Florida Real Estate Exam TEST Questions WITH 100% Correct Answers LATEST UPDATE 2023/2024

Florida Real Estate Exam TEST Questions WITH 100% Correct Answers LATEST UPDATE 2023/2024 Binder deposit shows up as what on closing statement? - ANSWER Credit to buyer Which of the following is true about leverage? - ANSWER Leverage is the use of borrowed funds to purchase assets. Which of the following liens would take priority? - ANSWER A property tax lien In which of the following theories of mortgage lending does the borrower not retain ownership of the property during the loan period? - ANSWER Title theory What is the status of a sales associate's license if he does not complete the required 45-hour post license course before the first expiration of his license? - ANSWER Null and void Which mortgage clause allows the mortgagee the right to demand the outstanding loan balance plus accrued interest in the event that the borrower sells or transfers any interest in the property without the lenders prior written consent? - ANSWER Due-onsale clause Which of the following is the type of method a surveyor would use to describe a property that is in a subdivision? - ANSWER The lot and block method Which of the following is also called "legal notice" and is the act of recording documents in the public records? - ANSWER Constructive notice What kind of rights are associated with water flowing through your property? - ANSWER Riparian rights Which of the following expenses associated with a principal residence are deductible for income tax purposes? - ANSWER Mortgage interest and property taxes In platted subdivision, the legal description most often used is? - ANSWER Lot and block An option contract is a? - ANSWER Unilateral contract Assuming that the broker is a seller's agent, the sales commission would appear most commonly on the closing disclosure as a? - ANSWER Debit to seller Harold filed his application for sales associate licensure 31 days ago. To date he has not heard if his application has been approved or not. What is the status of Harold's application? - ANSWER It is still pending approval until 90 days have passed. A licensed broker in Georgia moved to Florida 6 months ago and now wants to apply for a Florida broker's license under the mutual recognition agreement between Florida and Georgia. What must the broker do to obtain the Florida license under this agreement? - ANSWER The broker is not eligible for a Florida license under the mutual recognition agreement. Lisa is a full-time graduate student in an appraising degree program at the University of South Florida. All of Lisa's appraisal activities are being supervised by Ken who is a licensed real estate broker. What type of license must Lisa have to perform the appraisal activities she is involved in? - ANSWER No license If Charlie submits an application for licensure, completes the educational requirements, but does not pass the licensing exam, when will Charlie's application expire? - ANSWER 2 years after it was received To meet the continuing education requirements for either a sales associate or a broker, what can a licensee substitute for 3 classroom hours of coursework? - ANSWER A Attendance at a legal agenda session of the Commission B An approved course on real estate issues relevant to the modern practice of real estate by a licensee C An approved course on technology used in the real estate industry D Any of the above A broker's post-license education requirement includes - ANSWER passing end-ofcourse exam. Ted is a licensed real estate broker in Florida, but he is moving to North Dakota to live. What should Ted do about his Florida broker license? - ANSWER Notify the Commission of his change of residency and comply with nonresident requirements If an applicant omitted information on the license application, within what time frame must the applicant be notified to correct the error? - ANSWER 30 days If an applicant makes an error on the license application, the license may be denied if the error is not corrected. What is the exception to this rule? - ANSWER The applicant was not notified of the error within the designated time period. Which Florida statute or code covers the Commission's administrative rules that include detailed principles for real estate practice? - ANSWER Chapter 61J2 Which statute established general provisions for the Department of Business and Professional Regulation? - ANSWER Chapter 455 Which of the following is the most accurate definition of real estate broker? - ANSWER A person who buys or sells real estate on behalf of others for compensation Which Florida statute establishes real estate licensees' legal rights and responsibilities? - ANSWER Chapter 475 What is the best definition for "real estate"? - ANSWER Interest in land, business enterprises, or business opportunities with some exceptions Which of the following is a requirement of the general licensing provisions? - ANSWER Social Security number Florida sales associate educational requirements include - ANSWER 14 hours of continuing education every 2 years Florida broker pre-license requirements include - ANSWER 72 hours of pre-licensing coursework. Which of the following real estate services can legally be offered by someone not licensed as a real estate broker, broker associate, or sales associate? - ANSWER An individual renting properly licensed public lodging Which of the following must be licensed as a real estate broker, broker associate, or sales associate? - ANSWER Anyone procuring purchasers of business opportunities The Florida Real Estate Commission consists of - ANSWER seven members, all appointed by the Governor. Which of the following is true regarding the Florida Real Estate Commission? - ANSWER The Commission is responsible for fostering the education of brokers in the principles that should govern their conduct. If a broker's license has become void during a period of economic hardship, when can his license be reinstated? - ANSWER It can be reinstated within 6 months. Tania has just received her sales associate license. When must she complete her postlicense education requirements? - ANSWER Prior to the first renewal of her license Broker John changed his business address and did not notify the Commission during the required time period. What is the status of John's license? - ANSWER It has ceased to be in force. Which of the following is a duty or power of the Department of Business and Professional Regulation? - ANSWER Suspend the license of a broker who is not in compliance with a support order An agency relationship is formed when a customer - ANSWER gives a broker authority to act on his/her behalf. Which type of agency is illegal in Florida? - ANSWER Dual In Florida, it is presumed that all licensees are operating as transaction brokers unless - ANSWER another type of relationship is established in writing. In a brokerage relationship that involves designated sales associates, what is the role of the broker? - ANSWER To advise and assist the sales associates The Brokerage Relationship Disclosure Act - ANSWER establishes brokerage representation disclosure requirements. The disclosure requirements covered in the Brokerage Relationship Disclosure Act only apply to - ANSWER residential sales. The main difference between a single agent and a transaction agent is - ANSWER the fiduciary representation to one customer. Chuck is selling a duplex he owns. He has asked Broker Terrance to simply show the property for him. What type of broker relationship do these two men have? - ANSWER No brokerage relationship In the practice of real estate, what is the common term used if a licensee brags that a property located near a large park is "in the best part of town"? - ANSWER Puffing Florida law prohibits a real estate agent from making deceptive representations related to the practice of real estate. Which of the following would be considered a deceptive representation of the practice? - ANSWER A sales associate claiming her license allows her to open her own real estate firm