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SAMPLER


Wendell and Jean own a retail building downtown. As the owners and landlords of the building, they charge all their retail sales shops a proportional share based on their gross sales as rent each month. This is known as:

[] (a) Percentage lease
[] (b) Gross sales lease
[] (c) Retail lease
[] (d) Proportional lease


While Bob the broker is out on bail awaiting appeal of his fraud conviction, he continues with business as usual and presents himself as a broker. Which of these is most likely to happen?

[] (a) The FREC will go for an injunction to get him to stop selling real estate
[] (b) Disciplinary action will be taken against him by the FREC for acting as a broker under these circumstances
[] (c) Revocation of his license pursuant to a proper hearing held by the FREC
[] (d) Automatic suspension or revocation of his license


Which of the following legally delineates the property, includes the clauses of conveyance, and also reveals the names of the parties to the deed:

[] (a) Conveyance clause
[] (b) Encumbrances clause
[] (c) Granting clause
[] (d) Seizen clause


RESPA was put in place to make sure that:

[] (a) Buyers know the type and amount of charges that they will be faced with at closing
[] (b) Buyers are informed if they own the underground rights to their property
[] (c) Buyers know what is covered in the "real property" they are purchasing
[] (d) Buyers know the commission that they are paying the broker


What allowances are qualified ESL candidates granted when taking the examination?

[] (a) ESL candidates are allowed readers, markers, and extra time
[] (b) ESL candidates are covered under the ADA act and have the same rights as this group of candidates
[] (c) ESL candidates are treated like everybody else taking the exam
[] (d) ESL candidates can have access to language dictionaries and extra time


Ramona is retiring from her job and wants to buy a specific horse farm in Ocala, Florida. She calls Stewart her broker, and tells him of her plans. This would be considered:

[] (a) A bilateral contract
[] (b) An Unenforceable contract
[] (c) A unilateral contract
[] (d) A valid and binding contract


Veteran salesperson Felicidy's vacation in the Bahamas became an "extended stay" south of the border when she was asked to act as a consultant to the government. Felicidy's active license expired, and for a while, she didn't see much reason to renew it or sell real estate. Felicidy's license during this idyll was:

[] (a) Void
[] (b) Involuntarily inactive
[] (c) Suspended
[] (d) Engendering an FREC fine and/or specially increased renewal cost


You and your real estate pals suggests that everyone pile into the Voyager and drive to this Florida city closest to Range 2 East. Where are you headed?

[] (a) Orlando
[] (b) Daytona Beach
[] (c) Tampa
[] (d) Tallahassee


One of these actions requires a majority vote of the FREC. Which one?

[] (a) Reaching a final determination of an administrative complaint
[] (b) Transferring an FREC branch office to another location
[] (c) Ending a period of suspension
[] (d) Dismissing a DRE employee


Pine Cove Apartments went up 20 years ago, and was an instant success. Current reproduction cost is $750,000. The effective age of the Pine Cove complex has been appraised to be 10 years, and new buildings and units like this one have an approximated economic life of 30 years. What's the accrued depreciation?

[] (a) $65,500
[] (b) $350,000
[] (c) $225,000
[] (d) $250,000


For a candidate to be considered eligible for licensure, what is the minimum passing score on the examination?

[] (a) 79
[] (b) 75
[] (c) 74
[] (d) 72


What type of deed will be written if a contract for sale and a listing contract do not indicate the type of deed to be provided?

[] (a) General warranty deed
[] (b) Temporary contract for sale
[] (c) Subchapter S deed
[] (d) No deed can be delivered without violating State of Florida Law


Sterla the salesperson better know if she is going to be working in the State of Florida that the _____ is a prerequisite for a valid deed.

[] (a) Emit domain clause
[] (b) Release clause
[] (c) Non-compete clause
[] (d) Granting clause


Hamilton with a MBA, is putting together Rockbroth Inc., a business with a mission statement of selling and buying real estate in the state of Florida. They have filed a Declaration of Trust with the Secretary of State and the title is to be held by a Board of Trustees. Hamilton is creating a:

[] (a) Corporate sole
[] (b) Corporation for profit
[] (c) Non profit corporation
[] (d) Trust


Hamilton the broker uses Pit's Mortgage company for all of his closings. Pit, being a good ol' boy takes care of Hamilton by giving him a $100 kickback for each closing. What might the state of Florida say about this practice?

[] (a) Hamilton is not in trouble but Pit might lose his license
[] (b) If the transaction is in the closing document, there is no violation
[] (c) The state would say the Hamilton is in a heep of trouble of trouble for receiving a kickback or rebate
[] (d) If the seller knows about the kickback as part of the transaction, there is no violation of state law


Broker Benjamin accepted an advance fee for a barn that he intended to auction in 90 days. His cash flow was down and his overhead was high so he found it necessary to pay his rent for his office from the funds received as an advance fee. No one showed up at the auction because Benjamin never sent out any mail or ran any ads. His client:

[] (a) Will be expecting a negative report
[] (b) May continue to do business with Benjamin
[] (c) May turn in a complaint to the Secretary of State
[] (d) Is entitled to treble damages


If a real estate developer wanted to borrow 5 million dollars to build a high-rise office building but he did not want personal liability for the loan, he would probably want the mortgage to have a:

[] (a) Equality clause to put the mortgagor on an equal Òin the eyes of the lawÕ footing with the mortgagee
[] (b) Receivership clause because payments received are not always equal to principal and interest
[] (c) Exculpatory clause that would prevent the mortgagee from suing the mortgagor personally in the event of default
[] (d) Deficiency judgment so the mortgagee could be less precarious


Shirley has inherited Eastbank Mansion from her Uncle. This is inherited real property that can't be sold by her or anyone else's death. What is this kind of estate called?

[] (a) A non-terminal, living estate
[] (b) An estate for years
[] (c) An estate in probate
[] (d) An estate by the entireties


Which of the following is related to Regulation Z?

[] (a) Loans on commercial property only
[] (b) Zoning of business districts
[] (c) Residential mortgage loans
[] (d) Retail buildings


What is the Statute of Limitations?

[] (a) A safeguard against a legal action after a period of time
[] (b) Documentation requires signature, date, and notarization
[] (c) A governmental limitation on form reporting requirements
[] (d) A requirement that legal documents be signed by a notary



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