State exam final prep 10-10

All of the following items are relevant when estimating the value of a business, EXCEPT:

Personal income taxes

Short term liabilities

Which method of legal description starts at a point of beginning POB and uses angels of direction to describe property?

Metes and Bounds

Government land survey

The range of penalties that may be imposed on a licensee by the commission for violation of law or rules includes which of the folllowing?

Denial, reprimand, fine, probation, suspension and revocoation

A fine reprimand denial suspension revocation and imprisonment

Which of the following terms relates specifically to the location of a property?

Situs

Demographics

All of the following are required elements of a valid deed, EXCEPT:

Signature of the grantee

Signature of the grantor

All of the following are required by the real estate settlement procedures act RESPA EXCEPT:

Disclosure of the annual percentage rate APR

Use of the closing disclosure form at closing

Which of the following applies if a broker received a kickback or referral fee from a title insurance company?

It is a violation of RESPA

It is legal

Who owes fiduciary duties in a single agency relationship?

The broker only

Both the broker and the principal

In order to claim ownership of a property by adverse possession, the person claiming ownership must meet certain requirements for what period of time?

7 years

5 years

All of the following are tax benefits of homeownership, EXCEPT:

Deduction of mortgage principal amount paid

Exclusion of an amount of gain on the sale of a principal residence

If a brokerage entity is going to use a trade name it must be registered with the division of corporations, secretary of state. It must also then be registered with the DBPR unless the brokerage is established as what type of business?

Sole propretorship

Corporation

What is a correct statement regarding the monthly payment on an amortized loan?

The interest portion decreases and the principal portion increases

The interest portion increases and the principal portion decreases

When a mortgage loan is paid off in a title theory state, what will the lender will give the borrower?

A reconveyance deed

A letter of satisfaction

When financing the purchase of real estate, what is the role of the mortgagor?

The mortgagor gives a mortgage to a mortgagee

The mortgage takes a mortgage from a mortgagee

What types of damages, specifically named and agreed upon in a contract, would be imposed upon breach of the contract?

Liquidated damages

Unliquidated damages

If a zoning requirement were to causes a financial hardship to a homeowner, the homeowner should apply for what?

A variance

A special use exception

Which method of legal description uses compass bearings to indicate the direction of boundary lines?

Surveyor's method

Government survey method

How is the amount of a mortgage loan assumed at closing by the buyer allocated at closing?

Double entry

Debit to the buyer

A landlord with several residential rental properties would usually hire a real estate broker as what type of agent?

A general agent

A special agent

An option contract is a unilateral contract that is binding upon which party?

Optionor

Optionee

State exam final prep 10-10

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