Real Estate test prep
Real Estate Mastery Quiz
Test your knowledge and sharpen your skills with our comprehensive Real Estate Mastery Quiz! Designed to prepare you for the challenges of the real estate industry, this quiz covers essential topics and concepts.
- 75 carefully crafted questions
- Covers key real estate principles and terms
- Assess your readiness for certification exams
What is the granting clause
Legal notice
Constructive notice
Known as the granting clause is the only legally necessary clause required in a deed
What is Habendum clause
Called the to- have and to hold clause, specifics the legal rights being conveyed. "The portion of the bundle of legal rights being conveyed"
Right to own property
General warrenty
Deed
What is a gross lease
Tenant pays fixed rental amount, landlord pays all expenses related to the property.
Pays the whole amount rent
Pays a percentage of gross sales
What is a net lease
Tenant pays fixed rent plus all or a portion of the operating costs such as real estate taxes insurance and maintenance
Tenant pays a percentage of annual or monthly gross sales
Tenant pays a fixed amount
Percentage lease
Tenant pays a fixed amount
Nant pays fixed rental amount, landlord pays all expenses related to the property.
Tenant pays a monthly base rent plus a percentage of the annual or monthly gross sales of goods sold on the premises
What is a superior lien
All types of liens
Federal lien
County lien
Takes precedence over all other types of liens. Superior liens are paid from the proceeds of the sale before any junior lien. It is imposed by law without the owner's consent.
Specific assessment lien
Becomes a lien at the time of death
For improvements for road paving, sidewalks and sewers attach to a property until the full lien has been paid
Imposes taxes on the house
Federal estate tax lien (general lien)
Improves roads to side walks, sewers
Government imposes taxes on their houses
Becomes a lien at the time of death other states impose a state inheritance tax
What is a township?
The intersection of guide Meridians and correction lines forms a 24 mile square called a check.
It contains 36 sections
Plat method
Metes and bounds method
Assessor's parcel number is...
An intersections of divided numbers
Plat method
Surveys method
Is a number assigned to a parcel of real property by a country property assessor to uniquely identify that property within the jurisdiction
Assignment of contracts
The sale, transfer, or subrogation of rights in a control is called an assignment. Grants the rights assignor receive the right is the assignee
Legal notice
Constructive notice
COLIC:
Competent parties, after and acceptance, lawful subject, in writing, consideration
Legal notice
Actual notice
Constructive notice
Lenders that refuses to make LOANS in certain geographical areas based on social or economic considerations are practicing
Steering
Blockbusting
Channeling
Redlining
What is real property?
Includes physical land and improvements together with legal notice rights to own or use the property. Individuals rights are protected by government.
Land purchased by the owner
Is an increase in land
Accretion is..
Is an increase in land area as moving water deposits soil in other than its original location
Water on a property
Physical land and improvements
Five large "sticks" in the bundle of rights,
Possession, disposition, enjoyment, exclusion, control
Method of annexation, adaption
Is an increase in land area as moving water desposits
What is a freehold estates
Estate in severalty is a sole ownership of the entire bundle of rights
Possession
Joint estate
Tenancy in common
Even though owners receive a proprietary lease, a real estate license is required to sell units in a cooperative
True
False
Descent and distribution is a statutory system created by law. It transfer of title to legal descendants upon a descendent who died intestate (without a will)
True
False
Adverse possession is a legal principal under which an owner may lose title to another person who has taken control of the property.
True
False
Changes made to an employer must be reported to DBPR within
5 days`
3 days
10 days
15 days
Moving out of state must be reported to the DBPR when
30 days
15 days
60 days
10 days
Corporate names include
LLC
WWE
Corp, Co, Inc,
In a escrow dispute a broker must give written notice within
10 days
15 days
5 days
Kickbacks is the exception if a broker performs a service that entitles them to any such fee has the appropriate license to perform service and discloses and recieves consent from all intended parties regarding the fee payment. A broker could also accept a legal kickback fee not involving a service of the settlement if the kickback is disclosed to all interested parties.
True
False
Suit for specific damages is when the party who is not in default asks the court to require the other party to perform as agreed in the contract. This remedy is available in connection with the sales of real estate, and is usually a remedy taken by the buyer.
True
False
Suit for damages is an injured party that request to be financially compensated for harm suffered
True
False
Liquidated damages are specified and agreed upon in the contract. Seller retaining a deposit in the event of a buyer default.
True
False
Procuring cause is when a broker who successfully performs by locating a willing, ready and able buyer is said to be the procuring cause is the only broker entitled to a commission
Exculsive right of sale listing is a bilaterial contract which the property owners promises to pay a commission regardless of who sells the listed property. It is the best protection of the three residential listing contracts
True
False
Earnest money deposits that shows good faith on the part of the buyer usually accompanies an offer
True
False
How long may a license remain in voluntary inactive status
2 years
4 years
10 years
Indefinitely
When does a real estate license expire?
2 years
On the date shown on the license
End of one year
The commission is composed of how many members?
5 members
7 members
6 members
2 members
In what year was the florida real estate commission created
1932
1925
1923
1919
A sales assoc. Failed to complete their post license requirement prior to renewal what is the status of that license?
Revoked
Suspended
Reprimanded
Void
Loan-to-value-ratio
Loan amount divided by property value
Loan-to-value-ratio
Loan amount divided by property value
Calculating profit on investment
Profit or loss %= amount made divided by amount paid
Calculating profit on investment
Profit or loss %= amount made divided by amount paid
What does disintermediation occur?
When deposits exceed the demand for loans
When the internal revenue service taxes earnings of investments
When depositors withdraw their savings from depository institutions to invest in higher yield alternative investments
When the federal reserve board reduces the discount rate
What will be the effect if the Federal Reserve Board decides to purchase government securities in the open market?
The money supply will decrease and interest rates will increase
The money supply will increase and interest rates will decrease
The amount of money that member banks may use for loan purposes will be limited, thereby causes interest rates to increase
A tight money market will be created
A borrower has a 15-year loan with monthly payments that remain the same amount for the entire loan period. Which type of mortgage repayment plan does the borrower have?
Adjustable rate
Indexed
Partially amortized
Level payment
Which entry would appear as a credit to the seller?
Documentary stamp tax on the deed
Recording the mortgage
Purchase price
Abstract continuation
Which statement about the broker's statement is true?
Double-entry items must appear there
Total receipts, minus the binder deposit equals the grand total
Receipts and disbursements must equal
Total expenses less the brokerage fee equal the grand total
Which tax will not be required in a transaction where the purchaser assumes an existing mortage?
Stamp tax on the deed
Note tax
Stamp tax on the deed and on the note
Intangible tax
Which of the following correctly lists the taxes that the buyer must typically pay when purchasing a home with a new mortgage?
Note tax only
Intangible tax only
Documentary stamp tax on the deed only
Both the intangible tax and the note tax
A mortgage in the amount of $83,255 is being assumed. What is the amount of documentary tax on the note that must be paid?
291.20
291.55
582.40
583.10
As used by an appraiser, what does the term "PRICE" refer to?
The asking price in the listing contract
The amount of money paid by a buyer to a seller in a transaction
The market value
The total cost of land labor and materials
How is the gross rent multiplier calculated?
Divide comparable property sales price by comparable property rent
Divide comparable sales price by subject property rent
Functional obsolescence included which of the following?
An over improvement
Broken windows
A property located in the glide path to an airport
Which appraisal approach would be given greater weight when appraising an apartment complex
Income approach
Comparable sales
All of the following methods may be used to estimate replacement/reproduction cost EXCEPT:
Economic age-life
Unit in place
If income remains constant and the cap rate reduces what is the effect on value?
The value increases
The value decreases
There is no effect on the value
If net operating income is $4,000 and the cap rate is 16% what is the value of the investments property?
21,000
25,000 $4,000 divided by .16
What is the cap rate of an investment property that has a value of $450,000 and income of $56,250?
8%
12%
12.50% 56,250 divided by 450,000
87.50%
The monthly rent of a residence that recently sold for $91,800 is $850. What is the monthly gross rent multiplier?
10.8
9
108 because we divide 91,800 from 850
An appraiser has selected a comparable sale for inclusion in an appraisal that recently sold for $95,000. The comparable has 3 bedrooms, 2 baths and a pool. The subject has 4 bedrooms, 2 baths and no pool. Analysis by the appraiser indicates a bedroom is worth $10,000 and a pool is worth $7,500. What is the adjusted sales price of the comparable property?
77,500
92,500
97,500 because we add 95,000+10,000-7,500= 97,500
112,500
Which approach to value is typically used to estimate the value of special purpose properties?
Income cap apprach
Cost depreciation approach
What is a bilateral contact?
Option contract
Sales contract
Real estate licensee may
Create leases
Fill in the blanks to leases only
Give legal advice
Open listing is what type of contract
Unilateral
Bilateral
What are the three listing contracts?
Exclusive right of sale lisitng, commercial listing, net listing
Exclusive listing
Above and beyond listing
Net listing only
How do you calculate sliding scale?
Multiple one percentage with sale price and other percentage with remainder
Divide the percentages with sale price and remainder
A contract for deed is also called...
Agreement for deed, land contract, conditional sales contract
Breach
Optioner
Optionee
What is the housing ratio and total obligations ratio for conventional loans
28 % to 36%
31 % to 43%
What is the housing ratio and total obligations ratio for FHA loans?
31% to 43%
41%
What is the housing ratio and total obligations ratio for VA loans?
PITI 0% to 41%
31% to 43%
FHA does what?
Protects loans
Insures loans
Example of secondary mortgage market?
FNMA (Fannie Mae) or GNMA (Ginnie Mae) FHLMC (Freddie Mac)
Mortgage bankers
Mortgage loan originators
Savings associations
Credit unions
Example of primary mortgage market?
Mortgage bankers, mortgage loan orginators
Freddie mac
Dynamic risk include?
Fire theft vandalism
Associated with general market conditions cannot be shifter to an insurer
Homestead tax emption for basic includes for up to $50,000 for county city and school boared
10,000
15,000
25,000
2nd exemptions for $50,000-75,000 for country and city
50,001 and 75,000
15,000
In homestead a widow or widower is exempt that is not remarried and legally blind
$500 both not remarried and legally blind
$100 only for both
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