Florida Real Estate U Final Exam 2 Questions with 100% Correct Answers (Latest 2023)

Which of the following are tax-deductible expenses resulting from home ownership? Correct Answer Mortgage interest and property taxes Which of the following is true regarding the $500,000 exemption, in the sale of a personal residence, for a married couple filing jointly? Correct Answer A married couple can use the $500,000 joint exemption if only one meets the ownership requirement, but BOTH meet the occupancy requirement A homeowner in NC had constructed a three-bedroom house with two full baths in a rural area that necessitated the installation of an on-site septic system. It was properly permitted at that time. A few years later the homeowner constructed a fourth bedroom, but no extra bathroom, in the basement area. He did not obtain any permits at that time as he was constructing the addition by himself. He now wants to list the property for sale with a broker. What would be the maximum intended occupancy for this house according to NC guidelines? Correct Answer 6 Chris is a real estate broker in NC. He lists a parcel of undeveloped land, which is zoned for single-family residential use. Chris knows that this property is about to be rezoned for multi-family residential use, which will greatly increase the value of the property. Rather than informing the seller of this fact, Chris offers to buy the property at the listed price, telling the seller that he wants to acquire the property as a long-term investment. The deal closes. Several months later, after the rezoning had been accomplished, Chris sold the property for a $80,000 profit. The seller soon finds out about the profit Chris has made. What can the seller do in this case? Correct Answer Notify the NCREC to impose disciplinary action Which of the following is an example of a blind ad? Correct Answer Just listed! Home for sale. $250,000. Call Mary at for more information. A settlement meeting is usually conducted by a closing attorney. Who typically recommends the closing attorney? Correct Answer The buyer or the buyer's lender A firm license is NOT required for which of the following? Correct Answer a sole proprietorship James is a broker in NC and is also licensed as an attorney. He is buying a house and wants to rewrite part of the sales contract. Is James permitted to do so? Correct Answer Yes. Since James is also an attorney and the buyer, he is permitted to rewrite parts of the contract.