RE exam (questions with 100% correct
answers) pass
Farming - correct answer ✔✔specialize in one particular geographic area/property type
5 major real estate property types - correct answer ✔✔1. residential property (4 units or less)
2. commercial property
3.industiral
4. agricultural property land of more than 10 acres
5. business opportunity
Special purpose property - correct answer ✔✔property type like school, churches, nursing homes, post
offices and hospitals
Property manager - correct answer ✔✔professional who preserves the value of an investment by an
owner while generating income as an agent for the owner, property manager acts as a fiduciary to the
owner. Usually absentee owners
Fiduciary - correct answer ✔✔person that has a duty to act primarily for another benefit involving duties
such as good faith, trust, special confidence, and candor. May be asked to perform preventative
maintenance, routine maintenance, repair maintenance and construction maintenance
3 methods to determine value - correct answer ✔✔1. an appraisal. estimation of value done by
appraisers
2. Broker price opinion. done based on properties recently sold in the market
3. comparative market analysis
steps developer must take to prepare and create the end result in land development - correct answer
✔✔land acquisition, approval by the local authorities, subdivision plat map and recording, construction,
and finally subdividing and development
, Types of residential home construction include - correct answer ✔✔-"Spec" homes (built without having
a specific buyer in mind)
-Tract homes (built to a certain set of guidelines used for particular subdivision)
-Custom home (built for specific buyer)
3 types of real estate licenses in FL - correct answer ✔✔1. sales associate, person who provides real
estate services for another for compensation under the direction, control and management of a
qualifying broker
2. broker, person who provides real estate services for another for compensation
3. broker associate, a licensed broker who chooses to work as a sales associate under the direction of
another broker
Persons who are exempt from real estate law, do not need license for selling, leasing, etc - correct
answer ✔✔-an owner selling his or her own property
-anyone acting as an attorney in fact or on behalf a trust
-an employee of public utility, electric cooperative, railroad or state or local gov, telecommunications
people selling radio
-full time grad student enrolled in FREC approved degree program
Services of real estate - correct answer ✔✔remembered using BARE SALAD. appraising, rental
management, exchanging, selling, advertising, leasing, auctioning, discussing sale or leasing details
Florida does not have reciprocity with other states - correct answer ✔✔instead uses mutual recognition
for those licensed in certain states to obtain a Florida license
important dates and times to remember - correct answer ✔✔10 days number of days to notify FREC and
DBPR of a change of address.
18-24 mo time period for an initial licensee to complete post licensing and renew their initial license
The department of business and professional regulation - correct answer ✔✔purpose it to license
efficiently and regulate fairly
answers) pass
Farming - correct answer ✔✔specialize in one particular geographic area/property type
5 major real estate property types - correct answer ✔✔1. residential property (4 units or less)
2. commercial property
3.industiral
4. agricultural property land of more than 10 acres
5. business opportunity
Special purpose property - correct answer ✔✔property type like school, churches, nursing homes, post
offices and hospitals
Property manager - correct answer ✔✔professional who preserves the value of an investment by an
owner while generating income as an agent for the owner, property manager acts as a fiduciary to the
owner. Usually absentee owners
Fiduciary - correct answer ✔✔person that has a duty to act primarily for another benefit involving duties
such as good faith, trust, special confidence, and candor. May be asked to perform preventative
maintenance, routine maintenance, repair maintenance and construction maintenance
3 methods to determine value - correct answer ✔✔1. an appraisal. estimation of value done by
appraisers
2. Broker price opinion. done based on properties recently sold in the market
3. comparative market analysis
steps developer must take to prepare and create the end result in land development - correct answer
✔✔land acquisition, approval by the local authorities, subdivision plat map and recording, construction,
and finally subdividing and development
, Types of residential home construction include - correct answer ✔✔-"Spec" homes (built without having
a specific buyer in mind)
-Tract homes (built to a certain set of guidelines used for particular subdivision)
-Custom home (built for specific buyer)
3 types of real estate licenses in FL - correct answer ✔✔1. sales associate, person who provides real
estate services for another for compensation under the direction, control and management of a
qualifying broker
2. broker, person who provides real estate services for another for compensation
3. broker associate, a licensed broker who chooses to work as a sales associate under the direction of
another broker
Persons who are exempt from real estate law, do not need license for selling, leasing, etc - correct
answer ✔✔-an owner selling his or her own property
-anyone acting as an attorney in fact or on behalf a trust
-an employee of public utility, electric cooperative, railroad or state or local gov, telecommunications
people selling radio
-full time grad student enrolled in FREC approved degree program
Services of real estate - correct answer ✔✔remembered using BARE SALAD. appraising, rental
management, exchanging, selling, advertising, leasing, auctioning, discussing sale or leasing details
Florida does not have reciprocity with other states - correct answer ✔✔instead uses mutual recognition
for those licensed in certain states to obtain a Florida license
important dates and times to remember - correct answer ✔✔10 days number of days to notify FREC and
DBPR of a change of address.
18-24 mo time period for an initial licensee to complete post licensing and renew their initial license
The department of business and professional regulation - correct answer ✔✔purpose it to license
efficiently and regulate fairly
