Test Bank for Florida Real Estate Exam/ Actual Exam Questions
d d d d d d d d d d
with Correct Answers/ Updated 2024.
d d d d
Indwhichdformdofdco-ownershipdisdadperson'sdownershipdinheritable?d–
a. Jointdtenancy
b. Tenancydbydthedentirety
c. Tenancydindcommon
d. Tenancydindseveralty
CorrectdAnswer-
dc.dTenancydindcommondallowsdfordadpersonsdsharedtodbedinheritable,ditddoesdnotdautomaticallydp
assdforthdtodthedrestdofdthedownersdlikedindjointdtenancyd(thisdisdcalleddthedrightdofdsurvivorship).
Howdlongddodprospectivedtenantsdhavedtodrequestdadrefunddafterdpurchasingdadrentaldlist?d-da.d10ddays
b. 15ddays
c. 30ddays
d. 360ddays
CorrectdAnswer-dC.d30ddays. ... tenantsdhavedupdtod30ddaysdtodrequestdad75%drefunddifdtheyddodnotdpurchase
adrental
WhichdmethoddbestddescribesdthedforeclosuredprocessdindFlorida?d–
a. Caveatdemptor
b. Judicial
c. Lisdpendens
d. Non-judicial
CorrectdAnswer-db.dThedstatedofdfloridadoffersdadjudicialdforeclosuredprocess
Adjudicialdforeclosuredisdknowndasdadliendtheorydprocess.dBasically,dthedhomeownerdhasdlegaldtitledtodthedpr
operty...
Unlikedtitledtheory,dwheredasdthedownerdhasdequitabledtitle
pg.d1
,WhichdofdthedfollowingdstatementsdaboutdthedFloridadpropertydtaxddisclosuredisdNOTdtrue?d-
da.dItdcandbedincludeddindthedsalesdcontractditself.
b. Itdcautionsdbuyersdnotdtodrelydondthedcurrentdyear'sdtaxdtodpredictdwhatdthey'lldhavedtodpay.
c. Itdgivesdbuyersdadroughdestimatedofdthedpropertydtaxdthey'lldpaydindthedcomingdyear.
d. Itdmustdbedprovideddtodsellersdwhendtheydsigndtheirdagencydagreement.
CorrectdAnswer-dc.dThisddisclosureddoesn'tdprovidedanydestimatesdofdfuturedpropertydtaxdamounts.
Whichdactdsimplifies,dclarifies,danddmodernizesdconsumerdprotectiondlawsdanddmakesdthemdmoredconsiste
ntdwithdfederaldtradedlaws?d-da.dFairdHousingdAct
b. FederaldDuplicatedLawdCondensationdAct
c. FederaldTradedCommissiondAct
d. FloridadDeceptivedanddUnfairdTradedPracticesdAct
CorrectdAnswer-dd.dThedFloridadDeceptivedanddUnfairdTradedPracticesdActdisdthedactdthatdsimplifies,
clarifies,danddmodernizesdconsumerdprotectiondlawsdanddmakesdthemdmoredconsistentdwithdfederaldtradedl
aws.
Todcomplydwithdthedstatutedofdfrauds,dandoptiondcontractdmustdbed .d-
da.dIndwritingdanddsigneddbydthedoptionee
b. Indwritingdanddsigneddbydthedoptionor
c. Indwritingdanddwitnesseddbydandattorney
d. Ondfiledatdthedlocaldcourthouse
CorrectdAnswer-
db.dTodcomplydwithdthedstatutedofdfrauds,dandoptiondcontractdmustdbedindwritingdanddsigneddbydthedoption
ord(seller).
Adcooperativedisda(n)d .d–
a. limiteddpartnership
b. LLC
c. not-for-profitdcorporation
d. soledproprietorship
CorrectdAnswer-
dc.dAdcooperativedisdadjointdventuredwithditsdshareholders,dformeddfordtheirdbenefitdanddgoverneddbydthem.
dIt'sdadnot-for-profitdcorporation.
pg.d2
,Compareddwithdcondominiums,dthedmonthlydfeesdfordadcooperativedownerdaredtypicallyd .d–
a. Higher
b. Muchdless
c. Slightlydless
d. Thedsame
CorrectdAnswer-
da.dMonthlydfeesdfordcooperativesdaredgenerallydhigherdbecausedtheydincludedtaxes,dmortgagedpayments,da
nddfeesdfordmaintainingdcommondareasdanddfacilities.
Fordalldintentsdanddpurposes,dsubagentsdaredagentsdofdthed .d-da.dBuyer
b. Seller
c. Thedbuyer'sdbroker
d. Thedlistingdbroker
CorrectdAnswer-
db.dAlthoughdadsubagentdmaydbringdandunrepresenteddbuyerdtodthedtransaction,dthedsubagentdisdandagentdo
fdthedseller.
Candadnewdlicenseedspecializedindthedsaledofdfarmdanddranchdproperty?d-
da.dNotduntildthedlicenseedhasdatdleastdfivedyearsdofdexperiencedindagriculturaldrealdestate
b. Notduntildthedlicenseedpassesdadditionaldcoursesdindagriculturaldrealdestate
c. Yes,dadnewdlicenseedcandspecializedindagriculturaldrealdestate
d. Yes,dasdlongdasdthednewdlicenseedhasdaddegreedindagriculture
CorrectdAnswer-
dc.dSpecializationddoesn'tdrequiredadditionaldcourseworkdordcredentials.dThedlicenseedmustdbedcompetentdi
ndanydspecialization,dhowever.
JacquelinedisdadlicenseedworkingdwithdadpropertydneardadSuperfunddsite.dWhichdofdthesedstatementsdisdtru
e?d–
a. AdportiondofdthedsaledpricedmustdgodtodthedEPAdtodfunddclean-updofdthedsite.
b. Shedmustddisclosedpotentialdhealthdthreatsdtodanyonedindthedareadwhendshowingdthedproperty.
c. Shedmustddisclosedthedexistencedofdandenvironmentaldhazarddindthedarea.
d. Thedpropertydcan'tdbedsoldduntildthedsitedisdremoveddfromdthedNPL.
pg.d3
, CorrectdAnswer-
dc.dAdpropertydwithdadknowndSuperfunddsitedindthedvicinitydrequiresddisclosure,dasdthisdisdadmaterialdfact.
Curtisdwantsdtoddodad1031dexchange.dHedjustdcloseddondhisdproperty.dHowdmanyddaysddoesdhedhavedtodiden
tifydadnewdproperty?d-da.d180
b. 30
c. 45
d. 60
CorrectdAnswer-dc.dInvestorsdwhodwantdtodusedthed1031dtax-
deferreddexchangedmustdidentifydthednewdpropertydwithind45ddaysdofdclosingdanddmustdclosedondthatdprop
ertydwithind180ddaysdfromdtheddatedofdsaledofdthedfirstdproperty.
Whichdoptionddescribesdadrealdpropertydtaxdlien?d–
a. Generaldanddinvoluntary
b. Generaldanddvoluntary
c. Specificdanddinvoluntary
d. Specificdanddvoluntary
CorrectdAnswer-dc.
Adbuyerdrepresentationdagreementdestablishesdandagencydrelationshipdbetweendwhichdparties?d–
a. Buyerdanddbroker
b. Buyerdanddsalesperson
c. Sellerdanddbroker
d. Sellerdanddsalesperson
CorrectdAnswer-
da.dYoudmaydheardadbuyerdrepresentationdagreementdcalleddthedbuyer/brokerdagreement.dThisdisdadcontrac
tdbetweendthedbuyerdanddthedbroker.dRemember,dalldrealdestatedactivitiesdaredconducteddunderdthedbroke
r'sdlicense.
Whatdmustdbedfileddfordthedevictiondprocessdtodbegindafterdadlandlorddhasdwaiteddthreeddaysdanddservesdadtena
ntdadnoticedtodpaydordvacatedthedpremises?d–
a. Adcomplaintdfordeviction
pg.d4
d d d d d d d d d d
with Correct Answers/ Updated 2024.
d d d d
Indwhichdformdofdco-ownershipdisdadperson'sdownershipdinheritable?d–
a. Jointdtenancy
b. Tenancydbydthedentirety
c. Tenancydindcommon
d. Tenancydindseveralty
CorrectdAnswer-
dc.dTenancydindcommondallowsdfordadpersonsdsharedtodbedinheritable,ditddoesdnotdautomaticallydp
assdforthdtodthedrestdofdthedownersdlikedindjointdtenancyd(thisdisdcalleddthedrightdofdsurvivorship).
Howdlongddodprospectivedtenantsdhavedtodrequestdadrefunddafterdpurchasingdadrentaldlist?d-da.d10ddays
b. 15ddays
c. 30ddays
d. 360ddays
CorrectdAnswer-dC.d30ddays. ... tenantsdhavedupdtod30ddaysdtodrequestdad75%drefunddifdtheyddodnotdpurchase
adrental
WhichdmethoddbestddescribesdthedforeclosuredprocessdindFlorida?d–
a. Caveatdemptor
b. Judicial
c. Lisdpendens
d. Non-judicial
CorrectdAnswer-db.dThedstatedofdfloridadoffersdadjudicialdforeclosuredprocess
Adjudicialdforeclosuredisdknowndasdadliendtheorydprocess.dBasically,dthedhomeownerdhasdlegaldtitledtodthedpr
operty...
Unlikedtitledtheory,dwheredasdthedownerdhasdequitabledtitle
pg.d1
,WhichdofdthedfollowingdstatementsdaboutdthedFloridadpropertydtaxddisclosuredisdNOTdtrue?d-
da.dItdcandbedincludeddindthedsalesdcontractditself.
b. Itdcautionsdbuyersdnotdtodrelydondthedcurrentdyear'sdtaxdtodpredictdwhatdthey'lldhavedtodpay.
c. Itdgivesdbuyersdadroughdestimatedofdthedpropertydtaxdthey'lldpaydindthedcomingdyear.
d. Itdmustdbedprovideddtodsellersdwhendtheydsigndtheirdagencydagreement.
CorrectdAnswer-dc.dThisddisclosureddoesn'tdprovidedanydestimatesdofdfuturedpropertydtaxdamounts.
Whichdactdsimplifies,dclarifies,danddmodernizesdconsumerdprotectiondlawsdanddmakesdthemdmoredconsiste
ntdwithdfederaldtradedlaws?d-da.dFairdHousingdAct
b. FederaldDuplicatedLawdCondensationdAct
c. FederaldTradedCommissiondAct
d. FloridadDeceptivedanddUnfairdTradedPracticesdAct
CorrectdAnswer-dd.dThedFloridadDeceptivedanddUnfairdTradedPracticesdActdisdthedactdthatdsimplifies,
clarifies,danddmodernizesdconsumerdprotectiondlawsdanddmakesdthemdmoredconsistentdwithdfederaldtradedl
aws.
Todcomplydwithdthedstatutedofdfrauds,dandoptiondcontractdmustdbed .d-
da.dIndwritingdanddsigneddbydthedoptionee
b. Indwritingdanddsigneddbydthedoptionor
c. Indwritingdanddwitnesseddbydandattorney
d. Ondfiledatdthedlocaldcourthouse
CorrectdAnswer-
db.dTodcomplydwithdthedstatutedofdfrauds,dandoptiondcontractdmustdbedindwritingdanddsigneddbydthedoption
ord(seller).
Adcooperativedisda(n)d .d–
a. limiteddpartnership
b. LLC
c. not-for-profitdcorporation
d. soledproprietorship
CorrectdAnswer-
dc.dAdcooperativedisdadjointdventuredwithditsdshareholders,dformeddfordtheirdbenefitdanddgoverneddbydthem.
dIt'sdadnot-for-profitdcorporation.
pg.d2
,Compareddwithdcondominiums,dthedmonthlydfeesdfordadcooperativedownerdaredtypicallyd .d–
a. Higher
b. Muchdless
c. Slightlydless
d. Thedsame
CorrectdAnswer-
da.dMonthlydfeesdfordcooperativesdaredgenerallydhigherdbecausedtheydincludedtaxes,dmortgagedpayments,da
nddfeesdfordmaintainingdcommondareasdanddfacilities.
Fordalldintentsdanddpurposes,dsubagentsdaredagentsdofdthed .d-da.dBuyer
b. Seller
c. Thedbuyer'sdbroker
d. Thedlistingdbroker
CorrectdAnswer-
db.dAlthoughdadsubagentdmaydbringdandunrepresenteddbuyerdtodthedtransaction,dthedsubagentdisdandagentdo
fdthedseller.
Candadnewdlicenseedspecializedindthedsaledofdfarmdanddranchdproperty?d-
da.dNotduntildthedlicenseedhasdatdleastdfivedyearsdofdexperiencedindagriculturaldrealdestate
b. Notduntildthedlicenseedpassesdadditionaldcoursesdindagriculturaldrealdestate
c. Yes,dadnewdlicenseedcandspecializedindagriculturaldrealdestate
d. Yes,dasdlongdasdthednewdlicenseedhasdaddegreedindagriculture
CorrectdAnswer-
dc.dSpecializationddoesn'tdrequiredadditionaldcourseworkdordcredentials.dThedlicenseedmustdbedcompetentdi
ndanydspecialization,dhowever.
JacquelinedisdadlicenseedworkingdwithdadpropertydneardadSuperfunddsite.dWhichdofdthesedstatementsdisdtru
e?d–
a. AdportiondofdthedsaledpricedmustdgodtodthedEPAdtodfunddclean-updofdthedsite.
b. Shedmustddisclosedpotentialdhealthdthreatsdtodanyonedindthedareadwhendshowingdthedproperty.
c. Shedmustddisclosedthedexistencedofdandenvironmentaldhazarddindthedarea.
d. Thedpropertydcan'tdbedsoldduntildthedsitedisdremoveddfromdthedNPL.
pg.d3
, CorrectdAnswer-
dc.dAdpropertydwithdadknowndSuperfunddsitedindthedvicinitydrequiresddisclosure,dasdthisdisdadmaterialdfact.
Curtisdwantsdtoddodad1031dexchange.dHedjustdcloseddondhisdproperty.dHowdmanyddaysddoesdhedhavedtodiden
tifydadnewdproperty?d-da.d180
b. 30
c. 45
d. 60
CorrectdAnswer-dc.dInvestorsdwhodwantdtodusedthed1031dtax-
deferreddexchangedmustdidentifydthednewdpropertydwithind45ddaysdofdclosingdanddmustdclosedondthatdprop
ertydwithind180ddaysdfromdtheddatedofdsaledofdthedfirstdproperty.
Whichdoptionddescribesdadrealdpropertydtaxdlien?d–
a. Generaldanddinvoluntary
b. Generaldanddvoluntary
c. Specificdanddinvoluntary
d. Specificdanddvoluntary
CorrectdAnswer-dc.
Adbuyerdrepresentationdagreementdestablishesdandagencydrelationshipdbetweendwhichdparties?d–
a. Buyerdanddbroker
b. Buyerdanddsalesperson
c. Sellerdanddbroker
d. Sellerdanddsalesperson
CorrectdAnswer-
da.dYoudmaydheardadbuyerdrepresentationdagreementdcalleddthedbuyer/brokerdagreement.dThisdisdadcontrac
tdbetweendthedbuyerdanddthedbroker.dRemember,dalldrealdestatedactivitiesdaredconducteddunderdthedbroke
r'sdlicense.
Whatdmustdbedfileddfordthedevictiondprocessdtodbegindafterdadlandlorddhasdwaiteddthreeddaysdanddservesdadtena
ntdadnoticedtodpaydordvacatedthedpremises?d–
a. Adcomplaintdfordeviction
pg.d4
