Florida Real Estate Exam REAL QUESTION AND ANSWER GRADED A+

Florida Real Estate Exam REAL QUESTION AND ANSWER GRADED A+ The Johnsons sold their house and will close on July 1. The Johnsons paid their full annual town taxes in January. Which statement BEST describes what will occur at closing? a. The buyers will owe the Johnsons the unused tax for the balance of the year. b. The Johnsons will owe the buyers the tax due. c. Nothing will happen. d. The Johnsons will owe the buyers half of the tax due. - ANSWER - a. The buyers will owe the Johnsons the unused tax for the balance of the year. Explanation: At closing, the buyers will reimburse the Johnsons for property taxes paid in advance. The license law is administered by: A. The Commission of Florida Real Estate B. Department of Real Estate C. Florida Real Estate Commission D. Department of State of Florida - ANSWER - C. Florida Real Estate Commission The listing agreement whereby a principal lists property for sale with a number of brokers is known as a(n) a. Exclusive agency b. Open listing c. Exclusive-right-to-sell d. Net listing - ANSWER - The metes and bounds and monuments of a property can be found in what clause in a deed? a. Demising b. Defense c. Description d. Habendum - ANSWER - c. Description A broker is about to receive a 7% commission on the sale of a $750,000 home. What will be the broker's commission? a. $5,250 b. $26,250 c. $52,500 d. $45,000 - ANSWER - A broker who has limited representation to a buyer, a sell, or both, in a real estate transaction, but does not represent either in a fiduciary capacity is a: A. Non-representation broker B. Dual agent C. Single agent D. Transaction broker - ANSWER - D. Transaction broker A buyer, before any binding contract of sale is signed, is entitled to receive a property condition disclosure statement from the seller, and a. any buyer who does not receive a statement is entitled to a $10,000 cashier's check from the seller at the closing. b. the seller's agent is obligated to assist in filling it out. c. whether or not the seller provides the disclosure form has no effect on the seller's liability for undisclosed defects. d. the licensee must inform the seller of the seller's legal rights and obligations regarding filling out the form or ignoring it. - ANSWER - A deed is valid only when it is a. delivered and accepted. b. recorded. c. signed. d. notarized. - ANSWER - a. delivered and accepted.