Florida Real Estate Class Final Exam Test
Questions And Answers Verified 100% Correct
If a sales assoc receives an offer with an earnest money deposit on Friday and
delivers the deposit to the broker that afternoon, when is the latest that the broker can
place the deposit in escrow? - ANSWER S3 business days after receipt of check
If a sales associate has had his license revoked by FREC but is appealing and wants
to continue practicing RE during the appeal process, can he do so? - ANSWER SYes.
He can continue to practice if a stay of enforcement is ordered. Supercedeas.
If a written lease expires and the tenant is unable to contact the owner prior to the
expiration and remains in possession of the premises and continues to pay rent without
renewing the lease agreement. What type of tenancy is the occupant establishing? -
ANSWER SA tenancy at sufferance
If ABC Corp gives a warranty of title only against the acts of the grantor and its legal
representatives, it is what kind of Deed?
A. Corporate Warranty
B. General Warranty
C. representative
D. Special Warranty - ANSWER SD.
If Al, Bill and Carol purchase a shopping center as joint tenants with right of
survivorship. 5 years later, Carol sells her interest to Doris. One year later Doris dies.
Who will receive doris's interest in the property? - ANSWER SDoris' Heirs
If an Assoc is convicted of a crime of moral turpitude and the court withholds
adjudication, what can FREC do to them? - ANSWER S1. Revoke/suspend their
license up to 10 years 2. Fine up to $5000
If an Associate makes a promise to her broker's principal in good faith and later finds
that she cannot keep the promise, has the Associate violated any laws? -
ANSWER
SNo
If an inactive sales assoc renews her license before the expiration date but did not
complete her continuing education prior to the expiration date and the BPR finds out,
what can happen to her? - ANSWER SShe will most likely have her license revoked
and not be allowed to reapply for a license for 5 years.
, If evicted, how many days does a tenant have to vacate for non-payment of rent -
ANSWER S3 days for nonpayment of rent. 7 days to vacate for all other breaches
(parties, etc)
If FREC advertises a public hearing to consider a rule change, who can go? -
ANSWER SAnyone effected by the change but NOT the general public.
If John and Mary own a property as tenants in common, can they have unequal
shares? - ANSWER
SYes
If John sells his farm land and retains the oil rights, what type of property right is he
retaining? - ANSWER
SSubsurface
If Mary purchases a home on a riverfront lot. What type of ownership right does she
have? - ANSWER SRiparian rights
If Mary's initial license was issue on Feb 6, 2011, what is the expiration date on her
license? - ANSWER SSeptember 30, 2012. (Licenses are renewed on March 31 and
September 30 every year)
If ownership is by 2 or more persons and one of the owner dies, what type of tenancy
would allow the surviving owners to receive the share of the deceased owner? -
ANSWER SJoint tenancy. **This MUST be in writing**
If someone is considering purchasing a home in a particular subdivision and want to
make sure they will be allowed to park their motorhome on the driveway, what
document should they review?
A. Deed Restriction
B. Restrictive Covenants
C. Subdivision Plat Map
D. Zoning Ordinance - ANSWER SB.
If someone wants limited representation of a real estate broker but doesn't want to be
legally liable for the acts of the licensee, what type of brokerage relationship should be
chosen? - ANSWER STransaction Broker (Non fiduciary)
If there is only one active broker in an office and he/she dies, resigns or is removed,
the vacancy must be filled within how many days? - ANSWER S14 calendar (not
business) days.
, In a No Brokerage or Single Agent relationship, written disclosure applies to whom? -
ANSWER SSingle Family Residential. Includes:
1. 1-4 units
2. Vacant land zoned for 1-4 units
3. Agricultural land of 10 or less acres
4. Lease-option to purchase 1-4 residential units
In a Single Agent Relationship, does the broker represent both the buyer and the
seller? - ANSWER SNo. An SA only represents either the buyer OR the seller (fiduciary)
In residential areas, the primary aim of the different zoning districts is to regulate
A. density
B. developers
C. height of improvements
D. highest and best use of the land - ANSWER SA. density
In the Real Estate Recovery Fund, how much is the payment for claims out of a Single
Transaction? - ANSWER
S$50,000
In the Real Estate Recovery Fund, how much is the payment for claims out of Multiple
Transactions? - ANSWER Smay not exceed $150,000
Is a corporation a separate legal entity from the owners of the business? - ANSWER
SYes. A corporation is an artificial person created by law. Owners have limited liability.
Is a post-dated check and promissory note the same? - ANSWER SYes
Is APR (annual percentage rate) a "trigger term"? - ANSWER SNo
Is Full Disclosure required of a Transactional Broker? - ANSWER SNo.
Is it a violation of law if the poster is not displayed by brokerage firms? -
ANSWER SYes. Failure to display the poster may be considered discrimination.
Is it true that the Civil Rights Act of 1866 supercedes all other laws relative to racial
issues? - ANSWER
SYes
Jim owns a lot on a lake. There is a gradual receding of the waterline increasing the
land area. The property right is called what? - ANSWER SReliction
, Mary has a 4 year degree in real estate. Mary must still attend the pre-licensing course
and post-licensing education. What class is she exempt from? - ANSWER SContinuing
Education
Mortgagee - ANSWER SBank ("ee" receives)
Mortgagor - ANSWER SBorrower ("or" gives)
Name the 3 types of partnerships - ANSWER S1. General - they run the business and
are liable for everything
2. Limited - They invest dollars into the business only. They are NOT liable. They may
or may not be an active sales assoc or broker assoc.
3. Ostensible - public is deceived into thinking that a partnership exists
Name the 5 types of leases? - ANSWER S1. Gross lease - tenant pays a fixed rent
and the landlord pays operating expenses.
2. Net lease - the commercial tenant pays a fixed rent PLUS all or part of the operating
expenses such as property taxes, hazard insurance, maintenance and utilities). Most
common for office buildings.
3. Percentage lease - the commercial tenant pays rent based on a percentage of the
gross retail sales. Most common for shopping centers
4. Variable lease - the tenant pays rent that will vary based on the Consumer Price
Index (CPI)
5. Ground lease - tenant leases land and pays the landlord for the use of the ground
Once a deposit dispute is settled by mediation or arbitration, how many days does the
broker have to notify FREC of the outcome? - ANSWER S10 business days
Other exemptions from licensure include - ANSWER S1. For Sale by Owner
2. Owner of a Timeshare period who offers the property for resale.
3. A leasing agent of an apt. complex if they are salaried, work in an onsite rental office
and work in a leasing capacity.
4. A manager of a condo and Co-op if employed for a salary and rent is for periods no
greater than 1 yr.
5. An Attorney-in-Fact (Power of Attorney)
6. An Attorney-at-Law when acting in the scope of his or her duties as an attorney. Not
receiving any compensation for a sale.
7. A decedent (personal representative) when appointed by the court.
8. A person selling entities licensed by the FCC (radio, TV or cable enterprises) 9. A
person selling personal property.
Personal property that can be moved around is called what? - ANSWER Schattel. ie
draperies, area rugs, countertop microwaves, etc.
Questions And Answers Verified 100% Correct
If a sales assoc receives an offer with an earnest money deposit on Friday and
delivers the deposit to the broker that afternoon, when is the latest that the broker can
place the deposit in escrow? - ANSWER S3 business days after receipt of check
If a sales associate has had his license revoked by FREC but is appealing and wants
to continue practicing RE during the appeal process, can he do so? - ANSWER SYes.
He can continue to practice if a stay of enforcement is ordered. Supercedeas.
If a written lease expires and the tenant is unable to contact the owner prior to the
expiration and remains in possession of the premises and continues to pay rent without
renewing the lease agreement. What type of tenancy is the occupant establishing? -
ANSWER SA tenancy at sufferance
If ABC Corp gives a warranty of title only against the acts of the grantor and its legal
representatives, it is what kind of Deed?
A. Corporate Warranty
B. General Warranty
C. representative
D. Special Warranty - ANSWER SD.
If Al, Bill and Carol purchase a shopping center as joint tenants with right of
survivorship. 5 years later, Carol sells her interest to Doris. One year later Doris dies.
Who will receive doris's interest in the property? - ANSWER SDoris' Heirs
If an Assoc is convicted of a crime of moral turpitude and the court withholds
adjudication, what can FREC do to them? - ANSWER S1. Revoke/suspend their
license up to 10 years 2. Fine up to $5000
If an Associate makes a promise to her broker's principal in good faith and later finds
that she cannot keep the promise, has the Associate violated any laws? -
ANSWER
SNo
If an inactive sales assoc renews her license before the expiration date but did not
complete her continuing education prior to the expiration date and the BPR finds out,
what can happen to her? - ANSWER SShe will most likely have her license revoked
and not be allowed to reapply for a license for 5 years.
, If evicted, how many days does a tenant have to vacate for non-payment of rent -
ANSWER S3 days for nonpayment of rent. 7 days to vacate for all other breaches
(parties, etc)
If FREC advertises a public hearing to consider a rule change, who can go? -
ANSWER SAnyone effected by the change but NOT the general public.
If John and Mary own a property as tenants in common, can they have unequal
shares? - ANSWER
SYes
If John sells his farm land and retains the oil rights, what type of property right is he
retaining? - ANSWER
SSubsurface
If Mary purchases a home on a riverfront lot. What type of ownership right does she
have? - ANSWER SRiparian rights
If Mary's initial license was issue on Feb 6, 2011, what is the expiration date on her
license? - ANSWER SSeptember 30, 2012. (Licenses are renewed on March 31 and
September 30 every year)
If ownership is by 2 or more persons and one of the owner dies, what type of tenancy
would allow the surviving owners to receive the share of the deceased owner? -
ANSWER SJoint tenancy. **This MUST be in writing**
If someone is considering purchasing a home in a particular subdivision and want to
make sure they will be allowed to park their motorhome on the driveway, what
document should they review?
A. Deed Restriction
B. Restrictive Covenants
C. Subdivision Plat Map
D. Zoning Ordinance - ANSWER SB.
If someone wants limited representation of a real estate broker but doesn't want to be
legally liable for the acts of the licensee, what type of brokerage relationship should be
chosen? - ANSWER STransaction Broker (Non fiduciary)
If there is only one active broker in an office and he/she dies, resigns or is removed,
the vacancy must be filled within how many days? - ANSWER S14 calendar (not
business) days.
, In a No Brokerage or Single Agent relationship, written disclosure applies to whom? -
ANSWER SSingle Family Residential. Includes:
1. 1-4 units
2. Vacant land zoned for 1-4 units
3. Agricultural land of 10 or less acres
4. Lease-option to purchase 1-4 residential units
In a Single Agent Relationship, does the broker represent both the buyer and the
seller? - ANSWER SNo. An SA only represents either the buyer OR the seller (fiduciary)
In residential areas, the primary aim of the different zoning districts is to regulate
A. density
B. developers
C. height of improvements
D. highest and best use of the land - ANSWER SA. density
In the Real Estate Recovery Fund, how much is the payment for claims out of a Single
Transaction? - ANSWER
S$50,000
In the Real Estate Recovery Fund, how much is the payment for claims out of Multiple
Transactions? - ANSWER Smay not exceed $150,000
Is a corporation a separate legal entity from the owners of the business? - ANSWER
SYes. A corporation is an artificial person created by law. Owners have limited liability.
Is a post-dated check and promissory note the same? - ANSWER SYes
Is APR (annual percentage rate) a "trigger term"? - ANSWER SNo
Is Full Disclosure required of a Transactional Broker? - ANSWER SNo.
Is it a violation of law if the poster is not displayed by brokerage firms? -
ANSWER SYes. Failure to display the poster may be considered discrimination.
Is it true that the Civil Rights Act of 1866 supercedes all other laws relative to racial
issues? - ANSWER
SYes
Jim owns a lot on a lake. There is a gradual receding of the waterline increasing the
land area. The property right is called what? - ANSWER SReliction
, Mary has a 4 year degree in real estate. Mary must still attend the pre-licensing course
and post-licensing education. What class is she exempt from? - ANSWER SContinuing
Education
Mortgagee - ANSWER SBank ("ee" receives)
Mortgagor - ANSWER SBorrower ("or" gives)
Name the 3 types of partnerships - ANSWER S1. General - they run the business and
are liable for everything
2. Limited - They invest dollars into the business only. They are NOT liable. They may
or may not be an active sales assoc or broker assoc.
3. Ostensible - public is deceived into thinking that a partnership exists
Name the 5 types of leases? - ANSWER S1. Gross lease - tenant pays a fixed rent
and the landlord pays operating expenses.
2. Net lease - the commercial tenant pays a fixed rent PLUS all or part of the operating
expenses such as property taxes, hazard insurance, maintenance and utilities). Most
common for office buildings.
3. Percentage lease - the commercial tenant pays rent based on a percentage of the
gross retail sales. Most common for shopping centers
4. Variable lease - the tenant pays rent that will vary based on the Consumer Price
Index (CPI)
5. Ground lease - tenant leases land and pays the landlord for the use of the ground
Once a deposit dispute is settled by mediation or arbitration, how many days does the
broker have to notify FREC of the outcome? - ANSWER S10 business days
Other exemptions from licensure include - ANSWER S1. For Sale by Owner
2. Owner of a Timeshare period who offers the property for resale.
3. A leasing agent of an apt. complex if they are salaried, work in an onsite rental office
and work in a leasing capacity.
4. A manager of a condo and Co-op if employed for a salary and rent is for periods no
greater than 1 yr.
5. An Attorney-in-Fact (Power of Attorney)
6. An Attorney-at-Law when acting in the scope of his or her duties as an attorney. Not
receiving any compensation for a sale.
7. A decedent (personal representative) when appointed by the court.
8. A person selling entities licensed by the FCC (radio, TV or cable enterprises) 9. A
person selling personal property.
Personal property that can be moved around is called what? - ANSWER Schattel. ie
draperies, area rugs, countertop microwaves, etc.
