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Final Exam Review 2 Part 4
Terms in this set (25)
The type of construction where you build homes for potential customers is:
Which title may be held by a sales associate?
A limited partner in a limited partnership registered as a brokerage entity
Broker Tom was found guilty of two violations of F.S. 475. FREC has the power and authority to:
all of the above
The primary purpose of a deed is to:
A broker defrauds a member of the public in a real estate transaction and is found guilty on five counts. A judgment was ordered for damages in the amount of $85,000. The maximum the real estate recovery fund will pay in this situation is:
How long does a respondent have to file written exceptions to the Recommended Order drafted by an Administrative Law Judge?
Information in a complaint sent to the DBPR becomes public knowledge:
When the formal complaint is filed
Which of the following mortgage loans partially guarantees the lender against default by the mortgagor?
The initial license of an applicant must be for what classification?
Whichever category is most appropriate
Which of the following approaches to value in an appraisal is based on the principal of anticipation?
The income capitalization approach
Which of the following best applies for an option contract?
Which of the following is not considered to be an operating expense?
Which of the following is typically incurable?
When a buyer assumes an existing mortgage from a seller and the bank agrees to release the seller from personal responsibility of the debt and substitute one contract for another, this is known as:
Which clause of a deed contains the type of estate being conveyed?
The habendum clause
A mortgage that consists of an agreed upon index, plus an additional margin is known as:
Adjustable rate mortgage
A 10 year old property recently sold for $450,000, off which 20% is allocated to the price of the land and 80% for the building. The property has an economic life of 40 years and an effective age of 12 years. Given this information and using the cost-depreciation valuation method, what is the value of the building?
A property closed on May 25th. The ad valorem taxes are $1,940 for the year. Prorate the taxes for this transaction. (day of closing belongs to the buyer):
$765.37 credit to the buyer/debit to the seller
How much of the 2nd monthly payment will be applied to the principal balance of a $120,000 mortgage at 6% interest for 30 years if each monthly payment is $719.46?
A developer purchased three adjacent lots that measure 150 ft. by 320 ft. each for $300 per front foot. She subdivides the land into 8 parcels which sell for $25,000 each. What is the developer's percentage of profit?
Calculate all state taxes on a purchase price of $258,525.00 with an assumed mortgage of $122,500.00 and a purchase money mortgage (seller financing) of $30,275.00.
The city has decided to pave the street in front of your home. The city agrees to pay 70% of the cost of paving which will be $50 per running foot. The remaining costs are to be apportioned between the owners on both sides of the street. What will the assessment of your property be if your lot is 90 ft. by 150 ft.?
A developer purchased a three story build to renovate and lease rooms to potential clients. Each floor contains 5,000 square feet of which 10% will be used for halls and other common areas. If each office will contain 380 square feet, how many rooms will this building provide for future tenants?
How many acres are contained in the NE ¼ of the NW ¼ and the NE ¼, of the SW ¼ of Section 13, T2N, R21W?
If an investor is in the 40% tax bracket, which of the following gives the best rate of return?
22% before tax return
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