Eddy is a seasoned real estate investor who specializes in retail properties. Eddy learned the power of using leverage early in his investing career. Leverage allows Eddy to realize a greater return on investment. Knowing this, what does Eddy most likely NOT do? Bobby is a licensed Florida attorney and a member of the Florida Bar. He is also a part-time property inspector and a loan officer. If Bobby decides to obtain his Florida real estate sales associate's license, why may he be exempt from taking the 63-hour pre-license course? Ruby obtained a loan of $90,000 towards the purchase of her new home. If the loan was 75% of the purchase price, how much did she pay for the home? Bill is the listing agent responsible for selling a single-family home. The house is in desperate need of repairs as it has been neglected for the last 12 years. In an effort to attract more buyers, Bill posts an advertisement online stating that the property is "move-in ready". Has Bill violated any advertising guidelines? Sam is looking to purchase his first multi-family investment property. If you were Sam's agent, what risks about real estate would you explain to him? Anthony does not have a Florida real estate license, but he set a goal to open his own real estate office in the next five years. What should Anthony do to obtain his goal? The owner of a beachfront property is tired of all the trash left on the beach by the general public. He put up a "Keep Out" sign on the high tide mark, but his attorney told him that was not a sensible move. What was the lawyer's main concern? The seller wishes to convey the property to a new owner. On the day of his appointment at the title office the seller falls ill, is rushed into intensive care and dies. Can the property legally be transferred at this time? Tom is looking to sell his own house. He decides not to hire a broker in an effort to save on the commission. Are Tom's actions illegal? A 2 acre lot sold for $327,000. What was the price per square foot? James sold his home for $379,000. If the real estate commission was 5.5%, how much commission did he have to pay? Mary owns an older home, which she's looking to sell in the near future. She's worried that there may be asbestos located throughout the house, so she decides to hire a professional to test for and remove any asbestos found. Where may asbestos be found in Mary's house? Phil and Sandy are looking to purchase their first home together. Both of them recently graduated from college and are just starting to establish their careers. What type of loan will best work for Phil and Sandy? To speed up the process of surveying, surveyors use brass metal plates to record important information. The benchmarks, as they are called, are used to save time so surveyors do not have measure the datum plane each time. Benchmarks refer to what standard of measurement? David is a licensed agent who typically represents homeowners looking to sell their house. As an agent, David has limited authority when working with clients, and his duties are limited to those outlined in the listing agreement. How would you characterize David's agency relationship? Mary purchases a property with the help of a fixed-rate loan. Why is Mary considered the mortgagor and the lender the mortgagee? Mark is a broker who signed a listing agreement with a seller to sell their single-family home. A broker associate working under Mark brings a buyer to the seller and both parties sign the sales contract. Has Mark violated any agency laws? A retirement community restricts buyers to people 55 years and older. How will this restriction affect the value of the property? Abby is looking to purchase a house in Palm Beach, FL. She narrowed her search down to two possible houses. Both houses are of similar size; however, one house is on the beach front, while the other house is further in-land. The beach front property is 25% more expensive. Why would this be the case? Mark and Elizabeth enter into a sales contract to purchase Elizabeth's house. Mark completes his due diligence on the house, obtains financing from a lender, and is now on his way to the closing. What is the ideal way to discharge the sales contract? Martha is in the process of selling her house. If her 2,000 sq.ft. house was built in 1972, why should Martha include a lead-based paint disclosure with the sale of the property? The buyer of an industrial complex wants the broker to place the earnest money in an interest bearing account. The broker does this, clearly identifying all parties who are to receive the interest and the date the earned interest is to be disbursed. With only the verbal consent of the buyer, he places the money in an insured account in a depository in Florida. When the time comes to disburse the account, the broker will write a check to the buyer for the interest as the buyer agreed. Which statement describing this situation applies? Charles is looking to purchase his first investment property. He is looking at multi-family properties with stable income. What metric should Charles use to help determine the risk associated with each property he views? Sara is a homeowner looking to sell her house. She hires James, a licensed Florida broker as the listing agent. Eric is a prospective buyer looking to make an offer on Sara's house. How would you characterize each party's role from the seller's perspective? Robin and Marcy enter into an Exclusive Agency agreement. What is the ideal way Robin and Marcy can terminate the Exclusive Agency agreement? As a listing agent, a broker's fiduciary duties do NOT include which of the following? Mrs. Johnson failed to renew her sales associates license last year. Her license is now on inactive status. What can Mrs. Johnson do to reactivate her license? Lucy is working with a lender to obtain a home loan. The lender gives Lucy a quote of 4.5% with a monthly payment of $1,256. Lucy would like to decrease the monthly payment. How can Lucy go about reducing her monthly home loan payment? Brandon has been living in the same neighborhood for over 30 years. In recent years, he has seen a surge in population due to new corporate businesses setting up shop in town. The surge in population has also come with a surge in real estate prices. Why would this be the case? A typical monthly home loan payment includes principal, interest, taxes, and insurance. Why do lenders require borrowers to contribute to their annual property taxes with each monthly loan payment? Joe took out a loan to purchase a new house. In return, Joe's lender placed a lien on the property. Is this legal? A sales associate presents an owner with an offer for $175,000 on behalf of a buyer. The owner countered at $185,000. While the buyers are considering their response, the owner sends an email rescinding the counteroffer. Which of the following statements is correct? A 150-year-old 3-story mansion in the center of town has one bathroom on the first floor and two half baths on the third floor. It has a single car garage and no rear access. The appraiser depreciated the value of the home based on…? Chris was recently hired by a homeowner to sell their single-family home. The homeowner wants to list the property for $649,000; however, Chris strongly believes the current market value is only $620,000. What should Chris present to the homeowner to justify his price? Aaron and Melissa are looking to sell their house for $700,000. They purchased the house seven years ago for $480,000 and didn't have any adjustments to factor in. If Aaron and Melissa sell their house for $700,000, how much will they have to pay in capital gains? Eric owns an irregularly shaped lot in a residential neighborhood. The yard and setback requirements outlined in the local zoning laws will not allow him to build a house on the lot. How can a variance help Eric in this situation? Neil recently obtained his Florida sales associates license. He then decides to open his own office and hire four sales associates to work under him. Neil and his four sales associates agree to split any commissions earned by the four associates 50/50. Has Neil violated any licensing laws? If a buyer defaults on a contract for sale after paying $7,000 in earnest money as a deposit, what happens to the earnest money? David owns a restaurant in downtown Sarasota. When David's lease is up, what happens to his cooking stoves and dish washing machines? John owns a small rental cottage in St Augustine and his mother Brenda lives nearby in a rented apartment. He is concerned about her having a secure home to live in after her retirement so he decides to convey the cottage to her for the rest of her life, after which, ownership will revert to him. What would John's attorney probably have advised him to do to achieve these goals? Jessica's house sells for $235,000 and she pays a 6% real estate commission to the listing broker, Oscar. Oscar keeps 55% and gives the co-operating broker the balance of the sales commission. If Harry, the listing broker's agent, earns 65% of the commission that his broker receives, how much commission does Harry earn? Rachel was recently hired as a buyer's broker. Her client is looking to purchase a new house in Orlando, FL. Before starting to show properties to her client, what should Rachel encourage her client to obtain? A buyer made an offer on a property on September 25th. The Seller countered on September 26th. Both parties signed the purchase contract on September 28th. The property closed on December 31st. What is the effective date of contract? A borrower needs a fixed-rate home loan in order to purchase a new house. The lender requires a minimum 20% down payment, which also serves as equity for the borrower. What happens to the borrower's equity over time? Ken is an appraiser who was hired to appraise a single-family home. Ken's subject property is similar to many of the houses in the neighborhood since much of the neighborhood was built around the same time. Why would the sales comparison approach be the most effective valuation method for Ken? A broker found a ready, willing, and able buyer who offered full price for a home. The seller refused to sell because the buyer was Asian. Which of the following was NOT a legal course of action for the broker? In the government survey method, how many acres does a section with a land area of one square mile contain? What is the name of the clause that permits the lender to declare the entire unpaid balance immediately due and payable upon default? Bobby takes out a home loan to purchase a new house in Miami, FL. Assuming Bobby gets to keep equitable title to the property while the lender takes legal title, what will happen if Bobby defaults on the loan? James is looking to enter into a listing contract with Mary to sell her house. The two are trying to come to an agreement on what type of listing contract to use. What type of listing contract will offer James the least amount of protection? Tip: Click the ("plain-text" link in this section to view all text in this description) ---- CHECK OUT www.PassRealtyU.com for better prices. After payment , YOU MUST EMAIL US AT PassrealtyU@yahoo.com TO GAIN ACCESS TO www.PassRealtyU.com CONTENT OF YOUR SUBSCRIPTION. so we can make an account for you on our website.. Or just get it from our website for faster service. 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