Fl Real Estate - Practice Test 100 Question With Answers

Compensatory damages are {Ans: The amount of money equal to the extent of loss awarded to the damaged party when there has been a breach of contract.}An assumed mortgage has interest paid: {Ans: In arrears}Which of the following documents may a real estate licensee complete? {Ans: Buyer broker agreement}To substitute a borrower in a mortgage with another borrower is called: {Ans: Assignment of mortgage}What is a Lender's yield on a conventional loan if they charged 5% interest and 3 points? {Ans: 5.38% Each point adds 1/8 to the lenders yield. 3 points = 3/8; Convert to decimal 3 / 8 = 0.375 + 5% = 5.375%}A personal loan to pay medical expenses is protected from foreclosure procedures by: {Ans: Homestead Act}A rental investment property is scheduled to close on September 10. The buyer gets day of closing. The rent is $1900. How much is debited and/ or credited at closing and to whom? {Ans: $1330 Credit to Buyer and $1330 Debit to Seller [Section 14, Slide 63] There are 30 days in September, so there are 21 days that the seller owes the buyer including the day of closing. Divide $1900 by 30