FREC PRACTICE TEST WITH ALL
NEEDED TO PASS
1. cWhich cof cthe cfollowing cstatements cis ctrue cregarding ca cmortgage cloan
coriginator c(MLO)?
a. cA cmortgage cloan coriginator cis cthe csame cas ca cmortgage cbroker.
b. cA cmortgage cloan coriginator cmust chave ca cseparate clicense.
c. cA cmortgage cloan coriginator cmakes cloans.
d. cA cmortgage cloan coriginator cmust chave ca creal cestate clicense. c- ccorrect
canswers c-B
2. cA creal cestate cappraiser's cfee cfor cprofessional cservice cis cbased con cwhich cof
cthe cfollowing?
a. cA cpercentage cof cthe cproperty's cgross cincome.
b. cA cpercentage cof cthe cfair cmarket cvalue cof cthe cproperty.
c. cThe ctime cand cdifficulty cof cthe cappraisal.
d. cA cpercentage cof cthe cproperty's csales cprice. c- ccorrect canswers c-C
3. cWhich cof cthe cfollowing cbest cdescribes cthe creal cestate cbrokerage cbusiness?
a. cService cbusiness
,b. cSimple cbusiness
c. cBusiness cwith cfew copportunities cavailable
d. cConstruction cbusiness c- ccorrect canswers c-A
4. cAll cof cthe cfollowing care cresponsibilities cof ca cproperty cmanager, cEXCEPT:
a. cRenting cproperty cfor can cabsentee cowner.
b. cCollecting crent.
c. cOverseeing cmaintenance.
d. cPreparing cleases c- ccorrect canswers c-D
5. cWhat cdoes cthe cterm c"farming" crefer cto cin creal cestate?
a. cSpecializing cin cone cgeographic carea
b. cWorking cin ca ccooperative cmanner
c. cSpecializing cin cagricultural cproperties
d. cSpecializing cin cthe csales cof corange cgroves cor ccattle cfarms c- ccorrect canswers
c-A
6. cWhich cinsurance cpolicies ccan ca creal cestate clicensee coffer cto cthe cpublic
cwithout cadditional cstate clicensing?
a. cFlood cinsurance
b. cFire cinsurance
c. cRenter's cinsurance
d. cNone cof cthe cabove c- ccorrect canswers c-D
7. cWhat cis cthe cpurpose cof cthe cNational cAssociation cof cREALTORS?
a. cPreserve cthe cright cof cindividuals cto cown creal cproperty cthrough can cexchange cof
cinformation.
b. cOrganize cantigovernment cactivities.
c. cPromote cunethical cpractice cof creal cestate cprofessionals.
d. cPromote cunethical cpractice cof creal cestate cprofessionals. c- ccorrect canswers c-A
8. cWhat cdoes cthe cdesignation cof cREALTOR® csignify?
a. cAnyone cin cpossession cof ca creal cestate clicense cis ca cREALTOR®
b. cThe cdesignation cidentifies cthe creal cestate cprofessional cas ca cmember cof cthe
cNAR.
c. cThe cdesignation cis cevidence cthat cthe clicensee chas can cextensive cbackground
cin cthe creal cestate cprofession.
d. cThe cdesignation cis cevidence cthat cthe clicensee chas ccompleted cextensive creal
cestate cstudies. c- ccorrect canswers c-B
9. cA cdeveloper ccontracts cto cbuild ca chome caccording cto cthe cbuyer's cspecifications.
cThis cis can cexample cof cwhich ctype cof cbuilding?
a. cTract
b. cCustom
c. cSpeculative
d. cSubdivision c- ccorrect canswers c-B
, 10. cWhich cof cthe cfollowing cbest cdescribes clicensees cwho care cinvolved cin
cbusiness cbrokerage?
a. cThey cmust cbe cable cto canalyze cfinancial cstatements cand cunderstand cbalance
csheets.
b. cThey care cnot crequired cto cknow cmuch cabout cthe cbusiness cthey care cselling.
c. cThey cmust chave ca cseparate clicense.
d. cThey cnever cbecome cinvolved cin cthe ctax caspects cof cthe cbusiness. c- ccorrect
canswers c-A
11. cReal cestate clicensees care crequired cto cbe cknowledgeable cin call cof cthe
cfollowing careas, cEXCEPT:
a. cMarketing
b. cValuation
c. cProperty ctransfer
d. cAccounting c- ccorrect canswers c-D
12. cWhich cservice cprovided cby creal cestate clicensees crequires cthe cmost
cexperience cand cknowledge?
a. cProperty cmanagement
b. cCounseling
c. cAppraising
d. cAgricultural csales c- ccorrect canswers c-B
13. cAn cappraiser cwho cis cregistered, clicensed, cor ccertified cunder cF.S. c475 cPart cII,
cmust cbe cutilized cin cwhich cof cthe cfollowing?
a. cAll cappraisals
b. cThe cappraisal cof cresidential cproperty
c. cThe cappraisal cof cnonresidential cproperty
d. cFederally-related ctransactions c- ccorrect canswers c-D
14. cWhen ca cdeveloper ccompletes cconstruction cof ca cnew csubdivision, call cstreets,
celectric, cwater, cand csewer cinstallation care cfinished cand cdeeded cto cthe ccity cor
ccounty. cWhat cis cthis cprocess ccalled?
a. cA cquit cclaim cdeed
b. cAn ceasement
c. cDedication
d. cAnnexation c- ccorrect canswers c-C
15. cWhich cof cthe cfollowing cassignments cwould cbe cacceptable cfor ca cFlorida creal
cestate clicensee cwho cdoes cnot crepresent cthemselves cas can cappraiser, cand
cfollows cthe cuniform cstandards cof cprofessional cappraisal cpractice c(USPAP)?
a. cAn cassignment cto cgive can cestimate cof cvalue cfor can cattorney cin ca cdivorce
ccase.
b. cAn cassignment cto cappraise ca csingle cfamily chome cfor ca cVA cloan.
c. cAn cassignment cto cvalue ca ccondominium cfor can cFHA cloan.
NEEDED TO PASS
1. cWhich cof cthe cfollowing cstatements cis ctrue cregarding ca cmortgage cloan
coriginator c(MLO)?
a. cA cmortgage cloan coriginator cis cthe csame cas ca cmortgage cbroker.
b. cA cmortgage cloan coriginator cmust chave ca cseparate clicense.
c. cA cmortgage cloan coriginator cmakes cloans.
d. cA cmortgage cloan coriginator cmust chave ca creal cestate clicense. c- ccorrect
canswers c-B
2. cA creal cestate cappraiser's cfee cfor cprofessional cservice cis cbased con cwhich cof
cthe cfollowing?
a. cA cpercentage cof cthe cproperty's cgross cincome.
b. cA cpercentage cof cthe cfair cmarket cvalue cof cthe cproperty.
c. cThe ctime cand cdifficulty cof cthe cappraisal.
d. cA cpercentage cof cthe cproperty's csales cprice. c- ccorrect canswers c-C
3. cWhich cof cthe cfollowing cbest cdescribes cthe creal cestate cbrokerage cbusiness?
a. cService cbusiness
,b. cSimple cbusiness
c. cBusiness cwith cfew copportunities cavailable
d. cConstruction cbusiness c- ccorrect canswers c-A
4. cAll cof cthe cfollowing care cresponsibilities cof ca cproperty cmanager, cEXCEPT:
a. cRenting cproperty cfor can cabsentee cowner.
b. cCollecting crent.
c. cOverseeing cmaintenance.
d. cPreparing cleases c- ccorrect canswers c-D
5. cWhat cdoes cthe cterm c"farming" crefer cto cin creal cestate?
a. cSpecializing cin cone cgeographic carea
b. cWorking cin ca ccooperative cmanner
c. cSpecializing cin cagricultural cproperties
d. cSpecializing cin cthe csales cof corange cgroves cor ccattle cfarms c- ccorrect canswers
c-A
6. cWhich cinsurance cpolicies ccan ca creal cestate clicensee coffer cto cthe cpublic
cwithout cadditional cstate clicensing?
a. cFlood cinsurance
b. cFire cinsurance
c. cRenter's cinsurance
d. cNone cof cthe cabove c- ccorrect canswers c-D
7. cWhat cis cthe cpurpose cof cthe cNational cAssociation cof cREALTORS?
a. cPreserve cthe cright cof cindividuals cto cown creal cproperty cthrough can cexchange cof
cinformation.
b. cOrganize cantigovernment cactivities.
c. cPromote cunethical cpractice cof creal cestate cprofessionals.
d. cPromote cunethical cpractice cof creal cestate cprofessionals. c- ccorrect canswers c-A
8. cWhat cdoes cthe cdesignation cof cREALTOR® csignify?
a. cAnyone cin cpossession cof ca creal cestate clicense cis ca cREALTOR®
b. cThe cdesignation cidentifies cthe creal cestate cprofessional cas ca cmember cof cthe
cNAR.
c. cThe cdesignation cis cevidence cthat cthe clicensee chas can cextensive cbackground
cin cthe creal cestate cprofession.
d. cThe cdesignation cis cevidence cthat cthe clicensee chas ccompleted cextensive creal
cestate cstudies. c- ccorrect canswers c-B
9. cA cdeveloper ccontracts cto cbuild ca chome caccording cto cthe cbuyer's cspecifications.
cThis cis can cexample cof cwhich ctype cof cbuilding?
a. cTract
b. cCustom
c. cSpeculative
d. cSubdivision c- ccorrect canswers c-B
, 10. cWhich cof cthe cfollowing cbest cdescribes clicensees cwho care cinvolved cin
cbusiness cbrokerage?
a. cThey cmust cbe cable cto canalyze cfinancial cstatements cand cunderstand cbalance
csheets.
b. cThey care cnot crequired cto cknow cmuch cabout cthe cbusiness cthey care cselling.
c. cThey cmust chave ca cseparate clicense.
d. cThey cnever cbecome cinvolved cin cthe ctax caspects cof cthe cbusiness. c- ccorrect
canswers c-A
11. cReal cestate clicensees care crequired cto cbe cknowledgeable cin call cof cthe
cfollowing careas, cEXCEPT:
a. cMarketing
b. cValuation
c. cProperty ctransfer
d. cAccounting c- ccorrect canswers c-D
12. cWhich cservice cprovided cby creal cestate clicensees crequires cthe cmost
cexperience cand cknowledge?
a. cProperty cmanagement
b. cCounseling
c. cAppraising
d. cAgricultural csales c- ccorrect canswers c-B
13. cAn cappraiser cwho cis cregistered, clicensed, cor ccertified cunder cF.S. c475 cPart cII,
cmust cbe cutilized cin cwhich cof cthe cfollowing?
a. cAll cappraisals
b. cThe cappraisal cof cresidential cproperty
c. cThe cappraisal cof cnonresidential cproperty
d. cFederally-related ctransactions c- ccorrect canswers c-D
14. cWhen ca cdeveloper ccompletes cconstruction cof ca cnew csubdivision, call cstreets,
celectric, cwater, cand csewer cinstallation care cfinished cand cdeeded cto cthe ccity cor
ccounty. cWhat cis cthis cprocess ccalled?
a. cA cquit cclaim cdeed
b. cAn ceasement
c. cDedication
d. cAnnexation c- ccorrect canswers c-C
15. cWhich cof cthe cfollowing cassignments cwould cbe cacceptable cfor ca cFlorida creal
cestate clicensee cwho cdoes cnot crepresent cthemselves cas can cappraiser, cand
cfollows cthe cuniform cstandards cof cprofessional cappraisal cpractice c(USPAP)?
a. cAn cassignment cto cgive can cestimate cof cvalue cfor can cattorney cin ca cdivorce
ccase.
b. cAn cassignment cto cappraise ca csingle cfamily chome cfor ca cVA cloan.
c. cAn cassignment cto cvalue ca ccondominium cfor can cFHA cloan.