FL Real Estate Exam - Magnolia
School all terms with _ANS-
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. -
_ANS-purchase money mortgage
3 duties required in no brokerage/all brokerage relationships: ADD - _ANS-1. 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 - _ANS-Suit 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? - _ANS-The 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: - _ANS-The 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? - _ANS-$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? -
_ANS-The 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? - _ANS-Is 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? - _ANS-
640
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 - _ANS-Positive 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? - _ANS-This 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 - _ANS-Executed contract
,A landlord who is making a claim on the deposit has how many days to notify the tenant of the
claim? - _ANS-30
A landlord who is making a claim on the deposit has how many days to notify the tenant of the
claim? - _ANS-30
A licensed broker is NOT legally permitted to prepare: - _ANS-Mortgages, deeds, leases
A mathematical process in which the appraiser arrives at the final value, and it is not just simply
an averaging. - _ANS-Reconciliation
A member of the public can refuse representation and this relationship occurs - _ANS-No
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. - _ANS-Arbitration
a promise that cannot be measured in terms of money, such as love and affection. - _ANS-Good
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? - _ANS-$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... - _ANS-
licensed as an active real estate broker
A property manager's responsibilities include - _ANS-locating 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? - _ANS-
No, 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? - _ANS-Both 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? - _ANS-175 X
43,560 = 7,623,000
7,623,000 X 75% = 5,717,240
5,717,240 •|• 7,500 = 762
School all terms with _ANS-
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. -
_ANS-purchase money mortgage
3 duties required in no brokerage/all brokerage relationships: ADD - _ANS-1. 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 - _ANS-Suit 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? - _ANS-The 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: - _ANS-The 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? - _ANS-$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? -
_ANS-The 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? - _ANS-Is 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? - _ANS-
640
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 - _ANS-Positive 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? - _ANS-This 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 - _ANS-Executed contract
,A landlord who is making a claim on the deposit has how many days to notify the tenant of the
claim? - _ANS-30
A landlord who is making a claim on the deposit has how many days to notify the tenant of the
claim? - _ANS-30
A licensed broker is NOT legally permitted to prepare: - _ANS-Mortgages, deeds, leases
A mathematical process in which the appraiser arrives at the final value, and it is not just simply
an averaging. - _ANS-Reconciliation
A member of the public can refuse representation and this relationship occurs - _ANS-No
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. - _ANS-Arbitration
a promise that cannot be measured in terms of money, such as love and affection. - _ANS-Good
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? - _ANS-$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... - _ANS-
licensed as an active real estate broker
A property manager's responsibilities include - _ANS-locating 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? - _ANS-
No, 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? - _ANS-Both 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? - _ANS-175 X
43,560 = 7,623,000
7,623,000 X 75% = 5,717,240
5,717,240 •|• 7,500 = 762
