REAL ESATE PRACTICE EXAM FLORIDA
What is the vacancy rate of an apartment complex that has 150 units, 3 of
which are unoccupied? - ✔ 2%
Maritza, who is not a real estate license holder, owns two single-family
residences, which she rents out. (She does not occupy either of the
residences). Does she have to abide by the Fair Housing Act when selecting
tenants? - ✔ Maritza is exempt from the Fair Housing Act, although she may
not use discriminatory advertising
A Florida landlord places all of the security deposits he collects into his
business account. He posts a surety bond which covers the total amount of
deposits.
This is: - ✔ a legal practice under the Florida Residential Landlord and Tenant
Act
Graciela is leaving Atlas Realty and moving to another brokerage. She can't
wait to tell her new brokerage all the details about her most recent
transaction at her old brokerage. Graciela should remember: - ✔ She must
keep confidential information confidential even after her employment
terminates
Jack's broker received three offers on Jack's cottage. The first was a full-price
offer without any conditions or contingencies. The second offer was insulting,
really... just a handful of beans. The third and last offer was a full-price offer,
contingent on Jack not removing the beanstalk from the property when he
moved out.
What are the obligations of Jack's broker? - ✔ Jack's broker is obligated to
present all offers, regardless of how the broker feels about them.
An airtight, weatherproofed house is energy efficient, but there are potential
drawbacks. Predict the increased environmental hazards that such a home
could experience. - ✔ Elevated levels of radon could get trapped inside, and
reduced air circulation could also encourage mold growth.
Zora is purchasing a property in Florida. When she closes, the seller will
transfer her shares of a corporation. She will also be given a proprietary lease
to the unit she will live in. What kind of property is Zora most likely
purchasing? - ✔ a co-op
Ella's house assessed for $91,000. The tax rate for city, county, and school
taxes was 9.1 mills each.
How much did she save in property taxes this year? - ✔ $1,137.50
Total exemptions x Tax rate = Property tax savings. If a home has an
assessed value above $75,000, the owner gets the base $25,000 exemption
plus an additional $25,000 exemption on city and county taxes only. So, let's
, do school taxes first: $25,000 x 0.0091 = $227.50. For city and county, add
the mills first to get 18.2 mills. $50,000 x 0.0182 = $910. $227.50 + $910 =
$1,137.50
Rhoda has a sales associate license in Mississippi. She has been living in a
hotel in Florida for two months. Evaluate whether or not she would be eligible
for mutual recognition. - ✔ Yes, because she is a licensed in a mutual
recognition state and has not lived in Florida for four months.
Samantha bought 4 discount points for $14,000. What is her loan principal? -
✔ $350,000
Total cost of points ÷ Number of points = Cost per point. $14,000 ÷ 4 =
$3,500/point. Cost per point x 100 = Loan principal. $3,500/point x 100 =
$350,000.
Brokers must deposit escrow funds immediately. When defining the term
"immediately," what is an important point to consider? - ✔ Saturdays,
Sundays and legal holidays are not counted as business days.
Target marketing involves agents utilizing a farm area. Which of the following
describes an agent utilizing a farm area? - ✔ Gretta focuses on the south side
of town where there are a lot of apartment buildings and condos.
Baruch states in the contract that he will pay $350,000 for a property. The
$350,000 is the: - ✔ consideration
Henrietta sells a property, reinvests the proceeds in a brand new property,
and defers all capital gain taxes. This is called a(n): - ✔ like-kind change
Williams Family Farms purchased 4 sections of land in a township. How many
acres did they buy? - ✔ 2,560
One section equals 640 acres, so to find the total number of acres in 4
sections of land in a township, use the formula 640 acres x 4 = 2,560 acres.
In Florida, listing agreements are not promulgated. Does that impact whether
or not the agreement would be considered a valid form of express agency? -
✔ It has no impact because as long as a nonpromulgated listing agreement
contains all the required information, it will serve as a valid form of expressed
agency.
Kae is a broker. She asks her sales associate to collect evidence of title for the
property they are working with. They bring Kae evidence of title in the form
of:
A Torrens certificate
An opinion of title
What is the vacancy rate of an apartment complex that has 150 units, 3 of
which are unoccupied? - ✔ 2%
Maritza, who is not a real estate license holder, owns two single-family
residences, which she rents out. (She does not occupy either of the
residences). Does she have to abide by the Fair Housing Act when selecting
tenants? - ✔ Maritza is exempt from the Fair Housing Act, although she may
not use discriminatory advertising
A Florida landlord places all of the security deposits he collects into his
business account. He posts a surety bond which covers the total amount of
deposits.
This is: - ✔ a legal practice under the Florida Residential Landlord and Tenant
Act
Graciela is leaving Atlas Realty and moving to another brokerage. She can't
wait to tell her new brokerage all the details about her most recent
transaction at her old brokerage. Graciela should remember: - ✔ She must
keep confidential information confidential even after her employment
terminates
Jack's broker received three offers on Jack's cottage. The first was a full-price
offer without any conditions or contingencies. The second offer was insulting,
really... just a handful of beans. The third and last offer was a full-price offer,
contingent on Jack not removing the beanstalk from the property when he
moved out.
What are the obligations of Jack's broker? - ✔ Jack's broker is obligated to
present all offers, regardless of how the broker feels about them.
An airtight, weatherproofed house is energy efficient, but there are potential
drawbacks. Predict the increased environmental hazards that such a home
could experience. - ✔ Elevated levels of radon could get trapped inside, and
reduced air circulation could also encourage mold growth.
Zora is purchasing a property in Florida. When she closes, the seller will
transfer her shares of a corporation. She will also be given a proprietary lease
to the unit she will live in. What kind of property is Zora most likely
purchasing? - ✔ a co-op
Ella's house assessed for $91,000. The tax rate for city, county, and school
taxes was 9.1 mills each.
How much did she save in property taxes this year? - ✔ $1,137.50
Total exemptions x Tax rate = Property tax savings. If a home has an
assessed value above $75,000, the owner gets the base $25,000 exemption
plus an additional $25,000 exemption on city and county taxes only. So, let's
, do school taxes first: $25,000 x 0.0091 = $227.50. For city and county, add
the mills first to get 18.2 mills. $50,000 x 0.0182 = $910. $227.50 + $910 =
$1,137.50
Rhoda has a sales associate license in Mississippi. She has been living in a
hotel in Florida for two months. Evaluate whether or not she would be eligible
for mutual recognition. - ✔ Yes, because she is a licensed in a mutual
recognition state and has not lived in Florida for four months.
Samantha bought 4 discount points for $14,000. What is her loan principal? -
✔ $350,000
Total cost of points ÷ Number of points = Cost per point. $14,000 ÷ 4 =
$3,500/point. Cost per point x 100 = Loan principal. $3,500/point x 100 =
$350,000.
Brokers must deposit escrow funds immediately. When defining the term
"immediately," what is an important point to consider? - ✔ Saturdays,
Sundays and legal holidays are not counted as business days.
Target marketing involves agents utilizing a farm area. Which of the following
describes an agent utilizing a farm area? - ✔ Gretta focuses on the south side
of town where there are a lot of apartment buildings and condos.
Baruch states in the contract that he will pay $350,000 for a property. The
$350,000 is the: - ✔ consideration
Henrietta sells a property, reinvests the proceeds in a brand new property,
and defers all capital gain taxes. This is called a(n): - ✔ like-kind change
Williams Family Farms purchased 4 sections of land in a township. How many
acres did they buy? - ✔ 2,560
One section equals 640 acres, so to find the total number of acres in 4
sections of land in a township, use the formula 640 acres x 4 = 2,560 acres.
In Florida, listing agreements are not promulgated. Does that impact whether
or not the agreement would be considered a valid form of express agency? -
✔ It has no impact because as long as a nonpromulgated listing agreement
contains all the required information, it will serve as a valid form of expressed
agency.
Kae is a broker. She asks her sales associate to collect evidence of title for the
property they are working with. They bring Kae evidence of title in the form
of:
A Torrens certificate
An opinion of title
