1. Samuel wants to do a 1031 exchange. He sold his investment property and has
identified the property he'd like to buy next. Within how many days must he close on
this property in order for it to qualify as part of the exchange?: a.
180
b. 30
c.45
d.60
a. He has 45 days to identify a property he would like to purchase and 180 days to close
on it, from time of sale.
2. In which form of co-ownership is a person's ownership inheritable?: a. Joint tenancy
b.Tenancy by the entirety
c. Tenancy in common
d.Tenancy in severalty
c. Tenancy in common allows for a persons share to be inheritable, it does not
automatically pass forth to the rest of the owners like in joint tenancy (this is called the
right of survivorship).
3. How long do prospective tenants have to request a refund after purchasing a rental
list?:
a. 10 days
b. 15 days
c. 30 days
d.360 days
,C. 30 days.... tenants have up to 30 days to request a 75% refund if they do not purchase
a rental
4. Which method best describes the foreclosure process in Florida?:
a. Caveat emptor
b.Judicial
c. Lis pendens
d.Non-judicial
b. The state of florida offers a judicial foreclosure process
A judicial foreclosure is known as a lien theory process. Basically, the homeowner has
legal title to the property...
Unlike title theory, where as the owner has equitable title
5. Which of the following statements about the Florida property tax disclosure is NOT
true?:
a. It can be included in the sales contract itself.
b.It cautions buyers not to rely on the current year's tax to predict what they'll have to
pay.
c. It gives buyers a rough estimate of the property tax they'll pay in the coming year.
d.It must be provided to sellers when they sign their agency agreement.
c. This disclosure doesn't provide any estimates of future property tax amounts.
6. Which act simplifies, clarifies, and modernizes consumer protection laws and makes
them more consistent with federal trade laws?:
a. Fair Housing Act
b. Federal Duplicate Law Condensation Act
c. Federal Trade Commission Act
d.Florida Deceptive and Unfair Trade Practices Act
,d. The Florida Deceptive and Unfair Trade Practices Act is the act that simplifies, clarifies,
and modernizes consumer protection laws and makes them more consistent with federal
trade laws.
7. To comply with the statute of frauds, an option contract must be ______.:
a. In writing and signed by the optionee
b.In writing and signed by the optionor
c. In writing and witnessed by an attorney
d.On file at the local courthouse
b.To comply with the statute of frauds, an option contract must be in writing and signed
by the optionor (seller).
8. A cooperative is a(n) _____.:
a. limited partnership
b. LLC
c. not-for-profit corporation
d.sole proprietorship
c. A cooperative is a joint venture with its shareholders, formed for their benefit and
governed by them. It's a not-for-profit corporation.
9. Compared with condominiums, the monthly fees for a cooperative owner are typically
______.:
a. Higher
b.Much less
c. Slightly less
d.The same
a. Monthly fees for cooperatives are generally higher because they include taxes,
mortgage payments, and fees for maintaining common areas and facilities.
10. For all intents and purposes, subagents are agents of the _______.:
a. Buyer
, b. Seller
c. The buyer's broker
d.The listing broker
b. Although a subagent may bring an unrepresented buyer to the transaction, the
subagent is an agent of the seller.
11. Can a new licensee specialize in the sale of farm and ranch property?:
a. Not until the licensee has at least five years of experience in agricultural real estate
b. Not until the licensee passes additional courses in agricultural real estate
c. Yes, a new licensee can specialize in agricultural real estate
d.Yes, as long as the new licensee has a degree in agriculture
c. Specialization doesn't require additional coursework or credentials. The licensee must
be competent in any specialization, however.
12. Jacqueline is a licensee working with a property near a Superfund site.
Which of these statements is true?:
a. A portion of the sale price must go to the EPA to fund clean-up of the site.
b.She must disclose potential health threats to anyone in the area when showing the
property.
c. She must disclose the existence of an environmental hazard in the area.
d.The property can't be sold until the site is removed from the NPL.
d. A property with a known Superfund site in the vicinity requires disclosure, as this is a
material fact.
13. Curtis wants to do a 1031 exchange. He just closed on his property. How many days
does he have to identify a new property?:
a. 180
b. 30
c. 45
identified the property he'd like to buy next. Within how many days must he close on
this property in order for it to qualify as part of the exchange?: a.
180
b. 30
c.45
d.60
a. He has 45 days to identify a property he would like to purchase and 180 days to close
on it, from time of sale.
2. In which form of co-ownership is a person's ownership inheritable?: a. Joint tenancy
b.Tenancy by the entirety
c. Tenancy in common
d.Tenancy in severalty
c. Tenancy in common allows for a persons share to be inheritable, it does not
automatically pass forth to the rest of the owners like in joint tenancy (this is called the
right of survivorship).
3. How long do prospective tenants have to request a refund after purchasing a rental
list?:
a. 10 days
b. 15 days
c. 30 days
d.360 days
,C. 30 days.... tenants have up to 30 days to request a 75% refund if they do not purchase
a rental
4. Which method best describes the foreclosure process in Florida?:
a. Caveat emptor
b.Judicial
c. Lis pendens
d.Non-judicial
b. The state of florida offers a judicial foreclosure process
A judicial foreclosure is known as a lien theory process. Basically, the homeowner has
legal title to the property...
Unlike title theory, where as the owner has equitable title
5. Which of the following statements about the Florida property tax disclosure is NOT
true?:
a. It can be included in the sales contract itself.
b.It cautions buyers not to rely on the current year's tax to predict what they'll have to
pay.
c. It gives buyers a rough estimate of the property tax they'll pay in the coming year.
d.It must be provided to sellers when they sign their agency agreement.
c. This disclosure doesn't provide any estimates of future property tax amounts.
6. Which act simplifies, clarifies, and modernizes consumer protection laws and makes
them more consistent with federal trade laws?:
a. Fair Housing Act
b. Federal Duplicate Law Condensation Act
c. Federal Trade Commission Act
d.Florida Deceptive and Unfair Trade Practices Act
,d. The Florida Deceptive and Unfair Trade Practices Act is the act that simplifies, clarifies,
and modernizes consumer protection laws and makes them more consistent with federal
trade laws.
7. To comply with the statute of frauds, an option contract must be ______.:
a. In writing and signed by the optionee
b.In writing and signed by the optionor
c. In writing and witnessed by an attorney
d.On file at the local courthouse
b.To comply with the statute of frauds, an option contract must be in writing and signed
by the optionor (seller).
8. A cooperative is a(n) _____.:
a. limited partnership
b. LLC
c. not-for-profit corporation
d.sole proprietorship
c. A cooperative is a joint venture with its shareholders, formed for their benefit and
governed by them. It's a not-for-profit corporation.
9. Compared with condominiums, the monthly fees for a cooperative owner are typically
______.:
a. Higher
b.Much less
c. Slightly less
d.The same
a. Monthly fees for cooperatives are generally higher because they include taxes,
mortgage payments, and fees for maintaining common areas and facilities.
10. For all intents and purposes, subagents are agents of the _______.:
a. Buyer
, b. Seller
c. The buyer's broker
d.The listing broker
b. Although a subagent may bring an unrepresented buyer to the transaction, the
subagent is an agent of the seller.
11. Can a new licensee specialize in the sale of farm and ranch property?:
a. Not until the licensee has at least five years of experience in agricultural real estate
b. Not until the licensee passes additional courses in agricultural real estate
c. Yes, a new licensee can specialize in agricultural real estate
d.Yes, as long as the new licensee has a degree in agriculture
c. Specialization doesn't require additional coursework or credentials. The licensee must
be competent in any specialization, however.
12. Jacqueline is a licensee working with a property near a Superfund site.
Which of these statements is true?:
a. A portion of the sale price must go to the EPA to fund clean-up of the site.
b.She must disclose potential health threats to anyone in the area when showing the
property.
c. She must disclose the existence of an environmental hazard in the area.
d.The property can't be sold until the site is removed from the NPL.
d. A property with a known Superfund site in the vicinity requires disclosure, as this is a
material fact.
13. Curtis wants to do a 1031 exchange. He just closed on his property. How many days
does he have to identify a new property?:
a. 180
b. 30
c. 45
