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Kindred Terms Quiz KINDRED TERMS QUIZ 1. Gift a. Township 2. Binder b. Nonflowing water 3. Void c. Riparian 4. Fiduciary d. General warranty deed 5. Principal e. Trust and confidence 6. Trust account f. Cloud on title 7. Littoral rights g. Freehold estate 8. Chattel h. Preferred location 9. Defect in title i. Land contract 10. Estate for years j. Dedication 11. Fee simple estate k. Mixing of funds 12. Granting clause l. Escrow account 13. Proprietary lease m. Cooperative 14. Mutual assent n. Meeting of the minds 15. Water rights along a flowing waterway o. Net income ÷ cap rate 16. Principal meridian p. Mortgage lender 17. Tier q. Leasehold estate 18. Quiet enjoyment r. Single agency buyer or seller 19. Present value s. Revoked 20. Situs t. Deposit 21. Contract for deed u. Equity 22. Commingle v. Personal property 23. Non-depository primary lender w. Government survey system 24. Capital invested x. Premises section 06/18/2020 ACRONYMS QUIZ 1. Services of real estate a. DEEP "C" 2. Test for fixtures b. DUST 3. Bundle of legal rights c. A BAR SALE 4. Four unities of a joint tenancy d. PITT 5. Governmen restrictions e. IRV 6. Duties in all brokerage relationships f. DELL 7. Private restrictions of ownership g. ADD 8. Elements of a real estate contract h. COLIC 9. Characteristics of value i. PET 10. Income capitalization formula j. IRMA 11. Ways an offer is terminated k. CBS vs CIA (or "if it's 'nice you slice' and 'bad you add'") 12. Alienation by adverse possession l. MALE 13. Four settlement procedure m. WILD CARD 14. Appraisal adjustment guide n. HOT CAN Can you also name and explain all the terms? (Knowing this will assist in passing both the EOC and State exam!) 06/18/2020 BUSINESS ENTITIES QUIZ For each business form listed below, select as many lettered descriptions as correctly apply to that business entity. 1. Corporation 2. Nonprofit corporation 3. Corporation sole 4. Cooperative association 5. Partnership 6. Limited partnership 7. Joint venture 8. Business trust 9. Unincorporated association 10. Sole proprietorship a. May be registered as a real estate broker b. An artificial person c. Be cautious in dealings and seek legal advice d. An ecclesiastical organization e. Associated with a cooperative or co-op Two or more persons agreeing to share profits and losses—does not f. have to be in writing Individuals not qualified for licensure must be registered with the g. DBPR if business is registered as a real estate broker h. Restricted to the business transaction(s) for which formed i. Must file with the Florida Department of State j. May not register as a real estate brokerage k. Organized for a common, noncommercial purpose 06/18/2020 NUMBERS QUIZ 1. 1925 a. Actual days method of prorating 2. F.S. 475 b. Square feet in an acre 3. F.S. 455 c. Check 4. F.S. 120 d. Current FHA-insured loan maximum 5. 61J2 e. Rule of thumb—discount points 6. Not less than 30 days f. Jail time for second-degree misdemeanor 7. April 1 g. Civil Rights Act 8. 18 years old h. Maximum classroom absences 9. March 31 and Sept. 30 i. Time to notify change of address 10. 2 Years j. Score to pass state exam 11. $50,000 k. Florida Real Estate Commission created 12. $150,000 l. License expiration dates 13. 10 years m. Property taxes become delinquent 14. $50,000 n. Regulation of Professions and Occupations 15. $500 o. Recovery Fund maximum per transaction 16. $5,000 p. Time to begin escape procedures 17. 1 year q. Maximum FHA total obligations ratio 18. 75% r. Documentary stamp tax—note 19. 100% s. Typical down payment for conventional mortage 20. 20% t. Township 21. 43% u. Administrative Procedure Act 22. $.70÷100 (or .007 x purchase price ) v. VA loan origination fee 23. 5 years/4years w. Continuing education every two years 24. 24 miles square x. Statute of limitations 25. 6 miles square y. Maximum administrative fine per F.S. 475 offense z. Score to pass course exam 06/18/2020 NUMBERS QUIZ (con't) 26. 1 mile square aa. Homestead tax exemption 27. 36 bb. Current maximum VA entitlement 28. 640 cc. Maximum amount in Recovery Fund 29. 43,560 (those old 4 men) dd. Property taxes become a lien 30. Varies by region ee. Period to retake end-of-course exam 31. $113,275 ff. Maximum period of suspension 32. 60 days gg. Federal telephone solicitation fine 33. 1/8 of 1% hh. Refund amount if unable to obtain rental from a rental list 34. 1% ii. Jail time for first-degree misdemeanor 35. $50 jj. Finder's fee exemption 36. 30 business days kk. Maximum involuntary inactrive period 37. January 1 ll. Intangible tax - new mortgage 38 $16,000 mm. Recovery Fund maximum per licensee 39. 27.5 years nn. Sections in a township 40. $5 oo. Surviving spouse, blind, or disabled additional exemption 41. $1 million pp. Section 42. 1866 qq. Minimum age to be licensed 43. 8 hours rr. Florida Real Estate License Law 44. 14 hours ss. Acres in a section 45. 75 tt. Unlicensed activity fee 46. 365 day method uu. Recovery period—residential rental property 47. $.35÷100 (or .0035 x ALL notes ) vv. FREC rules 48. 2 mills ww. Refund if rental information is erroneous 49. 10 days xx. Documentary Stamp tax—deed 50. 70 06/18/2020 PAIRS OR BETTER QUIZ adverse interests 1. adverse possession agency 2. agency cancellation 3. cancellation capital asset 4. capital gain check 5. check common element 6. common law conversion 7. conversion discount rate 8. discount points executed contract 9. executory contract interest 10. interest 06/18/2020 PAIRS OR BETTER QUIZ (Con't) land contract 11. land description MIP 12. PMI opinion of title 13. opinion of value principal 14. principal probable cause 15. procuring cause quiet enjoyment 16. quiet title revocation 17. revocation sole proprietorship 18. corporation sole special assessment 19. special exception taxable income 20. taxable value 06/18/2020 WHO'S WHO QUIZ Smith sells a duplex to Jones. Jones gives a purchase money mortgage to Smith. Smith leases back a unit from Jones. 1. Grantee: 2. Lessor: 3. Mortgagee: 4. Vendee: 5. Grantor: 6. Lessee: 7. Mortgagor: 8. Vendor: 06/18/2020 SIX SPECIAL QUIZZES ANSWERS KINDRED ACRONYMS QUIZ BUSINESS NUMBERS TERMS See Appendix B: List of ENTITIES QUIZ QUIZ QUIZ Acronyms in Florida Real Estate Principles, Practices 1. j & Law 42nd Edition. 1. a, b, g, i 1. k 26. pp 2. t 1. c (Unit 2) 2. a, b,c,g,i,j 2. rr 27. nn 3. s 2. j (Unit 8) 3. b, c, d, k 3. n 28. ss 4. e 3. a (Unit 8) 4. e, i 4. u 29. b 5. r 4. d (Unit 8) 5. a, f, g 5. vv 30. d 6. l 5. i (Unit 9) 6. a, g, i 6. ee 31. bb 7. b 6. g (Unit 4) 7. f, h 7. m 32. f 8. v 7. f (Unit 9) 8. i, j, l 8. qq 33. e 9. f 8. h (Unit 11) 9. c, k 9. l 34. v 10. q 9. b (Unit 16) 10. a 10. kk 35. jj 11. g 10. e (Unit 16) 11. o 36. p 12. x 11. m (Unit 11) 12. mm 37. dd 13. m 12. n (Unit 9) 13. ff 38. gg 14. n 13. 1 (Unit 5) 14. aa 39. uu 15. c 14. k (Unit 16) 15. oo 40. tt 16. w 16. y 41. cc 17. a 17. ii 42. g 18. d WHO’S WHO QUIZ 18. hh 43. h 19. o 1. Jones 19. ww 44. w 20. h 2. Jones 20. s 45. j 21. i 3. Smith 21. q 46. a 22. k 4. Jones 22. xx 47. r 23. p 5. Smith 23. x 48. ll 24. u 6. Smith 24. c 49. i 7. Jones 25. t 50. z 8. Smith 06/18/2020 SIX SPECIAL QUIZZES ANSWERS PAIRS OR BETTER QUIZ adverse interests: two opposing parties in a transaction 1. adverse possession: one method of obtaining title agency: authorization for one person to act for another 2. agency: one of the divisions of the real estate business cancellation: rescinding of a license 3. cancellation: remedy for breach of contract capital asset: property held by a taxpayer 4. capital gain: profit from the sale or exchange of a capital asset check: negotiable form of earnest money 5. check: unit of area measurement in government survey system common element: undivided interest in a multiple-ownership property 6. common law: law based on usage, customs , and tradition s conversion: unauthorized use of money 7. conversion: change in use of building, for example, rental apartment to condo discount rate: interest rate charged for borrowing from the Fed 8. discount points: an added loan fee charged to increase the lender's yield executed contract: a performed agreement 9. executory contract: an agreement with terms uncompleted interest: cost of borrowed money 10. interest: ownership or estate held in real property land contract: contract for deed; installment contract 11. land description: written identification of a specific parcel MIP: mortgage insurance premium on FHA mortgage 12. PMI: private mortgage insurance on low-down-payment conventional loan opinion of title: formal statement by an attorney about a title 13. opinion of value: estimate of a property's value by a licensee principal: face amount of a debt 14.
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