45 Hour Post License Real Estate Florida Test Questions With Answers Latest Updated 2024/2025 (GRADED)

An economic recovery is defined as A) two successive quarterly declines in the gross domestic product. B) two successive quarterly increases in the gross domestic product. C) a period of higher housing prices. D) two successive periods of stock market gains. correct answers B) two successive quarterly increases in the gross domestic product. Explanation When consumers, lured by lower prices, venture back into the market, business activity increases and confidence begins to return. Slowly, production facilities gear up to meet the new consumer demand, capital begins to flow back into business enterprises, and additional employees are hired. The three types of operating expenses of an income property are A) fixed, debt service, and reserves for replacements. B) reserves for replacements, fixed, and variable. C) variable, income taxes, and fixed. D) reserves for replacements, variable, and income taxes. correct answers B) reserves for replacements, fixed, and variable. Explanation Operating expenses are divided into three categories: fixed expenses, variable expenses, and reserves for replacement. A person applies for a $300,000, 30-year fixed-rate mortgage loan at 4%. The mortgage payment factor is .. Taxes for the year are $4,000, and insurance is $2,400. Her monthly payment for principal, interest, taxes, and insurance (PITI) will be A) $1,432.25. B) $1,773.64. C) $1,273.64. D) 45 Hour Post License Real Estate Florida Test Questions With Answers Latest Updated 2024/2025 $1,965.58. correct answers D) $1,965.58. 58. $300,000 × . = $1,432.25 principal and interest. $4,000 taxes ÷ 12 months = 333.33. $2,400 insurance ÷ 12 months = 200. $1,432.25 + $333.33 + $200 = $1,965.58 total PITI. A sales associate receives a good-faith deposit from a buyer on Wednesday. The broker must deposit the funds into the escrow account no later than the following A) Tuesday. B) Monday. C) Thursday. D) Friday. correct answers B) Monday. FREC rules require that the sales associate must give the broker the funds within one business day. The broker must deposit the funds in a bank within three business days. The minimum legal description for a platted subdivision would include A) street address, lot and block number, and subdivision name. B) county, lot and block number, name of subdivision, and lot dimensions. C) subdivision name, county, reference to section, township, and range. D) subdivision name, county, lot and block number, plat book and page number. correct answers D) subdivision name, county, lot and block number, plat book and page number. Antitrust laws A) allow brokers to boycott cut-rate brokers' listings. B) prohibit commercial advertising in faxes. C) allow brokers to split up market areas. D) prohibit price fixing. correct answers D) prohibit price fixing. Explanation Some of the prohibited actions under antitrust laws include: conspiracy to set prices; splitting up competitive market areas; conspiring to boycott cut-rate brokers or otherwise interfering with their business; and requiring a minimum commission before allowing listings to be circulated in any service, such as through an MLS. Hearing, understanding, and evaluation are part of what type of skill set? A) Oral B) Written C) Nonverbal D) Listening correct answers D) Listening What are the requirements for persons disturbing lead-based paint in a house? A) The owner must leave the house vacant for a minimum of 30 days after cleanup. B) The person must have taken a 45-hour course in radon gas remediation. C) Lead-based paint may not be disturbed by law. D) The person must be certified and follow specific work procedures. correct answers D) The person must be certified and follow specific work procedures. The Civil Rights Act of 1866 prohibits discrimination based on A) race, color, religion, sex, national origin, family status, or handicap. B) sexual preference. C) religion. D) race. correct answers D) race. In order to make successful prospecting calls, a sales associate should A) call from the phone book without accessing the do-not-call registry. B) be consistent, making them at the same time each day. C) make them at random hours on different days. D) make them whenever the sales associate feels up to it. correct answers B) be consistent, making them at the same time each day. At closing, a seller will be asked to sign an affidavit that A) there are no liens or rights to file a lien on the property. B) he will sign the deed when it is presented to him. C) he agrees with the closing disclosure. D) he made required repairs to the property. correct answers A) there are no liens or rights to file a lien on the property. When you explain the pricing process during a listing presentation, you would NOTordinarily discuss A) the process of closing a sale. B) how you prepared the CMA. C) the competition in the neighborhood. D) the pertinent parts of the CMA. correct answers A) the process of closing a sale. Sometimes when a buyer is not quite ready and wants to think about it a while longer, the salesperson should A) ask permission to prepare the paperwork as if they were buying, then go over it. B) scare them into going ahead with the offer to purchase—"It will probably sell to someone else!" C) get a good-faith deposit to hold the property. D) tell them that you won't be able to work with them after this. correct answers A) ask permission to prepare the paperwork as if they were buying, then go over it. What are the five categories of a sales associate's leads? A) Close friends and family, friends, customers, athletic partners, and targeted strangers B) Close friends and family, friends, customers, acquaintances, and prospects C) Close friends and family, friends, workers, acquaintances, and targeted strangers D) Close friends and family, friends, customers, acquaintances, and targeted strangers correct answers D) Close friends and family, friends, customers, acquaintances, and targeted strangers What are the best sources for a property's legal description that will be used in a contract? A) The county clerk's office, owner's deed, previous title policy B) The county clerk's office, owner's deed, previous MLS listing C) The owner's deed, tax appraiser's office, previous title policy D) Survey, county property appraisal, county clerk correct answers A) The county clerk's office, owner's deed, previous title policy The Florida Realtors®/Florida Bar Residential Contract for Sale and Purchase is best for A) an option contract. B) a commercial sale. C) a residential sale. D) a lease with an option to purchase. correct answers C) a residential sale. A woman had a fourth bedroom built onto her house last year that cost $75,000. A recent appraisal valued the bedroom at $52,000. This demonstrates the principle of A) substitution. B) contribution. C) change. D) increasing returns. correct answers B) contribution. The Fair Housing Act does NOT protect persons A) who are of a different race. B) in a same-sex relationship. C) who are blind. D) who are of a different religion. correct answers B) in a same-sex relationship. What usually happens when a listed property is overpriced? A) The listing sells. B) The condition is good. C) The seller gets his price. D) The listing expires. correct answers D) The listing expires. A home sells for $370,000. The mortgage payoff is $262,500. What is the seller's equity? A) $107,500 B) $370,000 C) $632,500 D) $64,750 correct answers A) $107,500 Which listings may be entered into the MLS? A) Exclusive agency listings and exclusive right-of-sale listings B) Open listings and exclusive right-of-sale listings C) Exclusive agency listings and open listings D) Exclusive agency listings and net listings correct answers A) Exclusive agency listings and exclusive right-of-sale listings Which party may pay a licensed personal assistant for selling activities? A) Only the broker B) The broker or the sales associate C) It is not legal to pay a personal assistant—whether licensed or unlicensed—a portion of a real estate commission. D) The sales associate correct answers A) Only the broker What must be given to borrowers within three days after the loan application? A) Loan estimate B) Truth in Lending document C) Closing disclosure D) Lender's affidavit to complete loan approval correct answers A) Loan estimate An economic contraction is A) defined as two successive quarterly increases in the GDP. B) the phase of a business cycle after a recession in which consumer confidence is shaken and consumers reduce spending. C) a period when consumers, lured by lower prices, venture back into the market. D) a period of high wages and consumer purchasing power that increases the demand for goods and services. correct answers B) the phase of a business cycle after a recession in which consumer confidence is shaken and consumers reduce spending. At what rate do taxpayers pay for short-term capital gains? A) 20% B) The investor's ordinary income tax rate C) 10% D) 15% correct answers B) The investor's ordinary income tax rate The components of a full title report are A) a survey, a physical inspection of the collateral, and a search of the records. B) an appraisal, a survey, and a search of the records. C) a credit report, a survey, and a physical inspection of the collateral. D) MLS records, a physical inspection of the collateral, and a search of the records. correct answers A) a survey, a physical inspection of the collateral, and a search of the records. A feature of a biweekly mortgage is A) a reverse annuity mortgage. B) a semimonthly mortgage payment. C) 26 annual payments. D) a capped adjustable mortgage loan. correct answers C) 26 annual payments. Florida law requires brokers to A) cooperate with other brokers in the sale of properties. B) give transaction broker notices to customers before showing a property. C) give sellers the copies of written listing agreements within 24 hours. D) have minimum commission rates on all listings. correct answers C) give sellers the copies of written listing agreements within 24 hours.