Florida Real Estate Licensing and Regulations, Exams of Economics

Download Florida Real Estate Licensing and Regulations and more Exams Economics in PDF only on Docsity! FLORIDA REAL ESTATE CLASS FINAL EXAM2023-2025(QUESTION AND ANSWERS) GADED A+ A Business Broker - CORRECT ANSWER✔Specializes in the sale, purchase or lease of businesses. Is required to have a real estate license and may be licensed as a real estate broker or sales associate Follow-Up is - CORRECT ANSWER✔Keeping in contact with the new owner after the closing of the sale A builder constructs a house on an owner's lot according to the owner's plans and specifications. This is called - CORRECT ANSWER✔Custom Building A builder purchases several vacant lots in an established residential subdivision. The builder constructs houses w/o having secured a buyer in advance of the construction of each home and advertises them for sale to prospective buyers. This is which type of residential construction? - CORRECT ANSWER✔Spec Building What is exempt from Real Estate licensure under Chapter 475? - CORRECT ANSWER ✔1. Straight Salary . 2. A person who sells cemetery lots for a commission. 3. Court jurisdiction. 4. Renting of a mobil home lot in a mobil home park Other exemptions from licensure include - CORRECT ANSWER✔1. For Sale by Owner 2. Owner of a Timeshare period who offers the property for resale. 3. A leasing agent of an apt. complex if they are salaried, work in an onsite rental office and work in a leasing capacity. 4. A manager of a condo and Co-op if employed for a salary and rent is for periods no greater than 1 yr. 5. An Attorney-in-Fact (Power of Attorney) 6. An Attorney-at-Law when acting in the scope of his or her duties as an attorney. Not receiving any compensation for a sale. 7. A decedent (personal representative) when appointed by the court. 8. A person selling entities licensed by the FCC (radio, TV or cable enterprises) 9. A person selling personal property. A farmer is appointed by the court to appraise the farm land of a deceased neighbor. The farmer will be paid a $3000 fee for the appraisal. Is he exempt from Chapter 475? - CORRECT ANSWER✔Yes because he was appointed by the courts. A sales assoc employs an unlicensed assistant. The licensee prepares a fact sheet for all of her listings. The sales assoc instructs her assistant to drive a prospective purchaser by several listed properties. When questioned about a particular property, the assistant reads information from the fact sheet. The prospect decides to buy after the assistant showed her the interior of the last property. Have one or the other or both violated Chapter 475? - CORRECT ANSWER✔Both violated the license law when the assistant entered the property to show it. Under FREC rules, a Fla resident is a person who has - CORRECT ANSWER✔resided in Fla for at least 4 mos within the preceding year. Tom intends to make application to become a Fla real estate sales associate. He must have a Social Security number, a high school diploma, be over 18, and be competent to negotiate. What is not required? - CORRECT ANSWER✔To be a US Citizen Mary has a 4 year degree in real estate. Mary must still attend the pre-licensing course and post-licensing education. What class is she exempt from? - CORRECT ANSWER✔ Continuing Education If a Florida licensee becomes a non-resident of Florida, he or she must - CORRECT ANSWER✔notify the BPR within 10 days and file an "irrevocable consent to service" within 60 days If a real estate licensee moves to Florida from another state and wants to obtain a Fla Sales Assoc license based on Mutual Recognition, the licensee must - CORRECT ANSWER✔complete the 63-hour sales assoc pre-licensing course and pass the Fla license exam. To obtain a broker's license, the applicant must have - CORRECT ANSWER✔1 Satisfactorily completed the 72 hr broker course. 2. been an Active Sales Assoc for at least 24 months. What information is required to be disclosed on an application for RE licensure? - CORRECT ANSWER✔1. If you've ever been convicted of a crime. 2. Entered a plea of nolo contendere, regardless of adjudicaton. 3. Any violation of the law (except traffic violations, speeding tickets, etc) What does NOT have to be disclosed on an application for RE licensure? - CORRECT ANSWER✔Personal Bankruptcy . What does the FREC handbook contain? - CORRECT ANSWER✔1. Chapter 475 2. Rules of the Commission 3. Other laws applicable to the RE profession What are the 3 forms of brokerage relationships? - CORRECT ANSWER✔1. Single Agency 2. Transaction Agency 3. No Brokerage What is FLOC? - CORRECT ANSWER✔F - Full Disclosure L - Loyalty O - Obediance C - Confidentiality When do you have to disclose to someone if your are going to be a Single Agent, No Brokerage or Transactional Agent? - CORRECT ANSWER✔Not a first contact If someone wants limited representation of a real estate broker but doesn't want to be legally liable for the acts of the licensee, what type of brokerage relationship should be chosen? - CORRECT ANSWER✔Transaction Broker (Non fiduciary) In a Single Agent Relationship, does the broker represent both the buyer and the seller? - CORRECT ANSWER✔No. An SA only represents either the buyer OR the seller (fiduciary ) Duties of "No Brokerage" are - CORRECT ANSWER✔1. Honest and Fair Dealing 2. Facts Affecting Value (material) 3. Accounting for Funds Duties of "Transactional Brokerage" are - CORRECT ANSWER✔1. Honest and Fair 2. Facts Affecting Value 3. Accounting for funds 4. Skill, Care and Diligence 5. Present all offers 6. Limited Confidentiality (neutral) 7. Any additional Duties Duties of "Single Agent" are - CORRECT ANSWER✔1. Honest and Fair 2. Facts Affecting Value 3. Accounting for funds 4. Skill, Care and Diligence 5. Present all offers 6. Limited Confidentiality (neutral) 7. Any additional Duties 8. FLOC (full disclosure, loyalty, obediance, confidentiality) Do Transactional Brokers have Principles or Clients? - CORRECT ANSWER✔No. They have Prospects or Customers What does Caveat Emptor mean? - CORRECT ANSWER✔Let the Buyer Beware. Usually applied to transactions where the parties have conflicting interests. This does NOT apply to a Single Agency relationship. Is Full Disclosure required of a Transactional Broker? - CORRECT ANSWER✔No. In a No Brokerage or Single Agent relationship, written disclosure applies to whom? - CORRECT ANSWER✔Single Family Residential. Includes: 1. 1-4 units 2. Vacant land zoned for 1-4 units 3. Agricultural land of 10 or less acres 4. Lease-option to purchase 1-4 residential units Ace Realty is representing the seller and the buyer as transaction broker. Assoc Henry tells the prospective buyer that he believes the seller would accept $10,000 less than the $200,000 list price. Which duty has Assoc Henry violated? - CORRECT ANSWER✔ Limited Confidentiality An offer of $200,000 on a contract for purchase and sale has been accepted by the seller. Subsequent offers can what? - CORRECT ANSWER✔Be submitted until closing when the title is transferred. A Sales Assoc shows a property which the brokerage firm has listed for sale to a prospective buyer. The sales associate is considered what to the broker? - CORRECT ANSWER✔A general agent of the broker When is a single agent brokerage relationship terminated? - CORRECT ANSWER✔1. Death of Principle agent 2. Insanity of Principle agent 3. Bankruptcy of Principle agent 4. Destruction of the subject property (bldg destroyed) 5. Fulfillment of the object of the employment How many years must disclosure documents be retained? - CORRECT ANSWER✔5 A Real Estate broker may sign a contract on behalf of a party to a transaction when he or she is an - CORRECT ANSWER✔Attorney-in-fact What are the 3 types of Agents? - CORRECT ANSWER✔1. Universal Agent - Assigned by the Principle to perform all acts that the principle can 2. General Agent - Employed to handle all the affairs in a business such as a Sales Assoc or Property Manager. 3. Special Agent - Limited to finding prospects, showing the property and negotiating on behalf of the principle. Who may the sales assoc accept deposits in the name of? - CORRECT ANSWER✔ The Broker only (always) A sales assoc is listing a property for sale. He learns there is a lien on the property. What should he do? - CORRECT ANSWER✔Advise all prospective buyers of the lien before they submit an offer. A RE broker's client asks the broker to order a title insurance policy while the client is out of town. The broker orders a policy and the title company offers the broker a paid trip to the Bahamas. What should the broker do? - CORRECT ANSWER✔The broker must fully disclose the facts pertaining to the arrangement to the client. (Because this is a single agency. Hints the word "client") Can a sales assoc be a general partner in a brokerage partnership? - CORRECT ANSWER✔No Which ownership (business) entities can NOT register with BPR as a Real Estate broker? - CORRECT ANSWER✔1. Corporation Sole (meaning one. Like a religious organization) 2. Business Trust (REIT - Real Estate Investment Trust) 3. Co-op Assn. 4. Unincorporated Assn. Which ownership entities ARE permitted to broker real estate? - CORRECT ANSWER ✔1. Sole proprietorship 2. Corporations (for profit) 3. Partnerships (limited and general) Mortgagor - CORRECT ANSWER✔Borrower ("or" gives) Exculpatory Clause - CORRECT ANSWER✔"No fault" clause. Part of the Limited Partnership. What always has to be in an ad or on any type of marketing for a RE agency? - CORRECT ANSWER✔The NAME of the agency ie. Coldwell Banker The Amelia Group What does a sales assoc have to put in his/her ad for one of her listings? - CORRECT ANSWER✔1. The name of the RE agency 2. Her last name (first can be there but last HAS to be there) 3. Her phone number Can a Corporation Sole broker real estate? - CORRECT ANSWER✔No. Corporation Sole is associated with church organization. The power of a corporation sole descends to the successor in office. A business trust is created by filing what? - CORRECT ANSWER✔A Declaration of Trust with the Sec of State. What is a business trust? - CORRECT ANSWER✔A common law trust. REIT - Real Estate Investment Trust The main office of a broker has to have what 2 things? - CORRECT ANSWER✔1. at least one enclosed room 2. a building of stationary construction (applies to branch offices also) If a real estate broker uses a title company to hold an escrow deposit, how many days after the deposit is due under contract does he have to get written verification of receipt? - CORRECT ANSWER✔10 business days. How does a brokerage office entrance sign have to read? - CORRECT ANSWER✔1. Trade Name first (such as Coldwell Banker the Amelia Group) 2. Name of the broker 3. The words "Licensed Real Estate Broker" If a broker relocates a branch office, does the new location have to be registered and licensed as a new branch office (as though the other location had not existed)? - CORRECT ANSWER✔Yes. A branch office license may not be transferred. What is it called if the name of the brokerage firm is NOT included in an advertisement? - CORRECT ANSWER✔A Blind ad What is the dollar amount that a broker must report to the IRS if a cash deposit exceeds it? - CORRECT ANSWER✔$10,000 If a sales assoc receives a deposit on Friday at 9pm and Monday is a legal holiday, when must he/she deliver the deposit to the broker? - CORRECT ANSWER✔Tuesday (always by the end of the next business day) Is a post-dated check and promissory note the same? - CORRECT ANSWER✔Yes Do you have to disclose a promissory note or post-dated check to the seller? - CORRECT ANSWER✔Yes, immediately. If a sales assoc receives an offer with an earnest money deposit on Friday and delivers the deposit to the broker that afternoon, when is the latest that the broker can place the deposit in escrow? - CORRECT ANSWER✔3 business days after receipt of check How long must brokerage business records be preserved or kept? - CORRECT ANSWER✔5 years If a broker receives conflicting demands from the buyer and seller for the earnest money deposit and cannot resolve the issue between the parties, what 3 things must he do? - CORRECT ANSWER✔1. Notify FREC within 15 business days after the last party's demand 2. Maintain the money in escrow until all is settled. 3. Institute one of the settlement procedures within 30 business days after the last demand. example: If the broker notified FREC of the conflict 10 business days after the last party's demand, then he will have 20 business days to implement a procedure. If he notified FREC 15 days after the last party's demand, then he would have 15 days to implement a procedure When are you exempt to notify FREC concerning a disputed deposit held in escrow? - CORRECT ANSWER✔If the buyer gives a written notice of cancellation of a contract within: 1. 15 calendar days if NEW 2. 10 calendar days if TIMESHARE 3. 3 business days if RESALE What are the 4 settlement procedures regarding a deposit dispute? - CORRECT ANSWER✔1. Mediation - 3rd party recommends a Non-binding solution. 2. Arbitration - 3rd party makes a Binding determination 3. Litigation - file a bill of Interpleader. The broker relinquishes any claim on the deposit and gives it to a court 4. Escrow Disbursement Order (EDO) - request that FREC determine who is entitled to the escrowed property Once a deposit dispute is settled by mediation or arbitration, how many days does the broker have to notify FREC of the outcome? - CORRECT ANSWER✔10 business days What is conversion? - CORRECT ANSWER✔The failure to account and deliver any deposit, document, thing of value, or commission to the person entitled to receive them. Can a licensee furnish someone a Rental Property list for a fee? - CORRECT ANSWER ✔Yes, provided there is a written contract or receipt agreement with provisions for a refund made clear in the agreement. What if rental information provided to someone by a licensee under a contract is NOT current or accurate? - CORRECT ANSWER✔They may demand within 30 days of the contract a return of their full paid fee. If they do NOT obtain a rental, then they are entitled to 75% of the fee paid. Example: the rental info was purchased on July 1st, then the demand for a refund has to happen by the 31st to receive a refund. What happens if there is a violation of the rental information for a fee law? - CORRECT ANSWER✔1. 1st degree misdemeanor 2. $1000 fine 3. 1 year in jail When hours can telemarketers call a residence? - CORRECT ANSWER✔between 8am and 9pm How much can a telemarketing violator be fined for each illegal call? - CORRECT ANSWER✔$16,000 What are the two exceptions for "Do Not Call"? - CORRECT ANSWER✔1. Telemarketers (Realtors also) can call up to 3 mos after a business inquiry has been made 2. Telemarketers (Realtors also) can call up to 18 mos after a business transaction has concluded In the Real Estate Recovery Fund, how much is the payment for claims out of a Single Transaction? - CORRECT ANSWER✔$50,000 In the Real Estate Recovery Fund, how much is the payment for claims out of Multiple Transactions? - CORRECT ANSWER✔may not exceed $150,000 Racial discrimination in the sale or rental of real property is prohibited by what Act? - CORRECT ANSWER✔The Civil Rights Act of 1866 The federal Fair Housing Act (applies to Housing only) of 1968 prohibits discrimination based on what 7 things? - CORRECT ANSWER✔1. Religious affiliation 2. sex 3. national origin 4. color 5. race 6. familial status 7. handicap status Is it true that the Civil Rights Act of 1866 supercedes all other laws relative to racial issues? - CORRECT ANSWER✔Yes Who prepares the Equal Opportunity poster? - CORRECT ANSWER✔HUD Is it a violation of law if the poster is not displayed by brokerage firms? - CORRECT ANSWER✔Yes. Failure to display the poster may be considered discrimination. What are the exemptions under the Fair Housing Act? - CORRECT ANSWER✔1. Religious Organizations 2. Private Clubs 3. Any single-family house sold or rented by its owner (provided the owner doesn't own more than 3 houses) 4. 2-4 family housing if the owner occupies one of the dwelling units as a residence 5. Commercial Real Estate (it's not a house) According the Fair Housing Act, what are the 3 unlawful practices? - CORRECT ANSWER✔1. Steering - steering people to a neighborhood based on race 2. Blockbusting - persuading existing owners to sell 3. Redline - lenders who refuse to make a loan in certain areas or subdivisions Which law or regulation requires the disclosure of the annual percentage rate and finance charge? - CORRECT ANSWER✔Regulation Z The Truth in Lending Act (TILA) requires lenders to give the Truth in Lending statement within how many business days after the receipt of a written loan application? - CORRECT ANSWER✔3 The Truth in Lending Act (TILA) gives consumers the right to rescind the loan agreement within how many business days after the receipt of the Truth in Lending Statement (disclosures)? - CORRECT ANSWER✔3 Under Regulation Z, what 3 things does the right to cancel a loan agreement within 3 business days apply to? - CORRECT ANSWER✔1. A home equity line of credit 2. a cash-out refinance transaction 3. a second mortgage on a primary residence ***(does NOT apply to first mortgage loans) If a "trigger term" is used in an advertisement, the lender must disclose ALL of what 3 things? - CORRECT ANSWER✔1. amount or percent down payment 2. the terms of the loan 3. the Annual percentage rate What is a "trigger term"? - CORRECT ANSWER✔Example: Just 3% downpayment. Interest rate only 6%. Only $1000 downpayment Is APR (annual percentage rate) a "trigger term"? - CORRECT ANSWER✔No Discrimination against a credit applicant on the basis of age is prohibited by what Act? - CORRECT ANSWER✔The Equal Credit Opportunity Act Which Act requires that buyers be informed with a good faith estimate of their probable closing costs within 3 business days of a written loan application? - CORRECT ANSWER✔RESPA - Real Estate Settlement Procedures Act Under RESPA, the borrower is entitled to see which document 1 business day before the actual closing? - CORRECT ANSWER✔HUD-1 The Uniform Settlement Statement is required by which law? - CORRECT ANSWER✔ RESPA Which Act lets a landlord commingle the deposits if he/she posts a surety bond and pays the tenant 5% interest per year and places the money in a separate interest bearing acct? - CORRECT ANSWER✔Florida Residential Landlord and Tenant Act If a Landlord collects security deposits and advance rent, what 3 things MAY he do with the money? - CORRECT ANSWER✔1. Hold the money in a separate NON-interes t bearing Fla bank and not commingle the funds with his own 2. Hold the money in a separate interest bearing acct and pay the tenant at least 75% of the interest rate earned or interest at the rate of 5% per year and NOT commingle funds 3. Post a Surety Bond with the clerk of courts in the total amount of deposits and advance rents and pay the tenant 5% interest and commingle the deposits with his own money. If a Broker collects and holds tenants deposits for a property owner, can he/she deposit them in their own escrow acct? - CORRECT ANSWER✔Yes as long as they keep a record of tenant payments. When a tenant vacates or ends a lease, the landlord has how many days to return the security deposit? - CORRECT ANSWER✔15 days to return the deposit and 30 days to notifiy the tenant if he/she intends to impose a claim on the deposit. If evicted, how many days does a tenant have to vacate for non-payment of rent - CORRECT ANSWER✔3 days for nonpayment of rent. 7 days to vacate for all other breaches (parties, etc) If John sells his farm land and retains the oil rights, what type of property right is he retaining? - CORRECT ANSWER✔Subsurface What type of rights apply to above-ground space? - CORRECT ANSWER✔Air Rights What type of rights apply to land and water rights? - CORRECT ANSWER✔Surface rights If Mary purchases a home on a riverfront lot. What type of ownership right does she have? - CORRECT ANSWER✔Riparian rights What is the difference between Riparian Rights and Littoral Rights? - CORRECT ANSWER✔Riparian = River. Littoral = Lake The gradual build-up of land along a shoreline, caused by natural forces is called what? - CORRECT ANSWER✔accretion (adds) Jim owns a lot on a lake. There is a gradual receding of the waterline increasing the land area. The property right is called what? - CORRECT ANSWER✔Reliction liens? - CORRECT ANSWER✔1/2 acre within and 160 acres outside Under the Condominium Act, which document must be given to a prospective who is purchasing a condo from a developer of 20 or more new residential condominium units? - CORRECT ANSWER✔Prospectus A proprietary lease is associated with what type of ownership - CORRECT ANSWER✔ Cooperative What are the 2 types of titles? - CORRECT ANSWER✔1. Legal - deed 2. Equitable - ownership What is voluntary alienation of title to real property? - CORRECT ANSWER✔Will Dedication - CORRECT ANSWER✔Gift (dancing words) conveyance - CORRECT ANSWER✔written deed (dancing words) If a person dies intestate (no will) and no heirs can be found after a diligent search, the state of Fla acquires the title by what? - CORRECT ANSWER✔Escheat What are the 2 types of Voluntary Alienation? - CORRECT ANSWER✔1. Deed - an owner voluntarily signs a written document conveying his/her title 2. Will - an owner voluntarily signs papers indicating who receives property upon his/her death What are the 4 types of Involuntary Alienation? - CORRECT ANSWER✔1. Descent - A person dies intestate (no will) but has heirs that the law will disperse the property to. 2. Escheat - A person dies intestate (no will) with no heirs so the property goes to the state. 3. Adverse Possession - when land is occupied continuously, openly, hostile, exclusively and notoriously for 7 years by another person. Squatter Rights. 4. Eminent Domain - when an owners land is take for public use through a condemnation proceeding with payment to the owner If a mortgage is recorded in the public records, what type of notice of legal interest in the property is given? - CORRECT ANSWER✔Constructive Notice What is the usual form of Actual Notice of ownership? - CORRECT ANSWER✔ Possession of the property Encroachment - CORRECT ANSWER✔Survey (dancing words) Which is NOT an encumbrance of title? A. a building on the site B. Deed restrictions C. Easement D. lease - CORRECT ANSWER✔A. A building on the site What is a "Suit to Quiet" Title? - CORRECT ANSWER✔A suit to settle claims and establish a clear title What is a "Quit Claim" Deed? - CORRECT ANSWER✔Clear Clouds Which is NOT an essential requirement of a valid deed? A. delivery of the deed B. legal description in the deed C. signature of a competent grantee D. Signatures of 2 witnesses - CORRECT ANSWER✔C. Signature of a competent grantee What are the 4 requirements for a valid deed? - CORRECT ANSWER✔1. must be in writin g 2. witnessed by two people 3. Signed by a competent Grantor 4. Voluntarily delivered Does a deed have to be notarized and recorded? - CORRECT ANSWER✔No The date of execution is contained in which section of a deed? - CORRECT ANSWER ✔Premises Which clause in a warranty deed indicates the type and duration of estate being conveyed? - CORRECT ANSWER✔Habendum What are the 4 types of deeds? - CORRECT ANSWER✔1. General Warranty Deed 2. Special Warranty Deed 3. Bargain and Sale Deed 4. Quitclaim Deed A general warranty deed A. assures clear title B. contains a special warranty C. contains a warranty forever D. insures clear title - CORRECT ANSWER✔C. True or False. The seizin clause in a warranty deed is a promise that the Grantor owns the property and has the right to convey the title - CORRECT ANSWER✔True If ABC Corp gives a warranty of title only against the acts of the grantor and its legal representatives, it is what kind of Deed? A. Corporate Warranty B. General Warranty C. representative D. Special Warranty - CORRECT ANSWER✔D. Regarding a Quit Claim deed, which statement is false. A. The deed contains no covenants or warranty in the title B. The deed provides the grantor the best assurance of no future liability C. The grantor may convey title by this type of deed if the contract does not specify a different instrument D. The instrument is used primarily to remove clouds on a title - CORRECT ANSWER✔ C. What are the 4 Government Restrictions on ownership? - CORRECT ANSWER✔PETE P = Police Power E = Eminent Domain T = Taxation E - Escheat Which gives the government the right to restrict the use of privately owned land to protect the health, safety and welfare of the public? A. Eminent Domain B. Escheatment C. Police Power D. Restrictive Covenants - CORRECT ANSWER✔C. A. 100.00' x 834.84' B. 100.00' x 417.42' C. 200.84' x 215.84' D. 208.71' x 208.71' - CORRECT ANSWER✔D. (208.71 + 208.71 + 208.71 + 208.71 = 834.84) Before Tax Cash Flow is what? - CORRECT ANSWER✔net operating income minus debt service "Current market value less mortgage debt" describes what term? - CORRECT ANSWER✔equity Which is NOT a benefit of investing in real estate? A. depreciation allowance that reduces taxable income B. hedge against inflation C. liquidity D. positive leverage - CORRECT ANSWER✔liquidity Which type of risk is associated with the loss of purchasing power due to an unexpected increase in inflation? A. business B. interest rate C. liquidity D. purchasing power - CORRECT ANSWER✔Purchasing Power Positive Leverage A. increases the return on equity from using debt financing B. is selling an investment property at a profit C. is the difference between a high interest rate and a lower interest rate D. is the difference between a high rate of return on RE and a lower return on other types of investments - CORRECT ANSWER✔increases the return on equity from using debt financing The use of leverage A. has no effect on the yield on investment B. may increase or decrease the yield on investment C. Will decrease the yield on investment D. will increase the yield on investment - CORRECT ANSWER✔MAY increase or decrease the yield on investment Regarding the RE market, which statement is TRUE? A. Govt regulations have little influence on the market B. The market is influenced by the immobility of RE C. the market is not influenced by the physical characteristics of land D. The market is quick to respond to changes in supply and demand - CORRECT ANSWER✔The market is influenced by the immobility of RE Regarding the RE market, which statement is FALSE? The market is A. Influence by the immobility of land B. regulated by FREC and the DBPR C. segmented into submarkets D. slow to adjust to changes in supply and demand - CORRECT ANSWER✔B. regulated by FREC and the DBPR The price of RE increases. Which will likely occur? A. RE rental rates will increase B. RE sales will not be affected. C. The demand for RE will increase D. The interest rate will decrease - CORRECT ANSWER✔A. RE rental rates will increase Which variable influences the supply of new real estate? A. availability and cost of construction financing B. income of consumers C. mortgage credit D. population - CORRECT ANSWER✔A. availability and cost of construction financing There is an excess supply of housing in a RE market. The area can best be described as A. builder's market B. buyer's market C. broker's market D. seller's market - CORRECT ANSWER✔B. buyers market The planning commission does NOT have delegated final authority for A. sign control B. site plan approval C. subdivision plan approval D. zoning variances - CORRECT ANSWER✔D. zoning variances Which would be classified as a service industry? A. branch office or credit union B. coffee roasting plant C. computer manufacturing plant D. military base - CORRECT ANSWER✔A. branch office or credit union A paper mill that is a major employer of a particular place is an example of what type of industry? - CORRECT ANSWER✔Base industry (they bring people to an area while the service industry serves them once they get there) Zoning Ordinances A. are adopted by the state legislature B. regulate building construction C. regulate land development D. segment the community into districts based on land use - CORRECT ANSWER✔D. segment the community into districts based on land use Zoning regulations require a 15' setback for all building structures that front Captital St. There are no other setback requirements. A particular lot on Capital St. is 190' x 190'. What are the dimensions of the lot on which a building may be constructed? A. 175' x 175' B. 175' x 190' C. 190' x 175' D. 190' x 190' - CORRECT ANSWER✔C. 190' x 175' In residential areas, the primary aim of the different zoning districts is to regulate A. density B. developers C. height of improvements D. highest and best use of the land - CORRECT ANSWER✔A. density A provision in a zoning ordinance creates an undue hardship on a property owner. The owner did not cause the hardship. The Zoning Board of Adjustment is authorized to A. Amend that provision of the ordinance B. classify this as a nonconforming use C. grant a special exception D. issue a variance - CORRECT ANSWER✔D. issue a variance