FL Real Estate Exam - Magnolia
School all terms with correct
answers 2025/2026
- It is alternative financing between the buyer and seller that usually excludes a third party
- It enables a buyer to purchase with less equity funds than required by a financial institution.
- It is given by the buyer to the seller for all or part of the purchase price of the property. -
correct answerspurchase money mortgage
3 duties required in no brokerage/all brokerage relationships: ADD - correct answers1. Account
for all funds entrusted to the licensee
2. Deal honestly and fairly
3. Disclose all known facts that materially affect the value of the residential real property that
are not readily observable to the buyer
3 legal remedies for a breach of contract - correct answersSuit for specific performance
Suit for cancellation
Suit for damages
A broker has a listing as a single agent and finds a buyer that would like to see the house. What
is the broker permitted to do? - correct answersThe broker is permitted to show the buyer the
No Brokerage Relationship Disclosure Notice, (also called nonrepresentation) and then show the
buyer the house.
,A broker has listed a sellers property. The seller has disclosed to the broker that the roof leaks.
The broker has satisfied his legal obligation if he tells the buyer: - correct answersThe roof leaks
A broker sold an up-to-date and accurate rental list to a customer on June 10th for $475.00 On
June 14th the customer decided not to obtain a rental and then orally demanded, and should
receive, how much of a refund? - correct answers$356.25 - only within 30 days - mistake 100%
get back - didn't like the list then 75%
A broker sold three houses in Florida to a customer that now lives in Chicago. The same
customer uncovered an opportunity with someone who might want to buy property from the
Florida broker. The customer asked the broker if he would reimburse her for the expenses
incurred and convincing the person to buy property from the Florida broker. Which applies? -
correct answersThe broker cannot reimburse a customer because the customer does not have
an active real estate license
A broker's license is or is not required if the property manager is paid a salary? - correct
answersIs not
A building is 4 stories high and each floor is 100X50. I want to put buns in all the space I can. I
can't use 20% of each floor. The bins are 5x5. How many bins can I put in the building? - correct
answers640
A case in which the interest paid for borrowed funds is less than the overall rate of return to an
investor is an example of - correct answersPositive leverage
A father intended to leave his house to a son and executed a general warranty deed to the
property and gave it to her son. Shortly after, the father died, before the deed could be
recorded. Which applies? - correct answersThis one has title to the property because title to the
property was conveyed when the father delivered the deed to his son and his son voluntarily
excepted it
,A finished contract - correct answersExecuted contract
A landlord who is making a claim on the deposit has how many days to notify the tenant of the
claim? - correct answers30
A landlord who is making a claim on the deposit has how many days to notify the tenant of the
claim? - correct answers30
A licensed broker is NOT legally permitted to prepare: - correct answersMortgages, deeds,
leases
A mathematical process in which the appraiser arrives at the final value, and it is not just simply
an averaging. - correct answersReconciliation
A member of the public can refuse representation and this relationship occurs - correct
answersNo brokerage relationship
A process whereby, with the prior written consent of all parties to the dispute, the matter is
submitted to a disinterested third party who makes a binding judgment. - correct
answersArbitration
a promise that cannot be measured in terms of money, such as love and affection. - correct
answersGood consideration
A property has annual taxes of $450.00. The date of closing is October 12 and is charged to the
seller. Using the 365-day proration method, what is the amount of the tax proration and how
should it be entered on the closing statement? - correct answers$351.37 credit buyer, debit
seller
Seller pays how many days they owned the house. They owned the house
, 285 days.
Keep it in your calculator and multiply it by 285. Seller debit, Buyer credit.
A property manager who is paid by commission or on a transactional basis must be... - correct
answerslicensed as an active real estate broker
A property manager's responsibilities include - correct answerslocating tenants, collecting rents,
paying taxes, insurance and other operating expenses, maintaining records and scheduling
maintenance
A real estate agent has been licensed in Georgia for one year and worked for an
actively licensed broker for that year. He
recently completed the Florida broker pre
-
license course. Is the Georgia licensee eligible to take the Florida broker license exam? - correct
answersNo, the Georgia licensee must earn a total of at least 24 months as a sales associate.
A real estate brokerage company has entered into a single agent buyer broker relationship with
the buyer. In order to show this buyer property that is listed with the same brokerage company
for which it is a single agent, in what brokerage capacity may the company work with buyer and
seller? - correct answersBoth the seller and the buyer must transition to transaction broker
relationship before the buyer can be shown the sellers property
A residential zone requires at least 7,500 square ft per lot. The developer is reserving 25% of the
land for streets, sidewalks, and a community center. The tract of land for the development
consists of 175 acres. How many residential lots are available for development? - correct
answers175 X 43,560 = 7,623,000
7,623,000 X 75% = 5,717,240
School all terms with correct
answers 2025/2026
- It is alternative financing between the buyer and seller that usually excludes a third party
- It enables a buyer to purchase with less equity funds than required by a financial institution.
- It is given by the buyer to the seller for all or part of the purchase price of the property. -
correct answerspurchase money mortgage
3 duties required in no brokerage/all brokerage relationships: ADD - correct answers1. Account
for all funds entrusted to the licensee
2. Deal honestly and fairly
3. Disclose all known facts that materially affect the value of the residential real property that
are not readily observable to the buyer
3 legal remedies for a breach of contract - correct answersSuit for specific performance
Suit for cancellation
Suit for damages
A broker has a listing as a single agent and finds a buyer that would like to see the house. What
is the broker permitted to do? - correct answersThe broker is permitted to show the buyer the
No Brokerage Relationship Disclosure Notice, (also called nonrepresentation) and then show the
buyer the house.
,A broker has listed a sellers property. The seller has disclosed to the broker that the roof leaks.
The broker has satisfied his legal obligation if he tells the buyer: - correct answersThe roof leaks
A broker sold an up-to-date and accurate rental list to a customer on June 10th for $475.00 On
June 14th the customer decided not to obtain a rental and then orally demanded, and should
receive, how much of a refund? - correct answers$356.25 - only within 30 days - mistake 100%
get back - didn't like the list then 75%
A broker sold three houses in Florida to a customer that now lives in Chicago. The same
customer uncovered an opportunity with someone who might want to buy property from the
Florida broker. The customer asked the broker if he would reimburse her for the expenses
incurred and convincing the person to buy property from the Florida broker. Which applies? -
correct answersThe broker cannot reimburse a customer because the customer does not have
an active real estate license
A broker's license is or is not required if the property manager is paid a salary? - correct
answersIs not
A building is 4 stories high and each floor is 100X50. I want to put buns in all the space I can. I
can't use 20% of each floor. The bins are 5x5. How many bins can I put in the building? - correct
answers640
A case in which the interest paid for borrowed funds is less than the overall rate of return to an
investor is an example of - correct answersPositive leverage
A father intended to leave his house to a son and executed a general warranty deed to the
property and gave it to her son. Shortly after, the father died, before the deed could be
recorded. Which applies? - correct answersThis one has title to the property because title to the
property was conveyed when the father delivered the deed to his son and his son voluntarily
excepted it
,A finished contract - correct answersExecuted contract
A landlord who is making a claim on the deposit has how many days to notify the tenant of the
claim? - correct answers30
A landlord who is making a claim on the deposit has how many days to notify the tenant of the
claim? - correct answers30
A licensed broker is NOT legally permitted to prepare: - correct answersMortgages, deeds,
leases
A mathematical process in which the appraiser arrives at the final value, and it is not just simply
an averaging. - correct answersReconciliation
A member of the public can refuse representation and this relationship occurs - correct
answersNo brokerage relationship
A process whereby, with the prior written consent of all parties to the dispute, the matter is
submitted to a disinterested third party who makes a binding judgment. - correct
answersArbitration
a promise that cannot be measured in terms of money, such as love and affection. - correct
answersGood consideration
A property has annual taxes of $450.00. The date of closing is October 12 and is charged to the
seller. Using the 365-day proration method, what is the amount of the tax proration and how
should it be entered on the closing statement? - correct answers$351.37 credit buyer, debit
seller
Seller pays how many days they owned the house. They owned the house
, 285 days.
Keep it in your calculator and multiply it by 285. Seller debit, Buyer credit.
A property manager who is paid by commission or on a transactional basis must be... - correct
answerslicensed as an active real estate broker
A property manager's responsibilities include - correct answerslocating tenants, collecting rents,
paying taxes, insurance and other operating expenses, maintaining records and scheduling
maintenance
A real estate agent has been licensed in Georgia for one year and worked for an
actively licensed broker for that year. He
recently completed the Florida broker pre
-
license course. Is the Georgia licensee eligible to take the Florida broker license exam? - correct
answersNo, the Georgia licensee must earn a total of at least 24 months as a sales associate.
A real estate brokerage company has entered into a single agent buyer broker relationship with
the buyer. In order to show this buyer property that is listed with the same brokerage company
for which it is a single agent, in what brokerage capacity may the company work with buyer and
seller? - correct answersBoth the seller and the buyer must transition to transaction broker
relationship before the buyer can be shown the sellers property
A residential zone requires at least 7,500 square ft per lot. The developer is reserving 25% of the
land for streets, sidewalks, and a community center. The tract of land for the development
consists of 175 acres. How many residential lots are available for development? - correct
answers175 X 43,560 = 7,623,000
7,623,000 X 75% = 5,717,240
