State exam

Revenues from real estate property taxes support which of the following?

Local, state, and federal governments

School boards, city and county governments.

Joe has been trying to sell his home by himself without success. He now wants to list the property only with ABC realty, but would like to continue to try to sell it himself to save the commission. What type of listing would satisfy Joe's requirements?

Exclusive right of sale listing

Exclusive agency listing

In order to qualify for an FHA 203b insured mortgage loan, an applicant's housing expense ration cannot exceed what percentage?

43%

31%

Which appraisal principal states that the value of a property today is the sum of its future benefits?

Principal of substitution

Principal of anticipation

In order for a broker to appoint one sales associate to represent a buyer as a single agent. And another sales associate from the same office to represent the seller as a single agent, all of the following conditions must be met. Except which one?

The buyer and seller must each have at least one million dollars in assets

This is a residential transaction

Which mortgage clause is the borrowers promise to pay the property taxes during the period of the loan?

Defeasance

Tax

Robert has a listing on Craigs home...

Single agency

Transaction brokerage

A sales associate failed to completed the required post license education prior to their renewal deadline. What is the status on the sales associates license?

Void

Revoked

All of the following statements about an offer are accurate, BUT

Acceptance of an offer results in a contact

A counteroffer is considered acceptance of the original offer with modifications

Property taxes in Florida are paid in arrears therefore if a closing occurs on September 7th, What would tax proration be?

Debit seller, credit buyer

Debit buyer, Credit seller

What is the description of the township located due west of T1N, R1W?

T1N, R2W

T1N, R4W

An individual wishes to be an officer or director of real estate brokerage firm, but does not wish to engage in the daily practice of real estate. Which license status would best suit this individual?

Broker associate license

Which warrant in a deed states that the seller is in possession of the property and has the legal right to convey it?

Seisin

Habendum

The most probable price that a property will bring in an open and competitive market is referred to as what?

Cost

Market Value

After the three appraisal valuation approaches have been applied, how are the results reconciled to estimate a final opinion of value?

The highest value of the three approaches is used as the final opinion of value

The results of each approach are weighted to reflect the appraisers opinion on how well each approach best reflects the value of the subject property.

A licensee failed to complete the required 14 hour continuing education for their second renewal and their license expired on September 30th. What is the status of the license on October 1st?

Voluntarily inactive

Involuntarily inactive

Real Estate is the earth and anything attached to it. Real Estate can be converted to personal property through what process?

Conversion

Severance

State exam

More Quizzes