker maintain his/her office outside the state of Florida?
207. May a salesperson open an office on his/her own?
208. May FREC "insist" that a broker register a "branch office"?
209. When may FREC insist a branch office be registered?
210. Is a "temporary shelter" required to be registered as a "branch office"
211. When does a temporary shelter cross the line into branch registration requirements (3 factors)?
212. May registration of a branch office be transferred to a different location?
213. May a broker "re-open" a closed branch office without paying an additional fee?
214. May registration of a broker’s "main" office be transferred to a different location?
215. Must a broker display a sign on/about the entrance of each main and branch office?
216. What 3 items must be on all office entrance signs?
217. What size lettering is required on office entrance signs?
218. May brokers place names of salespersons on the office entrance signs?
219. What requirements apply to other names on the office entrance sign?
220. May a broker advertise brokerage services without putting the company name on the ads?
221. What is a "blind ad"
222. In internet advertising, where must the company name appear?
223. Is a broker directly responsible for company advertising form and content?
224. Can a broker "escape" his/her responsibility to see that ads comply with FREC rules?
225. Is it permitted for persons "other than the broker " to write or order placement of ads?
226. What Florida Department maintains the "no telephone sales solicitation list"?
227. What is the fine for violation of the Florida no telephone sales solicitation rules?
228. May a licensee phone a past customer/client without regard to the no phone sales solicitation list?
229. May a licensee phone on a sign or ad without regard to the no phone sales solicitation list?
230. What is "escrow" ?
231. What is an "escrow account"?
232. Within what time limit must a licensee deliver a "deposit" to his/her broker?
233. Within what time limit must a broker properly "deposit" an ecrow ?
234. What requirement must be met before "acceptance" of a post-dated check or a note?
235. What must a licensee DO with a post-dated check or note?
236. What must a broker DO with a post-dated check or note?
237. Are interest-bearing escrow accounts allowed in Florida?
238. What is the ONLY requirement on interest-bearing escrow accounts?
239. Is a broker required to keep accounts/records/books to any specific FREC guidelines?
240. Must a broker make his accounts & records available to FREC for audit?
241. For what period must escrow records be retained by the broker?
242. What does "comingle" mean, in an escrow connotation?
243. What does "conversion" mean, in ANY connotation?
244. The broker is a "disinterested 3rd party" in holding escrow. If parties "dispute" escrow refund, who must the broker notify?
245. How long is allowed for a broker to notify FREC, in writing, of a dispute in escrow funds?
246. After FREC notification, what are the only 4 settlement options open to the broker?
247. How long is allowed for the broker to implement one of the 4 settlement options?
248. Define "mediation"?
249. Define "arbitration"?
250. Must the disputing parties consent to either mediation or arbitration?
251. Is mediation binding on the parties?
252. Is arbitration binding on the parties?
253. Define an "interpleader action"?
254. What is an "escrow disbursement order"?
255. Do litigation and an escrow disbursement order require "consent" of the disputing parties?
256. May disputing parties file a complaint against the broker for failure to account/deliver If the broker has rigidly followed FREC procedures in the matter?
257. Are escrow deposits on properties owned by HUD subject to FREC rules on disbursement?
258. May a broker refund a buyer deposit on a condominium sale if the buyer "cancels" the sales contract within the 15 days allowed by the Condominium act, without seller or FREC "consent"?
259. May a broker refund a buyer deposit where a buyer is unable to satisfy terms of a contract "financing clause", without seller or FREC consent?
260. In absence of actual conflicting demand, in circumstance where the broker has "good faith doubt" As to who should receive a deposit, what should the broker do?
261. May a broker accept an "advance fee" for listing, for sale or rent, any real property?
262. Where must the broker deposit an advance listing fee, if received?
263. Where may the advance fee trust or escrow account be (type & location of institution)?
264. May an individual advance fee be commingled with other advance fees or funds?
265. How much (%) of an advance fee must be immediately deposited?
266. What period of account reconciliation must be observed in advance fee accounting?
267. Is the broker required to report to DBPR on advance fee accounts?
268. Is the broker required to report to the "principal" on advance fee accounts?
269. How frequently must the "principal" be provided a "verified copy" of all records On the advance fee account?
270. May a broker withdraw funds from the advance fee trust account without sending An itemized statement to the principal?
271. Must the broker make advance fee accounting records available to FREC?
272. May the broker withdraw advance fee trust money for any expense which is not In the "principal’s" "exclusive" interest?
273. May the broker pay his company expenses/normal overhead from an advance fee trust account?
274. What maximum life span may an advance fee trust account have?
275. Do advance fees received by the broker in connection with any auction fall Under the DBPR rules on "advance fees" & "Advance fee accounting"?
276. Even though auction advance fees are specifically excluded from the DBPR "advance fee" Guidelines, must the broker still treat them as "escrow" in the routine escrow manner?
277. Are violations of advance fee trust account rules considered to be 1st degree misdemeanors?
278. What maximum penalty may the court award in a 1st degree misdemeanor?
279. If the court doesn’t prosecute, what maximum administrative penalty may FREC award For violation of advance fee requirements?
280. Licensees who "sell" rental lists must give what refund if the list is incorrect?
281. Licensees who "sell" rental lists must give what refund if the prospect does not Rent something FROM the list?
282. How much time is allowed for the customers to request refunds on rental lists?
283. Is it a misdemeanor of the 1st degree for a licensee to violate rental list rules?
284. What maximum penalty may the court award for improperly providing a rental list.
285. What maximum administrative fine may FREC award to a licensee if the court does Not prosecute under 1st degree misdemeanor?
286. Are licensees allowed to satisfy customers’ questions about quality of title?
287. Are licensees allowed to give "specific" representations of "value" of real property?
288. Is there any State or Association "control" on real estate commissions charged?
289. Is the amount of a real estate sales commission negotiable?
290. Is it a violation of State and Federal anti-trust laws for competing brokers to fix or conspire To set a uniform commission structure?
291. May a licensee "share" a brokerage fee with Buyer, Seller, or both?
292. If a licensee does "share" fees with transaction principals, what disclosure requirements exist?
293. May anyone other than a "broker" legally receive commission for a real estate transaction?
294. To whom must a salesperson look for his/her share of a commission?
295. May 2 salespersons "split" or "share" a commission paid to one of them by a broker?
296. To whom must a salespersoon look (exclusively) for compensation?
297. May a salesperson sue a seller or buyer for commission?
298. Who owns the listing contracts arranged by a salesperson?
299. May a broker file a "lis pendens" against property of his principal?
300. May a broker record a court-ordered judgement against his/her principal?

301. May the original contract between broker and principal provide for & allow The broker to place a lien on the principal’s property prior to court orders?
302. Are fully-disclosed "kickbacks" to licensees allowed in Florida real estate?
303. Are kickbacks involving "insurance" allowed, even WITH disclosure?
304. May a licensee pay an unlicensed person for "referrals"?
305. May a property manager pay a current tenant for referral of a new tenant?
306. How much can be paid to a current tenant for referral of a new tenant?
307. How long is allowed for a licensee to notify FREC when the licensee changes employers?
308. May licensees neglect to inform customers/clients of an employment change?
309. May a licensee "divert" a client or customer of the former broker when changing employers?
310. How long must a licensee wait. Before soliciting buyers/sellers of a former employer?
311. Does a licensee’s "fiduciary" obligation to a former employer end with the employment?
312. If a departing licensee "copies" records of the former broker, what offense has been done?
313. If a departing licensee "removes" records of the former broker, what offense has been done?
314. Is it a "specific" violation of FREC rules for a licensee to claim membership in an organization To which the licensee does not currently belong?
315. What term identifies a business owned by 1 person, alone?
316. Is a sole proprietor liable for acts of his/her employees as well as his own?
317. Is a general partnership created by contract between 2 or more persons?
318. Must the contract establishing a general partnership be written?
319. Must general partnership profits/revenues be shared equally between partners?
320. What identifies the individual "share" of profits to be received by each partner?
321. May a general partnership register with the DRE/FREC as a real estate brokerage?
322. Is registration of a general partnership with the Florida Dept. of State required?
323. Must a general partnership registered as a real estate brokerage have at least 1 general partner licensed as an active broker.
324. Are all partners in a real estate partnership required to hold active real estate license?
325. May a salesperson/broker-salesperson be a general partner in a real estate partnership?
326. Must any change in general partnership composition (add/delete gp’s) be reported to FREC?
327. What happens to FREC registration of a general partnership if the partnership does not have at least 1 actively licensed real estate broker-partner?
328. In creating a limited partnership, must the limited partnership file a written instrument with the Florida Secretary of State?
329. Must a limited partnership have more than , 1-each , limited and general partners?
330. Is a general partner in the limited partnership personally liable for partnership debts?
331. Is a limited partner in the limited partnership personally liable to partnership creditors?
332. Are all general partners ,in a real estate limited partnership, who deal with the public required to hold an active real estate broker’s license?
333. May a general partner in a real estate limited partnership hold active salesman/broker-salesman status?
334. Must all general partners in a real estate limited partnership who deal with the public Hold active real estate broker licenses?
335. May salespersons/broker-salespersons be limited partners in a real estate limited partnership?
336. May limited partners participate in management of the limited partnership?
337. Are limited partners in a real estate limited partnership required to register with the DRE?
338. Are all general partners in a real estate limited partnership required to register with the DRE?
339. In absence of a true "partnership", where parties act in a manner which leads the public to believe a partnership exist, what term is associated with this practice/liability?
340. Are Quasi or Ostensible partners liable for each other’s debts and transgressions?
341. If independent brokers share office space and do not clearly indicate their individual status with appropriate signs and actions, may they be held responsible for each other’s debts/acts?
342. May an Ostensible or Quasi partnership be registered as a real estate brokerage?
343. Must a Limited Liability Partnership file registration documents with the Florida Dept. of State?
344. Do partners in a limited liability partnership remain responsible for debts of the business?
345. Are limited liability partnership partners liable for their own personal debts?
346. Are limited liability partnership partners liable for acts of persons who they supervise?
347. May a limited liability partnership be registered as a Florida real estate brokerage?
348. A corporation is an "artificial person" whose legal existence is created by filing what document with the Florida Secretary of State?
349. In Florida, what constitutes a "foreign" corporation?
350. A corporation is owned by its shareholders, directed by its board of directors and operated by its officers. May corporate officers and directors hold active salesperson or broker-slesperson licenses In Florida?
351. Must all corporate officers and directors in Florida real estate corporations register with FREC?
352. Why are "unlicensed" corporate officers and directors required to register with FREC?
353. May a salesperson/broker-salesperson be a shareholder in a Florida real estate Corp.?
354. All Corporations registered as real estate brokerages must have at least how many active brokers among the company officers and directors?
355. What time frame is allowed for corporations whose broker is lost, to replace that broker?
356. What happens to brokerage corporations registrations if they fail to replace a lost broker within 14 days?
357. Are all corporate officers and directors responsible to see that all company and personnel licenses and registrations are correct?
358. May non-profit corporations register as Florida real estate brokerages?
359. What form of company offers the "best features" of a corporation and partnership combined"?
360. Are owners of a Limited Liability Company (LLC) protected form personal liability for debts of the business?
361. How does the IRS treat a LLC for tax purposes?
362. May a LLC register as a Florida real estate brokerage?
363. How many trade or fictitious names may a brokerage operate under?
364. May a sole-proprietor broker receive his/her FREC brokerage registration in a trade name?
365. How many trade names may a sole proprietor broker operate under?
366. Must sole proprietor brokers who register with FREC under a trade or fictitious name also comply with the Florida Fictitious Name Act?
367. Is a corporation’s chartered name a trade or fictitious name?
368. Would "Joe Jones & Sons" Realty fall under the definition of a trade or fictitious name?
369. What type corporation is an ecclesiastical or church organization?
370. May a Corporation Sole register as a Florida real estate brokerage?
371. Are titles to property held by a corporation sole sometimes difficult to work with?
372. Should a broker exercise caution in dealing with corporations sole because of title issues?
373. What is the term associated with two or more parties, in combination of effort, joining force to complete a single business transaction?
374. May a "joint adventure" register as a Florida real estate brokersge?
375. A business trust is formed by people who "invest collectively" to buy/sell/develop real estate that is owned by the trust. May a trust register in Florida as a real estate brokerage?
376. Is an employee of a business trust, who buys or sells real property for the trust, and is compensated on a "transactional basis" required to hold Florida real estate License?
377. May a cooperative association register as a Florida real estate brokerage?
378. May an unincorporated association register as a Florida real estate brokerage?
379. What Division is responsible for investigative functions related to real estate?
380. If, in an investigation, you are asked for an oral statement, are you entitled to a "transcript" of that statement?
381. Is there a requirement for the respondant to "pay" for the statement transcript?
382. Who can file a complaint about a licensee?
383. Must a complaint about a licensee pertain to a real estate transaction?
384. Must a complaint be for an act committed within the state of Florida?
385. In the complaint process, what does the phrase "legally sufficient" mean?
386. Must complaints against licensees be written?
387. May the DBPR investigate an "unsigned" (anonymous) written complaint?
388. May the DBPR conduct an investigation without a complaint?
389. Can an original "complainant" "drop the complaint"?
390. For how long are a complaint and all investigation results required to be held "confidential"?
391. A "probable cause" determination on investigation results is made by a probable cause panel composed of how many members?
392. Must each probable cause panel contain at least one real estate licensee member?
393. May a probable cause panel be composed of two "consumer advocate" members of FREC?
394. May a "retired" FREC member serve on a probable cause panel?
395. Must each probable cause panel have at least one "current" member of FREC?
396. Are probable cause panel meetings/processes open to the public under Florida’s "sunshine statutes"?
397. May probable cause panel members participate in further prosecution action of FREC on cases in which they served as probable cause?
398. May probable cause panels "dismiss" a complaint case?
399. May probable cause panels dismiss a case and still send a letter of guidance?
400. On recommendation of a probable cause panel, the DBPR will file a formal complaint against a licensee. What is a "Formal Complaint"?

401. After a formal complaint has been processed and delivered, a licensee will be given opportunity to present or defend at a regular FREC meeting. What is this step in the complaint process termed?
402. In the "informal hearing", if no party disputes a material fact, what will be the end result of the informal hearing?
403. If, in the informal hearing, any party disputes a material fact, what happens?
404. Under FS120, Division of Administrative Hearings, Department of Management Services, who may the Div. Of Administrative Hearings legally employ as an "Administrative Law Judge"?
405. Does an Administrative Law Judge have the power to issue subpoenae?
406. Is the Administrative Law Judge’s subpoena legally an "order of the court"?
407. What happens to a licensee who fails to respond to an Administrative Law Judge subpoena?
408. Do parties involved in the formal hearing process have all the traditional rights one might have in a real court?
409. May a licensee file an "exception" to the Administrative Law Judge’s recommended order?
410. May a licensee ask for review of the Administrative Law Judge’s recommended order at a District Court of Appeals?
411. If a subject of a formal hearing process wishes to have witnesses subpoenae’d, may he/she do so?
412. Who pays witness expenses if those witnesses are subpronae’d at the request of the accused?
413. The Administrative Law Judge in a formal hearing process will propose findings and penalty, if appropriate, to FREC. What is this proposal called?
414. FREC deliberates on the "recommended order" and ultimately makes a determination of guilt and punishment. What is this determination called?
415. Is a final order required to be in writing?
416. Must a copy of the final order be mailed to each party in the case?
417. May FREC publish its final orders?
418. At what point may FREC publish its’ final orders?
419. When do final orders of FREC take effect (become final)?
420. How long does a licensee have to appeal a FREC final order?
421. Where would a licensee file an appeal of a FREC final order?
422. What is the latin term for "stay of enforcement"?
423. May the DBPR make an appeal of a FREC final order at the District Court of Appeals?
424. If the District Court of Appeals overturns a final order of FREC, may the license be awarded attorney fees and court costs?
425. If FREC denies an application for license for a problem in application form or content, or perhaps failure of an exam, may the applicant simply correct the error and/or file a new application?
426. What sorts of offenses might cause FREC to deny an application "for cause" or "with prejudice"?
427. If an applicant for licensure is currently under investigation or prosecution by another authority, what is the most probable action by FREC on the pending real estate license application?
428. What is the maximum period for which FREC may suspend a license?
429. What are the two exceptions in which a revoked license is not "permanently revoked"?
430. If a license is revoked due to failure to complete required education courses; what is the maximum period for which FREC can revoke that license?
431. What is the automatic status of all registrations of licensees affiliated with a broker whose license expires or is revoked or suspended?
432. What is the maximum administrative fine FREC can administer for a FS475 violation?
433. What is the maximum administrative fine FREC can administer for a FS455 violation?
434. How long does a licensee have to accept or reject a "citation"?
435. What is the effect of a citation to which the licensee does not object within 30 days?
436. What must the DBPR issue on a first, minor, violation by a licensee?
437. Within what time frame must a licensee correct the notice of non-compliance?
438. In addition to its other authority, may FREC place a licensee "on probation"?
439. In addition to administrative penalty by FREC; or criminal penalty by the court; is a licensee also subject to civil action?
440. The bulk of FS475 constitutes misdemeanors of the 2nd degree for violation; What maximum penalties may the court award for 2nd degree misdemeanors?
441. What are the 3 misdemeanors of the 1st degree outlined in FS475?
442. What maximum penalties may the court award for a 1st degree misdemeanor?
443. May the FREC, in adition to administrative punishment, assess costs of Investigation and prosecution?
444. When "unlicensed" real estate activities exist, the DBPR will usually prepare a "cease and desist order" & request a court injunction against the person. What is the phrase used to indicate a court mandate of a lower authority’s order?
445. If a licensee is convicted of a crime and jailed, what is the usual FREC action against that licensee?
446. If a licensee becomes incapacitated to the point where he/she is a danger to the public, what will probably be done by FREC?
447. Where is the Florida Real Estate Recovery Fund Kept?
448. May a member of the public request recovery fund payments when the "damage" caused was by an "unlicensed" person or by an "inactive" licensee?
449. Where FREC issues an Escrow Disbursement Order (EDO) that ultimately is reversed by a Civil Court Judge, will the recovery fund pay for the FREC’s mistake"?
450. Is it required that a member of the public win a "lawsuit" (final judgement) against an active licensee in order for recovery fund payment to be made?
451. May FREC "set aside" the requirement for a final judgement in awarding recovery fund payment?
452. What time frame is allowed for claims against the recovery fund?
453. What happens to a licensee when payment from the recovery fund is made?
454. Who actually makes payments from the recovery fund?
455. Who must provide a "voucher" to the state treasurer to enable payment from the recovery fund?
456. What is the maximum payment from the recovery fund where a single transaction is involved?
457. What is the maximum payment from the recovery fund on behalf of any single licensee?
458. What are the legislated limits (bottom & top) set for the recovery fund?
459. What annual fees are assessed to salespersons when the recovery fund falls below 500,000 ?
460. What annual fees are assessed to brokers when the recovery fund falls below 500,000 ?
461. Recovery fund fees are paid by licensees at "renewal" time (2 years), what are the total recovery fund fees Paid by brokers and by salespersons at renewal?
462. May a licensee who acted as an "agent" or a "transaction broker" make a claim against The real estate recovery fund?
463. May a licensee ,who acted as a buyer or seller, make claim for payment from the recovery fund, if awarded a civil judegment against another licensee involved in that transaction?
464. Define commingling?
465. Define concealment?
466. Define conversion?
467. What Federal law prohibits "racial discrimination" (exclusively racial discrimination)?
468. Under the Civil Rights Act of 1968 (Fair Housing Act). What specific classes of people are protected from discrimination (list)?
469. May a private owner of 3 (or less) residential units be "exempt" from the Fair Housing Act discrimination provisions?
470. May a private owner of any residential unit. Who employs a broker be "exempt" from any provision of the Fair Housing Act?
471. Under the Fair Housing Act, may a broker exclusively "target market" advertising within a particular race/color/sex/religion etc?
472. Define Steering?
473. Define Blockbusting?
474. Define Redlining?
475. Are organizations (e.g. a church) who own rental property required ,in advertising that property., to do so in such a way as to inform the public that they do not discriminate on religion?
476. Under the Fair Housing Act, may an individual be denied membership in any organization if such denial is based on discrimination against a protected class under the act?
477. May a "club" restrict use of its facilities to "members only"?
478. Under the Fair Housing Act, is a "Fair Housing" poster mandatory in brokerage offices?
479. Is a violation of the Fair Housing Act "poster" requirement also a FREC offense?
480. Who administers the Federal Fair Housing Act?
481. What is the Americans With Disabilities Act intended to do?
482. Under the Interstate Land Sales Full Disclosure Act, developers of subdivisions of 100 or more parcels must do what two things?
483. Under Florida’s Uniform Land Sales Practice Act, what number of parcels (or lots) makes a development "subject" to this law’s provisions?
484. Under Florida’s Uniform Land Sales Practice Act, what period is allowed for a purchaser to cancel the purchase agreement?
485. What Division/Department of Florida Government oversees the Uniform Land Sales Practice Act?
486. The Federal Coastal Zone Management Act requires coastal states to develop and implement what sort of plan?
487. Our Federal Truth in Lending Act/ Consumer Credit Protection Act has also been called by a third name. What is that third name?
488. Does the Regulation Z specifically make "bait and switch" advertising a Federal offense?
489. Under the Truth in Lending Act, an advertisement which offers specific financing information must spell out the whole credit story. The type of specific credit information which mandate disclosure of the "rest of the story" are known as what kind of terms?
490. Does the Truth in Lending Act require calculation and disclosure of the "true" cost of credit as a "true annual percentage rate (APR)?
491. The Equal Credit Opportunity Act prohibits discrimination by lenders against a specifically protected "list". List the protected classes?
492. Is age discrimination in credit prohibited by the Equal Credit Opportunity Act?
493. Are persons who receive public assistance protected from discrimination under the Equal Credit Opportunity Act?

The Real Estate Settlement Procedures Act (RESPA) is intended to ensure
buyers are fully informed of settlement/closing costs.

494. Do RESPA provisions require use of a "uniform settlement statement" ?
495. RESPA requires borrowers be given a "special Info. Booklet" about closing costs. What U.S. Government Department produces this booklet?
496. RESPA requires borrowers be provided with an "estimate" of actual settlement (closing) costs. When must this estimate be delivered by the lender?
497. RESPA allows a lender to "designate" the closing agent. What 2 disclosures must be made to a buyer who is required to "pay" for the closing services?
498. If the "lender" pays for closing services, are relationship and cost disclosures still required?
499. RESPA addresses "kickbacks" and "referral fees" specifically. What is the key to making certain a kickback/rebate does not violate provisions of RESPA?
500. Does RESPA require disclosure of payments to an "employee" of the companies which are involved in closing of the transaction (lender’s employees, title company employees etc)?

501. Does RESPA require disclosure of fees shared between cooperating brokers?
502. Does RESPA require disclosure of fees paid to attorneys for legal services performed?
503. Does RESPA forbid sellers and brokers from "requiring" buyers to use a particular title insurance provider?
504. Are sales of 25+ acres exempt from RESPA?
505. Are cash transactions exempt from RESPA?
506. Are sales where there are no "new" loans subject to RESPA?
507. Are loan transactions where title to real estate does not transfer subject to RESPA?
508. Are vacant land sales and sales which do not involve ownership of a "dwelling unit" subject to RESPA?
509. What is the objective of Florida’s "Fair Housing Act"?
510. Florida’s Deceptive and Unfair Trade Practice Act prevents unfair, unconscionable and deceptive acts. Are real estate licensees exempt from this act where FS475 is in conflict with it?
511. What is the intent of Florida’s Landlord and Tenant act?
512. Does the Landlord/Tenant act apply to medical or transient facilities?
513. A structure rented for use as a "home/residence/sleeping place" is defined as what?
514. At what age is an individual "qualified" to enter into a rental agreement?
515. The landlord/Tenant Act specifies 3 ways in which a landlord may "hold" tenant deposits and advance rents. What are the 3 authorized methods?
516. The landlord must notify a tenant , in writing, of the manner in which tenant’s funds are held. Within how many days of receipt must this notification be provided?
517. If the deposit is "interest bearing", how frequently must the landlord pay or credit interest?
518. A landlord must keep rented property to condition that meets all building/housing/health codes in that area. If NO codes have been established, what phrase identifies the landlord’s responsibility?
519. Are landlords responsible for maintaining working equipment to enable heat and hot running water and for providing trash receptacles and pest extermination?
520. May the landlord’s responsibility to provide heat and hot running water equipment be "set aside" under and lease agreement?
521. In single-family units, may pest extermination and trash receptacle provision be "set aside" in the lease agreement?
522. Are landlords responsible for conditions "created" through tenant negligence or misuse?
523. Are tenants responsible for the conduct of guests of the tenant?
524. Are tenants obliged to obey existing building/housing/health codes in rented premises?
525. Are tenants responsible to maintain the dwelling unit in a clean & sanitary condition?
526. What word sums up the tenant’s responsibility in his use and operation of the facilities and equipment in the rented dwelling?
527. The tenant may not withhold consent for landlord entry, from time to time, for a specific list of (5) purposes. What are these 5 purposes?
528. May the landlord enter without tenant knowledge/consent in an "emergency"?
529. In non-emergency situations, what phrase identifies the restriction placed on the landlord for scheduling visits/inspections/work ?
530. If tenants’ rent is "current" and the landlord is advised of tenants’ intended "absence", may the landlord enter the premises for any purpose other than emergency?
531. If, on tenants’ vacating premises, a landlord intends to keep NONE of the deposit, within how many days must the deposit be refunded?
532. If, on tenants’ vacating premises, the landlord intends to KEEP all or part of tenant’s deposit, within how many days must the landlord notify the tenant of intent to retain the money?
533. Within how many days must a tenant "object" to landlord’s notice of intent to retain a deposit?
534. Are brokers required to "report" disputes of tenant deposits to FREC?
535. Where tenants’ experience unacceptable conditions in the rented dwelling, how many days’ written notice must the landlord be given to correct the problem? After this "7 day" period, a tenant becomes "empowered" to take any of several actions.
536. If the dwelling remains "tenable", may the tenant reduce the rent, in an amount agreed by the courts, until the problem is corrected?
537. If the dwelling is "untenable", may the tenant move out and pay NO rent until the problem is corrected?
538. May the tenant "void" the lease and simply move out after 7 day‘s notice of deficiency?
539. Where a tenant is in violation of the rental agreement, how many days written notice to correct the violation must the landlord provide?
540. After 7 days written notice of violation, is the landlord entitled to "void" the rental agreement?
541. Non-payment of rent imposes a "different" notice requirement. The landlord must provide how many days written notice demanding payment or possession?
542. Formal eviction proceedings may be required by a landlord against a tenant. Are these proceedings expensive and time consuming?
543. In describing real property, what are "surface rights"?
544. In describing real property, what are "sub-surface rights?
545. In describing real property, what are "air rights"?
546. Gradual loss of land due to natural forces can be described as what?
547. Gradual gain of land due to natural forces can be described as what?
548. Gradual receding of a body of water uncovers additional land. What is this called?
549. Are terms "personal property", "chattel" and "personalty" synonymous?
550. The physical act of changing real property into personal property is described by what term?
551. How can personal property become real property?
552. An item of personal property which is affixed (or attached permanently) becomes part Of the real property. What is the word used to describe this article which was once personal property?
553. Describe a "trade fixture"?
554. What 4 criteria are used to confirm the status of a "fixture" ?
555. A person owning real property as a "freehold" possesses a bundle of 4 rights. What are they?
556. Rights to property are known either as freehold or non-freehold. Are freeholders "owners"?
557. Are non-freeholders lease holders?
558. A freehold estate can be described using words "fee", "fee simple" and "fee simple absolute". Is this the most comprehensive group of rights in property ownership?
559. A life estate is a freehold for the lifetime of one individual. When this individual "dies", to whom does ownership revert?
560. The phrases "estate in reversion" and "remainder estate" are associated with the ending Of a life estate. In this process, what happens to title when the holder of a life estate dies?
561. To whom will title revert at the end of a life estate?
562. A sole owner holds title with what kind of estate?
563. May a tenant in common’s interest be "willed" or "sold"?
564. The term "survivorship" is used in various "tenancies" to indicate who gets title upon a death Does this survivorship concept indicate family members who survive the deceased or does It indicate only those who shared "title" to the property with the deceased?
565. A "tenancy by entirities" can exist only between who?
566. Does tenancy by entirities automatically provide for "survivorship" in the event of death of Either husband or wife?
567. A joint tenancy with rights of survivorship must be established under the concept of "4 unities". What are the 4 unities?
568. In Florida, in order to establish a true "joint tenancy", must wording in the conveyance Document (deed) specifically provide for survivorship?
569. Must a "tenancy by the entirities" specifically be written into the conveyance (deed) in Order for this tenancy to legally exist between husband and wife?
570. Must the conveyance to husband and wife "in entirities" specifically state that survivorship Is provided, or, are these rights "implied" between husband and wife?
571. Must a rental agreement provide a definite ending date in order to establish an "estate for years"?
572. If a rental agreement does not specify an ending (termination), what type of tenancy exists?
573. Of the "leasehold estates" (non-freeholds), which is the most comprehensive (most rights)?
574. In Florida, what minimum notice is required to terminate a month-to-month tenancy at will?
575. What two types of tenancies provide for "survivorship?
576. What is the purpose of the homestead law?
577. What property tax exemption does Florida allow for homesteaded property?
578. Only 5 types of liens may "force" the sale of homesteaded property. What are the 5 ?
579. A size restriction exists on homesteads. If outside a municipality (town/city), How large May a homestead be?
580. If "inside" a municipality, how large may a homestead be?
581. May two properties be simultaneously claimed as "homestead"?
582. By what date must homestead exemption be claimed if the allowed tax exemption is to be Effective for the current year?
583. Florida provides for protection of "surviving spouses" through "surviving spouse elective share". What minimum share of real property located in Florida is a widow or widower entitled to?
584. Are homesteads and properties owned as tenancies by entirities already "owned" by a surviving spouse in their entirity?
585. Florida also protects surviving spouses through establishment of a classification of "exempt property". In addition to elective share entitlement, a surviving spouse gets automobiles, plus $1,000 in personal effects of the deceased spouse and what dollar amount of household effects from the normal abode?
586. Does Florida have a "community property" law?
587. May spouses own real property separately from each other?
588. Describe the conditions under which a spouse may "own" property independently?
589. In Florida, at divorce, assets are divided "equitably". May the courts consider relevant factors such as economic circumstance & duration of marriage in dividing marital assets or is it 50/50?
590. What is FS718?
591. What is FS719?
592. What is FS721?
593. What Florida governmental body is charged with enforcement of the Condominium law, Cooperative law and Time Share act?
594. A co-op is a corporation which owns the actual real estate. A buyer purchases "stock" in the corporation which entitles that buyer to a "specific" kind of lease on their home. What is the name of this lease?
595. In condominiums, buyers receive deeded ownership of real estate and also an undivided interest With other owners in things like tennis courts, pools, etc. What is the phrase associated With these "shared" things?
596. What 4 main documents are required to "create" condominium?
597. Is a condo developer also required to produce a question and answer sheet to be given to buyers?
598. The "condo act" provides for buyer’s rights to cancel a purchase agreement within what time frame?
599. If buyers "cancel" within the time allowed, is a broker allowed to return deposits without Permission of the "seller"?
600. Chapter 721, FS is known by what acronym?

601. FRESTA provides for buyer’s right to cancel the contract within how many days?
602. Must sales personnel involved in selling time share hold Florida Real Estate Licenses?
603. Are time share plans registered with the SEC (securities & exchange comission) exempt From Florida’s time share act?
604. Not all time share developments involve "ownership" of real property. What is the phrase Associated with deeded time share ownership?
605. What is the phrase associated with time share which offers a "lease/license/club membership" Instead of interval "ownership"?
606. A person’s collection of rights to real estate identifies that person;’s _____(1 word)?
607. When a person sells, or is otherwise "dispossessed" of property what word describes this condition?
608. One may "voluntarily" alienate himself through two documents. What are they?
609. A person with a last will and testament is said to be what?
610. A person having no last will and testament is said to be what?
611. What single word can describe the actual will?
612. A person receiving property through a device(will) is called what?
613. What will happen to real property when an individual owner dies, leaving no will And no descendants?
614. 6 things must happen in order for someone to achieve "ownership" through adverse possession. What are they?
615. The government has a power to "condemn" and take private property rights for public purpose. What is this power?
616. Under "eminent domain", must a fair price be paid to the dispossessed owner?
617. How is eminent domain exercised?
618. There are 2 types of notice which may be used to symbolize(show) the transference of Ownership to real property. What are the two types of "notice"?
619. What is "actual notice"?
620. What is "constructive" notice?
621. In the event of dispute, which type notice , actual or constructive takes precedence?
622. Florida law does not "require" deed recordation however, if a deed is to be recorded, what must it contain?
623. What is an "acknowledgement"?
624. Who may perform an acknowledgement?
625. What is a "title search"?
626. In "running a chain of title" the same as a "title search"?
627. What is an "abstract of title"?
628. What is the goal of a "title search"?
629. The Florida Marketable Titles to Real Property Act established what?
630. What is the "root of title" in Florida ?
631. Are "certificates of title" or "title opinions" normally guaranteed by the person giving them?
632. What is the definition of a "title plant"?
633. There are 2 types of title insurance policies; Owner’s policy and lender’s policy. Which type may be assigned or transferred?
634. Which type title insurance policy may not be assigned or transferred?
635. There are two parties named in a deed. What are the names?
636. A deed must be signed by a "competent" grantor and 2 witnesses. Must a "grantee" sign?
637. Must a "grantee" be a competent person?
638. When is the deed (conveyance) effective in transferring title?
639. The main "section" (clause) of a deed identifies a property, the people involved (grantor & Grantee) and provides words of "conveyance". By what 2 names is this clause known?
640. What clause in a deed identifies the "estate" being conveyed"
641. What is a covenant or warrant?
642. What does a covenant of "Seisin" promise?
643. What are the 4 types of deeds provided for in Florida law?
644. What is the usual purpose of a "quit claim" deed?
645. Are there warrants/promises in a quit claim deed?
646. Is a quit claim deed sufficient to convey "ownership"?
647. What action is usually taken to clear clouds where a quit claim deed cannot be gotten?
648. What is the only covenant/warrant contained in a bargain & sale deed?
649. A special warranty deed contains no warrants/covenants except what warranty?
650. A general warranty deed contains 3 covenants. What are they?
651. A warranty of "quiet enjoyment" promises what?
652. A warranty of "further assurance" promises what?
653. A "warranty forever" lasts how long?
654. In foreclosure, at the auction, the conveyance is prepared by the lender’s attorney. What is this conveyance called?
655. Does a "certificate of title" provide any warranties?
656. Must a "certificate of title" show all outstanding liens & encumbrances?
657. Deed/certificate of title/conveyance instruments all accomplish the same thing. When Is title "actually" conveyed?
658. Our government has "reserved" the right to restrict private owners’ rights through 3 broad categories. Police powers; eminent domain and the right to levy taxes. What powers are Contained in the "police powers"?
659. Eminent domain provides the authority to "take" private owners’ rights for public purpose. How Is eminent demain exercised?
660. Does eminent domain have to be exclusively for "government use"?
661. Property taxes fall under purview of 3 authorities. What 3 authorities levy property taxes?
662. Additional restrictions exist in the private sector. Examples are "deed restrictions", easements, 0Leases and liens. What type of restriction is the broadest and most common in the Private sector?
663. May deed restrictions violate Federal or state discrimination laws?
664. Define the word "easement" within the context of restriction of owner’s property rights?
665. Define the word "encroachment" within the context of owners’ property rights?
666. When an "encroachment" has continued for 20 years, what type "easement" has been established?
667. When an "encroachment" has continued for 7 years, what type "easement" has been established?
668. How are "encroachments" typically identified?
669. A "lease" agreement typically limit’s the rights of an owner by turning some "rights" over To a tenant. May real estate licensees prepare leases?
670. Within what restrictions may real estate licensees prepare leases?
671. What is a "gross lease"?
672. What is a "precentage lease"?
673. What is a "net lease"?
674. What is "assignment" of a lease or other contract?
675. When may contracts "not" be assigned?
676. Contrast lease "assignment" and "sub lease" in concept?
677. What is/are the differences between "voluntary liens" and "involuntary liens"?
678. Only "specific liens" can force the sale of homesteaded property. What are the specific lien types?
679. Construction liens include sub-categories of "mechanics liens" "laborers liens" and "material man’s liens". How long after completion of work/delivery is allowed for filing these liens?
680. Could a construction lien "leapfrog" into a senior position even if the "recording date" was actually After the date of another lien?
681. Once filed, construction liens become "retroactive" to what date?
682. Seniority among liens is established by what?
683. Once recorded, for what period is a construction lien effective?
684. What type of lien is established by a "purchase money mortgage"?
685. What is the purpose of a legal description?
686. What are the 3 types of legal descriptions?
687. In the "metes & bounds" legal description what is the most important component?
688. In "metes & bounds", which is distance and which is direction?
689. In "metes & bounds" descriptions what is a "monument"?
690. What are the symbols for the compass segments, degrees, minutes and seconds?
691. The Government land survey system is NOT used where?
692. The Government land survey has components; "base line" & "principal meridian"; Which runs East/West and which runs North/South?
693. Ranges are vertical (N/S) strips. How wide are ranges?
694. Townships are horizontal (E/W) strips; how tall are townships?
695. Two range lines and 2 township lines enclose a 6 mi. Square "box" named what?
696. Guide meridians & correction lines are drawn to "adjust" for earth’s curvature; Their intersection forms a "square" 24 miles on a side. What is the term associated with this 24 mi square?
697. How many "townships" are contained in a "check"?
698. A township is a 6 mile "square"; how many "square miles" does it contain?
699. How many "sections" are contained in a township?
700. How large is a section"

701. How many acres are contained in a section?
702. How many square feet are contained in an acre?
703. What is the most common type legal description for single family dwellings in subdivisions?
704. In order for "lot & Block" legal descriptions to be used, it is required for the "plat map" to Be recorded where?
705. What 5 types of contracts may real estate licensees prepare in Florida?
706. If we draw a "lease", is it required that licensees use only the pre-printed forms approved By Florida’s Supreme Court?
707. May we prepare a lease on commercial property or a lease for longer that one year on Residential property?
708. If we establish a real estate sales contract orally, what statute have we violated?
709. Violation of the Statute of Frauds in establishing a contract would cause what effect On the contract itself?
710. Under the statute of frauds, Florida law specifically exempts Oral contracts from the statute of frauds In 2 specific cases. What are these 2 exceptions?
711. What is Florida’s statute of limitations on enforcement of formal (written) contracts?
712. What is Florida’s statute of limitations on enforcement of parole (oral) contracts?
713. What is Florida’s statute of limitations on "professional" misconduct or malpractice?
714. A valid contract in real estate has 5 essential elements. What are the 5 ?
715. Competency for the purpose of contracting means what?
716. An offer plus an acceptance of that offer are required to establish a contract. 2 phrases are used Interchangeably to describe this condition. What are they?
717. Can a valid contract be established for an "unlawful" purpose?
718. Consideration falls into 2 categories. What is "valuable" consideration?
719. What is "good" consideration?
720. Is it necessary for "money" to have been deposited to establish a binding contract?
721. In contracting, what does being "bound"mean?
722. What is a "bilateral contract"?
723. What is a "unilateral contract"?
724. What is an "express"(or expressed) contract?
725. In contracting, what is an "executory" contract?
726. What is an "executed" contract?
727. "Offers" may be terminated in 7 ways; What are the 7 ?
728. "Contracts" may be terminated in 6 ways; What are the 6 ?
729. When a party is in "breach" of contract, the damaged (other) party has 4 basic remedies In litigation. What are the 4 remedies?
730. What is sought in a suit to "specific performance"?
731. What are "liquidated" damages?
732. What is sought in a suit to "recission"?
733. What are "compensatory" damages?
734. Under Florida law, contracts are "assignable" unless the individual contract has wording That prohibits "assignment". What is an "assignment of contract"?
735. In assigning a contract, does the "original" contract party get "released" from liability?
736. In what manner may an original contracting party be released from liability?
737. What does "novation" indicate in the contract assignment process?
738. Licensees usually contract with property owners in a "listing contract". How quickly Must a licensee return a copy of the agreement to the owner?
739. Are listing contracts subject to the Statute of Frauds?
740. The phrase "attorney-in-fact" describes a person who has what legal document?
741. In a listing contract established to "find a purchaser", at what point has a licensee "earned" the brokerage fee?
742. In a listing contract to "effect a sale", at what point has a licensee earned her fee?
743. What is an "open listing"?
744. Must an owner notify area brokers when an "open listing" has been sold?
745. Does an owner in an "open listing" retain the right to sell on his own without paying A brokerage fee?
746. What is an "exclusive Agency" listing?
747. Does an owner in an exclusive agency listing retain the right to sell on his own without Paying a brokerage fee?
748. What is an "exclusive right to sell" listing?
749. Does an owner in an exclusive right to sell listing retain the right to sell on his own without Paying a brokerage fee?
750. What is a "net" listing?
751. Are net listings allowed in Florida?
752. Even though "legal", are net listings "discouraged" because for the potential for fraud and abuse?
753. If a seller who has listed with a broker, refuses an offer that meets all original terms and conditions, and subsequently accepts an offer from another broker, does the seller "owe" full commission to both brokers?
754. Are "option" contracts subject to the Statute of Frauds?
755. Is an "option" contract bilateral or unilateral?
756. In contracting to sell, which party is the vendor?
757. In contracting to sell, which party is the vendee?
758. Do real estate sales contracts require disclosure of all necessary "financing arrangements"?
759. Why is it good business to have both "spouses" sign a contract?
760. If only 1 spouse "signs", are both spouses "bound" anyway?
761. Is it required by Florida law for a licensee to provide copies of all termite and roof inspection Reports held by the licensee if so requested?
762. Must a licensee disclose, in writing, to prospective buyers and tenants what radon gas is?
763. Is testing for radon gas required in Florida?
764. Do buyers receive a right to "cancel" a contract due to radon gas?
765. In what case might a buyer have the right to void a contract because of radon gas?
766. Because of danger from lead-based paint products, housing built before what year Requires disclosure to buyers of the potential hazard?
767. Must a buyer be given a "seller’s disclosure" divulging seller’s knowledge of lead products In property that was built prior to 1978 ?
768. Must a buyer of a pre-1978 home be given a HUD booklet explaining lead hazards?
769. When must buyers be given the required lead disclosures and phamplets?
770. Are buyers authorized to "cancel" contracts where inspections indicate an "unacceptable" Risk from lead products?
771. Is there a required "inspection" for lead based paint?
772. May a buyer "waive" his right to cancel in lead based paint risk properties?
773. Is disclosure to buyers of the existence of a mandatory homeowner’s association required?
774. Must a seller make disclosure to buyers of building code violations?
775. Would a seller have civil liability to buyers in cases where the seller neglected to Disclose ongoing building code deficiencies?
776. In a state which subscribes to the ‘title theory" of mortgages, when a lender accepts a mortgage, Who receives "title" to the mortgaged property?
777. In a state which subscribes to the "lien theory" of mortgages, who receives title to the Mortgaged property?
778. In a "lien theory" state, what does the lender receive?
779. Is Florida a "title" or "lien" theory state?
780. In the mortgage process, what is a "note"?
781. What is a "mortgage"?
782. What word describes the "lender" in a mortgage situation?
783. What word describes the "borrower" in a mortgage situation?
784. What instrument is recorded to release a lender’s "lien" on mortgaged property?
785. Florida law allows how many days for the mortgagee to forward the "satisfaction of mortgage"?
786. After foreclosure and auction of mortgaged property, where insufficient funds are raised to pay the entire debt, what kind of judgement is "awarded" against the mortgagor?
787. An "equitable right of redemption" exists in all mortgage situations. The lender must "release" A borrower’s property from foreclosure sale upon full payment of all the debt. When does this "equitable right" end?
788. Law does NOT require that all mortgages allow early payoff. May a mortgage contract prohibit Early payment and also include a "penalty" for early payment? 789. If a mortgage contract "allows" early payment, may it also include a "penalty" for that priviledge?
790. May a mortgage contract prohibit early payment and also contain a "due on sale clause"?
791. Is it permitted for a mortgage contract to contain a "due on sale clause" and still allow early payoff?
792. A "defeasance" clause in a mortgage contract does what?
793. An "escalator" clause in a mortgage allows the lender to "adjust" the interest rate in event Of a specific future event (war; etc). Are these clauses legal?
794. An "open end" clause in a mortgage provides for the borrower to "borrow back" equity, restoring the mortgage loan to its original amount. Do lenders usually reserve the right to increase the interest rate in these "open ended mortgages"?
795. Borrowers who have "kept faith" and complied with all agreements are usually protected from an attempt to "accellerate" or "call" the loan. What is the name of the clause in mortgages which provides this protection?
796. In some mortgages, lenders agree to accept the "property" and release the borrower from additional liability for deficiency judgement. What is the term associated with this "escape" provision?
797. What establishes the "seniority" of a mortgage?
798. What is a "blanket" mortgage?
799. What is a "partial release" clause in a blanket mortgage?
800. Are licensees required to "disclose" existence of a blanket mortgage to prospective buyers?

801. At what point in the contracting process must existence of a blanket mortgage be disclosed?
802. What is a "receivership" clause in a mortgage?
803. What Federal law created the FHA?
804. What Government agency does the FHA fall under?
805. Does the FHA "make" loans?
806. What does the FHA do?
807. Does the FHA set interest rates?
808. Does FHA insurance protect the lender or the borrower?
809. Are discount points allowable in FHA loans?
810. In FHA loans, what is MIP?
811. Who pays the MIP in FHA loans?
812. FHA Title II, section 203 covers what type loans?
813. FHA Title II, section 234 covers what type loans?
814. FHA Title II, section 245 covers what type loans?
815. FHA Title II, section 251 covers what type loans?
816. Does FHA set "maximum" loan amounts for different geographical regions?
817. Does FHA set (or require) any "minimum" down payment?
818. In normal circumstance, what is the maximum FHA loan period?
819. What is the maximum FHA loan term in "high cost of living" areas?
820. Veteran’s Administration (VA) loans are available to "qualified" veterans. Which does the VA do, insure loans or guarantee loans?
821. To what does a VA "guarantee" apply, price or loan amount?
822. What purpose does the VA guarantee serve for the lender?
823. What is a veteran’s maximum VA guarantee amount?
824. Has the VA set a "maximum" loan amount?
825. Do VA loans require borrowers to make "down payments"?
826. Do VA loans require borrowers to make "insurance" payments like the FHA does?
827. May a VA borrower make a down payment if he wishes?
828. Do VA loans require borrowers to pay a "funding fee"?
829. The VA funding fee is "waived" in what circumstance?
830. Does the VA "set" interest rates?
831. Who sets the interest rate for a VA loan?
832. May a "qualified" veteran use a VA loan to buy rental property?
833. May a VA lender charge discount points?
834. In conventional mortgages, what does PMI mean?
835. With what % of down payment is conventional PMI usually waived?
836. What is a "term" mortgage?
837. Is a "term" mortgage a "non-amortized" loan?
838. Describe "amortization"?
839. Describe a "partially amortized" mortgage?
840. What is a "purchase money mortgage"?
841. What is a "package" mortgage?
842. Describe a "balloon payment" with respect to mortgages?
843. What does "assumption" of a mortgage imply?
844. In an "assumption", is the original borrower "released" from liability?
845. What is required to achieve the "release" of an original borrower in the assumption?
846. If a buyer takes title "subject to" an existing mortgage, does the buyer become personally Liable for repayment of the debt?
847. In selling property, the seller usually requests his lender to provide a "payoff quote". Once received, this payoff quote becomes an "estoppel certificate". What does "estoppel" Mean in this context?
848. May licensees prepare "contracts-for-deed" for customers or clients?
849. What is a "contract for deed"?
850. Are contract for deed/installment sale contract/ land contract/agreement for deed essentially the same?
851. Does "legal title" pass to a buyer under contract for deed?
852. Does "equitable title" pass to a buyer under contract for deed?
853. Is "equitable title" sufficient to allow a buyer to file homestead?
854. A wraparound mortgage "encloses" an old mortgage within a new one. Can a "wrap" Be done where the old mortgage contained a "due on sale" clause?
855. Adjustable rate mortgages (ARM) are loans in which interest rates "adjust" annually. Does the VA have an active "ARM" program?
856. Does the FHA have an active "ARM" program?
857. In ARM’s, what is an "index"?
858. In ARM’s what is a "margin"?
859. Are ARM’s popular in times when prevailing interest rates are low?
860. What is a "Shared appreciation mortgage"?
861. What is a "reverse annuity mortgage"?
862. In mortgage lending, what is a "buydown"?
863. Licensees typically "qualify" prospects before beginning the process of attempting to locate and sell them a property. In this context, what does "qualifying" mean?
864. Lenders typically "qualify" borrowers in the application process. In this context, borrower’s Housing expense ratios and total obligations ratios are calculated. 0What constitutes a borrower’s housing expense ratio?
865. What constitutes a borrower’s total obligations ratio?
866. What housing expense and total obligations ratios does FHA usually require?
867. What housing expense and total obligations ratios do conventional lenders usually require?
868. VA has historically used a "table of residual income", but is currently also using A total obligations ratio also. What maximum total obligation ratio does VA accept?
869. In "underwriting", lenders use 4 guidelines (ask 4 questions) is assessing riskiness of a loan. What are these 4 criteria?
870. What does "loan-to-value-ratio" (LTV) mean?
871. As a borrower’s LTV increases, does the lender’s risk increase or decrease?
872. In an "easy money market" is there an oversupply of lendable funds?
873. In a "tight money market" is there an oversupply of lendable funds?
874. The "demand" for mortgage funds is influenced by 6 factors. What are the 6 factors?
875. What is a short acronym for the Federal Reserve System?
876. Who/what is considered the "central banking authority" in the United States?
877. Who/what has the responsibility of managing the U.S. Monetary supply?
878. What 3 "tools" does the "FED" employ in managing the U.S. money supply?
879. What are "open market operations" by the FED?
880. When the FED "sells" government securities on the open market, does it increase or Decrease the supply of lendable fends?
881. When the FED "buys" government securities on the open market, does it increase or decrease The supply of lendable funds.
882. Which is the most common method used by the FED to influence the supply of funds?
883. What are "reserve requirements" with respect to the FED and its management policy?
884. Which of the 3 tools of the FED has the "most drastic" or "abrupt" effect on the supply Of lendable funds?
885. In the market for lendable funds, what is "intermediation"?
886. In the market for lendable funds, what is "disintermediation"?
887. The Federal Home Loan Bank Syatem regulates and serves what type institutions?
888. What does the Office of Thrift Supervision oversee?
889. BIF, DIF & SAIF are subordinates of what Federal body?
890. In securities/mortgage markets, what is a "primary market"?
891. What does a mortgage broker do?
892. Do mortgage brokers "make" loans?
893. Do mortgage bankers "make" loans?
894. What is a loan correspondent?
895. What is a "demand deposit" account?
896. Can commercial banks, Federal chartered Savings Associations & Credit unions All provide "demand deposit" accounts for their customers?
897. What does the word "National" or the initials N.A. in a commercial bank’s name imply?
898. What does the word "Federal" or initials F.A. in a savings association’s name imply?
899. Where do Savings Associations invest the bulk of their assets?
900. What type of lender makes "most" of the single family mortgage loans?

901. In which part of the United States are Mutual Savings Banks predominately located?
902. Are Life Insurance Companies regulated by Federal or State laws?
903. Are Life Insurance Companies considered to be "thirft institutions"?
904. In addition to guaranteeing some loans & insuring other loans, does the Rural Housing Service also "make" some loans?
905. In Securities/mortgage markets, what is a "secondary" market?
906. Is the "secondary mortgage market" the principal "source" of mortgage capital?
907. Of the 3, Fannie Mae; Ginnie Mae; Freddie Mac; which is today still totally Government?
908. Which Government Department does Ginnie Mae (GNMA) fall under?
909. Although private, Freddie Mac is subject to 2 government agencies. Which 2 ?
910. Does Freddie Mac buy mortgages from Savings Associations?
911. Which of the 3 secondary market organizations was created to buy mortgages From Savings Associations?
912. How is one mil written as a decimal number?
913. How is ten mils written as a decimal number?
914. How is nine point five (9.5) mills written as a decimal number?
915. How is a numerical fraction converted into a decimal number?
916. Are sales commissions calculated as a percentage of the "asking price" or "contract price"?
917. What is the formula for calculating an investor’s percentage of profit?
918. Are mortgage interest rates quoted as "annual rates"?
919. In regularly "amortized" mortgages, a constant monthly payment contains components "principal" and "interest". In the early years of the loan, which component is larger?
920. Do principal components on the monthly payments gradually increase while the interest Components gradually decrease?
921. By Florida law, are "brokers" responsible to account for and deliver everything placed in their Trust by transaction parties or, are the "salespersons" responsible for this?
922. What document designates responsibility for payment of closing cost items?
923. What document "controls" the title closing in a real estate sale?
924. Which is subtracted from a buyer’s or seller’s accounts at closing; a debit or a credit?
925. Is the 365-day method of calculation preferred in proration between sellers/buyers at Closing or is it the 30-day month method?
926. How are State Documentary Stamp taxes on deeds calculated?
927. How are State Documentary Stamp taxes on mortgage notes calculated?
928. What is the millage rate charged for State Intangible Taxes on new mortgages?
929. Which party, buyer or seller, normally pays brokerage fees?
930. Which party, buyer or seller, normally pays State Documentary stamp taxes on deeds?
931. Which party, buyer or seller, normally pays State Documentary stamps and intangible Taxes on mortgages?
932. An appraisal is usually an "estimate" of what type of value?
933. An appraisal uses scientific method but is considered a what? (art or science)
934. In Florida, appraisers are licensed under which part of the real estate law (partI or II)
935. USPAP stands for what?
936. Are appraisals performed by real estate licensees still required to conform to USPAP?
937. Who disciplines real estate licensees who violate USPAP when performing appraisals?
938. Who disciplines appraisers who violate USPAP when performing appraisals?
939. May a real estate licensee perform an appraisal for compensation?
940. May a real estate licensee perform an appraisal for a Federally related transaction?
941. Define a "Federally-related transaction"?
942. In performing a market analysis (opinion of value) are real estate licensees required to Conform with USPAP?
943. May a real estate licensee refer to his opinion of value (CMA) as an appraisal?
944. "The most probable price a property should bring in a competitive & open market, Under conditions requisite to a fair sale, buyer & seller being prudent & knowledgable & the price not being affected by undue stimulus "is whose definition of market value?
945. What Federally-sponsored inflation guide uses a "market basket of goods" in its calculation?
946. The CPI measures what?
947. Have market prices of real estate traditionally risen faster than the CPI?
948. Is real estate a good protection from inflation?
949. In real estate, what constitutes "overimprovement"?
950. What is the definition of highest and best use of real estate?
951. What are the 3 approaches to appraising real estate?
952. Is the "principal of substitution" the basis for all 3 approaches to appraisal?
953. When an appraiser applies a "mathematical weighting" in arriving at a final estimate, what Term describes this "weighting"?
954. In selecting comparables for appraisal. What 2 criteria must exist in order for a past Sale to be "selected" for comparison?
955. Is the comparable sales approach to appraisal also used for vacant land?
956. In the cost less depreciation approach to appraisal, what is the "quantity survey" method of determining what must be constructed?
957. In the cost less depreciation approach to appraisal, what is the "unit in place" method of determining What must be constructed?
958. In the cost less depreciation approach to appraisal, what is the comparable square foot/Cubic foot method of determining what must be constructed?
959. What are local "benchmarks" in appraising?
960. Which method of determining what must be constructed (above) uses "benchmark structures"?
961. What are the 3 types of depreciation calculated by appraisers?
962. What is physical depreciation?
963. What is functional depreciation?
964. What is external (locational) depreciation?
965. In depreciation, terms "curable" & "incurable" are used. What does "curable" indicate?
966. What does incurable depreciation indicate?
967. Which of the 3 types of depreciation is usually "incurable"?
968. Can a property which produces no income be appraised with the income capitalization method ?
969. In "direct capitalization", an OAR expresses the relationship between what 2 things?
970. In direct capitalization, the calculated value expresses the relationship between what 2 things?
971. How is an annual net operating income (NOI) calculated?
972. A gross rent multiplier (GRM) is a tool used by an appraiser. GRM is calculated from "past" Sales information. How is it calculated?
973. If a GRM is available, how is it used to calculate value of an income property?
974. Is GRM calculated by dividing a monthly or an annual income into a known sales price?
975. What is the essential difference between calculation of a GRM and a GIM?
976. In the appraisal process, is it normal that all (or as many as possible) of the 3 approaches To appraisal be used in each appraisal performed?
977. A real estate licensee’s CMA is not an appraisal and may never be called an appraisal, must it still Conform to the USPAP?
978. In development, separate parcels are often purchased for combination into a single larger parcel suitable for development. What word identifies this action?
979. What word is used to identify the "value added" because of the "assemblage" of several parcels?
980. A smaller, lower valued home situated among larger & more valuable homes will experience A "boost" in value because of the neighbor’s value. What term describes this "boost"?
981. A larger, more valuable home will have its value "dragged down" by surrounding smaller & less Valuable homes. What term describes this negative effect?
982. Location, Location, Location; the 3 most important words in real estate. What word denotes location?
983. Describe what is meant by "slab on grade" construction?
984. In roof style, what is a "dormer"?
985. In roof style, what characteristics does a "hip" roof have?
986. Is "mansard" a type/style of roof or a European dog breed?
987. In electrical installation, what is a "service panel"?
988. In electrical installation, what is a "circuit breaker"?
989. In electrical instllation, what is a "ground fault interrupt" (GFI) circuit?
990. In what types of rooms are GFI circuits typically used?
991. Which type wiring is preferred, copper or aluminium?
992. What term is used to measure the amount of electricity a device consumes?
993. Insulation is measured in its ability to resist heat flow. What type value is this expressed in?
994. What type window contains hinges on the side or sides?
995. What is the essential difference between double hung and single hung windows?
996. What 5 factors are investors typically motivated by?
997. Define real estate investment analysis?
998. What 4 factors make Real Estate Investment Trusts (REIT) attractive to investors?
999. Are REITs similar to mutual funds?
1000. An investment property in which routine maintenance has been deferred is said to Have been "milked" How can an investor check for this condition?

1001. In commercial investment property, why are office properties typically favored By investors?
1002. What crucial consideration must be made in analyzing industrial properties as investments?
1003. Lack of liquidity is considered a disadvantage to real estate investment. What is liquidity?
1004. Is investment in real estate typically considered one of the best hedges against inflation?
1005. Service industries are situated in "destination" properties. What is a service industry?
1006. Export (or base/basic) industries are situated on "origin" properties. What are 2 examples Of basic industries in Tallahassee?
1007. Define "business risk"?
1008. Define "financial risk"?
1009. Define "purchasing power risk"?
1010. Define "interest rate risk"?
1011. In concept, what is "leverage"?
1012. As a borrower’s leverage increases, how is borrower’s risk affected?
1013. As a borrower’s leverage increases, how is lender’s risk affected?
1014. In discussion of business brokerage, "business opportunity" and "business enterprise" Are used to indicate the "size" of a particular business. Which phrase is associated With a business worth more than $100,000.?
1015. Business brokers are accustomed to considering "goodwill" of a business as a valuable, but intangible, asset. What is "goodwill"?
1016. The value of a business as an "operating enterprise" is larger than a simple total of tangible value. What is the phrase associated with a"total package" of an enterprise?
1017. Scope of market is a major differentiation between markets for real estate and Markets for businesses. Which: ( real estate, or business) market is "local" in nature?
1018. In business & investment real estate brokerage, business "reports" are important to investors and brokers. What is an "income statement"?
1019. What is a "balance sheet"?
1020. What are the 4 appraisal techniques used in appraising businesses?
1021. Florida property taxes are "AD VALOREM" taxes. What does Ad Valorem mean?
1022. What are the 3 Florida real property taxing authorities?
1023. Does the State of Florida also levy real property taxes?
1024. When do property taxes first become due and payable in Florida?
1025. When do property taxes attach as a "lien" on Florida real property?
1026. When are Florida property taxes "delinquent"?
1027. Florida County Property Appraisers determine the just value of property for taxation purposes. What is the phrase that describes tax valuation?
1028. Florida provides for certain "exemptions" from taxes for qualified owners. What is Florida’s exemption amount for "homesteaded" property?
1029. What amount of exemption is provided for a blind person in Florida?
1030. What amount of exemption is provided for a surviving spouse in Florida?
1031. What amount of exemption is provided for a 10% military disabled person in Florida?
1032. What is the maximum (cumulative) of all exemptions for Florida property tax?
1033. Senior citizens are afforded an "exceptional/additional" exemption for homesteaded Property of $25,000 above the normal maximum. What are the minimum age and maximum Income requirements for these senior citizens?
1034. Assessed value, minus exemption amount equals what? (kind of value)
1035. A 3 - part protest procedure is available to property owners who disagree with their "tax assessment value". What are the three steps?
1036. What is the required composition of the "value adjustment board"?
1037. What is the latin name for the proceeding in which taxes are being paid under protest?
1038. What identifies a taxing authority’s "tax base" ?
1039. What class of property is "immune" from property taxes?
1040. By what date must a property tax "exemption" be applied for?
1041. What class of property may receive a "green belt" exemption?
1042. Of all available exemptions, only the "green belt exemption" expires annually. By what date must A farmer "recertify" for the green belt exemption?
1043. Are military veterans with service-connected total disability totally exempt from property tax?
1044. Under certain conditions, may a totally disabled non-military person receive total property tax exemption?
1045. Florida’s "Save Our Home Ammendment" limits the annual tax assessment increase on Homesteaded property to a maximum increase of what amount?
1046. Tax rates are expressed in "millage". How is one mil written as a decimal number?
1047. How would 12.5 mils be expressed as a decimal number?
1048. Where the county (or municipality) improves property value by paving streets or other improvement, property owners are usually "billed" for at least part of the cost. What is the phrase used to identify the "billings"?
1049. Can special assessments force the sale of homesteaded property?
1050. In case of non-payment of property taxes, a "tax certificate" will be sold to accomplish payment Of the taxes. What is the maximum interest rate allowable for tax certificates?
1051. The holder of a tax certificate may force the sale of affected property within what time frame?
1052. Federal taxpayers are given tax deductions for expenses involved in home ownership. Are mortgage interest and property taxes for both 1st and 2nd homes Federal tax deductions?
1053. Home equity loans have a maximum loan amount, beyond which a Federal tax interest deduction Is not allowed. What is the maximum "equity" loan amount that qualified for the tax/interest Deduction?
1054. May "discount points" paid in home acquisition qualify for a Federal Income tax deduction In the year of purchase?
1055. May discount points paid to "re-finance" a home be used as a Federal income tax deduction In the year of the refinancing?
1056. May 1st time homebuyers make a "penalty-free" withdrawal from a tax deferred IRA for The purpose of buying a home?
1057. What is the maximum IRA withdrawal amount that is penalty free for a 1st time hemebuyer?
1058. The Tax Reform Act of 1997 provided capital gain tax exemptions for homeowners in sales Of principal residences. What amounts of capital gain (single/married) are exempted from tax?
1059. Buyers who purchase from "foreign sellers" are required by the IRS to withhold what Amount of the sales price for the IRS ?
1060. Federal law allows investors to "depreciate" investment property for tax shelter purposes. Two recovery/depreciation schedules are set by IRS rule. What are the periods (residential & non-residential)?
1061. Investors may reduce capital gain tax by "trading" property for other property in lieu of "selling" and "buying". Like-kind exchanges are tax free except where a party receives "unlike" property. What is the word which identifies "unlike" property in an exchange?
1062. Who is responsible for paying tax on the "boot"?
1063. For taxation, income is broken into 3 classifications. What are the three?
1064. Is the market for real estate local or regional in nature?
1065. Does the real estate market respond quickly or slowly to change in supply & demand?
1066. What are the factors affecting the "supply" of real estate?
1067. What are the factors affecting the "demand" for real estate?
1068. What is the factor having the greatest affect on Florida’s population growth?
1069. In real estate "jargon" the term empty nester is used. What are empty nesters?
1070. Describe supply & price factors in a "buyer’s market"?
1071. Describe supply and price factors in a seller’s market?
1072. Do occupancy & vacancy ratios of rentals provide any indication of future "sales" Activity in that market?
1073. What does the "concurrency" provision of Florida’s Growth Management Law require?
1074. Florida’s Growth Management Law requires "comprehensive plans" to be submitted To what Government Department?
1075. In Florida’s Growth Management Law, what is a comprehensive plan?
1076. Florida’s Growth Management Law was designed to prevent urban sprawl. What is A symptom of urban sprawl?
1077. Growth management advocates have identified several types of "development" which Contribute to urban sprawl. Name 3 .
1078. In the growth management process, planners should have 4 basic goals. List them.
1079. Florida’s growth management law required establishment of local planing agencies/commissions & gave these local groups 3 specific responsibilities. The local planning agency has what 3 final authorities?
1080. Land use planners use 6 types of background studies. From among these, what are "economic base studies"?
1081. What are physiographic studies?
1082. Urban area thoroughfare studies are required by Federal and State law for cities above What population threshold?
1083. The "police powers", as applied to restriction of owner’s rights include zoning, building, Safety & health codes. What 3 "tools" are used to enforce building codes?
1084. What is the category of "residential zoning" intended to regulate?
1085. What is the category of "commercial" zoning intended to regulate?
1086. What is the category of "industrial zoning" intended to regulate?
1087. What is a "buffer zone" in land use planning intended to do?
1088. What type housing typically separates single family homes from professional areas?
1089. "Public zoning" is a sub-category within "special use zoning". Federal post Offices would Be an example of public zoning. Is public zoning ‘exempt" from other local zoning regulation?
1090. In establishing zoning, local authorities make decisions which may not satisfy all owners. What body is set up to provide land owners an avenue of relief in the zoning process?
1091. The Zoning Board of Adjustment has 3 alternatives in "relief" from zoning regulations. What are the 3 things an owner might request from this board?
1092. A "variance" would be requested for a use which did not exist prior to current zoning & is Not allowed in current zoning. What 2 conditions must exist in granting of a variance?
1093. A "special exception" would be used to allow a special use of a specific parcel upon request. Do special exceptions require the "hardship" condition contained in variance procedures?
1094. Uses which pre-date current zoning rules are "grand fathered". What is the name associated with this grand fathering?
1095. "Any development which will have a substantial effect on health, safety or welfare of citizens of more than one county" is termed what?
1096. What is a Planned Unit Development?
1097. A required description of the impact of a project on the environment is termed what?
1098. What is the purpose of Florida’s Real Estate License Law?
1099. What is the best way to protect the public in matters pertaining to real estate transactions?
1100. To what body does the term/phrase "REALTOR" belong exclusively?