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2015 Real Estate Exam Practice Test
Quiz #3
25
Real Estate & Planning
Professional
05/17/2015

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Cards

Term
the financial term applied to the use of borrowed funds to finance the purchase of an office building is?
Definition
Leverage
Term
A mortgage in which changes in the interest rates may cause changes in the monthly payment amount is called
Definition
An adjustable-rate mortgage
Term
Depreciation (Cost Recovery)
Definition
Is an allowable deduction that requires no current outlay of cash
Term
Constructive notice is?
Definition
Provided by recording in the public records
Term
In a deed, the warranty of quiet enjoyment pertains to...?
Definition
Peaceful possession undistributed by others claims of title
Term
The law requires that the annual percentage rate be disclosed to consumer is the....?
Definition
Truth in lending Act/Regulation Z
Term
Home owners who have a homestead exemption on their current home in either of the 2 preceding years can transfer up to what amount of their Save Our Home benefit to a new home?
Definition
$500,000
Term
The government survey method of legal description has?
Definition
Has as a basis a principal meridian and a base line
Term
A buyer who obtains a mortgage loan that covers the purchase of a condominium plus furniture, appliances, and other personal property such as towels and kitchen utensils has a
Definition
Package Mortgage
Term
The bundle of legal rights associated with real property ownership does NOT include the right of
Definition
Intent
Term
Which estate includes the right of survivorship?
Definition
Joint Tenancy
Term
A title theory state is one in which a mortgage.....?
Definition
Transfers title to the lender or escrow agent until loan is paid
Term
Which term refers to a situation where during the early years of a loan the principal balances increases?
Definition
Negative Amortization
Term
Which statement is true regarding the monthly payments on a 30 year, fully amortized loan?
Definition
Initially, interest is the larger portion of the payment
Term
When the feds want to ease a tight money supply it may.....?
Definition
Buy treasury securities
Term
How much personal money may a broker place in a property management escrow account
Definition
$5,000
Term
An example of an ad VALOREM tax is....?
Definition
A Property Tax
Term
Whci individual is NOT exempt from real estate licensure under F.S. 475.?
Definition
A business broker who negotiates leases of business property only
Term
If a developer wants to develop a new subdivision, she must submit
Definition
A subdivision plat map to the planning commission
Term
You have been hired to appraise the local public library building. The approach that is likely to be the most relevant is the
Definition
Cost-depreciation approach
Term
In the cost-depreciation approach, estimating accrued depreciation involves estimating....?
Definition
The loss in value of the improvements
Term
The purchase price of of a business minus the value of the tangible assets of that business equals the intangible assets of the business. This is referred to as
Definition
Goodwill
Term
A sales associate receives $5,000 earnest money deposit from a buyer. She immediately delivered the deposit to her broker. The broker deposited the check on the third business day into his general operating account...
Definition
This is an example of commingling of escrow funds
Term
Sales associate Terry Stoufer may have which information entered on her license, if applicable
Definition
Terry Stoufer, LLC
Term
if all legislative requirements have previously been met, and active broker in Florida may hold an active license in....?
Definition
Florida and any other state or foreign country who's licensing laws have not been violated
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