FLORIDA REAL ESTATE COMPLETE 2026-2027 EXAM PAPER- REVISION
QUESTIONS & SOLUTIONS
The main north/south line used in the government survey method is the principal
a. latitude
b. longitude
c. baseline
d. meridian
d. meridian
A Township contains how many sections?
36
Oral contracts are also known as _________ contracts?
Parol Contracts
An _______ contract can be oral or written.
Express
The seal of a Notary public, called an __________, should not be confused w/ the word "seal"
as used in connection with contract law.
acknowledgement
The _____ is the placement of the word seal or the letters "L.S.", locus sigilli, following the
signatures of the parties.
seal
A ______ _______ is defined as a contract that is wholly written and under seal (in writing and
signed.
formal contract
____________ of ___________ provides time limits within which parties are allowed to bring
legal action to enforse their rights under a contract.
Statue of Limitations
Parol Contracts, if a contract is entirely oral , action must be brought within _____ years.
,4
Written Contracts, a contract wholly in writting may be enforcedif action is brought within
_____ yrs
5
The broker who successfully performs by locating a "willing , ready and able" buyer is said to be
the "______ _______" of the sale and is the only broker entitled to a commission.
Procuring Cause
the ______ _______ of a sale is what entitles a broker to commission.
Procuring Cause
Which statute requires a purchase and sale contract to be in writing to be enforceable?
a. Chapter 475
b. Chapter 120
c. Statute of Limitations
d. Statute of Frauds
d. Statute of Frauds
__________ clause allows the lender to Foreclose on you bc you haven't been making your
payments.
Acceleration
__________ clause, A.K.A. due-on-sale clause, prevents a borower from transfering any interest
in the morgaged property w/o permission of the lender.
Alienation
_________ clause is used in mortgages on income-producing real estate.
Receivership
The process of qualifying the applicant and the property is called _________ ___________,
analysing risk.
mortgage underwriting
An applicant is evaluated to dertermine if they can repay a loan by using 3 Criteria
, 1. Credit History
2. Income
3. Other Assets ( real estate, cars, stocks, etc.)
The buyer will assume personal responsible responsibility for repayment of the balance due on
the promissory note and acknowledge existance of the mortgage is
Assumption of the mortgage
Borrowers are allowed a recission period (days to back out) which is ____ days, on the refinance
(home Equity loan) of a principal residence.
3
The amount of mortgage insurance premium required on an insured FHA mortgage loan
includes payment of both
Up-front mortgage insurance premium (UFMIP)
and
Annual Mortgage Insurane Premium (AMIP)
$104,250 is the max amount of a verteran's entitlement of a VA guaranteed loan, and ____ days
are required to be a Veteran.
181 peacetime
90 military conflict
The actions of the Board of Governors, called _____ _______, regulate the cost availability of
credit in the US.
monetary policy
True or false Morgage brokers "make" loans?
False.....
They arrange loans by taking mortgage applications and searching for lowest inerest rates and
easiest borrower qualifications
Life insurance companies are regulated by?
The state in which they operate
A loan applicant's past credit history indicates his ________ to honor dept obligations, and his
income is a measure of the _______ to repay the loan.
QUESTIONS & SOLUTIONS
The main north/south line used in the government survey method is the principal
a. latitude
b. longitude
c. baseline
d. meridian
d. meridian
A Township contains how many sections?
36
Oral contracts are also known as _________ contracts?
Parol Contracts
An _______ contract can be oral or written.
Express
The seal of a Notary public, called an __________, should not be confused w/ the word "seal"
as used in connection with contract law.
acknowledgement
The _____ is the placement of the word seal or the letters "L.S.", locus sigilli, following the
signatures of the parties.
seal
A ______ _______ is defined as a contract that is wholly written and under seal (in writing and
signed.
formal contract
____________ of ___________ provides time limits within which parties are allowed to bring
legal action to enforse their rights under a contract.
Statue of Limitations
Parol Contracts, if a contract is entirely oral , action must be brought within _____ years.
,4
Written Contracts, a contract wholly in writting may be enforcedif action is brought within
_____ yrs
5
The broker who successfully performs by locating a "willing , ready and able" buyer is said to be
the "______ _______" of the sale and is the only broker entitled to a commission.
Procuring Cause
the ______ _______ of a sale is what entitles a broker to commission.
Procuring Cause
Which statute requires a purchase and sale contract to be in writing to be enforceable?
a. Chapter 475
b. Chapter 120
c. Statute of Limitations
d. Statute of Frauds
d. Statute of Frauds
__________ clause allows the lender to Foreclose on you bc you haven't been making your
payments.
Acceleration
__________ clause, A.K.A. due-on-sale clause, prevents a borower from transfering any interest
in the morgaged property w/o permission of the lender.
Alienation
_________ clause is used in mortgages on income-producing real estate.
Receivership
The process of qualifying the applicant and the property is called _________ ___________,
analysing risk.
mortgage underwriting
An applicant is evaluated to dertermine if they can repay a loan by using 3 Criteria
, 1. Credit History
2. Income
3. Other Assets ( real estate, cars, stocks, etc.)
The buyer will assume personal responsible responsibility for repayment of the balance due on
the promissory note and acknowledge existance of the mortgage is
Assumption of the mortgage
Borrowers are allowed a recission period (days to back out) which is ____ days, on the refinance
(home Equity loan) of a principal residence.
3
The amount of mortgage insurance premium required on an insured FHA mortgage loan
includes payment of both
Up-front mortgage insurance premium (UFMIP)
and
Annual Mortgage Insurane Premium (AMIP)
$104,250 is the max amount of a verteran's entitlement of a VA guaranteed loan, and ____ days
are required to be a Veteran.
181 peacetime
90 military conflict
The actions of the Board of Governors, called _____ _______, regulate the cost availability of
credit in the US.
monetary policy
True or false Morgage brokers "make" loans?
False.....
They arrange loans by taking mortgage applications and searching for lowest inerest rates and
easiest borrower qualifications
Life insurance companies are regulated by?
The state in which they operate
A loan applicant's past credit history indicates his ________ to honor dept obligations, and his
income is a measure of the _______ to repay the loan.
