FL Real Estate License Practice Exam 1
Correct 100%
Steve deeded to his father a home for as long as his father was alive. One stipulation to
the deed was that the property would be passed to the local Youth Center upon the
death of Steve's father. What type of estate does the Youth Center have?
a. A reversion estate
b. A remainder estate
c. A life estate
d. An estate for years - ANSWER B
A property that has been declared as a homestead has which of the
following rights?
a. It is exempt from any foreclosure.
b. It is created in favor of the head of household.
c. Up to 160 acres of a properties located within the municipality is protected.
d. All of the above - ANSWER B
A lease that has a beginning date, an ending date, and is in writing is known as a:
a. Tenancy for years
b. Tenancy in common
c. Tenancy at will
d. Tenancy at sufferance - ANSWER A
Once taxes and debt are discharged, which of the following percentages of real property
would a widow with two children receive after her husband's death if the property had
been owned as tenants by the entireties?
a. 25%
b. 30%
c. 50%
d. 100% - ANSWER D
Beth and Dick were recently married and purchased a home together. If Beth owned a
home prior to marriage to Dick, Beth's home is:
a. Entirety property
b. Joint property
c. Separate property
d. Common property - ANSWER C
,Which is not a private limitation on title?
a. A mechanic's lien
b. An easement by necessity
c. A deed restriction
d. Real estate taxes - ANSWER D
Which of the following best describes the function of the Marketable Record Title Act?
a. It provides a satisfaction of mortgage once a debt has been paid in full.
b. It serves to cure most defects in title that are more than thirty years old.
c. It is used in the process of eminent domain.
d. It is a police power used by local governments to raise property taxes. - ANSWER B
The primary purpose of a deed is to:
a. Provide constructive notice
b. Provide collateral for a mortgage
c. Convey title
d. Establish equitable title - ANSWER C
Which clause of a deed contains the type of estate being conveyed?
a. The habendum clause
b. The testimonium clause
c. The redendum clause
d. The seisen clause - ANSWER A
Which of the following will generally result in a fair market value compensation following
litigation?
a. A suit to quiet title
b. A suit to change zoning
c. A suit for condemnation
d. A suit for the equity of redemption - ANSWER C
A rental property has a tenant with a one year written lease. If the property is sold
before the lease expires, which of the following applies?
a. The lease must be renewed in order to be effective.
b. The lease is binding on the new owner.
c. The lease becomes void automatically.
d. The tenant can remain as a month-to-month tenant only. - ANSWER B
In order for title to real estate to transfer from one person to another, a deed must be:
, a. Acknowledged
b. Recorded
c. Delivered and accepted
d. Both a and b - ANSWER C
Broker Terry wants to obtain an option to buy Franco's house so that Terry can resell
the option to a third party for a profit. If the option sale price is $20,000 below market
value, is Terry permitted to do this?
a. No, this is a breach of fiduciary duty.
b. No, this would be a secret profit.
c. Yes, provided the option price is changed to market value.
d. Yes, because brokers are permitted to accept and resell options. - ANSWER D
Which of the following transactions would be governed by the Real Estate Settlements
and Procedures Act (RESPA)?
a. Sale of 35-acre agricultural property
b. Lease of vacant land
c. Option to purchase government owned property
d. Sale of single-family residential property - ANSWER D
What is the section that is located directly south of section 32?
a. 5
b. 18
c. 24
d. 36 - ANSWER A
Broker Betty takes an exclusive right of sale listing on November 5th for six months. The
seller informs Betty that he has had to file bankruptcy as of December 2nd. Betty
continues to market the home and on December 21st finds a ready, willing, and able
buyer who makes a full-price, cash offer. Which of the following statements is correct?
a. Betty is entitled to a commission because the listing was still in effect when she found
the buyer.
b. Betty is not entitled to a commission because the owner is no longer was in control of
the property.
c. Betty is entitled to a commission because the buyer was paying cash at the asking
price.
d. Betty is not entitled to a commission because the bankruptcy court is immune from
paying fees. - ANSWER B
Blue Bird Development Group has entered into an option agreement with Northwest
Florida Land Company to purchase 300 acres for $9,000,000. Blue Bird gave the sellers
a $500,000 binder with six months to exercise their right to purchase. Under what
Correct 100%
Steve deeded to his father a home for as long as his father was alive. One stipulation to
the deed was that the property would be passed to the local Youth Center upon the
death of Steve's father. What type of estate does the Youth Center have?
a. A reversion estate
b. A remainder estate
c. A life estate
d. An estate for years - ANSWER B
A property that has been declared as a homestead has which of the
following rights?
a. It is exempt from any foreclosure.
b. It is created in favor of the head of household.
c. Up to 160 acres of a properties located within the municipality is protected.
d. All of the above - ANSWER B
A lease that has a beginning date, an ending date, and is in writing is known as a:
a. Tenancy for years
b. Tenancy in common
c. Tenancy at will
d. Tenancy at sufferance - ANSWER A
Once taxes and debt are discharged, which of the following percentages of real property
would a widow with two children receive after her husband's death if the property had
been owned as tenants by the entireties?
a. 25%
b. 30%
c. 50%
d. 100% - ANSWER D
Beth and Dick were recently married and purchased a home together. If Beth owned a
home prior to marriage to Dick, Beth's home is:
a. Entirety property
b. Joint property
c. Separate property
d. Common property - ANSWER C
,Which is not a private limitation on title?
a. A mechanic's lien
b. An easement by necessity
c. A deed restriction
d. Real estate taxes - ANSWER D
Which of the following best describes the function of the Marketable Record Title Act?
a. It provides a satisfaction of mortgage once a debt has been paid in full.
b. It serves to cure most defects in title that are more than thirty years old.
c. It is used in the process of eminent domain.
d. It is a police power used by local governments to raise property taxes. - ANSWER B
The primary purpose of a deed is to:
a. Provide constructive notice
b. Provide collateral for a mortgage
c. Convey title
d. Establish equitable title - ANSWER C
Which clause of a deed contains the type of estate being conveyed?
a. The habendum clause
b. The testimonium clause
c. The redendum clause
d. The seisen clause - ANSWER A
Which of the following will generally result in a fair market value compensation following
litigation?
a. A suit to quiet title
b. A suit to change zoning
c. A suit for condemnation
d. A suit for the equity of redemption - ANSWER C
A rental property has a tenant with a one year written lease. If the property is sold
before the lease expires, which of the following applies?
a. The lease must be renewed in order to be effective.
b. The lease is binding on the new owner.
c. The lease becomes void automatically.
d. The tenant can remain as a month-to-month tenant only. - ANSWER B
In order for title to real estate to transfer from one person to another, a deed must be:
, a. Acknowledged
b. Recorded
c. Delivered and accepted
d. Both a and b - ANSWER C
Broker Terry wants to obtain an option to buy Franco's house so that Terry can resell
the option to a third party for a profit. If the option sale price is $20,000 below market
value, is Terry permitted to do this?
a. No, this is a breach of fiduciary duty.
b. No, this would be a secret profit.
c. Yes, provided the option price is changed to market value.
d. Yes, because brokers are permitted to accept and resell options. - ANSWER D
Which of the following transactions would be governed by the Real Estate Settlements
and Procedures Act (RESPA)?
a. Sale of 35-acre agricultural property
b. Lease of vacant land
c. Option to purchase government owned property
d. Sale of single-family residential property - ANSWER D
What is the section that is located directly south of section 32?
a. 5
b. 18
c. 24
d. 36 - ANSWER A
Broker Betty takes an exclusive right of sale listing on November 5th for six months. The
seller informs Betty that he has had to file bankruptcy as of December 2nd. Betty
continues to market the home and on December 21st finds a ready, willing, and able
buyer who makes a full-price, cash offer. Which of the following statements is correct?
a. Betty is entitled to a commission because the listing was still in effect when she found
the buyer.
b. Betty is not entitled to a commission because the owner is no longer was in control of
the property.
c. Betty is entitled to a commission because the buyer was paying cash at the asking
price.
d. Betty is not entitled to a commission because the bankruptcy court is immune from
paying fees. - ANSWER B
Blue Bird Development Group has entered into an option agreement with Northwest
Florida Land Company to purchase 300 acres for $9,000,000. Blue Bird gave the sellers
a $500,000 binder with six months to exercise their right to purchase. Under what
