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FLORIDA REAL ESTATE EXAM 2025| BRAND NEW
ACTUAL EXAM WITH 100% VERIFIED QUESTIONS
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Ginnie Mae approved mortgage-backed securities _____________.
A. Carry the full faith and credit guarantee of the federal government
B. Are to be paid on closing date
C. Are sold to the primary market
D. Do not have to pay fees - correct answer - A. A. Carry the full faith and credit guarantee of the federal government
At the time of the mortgage loan application The Real Estate Settlement Procedures Act (RESPA) requires
A. Good faith estimate
B. Insurance
C. Lien
D. APR - correct answer - A. Good faith estimate
The federal reserve regulation z requires lenders disclose the annual percentage rate in appliance with
A. The real estate procedures act
B. Equal credit opportunity act
C. The truth in lending act
D. The civil rights act of 1866 - correct answer - C. The truth in lending act
Financial institutions must make credit available without discrimination of race in accordance with
A. The civil rights act of 1866
B. The real estate procedures act
C. The truth in lending act
D. The equal credit opportunity act - correct answer - D. The equal credit opportunity act
Potential gross income minus vacancy and collection losses is
A. Effective gross income
B. Net income
C. Total income
D. Potential income - correct answer - A. Effective gross income
A developer of 20 or more new residential units must give a ______ to a buyer
A. Interval
B. Time share
C. Plat map
D. Prospectus - correct answer - D. Prospectus
D. The spouse is eligible for Florida license because if mutual recognition with state of New York - correct answer - C. Upon application for license, the DBPR must issue license
Which statement is false regarding mutual recognition agreements?
A. The agreements are intended to recognize the education and experience that real estate licensee's have acquired in other states are nations
B.Mutual recognition applicants are required to take an examination on Florida real estate laws
C. Mutual recognition applicants maybe Florida residents or non-residents
D.Mutual agreements allow Florida real estate licenses to have an equal opportunity for licensure in jurisdictions with which agreements are concluded - correct answer - C Mutual recognition applicants may be Florida residents or non-residents
Which of the criteria listed below is not required to hold a Florida real estate?
A. Proof of US citenzship
B. 18 years of age or older
C. High school diploma or GED
D. US social security number - correct answer - Proof of US citenzship
A man who died without leaving a will owned 2 farms and a home. The court appointed a personal representative to dispose of the decendents estate. The representative?
A. Must have the clerk of the circuit court auction property
B. Must register with the DBPR if he expects to be paid
C. Is exempt from a real estate license
D. Must dispose of all real property through a real estate broker - correct answer - C. Is exempt from having a license
quasi-legislative powers - correct answer - Power to adopt rules to implement chapter 475 and chapter 455
Executive Branch - correct answer - Authority to regulate and enforce real estate license law
D. Request multiple licenses - correct answer - D. Request multiple licenses
in a tenancy in common, the owners have the right to pass their interests to ________ - correct answer - Heirs, it does not have right of survivorship, furthermore there does not have to be equal ownership
Joint Tenancy - correct answer - A form of concurrent ownership, which occurs when two or more persons own a single estate in land, with right of survivorship. Must have equal shares, right to partition. DOES NOT AUTOMATICALLY GO TO HEIRS
Lien Theory State - correct answer - a state where the mortgage lender has a lien on the property and the borrower has title
Samuel wants to do a 1031 exchange. He sold his investment property and has identified the property he'd like to buy next. Within how many days must he close on this property in order for it to qualify as part of the exchange? - correct answer - a. 180
b. 30
c.
d.
a. He has 45 days to identify a property he would like to purchase and 180 days to close on it, from time of sale.
In which form of co-ownership is a person's ownership inheritable? - correct answer - a. Joint tenancy
b. Tenancy by the entirety
c. Tenancy in common
d. Tenancy in severalty
c. Tenancy in common allows for a persons share to be inheritable, it does not automatically pass forth to the rest of the owners like in joint tenancy (this is called the right of survivorship).
How long do prospective tenants have to request a refund after purchasing a rental list? - correct answer - a. 10 days
b. 15 days
c. 30 days
d. 360 days
C. 30 days.... tenants have up to 30 days to request a 75% refund if they do not purchase a rental
Which method best describes the foreclosure process in Florida? - correct answer - a. Caveat emptor
b. Judicial
c. Lis pendens
d. Non-judicial
d. The Florida Deceptive and Unfair Trade Practices Act is the act that simplifies, clarifies, and modernizes consumer protection laws and makes them more consistent with federal trade laws.
To comply with the statute of frauds, an option contract must be ______. - correct answer - a. In writing and signed by the optionee
b. In writing and signed by the optionor
c. In writing and witnessed by an attorney
d. On file at the local courthouse
b. To comply with the statute of frauds, an option contract must be in writing and signed by the optionor (seller).
A cooperative is a(n) _____. - correct answer - a. limited partnership
b. LLC
c. not-for-profit corporation
d. sole proprietorship
c. A cooperative is a joint venture with its shareholders, formed for their benefit and governed by them. It's a not-for-profit corporation.
Compared with condominiums, the monthly fees for a cooperative owner are typically ______. - correct answer - a. Higher
b. Much less
c. Slightly less
d. The same
a. Monthly fees for cooperatives are generally higher because they include taxes, mortgage payments, and fees for maintaining common areas and facilities.
For all intents and purposes, subagents are agents of the _______. - correct answer - a. Buyer
b. Seller
c. The buyer's broker
d. The listing broker
b. Although a subagent may bring an unrepresented buyer to the transaction, the subagent is an agent of the seller.
Can a new licensee specialize in the sale of farm and ranch property? - correct answer - a. Not until the licensee has at least five years of experience in agricultural real estate
b. Not until the licensee passes additional courses in agricultural real estate
c. Yes, a new licensee can specialize in agricultural real estate
d. Yes, as long as the new licensee has a degree in agriculture
c. Specialization doesn't require additional coursework or credentials. The licensee must be competent in any specialization, however.
b. General and voluntary
c. Specific and involuntary
d. Specific and voluntary
c.
A buyer representation agreement establishes an agency relationship between which parties? - correct answer - a. Buyer and broker
b. Buyer and salesperson
c. Seller and broker
d. Seller and salesperson
a. You may hear a buyer representation agreement called the buyer/broker agreement. This is a contract between the buyer and the broker. Remember, all real estate activities are conducted under the broker's license.
What must be filed for the eviction process to begin after a landlord has waited three days and serves a tenant a notice to pay or vacate the premises? - correct answer - a. A complaint for eviction
b. A writ of possession
c. Evictus nuncus
d. The lease
a. The eviction process is handled by the court, and it begins when a landlord files a complaint for eviction with the county court.
Which of the following could an investor who sells an apartment house buy using a 1031 exchange? - correct answer - a. Duplex, office building, or warehouse
b. Duplex only
c. Office building only
d. Warehouse or office building only
a. Any of these would be allowed with a 1031 exchange.
Gene and Alex bought a property that backed up to a neighborhood park. The previous owner mentioned that ever since the park was built eight years ago, the next door neighbor who works at the park has cut through the yard to get to the park rather than going around via the streets, which saves about half a mile. What kind of easement is this? - correct answer - a. Easement by prescription
b. Easement in gross
c. Express easement
d. Visible easement
a. Easements by prescription are created through continuous, exclusive, and long-term use of another's property without actual permission.
Robin has great credit and was able to secure a loan for her ocean-side dream home. Her 30-year, fixed-rate loan is for an amount that's above
be renovated. Which factor is most negatively impacting the value of the Richards' property? - correct answer - a. Demand
b. Scarcity
c. Transferability
d. Utility
a. Although large parcels in the area are scarce, the low demand of buyers willing to buy and wait to live in a property that needs significant repairs is affecting the value.
In investments, each type of depreciation is defined by a particular event. Which of the following best describes a depreciation type and an event it's tied to? - correct answer - a. Economic depreciation and cost recovery
b. Economic depreciation and physical deterioration
c. Operating depreciation and taxing authority
d. Tax depreciation and physical deterioration
b. Economic depreciation is often tied to physical deterioration.
What are the two types of Real Estate Investment Trusts? - correct answer
b. Mortgage and equity
c. Mortgage and lease
d. Residential and commercial
b. The two major investment choices for REITs are mortgage and equity.
If a property's income value is $200,000 and it's earning a net operating income of $40,000, what is the cap rate? - correct answer - a. 20%
b. 25%
c. 40%
d. 5%
a. The cap rate is 20%. To calculate cap rate, divide the income by the property value. The formula for this is rate = income / value.
Spark City has built a new city courthouse. The construction caused a landslide, which buried most of Joe's farmland; now it can no longer be used for farmland. Joe is bringing an action against the city for his property loss. What is this an example of? - correct answer - a. Condemnation
b. Eminent domain
c. Foreclosure
d. Inverse condemnation
d. Inverse condemnation occurs when action is brought against the government when its police powers have caused an adjacent land owner's property to decrease in value.
Joanie sees herself as a mover and shaker, a leader, someone who jumps in and gets things done. She likes to be involved and in charge. When she
Who holds the title to the property?
Is it easier for a lender to foreclose on a property? - correct answer - - In title theory states, the borrower receives the deed, but the lender keeps the title and owns the house until the borrower pays off the loan
-The borrower doesn't "actually" own the property until the mortgage is paid off and the lender releases the deed.
-Since the lender already owns the property, it is much easier for a lender to foreclose on a property in a title theory state.
Constructive Notice - correct answer - Recordation ensures that the buyer's ownership is protected. It provides constructive notice of the sale/purchase, which means that the record is publicly available to anyone who does a records search.
Actual Notice - correct answer - Parties have personal knowledge of the particular event
General Warranty Deed - correct answer - A deed in which the grantor fully warrants good, clear title to the premises. Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed.
Special Warranty Deed - correct answer - identical to a general warranty deed except that the covenant against encumbrances applies only to the time that the grantor owned the property
Quitclaim Deed - correct answer - A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.
Bargain and Sale Deed - correct answer - A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed at his or her discretion
Assignment of Contract - correct answer - Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.
Novation - correct answer - Substituting a new obligation for an old one or substituting new parties to an existing obligation.
Exclusive Right to Sell Listing - correct answer - Under this listing arrangement, the broker employed is entitled to a commission no matter who sells the property during the listing period. (Even the Seller)
