Post Pre-Licensing Exam for Sales Associate in FL 2023/2024
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Post Pre-Licensing
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Post Pre-Licensing
Post Pre-Licensing Exam for Sales Associate in FL 2023/2024
A property is likely to sell faster if it is priced at the... - ANSWER-"sold" section of the CMA
Voluntary Inactive - ANSWER-The license status that results when a licensee has met all of the requirements for licensure, yet the licen...
Post Pre-Licensing Exam for Sales
Associate in FL 2023/2024
A property is likely to sell faster if it is priced at the... - ANSWER-"sold" section of the CMA
Voluntary Inactive - ANSWER-The license status that results when a licensee has met all of the
requirements for licensure, yet the licensee chooses not to engage in the real estate business, and has
requested that the license be placed in this status.
Involuntary Inactive - ANSWER-A sales associate who works for a broker whose license is revoked by the
FREC) will have his/her license placed in ________ status .
Most conventional res mortgage lender have adopted the Fannie suggested housing expense ratio and
the total long term obligations ratio calculated from gross income amounts for underwriting loans. The
fannie mae ratios for housing expenses (HER) and the total obligations (TOR) currently range from -
ANSWER-28% (HER) and 36% (TOR)
The best way to acquire product knowledge is to... - ANSWER-Be in the market place
Broker who works with a seller is legally presumed to be... - ANSWER-Transaction broker. FL law
presumes that a licensee is a transaction broker unless the licensee enters into another brokerage
relationship with the customer.
The process of evaluation the risks involved in issuing a new real estate mortgage is commonly called -
ANSWER-Loan Underwriting. Loan underwriting is the evaluation of the risks involved when issuing a
new mortgage. This process involves qualifying the borrower and the property to determine whether
they meet the minimum requirements established by the lender, investor, or secondary market in which
the loan is to be sold.
The closing date for a transaction is Sept. 15. If annual property taxes are $760 and a lender wants a 3
monthtax escrow plus the number of months through the day of closing, what is the amount of prepaid
taxes the lender collects at closing? - ANSWER-$760 The closing month is Sept (9th month). Add 3 more
months and that means the lender wants a full year of taxes. Annual taxes are $760.
, When the annual debt service is subtracted from NOI, the result is - ANSWER-Before-tax cash flow
A bilateral agreement spelling out the complete terms between a buyer and a seller for the transfer of a
parcel of real property is - ANSWER-Sales contract.
A comparable property sold 2 months ago for 138K. It has 4 beds (subject has 3) and is 160 SF larger as a
result. An analysis shows that the additional room/space makes a 8K difference. The subject is newer
and in slightly better condition, so you estimate a difference of 5K. Due to the difference in SF and Beds,
you make a... - ANSWER-Minus 8K adjustment to the comparable. Because its larger the adjustment
would be minus 8k to the sales price of the comparable
A house sells for 87,500. How are the documentary stamp taxes on the deed handled on the closing
statement? - ANSWER-612.50. The seller pays for the stamp taxes on the deed. Divide the sales price by
100 then round to the next highest 100 and multiply that by by $0.70
What is the most important in a sales contract? - ANSWER-Legal Description. A defective Legal
description can render the contract unenforceable.
The relationship between a property's NOI and its present value is the - ANSWER-Capitalization Rate
The monthly payment for P and I is $663.81. Annual ins is $720. City and County tax are $760 annually.
Mortgage ins premium is $50.18 per month, what is the total monthly payment (PITI) on the mortgage? -
ANSWER-$837.32. Monthly payment is calculated by adding the P&I and 1/12 of the tax ins and PMI.
A broker obtained a 90 day listing contract that has self -renewing provision extending the agreement on
an additional 60 days days after expiration unless either party cancels in writing. The listing contract is? -
ANSWER-Void. Listing contracts with a self renewing provision are not legal and are void under FL law
Which illegal statement would MOST likely be termed steering? - ANSWER-"Are you certain that you'll be
comfortable in this predominately white neighborhood"
A lead based paint hazard disclosure must be made if the house being sold was built before... - ANSWER-
1978. This disclosure must be made before the contract is signed and a 10 day period to conduct an
inspection.
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