FLORIDA MUTUAL RECOGNITION EXAM
STUDY SET broker
The members of the Florida Real Estate Commission receive: correct
answers$50 per day when on official business, plus expenses
The Florida Real Estate Commission consists of: correct answersFour
brokers, two consumers, and one licensed broker or sales associate
A brokerage relationship is terminated under which circumstances? correct
answersThe broker agent renounces the brokerage relationship
A homestead tax exemption is deducted from the: correct answersAssessed
value of a property
A broker offers a free trip to Hawaii in an advertisement to sell real property.
The broker has stipulations in the ad that will result in no free trip. Which of
the following is true? correct answersThe broker has made false or
misleading statements
If a property has been renting for $750 per month and, based on
comparables, the GRM is 110, what is the indicated value of the property?
correct answers$990,000
A borrower pays off his loan, however, the lender refuses to cancel the
mortgage. Which of the following clauses of a mortgage has the lender
violated? correct answersDefeasance Clause
X buys Y's property, which is subject to a mortgage. After five years of
payment, X defaults and misses a payment. Which of the following is the
appropriate remedy for the original mortgagor. correct answersThe
mortgagor has no recourse as there was no assumption
A Florida sales associate may register with the DBPR as a correct
answersLimited Liability Company
Who confirms the appointment of the seven members of the Florida
Real Estate Commission? correct answersThe Senate
An applicant for a Florida real estate license correct answersdoes always
need to have a social security number
The members of the Florida Real Estate Commission are: correct
answersAppointed by the Governor for four-year terms
, During the 18-24 month first renewal period a licensed broker need to
complete: correct answers60 hours of post licensure courses
X lists a property. X finds a buyer. Is X allowed to write an offer as a
buyer's representative? correct answersNo - a licensee in Florida may not
operate as a dual agent
A brokerage relationship is terminated under which circumstances? correct
answersThe broker agent renounces the brokerage relationship
License law and the Federal Fair Housing Act of 1968 prohibits
discrimination in housing for the following protected classes, except
correct answersAge
Special restrictions to all properties within a subdivision would be found
in: correct answersRecord of Restrictions
Perhaps the easiest way to remove a cloud on title is: correct
answersQuitclaim
A commercial tenant installs a pizza oven in his new restaurant. The pizza
oven would be deemed a: correct answersChattel/Trade Fix
If the buyer in contract for deed (land contract) who has paid less than
20% of the purchase price defaults, the seller may: correct answersInitiate
forfeiture proceedings
Who is authorized to rescind a voidable contract? correct answersOnly the
minor
Broker A conveys an offer from his principal to Broker B wherein A's
principal wishes to purchase a 300-acre farm by giving B's
principal$100,000, 2 tractors and 50 head of Black Angus cattle. What
would the consideration offered by A's principal be called? correct
answersValuable, but not good
All of the following documents are required to be in writing. Which one is not
covered by the Statute of Frauds? correct answersListing Agreement
When a buyer gave salesperson Sue a check for $1,000 as an earnest
money deposit in a transaction, she deposited it in her special trust
account. Can her client earn interest on this deposit? correct answersNo,
because only brokers may have trust accounts
Susan, unhappy and wanting to get away and spend all her time reading,
offered to trade her four-bedroom three-story town home near the subway
station for John's one- room cabin in the mountains. John promptly accepted
her offer. A week later, at Susan's attorney's office, they signed a contract
setting forth the even swap. In light of the apparent wide disparity in the
values of the two properties, does Susan have to go through with the deal if
she changes her mind before closing? correct answersYes, if all
STUDY SET broker
The members of the Florida Real Estate Commission receive: correct
answers$50 per day when on official business, plus expenses
The Florida Real Estate Commission consists of: correct answersFour
brokers, two consumers, and one licensed broker or sales associate
A brokerage relationship is terminated under which circumstances? correct
answersThe broker agent renounces the brokerage relationship
A homestead tax exemption is deducted from the: correct answersAssessed
value of a property
A broker offers a free trip to Hawaii in an advertisement to sell real property.
The broker has stipulations in the ad that will result in no free trip. Which of
the following is true? correct answersThe broker has made false or
misleading statements
If a property has been renting for $750 per month and, based on
comparables, the GRM is 110, what is the indicated value of the property?
correct answers$990,000
A borrower pays off his loan, however, the lender refuses to cancel the
mortgage. Which of the following clauses of a mortgage has the lender
violated? correct answersDefeasance Clause
X buys Y's property, which is subject to a mortgage. After five years of
payment, X defaults and misses a payment. Which of the following is the
appropriate remedy for the original mortgagor. correct answersThe
mortgagor has no recourse as there was no assumption
A Florida sales associate may register with the DBPR as a correct
answersLimited Liability Company
Who confirms the appointment of the seven members of the Florida
Real Estate Commission? correct answersThe Senate
An applicant for a Florida real estate license correct answersdoes always
need to have a social security number
The members of the Florida Real Estate Commission are: correct
answersAppointed by the Governor for four-year terms
, During the 18-24 month first renewal period a licensed broker need to
complete: correct answers60 hours of post licensure courses
X lists a property. X finds a buyer. Is X allowed to write an offer as a
buyer's representative? correct answersNo - a licensee in Florida may not
operate as a dual agent
A brokerage relationship is terminated under which circumstances? correct
answersThe broker agent renounces the brokerage relationship
License law and the Federal Fair Housing Act of 1968 prohibits
discrimination in housing for the following protected classes, except
correct answersAge
Special restrictions to all properties within a subdivision would be found
in: correct answersRecord of Restrictions
Perhaps the easiest way to remove a cloud on title is: correct
answersQuitclaim
A commercial tenant installs a pizza oven in his new restaurant. The pizza
oven would be deemed a: correct answersChattel/Trade Fix
If the buyer in contract for deed (land contract) who has paid less than
20% of the purchase price defaults, the seller may: correct answersInitiate
forfeiture proceedings
Who is authorized to rescind a voidable contract? correct answersOnly the
minor
Broker A conveys an offer from his principal to Broker B wherein A's
principal wishes to purchase a 300-acre farm by giving B's
principal$100,000, 2 tractors and 50 head of Black Angus cattle. What
would the consideration offered by A's principal be called? correct
answersValuable, but not good
All of the following documents are required to be in writing. Which one is not
covered by the Statute of Frauds? correct answersListing Agreement
When a buyer gave salesperson Sue a check for $1,000 as an earnest
money deposit in a transaction, she deposited it in her special trust
account. Can her client earn interest on this deposit? correct answersNo,
because only brokers may have trust accounts
Susan, unhappy and wanting to get away and spend all her time reading,
offered to trade her four-bedroom three-story town home near the subway
station for John's one- room cabin in the mountains. John promptly accepted
her offer. A week later, at Susan's attorney's office, they signed a contract
setting forth the even swap. In light of the apparent wide disparity in the
values of the two properties, does Susan have to go through with the deal if
she changes her mind before closing? correct answersYes, if all
