Free sample real estate license test

To calculate the property taxes, you take the following steps: 1. The discount points are a fee paid by the borrower or a third party such as the developer to obtain a lower interest rate on a loan.

The fee paid to originate the loan is the Origination fee. The fee paid to the secure the interest rate is the lock fee. There is no fee charged to qualify a borrower for a loan. A competent real estate licensee must know the legal steps and requirements to transfer property and of the conditions that can invalidate a real estate contract. They also need to know the changes in market conditions for sales and leases, the changes in the zoning laws and the building moratoriums.

Finally, they need to know the most effective ways to market each of the listings they procure. To be an expert, a licensee does not need to know maintenance or insurance companies, nor be knowledgable on schools and populations of the area; this information would be helpful to the clients but is not determinant to the experience of the agent.

An agent should never provide information about mold or termites other than recommending the buyers to seek an inspection to avoid conflicts of interest or misrepresentations.

It is a third-degree felony to falsify information on a license application. The social security number is required by Florida Law in all professional license applications to determine if the applicant is in compliance with child support obligations.

Florida Real Estate law does not require an applicant to be a US citizen or a legal resident of the country nor does it require a credit verification of the applicants.

The broker has 15 business days to notify FREC in writing of the conflicting demands. From the time she received the conflicting demands, she has 30 business days to implement one of the four settlement procedures. An unlicensed personal assistant is not allowed to show property, he cannot perform walkthrus neither he can answer questions regarding a listing unless he is reading this information on a written flyer or other document approved by the licensee.

Other clerical tasks, such as assembling documents for closing, having keys made for company listings, ordering inspections and gathering information for comparative market analysis are allowed by FREC. FREC, under its quasi-judicial responsibility, makes determinations of violations, imposes administrative penalties such as fines, carrys out suspension and revocation of licenses and also grants or denies applications.

But in the cases of criminal violations of the law, its responsibility is only to report such violations to the state's attorney. Prev Next Finish. Bookmark Page. A statutory deed in which the grantor makes no warranties to the grantee about the quality or extent of the title being conveyed is:. Special Warranty Deed. Bargain and Sale Deed.

Quitclaim Deed. General Warranty Deed. Although real estate investment offers many advantages to an investor, it has some negative aspects as well. Which of the following is not a characteristic advantage of real estate investment? Rate of Return. Equity Buildup. When a developer plans for a large project in Florida, studies need to be performed regarding the project's impact in the community before the city approves it.

These studies are summarized in a:. Planned Unit Development filing. Environmental Impact Statement. Special Exceptions Rider.

Developments of Regional Impact Statement. Mark bought a house in an old neighborhood and remodeled it with high-end materials. He even hired a home decorator to give the last touches to it. The house looked beautiful, and Mark was pleased with it. However, a year later his employer offered him a better job in a distant location, and Mark decided to sell the house before relocating.

After all, he would make good money on the sale because all the improvements he did to the house, and he will be able to buy in his new location instead of renting. The results of the report were very disappointing for him because the house has not acquired enough equity to make the profit he imagined.

This is an example of:. External Obsolencence. Market Conditions. Physical Obsolencence. All of the following are protections granted by the Florida Constitution to homestead property except:. Granting tax exemptions when assessing property taxes. Granting protection to the family in case of deceased of the titled owner. Granting protection of the size of homestead in case of Bankruptcy.

Granting protection from enforcing of the vendor's liens. Florida Real Estate Contracts and Leases. The four essential elements of a valid contract are:.

The contractual capacity of the parties, Earnest money, Legal purpose, Consideration. However, the section on state laws is substantial too. The required score for passing the Real Estate License Exam and receiving your license may vary depending upon the state that you would like to be licensed in.

The length of time that it takes before your official score is released will vary depending upon the policies of your testing center, although it is generally between two and four weeks.

Some testing centers allow you to view your unofficial results immediately upon concluding your exam. You will want to check with your testing site before taking the exam to find out more details. Yes, you can retake the exam, although additional attempts will incur additional exam fees.

Also, check to see if your state has a maximum limit for the number of times you can take the exam. Some states—including California, Florida, New York, and Washington—cap this at as few as two attempts. If you plan to practice in these states, you will want to be sure that you are prepared to achieve a high score on your first attempt.

Please let us know how it goes for you and about any additional ways we can help. Or shoot us an email at [email protected] And our very best wishes for you on test day! Enable javascript in your browser to use Union Test Prep Without javascript enabled, some features may work unexpectedly or not at all.

Learn how to enable javascript. Support us today and start studing for your test ad-free. Support Now. Sign up to access. Brokerage Responsibility and Agency Management 30 Questions. Contracts 40 Questions. Financing 30 Questions. Practice and Disclosures 40 Questions.

Property and Ownership Laws 40 Questions. Property Valuation and Appraisal 25 Questions. Bonus Content: Contracts 40 Questions. Bonus Content: Financing 30 Questions. Bonus Content: Practice and Disclosures 40 Questions. A special agency is an advisory position.

Therefore, while the broker can advise the seller as to the merits of each offer, the broker does not have the authority to accept a particular offer and bind the seller to that decision. In contrast to a special agency, a general agent typically has a number of duties to perform. This type of agency is usually used for ongoing businesses.

The general agent does have a limited authority to bind the principal. One frequently-tested example of a general agency is a property manager with the authority to, for example, find and sign well-qualified tenants. An implied agency can be created unintentionally or by accident. It may be created accidentally through the speech or actions of the agent e. This answer choice is incorrect because, here, both parties intended to enter into an agency relationship and formalized that intention in a written listing contract.

A dual agency occurs when the agent represents more than one party to the transaction e. There is no dual agency scenario presented in this fact pattern. Note: Some states legally prohibit dual agencies. Familial status is a protected classification under the federal Fair Housing Act, as amended. When first enacted in , the law prohibited discrimination in housing only on the basis of color, race, national origin, and religion.

An amendment in added sex as a protected class. Test-Taking Tip: You need to have this federal law—including the amendments—memorized before taking your state exam. After the loan is paid in full, the coverage expires. A and B are incorrect. A title insurance policy premium is paid only once, usually at the closing. A valid contract must contain all of these elements.

There must be an offer that sets forth clear terms, and is more than a mere invitation to negotiation. The offer must be accepted without any conditions or qualifications, and the acceptance must be communicated to the person making the offer. There also must be consideration. For a bilateral contract, consideration is the exchange of promises. For example, in a purchase and sale contract, the seller is promising to convey title to the buyer, and the buyer is promising to pay the purchase price to the seller.

Finally, the purpose of the contract must be lawful. Only a licensed appraiser can perform an appraisal.

An appraisal is required for all federally related loans like, for example, an FHA-insured loan, a VA-guaranteed loan, a conventional loan, and loans from lenders with FDIC. The lender, however, needs the appraisal to ensure that the loan-to-value ratio is appropriate.

While this approach is similar to the market data approach used by appraisers, the broker is not authorized to complete an appraisal. A home inspector does not appraise a property, but reports on the condition of its major systems and components e.

A, B, and C are incorrect answer choices. Note: Matters of record that were not discovered by the title insurance company during their search—and are unknown to the owner—would also be covered under this type of policy. There are two phases in a foreclosure: Reinstatement the first phase and Redemption the second phase. During the Reinstatement phase, the homeowner must only pay any missed mortgage payments plus court costs, legal fees and interest.

During the Redemption phase, the homeowner must pay the entire outstanding mortgage loan amount plus court costs, legal fees, and interest. Redeeming a property means saving it from foreclosure. A, B, and C are incorrect because they are incomplete. In order to exercise the right of redemption and save the property from foreclosure, the property owner must pay the entire outstanding mortgage, court costs, legal fees, and any interest owed.

While the interest on a fixed-rate mortgage does not change over the term of the loan, the ARM interest rate is tied to an economic index, and can go up or down, depending on market trends. Many ARM loans start at a lower interest rate than the fixed-rate mortgage.

Then, following this introductory period, the interest rate is tied to changes in an economic index and can either rise or fall. A, B, and C are incorrect because they are all fixed rate mortgage loans. After the woman dies, her debts will be paid and assets distributed through the probate court. To alienate means to convey. A deed that has been delivered and accepted would result in an immediate transfer of the real estate from the woman to her son.

When a parcel of real estate is owned in severalty, there are no other owners to consult. Test-Taking Tip: One person, one corporation, one governmental entity, one trust, one partnership can all own real estate in severalty. As long as there is only one owner, that is an estate in severalty.

Prev Next Finish. Bookmark Page. The selling price includes a six percent commission rate that your brokerage charges. The buyer's agent will get half the commission.

What is your portion of the commission? Dividend income. Real estate taxes are calculated based on:. An assessed value. An average value based on surrounding properties. The last sale price of the property. The square footage of the original blue print. To calculate realized gain, you must:. Add the selling expenses to the adjusted basis. Subtract the capital improvements from the sale price.

Subtract the adjusted basis from the sale price, less selling expenses. Add adjusted basis, sale price and selling expenses. When being compensated, the duties that require a real estate license include:.

Listing or attempting to list real property. Negotiating terms of a real estate contract. Leasing or renting for more than one person. All the above. John, Matt and Laura have decided to start their own dog walking business. John will have the bulk of the day-to-day responsibilities; Laura will be in charge of appointments and keeping the books while Matt will contribute money to get the business up and running. They decide to rent a space in an unused plaza to use as their business location.

What type of business organization have John, Matt and Laura formed? S Corporation. Sole Proprietorship. Limited Liability Company. In limited liability companies, the owners:. In residential construction, a framing member that supports the structure over door and window openings:. Sill plate. The purpose of a planning board is to:. Adopt and amend local laws relating to municipal governance. Plan for a region's future by considering the available natural and supplied resources.

Oversee the quality and appearance of buildings, including historic buildings. Provide a 'safety valve' for zoning ordinances. In which type of insurance policy does the insurer bear the burden to prove that a cause of loss is excluded from coverage? A named peril policy. An all-risk or open perils policy. Commercial property insurance. Homeowner's insurance.

Which of the following statements about cooperatives is not accurate? An owner gets a title transferred by deed. Title to the property is shown in the deed as the name of the cooperation. Members who participate have an equal share in governing the property. Title is transferred through shares. The person who receives mortgage payments from a borrower including amounts for escrow is a:. Mortgage Loan Originator.