Unit 1: The Business

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Across Down 2 Real estate licensees who engage in 1 A set of guidelines to follow when marketing business are called this type of providing appraisal services broker 4 This type of owner does not reside 3 Process of developing an estimate of on the premises property value 5 Contact made by sales associate with 6 One of the major sales specialties buyers and sellers after the sale 10 This type of marketing involves developing 7 Abbreviation for community association a database of information manager 11 Gift of land by a developer 8 A marketing tool that may not be called an appraisal 9 The sales associate's compensation for a BPO must be paid to the sales associate's ______10 A type of residential construction involving model homes

06/18/2020 Unit 2: Real Estate License Law and Qualifications for Licensure 1

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Across Down 2 To receive a DBPR license, applicants must 1 A person who is licensed as a broker but possess this number (two words). works under the direction of another broker (two words). 4 Number of days the DBPR has to check a license application for errors and omissions. 2 A Florida resident who moves out of the state must notify the DBPR within this number of 6 Number of months extension because of days. hardship that may be granted by FREC to complete post license requirement. 3 Not a requirement to hold a Florida real estate license. 9 Members of The Florida Bar are exempt from this education requirement (abbreviation). 5 A license applicant who has resided in Florida for four or more consecutive months. 10 Something of value received in connection with a real estate service. 7 Serves as prima facie evidence. 11 The record of a criminal conviction is 8 Number of years a broker applicant must have destroyed or sealed after expiration of time. held an active real estate license during preceding 5 year period.

06/18/2020 Unit 3: Real Estate License Law and Commission Rules

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Across Down 1 Number of years in each term of a 1 The appointment of the DRE Director is Commission appointment subject to approval by the ______5 The licenses of a broker who qualifies as 2 The course required if a licensee failed to the broker for more than one brokerage renew for more than 12 months but less entity than 24 months 8 One of the Commissioners must be at least 3 A type of license held by a sales associate this age who is employed by an owner-developer 9 Total number of Commission members 4 These powers include fostering the education of applicants 10 These DRE duties involve recordkeeping 6 A license that is inactive because of failure to renew 7 Appoints the Commission members 11 Number of consumer Commission members

06/18/2020 Unit 4: Authorized Relationships, Duties, and Disclosure

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Across Down 1 Broker has this relationship with the principal 2 Unwritten law is referred to this type of law 3 The buyer or seller in a no brokerage 4 Sales associate's relationship with the broker's relationship principals 7 Number of years disclosure documents must 5 Duty that an agent has with a principal be retained 6 The buyer or seller in a single agent 10 This brokerage relationship does not require a relationship written disclosure 8 Agricultural property of this number of acres 12 Type of representation a transaction broker is a residential sale gives 9 Type of agency that exists when a broker is the agent of both the buyer and seller 11 The person entrusted with another's business

06/18/2020 Unit 5: Real Estate Brokerage Activties and Procedures

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Across Down 2 Settlement procedure involving a 1 To mix operating funds with escrow funds disinterested third party 3 Number of business days to institute a 4 You must be a member of a certain settlement procedure association to use this term 5 Another term for quasi partnership 6 Broker must have this authority on the 6 False advertising is a misdemeanor of this escrow account degree 7 Branch office registration cannot be 8 An unearned fee paid to a licensee transferred to a different one of these 9 Number of business days to notify FREC 11 When brokers must place funds into a of conflicting demands escrow account 10 An advertisement that does not indicate the brokerage firm name

06/18/2020 Unit 6: Violations of License Law, Penalties, and Procedures

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Across Down 1 Misuse of a customer's money 2 A command to appear at a certain time and place to give testimony 5 Suspension as a result of payment from the Real Estate Recovery Fund 3 To mix brokerage funds with escrow funds 7 A violation of no substantial threat to the 4 An agreement as to the facts of the case public involving a fine of $100 to $500 and the penalty reached between parties 8 The licensee may challenge a final order by 6 Revoked without this if issued by mistake filing this within 30 days 9 A type of suspension issued when the 10 The administrative law judge prepares this public is endangered order 11 An outline of the allegations and charges is this type of complaint 12 The type of hearing conducted when the licensee fails to respond to the Election of Rights

06/18/2020 Unit 7: Federal and State Laws Pertaining to Real Estate

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Across Down 3 Federal agency to submit a claim of 1 To deny loans for homes in certain discrimination neighborhoods 6 Law that requires developers to register 2 Developers of 25 or more lots must give subdivisions of 100 or more lots buyers this report 7 Number of days to notify tenant that 4 A protected class (status) added in 1988 is making a claim on the security Fair Housing Amendment deposit 5 To channel homeseekers away from 8 Number of days to return deposit if particular neighborhoods landlord does not intend to make a claim 9 Brokers must place rental deposits into this on security deposit type of account 10 Not a protected class under the Fair Housing Act

06/18/2020 Unit 8: Property Rights: Estates and Tenancies, Condominiums, , and Time-Sharing

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Across Down 1 Developers of 20 or more new residential 2 Rights to land abutting the banks of a river condominiums must file this 3 Joint tenancies include this right 4 Rights to land abutting gulf-front property 5 The surface of the earth and everything 9 An estate of possession rather than attached by nature 6 that was originally personal 10 A fixture attached by a commercial tenant property 11 Receives a life estate from the grantor 7 An estate of unknown duration 8 Another term for

06/18/2020 Unit 9: , , and Ownership Restrictions

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Across Down 1 Notice accomplished by recording a 2 Type of that requires tenant to pay document rent plus building expenses 3 Indicates the deceased prepared a will 4 Property is transferred to state 6 To transfer title to real property 5 Unauthorized use of another's property 8 Clause in containing words of 7 Mortgage lien is this classification conveyance 8 Owner conveying title 9 Defines bundle of legal rights being conveyed 10 Title insurance policy to protect the buyer 11 A type of deed that provides the grantee the least protection

06/18/2020 Unit 10: Legal Descriptions

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Across Down 1 Abbreviation for point of beginning 2 Refers to direction 3 Marker used by a surveyor 4 The intersection of the principal meridian and the base line in Florida is here 5 Drawing that shows a parcel's boundary lines 5 Contains 640 acres 6 A square 24 miles on each side 7 Lot and block description is based on this recorded map 8 36 square miles 8 Strip of land parallel to the base line 9 Contains 43,560 square feet 10 Six-mile-wide vertical strip of land

06/18/2020 Unit 11: Real Estate Contracts

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Across Down 4 Contract that is legally binding 1 Fail to perform the promises made in a contract 8 Damages requested in a legal case 2 Consideration that can be measured in 9 Contract classification indicates that terms terms of money are stated in writing or orally 3 Obligates only on party to an agreement 10 Contract containing all required essentials 5 Legal capacity to contract 11 The buyer 6 Person who accepts an offer 7 An oral contract

06/18/2020 Unit 12: Residential Mortgages

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Across Down 1 Holder of a first mortgage voluntarily takes 2 An agreement that makes the buyer solely lower priority through this agreement responsible for default on the assumed mortgage 3 Mortgage clause that makes entire debt payable if mortgagor defaults 4 Current value minus outstanding mortgage debt 5 Ownership of a mortgage is transferred from one individual to another 6 The cost for the use of borrowed funds 8 Pledging of property and security for 7 The lender repayment of a debt 11 Legal instrument that makes borrower 9 Borrower retains title to property in this liable for the obligation mortgage theory 10 A type of mortgage that pledges several building lots as security for the debt 12 Mortgage clause that allows mortgagor to pay off loan early without penalty

06/18/2020 Unit 13: Types of Mortgages and Sources of Financing

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Across Down 1 The maximum amount the government 2 If these credit terms appear in an guarantees the lender will be paid in the advertisement certain additional event the borrower defaults information must be disclosed 3 This cap limits the amount the interest rate 3 A that pledges real and of an ARM may increase at any one time personal property 5 To pay off a loan gradually by making 4 Mortgage loan that is not insured or periodic payments guaranteed by a government agency 6 An initial below-market interest rate 7 The Equal Credit Opportunity Act prohibits discriminatory treatment of this 9 Insurance charged on an FHA mortgage income loan 8 The spread added to the index of an ARM 10 Loans are originated in this mortgage market 11 The veteran borrower pays this fee to the VA

06/18/2020 Unit 14: Real Estate-Related Computations and of Transactions 1 2

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Across Down 1 The transfer of title occurs at this 2 This is charged at a rate of two mills 4 Entered on the closing statement as a debit 3 Earnest money is credited to this party on and as a credit the closing statement 5 An inspection sometimes called a walk- 5 These items are credited to the seller through 6 Use this person's days when prorating an 8 How the unpaid property are entered item paid in arrears on the buyer's statement 7 To be paid after the expense is incurred 10 Documentary stamp taxes are entered as 9 A wood-destroying inspection report this on the closing statement indicates problems caused by these insects 11 To charge the expense on the closing statement

06/18/2020 Unit 15: The Real Estate Market and Analysis

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Across Down 3 The percentage of rental units that are not 1 Real estate is fixed in its geographic occupied is described by this rate. location. 4 The of land generates 2 No two parcels of real estate are identical. the most of this. 5 The relationship between price and 6 An increase in price causes a decrease in demand. this. 7 The amount and type of real estate 8 A characteristic of real estate that refers to available for sale or rent. land's durability. 9 When supply exceeds demand this market 10 This market exists when demand exceeds is created. supply. 10 A buyer's preference for a certain location. 11 The speed at which the market adjusts to changes in supply and demand.

06/18/2020 Unit 16:

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Across Down 2 Expenses such as utilities and supplies. 1 If the comp is superior you make this adjustment to the comparable. 7 The expected life expressed in the number of years a structure is expected to 3 The current construction costs to produce contribute to value. identical improvements. 8 A poorly designed floor plan is an example 4 The process of analyzing and weighing the of this type of obsolescence. comparables. 10 When more money is invested in a 5 The value associated with a rapid sale. structure than the owner can expect to 6 The ability to provide useful services and recapture. benefits to an owner. 11 This principle tends to set the maximum 7 The gross income after vacancy and value. collection losses are deducted. 9 When the value added is greater than the cost to cure the defect.

06/18/2020 Unit 17: Real Estate Investments and Business Opportunity Brokerage 1 2

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Across Down 1 An advantage of investing in property is it 2 Increase in property value over time. is a good hedge against this. 3 A type of corporate stock. 5 Real estate investments have a relatively 4 This risk is associated with the variance high degree of this. between projected vs. actual income and 6 The type of leverage that results when the expenses. rate of return on borrowed funds exceeds 7 An intangible asset associated with a the return on the investment. business brokerage. 8 A requirement to deal in real estate 10 An investor's initial cost for an investment brokerage and business brokerage. property. 9 These are deducted from the assets. 11 An advantage of investing in real estate is a 12 When an asset lacks liquidity. buildup over time of this.

06/18/2020 Unit 18: Taxes Affecting Real Estate

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Across Down 1 Additional capital included in a like-kind 2 The maximum percentage that the assessed exchange to even out the value of the value of homesteaded property may exchange. increase in a single year. 5 Property taxes become a lien on the first of 3 Assessed value minus applicable this month. homestead exemptions equals this value. 8 A tax advantage of home ownership is that 4 A type of assessment paid on certain the mortgage interest is this. improvements. 9 Equivalent to one-tenth of a penny. 6 Property taxes become delinquent on the first of this month. 11 Property owned by nonprofit organizations are classified as this type of property for 7 A means of deducting over a specified time tax purposes. the cost of improvements on investment property. 12 The maximum interest rate expressed as a percentage on a tax certificate. 10 Government buildings are classified as this type of property for tax purposes.

06/18/2020 Unit 19: Planning, , and Environmental Hazards

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Across Down 3 The higher the R-value the better the 1 A strip of land that separates one land use energy ______. from another. 4 The land use resulting when different types 2 Residential zoning controls this. of use are combined. 5 A zoning exception because of a hardship. 7 This ordinance controls maintenance and 6 These costs set minimum standards for sanitation. materials and quality of workmanship. 9 Grandfathered use. 8 Local ordinances that implement the 11 A provision in Florida's Growth Policy Act comprehensive plan. that requires certain infrastructure before 10 Abbreviation for the regulation that new development. established the Superfund to clean up 12 A mineral fiber that was used for insulation hazardous waste sites. and as a fire retardant.

06/18/2020 CROSSWORD PUZZLES SOLUTIONS

Unit 2: Real Estate License Law and Unit 1: The Real Estate Business Qualification for Licensure

Unit 3: Real Estate License Law and Unit 4: Authorized Relationships, Commission Rules Duties, and Disclosures

06/18/2020 CROSSWORD PUZZLES SOLUTIONS (Con’t)

Unit 5: Real Estate Brokerage Unit 6: Violations of License Law, Activities and Procedures Penalties, and Procedures

Unit 7: Federal and State Laws Unit 8: Property Rights: Estates and Pertaining to Real Estate Tenancies, Condos, Co-ops & Time-Share

06/18/2020 CROSSWORD PUZZLES SOLUTIONS (Con’t)

Unit 9: Title, Deeds, and Ownership Restrictions Unit 10: Legal Descriptions

Unit 11: Real Estate Contracts Unit 12: Residential Mortgages

06/18/2020 CROSSWORD PUZZLES SOLUTIONS (Con’t)

Unit 13: Types of Mortgages and Unit 14: Real Estate—Related Computations Sources of Financing and Closing of Transactions

Unit 15: The Real Estate Market and Analysis Unit 16: Real Estate Appraisal

06/18/2020 CROSSWORD PUZZLES SOLUTIONS (Con’t)

Unit 17: Real Estate Investments and Business Opportunity Brokerage Unit 18: Taxes Affecting Real Estate

Unit 19: Planning, Zoning, and Environmental Hazards

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