ACEABLE AGENT FINAL EXAM QUESTIONS
WITH CORRECT DETAILED ANSWERS ||
ALREADY GRADED A+
<RECENT VERSION>
1. Oliver is a licensed lawyer in Florida. He has lived in Florida for three years.
Assuming he passes the background check and has his application accepted, what
ELSE must he do to become a licensed sales associate in Florida? - ANSWER ✔
pass the state and national portion of the state licensing exam
2. The lot and block system primarily relies on which of the following to describe
land? - ANSWER ✔ section, lot, and block numbers within a subdivision
3. Analyze the following scenarios. Which does NOT violate the federal Fair
Housing Act? - ANSWER ✔ An agent refuses to show an apartment to a woman
because she has a poor credit score.
4. You are a buyer, and a very nervous one, at that. You are checking all of your
bases when you go out to buy your first home. To give yourself the greatest
protection, you make sure the listing agreement states the property will be
conveyed using a: - ANSWER ✔ general warranty deed
5. Broker Blessing is caught in the middle of a buyer's and seller's claims that they
have the right to the escrow money. While the buyer and seller resolve their
disputes in court, Blessing knows she has no claim to the escrow funds. Blessing
pursues a(n): - ANSWER ✔ interpleader
,6. Which of the following best explains the purpose of the Comprehensive
Environmental Response, Compensation, and Liability Act (CERCLA)? -
ANSWER ✔ CERCLA provides broad federal authority to respond directly to
releases of hazardous substances that may endanger public health or the
environment.
7. Which of these is an example of a monument? - ANSWER ✔ wooden stake put
in the ground by a surveyor
8. There has been a lot of new construction in Ace City. New apartment complexes
have been opening all over town. Assuming that demand remains stable, infer the
effect that this will have on rent prices. - ANSWER ✔ Rent rates should go down
now that there is more supply in relation to demand.
9. The Fair Housing Amendment Act of 1988 amended the Fair Housing Act to
add these protected classes: - ANSWER ✔ disability and family status
10. Why does each party in a designated sales associate transaction have two
disclosures to sign? - ANSWER ✔ One is to consent to the use of designated sales
associates in the transaction, and the other is to declare their financial eligibility to
do so.
11. The FREC has executive, quasi-judicial, and quasi-legislative powers. Select
the FREC duty that would be categorized as an executive power. - ANSWER ✔
determining fee amounts for applications and exams
12. What is common law? - ANSWER ✔ It can be traced back to customs and
precedent established by court decisions over the centuries in England.
13. A buyer and a seller are arguing about how their escrowed money should be
disbursed. The buyer's and seller's opposing, unresolvable requests are also known
as: - ANSWER ✔ conflicting demands
14. A property owner decides to use a new property management company to
manage the apartment complex she owns. What needs to happen? - ANSWER ✔
The current property management company needs to transfer the tenants' security
deposits and advance funds to the new property management company, along with
an accounting of how much should be credited to each tenant.
,15. Buddy thinks one of Holly's marbles would be a great addition to his
collection. As offeror, Buddy proposes a swap: two of his blue marbles for one of
her green marbles. Holly listens to Buddy's offer and then counters with her own:
one of her green marbles for two of Buddy's blue marbles AND one red marble.
What are the roles played by each party to this marble negotiation? - ANSWER ✔
Buddy and Holly were both offerors and offerees at different times.
16. Which of these is a fee simple condition subsequent estate? - ANSWER ✔
Drew inherited her uncle's mansion but she must keep the gas lamps installed and
operational. If she fails, his heirs can sue to reclaim the estate.
17. A Florida licensee working with a party has the duty to account for all funds
entrusted to the licensee. What, if anything, does that tell you about the specific
brokerage relationship the licensee has with the party? - ANSWER ✔ It tells you
nothing about the specific brokerage relationship because the duty to account for
funds applies to all three authorized brokerage relationships in Florida.
18. When Toni signed an option to buy some undeveloped land outside of the city
she lived in, she fully expected to be in a position build on it before the option
window closed. Now, with six months remaining on her option, Toni sees that is
no longer a possibility for her. Unfortunately, the seller has made it clear that they
are not willing to return the option fee to Toni.
So, short of purchasing the property (exercising the option), is there anything that
Toni can do to keep from losing part or all of the option fee she paid? - ANSWER
✔ To salvage part or all of the option fee she paid, Toni could assign the option to
another individual if the contract doesn't forbid it.
19. Aston buys an office building for $800,000. His acquisition costs are $50,000.
The land is worth $650,000.
What is his annual depreciation allowance? Round to the nearest dollar. -
ANSWER ✔ $5,128 $800,000 + $50,000 - $650,000 = $200,000. $200,000 ÷ 39 =
$5,128.21
20. When would a lis pendens note be used? - ANSWER ✔ when a lender is
beginning the process of a judicial foreclosure
21. Which statement most accurately differentiates between the Department of
Business and Professional Regulation and the Florida Real Estate Commission? -
, ANSWER ✔ The FREC consists of seven members, whereas the DBPR is a much
larger, multi-division agency.
22. Why would a buyer or seller be willing to enter a transaction broker
relationship when it only affords limited representation, opposed to the full
fiduciary level of representation afforded by a single agent relationship? -
ANSWER ✔ It allows a residential in-house transaction to take place.
22. Which of these accurately differentiates between zoning ordinances and
building codes? - ANSWER ✔ Zoning deals with the use of land, whereas building
codes deal with building design and safety.
23. Excellent Energy Company was drilling for oil when a major accident caused
an oil spill that polluted public water. Who will bear the cost of cleanup, and under
what law? - ANSWER ✔ Excellent Energy Company will have to pay for cleanup
costs under CERCLA.
24. The Brokerage Relationship Disclosure Act does not specify a need for a
written disclosure for a transaction broker. This is because: - ANSWER ✔ the Act
declares a presumption of transaction brokerage
25. How many hours of continuing education courses are Florida licensees
required to complete per renewal cycle, excluding the first renewal? - ANSWER ✔
14
26. Ivan is buying a furnished condo. What type of loan will he need? - ANSWER
✔ a package mortgage
27. Trina decides to pay one point in order to lower her interest rate. How does
Trina paying one point affect her lender's yield? - ANSWER ✔ increases yield by
0.125%
28. Mitch's sales associate license expired 18 months ago. Assuming this is not his
first renewal, what is his license status and how can he renew it? - ANSWER ✔ It's
involuntarily inactive. He can renew it by taking 28 hours of continuing education.
WITH CORRECT DETAILED ANSWERS ||
ALREADY GRADED A+
<RECENT VERSION>
1. Oliver is a licensed lawyer in Florida. He has lived in Florida for three years.
Assuming he passes the background check and has his application accepted, what
ELSE must he do to become a licensed sales associate in Florida? - ANSWER ✔
pass the state and national portion of the state licensing exam
2. The lot and block system primarily relies on which of the following to describe
land? - ANSWER ✔ section, lot, and block numbers within a subdivision
3. Analyze the following scenarios. Which does NOT violate the federal Fair
Housing Act? - ANSWER ✔ An agent refuses to show an apartment to a woman
because she has a poor credit score.
4. You are a buyer, and a very nervous one, at that. You are checking all of your
bases when you go out to buy your first home. To give yourself the greatest
protection, you make sure the listing agreement states the property will be
conveyed using a: - ANSWER ✔ general warranty deed
5. Broker Blessing is caught in the middle of a buyer's and seller's claims that they
have the right to the escrow money. While the buyer and seller resolve their
disputes in court, Blessing knows she has no claim to the escrow funds. Blessing
pursues a(n): - ANSWER ✔ interpleader
,6. Which of the following best explains the purpose of the Comprehensive
Environmental Response, Compensation, and Liability Act (CERCLA)? -
ANSWER ✔ CERCLA provides broad federal authority to respond directly to
releases of hazardous substances that may endanger public health or the
environment.
7. Which of these is an example of a monument? - ANSWER ✔ wooden stake put
in the ground by a surveyor
8. There has been a lot of new construction in Ace City. New apartment complexes
have been opening all over town. Assuming that demand remains stable, infer the
effect that this will have on rent prices. - ANSWER ✔ Rent rates should go down
now that there is more supply in relation to demand.
9. The Fair Housing Amendment Act of 1988 amended the Fair Housing Act to
add these protected classes: - ANSWER ✔ disability and family status
10. Why does each party in a designated sales associate transaction have two
disclosures to sign? - ANSWER ✔ One is to consent to the use of designated sales
associates in the transaction, and the other is to declare their financial eligibility to
do so.
11. The FREC has executive, quasi-judicial, and quasi-legislative powers. Select
the FREC duty that would be categorized as an executive power. - ANSWER ✔
determining fee amounts for applications and exams
12. What is common law? - ANSWER ✔ It can be traced back to customs and
precedent established by court decisions over the centuries in England.
13. A buyer and a seller are arguing about how their escrowed money should be
disbursed. The buyer's and seller's opposing, unresolvable requests are also known
as: - ANSWER ✔ conflicting demands
14. A property owner decides to use a new property management company to
manage the apartment complex she owns. What needs to happen? - ANSWER ✔
The current property management company needs to transfer the tenants' security
deposits and advance funds to the new property management company, along with
an accounting of how much should be credited to each tenant.
,15. Buddy thinks one of Holly's marbles would be a great addition to his
collection. As offeror, Buddy proposes a swap: two of his blue marbles for one of
her green marbles. Holly listens to Buddy's offer and then counters with her own:
one of her green marbles for two of Buddy's blue marbles AND one red marble.
What are the roles played by each party to this marble negotiation? - ANSWER ✔
Buddy and Holly were both offerors and offerees at different times.
16. Which of these is a fee simple condition subsequent estate? - ANSWER ✔
Drew inherited her uncle's mansion but she must keep the gas lamps installed and
operational. If she fails, his heirs can sue to reclaim the estate.
17. A Florida licensee working with a party has the duty to account for all funds
entrusted to the licensee. What, if anything, does that tell you about the specific
brokerage relationship the licensee has with the party? - ANSWER ✔ It tells you
nothing about the specific brokerage relationship because the duty to account for
funds applies to all three authorized brokerage relationships in Florida.
18. When Toni signed an option to buy some undeveloped land outside of the city
she lived in, she fully expected to be in a position build on it before the option
window closed. Now, with six months remaining on her option, Toni sees that is
no longer a possibility for her. Unfortunately, the seller has made it clear that they
are not willing to return the option fee to Toni.
So, short of purchasing the property (exercising the option), is there anything that
Toni can do to keep from losing part or all of the option fee she paid? - ANSWER
✔ To salvage part or all of the option fee she paid, Toni could assign the option to
another individual if the contract doesn't forbid it.
19. Aston buys an office building for $800,000. His acquisition costs are $50,000.
The land is worth $650,000.
What is his annual depreciation allowance? Round to the nearest dollar. -
ANSWER ✔ $5,128 $800,000 + $50,000 - $650,000 = $200,000. $200,000 ÷ 39 =
$5,128.21
20. When would a lis pendens note be used? - ANSWER ✔ when a lender is
beginning the process of a judicial foreclosure
21. Which statement most accurately differentiates between the Department of
Business and Professional Regulation and the Florida Real Estate Commission? -
, ANSWER ✔ The FREC consists of seven members, whereas the DBPR is a much
larger, multi-division agency.
22. Why would a buyer or seller be willing to enter a transaction broker
relationship when it only affords limited representation, opposed to the full
fiduciary level of representation afforded by a single agent relationship? -
ANSWER ✔ It allows a residential in-house transaction to take place.
22. Which of these accurately differentiates between zoning ordinances and
building codes? - ANSWER ✔ Zoning deals with the use of land, whereas building
codes deal with building design and safety.
23. Excellent Energy Company was drilling for oil when a major accident caused
an oil spill that polluted public water. Who will bear the cost of cleanup, and under
what law? - ANSWER ✔ Excellent Energy Company will have to pay for cleanup
costs under CERCLA.
24. The Brokerage Relationship Disclosure Act does not specify a need for a
written disclosure for a transaction broker. This is because: - ANSWER ✔ the Act
declares a presumption of transaction brokerage
25. How many hours of continuing education courses are Florida licensees
required to complete per renewal cycle, excluding the first renewal? - ANSWER ✔
14
26. Ivan is buying a furnished condo. What type of loan will he need? - ANSWER
✔ a package mortgage
27. Trina decides to pay one point in order to lower her interest rate. How does
Trina paying one point affect her lender's yield? - ANSWER ✔ increases yield by
0.125%
28. Mitch's sales associate license expired 18 months ago. Assuming this is not his
first renewal, what is his license status and how can he renew it? - ANSWER ✔ It's
involuntarily inactive. He can renew it by taking 28 hours of continuing education.
