FLORIDA REAL ESTATE CLASS FINAL EXAM LATEST 2024/2025 ACTUAL EXAM 400 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

FLORIDA REAL ESTATE CLASS FINAL EXAM LATEST 2024/2025 ACTUAL EXAM 400 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ Current market value less mortgage debt" describes what term? - ANSWERSequity 2 sisters purchase an investment property. Each sister wants her interest in the property to go to her spouse in the event she dies during the ownership. To accomplish this, the sisters should own the property as what type of tenancy? - ANSWERSA tenancy in common A broker-Realtor is a sole proprietor. He wants to use a trade name to identify his real estate brokerage business. what is the minimum requirement on the entrance sign? - ANSWERSTrade name, his name and the words "licensed real estate broker". A builder constructs a house on an owner's lot according to the owner's plans and specifications. This is called - ANSWERSCustom Building A builder purchases several vacant lots in an established residential subdivision. The builder constructs houses w/o having secured a buyer in advance of the construction of each home and advertises them for sale to prospective buyers. This is which type of residential construction? - ANSWERSSpec Building A Business Broker - ANSWERSSpecializes in the sale, purchase or lease of businesses. Is required to have a real estate license and may be licensed as a real estate broker or sales associate A business trust is created by filing what? - ANSWERSA Declaration of Trust with the Sec of State. A farmer is appointed by the court to appraise the farm land of a deceased neighbor. The farmer will be paid a $3000 fee for the appraisal. Is he exempt from Chapter 475? - ANSWERSYes because he was appointed by the courts. A general warranty deed A. assures clear title B. contains a special warranty C. contains a warranty forever D. insures clear title - ANSWERSC. A lease longer than ____ must be in writing and witnessed by 2 people? - ANSWERS1 year A lot has a 15' setback requirement. The owner wants to add a 1000 sq ft addition to her home. To do this, the new home will need to extend 2 ft into the setvack area. Mary needs to apply for what? - ANSWERSA variance A month-to-month tenancy at will requires how many days notice to terminate? - ANSWERS15 days A paper mill that is a major employer of a particular place is an example of what type of industry? - ANSWERSBase industry (they bring people to an area while the service industry serves them once they get there) A proprietary lease is associated with what type of ownership - ANSWERSCooperative A provision in a zoning ordinance creates an undue hardship on a property owner. The owner did not cause the hardship. The Zoning Board of Adjustment is authorized to A. Amend that provision of the ordinance B. classify this as a nonconforming use C. grant a special exception D. issue a variance - ANSWERSD. issue a variance A RE broker's client asks the broker to order a title insurance policy while the client is out of town. The broker orders a policy and the title company offers the broker a paid trip to the Bahamas. What should the broker do? - ANSWERSThe broker must fully disclose the facts pertaining to the arrangement to the client. (Because this is a single agency. Hints the word "client") A Real Estate broker may sign a contract on behalf of a party to a transaction when he or she is an - ANSWERSAttorney-in-fact A sales assoc employs an unlicensed assistant. The licensee prepares a fact sheet for all of her listings. The sales assoc instructs her assistant to drive a prospective purchaser by several listed properties. When questioned about a particular property, the assistant reads information from the fact sheet. The prospect decides to buy after the assistant showed her the interior of the last property. Have one or the other or both violated Chapter 475? - ANSWERSBoth violated the license law when the assistant entered the property to show it. A sales assoc is listing a property for sale. He learns there is a lien on the property. What should he do? - ANSWERSAdvise all prospective buyers of the lien before they submit an offer. A Sales Assoc shows a property which the brokerage firm has listed for sale to a prospective buyer. The sales associate is considered what to the broker? - ANSWERSA general agent of the broker A sales assoc wants to move into his own office at a location other than the broker's place of business. He is willing to pay all expenses associated with his own office and will continue to be supervised by the broker. Is this allowed? - ANSWERSOnly if the Sales Assoc works out of an office registered in the name of the broker. A small retail store was constructed, years ago, on property zoned for agriculture use. The area has since been re-zoned to a single-family residential land use. Which statement applies to the store now? A. illegal use B. nonconforming use C. special exception D. variance - ANSWERSB. nonconforming use A tenant in an office building pays a fixed rent plus the property taxes, hazard insurance premium, and common area maintenance expenses. This is what type of lease? A. gross B. ground C. net D. percentage - ANSWERSC. A Vendor's lien is an example of A. general lien B. involuntary lien C. lien against the purchaser D. specific lien - ANSWERSD. Specific lien - affects only the specific property A week-to-week tenancy at will requires how many days notice to terminate? - ANSWERS7 days According the Fair Housing Act, what are the 3 unlawful practices? - ANSWERS1. Steering - steering people to a neighborhood based on race 2. Blockbusting - persuading existing owners to sell 3. Redline - lenders who refuse to make a loan in certain areas or subdivisions Ace Realty is representing the seller and the buyer as transaction broker. Assoc Henry tells the prospective buyer that he believes the seller would accept $10,000 less than the $200,000 list price. Which duty has Assoc Henry violated? - ANSWERSLimited Confidentiality Adam owns a home in fee simple. He executes a deed conveying the title to Betty until she dies, and upon her death the ownership will be vested in Carol. Carol's interest in the home is what type of estate? - ANSWERSRemainder Estate An item that was once personal property but is now legally considered to be real property (can't be moved) is called what? - ANSWERSA Real Fixture. It has become affixed, attached, built-in or installed to the home. ie built-in appliances, plumbing fixtures An offer of $200,000 on a contract for purchase and sale has been accepted by the seller. Subsequent offers can what? - ANSWERS Be submitted until closing when the title is transferred. Are FREC members salaried employees of the BPR? - ANSWERS No. they are compensated $50/day when on official business Are kickbacks and Rebates allowed to a licensee? - ANSWERSNo. They are a violation of chapter 475 UNLESS the licensee has fully advised the principal and all affected parties. Must be upfront. Before Tax Cash Flow is what? - ANSWERSnet operating income minus debt service Can a branch office be in a temporary shelter? - ANSWERSOnly if the business records are kept there and here are sales associates assigned to that office. Otherwise, no. Can a Corporation do a BARSALE? - ANSWERSNo. Only Broker Corporation's can. Can a Corporation Sole broker real estate? - ANSWERSNo. Corporation Sole is associated with church organization. The power of a corporation sole descends to the successor in office. Can a lease less than 1 year be oral or implied and not in writing? - ANSWERSYes Can a licensee furnish someone a Rental Property list for a fee? - ANSWERSYes, provided there is a written contract or receipt agreement with provisions for a refund