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Quiz____?A sales associate was issued a citation for failing to timely notify the Commission of her change of address. How many days does the licensee have to either pay the citation or file an objection to the alleged violation? - Answer✓✓ 30 days
Quiz____?Pam's home has an assessed value of $301,000. She qualifies for the Florida
homestead exemption. The area she lives in has the following taxes: County tax
rate is 8.6 mills, City tax rate is 4 mills and the school district tax rate is 6.1 mills. How much will the property taxes be? - Answer✓✓ [Section 18 Slide 31] $301,000 -$50,000 = $251,000 x .0126 (8.6 mils + 4 mils =12.6 mils) = $3,162.60; $301,000 - $25,000=$276,000 x .0061 (6.1 mils) =
$1,683.60; $3,162.60+ $1,683.60 = $4,846.20
Quiz____?What are the similarities between a Business Brokerage and a Real Estate Brokerage? - Answer✓✓ 1) Both deal with Real Property 2) Both require a Real Estate License 3)Both involve Long-term Liabilities 1 / 3
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Quiz____?A rental investment property is scheduled to close on September 10. The buyer gets day of closing. The rent is $1900. How much is debited and/ or credited at closing and to whom? - Answer✓✓ $1330 Credit to Buyer and $1330 Debit to Seller
[Section 14, Slide 63] There are 30 days in September, so there are 21 days that the seller owes the buyer including the day of closing. Divide $1900 by 30 = 63.3333333333 x 21 days =$1,330
Quiz____?A home was purchased with a down payment of $36, 000 and a loan of $200,000 at 6.5% for 30 years. Monthly payments are $1,264.14. What is the loan to value ratio? - Answer✓✓ [Section 12 Slide 52] $36,000 + $200,000 = $236,000 Purchase price; $200,000 � $236,000 = 0.8474576271 or 85% rounded.
Quiz____?In case of breach by the buyer, most real estate contracts include a provision
that the earnest money be regarded as: -
Answer✓✓ Liquidated damages to the seller
Quiz____? 2 / 3
3 Which is an example of a functional obsolescence? - Answer✓✓ One car garage
Quiz____?A tenant signs a lease for less than a year. What is his interest in the property? - Answer✓✓ Leasehold estate
Quiz____?
To substitute a borrower in a mortgage with another borrower is called: -
Answer✓✓ Assignment of mortgage
Quiz____?An active Florida broker accompanies her husband when he goes on active military duty in Ohio for five years. She is not active in real estate in Ohio. Upon their return to Florida, she - Answer✓✓ Need not complete any continuing education or reactivation education for those five years and for up to 2 years after honorable discharge
Quiz____?
Effective age means: -
Answer✓✓
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