Florida Real Estate Practice Final Exam
1. When must a written no brokerage relationship notice be provided to
customers?
correct answersBefore showing homes that are
listed.
2. Which of the following can not be used by the federal reserve to change or
control supply?
money the correct answersAfter income
tax rates
3. A broker has an exclusive right of sale listing to sell an owner's
property,
other with no
authority granted. What type of agency does the broker have with
the principal?
correct answersSpecial
agency
4. A licensee is being disciplined by the FREC for multiple violations of F.S.
475. Which
penalty may the Commision NOT impose? correct answersA fine not to
and/or
exceedimprisonment
$5,000 not to exceed one
year.
5. A judgment his awarded against a licensee for $100,000. What is the
maximum themay be compensated from the real estate recovery
complaintent
fund? correct
answers50
%
6. What term is applied to the practice of keeping low income people out of
a particular
neighborhood? correct answersExclusionary
zoning
7. Complete this statement. A transaction broker .
answersOwes limited confidentiality to both
correct
parties.
8. Broker Jones committed fraud in a real estate transaction that involved 6
investors
a in
limited partnership. What is the maximum recovery possible for the
recovery fund that results in a single judgment as a result of this
realestate
fraudulent activity?
correct
answers$50,000
9. A mortgagor defaulted on his loan payments. The lender foreclosed on
the property.
Some States allow the party that was foreclosed the right to redeem
the property
following foreclosure. What is the term used to describe this
right? correct
answersStatutory right of
redemption
10. The sales comparison approach usually CANNOT be used when
estimating
value the of the following? correct answersSpecial-purpose
of which
properties
11. Which of the following describes expenses on a closing
answersAlways
statement? correct entered as debit
entries
, 12. The original mortgagor is NOT released from liability if title to property
is taken
what? correct
by answersSubject to the
mortgage
13. What is the purpose of the closing statement? correct answersTo
summarize
simplify theand
transaction
14. Which is the following best describes an acknowledgement of a
deed? correct
answersIt can be taken by an officer of the
state.
15. The federal reserve board is charged with the responsibility of
monitoring the
controlling andsupply of money and cost of credit. What actions could it use
to cause in
increase aninterest rates? correct answersSell government securities,
increaserequirement,
reserve the and increase the
discount rate.
16. Which statement regarding a planned unit development (PUD) is
correct? correct
answersIt is a type of zoning that permits flexibility from rigid zoning
standards.
17. Who or what determines the rates for documentary stamps? correct
answersState
La
w
18. Which term is used to refer to the difference between current
property and the
market value of aamount the owner still owes on the mortgage? correct
answersEquity
19. Who determines the form for the closing statement? correct
answersThe closing
agen
t
20. Concerning all FHA/VA Mortgages, which statement is
correct? correct
answersBorrowers must meet minimum
requirements.
21. When may the equity of redemption be exercised? correct answersUntil
the time of
foreclosur
e
22. What type of planning study deals with local business
activity? correct base
answersEconomic
analysis
23. A broker may deposit all the falling into escrow, EXCEPT: correct
funds in excess of FREC
answersPersonal
limits
24. The 1988 Fair Housing Amendment Act expanded on the Civil Rights Act
include
of 1968 banning
to discrimination on the basis of what? correct
answersHandicap
25. The monthly payment under FHA 203 (b) may NOT include
what? correct
answersFire
insurance
26. To whom is the original judgment assigned when money is to be paid
from the
Estate Recovery
Real fund? correct answersFlorida Real Estate
Commission
1. When must a written no brokerage relationship notice be provided to
customers?
correct answersBefore showing homes that are
listed.
2. Which of the following can not be used by the federal reserve to change or
control supply?
money the correct answersAfter income
tax rates
3. A broker has an exclusive right of sale listing to sell an owner's
property,
other with no
authority granted. What type of agency does the broker have with
the principal?
correct answersSpecial
agency
4. A licensee is being disciplined by the FREC for multiple violations of F.S.
475. Which
penalty may the Commision NOT impose? correct answersA fine not to
and/or
exceedimprisonment
$5,000 not to exceed one
year.
5. A judgment his awarded against a licensee for $100,000. What is the
maximum themay be compensated from the real estate recovery
complaintent
fund? correct
answers50
%
6. What term is applied to the practice of keeping low income people out of
a particular
neighborhood? correct answersExclusionary
zoning
7. Complete this statement. A transaction broker .
answersOwes limited confidentiality to both
correct
parties.
8. Broker Jones committed fraud in a real estate transaction that involved 6
investors
a in
limited partnership. What is the maximum recovery possible for the
recovery fund that results in a single judgment as a result of this
realestate
fraudulent activity?
correct
answers$50,000
9. A mortgagor defaulted on his loan payments. The lender foreclosed on
the property.
Some States allow the party that was foreclosed the right to redeem
the property
following foreclosure. What is the term used to describe this
right? correct
answersStatutory right of
redemption
10. The sales comparison approach usually CANNOT be used when
estimating
value the of the following? correct answersSpecial-purpose
of which
properties
11. Which of the following describes expenses on a closing
answersAlways
statement? correct entered as debit
entries
, 12. The original mortgagor is NOT released from liability if title to property
is taken
what? correct
by answersSubject to the
mortgage
13. What is the purpose of the closing statement? correct answersTo
summarize
simplify theand
transaction
14. Which is the following best describes an acknowledgement of a
deed? correct
answersIt can be taken by an officer of the
state.
15. The federal reserve board is charged with the responsibility of
monitoring the
controlling andsupply of money and cost of credit. What actions could it use
to cause in
increase aninterest rates? correct answersSell government securities,
increaserequirement,
reserve the and increase the
discount rate.
16. Which statement regarding a planned unit development (PUD) is
correct? correct
answersIt is a type of zoning that permits flexibility from rigid zoning
standards.
17. Who or what determines the rates for documentary stamps? correct
answersState
La
w
18. Which term is used to refer to the difference between current
property and the
market value of aamount the owner still owes on the mortgage? correct
answersEquity
19. Who determines the form for the closing statement? correct
answersThe closing
agen
t
20. Concerning all FHA/VA Mortgages, which statement is
correct? correct
answersBorrowers must meet minimum
requirements.
21. When may the equity of redemption be exercised? correct answersUntil
the time of
foreclosur
e
22. What type of planning study deals with local business
activity? correct base
answersEconomic
analysis
23. A broker may deposit all the falling into escrow, EXCEPT: correct
funds in excess of FREC
answersPersonal
limits
24. The 1988 Fair Housing Amendment Act expanded on the Civil Rights Act
include
of 1968 banning
to discrimination on the basis of what? correct
answersHandicap
25. The monthly payment under FHA 203 (b) may NOT include
what? correct
answersFire
insurance
26. To whom is the original judgment assigned when money is to be paid
from the
Estate Recovery
Real fund? correct answersFlorida Real Estate
Commission
