Florida Real Estate U Final Exam Questions
& Answers
Question 1
A home sells for $200,000 with 6% real estate commission. It was originally purchased
for $55,000 with closing costs of $2,250 a new Master Bedroom was added at a cost
of $80,000. What is the amount of Taxable Gain on the adjusted basis?
$65,000 (Dollars)
$62,750 (Dollars)
$50,750 (Dollars)
$52,750 (Dollars)
Correct Answer
$62,750 (Dollars)
$200,000-$55,000-$2,250-$80,000= $62,750 (Sales Commission is not relevant to
this calculation).
Question 2
Which of the following are exempt from real estate licensure?
Sales Associate
Broker Associate
A Property Manager working in a Property Management Company
An attorney acting on his client's behalf
Correct Answer
An attorney acting on his client's behalf
Page 1 of 71
,Question 3
A large parcel is to be subdivided as follows: 25% recreational areas and streets, 25%
Shopping, 45% housing and 5% buffer zone. If the buffer zone accounts for 7 Acres
what is the size of the housing areal?
32 Acres
14 Acres
63 Acres
140 Acres
Correct Answer
63 Acres
If 7 acres = 5%, 7 x 9=45% = 63 Acres.
Question 4
Which of the following is the basic difference between a FHA and a VA loan?
FHA guarantees loans; VA insures them
They are the same but VA loans have no down payment
VA guarantees loans; FHA insures them
There is no down payment on FHA loans, VA requires 5%
Correct Answer
VA guarantees loans; FHA insures them
Page 2 of 71
,Question 5
If the Licensed Broker in a partnership is killed in an accident what happens to the
Sales Associates working for that partnership?
Their licenses will be suspended
Their licenses will be revoked
They can continue working since they have Errors & Omissions insurance
Their licenses will become involuntarily inactive
Correct Answer
Their licenses will become involuntarily inactive
Their licenses will become involuntarily inactive, since the partnership will be
cancelled.
Question 6
An organization with at least one real estate broker acting as the agent for others in
negotiating the sale or rental of real property for a fee is known as a/an?
Cooperative
Real estate brokerage
MLS
Management company
Correct Answer
Real estate brokerage
Question 7
Real estate includes all of the following EXCEPT?
Mineral Rights
Personal Property
Air Rights
Permanent Fixture
Correct Answer
Personal Property
Page 3 of 71
, Question 8
A business that has been in operation for a long time has what type of Value?
A Going Concern Value
B Tax Shelter Value
C Market Value
D Historic Value
Correct Answer
Going Concern Value
A business that has been in operation for a long time has Going Concern Value.
Question 9
Which is NOT a demand factor?
Market Values
Credit Scores
Consumer Income
Availability of skilled workers
Correct Answer
Seller's Market
Question 10
A rectangular property is 300' long x 250' wide. Zoning requires a minimum lot size of
15,000 sq. ft with minimum road frontage of 60'. How many lots would fit on this
property?
6 Lots
4 lots
5 Lots
8 Lots
Correct Answer
5 lots
250 x 60 =15000 Sq. ft and 300/60 = 5 lots
Page 4 of 71
& Answers
Question 1
A home sells for $200,000 with 6% real estate commission. It was originally purchased
for $55,000 with closing costs of $2,250 a new Master Bedroom was added at a cost
of $80,000. What is the amount of Taxable Gain on the adjusted basis?
$65,000 (Dollars)
$62,750 (Dollars)
$50,750 (Dollars)
$52,750 (Dollars)
Correct Answer
$62,750 (Dollars)
$200,000-$55,000-$2,250-$80,000= $62,750 (Sales Commission is not relevant to
this calculation).
Question 2
Which of the following are exempt from real estate licensure?
Sales Associate
Broker Associate
A Property Manager working in a Property Management Company
An attorney acting on his client's behalf
Correct Answer
An attorney acting on his client's behalf
Page 1 of 71
,Question 3
A large parcel is to be subdivided as follows: 25% recreational areas and streets, 25%
Shopping, 45% housing and 5% buffer zone. If the buffer zone accounts for 7 Acres
what is the size of the housing areal?
32 Acres
14 Acres
63 Acres
140 Acres
Correct Answer
63 Acres
If 7 acres = 5%, 7 x 9=45% = 63 Acres.
Question 4
Which of the following is the basic difference between a FHA and a VA loan?
FHA guarantees loans; VA insures them
They are the same but VA loans have no down payment
VA guarantees loans; FHA insures them
There is no down payment on FHA loans, VA requires 5%
Correct Answer
VA guarantees loans; FHA insures them
Page 2 of 71
,Question 5
If the Licensed Broker in a partnership is killed in an accident what happens to the
Sales Associates working for that partnership?
Their licenses will be suspended
Their licenses will be revoked
They can continue working since they have Errors & Omissions insurance
Their licenses will become involuntarily inactive
Correct Answer
Their licenses will become involuntarily inactive
Their licenses will become involuntarily inactive, since the partnership will be
cancelled.
Question 6
An organization with at least one real estate broker acting as the agent for others in
negotiating the sale or rental of real property for a fee is known as a/an?
Cooperative
Real estate brokerage
MLS
Management company
Correct Answer
Real estate brokerage
Question 7
Real estate includes all of the following EXCEPT?
Mineral Rights
Personal Property
Air Rights
Permanent Fixture
Correct Answer
Personal Property
Page 3 of 71
, Question 8
A business that has been in operation for a long time has what type of Value?
A Going Concern Value
B Tax Shelter Value
C Market Value
D Historic Value
Correct Answer
Going Concern Value
A business that has been in operation for a long time has Going Concern Value.
Question 9
Which is NOT a demand factor?
Market Values
Credit Scores
Consumer Income
Availability of skilled workers
Correct Answer
Seller's Market
Question 10
A rectangular property is 300' long x 250' wide. Zoning requires a minimum lot size of
15,000 sq. ft with minimum road frontage of 60'. How many lots would fit on this
property?
6 Lots
4 lots
5 Lots
8 Lots
Correct Answer
5 lots
250 x 60 =15000 Sq. ft and 300/60 = 5 lots
Page 4 of 71
