State Exam

In a telephone conversation, Sandra made an offer to purchase a property from David, which he accepted. Before a written contract could be delivered for David's signature, another buyer made a higher offer. Which of the following statements is correct?

David must sell to Sandra

Sandra has the right of first refusal

David may accept the second offer.

What does the registration of an active sales associate with the department refer to?

Placing and keeping on the record the sales associate's name and home address

Placing and keeping on record the sales associate's name, home address and business address of their employing broker.

Which business structure may be registered to broker real estate?

Limited partnership

Trust

Joint venture

Cynthia an appraiser tells the owner Elizabeth that the value of her house would increase 5,000 if the exterior paint were painted. Elizabeth contacts Gary the painter about having the house painted and is told it will cost 3,000.

Curable external obsolescence

Incurable external obsolescence

Curable physical deterioration

Which concept applies to the value of businesses that are operational in a profitable capacity?

Highest and best use

Going Concern

Kaitlin is a licensed real estate broker in Georgia, which has a mutual recognition agreement with Florida. She wishes to obtain a Florida real estate broker license. Which statement is incorrect?

If she is a Florida resident, she may take the sales associate course and state exam

She must be a Florida resident

A broker has requested an Escrow Disbursement Order and while waiting for a response from the FREC the buyer and seller reach an agreement to split the deposit. The broker must notify FREC within how many days?

10 days

15 days

How is investment value best defined?

The highest price a property would sell for in an open marker

The value to an individual

What term refers to the action taken by the federal reserve bank to influence the availability and cost of money?

Open market operations

Monetary Policy

Which of the following statements regarding exempt and immune property is correct?

A county court house is immune property that would not be assessed or subject to taxation

A church is an exempt property that would not be assessed for tax purposes.

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

Premises clauses

Signature of the grantee

When appraising a vacant lot the appraiser's final decision would be which of the following appraches?

Cost-depreciation approach

Sales comparison approach

Carl defaulted his home loan and the lender foreclosed. The lender may go to court to obtain...

Write-off judgement

Deficiency judgement

A potential purchaser of a new timeshare can cancel the contract without penalty within how many days?

20 days

10 days

James leases a space. An agreement whereby James transfers all of the leased space for all of the remaining time under that lease would be called what?

An assignment

A sublease

When a mortgage loan is paid off in a title theory state, the borrower recieves...

A letter of satisfaction

A reconveyance deed

The use of a property with the owners consent without a definite duration would be what type of tenancy?

At will

At Sufferance

Liens may be specific to one property or be general in nature and apply to any property the person may own. Which of the following liens is a general lien?

Construction lien

Judgement lien

Which of the following statements accurately describes an FHA 203b loan?

The loan cannot contain a penalty clause for pre payment

The seller must pay any discount point by the lender

Two rations borrowers must qualify to receive FHA loans

Housing expense and total monthly obligations ratios

Housing expense and monthly gross income ratios

Offers may be terminated by all of the following but:

Acceptance

Breach

The subject property for appraisal is a 20 year single family

A similar property in the same neigborhood that sold 2 years ago

A similar property in the neighborhood that sold 3 months ago

Which of the following best describes a DBPR investigator's roles and responsibilities?

Upon conclusion of the investigation, the investigator files an investigation report

The investigator will make recommendations as the penalty that should be imposed against the licensee.

State Exam

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