Florida Real Estate Brokerage

dealers

owners of real estate hold properties as inventories, CANNOT deduct depreciation

25

Any depreciation taken during the holding period (improved investment property) is recaptured and taxed at ____%

50k, 150k

____ per transaction with a max of _____ for multiples transactions is the maximum allowable reimbursement from the recovery fund for financial losses suffered as a result of a licensee’s unlawful acts

positive leverage

annual constant of the debt service is less than the overall rate (OAR)

equal credit opportunity act

prohibits discrimination based on race, color, religion, sex, national origin, marital status, age, applicants receipt of income from public assistance

kickback

no person may accept anything of value, _____, for referrals of settlement service business associated with a federally related mortgage loan. Neither may a person give or accept any part of a charge of services that are not performed.

deferred maintenance

required maintenance on a property that an owner cannot or will not do

section 234c

federal housing administration program that insures condominium mortgage loans

blanket mortgage

mortgage encumbers more than 1 parcel of property

successive sales analysis

(resale price-initial price)/initial price/months

no disclosure

Under Florida law, it is presumed that all licensees are operating as transaction brokers and _____ is required

doc stamps

to calculate ______, divide mortgage by 100 and round up to the nearest whole number, then times by .35

intagible

to calculate ____ taxes on mortgage times by .002

14 calendar days

if the only active broker of a brokerage entity dies, resigns, or is unexpectedly unable to remain in the position as an active broker, the vacancy must be filled within ________________

30 days

notice of non compliance - licensee must take action to correct violation within _______

equity dividend rate

before tax cash flow/ owners equity

10, 100k

an owners association is defined as a community association if it has more than ___ units and an annual budget over ____

continuing education

if you are a member of the florida bar, you are exempt from ___________

foreclose

if a

250,000

Income tax rules allow a single filer to exclude tax on up to ____ of the gain from the sale of the filer’s principal residence

tenancy in severalty and tenancy in common

_________________ allows property to be inherited

no brokerage relationship notice

if you are a transaction broker, you must give a _______ to a for sale by owner

Florida Supreme Court

When preparing a residential lease agreement, a broker may prepare only the residential lease forms approved by the __________

seller’s

a broker may accept a post dated check with the _____ approval

participates

the NFIP offers flood insurance to homeowners, rents, and business owners if their community ___________ in the NFIP

current ratio

current assets/current liabilities

page 3

____ of the closing disclosure has the total amount due from the buyer and the total amount due from the seller

cost approach

is best used for a place that is new and site value is well sustained

formal hearing

if a broker disagrees with the violations alleged in the formal complaint, the broker is entitled to have the case heard by an administrative law judge in a _______

licensed

if a buyer is seeking a mortgage, then they need an appraisal done by a _____ appraiser