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Florida Real Estate 45 Hour Post License Practice Correct 100%
Question: What are the FHA requirements for housing
expense ratios (HER) and total obligations ratio (TOR)?
Correct Answer: 28% (HER) and 36% (TOR)
Question: A broker obtained a 90-day listing contract with
a self-renewing provision extending the agreement an additional 60 days after expiration unless either party cancels in writing. What is the status of the listing contract?
Correct Answer: Void
Question: Unlicensed personal assistants who are directed
by the sales associate in how to do their jobs cannot be classified as independent contractors, and must pay what?
Correct Answer: Withholding taxes
Question: If a buyer raises an objection to a property,
what should the associate do first?
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Correct Answer: Confirm and isolate the objection
Question: What is a bilateral agreement spelling out the
complete terms between a buyer and a seller for the transfer of a parcel of real property?
Correct Answer: A sales contract
Question: What is NOT a good reason to make a
preclosing walk-through inspection?
Correct Answer: To determine that no encroachments
exist
Question: How are the documentary stamp taxes on the
deed handled on the closing statement for Susan and Henry’s transaction?
Correct Answer: Debit Susan $612.50
Question: What is an agreement to hold open for a set
time period an offer to sell or lease real property?
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Correct Answer: An option contract
Question: What is the proration of taxes between the
seller and the buyer in Susan and Henry’s transaction?
Correct Answer: Debit Susan; credit Henry $535.12
Question: What do callers who are asking about property
they saw from a sign usually ask for?
Correct Answer: Price
Question: What does a comparative market analysis
(CMA) with adjustments assume?
Correct Answer: Adjustments for differences have been
made to the comparable property
Question: What does the Florida Realtors® contract
require the seller to warrant regarding appliances, heating and cooling systems, and plumbing systems?
Correct Answer: At closing
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Question: Assuming the mortgage insurance premium is
$50.18 per month, what is the total monthly payment (PITI) on the mortgage in Susan and Henry’s transaction?
Correct Answer: $837.32
Question: A broker who works with a seller is legally
presumed to be what?
Correct Answer: A transaction broker
Question: What is the ratio of monthly housing expenses
to monthly income called?
Correct Answer: The housing expense
Question: What is the adjusted sales price of a
comparable property that sold for $138,000, with adjustments for a $8,000 difference due to an extra bedroom and 160 square feet, and a $5,000 difference for the subject being newer and in better condition?