Florida Real Estate Broker Exam
Questions With Correct Answers
Brokerage Fee on closing disclosure - CORRECT ANSWER✔✔-
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debit seller only; page 2
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Accrued depreciation using the age-life method - CORRECT
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ANSWER✔✔-Never depreciate a land, Sales Price, Appraisal, | | | | | | |
Survey, Title Insurance, Tangible Tax, Stamp Tax, = Add those,
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Don't add any Land Value. Only Building. Multiply say 80%
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building (20% Land) Residential Income producing property 27.5
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years life for investment property, Non residential 39 years, so
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divide by years, = Answers
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capital gains taxes on this sale - CORRECT ANSWER✔✔-$0
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A licensed Florida sales associate who wants to apply for a
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broker's license must - CORRECT ANSWER✔✔-disclose the
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applicant's Social Security number on the license application.
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,status of the tenant's lease - CORRECT ANSWER✔✔-The bank
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may terminate the tenant's lease.
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formula to calculate the equity dividend rate - CORRECT
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ANSWER✔✔-Before-tax cash flow divided by the owner's equity | | | | | | |
A prospective buyer came into the listing company's real estate
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office on Monday morning and left with the receptionist a
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written offer accompanied by an earnest money check to
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purchase a vacant lot. Which statement is TRUE regarding this
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situation? - CORRECT ANSWER✔✔-The broker must deposit the
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escrow check into the escrow account no later than the end of
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business on Thursday of the same week. | | | | | |
The maximum long-term capital gains on property sold by a
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taxpayer in the 25% bracket who earns less than $400,000 in
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ordinary income is - CORRECT ANSWER✔✔-15%.
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If a broker knows that there is a structural defect that affects the
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value of residential property, the broker is obligated to disclose
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this information to the buyer - CORRECT ANSWER✔✔-regardless
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|of the type of brokerage relationship that exists with the buyer
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and the seller. | |
,If the closing is on July 6, the prepaid interest on a new
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institutional mortgage covers a period of how many days and is
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charged to whom? - CORRECT ANSWER✔✔-26 days; buyer
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Which statement describes the principle of substitution as it
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applies to the cost-depreciation approach? - CORRECT
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ANSWER✔✔-The theory is that a knowledgeable purchaser | | | | | | |
would pay no more for a property than the cost of acquiring an
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equally desirable site, combined with building an acceptable
| | | | | | | |
substitute structure. |
Which element of comparison is adjusted to derive a normal sale
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price using the sales comparison approach? - CORRECT
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ANSWER✔✔-Conditions of sale | |
What mortgage right allows a borrower to prevent a foreclosure
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by paying the entire balance due to the lender? - CORRECT
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ANSWER✔✔-Equity of redemption | |
Which statement is TRUE concerning radon? - CORRECT
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ANSWER✔✔-Radon tests conducted in homes within a single | | | | | | | |
, neighborhood provide reliable estimates of whether radon is a | | | | | | | | |
potential hazard in neighboring properties.
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adjusted bank balance - CORRECT ANSWER✔✔-formula
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If a licensee intends to give limited representation to a
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homeseller, which brokerage relationship disclosure(s) is (are)
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required? - CORRECT ANSWER✔✔-No disclosures required
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Jack and Jill form a general partnership real estate brokerage
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entity. Jill has an active broker license, but Jack does not. Jill is
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killed in a car accident. Which statement is TRUE regarding this
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situation? - CORRECT ANSWER✔✔-A new active broker must fill
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the vacancy within 14 calendar days and register with the DBPR.
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What remedy would BEST compensate the owner? - CORRECT
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ANSWER✔✔-Suit for compensatory damages | | |
How is the purchase price shown? - CORRECT ANSWER✔✔-
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credit seller, debit buyer; page 3
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Questions With Correct Answers
Brokerage Fee on closing disclosure - CORRECT ANSWER✔✔-
| | | | | | |
debit seller only; page 2
| | | |
Accrued depreciation using the age-life method - CORRECT
| | | | | | | |
ANSWER✔✔-Never depreciate a land, Sales Price, Appraisal, | | | | | | |
Survey, Title Insurance, Tangible Tax, Stamp Tax, = Add those,
| | | | | | | | | |
Don't add any Land Value. Only Building. Multiply say 80%
| | | | | | | | | |
building (20% Land) Residential Income producing property 27.5
| | | | | | | |
years life for investment property, Non residential 39 years, so
| | | | | | | | | |
divide by years, = Answers
| | | |
capital gains taxes on this sale - CORRECT ANSWER✔✔-$0
| | | | | | | |
A licensed Florida sales associate who wants to apply for a
| | | | | | | | | | |
broker's license must - CORRECT ANSWER✔✔-disclose the
| | | | | | |
applicant's Social Security number on the license application.
| | | | | | |
,status of the tenant's lease - CORRECT ANSWER✔✔-The bank
| | | | | | | | |
may terminate the tenant's lease.
| | | |
formula to calculate the equity dividend rate - CORRECT
| | | | | | | | |
ANSWER✔✔-Before-tax cash flow divided by the owner's equity | | | | | | |
A prospective buyer came into the listing company's real estate
| | | | | | | | | |
office on Monday morning and left with the receptionist a
| | | | | | | | | |
written offer accompanied by an earnest money check to
| | | | | | | | |
purchase a vacant lot. Which statement is TRUE regarding this
| | | | | | | | | |
situation? - CORRECT ANSWER✔✔-The broker must deposit the
| | | | | | | |
escrow check into the escrow account no later than the end of
| | | | | | | | | | | |
business on Thursday of the same week. | | | | | |
The maximum long-term capital gains on property sold by a
| | | | | | | | | |
taxpayer in the 25% bracket who earns less than $400,000 in
| | | | | | | | | | |
ordinary income is - CORRECT ANSWER✔✔-15%.
| | | | |
If a broker knows that there is a structural defect that affects the
| | | | | | | | | | | | |
value of residential property, the broker is obligated to disclose
| | | | | | | | | |
this information to the buyer - CORRECT ANSWER✔✔-regardless
| | | | | | |
|of the type of brokerage relationship that exists with the buyer
| | | | | | | | | | |
and the seller. | |
,If the closing is on July 6, the prepaid interest on a new
| | | | | | | | | | | | |
institutional mortgage covers a period of how many days and is
| | | | | | | | | | |
charged to whom? - CORRECT ANSWER✔✔-26 days; buyer
| | | | | | |
Which statement describes the principle of substitution as it
| | | | | | | | |
applies to the cost-depreciation approach? - CORRECT
| | | | | | |
ANSWER✔✔-The theory is that a knowledgeable purchaser | | | | | | |
would pay no more for a property than the cost of acquiring an
| | | | | | | | | | | | |
equally desirable site, combined with building an acceptable
| | | | | | | |
substitute structure. |
Which element of comparison is adjusted to derive a normal sale
| | | | | | | | | |
price using the sales comparison approach? - CORRECT
| | | | | | | | |
ANSWER✔✔-Conditions of sale | |
What mortgage right allows a borrower to prevent a foreclosure
| | | | | | | | | |
by paying the entire balance due to the lender? - CORRECT
| | | | | | | | | | |
ANSWER✔✔-Equity of redemption | |
Which statement is TRUE concerning radon? - CORRECT
| | | | | | | |
ANSWER✔✔-Radon tests conducted in homes within a single | | | | | | | |
, neighborhood provide reliable estimates of whether radon is a | | | | | | | | |
potential hazard in neighboring properties.
| | | |
adjusted bank balance - CORRECT ANSWER✔✔-formula
| | | | |
If a licensee intends to give limited representation to a
| | | | | | | | | |
homeseller, which brokerage relationship disclosure(s) is (are)
| | | | | | |
required? - CORRECT ANSWER✔✔-No disclosures required
| | | | |
Jack and Jill form a general partnership real estate brokerage
| | | | | | | | | |
entity. Jill has an active broker license, but Jack does not. Jill is
| | | | | | | | | | | | |
killed in a car accident. Which statement is TRUE regarding this
| | | | | | | | | | |
situation? - CORRECT ANSWER✔✔-A new active broker must fill
| | | | | | | | |
the vacancy within 14 calendar days and register with the DBPR.
| | | | | | | | | |
What remedy would BEST compensate the owner? - CORRECT
| | | | | | | | |
ANSWER✔✔-Suit for compensatory damages | | |
How is the purchase price shown? - CORRECT ANSWER✔✔-
| | | | | | | |
credit seller, debit buyer; page 3
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