Florida Real Estate Exam
Linda purchases property in Escambia County from Susan. Linda has
$30,000.00 as a down payment and gets a mortgage in the amount of
$150,000.00 and there is no other consideration for the transfer. How much
will the doc stamp tax on the deed be?
1) $1,050.00
2) $1,260.00
3) $630.00
4) $525.00 correct answers$1,260.00
Tax calculation: $150,000 + $30,000 = $180,000/100 = 1800 (taxable $100
units) x
$0.70 = $1260.00 tax due.
Heather has been using a roadway at the back of the 22 acres Pam owns.
She has been driving down the roadway almost every day without
permission for over 20 years. This is called what?
5) easement appurtenant.
6) easement by prescription.
7) easement in gross.
8) easement by necessity. correct answers2) easement by prescription
When purchasing an existing condominium, the buyer must receive
which of the following?
9) Annual operating budget
10)A prospectus
11)Rules and Regulations
12)Articles of incorporation of the association correct answers4) Articles of
incorporation of the association
Todd is an 89-year-old veteran that is legally blind and partially disabled
due to injuries he sustained in the military. His home has an assessed value
of $150,500. How much will his taxable value be for county taxes?
13)$55,500
14)$95,000
15)$100,500
16)$110,000 correct answers2) $95,000
A contract for deed is also called what?
17)Deed in lieu of foreclosure
,2) Land Contract
3) Novation
4) Sales Contract correct answers2) Land Contract
The cost of borrowing money is called what?
5) Interest
6) Leverage
7) Capitol
8) Credit correct answers1) Interest
Sally is buying a home and the closing date is set for April 20th. The
annual property taxes are $1234.00 and have not been paid yet. How
much will the buyer be credited and the seller be debited?
9) $371.80
10)$368.51
11)$375.18
12)$370.36 correct answers$368.51
Step 1: Find the daily rate; property taxes for the year ($1234.00) / 365
days = $3.38; Step 2: Seller will credit buyer from January through midnight
the day before closing. Calculate the exact number of days; January 31 +
February 28 + March 31 + April 19 = 109 days; Step 3: Multiply the daily
rate ($3.3808219178) x Number of days (109) =
$368.51
A Landlord has how many days to return a tenants security deposit if not
making a claim on the deposit?
1) 10
2) 15
3) 30
4) 45 correct answers15
A buyer's loan payment will change if which of the following occur?
13)They have an ARM loan
14)The property taxes increase or decrease
15)Their homeowner's insurance increases
16)All of the above correct answersAll of the above
Which statute covers the procedural process?
17)Chapter 455
18)Chapter 120
19)Chapter 475
20)Chapter 20 correct answersChapter 120
, Which brokerage relationship duty applies to all three types of brokerage
relationships?
1) Accounting for all funds
2) Loyalty
3) Using skill, care, and diligence
4) Confidentiality correct answersAccounting for all funds
You sell Jessica a current up-to-date rental list and provide all the proper
disclosures and paperwork. Jessica contacts you 15 days later and asks for a
refund of the amount she paid for the list because she could not find a rental
on the list. She is entitled to how much of a refund?
1) 100%
2) 75%
3) 25%
4) 0% correct answers75%
A deal failed to close because the buyer was unable to secure financing.
The broker received conflicting demands regarding the earnest money.
How long does the broker have to notify FREC?
5) 10 days
6) 15 days
7) 20 days
8) 30 days correct answers15 days
The Florida Real Estate Commission has seven members. How many
must be consumer members who have never held a real estate
license?
1) 1
2) 2
3) 3
4) 4 correct answers2
Bruce has a survey that is a commercially-zoned parcel. It is 101 feet on the
front, 219 feet on the north side, 130 feet on the back and 180 feet on the
south side. It is not in a recorded subdivision. Which survey method would
be likely used for the parcel?
9) lot and block
10)rectangular
11)government survey
12)metes and bounds correct answersmetes and bounds
Which statement is unique to the transaction broker relationship?
Linda purchases property in Escambia County from Susan. Linda has
$30,000.00 as a down payment and gets a mortgage in the amount of
$150,000.00 and there is no other consideration for the transfer. How much
will the doc stamp tax on the deed be?
1) $1,050.00
2) $1,260.00
3) $630.00
4) $525.00 correct answers$1,260.00
Tax calculation: $150,000 + $30,000 = $180,000/100 = 1800 (taxable $100
units) x
$0.70 = $1260.00 tax due.
Heather has been using a roadway at the back of the 22 acres Pam owns.
She has been driving down the roadway almost every day without
permission for over 20 years. This is called what?
5) easement appurtenant.
6) easement by prescription.
7) easement in gross.
8) easement by necessity. correct answers2) easement by prescription
When purchasing an existing condominium, the buyer must receive
which of the following?
9) Annual operating budget
10)A prospectus
11)Rules and Regulations
12)Articles of incorporation of the association correct answers4) Articles of
incorporation of the association
Todd is an 89-year-old veteran that is legally blind and partially disabled
due to injuries he sustained in the military. His home has an assessed value
of $150,500. How much will his taxable value be for county taxes?
13)$55,500
14)$95,000
15)$100,500
16)$110,000 correct answers2) $95,000
A contract for deed is also called what?
17)Deed in lieu of foreclosure
,2) Land Contract
3) Novation
4) Sales Contract correct answers2) Land Contract
The cost of borrowing money is called what?
5) Interest
6) Leverage
7) Capitol
8) Credit correct answers1) Interest
Sally is buying a home and the closing date is set for April 20th. The
annual property taxes are $1234.00 and have not been paid yet. How
much will the buyer be credited and the seller be debited?
9) $371.80
10)$368.51
11)$375.18
12)$370.36 correct answers$368.51
Step 1: Find the daily rate; property taxes for the year ($1234.00) / 365
days = $3.38; Step 2: Seller will credit buyer from January through midnight
the day before closing. Calculate the exact number of days; January 31 +
February 28 + March 31 + April 19 = 109 days; Step 3: Multiply the daily
rate ($3.3808219178) x Number of days (109) =
$368.51
A Landlord has how many days to return a tenants security deposit if not
making a claim on the deposit?
1) 10
2) 15
3) 30
4) 45 correct answers15
A buyer's loan payment will change if which of the following occur?
13)They have an ARM loan
14)The property taxes increase or decrease
15)Their homeowner's insurance increases
16)All of the above correct answersAll of the above
Which statute covers the procedural process?
17)Chapter 455
18)Chapter 120
19)Chapter 475
20)Chapter 20 correct answersChapter 120
, Which brokerage relationship duty applies to all three types of brokerage
relationships?
1) Accounting for all funds
2) Loyalty
3) Using skill, care, and diligence
4) Confidentiality correct answersAccounting for all funds
You sell Jessica a current up-to-date rental list and provide all the proper
disclosures and paperwork. Jessica contacts you 15 days later and asks for a
refund of the amount she paid for the list because she could not find a rental
on the list. She is entitled to how much of a refund?
1) 100%
2) 75%
3) 25%
4) 0% correct answers75%
A deal failed to close because the buyer was unable to secure financing.
The broker received conflicting demands regarding the earnest money.
How long does the broker have to notify FREC?
5) 10 days
6) 15 days
7) 20 days
8) 30 days correct answers15 days
The Florida Real Estate Commission has seven members. How many
must be consumer members who have never held a real estate
license?
1) 1
2) 2
3) 3
4) 4 correct answers2
Bruce has a survey that is a commercially-zoned parcel. It is 101 feet on the
front, 219 feet on the north side, 130 feet on the back and 180 feet on the
south side. It is not in a recorded subdivision. Which survey method would
be likely used for the parcel?
9) lot and block
10)rectangular
11)government survey
12)metes and bounds correct answersmetes and bounds
Which statement is unique to the transaction broker relationship?
