Florida Real Estate Practice Final Exam Questions with Correct Answers (Latest 2023)

1. When must a written no brokerage relationship notice be provided to customers? Correct Answer Before showing homes that are listed. 2. Which of the following can not be used by the federal reserve to change or control the money supply? Correct Answer After income tax rates 3. A broker has an exclusive right of sale listing to sell an owner's property, with no other authority granted. What type of agency does the broker have with the principal? Correct Answer Special agency 4. A licensee is being disciplined by the FREC for multiple violations of F.S. 475. Which penalty may the Commision NOT impose? Correct Answer A fine not to exceed $5,000 and/or imprisonment not to exceed one year. 5. A judgment his awarded against a licensee for $100,000. What is the maximum the complaintent may be compensated from the real estate recovery fund? Correct Answer 50% 6. What term is applied to the practice of keeping low income people out of a particular neighborhood? Correct Answer Exclusionary zoning 7. Complete this statement. A transaction broker ________________. Correct Answer Owes limited confidentiality to both parties. 8. Broker Jones committed fraud in a real estate transaction that involved 6 investors in a limited partnership. What is the maximum recovery possible for the realestate recovery fund that results in a single judgment as a result of this fraudulent activity? Correct Answer $50,000 9. A mortgagor defaulted on his loan payments. The lender foreclosed on the property. Some States allow the party that was foreclosed the right to redeem the property following foreclosure. What is the term used to describe this right? Correct Answer Statutory right of redemption 10. The sales comparison approach usually CANNOT be used when estimating the value of which of the following? Correct Answer Special-purpose properties 11. Which of the following describes expenses on a closing statement? Correct Answer Always entered as debit entries