Can You ACE This Florida Real Estate Exam?

Explanation
There are only 2 consumer members on FREC.

Explanation
Property management is becoming popular because of absentee owners. Absentee owners are individuals who own properties but do not live in the same location or have the time or resources to manage their properties themselves. This creates a demand for property management services, as these owners rely on professionals to handle the day-to-day operations, such as finding tenants, collecting rent, and maintaining the property. As more people become absentee owners due to various reasons, such as investment purposes or relocation, the need for property management services increases, leading to its growing popularity.

Explanation
Appraisers in Florida are required to follow USPAP, which stands for the Uniform Standards of Professional Appraisal Practice. USPAP is a set of guidelines and standards that govern the appraisal profession in the United States. It ensures that appraisers maintain ethical and professional standards while conducting their appraisals. By adhering to USPAP, appraisers can provide reliable and unbiased valuations, which are essential for various purposes such as mortgage lending, property sales, and tax assessments.

Explanation
Fiduciary duties are usually associated with a single agent representation. In this type of representation, the agent has a legal obligation to act in the best interests of their client, putting their client's needs above their own. The agent is expected to provide loyalty, confidentiality, full disclosure, obedience, and reasonable care to their client. This type of representation ensures that the agent is solely focused on advocating for their client's interests and does not have any conflicting loyalties or obligations to other parties involved in the transaction.

Explanation
In the financial market, loans are created in the primary market. This is where borrowers directly obtain loans from lenders, such as banks or other financial institutions. The primary market is the initial stage where loans are originated and issued, before they may be sold or transferred to other investors in the secondary market. The treasury market, on the other hand, is where government securities, such as treasury bonds, are bought and sold.

Explanation
A property tax lien has priority over both a construction lien and a vendor lien. This means that if there is a dispute over the property, the property tax lien holder would have the first claim to the property's assets. This is because property tax liens are typically considered superior to other types of liens, as they are backed by the government and are used to ensure the payment of property taxes.

Explanation
An agent doesn't have to have their address on their office sign because it is not a requirement. The trade name and broker name are necessary to identify the agent and their affiliation, but the address is not essential for this purpose.

Explanation
The correct answer is 35 cents per $100. This means that for every $100 value of the Note, 35 cents is charged as Doc stamps.