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 _

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 the licensee passes additional courses in agricultural real estate c. Yes, a new licensee can specialize in agricultural real estate d. Yes, as long as the new licensee has a degree in agriculture c. RATIONALE: Specialization doesn't require additional coursework or credentials. The licensee must be competent in any specialization, however. Jacqueline is a licensee working with a property near a Superfund site. Which of these statements is true? - ... a. A portion of the sale price must go to the EPA to fund clean-up of the site. b. She must disclose potential health threats to anyone in the area when showing the property. c. She must disclose the existence of an environmental hazard in the area. d. The property can't be sold until the site is removed from the NPL.