Florida Real Estate Exam Questions and Answers (latest update 2024) Verified Answers, Exams of Nursing

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The _______________________ determines monetary policy in the U. S. by controlling the availability of money. - Correct Answer ✅ Federal Reserve System The Homestead Act was passed primarily to - Correct Answer ✅ exempt property from forced sale A sales associate authorized to negotiate a sale of property has the authority to - Correct Answer ✅ work under the direction of a broker or in some cases an owner-developer The sales specialty that involves the knowledge of regulated land use, environmental considerations, transportation, labor costs and utility charges is - Correct Answer ✅ industrial A real estate agent's trade association that requires raising the professional and ethical standards of their members is the - Correct Answer ✅ National Association of Realtors.

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Property management customarily includes all these but - Correct Answer ✅ representation of the tenant Property management in the real estate business has gained popularity and importance due to - Correct Answer ✅ the growth in absentee ownership. The sales associate who can explain property taxes and homestead exemptions, in addition to helping prospective buyers obtain financing, is a - Correct Answer ✅ residential specialist A sales associate with ABC Realty was contacted by Big Bank to do a Broker Price Opinion (BPO). Since the fee for this was small, the bank paid the salesperson directly. This situation is

• Correct Answer ✅ illegal, since sales associate violated Chapter 475, F.S. The product that all real estate professionals sell is - Correct Answer ✅ their expert knowledge

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Which area of real estate requires the highest degree of expertise? - Correct Answer ✅ Counseling A licensed appraiser is compensated for an appraisal - Correct Answer ✅ with a flat fee Sales associates who fail to complete the post-licensing education requirement after 24 months and want to continue in the real estate business are required to requalify for licensure by - Correct Answer ✅ repeating the pre-licensure class, passing the end-of-course examination, and passing the state licensure examination. After completing the post-licensing education during the initial license period, licensees must complete - Correct Answer ✅ at least 14 hours of continuing education during every 2-year license period for active and inactive licensees. Prior to Owner's death, she named her friend, Jenny, as the personal representative of her estate. To take an active part

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in the sale of Owner's real estate, Jenny is - Correct Answer ✅ not required to obtain a real estate license. Since performing a broker price opinion or comparative market analysis constitutes real estate brokerage activity, the compensation collected in connection with that activity must be paid to the - Correct Answer ✅ sales associate's Broker/brokerage. A licensee may substitute attendance at one legal agenda session of the FREC for - Correct Answer ✅ three hours of continuing education credit. An unlicensed personal assistant may be at an open house and can - Correct Answer ✅ hand out materials As a licensed sales associate, you have decided to hire someone to help with your business, so you hire an unlicensed personal assistant. They can - Correct Answer ✅ gather information for a comparative market analysis

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A manager is a salaried manager of a 20-unit condominium complex. An owner of one unit is leaving town for six months. If the manager rents the owner's unit to a student for the six- month period, does he need a real estate license? - Correct Answer ✅ No, because the rental period arranged was for not more than one year Which Florida Administrative Code expands upon the statutory provisions of Chapter 475, Florida Statutes - Correct Answer ✅ 61J In addition to Chapter 475, The Florida Statute that defines the general legal practice and procedure for the Department of Business and Professional Regulation (DBPR) and the licensees of all professions, including real estate, is - Correct Answer ✅ 455 FREC has the authority to discipline Florida-licensed, real estate professionals under what Florida State Statute? - Correct Answer ✅ Chapter 455

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On the seven total members of the FREC, two must be - Correct Answer ✅ never licensed as real estate sales associates or brokers. If a real estate licensee believes a rule or guideline that substantially affects him is not valid and needs to be changed, recourse should be sought by - Correct Answer ✅ petitioning for an administrative determination before the Florida Real Estate Commission. The law that establishes the legal rights and responsibilities of real estate licensees is - Correct Answer ✅ Florida Statute Chapter 475 A sales associate is a licensed associate of a broker. If by issuance of a Final Order, the broker's license was revoked by the Florida Real Estate Commission, the sales associate's license is - Correct Answer ✅ automatically become involuntary inactive status

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Failure to complete the sales associate post-licensing education requirement will cause the initial license to - Correct Answer ✅ become null and void The Division of Real Estate exists primarily to - Correct Answer ✅ Provide administrative support to the FREC. Janelle just passed the exam for the real estate sales associate's license, but after working for three months under a broker, she finds she is too busy with family obligations to devote enough time to the job and resigns. The best way for Janelle to retain her license in voluntarily inactive status, is to

• Correct Answer ✅ take the post-licensure course before her first renewal, then take the CE courses every two years, and pay her renewal fees. Which statement best describes a group license? - Correct Answer ✅ a right granted to a sales associate or broker associate to work various properties owned by one owner/developer

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Which best describes the members of the Florida Real Estate Commission? - Correct Answer ✅ four licensed brokers with five years experience ; one broker or sales associate with two years experience ; and two consumers who have never been involved in the real estate profession A transaction broker is best described as the concept of - Correct Answer ✅ one who provides limited representation in a brokerage transaction between buyer and seller. When a broker employs a licensed real estate sales associate, the sales associate has - Correct Answer ✅ the same obligations to the broker's clients and customers as the broker. A broker lists a home that she knows would be perfect for her mother. The home is being sold due to the death of the owner, and the broker knows the owner's heir, who lives in Pennsylvania, is willing to accept a much lower offer than the home's listed price. The broker should tell her mother -

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Correct Answer ✅ nothing, but present to Owner any offer that his friend wishes to make. When must the No Brokerage Relationship notice be presented? - Correct Answer ✅ in writing before the showing of property A buyer is a broker's principal. Legally, the sales associates who work for the broker are - Correct Answer ✅ also legally bound by the broker's agency obligations. Bob Broker listed acreage for $90,000. Jim verbally offered $88,000. Another buyer who knew about Jim's offer made an offer of $93,000. The broker drew up a written contract for $93,000 but did not inform the owner about the offer for $88,000. Which is correct? - Correct Answer ✅ Broker should have submitted both offers to Owner. Although the roof on a house for sale leaks, the ceilings show no water damage. A broker represents the seller as a single agent and the seller has told the broker about the leak. If a

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prospective buyer asks nothing about the roof, the broker's legal obligation is satisfied if she says - Correct Answer ✅ that there is a leak in the roof. A seller has her property listed for $85,000 but tells the broker she is desperate to sell and will take as little as $74,500. She even mentions this while the broker is showing the house to a prospective buyer. The broker - Correct Answer ✅ cannot legally mention the $74,500 price. A broker listed a house and is the single agent of the seller. A prospective buyer wants to view the home and wants the broker to represent him too. The broker must - Correct Answer ✅ have the seller sign a Transition to Transaction Broker form before showing the house to the buyer. On July 1, Abrams lists his home on a 90-day exclusive contract with Broker Baker. On July 30, Abrams's Chapter 7 bankruptcy claim is approved. On August 6, the broker found a ready, willing, and able purchaser for Abrams's home. Can the broker claim a commission from Abrams? - Correct

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Answer ✅ No, because the executory contract was terminated before the buyer was procured. A broker or sales associate would be committing fraud if he or she knowingly sold a property - Correct Answer ✅ by using a lottery, even if the property is actually conveyed in accordance with the lottery rules. How many business days does a broker have to notify the FREC, in writing, of conflicting demands or of a good faith doubt? - Correct Answer ✅ 15 days Savannah is working for Broker Brown, but she also wants to sign on with Broker Jones. She can only work with one of the brokers because - Correct Answer ✅ Chapter 475, F S mandates only one registered employer for a sales associate or broker associate. The following statements appeared in real estate advertising. Which one is NOT legal and proper? - Correct Answer ✅

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"This property is offered by Marry Brown, sales associate for a licensed broker." A broker has not had much luck selling a particular property, so he decides to change his advertising in such a way that is misleading in form and content. The broker - Correct Answer ✅ could receive an administrative fine. A prospective renter engaged the services of a broker on June 1 to help her find a suitable rental. The broker gave her a current, accurate list of rentals that were available, charging her $200. The renter was not able to find a rental property from the list. To what refund, if any, is she entitled? - Correct Answer ✅ The renter's refund is $150, if she makes demand for the return of the fee before June 30 Over which type of escrow account does the FREC have jurisdiction? - Correct Answer ✅ broker escrow accounts A broker receives an earnest money deposit on a home sale. The broker must deposit the funds within how many days of

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receiving them? - Correct Answer ✅ immediately, within three business days A broker finds a buyer for a house she has listed. The offer includes an earnest money deposit and states that the offer is valid for three days. The owner does not respond to the offer, so after 24 hours the buyer cancels the offer and asks for his deposit to be returned. The broker should - Correct Answer ✅ place the funds in the hands of the Florida Real Estate Commission. Of the following statements, which one is TRUE about kickbacks or rebates? - Correct Answer ✅ They are legal if all affected parties to the transaction are aware of such an arrangement prior to the time of the placement of said transaction. Which is NOT true of the Real Estate Recovery Fund? - Correct Answer ✅ The fund acts as insurance for real estate licensees who are sued.

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Which is NOT a potential reason the FREC would deny an application for licensure or renewal of a license? - Correct Answer ✅ The applicant is not a US citizen. A sales associate has knowledge that her broker frequently commits unlawful acts as it pertains to real estate. If the broker instructs the sales associate to participate in an unlawful real estate act, the sales associate must - Correct Answer ✅ refuse to carry out the instructions, and then report the broker to the Department of Business and Professional Regulation. A licensed broker was found guilty of culpable negligence in a real estate sale. The broker made full restitution to the affected party. The Florida Real Estate Commission may - Correct Answer ✅ suspend the individual's license. Mr. Allman, a real estate licensee, served a term in prison for a crime not related to his real estate brokerage. Mr. Allman's license may be - Correct Answer ✅ effective until time for renewal.

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You hold a valid, current and active sales associate's license. One of your best clients has purchased three houses in the past year totaling almost $1 million in sales. He calls you from Atlanta saying he has someone interested in purchasing a house you have listed for $500,000. He also mentions that he has had to spend a considerable amount of money entertaining the buyer and convincing him to drive down to look at the property. You may - Correct Answer ✅ not legally compensate him for the entertainment expense. Which statement is NOT true about the disciplinary authority of the Florida Real Estate Commission (FREC)? - Correct Answer ✅ The maximum administrative fine the FREC may impose for each separate count is $1,000. A Notice of Non-compliance - Correct Answer ✅ shall only be issued for an initial offense of a minor violation. Ann Smith, a broker working for customer Lucille Carter, finds a renter for a home owned by Banks and collects a security

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deposit of $1,300 and advanced rent of $1,300. What must the broker do with the money? - Correct Answer ✅ Give the money to Carter, who must deposit it in an escrow account or surety bond. A sales associate has been instructed by his broker to call on residents of a certain neighborhood, telling them that Latinos are beginning to move into the neighborhood and that they should sell their houses as soon as possible because their values will decrease. This is an example of - Correct Answer ✅ blockbusting What is the final legal act in an eviction procedure? - Correct Answer ✅ After the tenants are served a writ of possession, the landlord begins to remove their personal property from the rental unit. Which is NOT an accessibility requirement in a condominium community per the Americans With Disabilities Act? - Correct Answer ✅ A unit owner has a German Shepherd service dog,

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even though the community has a "no pets over 20 pounds" policy. Which must the developer of an unimproved subdivision provide to the prospective buyer? - Correct Answer ✅ a detailed property report What is the final legal act in an eviction procedure? - Correct Answer ✅ After the tenants are served a writ of possession, the landlord begins to remove their personal property from the rental unit. A landlord inspects his rental property after the tenant moves out. He finds damage that is beyond normal wear and tear and decides to deduct some money from the security deposit to cover the damage. The tenant has _______ days to object in writing to the deduction. - Correct Answer ✅ 15 Aaron has remodeled an older home and decides to rent it out. He receives the first month's rent and a security deposit. There are three ways he can handle the security deposit.

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Which is NOT one of them? - Correct Answer ✅ hold the money in any bank, credit union or savings and loans institution located in any of the 50 states and may not commingle A principal owns lots in an upscale subdivision. He has directed a licensee not to show the lots to people of a particular sex, race, or religion. What should the licensee, do?

• Correct Answer ✅ withdraw and refuse to deal with the owner Everything that is permanently attached or connected to land is - Correct Answer ✅ a fixture. In Florida, if a homestead is in only one spouse's name, or if it is co-owned by a married couple, then - Correct Answer ✅ both spouses must sign the real estate sales contract. When determining whether an object is a fixture, the legal tests do NOT include - Correct Answer ✅ size of the item

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Which are not considered physical components of real estate?

• Correct Answer ✅ timber rights When the Johnsons purchased their home, they purchased and installed new kitchen counters and cabinets. Until they were installed, these were personal property. once installed, they became a - Correct Answer ✅ fixture The Homeowners' Association Disclosure Summary required by Chapter 720 must be supplied by the State of Florida. - Correct Answer ✅ seller's broker The best descriptive phrase associated with property held by tenancy in common is - Correct Answer ✅ having an undivided interest Which of the following is the term for a landowner's rights to use water that flows past his or her property as long as the landowner does not divert or pollute the water or impair its use by others? - Correct Answer ✅ riparian rights

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John owned real property prior to his marriage to Sofia. This property is presumed to be - Correct Answer ✅ separate property Of the following, which real property interest applies to land ownership? - Correct Answer ✅ tenancy in common A beneficial interest in real estate which implies that at a future date an individual will receive legal title is known as - Correct Answer ✅ equitable title Mr. Denton died intestate, and there are no known heirs. The probate court appointed an individual to settle Mr. Denton's affairs. When this individual sold Mr. Denton's home, what type of deed was used to formalize and record the transfer of title? - Correct Answer ✅ Personal representative's deed Of the liens listed below, which is the superior lien that takes priority over the others? - Correct Answer ✅ property tax lien dated January 1, 2020.

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Which three types of Special Purpose deeds may be used to convey property when the property owner is unable to sign the deed? - Correct Answer ✅ Personal Representative, Guardian's, or Committee's An electric utility company has a right to maintain their poles, lines and other equipment along the rear of a property. This right is called an - Correct Answer ✅ easement in gross. Jean-Paul and Michelle are in the process of purchasing their first home. When will the actual transfer of title be made? - Correct Answer ✅ when the deed is recorded When a person owns property or holds vested ownership rights in a property, that person has - Correct Answer ✅ title. A seller's marketable title to real property may best be provided by - Correct Answer ✅ title insurance and a first mortgage release.

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All of the following are possible deed restrictions in a subdivision. Which would be the most difficult for the developer to enforce? - Correct Answer ✅ Each owner must make $500 worth of improvements per lot, per year. The earnest money (binder) deposit in a Florida real estate contract is - Correct Answer ✅ not required to make the contract valid. The metes and bounds method requires - Correct Answer ✅ point of beginning. The legal description most often used in a platted subdivision is - Correct Answer ✅ lot and block. John owned the N 1/2 of a section. He sold the W 1/4 of his N 1/2. How many acres does John still own? - Correct Answer ✅ 240 acres

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If a homeowner has a rectangular parcel of land measuring 620 feet x 900 feet, he will have: - Correct Answer ✅ more than 12 acres. In a metes and bounds legal description, the direction "N 10 degrees E." would be exactly opposite from the direction - Correct Answer ✅ S10 degrees W When using the Government Survey System, the initial primary north-south reference line is called the - Correct Answer ✅ principal meridian. Which of the items below is not required to be included in a valid metes and bounds legal description? - Correct Answer ✅ reference to a conspicuous monument, such as a tree or rock. There are _____ sections in a township - Correct Answer ✅ 36

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When using the government survey method for legal descriptions of property, how many acres does a quarter of a section contain? - Correct Answer ✅ 160 A real property line that runs from a given point North 90 degrees East will run in a direction of - Correct Answer ✅ East-to-West In real estate law, the Statute of Frauds is a reference to the - Correct Answer ✅ requirement that to be enforceable, contracts must be in writing or penalty performed. A lawsuit in which a plaintiff seeks to have the court force the other party to perform according to a contract is called a suit for - Correct Answer ✅ specific performance. The property tax disclosure summary must be presented to prospective buyers of residential Florida property - Correct Answer ✅ before or at the time of execution of the contract for sale.

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When a broker is employed by a buyer-broker agreement, the broker may be - Correct Answer ✅ a meeting of the minds. A seller signed a written and exclusive-right-of-sale listing on his property. The listing read, in part, "I hereby employ broker to find a purchaser and I further agree that I will pay broker a 9% commission if I, owner, any other person, firm, or corporation shall sell this property." A buyer signs an offer to purchase at the listed price and terms when the seller is out of town. The broker, on behalf of the owner, signs the offer accepting it for the owner. The broker's listing - Correct Answer ✅ does not authorize the broker to bind the owner to the buyer's offer. Richard rented a house for a year with the option to buy. A small percentage of his rental payment was reserved for a down payment in case he decided to buy. He decided to exercise his option and buy the house. Which statement best describes the contract after Richard's decision? - Correct Answer ✅ It is a bilateral contract.