Florida Real Estate Exam Questions and Answers Updated 2024

Owners that buy income properties as investments and depend on professionals to manage them - Absentee Owners a Value estimated based on resent sales of similar properties in the same neighborhood, not an appraisal - CMA -Comparative Market Analysis... A contractor is employed by an owner of land to build on that land to the owner's specifications - Custom Building When a contractor builds on his own land with the hope of locating a purchaser after construction has been completed - Speculative building A developer that acquires a large that aquires a large tract of land and builds a model center from which sales may be made - tract building Property management has grown as a service of real estate primarily bc of an increase of _______ _________ - Absentee Ownership The category of construction that applies when a property owner employs a contractor to build on his or her lot is called________ ___________ - Custom Building A Real Estate appraiser's fee for professional service is based on: a. a percentage of the property's gross income b. a percentage of the fair market value c. the time and difficulty of the appraisal d. a percentage of property's sales - C. the time and difficulty of the appraisal A developer contracts to build a home on a buyer's lot to the buyer's specifications. This is an example of which type of building: a. tract b. custom c. speculative d. subdivision - b. custom A Florida Real Estate lisence is required when anyone performs a service is specified under F.S. 475 when all the following conditions are simultaneously present, unless that individual is otherwise exempt under the law: - 1. Preforming a service of real estate 2. In the state of Florida 3. For another 4. For compensation _________ has been defined to include anything or any service of Value paid, recieved or expected to be paid or recieved. - Compensation The postlicense educational course for sales associate consists of ________ hours - 45 The continuing education requirement consists of ______ hours - 14 Florida Real estate sales associates that desire to become brokers must wait _______ ________ before taking the state exam. - one year A tenant in an apartment complex may recieve up to ______ for refferal of a new tenant for the same complex. - $50 ________ ________ education must be completed during the initial sales associates's license period. - Post Licensing Owner-employers of licensed real estate sales associates are allowed to pay them: a. on a salary basis only b. on a commision basis only c. a commission , but not a bonus d. a commission or salary - d. a commission or salary To qualify for a real estate broker's license, an applicant must have been employed for a minimum of: a. 6 months under one actively licensed broker b. 12 months under one actively licensed broker c. 12 months under 1 or more actively licensed brokers d. 6 months under 1 or more actively lisenced broker - c. 12 months under 1 or more actively licensed brokers How many hours of postlicense education are required to renew a brokers license? - 60 hours How long can an voluntary inactive licencee remain in that lisence status? - indefinately The agreement the state of Florida has w/ some other states that recognises the similarity in education and experience required of licencees is called: rocity b. mutual recognition c. cooperative licensure d. intrastate licensing - b. mutual recognition A plumber has been appointed by a court to appraise a small business. The plumber....... a. is in violation of F.S. 475 b. is allowed to charge a commission c. may do so and be paid a fee d. must first be licensed under F.S. 475, Part II - c. may do so and be paid a fee A Georgia Auctioneer was asked by a local real estate broker to auction a small motel in Jacksonville. The auction did not result in a sale. The Florida broker paid the auctioneer for out-of-pocket expenses, but did not pay a commission. It would be correct to say that the: a. Georgia Autioneer violated the license law b. Florida Broker did not violate the license law c. Florida broker is not subject to discipline by the Florida real estate commision d. tranaction is perfectly within the license law - a. Georgia Autioneer violated the license law The Commission's ability to impose disciplinary actions against licensees is known as ______ _________ power - quasi - judicial The rule-making authority of the FREC is called ______ _________ power - quasi - legislative Members of the Florida Real estate Commission may serve no more than _____ consecutive terms - 2 A licensee that fails to renew when required to do so will have his or her license placed on _______ ________ - involuntary Inactive