Florida Real Estate National Exam
Questions with Answers
Temporary Incapacitation of license - ✔✔mandatory suspension
out of state broker receives a commission - ✔✔cannot participate in the transaction
city needs a new school, acquire land by - ✔✔eminent domain
All legal rights transferred (100%) - ✔✔assignment
Dual Agency - ✔✔Representing both parties to a transaction. This is unethical unless both
parties agree to it, and it is illegal in many states (Violation of Florida Statute 475
Combining two or more parcels of land - ✔✔assemblage
Real Estate Recovery fund is funded by - ✔✔fines and fees paid by licensees
Riparian Rights - ✔✔An owner's rights in land that borders on or includes a stream, river, or
lake. These rights include access to and use of the water.
Broker hiding value of property - ✔✔Could be charged with concealment
If office is closed, reopened, in same license period - ✔✔request a reissue- no fee
real estate taxes are - ✔✔Ad Valorem tax
,The four factors of production - ✔✔land, labor, capital, and entrepreneurial ability
Maximum number of years on FREC - ✔✔no limit
Land, improvements, interest and rights - ✔✔Real Property
Gross lease - ✔✔Tenant pays a fixed rent and the landlord (Lesser) pays all property expenses
To cure a defect or cloud on the title to a piece of property, the parties should: - ✔✔quitclam
deed
Sales associate working for a broker - ✔✔general agency relationship
Brokers office - ✔✔Building of stationary construction
More than 1 active broker, 1 license revoked - ✔✔no affect on other licenses
Corporation registered to broker real estate - ✔✔at least 1 officer licensed as an active broker
Equal DUE rights, same or different deeds - ✔✔Tenancy in common
rental property is temporarily diminished - ✔✔see temporary reduction of rent from court
property to property with same utility - ✔✔Principle of Substitution
Broker refuses to pay a commission due - ✔✔Charged with Failure to Account
, $50,000 - ✔✔Single judgement from Real Estate Recovery Fund
Post-dated check - ✔✔Legal- give to broker immediately
Business known as a company - ✔✔is a corporation for profit
Broker represents as escrow agent - ✔✔Buyer and seller
Expert knowledge by RE licensees - ✔✔Valuation, Marketing, Property Transfer
Financial protection due to defective title - ✔✔Title insurance
1 bath in a 4 bed home - ✔✔functional obsolescence
Least effective method of the FED Reserve - ✔✔Changing the discount rate
Seeking testimony from a witness - ✔✔Administrative law judge will subpoena
Tenant in property with temporary agreement - ✔✔Tenancy at will
Cannot comply with legal instructions - ✔✔Withdraw from the transaction
Developer conveys ownership-streets etc. - ✔✔Dedication
Deed Promise- no hostile claims made - ✔✔Warrant of quiet enjoyment
Questions with Answers
Temporary Incapacitation of license - ✔✔mandatory suspension
out of state broker receives a commission - ✔✔cannot participate in the transaction
city needs a new school, acquire land by - ✔✔eminent domain
All legal rights transferred (100%) - ✔✔assignment
Dual Agency - ✔✔Representing both parties to a transaction. This is unethical unless both
parties agree to it, and it is illegal in many states (Violation of Florida Statute 475
Combining two or more parcels of land - ✔✔assemblage
Real Estate Recovery fund is funded by - ✔✔fines and fees paid by licensees
Riparian Rights - ✔✔An owner's rights in land that borders on or includes a stream, river, or
lake. These rights include access to and use of the water.
Broker hiding value of property - ✔✔Could be charged with concealment
If office is closed, reopened, in same license period - ✔✔request a reissue- no fee
real estate taxes are - ✔✔Ad Valorem tax
,The four factors of production - ✔✔land, labor, capital, and entrepreneurial ability
Maximum number of years on FREC - ✔✔no limit
Land, improvements, interest and rights - ✔✔Real Property
Gross lease - ✔✔Tenant pays a fixed rent and the landlord (Lesser) pays all property expenses
To cure a defect or cloud on the title to a piece of property, the parties should: - ✔✔quitclam
deed
Sales associate working for a broker - ✔✔general agency relationship
Brokers office - ✔✔Building of stationary construction
More than 1 active broker, 1 license revoked - ✔✔no affect on other licenses
Corporation registered to broker real estate - ✔✔at least 1 officer licensed as an active broker
Equal DUE rights, same or different deeds - ✔✔Tenancy in common
rental property is temporarily diminished - ✔✔see temporary reduction of rent from court
property to property with same utility - ✔✔Principle of Substitution
Broker refuses to pay a commission due - ✔✔Charged with Failure to Account
, $50,000 - ✔✔Single judgement from Real Estate Recovery Fund
Post-dated check - ✔✔Legal- give to broker immediately
Business known as a company - ✔✔is a corporation for profit
Broker represents as escrow agent - ✔✔Buyer and seller
Expert knowledge by RE licensees - ✔✔Valuation, Marketing, Property Transfer
Financial protection due to defective title - ✔✔Title insurance
1 bath in a 4 bed home - ✔✔functional obsolescence
Least effective method of the FED Reserve - ✔✔Changing the discount rate
Seeking testimony from a witness - ✔✔Administrative law judge will subpoena
Tenant in property with temporary agreement - ✔✔Tenancy at will
Cannot comply with legal instructions - ✔✔Withdraw from the transaction
Developer conveys ownership-streets etc. - ✔✔Dedication
Deed Promise- no hostile claims made - ✔✔Warrant of quiet enjoyment
