FLORIDA REAL ESTATE EXAM, PRACTICE EXAM AND STUDY GUIDE NEWEST 2024 ACTUAL EXAM NEWEST 500 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+

FLORIDA REAL ESTATE EXAM, PRACTICE EXAM AND STUDY GUIDE NEWEST 2024 ACTUAL EXAM NEWEST 500 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+ To comply with the statute of frauds, an option contract must be ______. – a. In writing and signed by the optionee b. In writing and signed by the optionor c. In writing and witnessed by an attorney d. On file at the local courthouse b. RATIONALE: To comply with the statute of frauds, an option contract must be in writing and signed by the optionor (seller). A cooperative is a(n) _____. – ..a. limited partnership b. LLC c. not-for-profit corporation d. sole proprietorship c. RATIONALE: A cooperative is a joint venture with its shareholders, formed for their benefit and governed by them. It's a not-for-profit corporation. Compared with condominiums, the monthly fees for a cooperative owner are typically ______. – a. Higher b. Much less c. Slightly less d. The same a. RATIONALE: Monthly fees for cooperatives are generally higher because they include taxes, mortgage payments, and fees for maintaining common areas and facilities. For all intents and purposes, subagents are agents of the _______. – a. Buyer b. Seller c. The buyer's broker d. The listing broker b. RATIONALE: Although a subagent may bring an unrepresented buyer to the transaction, the subagent is an agent of the seller. Can a new licensee specialize in the sale of farm and ranch property? – a. Not until the licensee has at least five years of experience in agricultural real estate b. Not until t