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WorksheetsRealtor Study Guide - Real Estate 2022
Total questions: 84
Worksheet time: 1hrs 24mins
Define the duties of a rental agent
Tenant for property + collect fee
Intermediaries between potential tenant + property owner
A legal document that allows to become an attorney
Revises administrative rules + regulations to enforce law
Compensation procedure for a broker price means
Advertising in the name of the brokerage + under supervision of broker
Is active under another Broker
Compensation must be paid to broker not directly to sale associate
Legal term for a type of evidence
Appropriate Licensing Requirement when working on commission =
Must hold an active real estate license unless paid strictly on basic salary
Must hold an active real estate license on commission
Broker Associate Criteria =
Holds Broker License + limited scope activities + active under another broker as a sales associate
4 years of higher of a college degree
Holds Broker License + unlimited scope activities as a sales associate
Define a Florida resident-
Resided in Florida non-continuously for 1 year
Resided in Florida continuously for 4 months
Resided in Florida continuously for 1 year
Resided in Florida non-continuously for 4 months
Who's exempt from 'Post Licensing Requirements'-
A licensee who has 2 years of college or higher
A licensee who has 4 years of college or higher
Prima Facie Evidence =
Legal term for evidence that proves a case unless refused by other evidence
Illegal term for evidence that proves a case unless not refused by other evidence
Legal term for evidence that doesn't prove a case
Salaried Employment Exemption =
No license = still able to receive bonuses
License = commission/bonuses
No license = no commission/bonuses
Define 'Power of Attorney'-
Legal Document- allows person to become attorney in fact
Allows person to sign on another's behalf
Doesn't have the power to sign on another's behalf
Legal Document- doesn't allow person to become attorney
Know 'Legal Kickback Exemption' for tenants in an apartment-
General Agents of their brokers with whom they are registered
Apartment manager pay a tenant for referring a new tenant
Frec's Quasi-Legislative Authority =
Enact administrative rules to enforce license law
Legal responsible for the Acts of license
U.S Armed Force members are protected
Renewal Exemption for an armed force member after active duty ends
Exempt until 12 months after discharge from Active Duty
Exempt until 36 months after discharge from Active Duty
Exempt until 24 months after discharge from Active Duty
Exempt until 18 months after discharge from Active Duty
To renew an expired license you need...
Required to complete 14 hours of education
Required to complete 24 hours of education
The license expires in the first 12 months
The license expires in the first 6 months
Voluntary Relinquishment of a Real Estate License =
There are no disciplinary actions
A licensee can voluntary relinquish their license if they no longer want a Real Estate license
There are some disciplinary actions
A licensee can't voluntary relinquish their license if they no longer want a Real Estate license
Relationship between: Broker = Associates working at Brokerage
General agents of their brokers with whom they are registered
Legally responsible for the broker agents
General agents of their brokers with whom they aren't registered
Not legally responsible for the broker agents
Which Brokerage Relationship provides limited representation?
No Brokerage Relationship
Transaction Broker
Limited Broker
Customer not legally responsible for Acts of Liscense
Define: Residential Transaction-
Improving Property 10+ Acres
All disclosures are required only for Residential Transaction
Improving Property 10> or less Acres
All disclosures are NOT required for Residential Transaction
Requirements for a Designated Sales Associate-
NON-Residential Transaction
Buyer + Seller (1 million assets) request single agent relationship + written permission required
Buyer + Seller request single agent relationship + written permission NOT required
Residential Transaction
Requirements for advertising-
Must be in the name of the brokerage
Considered a broker activity
Not considered a broker activity
Doesn't have to be in the name of the brokerage
Established Business Relationship (EBR) details-
Sales Associate may contact someone on the don't call list if they have an EBR for 8 months
Sales Associate may contact someone on the don't call list if they have an EBR for 18 months
Sales Associate may contact someone on the don't call list if they have an EBR for 12 months
Sales Associate may contact someone on the don't call list if they have an EBR for 24 months
Time Frame for an associate to deliver to the broker-
Associates have 3 business days, from receipt of deposit
Associates have a business week, from receipt of deposit
Associates have 1 business day, from receipt of deposit
Time Frame to notify FREC if an escrow dispute has reached an outcome before an EDO = issued
Requires a broker to notify the FREC within 10 business days
Requires a broker to notify the FREC within 7 business days
If the broker didn't request an EDO- the matter is not resolved
If the broker has requested an EDO- the matter is resolved before an EDO = given
Penalty for First Degree Misdemeanor =
$250 fine +/or 6 months imprisonment
$1,000 fine +/or 1 year imprisonment
$2,000 fine +/or 2 years imprisonment
$1,000 fine +/or 6 months imprisonment
Qualifications as an offence of "Sherman Antitrust Act"-
Price fixing occurs when competing brokers want NO commission rates
Price fixing occurs when competing brokers want commission rates
Responsibilities of general partner in Real Estate limited partnership-
Performs Real Estate services
Must have an active Real Estate Broker license
Doesn't perform Real Estate Services
Doesn't need to have an active Real Estate broker license
Business Entities may not be registered as a Real Estate Brokerage-
Real Estate Brokerage
Real Estate License
Business Trust
Doesn't dispute as a citation
Term: Judge will grant to stop enforcement of final order from the FREC-
If they wish to appeal final order + continue to work during the appeal period = stay at the court
If they wish to appeal final order + continue to work during appeal period = DON'T stay at the court
Penalty FREC = not able to enforce-
Authorised to impose criminal or civil penalties
Not authorised to impose criminal or civil penalties
Result of citation when NOT disputed by licensee-
Becomes effective like a final order
Becomes ineffective not related to a final order
Which cost will never be paid from the Real Estate Recovery Act-
Broker is NOT penalised due to following an EDO
The Broker is not paid
Broker is penalised due to following an EDO
Punitive damages + interest = never paid by recovery fund
Action taken when licensee claim paid from the Real Estate Recover Acts (not result from an EDO)-
Mandatory suspension of the licensee until the claim is repaid with interest
Voluntary suspension of the license until the claim is repaid
Suspension for 6 months
Suspension for 9 months
What is contained in the equal opportunity poster-
States pledge of adherence to the Fair Housing Act
Failure to display = evidence of discrimination
The poster does not have to be displayed
Doesn't state a pledge of adherence to the Fair Housing Act
Special exemptions under 'Fair Housing Act'-
Religious organizations CAN'T restrict units they own to people of their religion
Religious organizations may restrict units they own to people of their religion
What advertising is prohibited under the Fair Housing Act-
You have to be fair to everyone, excluding their religion
Prohibits discrimination in advertising against a religious affiliation
Doesn't prohibit discrimination in advertising against a religious affiliation
You have to be fair to everyone, including their religion
Required disclosure for subdivisions of 100 or more lots under ILSA-
Developers of 100 or more lots MUST register the subdivision with the consumer financial protection bureau
Developers of 100 or more lots MAY register the subdivision with the consumer
Requirements for a landlord holding a tenant's security deposit-
Landlord may hold money in an interest bearing Florida bank account
Landlord doesn't have to hold the money in an interest bearing Florida bank account
The day the tenant 5% simple interest or 75% of annual interest = collected
Rights associated with land abutting flowing water-
Riparaion Rights
Deed Rights
Warranty Deed Rights
Identify a fixture figure-
Piece of personal property that is converted to Real Property by attaching it to the Real Property
Piece of business property that is converted to Real Property by attaching it to the Real Property
Fixing the Real Property
Tenancy at Sufferance-
When a tenancy continues to occupy unit beyond the end of agreement without permission
When a tenancy continues to occupy unit beyond the end of agreement with permission
How title transferred upon the death of a tenant in common-
Allows for the parties to leave their interest in the property by will of the spouse or heirs
Allows for the parties to remove their interest in the property by will of the spouse or heirs
If joint tenant sells their interest in a property, what happens when new co-owner dies-
That owner becomes tenant in common
The owner becomes tenant alienation
MAY leave their share of ownership according to will
HAS to leave their share of ownership according to will
Documents required for condominium resale-
Most recent year end final statement = document given to resale condominium buyer
Most recent year end final statement = document not given to resale condominium buyer
Document entitles a cooperative owner to occupy unit-
Warranty Deed
Deed Lease
Proprietary Lease
2 Types of Voluntary Alienation-
Deed
Warranty
Will
Lease
Process of taking property by eminent domain-
Condemnation
Tenancy of Sufferance
Proprietary Lease
Components of a valid deed-
Grantor's Properly witnessed signature
Grantor's Signature- NO needed witnesses
Unique Clauses in general warranty deed-
Unilateral Contract
Contains covenant of warranty forever
Contains covenant of warranty temporarily
Disclosure
Define Restrictive Covenants + when to consult them-
No limits of any property
New owner will not find limitations of use of properties in a subdivision
New owner will find limitations of use of properties in a subdivision
Identify a voluntary lien-
Mortgage Lien = Vendor's Lien
Vendor's Lien = Voluntary Lien
Renter Lien = Vendor's Lien
Locate a section-
One square mile = 640 acres
One square mile = 620 acres
One square mile = 700 acres
One square mile = 420 acres
Identify a 10 acre parcel of land-
Description with only 3 1/4 will result in 10 acre parcel
Description won't result in 10 acre parcel
Description with only 2 1/4 will result in 10 acre parcel
Description with only 3 1/2 will result in 10 acre parcel
Calculate price per square foot of an acre-
41,570 sq. feet
43,560 sq. feet
Formula: $21,780/43,560
Formula:
$21,780/41,570
Identify the essential elements of a contract
Legality of the object
Fraud Proof
Illegality of the object
What makes a contract enforceable-
Not recognized in court of law
Recognized in court of law
Law in the Constitution
Which contracts are exempt from the Statue of Frauds-
A listing agreement of one year or more = NOT covered under Statue of Frauds
A listing agreement of 4 years or less = covered under Statue of Frauds
A listing agreement of one year or less = covered under Statue of Frauds
A listing agreement of one year or less = NOT covered under Statue of Frauds
Define a Unilateral Contract-
If only one party makes a promise = Unilateral Contract
If 2 parties make a promise = Unilateral Contract
Lead Paint Disclosure Requirement-
Properties built before 1972
Properties built before 1978
Requires disclosure + given to buyers + tenants + receive an EPA pamphlet
Doesn't require disclosure + given to developers + tenants + receive an EPA pamphlet
Purpose + Requirements of 'Energy Efficiency Disclosure'-
Did not create a uniform statewide rating system
Requires notification that an energy efficiency rating = available
Requires notification that two energy efficiency ratings = available
Rating may qualify the buyer for an energy efficiency mortgage
Statute Governing Homeowner Association Disclosures-
Governed by 720 Florida Statutes
Governed by 460 Florida Statutes
Governed by 810 Florida Statutes
Governed by 600 Florida Statutes
What's the process of hypothecation-
Switching you to a more expensive house
Pledging property as security for a debt
Pledging property accelerating mortgage
Advertising claims the property
What does the acceleration clause in the mortgage allow the lender/mortgagee do?
To reduce the due date of the balance of the loan if the borrower defaults
To advance the due date of the balance of the loan if the borrower defaults
Title Theory states-
Lender holds title to property until loan = paid
Lender can't hold the title to property until loan = paid
Person loaning holds title to property until loan = paid
Difference between FHA + VA loan programs-
FHA = Insured Loans
VA = Increasing Loan Due Date
FHA = Practices Lender Rules
VA = Guaranteed Loans
Purpose of Ginnie Mae-
Secondary Mortgage Participant guarantees government loans
Primary Mortgage Participant guarantees government loans
Allows the Home Owner to give government loans
Protected Classes under the ECOA-
Federal Law protects AGE discrimination
Federal Law protects RACIAL discrimination
Define: 'Bait + Switch Advertising'-
Advertised Claims that property advertised = sold out + try to switch you to another more expensive car/home
Advertised Claims that properly advertised = did NOT sell out + keep you @ same house, RAISING mortgage + car payment
How do unpaid property taxes show on closing disclosure?
Proration amount
Proreaction amount
Credit to buyer + Debit to seller
Credit to seller + Debit to buyer
RESPA Law regarding Title Insurance paid by buyers-
Prohibits seller to buy from a specific title company
Allows seller to require a homebuyer purchase title insurance policy
Law that requires borrower being provided closing disclosure-
TILA-RESPA requires lender to provide loan estimate
3 business days after loan application
5 business days after loan application
TOPA-RESPA requires lender to provide loan estimate
Percentage profit on resale of a property-
Amount paid ÷ amount made on sale = percent profit
Percent profit ÷ amount paid + amount sale
Amount made on sale ÷ amount paid = percent profit
Define a Buyer's Market-
When the supply of homes exceeds the demand, buyer's market develop
When the supply of home exceeds the demands, the seller's market develop
Define Plottage-
Plottage = extra value added due to combining smaller properties
Plottage = value deleted due to combining smaller properties
Identify functional obsolescence-
Depreciation associated with interior or inefficient design
Depreciation associated with exterior or efficient design
Identify External Obsolescence-
Depreciation associated with factors outside of + beyond control of home
Depreciation associated with factors inside of + beyond control of home
Preciation associated with factors outside of + beyond control of home
Preciation associated with factors inside of + beyond control of home
Define Effective Age-
Age able to start a loan for the mortgage
Age of the buyer affects the mortgage of the house
Age indicated by condition of the property
Age indicated by the age of the property
When the equilibrium of the Real Estate market = upset by an excess supply-
A seller's market exists
A buyer's market exists
A seller's market expands
A buyer's market expands
Similarities between business brokerage + real estate brokerage-
Both require 10 acre land owning
Both require Real Estate License
Both require 4 year college degree
Purpose of a due diligence period in the sale of business-
Seller inspects the financials of business
Buyer inspects the financials of business
Convert millage to a decimal formant-
8 mills = .008
(8.25 = .00825)
8 mills = .08
(8.25 = .00825)
8 mills = .08
(8.25 = .0825)
Purpose of a special assessment-
How a national government can help pay for public improvements like street paving
How a local government can help pay for public improvements like street paving
Calculate a special assessment for street paving-
Cost of paving + cost of homeowner share
Divide homeowner share + divide by 3 (only your half of street)
Divide homeowner share + divide by 2 (only your half of street)
Cost of taxes + cost of homeowner share
Calculate the adjusted basis of property-
Modified purchase price + opening costs + capital improvements = adjusted basic
Original purchase price + closing costs + capital improvements = adjusted basic
Original purchase price + closing costs + adjusted basic = capital improvements
When purchasing property from a foreign seller the IRS requires..
Purchasers to withhold 18% of the amount realised from the sale
Purchasers to withhold 20% of the amount realised from the sale
Purchasers to withhold 10% of the amount realised from the sale
Purchasers to withhold 15% of the amount realised from the sale
Useful asset life for a residential property under IRS law-
Total cost - land value = Depreciable Basic Residential = 25 years
Total cost - land value = Depreciable Basic Residential = 27.5 years
Total cost -Depreciable Basic Residential = land value 27.5 years
