MAGNOLIA SCHOOL OF REAL ESTATE
exam study Questions and Answers A+ 2026
s
Who is required to complete the continuing education? Is it
actively licensed sales associate or actively and inactively
licensed sales associates? (chap 2) Actively and inactively
licensed sales associates
How many hours is the business ethics portion of the 14 hour
continuing education (cha 2)
3 hours
How long does a sales associate have to be licensed under one or
more actively licensed brokers before he is eligible to obtain a
brokers license? ( chap 2/5)
2 years
Is the governors name or signature on a sales associates license?
(chap 2) His name only. NO signature.
If an unlicensed assistant works at a brokerage, can he show
property, hold listing presentations, and negotiate contracts?
(chap 2)
No
Owner-developer (chap 2)
Another term for a builder
F.S 120 (CHAP 2)
Administrative
Procedures Act Real
Property (CHAP 2/8)
LAND + HOUSE+ RIGHTS = REAL ESTATE
Personal Property (CHAP 2)
CEMETERY LOTS
IS THE OPPOSITE OF REAL PROPERTY. PERSONAL PROPERTY
THAT IS NOT ATTACHED TO THE PROPERTY!!
Can a licensee share a portion of his commission with an unlicensed
person, (who is not one of the parties to transaction) for the referral of
real estate? (cha 2)
No
Would a salaried manager of a condo who rents units for periods no
longer than 1 year, and does not receive compensation based on
transactions or bonuses, be required to hold an active real estate
license? (cha 2)
No
What does DBPR stand for and what is the DBPR's purpose?
,(CHAP 3) DEPARTMENT OF BUSINESS AND PROFESSIONAL
REGULATION. THEIR PURPOSE = STATE AGENCY THAT IS IN
CHARGE OF LICENSING BUSINESSES IN FLORIDA.
THE BOSS OF THE DBPR OR CHIEF ADMINISTRATOR
(CHAP 3) THE SECRETARY OF THE DBPR.
GOVERNOR APPOINTS THIS PERSON AND STATE SENATE
CONFIRMS.
When a broker's license is suspended or revoked, which does not
apply? (ch 3) (on exam)
The sales associates registered under the disciplined broker will
automatically have their license status changed to null and void.
(3 questions on exam
1. Post license question-null and void.
2. Broker dies, resigns, or suspended-involuntarily inactive.
3. If you failed to complete your 14 hours (EVERY 2 YEARS)-
involuntary inactive.) What is the penalty for stealing original listings
from your brokerage? (CHAP 3) (ON EXAM)
LARCENY
What is the penalty for stealing duplicates of listings from your
brokerage?(CHAP 3) (ON EXAM)
BREACH OF TRUST
Which of the following lists contain contracts that a licensed broker is
legally permitted to prepare? (ch 3/11)
Listing contracts, buyer brokerage agreements, and option
contracts//// BROKER OWNS CONTRACT!
Which of the following is an example of a blind ad? (chap 5) (on exam)
Call Suzanna Smith, best sales associate in town 555.201.2435 (cell).
AD THAT DOESN'T TELL YOU WHERE SALES ASSOCIATE WORKS.
ILLEGAL!!
Can a licensee sell his or her property by owner? (chap 5) (on exam)
Yes, provided they disclose they are licensees before entering into
serious negotiations
A broker sold three houses in Florida to a customer that now lives in
Chicago. This same customer uncovered an opportunity with
someone who might want to buy property from the Florida. The
customer asked the broker if he would reimburse her for the expenses
incurred in convincing the person to buy property from the Florida
broker. Which applies? (on exam) (chap 5)
The broker cannot reimburse the customer because the customer
does not have an active real estate license.
Can a licensee be punished for calling someone on the do not call
list? (chap 5) Yes,
16 k if you call !!
,Check list!!
What are 5 words that mean escrow? (chap 5) (on exam)
1. Escrow funds.
2. Earnest money.
3. Binder deposit. -credit to buyer.
4. Good faith deposit.
5. Trust funds.
How does the state define "immediately"? (chap 5)
Immediately is the 3rd business day not including the day of receipt
If a sales associate picks up an escrow check on Tuesday, when does
the broker have to deposit it into the escrow account? (ch 5) (on
exam)
Immediately, as defined, by Friday.
By the end of the 3rd business day in this case
Friday. WEEKENDS AND HOLIDAYS DONT
COUNT!!!.
Escrow= BANK ACCOUNT AND THE MONEY PEOPLE PUT FOR
BUYING A HOUSE.
If the title company is holding the escrow check, what must be on the
purchase and sales contract regarding the title company? (CHP 5) (on
exam)
The name, address, and phone number of the title company OR
attorney office! Which of the following is false concerning escrow
account? (chap 5)
A Florida broker is authorized to move the escrow account from a
non-interest- bearing account to an interest-bearing account provided
he receives written authorization from one party to the transaction.
FALSE!!!!
(If a broker in Florida decides to hold escrow, the account must be
located in Florida.
A Florida broker is not required to hold escrow. If the broker does
hold escrow and the escrow account is an interest-bearing account,
all parties must give written authorization.
It is legal for a broker to keep earned interest from the escrow
account, provided all parties have given written authorization.
TRUE!!)
FREC stands for (CHAP 2/3) (ON EXAM)
Florida Real Estate Commission (FREC) was created to educate and
regulate real estate licensees.
How many members are on the FREC? (chap 2/3)
(ON EXAM) 7 members
How many members of the FREC are brokers that have been a broker
for at least 5 years? (chap 2/3) (ON EXAM)
, 4 members (BROKERS) (1 SALES ASSOCIATE, 1 BROKER
ASSOCIATE, OR 1 BROKER)
1 MEMBER MUST BE AT LEAST 60 !!!
How many members of the FREC are unlicensed consumers? (chap
2/3) (ON EXAM)
2 members (2 CONSUMERS, LAYMEN, CIVILIAN)
What are the 3 powers that the FREC has? (chap2/3) (ON
EXAM) Executive powers, quasi legislative powers, and quasi-
judicial powers What is true about the members of the FREC?
(CHAP 2/3)
exam study Questions and Answers A+ 2026
s
Who is required to complete the continuing education? Is it
actively licensed sales associate or actively and inactively
licensed sales associates? (chap 2) Actively and inactively
licensed sales associates
How many hours is the business ethics portion of the 14 hour
continuing education (cha 2)
3 hours
How long does a sales associate have to be licensed under one or
more actively licensed brokers before he is eligible to obtain a
brokers license? ( chap 2/5)
2 years
Is the governors name or signature on a sales associates license?
(chap 2) His name only. NO signature.
If an unlicensed assistant works at a brokerage, can he show
property, hold listing presentations, and negotiate contracts?
(chap 2)
No
Owner-developer (chap 2)
Another term for a builder
F.S 120 (CHAP 2)
Administrative
Procedures Act Real
Property (CHAP 2/8)
LAND + HOUSE+ RIGHTS = REAL ESTATE
Personal Property (CHAP 2)
CEMETERY LOTS
IS THE OPPOSITE OF REAL PROPERTY. PERSONAL PROPERTY
THAT IS NOT ATTACHED TO THE PROPERTY!!
Can a licensee share a portion of his commission with an unlicensed
person, (who is not one of the parties to transaction) for the referral of
real estate? (cha 2)
No
Would a salaried manager of a condo who rents units for periods no
longer than 1 year, and does not receive compensation based on
transactions or bonuses, be required to hold an active real estate
license? (cha 2)
No
What does DBPR stand for and what is the DBPR's purpose?
,(CHAP 3) DEPARTMENT OF BUSINESS AND PROFESSIONAL
REGULATION. THEIR PURPOSE = STATE AGENCY THAT IS IN
CHARGE OF LICENSING BUSINESSES IN FLORIDA.
THE BOSS OF THE DBPR OR CHIEF ADMINISTRATOR
(CHAP 3) THE SECRETARY OF THE DBPR.
GOVERNOR APPOINTS THIS PERSON AND STATE SENATE
CONFIRMS.
When a broker's license is suspended or revoked, which does not
apply? (ch 3) (on exam)
The sales associates registered under the disciplined broker will
automatically have their license status changed to null and void.
(3 questions on exam
1. Post license question-null and void.
2. Broker dies, resigns, or suspended-involuntarily inactive.
3. If you failed to complete your 14 hours (EVERY 2 YEARS)-
involuntary inactive.) What is the penalty for stealing original listings
from your brokerage? (CHAP 3) (ON EXAM)
LARCENY
What is the penalty for stealing duplicates of listings from your
brokerage?(CHAP 3) (ON EXAM)
BREACH OF TRUST
Which of the following lists contain contracts that a licensed broker is
legally permitted to prepare? (ch 3/11)
Listing contracts, buyer brokerage agreements, and option
contracts//// BROKER OWNS CONTRACT!
Which of the following is an example of a blind ad? (chap 5) (on exam)
Call Suzanna Smith, best sales associate in town 555.201.2435 (cell).
AD THAT DOESN'T TELL YOU WHERE SALES ASSOCIATE WORKS.
ILLEGAL!!
Can a licensee sell his or her property by owner? (chap 5) (on exam)
Yes, provided they disclose they are licensees before entering into
serious negotiations
A broker sold three houses in Florida to a customer that now lives in
Chicago. This same customer uncovered an opportunity with
someone who might want to buy property from the Florida. The
customer asked the broker if he would reimburse her for the expenses
incurred in convincing the person to buy property from the Florida
broker. Which applies? (on exam) (chap 5)
The broker cannot reimburse the customer because the customer
does not have an active real estate license.
Can a licensee be punished for calling someone on the do not call
list? (chap 5) Yes,
16 k if you call !!
,Check list!!
What are 5 words that mean escrow? (chap 5) (on exam)
1. Escrow funds.
2. Earnest money.
3. Binder deposit. -credit to buyer.
4. Good faith deposit.
5. Trust funds.
How does the state define "immediately"? (chap 5)
Immediately is the 3rd business day not including the day of receipt
If a sales associate picks up an escrow check on Tuesday, when does
the broker have to deposit it into the escrow account? (ch 5) (on
exam)
Immediately, as defined, by Friday.
By the end of the 3rd business day in this case
Friday. WEEKENDS AND HOLIDAYS DONT
COUNT!!!.
Escrow= BANK ACCOUNT AND THE MONEY PEOPLE PUT FOR
BUYING A HOUSE.
If the title company is holding the escrow check, what must be on the
purchase and sales contract regarding the title company? (CHP 5) (on
exam)
The name, address, and phone number of the title company OR
attorney office! Which of the following is false concerning escrow
account? (chap 5)
A Florida broker is authorized to move the escrow account from a
non-interest- bearing account to an interest-bearing account provided
he receives written authorization from one party to the transaction.
FALSE!!!!
(If a broker in Florida decides to hold escrow, the account must be
located in Florida.
A Florida broker is not required to hold escrow. If the broker does
hold escrow and the escrow account is an interest-bearing account,
all parties must give written authorization.
It is legal for a broker to keep earned interest from the escrow
account, provided all parties have given written authorization.
TRUE!!)
FREC stands for (CHAP 2/3) (ON EXAM)
Florida Real Estate Commission (FREC) was created to educate and
regulate real estate licensees.
How many members are on the FREC? (chap 2/3)
(ON EXAM) 7 members
How many members of the FREC are brokers that have been a broker
for at least 5 years? (chap 2/3) (ON EXAM)
, 4 members (BROKERS) (1 SALES ASSOCIATE, 1 BROKER
ASSOCIATE, OR 1 BROKER)
1 MEMBER MUST BE AT LEAST 60 !!!
How many members of the FREC are unlicensed consumers? (chap
2/3) (ON EXAM)
2 members (2 CONSUMERS, LAYMEN, CIVILIAN)
What are the 3 powers that the FREC has? (chap2/3) (ON
EXAM) Executive powers, quasi legislative powers, and quasi-
judicial powers What is true about the members of the FREC?
(CHAP 2/3)
