Skyslope
How many hours before closing should you upload your transaction?
72
How is the intangible tax typically recorded on the Closing Disclosure?
Debit to the buyer only
If the funds are held at a title company or in an attorney’s escrow account, what must be included on the purchase and sale contract regarding the title company or attorney?
Name, address, and phone number of the title company or attorney.
Who pays the discount points on a VA loan?
The Buyer
Hand out materials at an open house
What is the difference between creating a transaction vs. creating a listing on Skyslope?
If you represented the buyer you should create a transaction. If you represented the seller, you need to create a LISTING first.
What makes a purchase and sale contract bilateral?
Both parties are obligated to perform
Which statement about the Closing Disclosure form is true?
a. Unpaid property taxes are a debit to the seller, credit to the buyer.
b. The amount due to the seller must equal the amount due from the buyer.
c. A new mortgage secured by the buyer would be entered as a debit to the buyer.
d. A purchase money mortgage is a mortgage that the seller takes back from the buyer and would be entered as a credit to the seller and a debit to the buyer
a. Unpaid property taxes are a debit to the seller, credit to the buyer.
If the subject property has 3 beds and the comparable property has 4 beds, and a bedroom is worth $10,000, the correct adjustment is to ____________.
Subtract from the comparable
Which law establishes the legal rights and responsibilities of real estate licensees?
A. Ch. 61J2
B. F.S. 475
B. F.S. 475
Which three features/platforms are integrated into Skyslope?
Offers, DigiSign, and Forms
Buyer Broker Agreement (BBA)
Which of the following is false concerning a mortgage loan?
a. Negative amortization occurs when the mortgage payments are not large enough to cover the interest expense. The result is the mortgage loan balance increases instead of decreasing.
b. On a 30-year, fixed-rate mortgage, the payments during the first years are used almost entirely to pay principle.
c. An amortized mortgage is gradually and systematically killed or extinguished by equal regular periodic payments
b. On a 30-year, fixed-rate mortgage, the payments during the first years are used almost entirely to pay principle.
How many sections are in a township?
36
After completing the pot licensing education during the initial license period, licensees must complete 14 hours of continuing education every _________ license period for ____________ licensees.
Every two years license period for active and inactive licensees
True or False: You do not need to enter the information for the escrow company or the agent on the other side.
FALSE
A valid real estate contract:
a. has been recorded.
b. has been acknowledged.
c. contains all the essential elements and is in writing.
d. contains all the essential elements and is not required to be in writing.
c. contains all the essential elements and is in writing.
When a lender declares all the unpaid balance due and payable as a result of default, the lender is exercising which clause in a mortgage?
Acceleration Clause
Lenders in the mortgage market who supply mortgage funds directly to borrowers are?
Primary Lenders
A broker was convicted for publishing false or misleading info. Which applies?
A. The broker can be charged by civil court, criminal court, and the FREC.
B. The broker can be charged by civil court, criminal court, but NOT the FREC.
A. The broker can be charged by civil court, criminal court, and the FREC.
What documentation is required for a residential sale checklist type, if you represented the buyer?
The "AS IS" Purchase Contract, The Escrow Letter, and the ALTA with signatures from both sides.
What is the official EFFECTIVE date of contract?
Which statement is false regarding the differences between a Department of Veterans Affairs (VA) loan and a Federal Fair Housing Administration (FHA) loan?
a. Both loans are assumable.
b. FHA is a government agency that does not make loans. FHA insures loans. The FHA acts like an insurance company. The VA is a government agency that has the power to guarantee loans and make direct loans to veterans.
c. Interest rates are negotiable on both loans.
d. A Funding fee is not paid on a VA loan.
d. A Funding fee is not paid on a VA loan.
What is FHA insurance for?
To reimburse private lenders when an FHA insured loan is determined uncollectable
Which of the following is true concerning taking listing contracts when a licensee leaves a brokerage?
If a sales associate takes original listing contracts, he could be charged with Larceny. If a sales associate takes duplicates of listing contracts, he could be charged with breach of trust.