florida real estate exam quizlet 2022

A federal agency that insures deposits of member banks and savings associations. 4 month enrollment $149.95 $249.99 Add to Cart exclusively to nonresidents licensed in other jurisdictions Required to pass 40 question Florida-specific real estate law exam with at least 75 percent If licensed through mutual recognition must complete the Florida post-licensing requirement . The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. With our program, your real estate practice test results are broken down by topic, solidifying your understanding of . Unlike subscription products, our material covers what you need to know without redundancy. An agreement for the tenant to lease the land only and erect a building on the land. Our practice material is written specifically for the real estate sales associate exam given by the Florida Department of Business and Professional Regulation. An estate or interest owned by more than one person, each having equal rights to possession and enjoyment; the interest a deceased tenant conveys to surviving tenants by specific wording in the deed establishing the joint tenancy. A grade of 30 points (75%) or higher is required to pass the exam. For compensation One who makes an offer, usually the buyer. The point when two people, thinking of the same thing, reach an agreement through an offer and acceptance. A tenancy measured from a starting date to a termination date (may be for a few days or longer than any natural life; e.g., a leasehold is an estate for years). A privilege granted by the state to operate as a real estate broker, broker associate, or sales associate; a type of time-share interest. A tenancy created by husband and wife jointly owning real property with instant and complete right of survivorship. Profit from property or business after expenses have been deducted; effective gross income less operating expenses. A purpose in opposition to the interest of another party (as, for example, with a buyer and a seller). A pleading of no contest by a defendant; a plea in a criminal action not admitting guilt but subjecting the defendant to punishment as if it were a guilty plea. Title to real property held by two or more persons at the same time. (See also Personal property.). An attorney employed by the Division of Administrative Hearings, Department of Administration, to hear complaints and issue recommended orders. A mark, emblem, or impression on a document used to authenticate the document or a signature. Study free flashcards about Florida Real Estate created by ea777maximus to improve your grades. An agreement binding on both parties and legally enforceable against all parties to the agreement. A multiunit project consisting of individual ownership of a dwelling unit and undivided ownership of common areas. Movement into a community or region by new residents. How to customize your loadout in Modern Warfare . A single, large payment made at maturity of a partially amortized mortgage to pay off the debt in full. A financial report that shows the company's financial position at a stated moment in time. An example of an estate in real property would be A. Copyright 2009-2022 Tests.com LLC - All Rights Reserved, Bonus: 350 Core Real Estate questions and answers for a total of 450. You have created 2 folders. The __ __ applicant must demonstrate mastery of Florida real estate license law by passing written Florida-specific real estate law license exam. The amount one makes over and above one's cost. The analysis of the extent of risk assumed by a lender in connection with a proposed mortgage loan. Need more info? Unlimited 24/7 access. You must pass the exam with at least 75 out of 100 points. An alternative, hybrid business entity with the combined characteristics and benefits of both limited partnerships and S corporations. Unauthorized use or retention of money or property that rightfully belongs to another person. Either way, there is no risk to you for trying. A person who applies for something; a candidate. A group of people associated together for some common, noncommercial purpose. Free 100 Question Real Estate Practice Exam You might also try right-clicking and choosing "Save Target As.". Authorization by the state to place an applicant on the register (record) of officially recognized individuals and businesses. A type of deed used to convey title after real property is sold at auction by public authority for nonpayment of taxes. The real property under discussion or appraisal. Comments or opinions not made as representations of fact and thus not grounds for misrepresentation. One with whom the broker or sales associate hopes to be successful in accomplishing the purpose of employment. To pass the exam in Florida, you'll need to get a score of at least 75%. A. This video is a zoom presentation by Michelle Earley, Owner/Instructor with Magnolia School of Real Estate in Sarasota County Florida. An act of corruption, vileness, or moral depravity; a disgraceful action or deed. A metes-and-bounds description starts at the point of beginning and follows the boundaries of the land by compass direction and linear measurements and returns to the point of beginning. Sales agent Ross has a 60/40 split with his broker. 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Seabrook 's The Magic Island. Failure to do or perform what has been promised. While these are not the exact questions that will be on your exam, these 75 real estate questions come up a lot at PrepAgent. A portion of a purchase price paid prior to closing the transaction. An estate created by husband and wife jointly owning real property with instant and complete right of survivorship. A surrender of rights; point when a broker makes no effort to service or sell listed property; failure to perform. A broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent. Requiring no further proof; acceptable on the face of. Financial institution that makes mortgage loans directly to borrowers (e.g., savings association, bank). Expressed indirectly (e.g., an implied contract). Designed specifically to help you pass the Florida salesperson exam and get your career started fast. A summary of all income and expenses of a business for a stated period of time. Get BOTH Formats Instantly:OnlineInstant scoring, review & reporting.PrintableInstant download. A licensed individual who, for compensation, is employed by a broker or owner- developer. This is not allowed if the original contract prohibits assignments, Tutorial 5: Conveyancing (See also Point, Mortgage discount.). Therefore, while the purchaser of property at a foreclosure sale may not yet h Additionally, all the comparable sales presented in the analysis of subject property parcel 1 are legally described using a lot and block system. The substitution of a new party and/or new terms to an existing obligation. Post License Sales Associate 45 Hour Course Brokers Pre-License FREC II 72 Hour Course Brokers Post License Management 30 Hour Course Brokers Post License Investment 30 Hour Course Continuing Education 14-Hour For Sales Associates and Brokers 28-Hour Reactivation Course For Sales Associates and Brokers 4-Hour Escrow Management Online Course To cancel, rescind, annul, or make void; the permanent cancellation of a person's license. The quantity of goods or services wanted by consumers. Key Point Review Audio MP3 Files. I created a study guide for myself before I tested and passed on the first try with no struggle. A commercial activity in which the sale, purchase, leasing, rental, exchange, or management of real property is conducted by qualified and licensed parties acting either for themselves or for others for compensation. As a verb, to make an entry on the right or credit side of an account; as a noun, payment or value received. A right of property, either real or personal, held by one party for the benefit of another. The most probable price a property will bring from a fully informed buyer, willing but not compelled to buy, and the lowest price a fully informed seller will accept if not compelled to sell. Our practice exams and other material were written by experts in their field with top experience, education and overall credentials. YES. The resulting amount when all operating expenses are subtracted from effective gross income. The procedure used to measure and describe a specific tract of real property for the purpose of determining exact boundaries and the area contained therein. Imaginary lines running north and south and crossing a base line at a definite point; used by surveyors for reference in locating and describing land under the government survey system. The relationship between the net income from a real estate investment and the present value. Coverage by contract whereby one party undertakes to guarantee another party against loss resulting from physical damage to real property. These serve as excellent final review tools. Worth established for each unit of real property for tax purposes by a county property appraiser. A selected and limited geographical district to which a sales associate devotes special attention and study; to farm an area or neighborhood. Published by the Florida Real Estate Commission for study and guidance of students, applicants, licensees, and members of the general public on Florida Statute 475 and other laws, acts, rules, and regulations. The most comprehensive and complete interest one can hold in real property; freehold estate. Purchase and sale of U.S. Treasury and federal agency securities. An artificial or fictitious person organized for business purposes and similar to a corporation for profit. The worth of a property to a particular investor based on his or her desired rate of return, risk tolerance, etc. Written instrument that serves to transfer the rights or interests of one person to another. The actual exam has 100 questions and 3 1/2 hours is given to complete it. Instant Access Online Study on your schedule. A rejection of the original offer by proposing a new offer, thereby terminating the original offer. A source for the purchase of a mortgage loan by a borrower. A tenancy in real property with no set termination date that can be measured by the lifetime of an individual or can be inherited by heirs. A method for amortizing a mortgage whereby the borrower pays the same amount each month. 1 . The intent to misrepresent a material fact or to deceive to gain an unfair advantage or to harm another person. One who has a claim or charge on the property of another. You will have between 2-4 hours to complete your exam. A financing arrangement whereby monthly mortgage payments are less than required to pay both interest and principal. The increase of land by the gradual and imperceptible action of natural forces (e.g., deposits of sand and mud on a riverbank). Allow to act; noninterference by government in trade, industry, and individual action generally. An action by a government agency to require a person or business to stop an illegal or unfair practice. A provision in a mortgage that specifies the terms and conditions to be met in order to avoid default and thereby defeat the mortgage. Any legal or formal writing, such as a will, option, lease, contract, or deed. Sign up with PrepAgent to get more videos, thousands of interactive exam questions with explanations, 5x a week live webinars, and so much more! Title insurance issued for the unpaid mortgage amount to protect the lender against title defects. A party's honest intent to transact business, free from any intent to defraud the other party; each party's faithfulness to one's duty or obligations set forth by contract. Our practice exam authors, peer reviewers, editors, technical support are responsive to your needs and dedicated to you passing your exam the first time. A provision in a deed to real property that warrants that no liens, claims, or liabilities exist on the property being conveyed, except as specified. One not belonging to or connected with a particular profession. YES. An estate in real property in which ownership is for a determinable time period, as in a lease. The process of reviewing prior to approval (of a buyer's housing needs and financial abilities, of a borrower's mortgage loan application, or of an application for licensure). The process of weighting the estimates of value derived from the sales comparison, cost, and income approaches to arrive at a final estimate of market value. Migdalia has been a licensed real estate broker in Florida for over sixteen years. Under FIRREA, state-certified or state-licensed appraisers must be used for certain loans in federally related transactions. An object that was once considered to be personal property but has become real property because of attachment to, or use in, improvements to real property. The appraisal is an independent estimate of the value of a parcel of real estate by an appraiser using approved, standardized methods. A lender who holds a mortgage on specific property as security for the money loaned to the borrower. Federal Deposit Insurance Corporation (FDIC). A great reference for the who, what, why, where and how of the actual exam. As defined in the Fair Housing Act, a situation in which one or more individuals younger than 18 live with a parent or legal guardian. Information a person has actually learned by reading, seeing, or hearing. A provision in a deed to real property that stipulates the estate or interest the grantee is to receive and the type of title conveyed. Sole ownership of real property ("severed" from all others). A person in a position of trust and confidence with respect to another person. Museums must know the value of an object that they hold, accept into their co Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; audio not yet available for this language. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Before-tax cash flow (BTCF; cash throwoff; gross spendable income). Individual prerequisites required to constitute a single joint tenancy. Florida uses Pearson VUE to manage and oversee their real estate license tests. Two or more parties jointly attempting to defraud a third party. Any proof that may legally be admitted in settlement of an issue. Compulsory payment paid by a citizen to a unit of government. A business location other than the real estate broker's principal place of business. Earnest money or some other valuable consideration given as evidence of good faith to accompany an offer to purchase or rent. These 25 questions are on the Florida Real Estate Exam. You can customize the muzzle, optics, rear grip, the stock, the. The supply of available properties exceeds the demand. When the correction of a defect results in as much added value as the cost to correct the defect. The collective wealth (money and property) of a person or business; the investment in a property. Installation locations are in alphabetical order by geographic region and state. A provision in a mortgage that allows the mortgagor to pay the mortgage debt ahead of schedule without penalty. A federal agency that is part of the Department of Housing and Urban Development (HUD). Licenses held by a broker in two or more real estate brokerage firms. I am a Luxury Real Estate Agent in Naples Florida. Underwriting (loan qualification; risk analysis). Add to folder A suit or action in a court to remove a defect, cloud, or claim against the title to real property. A provision in a mortgage in which the lender voluntarily permits a prior or subsequent mortgage to take priority over the lender's otherwise superior mortgage; the act of yielding priority. An alliance of trust and confidence that creates a moral and legal obligation when extended by one person and accepted by another. An official agency, usually made up of appointed lay citizens, that directs and controls the use, design, and development of land in a city, county, or region. Made subject to or subservient to; assignment to a lesser role or position. The process of determining liabilities and apportioning the assets in order to discharge the indebtedness of a business to be sold. In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. Fee simple possession, for the limited time purchased (one or more weeks), of a time-share unit, complete with deed, title, and equity. The sale, purchase, or lease of businesses that provide goods and/or services. California Real Estate Practice Exam and the Florida Real Estate Practice Exam.