Test Bank for Florida Real Estate Exam/ Actual Exam Questions
m m m m m m m m m m
with Correct Answers/ Updated 2024.
m m m m
Inmwhichmformmofmco-ownershipmismamperson'smownershipminheritable?m–
a. Jointmtenancy
b. Tenancymbymthementirety
c. Tenancyminmcommon
d. Tenancyminmseveralty
CorrectmAnswer-
mc.mTenancyminmcommonmallowsmformampersonsmsharemtombeminheritable,mitmdoesmnotmautomatic
allympassmforthmtomthemrestmofmthemownersmlikeminmjointmtenancym(thismismcalledmthemrightmofmsur
vivorship).
Howmlongmdomprospectivemtenantsmhavemtomrequestmamrefundmaftermpurchasingmamrentalmlist?m-ma.m10mdays
b. 15mdays
c. 30mdays
d. 360mdays
CorrectmAnswer-mC.m30mdays.
............................................... tenantsmhavemupmtom30mdaysmtomrequestmam75%mrefundmifmtheymdomnotmpurch
ase
amrental
WhichmmethodmbestmdescribesmthemforeclosuremprocessminmFlorida?m–
a. Caveatmemptor
b. Judicial
c. Lismpendens
d. Non-judicial
CorrectmAnswer-mb.mThemstatemofmfloridamoffersmamjudicialmforeclosuremprocess
Amjudicialmforeclosuremismknownmasmamlienmtheorymprocess.mBasically,mthemhomeownermhasmlegalmtitlemtomt
hemproperty...
Unlikemtitlemtheory,mwheremasmthemownermhasmequitablemtitle
,pg.m1
,WhichmofmthemfollowingmstatementsmaboutmthemFloridampropertymtaxmdisclosuremismNOTmtrue?m-
ma.mItmcanmbemincludedminmthemsalesmcontractmitself.
b. Itmcautionsmbuyersmnotmtomrelymonmthemcurrentmyear'smtaxmtompredictmwhatmthey'llmhavemtompay.
c. Itmgivesmbuyersmamroughmestimatemofmthempropertymtaxmthey'llmpayminmthemcomingmyear.
d. Itmmustmbemprovidedmtomsellersmwhenmtheymsignmtheirmagencymagreement.
CorrectmAnswer-mc.mThismdisclosuremdoesn'tmprovidemanymestimatesmofmfuturempropertymtaxmamounts.
Whichmactmsimplifies,mclarifies,mandmmodernizesmconsumermprotectionmlawsmandmmakesmthemmmoremcon
sistentmwithmfederalmtrademlaws?m-ma.mFairmHousingmAct
b. FederalmDuplicatemLawmCondensationmAct
c. FederalmTrademCommissionmAct
d. FloridamDeceptivemandmUnfairmTrademPracticesmAct
CorrectmAnswer-md.mThemFloridamDeceptivemandmUnfairmTrademPracticesmActmismthemactmthatmsimplifies,
clarifies,mandmmodernizesmconsumermprotectionmlawsmandmmakesmthemmmoremconsistentmwithmfederalmtrad
emlaws.
Tomcomplymwithmthemstatutemofmfrauds,manmoptionmcontractmmustmbe .m-
ma.mInmwritingmandmsignedmbymthemoptionee
b. Inmwritingmandmsignedmbymthemoptionor
c. Inmwritingmandmwitnessedmbymanmattorney
d. Onmfilematmthemlocalmcourthouse
CorrectmAnswer-
mb.mTomcomplymwithmthemstatutemofmfrauds,manmoptionmcontractmmustmbeminmwritingmandmsignedmbymthemo
ptionorm(seller).
Amcooperativemisma(n) .m–
a. limitedmpartnership
b. LLC
c. not-for-profitmcorporation
d. solemproprietorship
CorrectmAnswer-
mc.mAmcooperativemismamjointmventuremwithmitsmshareholders,mformedmformtheirmbenefitmandmgovernedmbymthe
m.mIt'smamnot-for-profitmcorporation.
, pg.m2
m m m m m m m m m m
with Correct Answers/ Updated 2024.
m m m m
Inmwhichmformmofmco-ownershipmismamperson'smownershipminheritable?m–
a. Jointmtenancy
b. Tenancymbymthementirety
c. Tenancyminmcommon
d. Tenancyminmseveralty
CorrectmAnswer-
mc.mTenancyminmcommonmallowsmformampersonsmsharemtombeminheritable,mitmdoesmnotmautomatic
allympassmforthmtomthemrestmofmthemownersmlikeminmjointmtenancym(thismismcalledmthemrightmofmsur
vivorship).
Howmlongmdomprospectivemtenantsmhavemtomrequestmamrefundmaftermpurchasingmamrentalmlist?m-ma.m10mdays
b. 15mdays
c. 30mdays
d. 360mdays
CorrectmAnswer-mC.m30mdays.
............................................... tenantsmhavemupmtom30mdaysmtomrequestmam75%mrefundmifmtheymdomnotmpurch
ase
amrental
WhichmmethodmbestmdescribesmthemforeclosuremprocessminmFlorida?m–
a. Caveatmemptor
b. Judicial
c. Lismpendens
d. Non-judicial
CorrectmAnswer-mb.mThemstatemofmfloridamoffersmamjudicialmforeclosuremprocess
Amjudicialmforeclosuremismknownmasmamlienmtheorymprocess.mBasically,mthemhomeownermhasmlegalmtitlemtomt
hemproperty...
Unlikemtitlemtheory,mwheremasmthemownermhasmequitablemtitle
,pg.m1
,WhichmofmthemfollowingmstatementsmaboutmthemFloridampropertymtaxmdisclosuremismNOTmtrue?m-
ma.mItmcanmbemincludedminmthemsalesmcontractmitself.
b. Itmcautionsmbuyersmnotmtomrelymonmthemcurrentmyear'smtaxmtompredictmwhatmthey'llmhavemtompay.
c. Itmgivesmbuyersmamroughmestimatemofmthempropertymtaxmthey'llmpayminmthemcomingmyear.
d. Itmmustmbemprovidedmtomsellersmwhenmtheymsignmtheirmagencymagreement.
CorrectmAnswer-mc.mThismdisclosuremdoesn'tmprovidemanymestimatesmofmfuturempropertymtaxmamounts.
Whichmactmsimplifies,mclarifies,mandmmodernizesmconsumermprotectionmlawsmandmmakesmthemmmoremcon
sistentmwithmfederalmtrademlaws?m-ma.mFairmHousingmAct
b. FederalmDuplicatemLawmCondensationmAct
c. FederalmTrademCommissionmAct
d. FloridamDeceptivemandmUnfairmTrademPracticesmAct
CorrectmAnswer-md.mThemFloridamDeceptivemandmUnfairmTrademPracticesmActmismthemactmthatmsimplifies,
clarifies,mandmmodernizesmconsumermprotectionmlawsmandmmakesmthemmmoremconsistentmwithmfederalmtrad
emlaws.
Tomcomplymwithmthemstatutemofmfrauds,manmoptionmcontractmmustmbe .m-
ma.mInmwritingmandmsignedmbymthemoptionee
b. Inmwritingmandmsignedmbymthemoptionor
c. Inmwritingmandmwitnessedmbymanmattorney
d. Onmfilematmthemlocalmcourthouse
CorrectmAnswer-
mb.mTomcomplymwithmthemstatutemofmfrauds,manmoptionmcontractmmustmbeminmwritingmandmsignedmbymthemo
ptionorm(seller).
Amcooperativemisma(n) .m–
a. limitedmpartnership
b. LLC
c. not-for-profitmcorporation
d. solemproprietorship
CorrectmAnswer-
mc.mAmcooperativemismamjointmventuremwithmitsmshareholders,mformedmformtheirmbenefitmandmgovernedmbymthe
m.mIt'smamnot-for-profitmcorporation.
, pg.m2
