FL Real Estate Exam - Magnolia School all terms / Certified Exam Questions & Answers / 2025.Terms in this set (370) What is leverage?Use of borrowed funds to purchase assets or to finance an investment How is the binder deposit notated on the closing disclosure?Credit buyer - BDCB What is the status of a sales associates license but they do not complete the required post licensing education prior to their first renewal cycle Null and void How many sections are in a Township?36 (square miles) Which mortgage clause allows the mortgagee the right to demand the outstanding loan balance plus secured interest in the event that the borrower sells or transfers any interest in the property without the lenders prior written consent Due on sale clause 1 / 4
What requirement is not apply regarding dwellings built prior to 1978 Buyers must have the property inspected for leadbased paint Two close friends on a daycare center as joint tenants with the right of Survivorship. One owner passed away, who owns the daycare center?Surviving owner becomes soul owner of the daycare center by operation of law The subject property is a three-bedroom, two-bath home. A comparable property is a threebedroom, two and onehalf-bath home.An appraiser has determined that the extra half bath is worth about $2,200. What adjustment should the appraiser make?Subtract $2200 from the comparable Which of the following is incorrect concerning FHA and VA mortgages?VA is the government insured loan and could be accompanied by an origination fee FHA (Federal Housing Administration) mortgage Government insured loan Origination fee VA (Veterans Affairs) mortgage Government guaranteed loan Funding fee Origination fee What lien takes priority first and second?Property Tax, Special Assessment Intangible tax is noted on the closing disclosure as Debit to the buyer 2 / 4
What is a blind ad? Doesn't list the realty company or brokerage Which of the following is a penalty for first time minor violation that is not accompanied by a fine?Notice of noncompliance Nonlicensed assistants may perform which activity?Handout objective written information on a rental property Two brothers have decided to purchase investment property in or not sure how they want to take title. The brothers wives have looked into the options and have decided that in the event that one of the brothers die, his wife would like to receive title. With his information how would they take title?Tenancy in Common A father intended to leave his house to a son and executed a general warranty deed to the property and gave it to her son. Shortly after, the father died, before the deed could be recorded.Which applies?This one has title to the property because title to the property was conveyed when the father delivered the deed to his son and his son voluntarily excepted it 3 / 4
Which of the following clauses or covenants in a deed states that the grantor owns the property and has the right to convey it?Covenant of seisin (own it and have right to sell it) Amy, Bob, Frank, and Francine all co-own of Beach House on St. Petersburg Beach. Frank died, and his coownership of the property passed, according to his will, to his son. How do these parties own the property?Tenants in common Which statement is true about the monthly payments on a 30-year fully amortized loan?Initially, interest is the largest portion of the payment beginning of loan most payments go to interest What are the rights flowing through your property called?Riparian rights If a sales associate picks up an escrow check on Tuesday, when does the broker have to deposit it into the escrow account?Immediately, as defined, by Friday / 3 business days
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