Florida Real Estate Broker Exam
Questions With Correct Answers
A sales associate was asked by an Asian couple to show them
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homes located in areas where families were also Asian. The
| | | | | | | | | |
couple felt they would be more at home with other Asian
| | | | | | | | | | |
families. How should the agent respond?
| | | | |
A) Explain why Asian areas are great areas to live in.
| | | | | | | | | |
B) Explain the Fair Housing Act and show the buyers through the
| | | | | | | | | | | |
MLS, all homes they are eligible to purchase. The buyers will
| | | | | | | | | | |
then choose where they wish to look.
| | | | | |
C) Talk about how most of the families in Brooklyn Heights are
| | | | | | | | | | | |
Asian, and there are a variety of Thai, Japanese, and Vietnamese
| | | | | | | | | | |
families in the area. | | |
D) Tell them that because her only language is English, she
| | | | | | | | | | |
cannot communicate with the Asian families, but will find
| | | | | | | | |
someone to help them. - CORRECT ANSWER✔✔-B) Explain the
| | | | | | | | |
Fair Housing Act and show the buyers through the MLS, all
| | | | | | | | | | |
homes they are eligible to purchase. The buyers will then choose
| | | | | | | | | |
where they wish to look.
| | | | |
,Annualized debt service on an investment piece of property| | | | | | | | |
most nearly means:
| |
A) The amount of the monthly principal and interest, annualized.
| | | | | | | | |
B) The amount the investor owes for their liabilities.
| | | | | | | |
C) The amount of money needed for a down payment.
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D) The amount of money used in effective gross income. -
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CORRECT ANSWER✔✔-A) The amount of the monthly principal
| | | | | | | |
and interest, annualized.
| |
What type of disclosure is required for ad valorem taxes to the
| | | | | | | | | | | |
buyer?
A) There is no disclosure required. It is up to the buyer to find
| | | | | | | | | | | | | |
out for himself.
| |
B) The buyer should be provided a statement either in the
| | | | | | | | | | |
contract or on a separate document that the buyer should not
| | | | | | | | | | |
rely on the seller's current taxes as the amount the buyer will
| | | | | | | | | | | |
have to pay. | |
C) The taxes the buyer has to pay will be much higher after the
| | | | | | | | | | | | | |
closing on the property, so it doesn't have to be disclosed at
| | | | | | | | | | | |
closing.
D) No disclosure is required under Florida law for the current
| | | | | | | | | | |
taxes of the seller. - CORRECT ANSWER✔✔-B) The buyer should
| | | | | | | | | |
,be provided a statement either in the contract or on a separate
| | | | | | | | | | | |
document that the buyer should not rely on the seller's current
| | | | | | | | | | |
taxes as the amount the buyer will have to pay.
| | | | | | | | |
Susie has been found guilty by the FREC and has been issued a
| | | | | | | | | | | | |
Probation Order. How long will the probation last and when will
| | | | | | | | | | |
it begin?
|
A) The probation is for 30 days and will begin as soon as the FREC
| | | | | | | | | | | | | |
meets.
|
B) The probation is for 90 days and will begin 30 days after the
| | | | | | | | | | | | | |
filing of the final order.
| | | |
D) The probation is for 120 days and begins 60 days after the
| | | | | | | | | | | | |
filing of the final order.
| | | |
The probation is for five years and will begin as soon as all
| | | | | | | | | | | | |
appeals have been heard. - CORRECT ANSWER✔✔-B) The
| | | | | | | |
probation is for 90 days and will begin 30 days after the filing of
| | | | | | | | | | | | | |
the final order.| |
An investor purchased a property in January for $350,000. The
| | | | | | | | | |
contract specified that $300,000 of the purchase price was for
| | | | | | | | | |
the improvement only, with the remainder for land. The investor
| | | | | | | | |
made a down payment of $50,000 and financed the rest. The
| | | | | | | | | | | |
mortgage is for 30 years at 7% interest and a monthly payment
| | | | | | | | | | | |
, of $1,995.91. The property has 12 apartments which rent for
| | | | | | | | | |
$650 a month. Vacancy and collection losses are at 5%.
| | | | | | | | | |
Operating expenses are 30% of the effective gross income and
| | | | | | | | | |
include reserves of $10,000. What is the effective gross income
| | | | | | | | | |
for this building?
| |
A) $78,920
|
B) $88,920
|
C) $90,750
|
D) $93,600 - CORRECT ANSWER✔✔-B) $88,920
| | | | |
Andrea is the managing broker of Real Realty Corp. in Sanford.
| | | | | | | | | | |
She was suddenly taken ill to the point where she can no longer
| | | | | | | | | | | | |
perform the managing brokerage duties. What should happen
| | | | | | | |
next?
A) No new brokerage business may take place, and the company
| | | | | | | | | | |
has 14 calendar days to replace Andrea.
| | | | | |
B) Phil (a licensed broker director) can fill the vacancy without
| | | | | | | | | | |
any problem until Andrea returns.
| | | |
C) The brokerage must close until Andrea is better.
| | | | | | | |
D) All listings and sales are suspended, and the licensees under
| | | | | | | | | | |
the broker are involuntarily inactive. - CORRECT ANSWER✔✔-A)
| | | | | | | |
Questions With Correct Answers
A sales associate was asked by an Asian couple to show them
| | | | | | | | | | | |
homes located in areas where families were also Asian. The
| | | | | | | | | |
couple felt they would be more at home with other Asian
| | | | | | | | | | |
families. How should the agent respond?
| | | | |
A) Explain why Asian areas are great areas to live in.
| | | | | | | | | |
B) Explain the Fair Housing Act and show the buyers through the
| | | | | | | | | | | |
MLS, all homes they are eligible to purchase. The buyers will
| | | | | | | | | | |
then choose where they wish to look.
| | | | | |
C) Talk about how most of the families in Brooklyn Heights are
| | | | | | | | | | | |
Asian, and there are a variety of Thai, Japanese, and Vietnamese
| | | | | | | | | | |
families in the area. | | |
D) Tell them that because her only language is English, she
| | | | | | | | | | |
cannot communicate with the Asian families, but will find
| | | | | | | | |
someone to help them. - CORRECT ANSWER✔✔-B) Explain the
| | | | | | | | |
Fair Housing Act and show the buyers through the MLS, all
| | | | | | | | | | |
homes they are eligible to purchase. The buyers will then choose
| | | | | | | | | |
where they wish to look.
| | | | |
,Annualized debt service on an investment piece of property| | | | | | | | |
most nearly means:
| |
A) The amount of the monthly principal and interest, annualized.
| | | | | | | | |
B) The amount the investor owes for their liabilities.
| | | | | | | |
C) The amount of money needed for a down payment.
| | | | | | | | |
D) The amount of money used in effective gross income. -
| | | | | | | | | | |
CORRECT ANSWER✔✔-A) The amount of the monthly principal
| | | | | | | |
and interest, annualized.
| |
What type of disclosure is required for ad valorem taxes to the
| | | | | | | | | | | |
buyer?
A) There is no disclosure required. It is up to the buyer to find
| | | | | | | | | | | | | |
out for himself.
| |
B) The buyer should be provided a statement either in the
| | | | | | | | | | |
contract or on a separate document that the buyer should not
| | | | | | | | | | |
rely on the seller's current taxes as the amount the buyer will
| | | | | | | | | | | |
have to pay. | |
C) The taxes the buyer has to pay will be much higher after the
| | | | | | | | | | | | | |
closing on the property, so it doesn't have to be disclosed at
| | | | | | | | | | | |
closing.
D) No disclosure is required under Florida law for the current
| | | | | | | | | | |
taxes of the seller. - CORRECT ANSWER✔✔-B) The buyer should
| | | | | | | | | |
,be provided a statement either in the contract or on a separate
| | | | | | | | | | | |
document that the buyer should not rely on the seller's current
| | | | | | | | | | |
taxes as the amount the buyer will have to pay.
| | | | | | | | |
Susie has been found guilty by the FREC and has been issued a
| | | | | | | | | | | | |
Probation Order. How long will the probation last and when will
| | | | | | | | | | |
it begin?
|
A) The probation is for 30 days and will begin as soon as the FREC
| | | | | | | | | | | | | |
meets.
|
B) The probation is for 90 days and will begin 30 days after the
| | | | | | | | | | | | | |
filing of the final order.
| | | |
D) The probation is for 120 days and begins 60 days after the
| | | | | | | | | | | | |
filing of the final order.
| | | |
The probation is for five years and will begin as soon as all
| | | | | | | | | | | | |
appeals have been heard. - CORRECT ANSWER✔✔-B) The
| | | | | | | |
probation is for 90 days and will begin 30 days after the filing of
| | | | | | | | | | | | | |
the final order.| |
An investor purchased a property in January for $350,000. The
| | | | | | | | | |
contract specified that $300,000 of the purchase price was for
| | | | | | | | | |
the improvement only, with the remainder for land. The investor
| | | | | | | | |
made a down payment of $50,000 and financed the rest. The
| | | | | | | | | | | |
mortgage is for 30 years at 7% interest and a monthly payment
| | | | | | | | | | | |
, of $1,995.91. The property has 12 apartments which rent for
| | | | | | | | | |
$650 a month. Vacancy and collection losses are at 5%.
| | | | | | | | | |
Operating expenses are 30% of the effective gross income and
| | | | | | | | | |
include reserves of $10,000. What is the effective gross income
| | | | | | | | | |
for this building?
| |
A) $78,920
|
B) $88,920
|
C) $90,750
|
D) $93,600 - CORRECT ANSWER✔✔-B) $88,920
| | | | |
Andrea is the managing broker of Real Realty Corp. in Sanford.
| | | | | | | | | | |
She was suddenly taken ill to the point where she can no longer
| | | | | | | | | | | | |
perform the managing brokerage duties. What should happen
| | | | | | | |
next?
A) No new brokerage business may take place, and the company
| | | | | | | | | | |
has 14 calendar days to replace Andrea.
| | | | | |
B) Phil (a licensed broker director) can fill the vacancy without
| | | | | | | | | | |
any problem until Andrea returns.
| | | |
C) The brokerage must close until Andrea is better.
| | | | | | | |
D) All listings and sales are suspended, and the licensees under
| | | | | | | | | | |
the broker are involuntarily inactive. - CORRECT ANSWER✔✔-A)
| | | | | | | |
