Aceable Agent Exam with correct Answers, Exams of Real Estate Management

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Aceable Agent Exam with correct

Answers

C. client - Answer- A real estate agent works exclusively with buyers. They have chosen a specialization that focuses on the: A. geographical area B. commission split C. client D. property type C. sales prices are more negotiable for buyers - Answer- Which of the following describes a buyers market? A. It's likely a seller can easily sell a home for more than the listing price B. Sellers are less likely to have to pay for closing costs C. Sales prices are more negotiable for buyers D. The supply of property in a real estate market is lower C. residential property - Answer- Aparna is working with single-family residences, vacation properties and multi family residences. She likely specializes in: A. agricultural property B. industrial property C. residential property D. use-based property D. commericial property - Answer- Alberto is a sales associate who is very interested in revenue and profit. A specialization that may serve his interest well is: A. residential property B. agricultural property C. use-based property D. commercial property C. ethics - Answer- What dictates what is considered acceptable at a higher level? A. individual opinions B. industry standards C. ethics D. laws C. the recording of property conveyance - Answer- Florida has many miles of coastal property. The state helps regulate and protect this coastal property, along with taking a large part of the responsibility of regulating: A. the IRS

B. zoning C. the recording of property conveyance D. veterans affairs B. Karen, an applicant who was honorably discharged from active military duty four months ago. - Answer- Which of these applicants will have their application fee waived? A. George, an applicant whose spouse once served on active military duty, more than 60 months ago B. Karen, an applicant who was honorably discharged from active military duty four months ago C. Aaron, who qualifies as a low-income applicant D. Randall, a member of the Florida Bar Association B. She should order a copy of her criminal record to ensure the misdemeanor has been expunged. - Answer- Kim is applying for her sales associate license. She pled guilty to a misdemeanor in her youth, paid a fine, spent some time on probation, and has since lived life on the straight and narrow. She thinks that misdemeanor has been expunged from her record, but she's not completely sure. What is her BEST course of action? A. She should submit her application and if it turns up, she can explain it to FREC then B. She should order a copy of her criminal record to ensure the misdemeanor has been expunged C. She should hire a lawyer to do a full scrub of her past D. She should not apply for a license since she has a criminal record C. 21 - Answer- Aletheia applied for a sales associate license and was rejected. How many days does she have to request a formal hearing? A. 90 B. 46 C. 21 D. 30 C. Jose said he could fly, then took off into the air - Answer- Which of these scenarios is an example of prima facie evidence? A. Jeremiah said he could teleport, then told you to meet him in an hour across town B. Jenny said she was impervious to bullets, then showed you a picture of a bullet C. Jose said he could fly, then took off into the air D. Jeremy said he had an invisibility cloak, but it was at his grandma's house right now so he couldn't show it to you B. No, he is licensed but not registered, because his status is not yet active - Answer- Lorenzo is working toward his sales associate license. He has completed his pre- licensing education, submitted his fingerprints, submitted an application, had the application accepted, taken the state exam, and passed. At the testing center, he was given a license number and a photo-bearing proof of licensure. He asked his sponsoring broker to fill out the paperwork for his employment. Today, he checked the DBPR website and his status is "inactive." Is he registered? Why or why not?

A. Yes, because he has found a sponsoring broker, he is registered B. No, he is licensed but not registered, because his status is not yet active C. No, he is not registered, because he is licensed D. Yes, he is licensed and registered because he appears on the DBPR website D. Maria is a licensed sales associate living in Alabama - Answer- Which of these people is eligible for mutual recognition in Florida? A. Manuel has a Connecticut broker license, and has been staying with his mother in Florida for six months B. Marcus is a licensed sales associate living in New York C. Melissa is a member of the Florida Bar living in Florida D. Maria is a licensed sales associate living in Alabama B. a 45-hour post-licensing education course - Answer- A sales associate's first renewal is coming up in six months. What must they complete before that date, if they want to retain their license? A. 14 hours of continued education B. a 45-hour post-licensing education course C. a 30-hour post-licensing education course, plus 14 house of continued education D. A 60-hour post licensing education course D. Cory, a sales associate with a four-year degree in real estate from an accredited university - Answer- Which of these people will need to complete 14 hours of CE before their next renewal? A. Cayley, a sales associate renewing for the first time B. Cambria, a member of the Florida Bar Association and sales associate C. Camilla, a broker renewing for the first time D. Cory, a sales associate with a four-year degree in real estate from an accredited university B. absentee owner - Answer- Miguel owns a beautiful property in Fort Lauderdale. As beautiful as it is, he doesn't live there. Miguel is a(n): A. negligent owner B. absentee owner C. tax-exempt owner D. from-afar owner C. They typically require niche knowledge - Answer- What might be challenging about managing a special-purpose property such as a sports arena or movie theatre? A. There is no way to predict the behavior of special purpose properties B. They are usually owner-occupied C. They typically require niche knowledge D. They would likely involve managing a mega-retailer warehouse C. is based on a property's income whereas a flat fee does not vary - Answer- The difference between a percentage fee and a flat fee is that a percentage fee:

A. does not vary whereas a flat fee is based on a property's income B. is determined by the property manager whereas a flat fee is NOT C. is based on a property's income whereas a flat fee does not vary D. is determined by the property owner whereas a flat fee is NOT C. be a state-licensed and certified appraiser - Answer- For federally related real estate transactions in Florida, the appraiser is required to: A. possess only a sales associate license B. possess a sales associate license and be a state-licensed and certified appraiser C. be a state-licensed and certified appraiser D. have no specific license or designation D. An appraisal is more detailed and reliable. A CMA is more informal - Answer- What is one of the most important differences between an appraisal and a CMA? A. An appraisal affects a seller's title. A CMA does not B. An appraisal is for commercial property. A CMA is for residential property C. An appraisal is used to price a new property. A CMA is used to price a resold property D. An appraisal is more detailed and reliable. A CMA is more informal B. loan origination - Answer- A buyer wants to obtain a loan from their local commercial bank, so they begin the multi-step process to obtain a mortgage. This process is: A. mortgagee origination B. loan origination C. mortgagor origination D. banking origination A. pay a lot of fees - Answer- During the initial phase of developing land, developers will need to be prepared to: A. pay a lot of fees B. dedicate curbs and streets C. contest their land claim D. appear in small claims court A. now owns the curbs and streets - Answer- A developer develops a 20-acre piece of land into a subdivision. They dedicate the streets and curbs to the city. This means the city: A. now owns the curbs and streets B. must repave the streets but can not use them as access roads C. may name the streets whatever they wish D. cannot alter the location of the curbs for street expansion D. FREC - Answer- The DBPR handles the administrative side of licensure in Florida. What is the quasi-judicial agency that handles rule-making, administration, and discipline in the real estate field? A. CREF

B. DEC

C. DBPR

D. FREC

B. Chapter 475 is the law; Chapter 61J2 is the rules for carrying out the law - Answer- What is the difference between Chapter 475 of the Florida Statues and Chapter 61J2 of the Florida Administrative Code? A. Chapter 475 governs disciplinary actions; Chapter 61J2 governs licensure B. Chapter 475 is the law; Chapter 61J2 is the rules for carrying out the law C. Chapter 475 was created by the FREC; Chapter 61J2 was created by the DBPR D. Chapter 475 governs brokers; Chapter 61J2 governs sales associates A. Chapter 120, F.S. - Answer- Belinda is a sales associate applicant who has recently had her application rejected. She wants to appeal. Where is she most likely to find the rules and deadlines for that appeal process? A. Chapter 120, F.S. B. Chapter 475, F.S. C. Chapter 455, F.S. D. Chapter 61J2, F.A.C. B. Alan, a 35-year-old non-U.S. citizen with a high school diploma and the right to work in the U.S. - Answer- Which of these people has the qualifications to apply for a sales associate license in Florida? A. Ira, a 40-year-old Italian citizen with a master's degree who is in the U.S. on a tourist visa B. Alan, a 35-year-old non U.S. citizen with a high school diploma and the right to work in the U.S. C. James, a 25-year-old U.S. citizen who did not complete high school D. Georgia, a 17-year-old U.S. citizen with a G.E.D D. broker associate - Answer- Manuel has passed the broker exam, but works under a supervising broker. What kind of license does Manuel most likely have? A. supervising broker B. sales associate C. community association manager D. broker associate C. Avery is selling her neighbors home for a commission - Answer- Which of the following people needs to have a real estate license? A. Carolina is a salaried employee at an apartment complex who leases units to tenants B. Baz is selling a property his company owns C. Avery is selling her neighbors home for a commission D. David sells cemetery lots A. appointed by the governor of Florida and subject to confirmation by the state senate - Answer- The Secretary of the Department of Business and Professional Regulation is:

A. appointed by the governor of Florida and subject to confirmation by the state senate B. appointed by the chairperson of FREC and subject to confirmation by the Florida governor C. elected by the DBPR members and subject to confirmation by the Florida governor D. elected by the people of Florida and subject to confirmation by the state senate B. The DRE primarily handles administrative duties, whereas the FREC does more decision making - Answer- The Division of Real Estate and the Florida Real Estate Commission share their mission to protect the public by regulation of real estate licenses through education and compliance. Which statement accurately differentiates the two agencies? A. The DRE regulates educational courses, whereas the FREC's main duty is to process license renewals B. The DRE primarily handles administrative duties, whereas the FREC does more decision making C. The FREC primarily handles administrative duties, whereas the DRE does more disciplinary duties D. The FREC regulates educational courses, whereas the DRE's main duty is to reprimand violators of license law B. protect the public interest - Answer- The Florida Real Estate Commission's main purpose is to: A. generate revenue for the state B. protect the public interest C. protect the interests of license holders D. recruit and incentivize new brokers D. 7 members: 4 brokers, 1 broker or sales associate and 2 unlicensed consumer members - Answer- How many members make up the Florida Real Estate Commission? A. 9 members: 6 licensed brokers and 3 licensed sales associates B. 6 members: 3 with real estate experience and 3 unlicensed consumer members C. 7 members: all licensed real estate professionals with at least 5 years of experience D. 7 members: 4 brokers, 1 broker or sales associate and 2 unlicensed consumer members D. enforcing the license law - Answer- Which of these is a responsibility of the Florida Real Estate Commission? A. setting uniform commission rates for brokers B. increasing the profits of brokerages C. creating standardized contracts for real estate transactions D. enforcing the license law D. imprisonment - Answer- Which of these is NOT a type of reprimand administered by the Florida Real Estate Commission? A. license revocation

B. required education C. license suspension D. imprisonment A. March 31, 2022 - Answer- Zachira got her first sales associate license on June 3rd,

2020. What will her license expiration date be? A. March 31, 2022 B. June 3, 2022 C. September 30, 2021 D. September 30, 2022 B. every 24 months on either March 31 or September 30 - Answer- When do real estate licenses need to be renewed? A. every four years, by the license holder's birthday B. every 24 months on either March 31 or September 30 C. every 24 months, by the final day of the year D. every three years from the date of issuance, excluding holidays C. Sarah does not need to renew her license until two years after she is discharged from active duty - Answer- Sarah has an active sales associate license that is set to expire in a few months. She is also in the army and going on active duty. When does she need to renew her license? A. Sarah will need to renew her license before it expires just like other license holders B. Sarah will be expected to renew her expired license within six weeks of returning from active duty C. Sarah does not need to renew her license until two years after she is discharged from active duty D. Sarah will get an extension of six months after her licenses expiration in which she can renew without penalties or late fees D. administrative law - Answer- The rules and regulations coming out of the Florida Real Estate Commission would be an example of: A. statutory law B. a blend of common and statutory law C. common law D. administrative law D. customer - Answer- Per Florida statute, "a member of the public who is or may be a buyer or seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship" is the definition of a(n): A. agent B. prospect C. client D. customer D. client - Answer- A fiduciary is expected to put whose interests ahead of their own?

A. prospect B. customer C. third party D. client D. subagent - Answer- Sales Associate Peyton is sponsored by Broker Archie. In that relationship, Peyton is a(n) to Archie's customers and clients: A. cooperative agent B. intermediary C. dual agent D. subagent D. special agent - Answer- From the customer or client's perspective, what kind of agent is their broker? A. secret agent B. universal agent C. general agent D. special agent C. a broker and a sponsored licensee - Answer- Which of the following is an example of a general agency relationship? A. a broker and a seller B. a licensee and a seller C. a broker and a sponsored licensee D. a broker and a buyer A. general agent - Answer- Anthony is Joe's agent, operating as the property manager of the luxury apartment building Joe owns. Anthony's responsibilities are ongoing and have binding power on Joe. What kind of agent is Anthony? A. general agent B. special agent C. universal agent D. dual agent A. $5,000 - Answer- If a Florida licensee violates their duties, the violation could result in license suspension or revocation, or a penalty (per occurrence) of up to what amount? A. $5, B. $10, C. $2, D. $2, D. universal agent - Answer- Liam would like Hannah to represent him, not only in all of his business affairs but also in all of his personal affairs. To give her complete freedom to act in his name, including the authority to bind him to contracts, Liam signs a power of attorney. What kind of agent does Liam want Hannah to be for him?

A. special agent B. general agent C. dual agent D. universal agent A. power of attorney - Answer- Universal agency is usually granted via a(n): A. power of attorney B. attorney in fact C. agency decree D. universal decree C. financial implications - Answer- Fiduciary relationships are often those having: A. informal agreements B. statutory oversight C. financial implications D. short term goals A. neither the listing agreement nor the buyer representation agreement are promulgated contracts - Answer- Which of the following is TRUE about listing agreements and buyer representation agreements that are used to create express written agency relationships in Florida? A. neither the listing agreement nor the buyer representation agreement are promulgated contracts B. the sponsoring broker will usually require or instruct the sales associate to create their own agreements from scratch as needed C. local realtor associations rarely provide their members with listing agreements or buyer representations agreements to use D. both the listing agreement and the buyer representation agreement are promulgated contracts D. inferences formed by the actions, conduct, and words of either or both parties - Answer- An implied agency relationship arises when a party assumes consent to the relationship based solely upon: A. the existence of a written request for agency B. the continuation of a previously existing form of express agency C. an explicit request and agreement to enter into an agency relationship D. inferences formed by the actions, conduct, and words of either or both parties D. implied authority - Answer- What term refers to legitimate actions an agent takes in order to complete duties that the customer or client has already expressly authorized? A. express agency B. express authority C. implied agency D. implied authority

C. an individual or agent from escaping liability by claiming (after the fact) that agency never existed - Answer- The legal principle behind agency by estoppel serves to prevent what? A. agency by ratification by acceptance of an action (after the fact) by an agent B. the creation of gratuitous agency C. an individual or agent from escaping liability by claiming (after the fact) that agency never existed D. the creation of implied agency B. nonrepresentation - Answer- A no brokerage relationship is one of: A. fiduciary representation B. nonrepresentation C. base representation D. limited representation D. agent and customer - Answer- Who are the parties in a no brokerage relationship? A. agent and client B. fiduciary and client C. fiduciary and customer D. agent and customer C. negotiate for either party - Answer- Which of the following can a licensee NOT do while operating under a no brokerage relationship agreement? A. communicate information between the parties B. be compensated for assisting in a transaction C. negotiate for either party D. facilitate a transaction D. disclose information regarding the financial motivations of one of the parties - Answer- All of the following describe duties owed to the customer in a no brokerage relationship EXCEPT: A. disclose all known facts that materially affect the value of residential real property which are not readily observable to the buyer B. account for all funds entrusted to the licensee C. deal honestly and fairly D. disclose information regarding the financial motivations of one of the parties A. commingling - Answer- What term refers to the mixing of trust funds held for a customer or client with those of the brokerage? A. commingling B. conversion C. churning D. merging

B. places for the parties to sign and date the form - Answer- The No Brokerage Relationship Notice provides a list of the duties that the no brokerage relationship entails and the names of parties involved. What else does it provide? A. an opt-out clause in the event either party decides to terminate the relationship B. places for the parties to sign and date the form C. state-mandated rates for the services required to fulfill the duties that will be performed D. a disclosure notice termination date C. the degree of representation provided - Answer- In what respect can the transaction broker relationship be considered the middle-ground of the three authorized working relationships? A. the license required to practice B. the flexibility of terms for the parties C. the degree of representation provided D. the party designation as customer or client A. licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer - Answer- What is meant by presumption of transaction brokerage? A. licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer B. transaction brokers duties are confined to facilitating a transaction C. customers can presume that licensees understand how to operate as transaction brokers D. transaction brokers need only oral disclosure or representation B. there is no need to disclose something taht is already presumed - Answer- Why are there no brokerage relationship disclosure requirements with a transaction broker relationship? A. because the customer has to specifically ask for this type of brokerage relationship, there is no need to disclose it B. there is no need to disclose something that is already presumed C. because the parties can back out of the relationship at any time without liability D. the limited representation it provides poses little risk to the customer A. limited confidentiality - Answer- Which of the following is a duty owed in a transaction broker relationship but not in a no brokerage relationship? A. limited confidentiality B. accounting of all funds entrusted to the licensee C. disclosure of all known facts that materially affect the value or residential real property and which are not readily observable to the buyer D. honest and fair dealings C. taking on any duties that could be considered outside of the boundaries of limited representation - Answer- What should a transaction broker guard against when a

customer asks them to assume additional duties that they might not otherwise be expected to take on? A. venturing into areas outside of their personal expertise B. not sufficiently charging the customer for their services C. taking on any duties that could be considered outside of the boundaries of limited representation D. being taken advantage of by an overzealous customer C. exclusive - Answer- Which of the following words describes an aspect of the relationship a single agent has with a party that is unique, as compared to a no brokerage or transaction broker relationship? A. honest B. fair C. exclusive D. skillful B. a subagent is simply a sponsored licensee, so if the broker is operating as a single agent for a client, so are all that broker's sponsored licensees - Answer- Why can a subagent in Florida operate as a single agent? A. if the subagent signs a single agent relationship agreement with a client, it doesn't matter what their brokers relationship with the client is B. a subagent is simply a sponsored licensee, so if the broker is operating as a single agent for a client, so are all that broker's sponsored licensees C. the client of a broker can allow any of the broker's sponsored licensees to operate as single agents even if the broker doesn't have a single agent relationship with the client D. a subagent can never operate as a single agent in Florida D. confidentiality - Answer- A single agent who is able to keep private any client information that could prove harmful to the client in negotiations is said to be demonstrating the fiduciary duty of: A. disclosure B. obedience C. loyalty D. confidentiality A. a seller-client's willingness to take a lower price than that appearing in the listing - Answer- Which of the following would not be disclosed under a single agent's fiduciary duty of confidentiality? A. a seller-client's willingness to take a lower price than that appearing in the listing B. information that the client specifically instructs the single agent to share C. material facts regarding property condition D. information requested under court order or subpoena A. obedience - Answer- The concept that clients are the decision-makers in the real estate transaction relates to which fiduciary duty of a single agent? A. obedience

B. disclosure C. confidentiality D. loyalty C. when the request being made is something the single agent thinks is a poor decision

• Answer- In which of the following scenarios does a single agent still owe a duty of obedience to a client? A. when the request being made violates state or federal fair housing laws B. when the request being made is illegal C. when the request being made is something the single agent thinks is a poor decision D. when the request is clearly unethical B. loyalty - Answer- When a single agent puts the principal's best interests ahead of their own, they are fulfilling the fiduciary duty of: A. accounting B. loyalty C. confidence D. disclosure C. Yes, because Mary received more than a share of profit proportional to her ownership share, she has been compensated for the sale, and needs to be licensed. - Answer- Mary, a non-license holder, lives in Rhode Island. She co-owns a property in Florida with a friend. Mary owns 60% of the property, her friend owns 40%. The friends decide to sell the property. Mary lists and markets it, doing all of the showings herself. When it sells, the friend tells Mary to keep 80% of the profit, since she did all the work. Have they violated Chapter 475, F.S.? A. No, because Mary is from Rhode Island (a mutual recognition state), the sale does not require a license B. Yes, because Mary did not own the property in severalty, she cannot sell it without a license. C. Yes, because Mary received more than a share of profit proportional to her ownership share, she has been compensated for the sale, and needs to be licensed. D. No, because Mary was an owner of the property, she is exempt from needing a license to sell it C. Friends Cara and Jose own a condo buiding together. If either one dies, the property will pass to their heirs. - Answer- Which of these scenarios BEST describes property held as tenants in common? A. The Moneysworth Corporation owns a mall. It cannot die, because it is not alive. B. Brother and sister Roy and Sasha own a mixed use building together. If either dies, ownership will pass to the other C. Friends Cara and Jose own a condo building together. If either one dies, the property will pass to their heirs. D. Married couple June and Roland own a lake house. If either one dies, the property will pass to the other.

B. increase in supply - Answer- Real estate licensee Jamie discovers that there is an increase in the number of building permits being issued in her town. What can she expect will result from this? A. seller's market B. increase in supply C. thin market D. increase in demand A. mechanic's lien - Answer- Which of these liens is most likely to be junior lien? A. mechanic's lien B. IRS tax lien C. mortgage lien D. property tax lien C. The rate of return is historically one of the highest, compared with other investment vehicles - Answer- A friend and potential client comes to you for advice on investing in real estate. They want to know what the pros and cons are. Which of these statements accurately reflects one of the advantages of real estate as an investment? A. It's a very liquid investment, so you can cash out easily at any time B. Theres little to no management work to be done with real estate C. The rate of return is historically one of the highest compared with other investment vehicles D. The costs to obtain and maintain real estate are much lower than the costs to buy and maintain stocks or bonds C. common, statutory and administrative law - Answer- The law of agency that exists today in Florida is a blend of: A. common, judicial and non statutory law B. express and implied law C. common, statutory, and administrative law D. statutory and non-statutory law B. Buddy and Holly were both offerors and offerees at different times. - Answer- Buddy thinks one of Holly's marbles would be a great addition to his collection. As offeror, Buddy proposes a swap: two of his aggies for one of her cat's eyes. Holly listened to Buddy's offer and, then, countered with her own: one of her cat's eyes for two of Buddy's aggies AND one oxblood. Consider what you know of this scenario and select the response that accurately states the roles played by each party to this marble negotiation. A. Buddy was exclusively an offeror, while Holly was exclusively an offeree B. Buddy and Holly were bother offerors and offerees at different times C. Buddy was exclusively an offeree, while Holly was exclusively an offeror D. Buddy and Holly were both exclusively offerors A. is required for all residences built prior to 1978, regardless of renovations - Answer- You're the listing agent meeting with the seller of a renovated 1969 home. The seller

asks if they will need to give a lead-based paint disclosure to buyers, considering its recent renovation and great condition. You should tell the seller that lead-based paint disclosure: A. is required for all residences built prior to 1978, regardless of renovations B. won't be required, since the home was renovated well after the lead paint ban went into effect C. may or may not be required, based on the results of lead testing by the seller D. won't be required since the home was built after 1968 A. percentage lease - Answer- A friend owns a cafe downtown. They ask you to help them calculate how much their rent will be next month. They give you the following information: Fixed rent amount, Sales rate, Projected sales for the coming month..Based off of these data points, what kind of lease do you think they have? A. percentage lease B. variable lease C. net lease D. gross lease D. 33% - Answer- Larissa owns a property worth $640,000. She owes the bank $430,000. How much equity does she have in the property? A. 21% B. 72% C. 67% D. 33% D. a worker has not been paid for work done on a property - Answer- Which of these best describes a scenario that would lead to a construction lien? A. an owner refuses government work within property lines B. a mortgage created for the purpose of financing a home purchase C. a seller paid for work to be done on a property prior to sale D. a worker has not been paid for work done on a property D. protection period clause - Answer- A buyer purchased a home after the listing agreement between the seller and their listing agent ended. However, the buyer had toured the seller's home during an open house held by the seller's former listing agent. Which clause will BEST determine if the former listing agent is owed compensation? A. parties clause B. legal description clause C. property clause D. protection period clause B. "appraisals must conform to USPAP standards." - Answer- Iris, a seller, is nervous about her valuation product being accurate. She wants it to be highly regulated. As her agent, you tell her that in Florida: A. "CMAs must conform to USPAP standards."

B. "Appraisals must conform to USPAP standards." C. "BPOs must conform to USPAP standards." D. "All valuation products must conform to USPAP standards." C. Joey/voidable contract; Samantha/valid contract; Jeremy/void contract; and Rachel/unenforceable contract - Answer- 10-year-old Joey got a newspaper route; 22- year-old Samantha signed a modeling agency contract; 30-year-old Jeremy hired a thug to rough up his boss; and Rachel verbally agreed to buy a house. Based on facts given, choose the answer that correctly matches these people to their contract category. A. Joey/valid contract; Samantha/unenforceable contract; Jeremy/voidable contract; and Rachel/void contract B. Joey/valid contract; Samantha/voidable contract; Jeremy/unenforceable contract; and Rachel/void contract C. Joey/voidable contract; Samantha/valid contract; Jeremy/void contract; and Rachel/unenforceable contract D. Joey/void contract; Samantha/voidable contract; Jeremy/valid contract; and Rachel/unenforceable contract C. general partnership - Answer- You want to enter into a partnership in which you share an equal amount of personal responsibility for the financial liabilities and obligations of the business as all the other partners. It would be a good idea for you to enter into a: A. limited partnership B. ostensible partnership C. general partnership D. corporate partnership A. 86% - Answer- Camila bought a home. The purchase price was $850,000. Her loan amount was $730,000. Calculate her LTV ratio, rounded to the nearest percent. A. 86% B. 82% C. 91% D. 79% A. 80% - Answer- What is the loan-to-value ration of a loan of $144,000 on a property sold for $180,000? A. 80% B. 65% C. 70% D. 85% C. $10,000 penalty per call - Answer- Manuela violates Florida's telemarketing act by calling several hundred people who are on the national do not call registry. What penalty will she likely incur? A. suspension of telemarketing rights B. community service hour requirement

C. $10,000 penalty per call D. revocation of license A. general warranty deed - Answer- You are a buyer, and a very nervous one, at that. You are checking all of your bases when you go out to buy your first home. To give yourself the greatest protection, you make sure the listing agreement states the property will be conveyed using a: A. general warranty deed B. special warranty deed C. quitclaim deed D. bargain and sale deed B. The broker should reprimand Sarah for discrimination. It doesn't matter if Sarah meant it as a compliment - Answer- Sarah is an agent. She is helping a Muslim couple find a house. Sarah keeps patting the woman's hijab and calling it "so cute!" The woman is not impressed, and upon return from the property tour, asks to speak to the managing broker. What should the broker do? A. The broker should stand up for Sarah, and tell the Muslim woman that Sarah meant it as a compliment B. The broker should reprimand Sarah for discrimination. It doesn't matter if Sarah meant it as a compliment C. The broker should reprimand Sarah for discrimination, and reassign the couple to a Muslim agent D. The broker should have Sarah apologize, but should also tell the Muslim woman that this was not actually a discriminatory act, since Sarah meant well A. $14,000 - Answer- A broker complied with an EDO. However, the seller sued the broker, and won. In the judgement, the broker was ordered to pay $7,000 (actual damages), $4,000 (punitive damages), and court costs ($3,000). The seller's attorney fees were $2,000. The broker's attorney fees were also $2,000. The broker made a claim to the recovery fund, which agreed to reimburse. What is the maximum amount the fund will reimburse? A. $14, B. $18, C. $12, D. $4, D. Seth has filed a lawsuit against the county property appraiser and tax collector in order to protest the assessment amount of his property - Answer- Seth has filed a certioari proceeding. This means that: A. Seth has been found delinquent in his taxes and is protesting the tax certificate B. Seth has filed an appeal with the value adjustment board, which the board accepted C. Seth has not received a truth in millage notice D. Seth has filed a lawsuit against the county property appraiser and tax collector in order to protest the assessment amount of his property

B. approved lenders - Answer- FHA loans are usually funded by: A. the FHA B. approved lenders C. sellers D. HUD B. They can't register as a brokerage because they created a joint venture - Answer- Claire and Miguel create a temporary business arrangement to complete a single business transaction. They want to register as a brokerage. Evaluate: A. They can register as a brokerage because they created a joint venture B. They can't register as a brokerage because they created a joint venture C. They can register as a brokerage because they created a sole proprietorship D. They can't register as a brokerage because they created a sole proprietorship A. personal property - Answer- A ceiling fan, still in its original packaging and NOT attached to the ceiling, is an example of A. personal property B. an emblement C. an improvement D. real property A. improvements - Answer- Lily buys a tract of land and builds a home on it, puts a fence around its perimeter, and installs a deck in the back of the home for entertaining guests. The home, fence and deck are examples of: A. improvements B. encumbrances C. appurtenances D. emblements A. condo - Answer- Kate purchased a vacation property. She owns the unit itself individually, and she is a co-owner of the common elements like the pool, playground and gym. What kind of property is Kate's vacation home most likely to be: A. condo B. co-op C. timeshare D. PUD B. conforming and non conforming - Answer- Conventional loans are divided into two categories. They are: A. adjustable rate and fixed rate B. conforming and non conforming C. first mortgages and second mortgages D. FHA and VA B. the closing disclosure - Answer- Which of these is a document that provides a detailed list of each party's expenses at closing?

A. Fannie Mae form 14-A B. the closing disclosure C. agency agreement D. the credits and debits form B. $998.80 - Answer- Barb took out an amortized loan of $240,000 with a 5% interest rate. Her monthly payment is $1,288.37. How much will she pay in interest on her second monthly payment? A. $1,004. B. $998. C. $1, D. $965. A. Tonya has a real estate undergrad degree from a four-year institution. She has been an active Florida sales associate for the last three years - Answer- Which of the following people is eligible to apply for a Florida broker license? A. Tonya has a real estate undergrad degree from a four-year institution. She has been an active Florida sales associate for the last three years B. Terry has been an active Florida sales associate for the last 18 months. She has completed her 45-hour post-licensing education as well as Course II C. Theo has held an active broker license in Wisconsin for the past five years D. Thomas is a member of the Florida Bar Association in good standing C. Leslie borrowed money to extend her investing power, increasing her profits - Answer- Evaluate which of these scenarios best illustrates positive leverage A. Larry got a mortgage to purchase an investment property, but the cost of the loan is more than the profit from the investment B. Louise pays a property manager to manage her investment property C. Leslie borrowed money to extend her investing power, increasing her profits D. Leander needs cash for unexpected expenses, but to get his investment out of his property quickly, he would have to sell the property for much less than it's worth D. BPO - Answer- Which answer describes something that: -Does not have to conform to USPAP standards -Is often utilized in the foreclosure process -Is less costly than comparable options A. origination B. appraisal C. CMA D. BPO D. Destruction of improvements to the land affects "possibility to complete," so the contract would discharge due to operation of law - Answer- The day before Jacob was to close on a new home, a Russian satellite unexpectedly fell from the sky, landing right on the place. Where once was a charming three bedroom split-level, is now a scorched- earth crater larger than an Olympic-sized pool. Not surprisingly, Jacob got out of the

contract. Given what you know about Jacobs situation, how would you classify the discharge of Jacobs contract? A. Since the home was smashed to smithereens, you now have a lack of legal element, which results in discharge due to operation of law B. A satellite is a human-made-object and therefore, not an act of God. Therefore a discharge of contract would be due to act of the parties C. Jacob's unwillingness to rebuild is an indication this would be discharge due to acts of the parties D. Destruction of improvements to the land affects "possibility to complete", so the contract would discharge due to operation of law C. residential property with more than four units - Answer- Jamar wants to know what properties he would be working with if he chose to specialize in commercial real estate sales. His broker informs him he would likely be working with: A. undeveloped land only B. farm operations only C. residential property with more than four units D. industrial warehouses C. They revert to Roy, along with the land - Answer- Roy has a piece of land that Tom wants to develop into a mixed-use retail and residential building. Roy offers Tom a ground lease for 70 years. At the end of that 70 years, if the lease is not renewed, what happens to Tom's buildings? A. They will be rented out by Roy B. Roy has the option to purchase them at a fair price from Tom C. They revert to Roy, along with the land D. They will be renovated according to Roys wishes D. 15 days after receipt of the landlords notice - Answer- A former tenant receives written notification 15 days after their move-out that the landlord intends to use part of their security deposit to pay for damages caused by the tenant. How long does the tenant have to file an objection to the landlords claim on the security deposit? A. 10 days after receipt of the landlords notice B. 30 days after receipt of the landlords notice C. 7 days after receipt of the landlords notice D. 15 days after receipt of the landlords notice A. 14 - Answer- How many hours of CE are Florida licensees required to complete per renewal cycle, excluding the first renewal? A. 14 B. 3 C. 45 D. 60 C. single agent - Answer- Broker Steph always prefers to offer buyers and sellers her full loyalty and to put their interests first in the transactions she oversees. But

sometimes, Steph finds that she needs to transition those relationships to a lesser degree of representation for the sake of facilitating an in house transaction. Analyze what you know of about Steph and select the answer that represents her preferred brokerage relationship with buyers and sellers A. no brokerage B. designated agent C. single agent D. transaction broker D. single agent - Answer- Audrey is Matt's fiduciary. Analyze this very short statement and deduce which of the possible authorized brokerage relationships in Florida Audrey has with Matt A. no brokerage B. transaction broker C. dual agent D. single agent A. farmers - Answer- Floridas greenbelt law protects: A. farmers B. developers C. environmental nonprofits D. brokers B. $236,000 - Answer- Jake owns a home that is worth $289,000. He has a mortgage balance of $53,000. Calculate his equity in the property. A. $57,500 B. $236,000 C. $342,000 D. $227,000 A. The FREC consists of seven members, whereas the DBPR is a much larger, multi- division agency - Answer- Which statement accurately differentiates between the DBPR regulation and the FREC A. The FREC consists of seven members, whereas the DBPR is a much larger, multi- division agency B. The FREC regulates real estate professionals, whereas the DBPR regulates other professions excluding real estate C. Members of FREC have term limits of five years, whereas members of DBPR have term limits of two years D. Only the chairperson of the FREC is appointed by the governor, whereas all members of DBPR are appointed by the governor C. pay the loan in full before the property is sold at auction - Answer- Tia has missed some mortgage payments and her home has gone into default. If she were to exercise her equity of redemption, what would she have to do? A. deed the property over to the lender

B. pay the missed payments, fees, and interest before the property is sold at auction C. pay the loan in full before the property is sold at auction D. get permission from her lender to sell the property for less than the outstanding loan amount A. increasing cash flow - Answer- A sales associate specializes in commercial sales. They should have expert knowledge of: A. increasing cash flow B. governmental regulations affecting farms C. industrial subdivisions D. schools in the area D. V zone - Answer- Thomas is building a new home. National flood insurance program regulations require him to build the house on an open foundation and at a certain elevation. Infer which zone the house is located in A. S zone B. A zone C. F zone D. V zone A. Carmens equity in the home is less than 5%, which allows the traditional lender to retain legal title to the property - Answer- Florida is a lien-theory state, which means that, with traditional mortgage lending, a buyer (borrower) will hold deed to the property during the life of the loan while the lender places a lien on the property until the loan is paid in full. Carmen, however has 20 years to go on the loan for her Del Ray Beach condo and she has equitable title only. Evaluate this scenario and choose the answer that BEST explains how this could be A. Carmens equity in the home is less than 5%, which allows the traditional lender to retain legal title to the property B. Carmen has a seller-financed, installment sales contract loan C. Carmen obtained financing froma lender out-of-state that is not subject to lien theory lending rules D. Carmen signed an "equitable title" amendment to her traditional mortgage loan contract with the Florida lender A. 80% - Answer- Hank buys a home for $350,000. He took out a $280,000 mortgage to pay for the home. What is his LTV ratio? A. 80% B. 85% C. 87% D. 90% A. gratuitous agency - Answer- When an agent is held to the obligations of an agency relationship, despite the fact that no compensation is offered or paid, they are providing: A. gratuitous agency B. implied agency

C. express agency D. ostensible agency C. Corey should specify in writing whether the light fixtures are the sellers personal property - Answer- Arnold is interested in a residential property because he loves the antique light fixtures installed in every room. Corey is the license holder helping Arnold find a property. What is Coreys responsibility regarding the light fixtures? A. Corey should mention the light fixtures to his sponsoring broker in case issues come up later B. Corey should not address the light fixtures, as it is safe to assume light fixtures will convey with property title C. Corey should specify in writing whether the light fixtures are the sellers personal property D. Corey should specify verbally whether the light fixtures are the sellers personal property D. 1.49 - Answer- Omar's property measures 300' x 217'. Knowing this, how many acres is the lot? A. 517 B. 6.5 C. 65,100 D. 1.49 C. a three-bedroom, three-bath, ten-year-old property located a quarter mile away that sold four months ago - Answer- You are doing a CMA on a four-bedroom, three-bath, five-year old property. Choose the BEST comp for that property from this list: A. a four-bedroom, two-bath, 12-year-old property located 30 miles away that sold three weeks ago B. a three-bedroom, three-bath, seven-year old property located a quarter mile away that sold three years ago C. a three bedroom, three-bath, ten-year-old property located a quarter mile away that sold four months ago D. a one-bedroom, one-bath, five-year-old property located down the street that sold three weeks ago C. $841 - Answer- A tax bill cost $10,092. For proration purposes, what is the monthly tax expense? A. $798 B. $876 C. $841 D. $950 Yes, because the ADA requires that public accommodations and commercial facilities that are newly constructed (built after 1993) be accessible - Answer- A shopping mall was built in 1997. Does the mall need to be accessible to people with disabilities?

A. No, because the fair housing act requires that public accommodations and commercial facilities that are newly constructed (built after 2005) be accessible. The mall was built before that time period B. No, because the ADA requires that public accommodations and commercial facilities that are newly constructed (built after 2000) be accessible. The mall was built before that time period C. Yes, because the ADA requires that public accommodations and commercial facilities that are newly constructed (built after 1993) be accessible D. Yes, because the fair housing act requires that public accommodations and commercial facilities that are newly constructed (built after 1995) be accessible C. 3 days - Answer- Adele is buying a condo from a former owner. How long after receiving her condo documents and signing the contract does she have to cancel the contract? A. 10 days B. 25 days C. 3 days D. 15 days D. 320 - Answer- How many acres are there in the south 1/2 of a section? A. 160 B. 640 C. 80 D. 320 C. Lucy gets permission to open her coffee shop in a residential zone - Answer- Determine which of the following scenarios involves a use variance. A. Bryans residential neighborhood is re-zoned to be a commercial zone, and he is forced to move out B. Developers leave room for a small park to separate office buildings from an apartment complex C. Lucy gets permission to open her coffee shop in a residential zone D. Rudy has a legal nonconforming use to run his upholstery shop in a residential neighborhood. He sells the property to a pizza chain owner D. They would need to find the price per square foot of the comparable property - Answer- How would an appraiser be able to adjust for the size of the property using the sales comparison approach? A. They would use the market rate to find the new value of the land B. They would need o find the value of all the features that are included in the comp property C. They would measure based on the number of units in the property D. They would need to find the price per square foot of the comparable property C. offer and acceptance - Answer- Seller Romeo and buyer Juliet have finally agreed in principle to all the conditions and terms of a sales contract for Romeos palatial pad. For

a while there, it appeared that Juliets request for an inclusion of a mother-in-law suit was going to be a deal-breaker since Juliet said it was a hill she was willing to die on. But, once they settled that point of contention, everything fell into place. Evaluate the scenario, and choose the essential element of a contract that is being illustrated the most. A. lawful objective B. legally competent parties C. offer and acceptance D. consideration B. The closing agent will prorate the cost and add it as a debit to the buyer at closing - Answer- A seller paid for their HOA fee at the beginning of the year and then sold their house 2 months later. How will the buyer pay the seller for their share of the HOA fee? A. The seller will ask for the amount in cash B. The closing agent will prorate the cost and add it as a debit to the buyer at closing C. The buyer will pay the seller the whole fee and then wait until the next years bill to charge the seller for 2 months worth D. The closing agent will pay the amount out of their own pocket and then debit the buyer for the prorated amount C. point of beginning - Answer- What is an established starting point from which a metes and bounds description begins? A. monument B. benchmark C. point of beginning D. terminus D. Ali is correct - Answer- Bradley and Ali are sales associates. They are making paper brochures to advertise their brokerage. Bradley says they must include the brokerages phone number, by law. Ali states they don't need to include it and can just provide the email address. Evaluate who is correct A. Neither is correct B. It depends on the municipality's regulations C. Bradley is correct D. Ali is correct B. FREC will deny the license application but allow Kate to apply again - Answer- Kate doesn't fill out all of her license renewal application. What is the likely consequence? A. FREC will issue the renewed license and ask Kate verbally over the phone to give the necessary information B. FREC will deny the license application but allow Kate to apply again C. FREC will deny the license application and not allow Kate to apply again D. FREC will issue the renewed license but ask her to add the necessary information in their online database