Test bank for florida real estate exam

Test Bank for Florida Real Estate Exam/ Actual Exam Questionsw
e e e e e e e e e e



ith Correct Answers/ Updated 2024.
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Inewhicheformeofeco-ownershipeiseaeperson'seownershipeinheritable?e–

a. Jointetenancy

b. Tenancyebyetheeentirety

c. Tenancyeinecommon

d. Tenancyeineseveralty

CorrecteAnswer-
ec.eTenancyeinecommoneallowseforeaepersonseshareetoebeeinheritable,eitedoesenoteautomaticallyepa

sseforthetoetheeresteofetheeownerselikeeinejointetenancye(thiseisecalledetheerighteofesurvivorship).



Howelongedoeprospectiveetenantsehaveetoerequesteaerefundeafterepurchasingeaerentalelist?e-ea.e10edays

b. 15edays

c. 30edays

d. 360edays

CorrecteAnswer-eC.e30edays. ... tenantsehaveeupetoe30edaysetoerequesteae75%erefundeifetheyedoenotepurchase
aerental



WhichemethodebestedescribesetheeforeclosureeprocesseineFlorida?e–

a. Caveateemptor

b. Judicial

c. Lisependens

d. Non-judicial

CorrecteAnswer-eb.eTheestateeofefloridaeofferseaejudicialeforeclosureeprocess

Aejudicialeforeclosureeiseknowneaseaelienetheoryeprocess.eBasically,etheehomeownerehaselegaletitleetoetheepro
perty...

Unlikeetitleetheory,ewhereeasetheeownerehaseequitableetitle




pg.e1

,WhicheofetheefollowingestatementseaboutetheeFloridaepropertyetaxedisclosureeiseNOTetrue?e-
ea.eItecanebeeincludedeinetheesalesecontracteitself.



b. Itecautionsebuyersenotetoerelyeonetheecurrenteyear'setaxetoepredictewhatethey'llehaveetoepay.

c. Itegivesebuyerseaerougheestimateeofetheepropertyetaxethey'llepayeinetheecomingeyear.

d. Itemustebeeprovidedetoesellersewhenetheyesignetheireagencyeagreement.

CorrecteAnswer-ec.eThisedisclosureedoesn'teprovideeanyeestimateseofefutureepropertyetaxeamounts.



Whicheactesimplifies,eclarifies,eandemodernizeseconsumereprotectionelawseandemakesethememoreeconsiste
ntewithefederaletradeelaws?e-ea.eFaireHousingeAct

b. FederaleDuplicateeLaweCondensationeAct

c. FederaleTradeeCommissioneAct

d. FloridaeDeceptiveeandeUnfaireTradeePracticeseAct

CorrecteAnswer-ed.eTheeFloridaeDeceptiveeandeUnfaireTradeePracticeseActeisetheeactethatesimplifies,
clarifies,eandemodernizeseconsumereprotectionelawseandemakesethememoreeconsistentewithefederaletradeela
ws.



Toecomplyewithetheestatuteeofefrauds,eaneoptionecontractemustebe .e-
ea.eInewritingeandesignedebyetheeoptionee



b. Inewritingeandesignedebyetheeoptionor

c. Inewritingeandewitnessedebyeaneattorney

d. Onefileeatetheelocalecourthouse

CorrecteAnswer-
eb.eToecomplyewithetheestatuteeofefrauds,eaneoptionecontractemustebeeinewritingeandesignedebyetheeoptiono

re(seller).



Aecooperativeeisea(n) .e–

a. limitedepartnership

b. LLC

c. not-for-profitecorporation

d. soleeproprietorship

CorrecteAnswer-
ec.eAecooperativeeiseaejointeventureewitheitseshareholders,eformedeforetheirebenefiteandegovernedebyethem.eIt's

eaenot-for-profitecorporation.

,pg.e2

, Comparedewithecondominiums,etheemonthlyefeeseforeaecooperativeeownereareetypically .e–

a. Higher

b. Mucheless

c. Slightlyeless

d. Theesame

CorrecteAnswer-
ea.eMonthlyefeeseforecooperativeseareegenerallyehigherebecauseetheyeincludeetaxes,emortgageepayments,ea

ndefeeseforemaintainingecommoneareaseandefacilities.



Forealleintentseandepurposes,esubagentseareeagentseofethe .e-ea.eBuyer

b. Seller

c. Theebuyer'sebroker

d. Theelistingebroker

CorrecteAnswer-
eb.eAlthougheaesubagentemayebringeaneunrepresentedebuyeretoetheetransaction,etheesubagenteiseaneagenteo

fetheeseller.



Caneaenewelicenseeespecializeeinetheesaleeofefarmeanderancheproperty?e-
ea.eNoteuntiletheelicenseeehaseateleastefiveeyearseofeexperienceeineagriculturalerealeestate



b. Noteuntiletheelicenseeepasseseadditionalecourseseineagriculturalerealeestate

c. Yes,eaenewelicenseeecanespecializeeineagriculturalerealeestate

d. Yes,easelongeasetheenewelicenseeehaseaedegreeeineagriculture

CorrecteAnswer-
ec.eSpecializationedoesn'terequireeadditionalecourseworkeorecredentials.eTheelicenseeemustebeecompetentein

eanyespecialization,ehowever.




JacquelineeiseaelicenseeeworkingewitheaepropertyeneareaeSuperfundesite.eWhicheofetheseestatementseisetrue
?e–

a. AeportioneofetheesaleepriceemustegoetoetheeEPAetoefundeclean-upeofetheesite.

b. Sheemustediscloseepotentialehealthethreatsetoeanyoneeinetheeareaewheneshowingetheeproperty.

c. Sheemustediscloseetheeexistenceeofeaneenvironmentalehazardeinetheearea.

d. Theepropertyecan'tebeesoldeuntiletheesiteeiseremovedefrometheeNPL.