A multiunit project consisting of individual dwelling units owned by the corporation in which the individual apartment tenants own stock rather than owning their respective units. YES. Below are the topics and the percentage of test questions for each. Final Review: Colibri Real Estate' courses come with a bonus exam cram video and workbook. A request to a court of appeal (appellate court) asking it to examine the record of the proceedings in a specific case. An intentional proposal or promise made by one party to act or perform, provided the other party acts or performs in the manner requested. Designation of another person to act for a principal who may not be present. As defined in the Fair Housing Act, a physical or mental impairment that substantially limits one or more major life activities. The cost is based on the face value of the note. An agreement wherein the terms are not stated but are inferred from the conduct of the parties. Please sign in to share these flashcards. One who receives an offer, usually the seller. An unlicensed entity that sells, exchanges, or leases its own property. The price paid for the use of borrowed money; estate. That portion of the net proceeds from the sale of property that represents the return of the investor's capital. Designed specifically to help you pass the Florida salesperson exam and get your career started fast. Realtor Agent Test Prep 2022 Higher Learning Technologies 4.7 6.5K Ratings; Free; Offers In-App Purchases . . After passing the exam, download and print your license through your secure account at the DBPR website. All states require real estate agents to be licensed by the state to engage in the sale of real estate. A profession requiring knowledge of real estate values, experience in dealing with the public, plus exceptional personal integrity and character as qualifications to act as advisors and agents for members of the public. The estate or rights of a tenant. (See also Equity of redemption.). When the correction of a defect results in as much added value as the cost to correct the defect. It provides a line of credit available for draws when needed by the homeowner. The actual exam has 100 questions and 3 1/2 hours is given to complete it. Comments or opinions not made as representations of fact and thus not grounds for misrepresentation. The expenditure of constructing a building with current materials and techniques that has the same functional utility as the structure being appraised. The total annual income a property would produce with 100 percent occupancy and no collection or vacancy losses. Free 100 Question Real Estate Practice Exam You might also try right-clicking and choosing "Save Target As.". {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Florida Real Estate Exam","payreferer_url":"\/flashcards\/copy\/florida-real-estate-exam-361021","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. The process of determining liabilities and apportioning the assets in order to discharge the indebtedness of a business to be sold. Discriminatory financing by a lending institution. When the cost to correct a defect is greater than the value added by the cure. A measurement of average price changes of goods and services using a base period. Also known as seizin clause. Classification of real property for various purposes; the government power to control and supervise the utilization of privately owned real property (actually, the exercise of police powers). Rules that govern the administration of the condominium. If you are taking an exam in EMEA, please click Armed Forces, Europe & Other. A provision in a mortgage allowing the borrower to increase the loan amount as long as the total debt does not exceed the original mortgage loan amount, with the lender often reserving the right to adjust the interest rate to current market rates; a mortgage for future advances. Money or other property that is not like-kind, which is given to make up any difference in value or equity between exchanged properties. Movement into a community or region by new residents. A central banking authority that influences the cost, availability, and supply of money. Financial institution that makes mortgage loans directly to borrowers (e.g., savings association, bank). Need more info? A provision in a listing contract requiring a broker to produce a ready, willing, and able buyer or offer on the terms specified. (See also Point, Mortgage discount.). Overall, only tests.com offers these 25 Key Advantages and guarantees your results. View Answers as You Go View 1 Question at a Time Insures mortgage loans made by FHA-approved lenders on homes that meet FHA standards in order to make mortgages more desirable investments for lenders. Our system is so good that colleges and universities use it to prepare their graduating students for their certification exams. A principle of law that prohibits (stops) a person from defending himself or herself against his or her own acts or lack of action. A legal writ obtained to prevent removal of property that is expected to be used to satisfy a judgment. A theory of land ownership that individuals may own land free of the rights of an overlord. Our practice material is written specifically for the real estate sales associate exam given by the Florida Department of Business and Professional Regulation. A contract that was valid when made but either cannot be proved or will not be upheld by a court. Supervises regional Federal Home Loan Banks and oversees their mortgage lending. 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Seabrook 's The Magic Island. An addition or change to property not in line with its highest and best use, or a betterment that exceeds that justified by local conditions. A loan covering both real and personal property. A legal instrument that states that the mortgagee assigns (transfers) the mortgage and promissory note to the purchaser. Any agreement that contains all the essentials of a contract, including that it is in writing and under seal; a contract dependent on a particular form. Taxes levied against properties to pay for all, or part of, improvements that will benefit the properties being assessed. A rejection of the original offer by proposing a new offer, thereby terminating the original offer. The worth of a property to a particular investor based on his or her desired rate of return, risk tolerance, etc. The percentage of rental units that are not occupied. A business location other than the real estate broker's principal place of business. Bring two forms of ID to the test. One who is authorized to perform certain acts for another under a power of attorney. 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). The ownership element in a corporation usually divided into shares and represented by transferable certificates (may be divided into two or more classes of differing rights and stated values). A financing arrangement in which an investor buys property owned and used by a business accompanied by a simultaneous leasing back of the property to the business by the buyer-investor. Checking accounts; payable on demand by holder. Professional service provided by a registered, licensed, or certified appraiser or real estate licensee to produce an estimate of value. A square measuring 24 miles on each side and representing the largest unit of measure in the government survey system. Conveyancing is the process of moving the legal ownership of property or land from one person to another. A grade of 30 points (75%) or higher is required to pass the exam. California Real Estate Practice Exam and the Florida Real Estate Practice Exam. An account in a bank, title company, credit union, savings association, or trust company used solely for safekeeping customer funds and not for deposit of personal funds; impound account or trust account. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Any sale transaction that ultimately involves a federal agency in either the primary or secondary mortgage market. Installation locations are in alphabetical order by geographic region and state. (See also Underwriting.). [509,] 512 (1927) (emphasis [omitted]). View 1 Question at a Time . An agreement for the tenant to pay rent based on the gross sales received by doing business on the leased property. Which of the following would NOT be classified as real property? 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 rule of thumb for estimating the market value of commercial and industrial properties; the ratio to convert annual income into market value. YES. The amount one makes over and above one's cost. Compensation paid to a broker or sales associate for successfully concluding a real estate transaction; short form for the Florida Real Estate Commission (FREC). Government ordinances regulating construction practices and materials. Take your exam online, on your schedule, from your own home. Administrator of a deceased person's estate. The added value as a result of combining two or more properties into one large parcel. Unlimited 24/7 access. A false or misleading statement of a material fact; concealment of a material fact. Study free flashcards about Florida Real Estate created by ea777maximus to improve your grades. Real estate activities involving compensation for performing the activities for another. . I created a study guide for myself before I tested and passed on the first try with no struggle. A suit or action in a court to remove a defect, cloud, or claim against the title to real property. Emergency or immediate action against a license to protect the public. A charge by a lender for taking a mortgage in exchange for a loan. An order of a superior court directing a lower court or body to do some specified act. The recording of a document or an instrument in the public records designed to give adequate notice to all.
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