Florida Real Estate Practice Final
Exam
The broker is guilty of culpable negligence. - Answer-An investor wanted to build a motel. A broker
showed him three choice sites zoned hotel-motel. The investor promised to decide on a site in three
weeks, so the broker took a two-week vacation. When the broker returned, the investor bought one of
these sites. The broker sold the site, not knowing that the zoning on that site had been changed to
industrial.
A tenant signs a six-month rental agreement. The owner of the rental unit hires a property manager to
collect rent and oversee the unit's maintenance. Who holds a leasehold estate in the rental unit? -
Answer-Tenant
A licensed sales associate decides to have personalized key rings made. Which statement is TRUE
regarding the key rings? - Answer-The name of the real estate brokerage firm for which the associate
works must be printed on the key rings.
FREC rules define a resident of Florida as a person who - Answer-has resided in Florida for at least four
calendar months within the preceding year
Right of survivorship is contained in which tenancy? - Answer-By the entireties
A real estate broker has been hired to manage an apartment complex on behalf of the landlord. How
must the broker as agent handle the receipt of security deposits and advance rent? - Answer-Place the
funds in the broker's escrow account
, Which standard can be used for judging whether an item is a fixture? - Answer-Relationship or
agreement of the parties
A commercial tenant pays a fixed rent each month. The landlord pays the property taxes, hazard
insurance, and maintenance expenses. The tenant has what type of lease? - Answer-Gross
How is a new purchase money mortgage (PMM) entered on a closing statement? - Answer-Debit buyer
and credit seller
A licensed Florida real estate broker resides in Panama City, Florida. The broker decides to keep open his
real estate office in Panama City but reside in Mississippi. Which statement applies to this situation? -
Answer-The broker must notify the Commission of his change in residency within 60 days of moving out
of state.
A homeowner is considering replacing his five-year old fiberglass shingle roof with a title roof. The cost
to replace the roof is $35,000, though an appraiser has advised the homeowner that he will only get
about $15,000 in added value for the tile roof. The appraiser would classify this as - Answer-an over
improvement.
Which action associated with water rights will cause the uncovering of additional land caused by the
gradual receding of water? - Answer-Accretion
In states that subscribe to the title theory, a mortgage - Answer-transfers the title to the mortgagee or
an agent until the loan is paid
Which remedy for breach of contract requests that the courts award damages for the extent of loss
suffered? - Answer-Compensatory damages
Which lien is classified as a voluntary lien? - Answer-Vendor's lien
Exam
The broker is guilty of culpable negligence. - Answer-An investor wanted to build a motel. A broker
showed him three choice sites zoned hotel-motel. The investor promised to decide on a site in three
weeks, so the broker took a two-week vacation. When the broker returned, the investor bought one of
these sites. The broker sold the site, not knowing that the zoning on that site had been changed to
industrial.
A tenant signs a six-month rental agreement. The owner of the rental unit hires a property manager to
collect rent and oversee the unit's maintenance. Who holds a leasehold estate in the rental unit? -
Answer-Tenant
A licensed sales associate decides to have personalized key rings made. Which statement is TRUE
regarding the key rings? - Answer-The name of the real estate brokerage firm for which the associate
works must be printed on the key rings.
FREC rules define a resident of Florida as a person who - Answer-has resided in Florida for at least four
calendar months within the preceding year
Right of survivorship is contained in which tenancy? - Answer-By the entireties
A real estate broker has been hired to manage an apartment complex on behalf of the landlord. How
must the broker as agent handle the receipt of security deposits and advance rent? - Answer-Place the
funds in the broker's escrow account
, Which standard can be used for judging whether an item is a fixture? - Answer-Relationship or
agreement of the parties
A commercial tenant pays a fixed rent each month. The landlord pays the property taxes, hazard
insurance, and maintenance expenses. The tenant has what type of lease? - Answer-Gross
How is a new purchase money mortgage (PMM) entered on a closing statement? - Answer-Debit buyer
and credit seller
A licensed Florida real estate broker resides in Panama City, Florida. The broker decides to keep open his
real estate office in Panama City but reside in Mississippi. Which statement applies to this situation? -
Answer-The broker must notify the Commission of his change in residency within 60 days of moving out
of state.
A homeowner is considering replacing his five-year old fiberglass shingle roof with a title roof. The cost
to replace the roof is $35,000, though an appraiser has advised the homeowner that he will only get
about $15,000 in added value for the tile roof. The appraiser would classify this as - Answer-an over
improvement.
Which action associated with water rights will cause the uncovering of additional land caused by the
gradual receding of water? - Answer-Accretion
In states that subscribe to the title theory, a mortgage - Answer-transfers the title to the mortgagee or
an agent until the loan is paid
Which remedy for breach of contract requests that the courts award damages for the extent of loss
suffered? - Answer-Compensatory damages
Which lien is classified as a voluntary lien? - Answer-Vendor's lien
