Florida Real Estate Practice Exam
Questions with Correct Answers
Which of the following statements is true concerning continuing education?
A. If a licensee does not complete the required post licensing education before the
expiration date, the status of the license will be involuntary inactive
B. Only actively licensed sales associates are required to complete the 14 hours of
continuing education
C. Actively licensed and inactively licensed sales associates must complete the 14
hours of continuing education
D. A licensee can stay involuntary inactive for 3 years - ANSWERSC: Actively licensed
and inactively licensed sales associates must complete the 14 hours of continuing
education
Even if a sales associate has an inactive license and is not performing real estate
services, they must complete the 14 hours of continuing education.
How is the binder deposit shown on the closing disclosure form?
A. Credit to the buyer, debit to the seller
B. Credit to the buyer
C. Credit to the seller
D. Debit to the buyer, credit to the seller - ANSWERSB: Credit to the buyer
On a closing disclosure form, you will ALWAYS credit the buyer!
Concerning the statute of frauds, which does NOT apply?
A. Deeds, mortgages, promissory notes, purchase and sales contracts, option
contracts, lease agreements longer than one year, listing agreements for longer than
one year, and buyer representation agreements for a term longer than one year must be
in writing per the Statute of Frauds
B. The Statute of Frauds states that all contracts must be in writing to be enforceable.
C. The Statute of Frauds does not apply to a three month listing agreement
D. The Statute of Frauds does apply to an option contract - ANSWERSB: The Statute of
Frauds states that all contracts must be in writing to be enforceable.
Only contracts involving real estate must be in writing to be enforceable. The purpose of
the statute of frauds is to make contracts enforceable in a court of law.
What are the rules appraisers are required to follow and what does it stand for?
, A. (USPAB) Uniform Standards of Professional Appraisal Basics
B. (USPAP) Unified Standards of Professional Appraisal Practice
C. (USPAP) Uniform Standards of Professional Appraisal Practice
D. (USPAA) Uniform Standards of Private Appraisal Applications - ANSWERSC.
(USPAP) Uniform Standards of Professional Appraisal Practice
In which of the following is a list of the four necessary elements for a contract to be
valid?
A. In writing, signed, offer and acceptance, competent parties
B. In writing, signed, offer and acceptance, good faith deposit
C. Signed, sealed, offer and acceptance, legal subject
D. Legal subject, offer and acceptance, competent parties, consideration -
ANSWERSD. Legal subject, offer and acceptance, competent parties, consideration
An easy way to remember the four main elements for a contract to be valid is COLC.
Consideration
Offer and Acceptance
Legal subject
Competent Parties
What is the status of a sales associate's license if his broker dies, resigns, or is
otherwise removed from the position?
A. Null and Void
B. Involuntary Inactive
C. Suspended
D. Current Active - ANSWERSB: Involuntary Active
If a broker is removed from their position, resigns, or passes away, every sales
associate assigned to that brokerage will have their license status automatically turned
to 'involuntary inactive'.
How is the intangible tax typically noted on the Closing Disclosure Statement?
A. Debit to the seller, credit to the buyer
B. Seller debit only
C. Buyer debit only
D. Credit to the seller, debit to the buyer - ANSWERSC: Buyer debit only
An easy way to remember the answer to this question is key terms such as "intangible
tax" and "closing disclosure statement." It will ALWAYS be buyer debit only.
Which of the following is an example of a blind Ad?
Questions with Correct Answers
Which of the following statements is true concerning continuing education?
A. If a licensee does not complete the required post licensing education before the
expiration date, the status of the license will be involuntary inactive
B. Only actively licensed sales associates are required to complete the 14 hours of
continuing education
C. Actively licensed and inactively licensed sales associates must complete the 14
hours of continuing education
D. A licensee can stay involuntary inactive for 3 years - ANSWERSC: Actively licensed
and inactively licensed sales associates must complete the 14 hours of continuing
education
Even if a sales associate has an inactive license and is not performing real estate
services, they must complete the 14 hours of continuing education.
How is the binder deposit shown on the closing disclosure form?
A. Credit to the buyer, debit to the seller
B. Credit to the buyer
C. Credit to the seller
D. Debit to the buyer, credit to the seller - ANSWERSB: Credit to the buyer
On a closing disclosure form, you will ALWAYS credit the buyer!
Concerning the statute of frauds, which does NOT apply?
A. Deeds, mortgages, promissory notes, purchase and sales contracts, option
contracts, lease agreements longer than one year, listing agreements for longer than
one year, and buyer representation agreements for a term longer than one year must be
in writing per the Statute of Frauds
B. The Statute of Frauds states that all contracts must be in writing to be enforceable.
C. The Statute of Frauds does not apply to a three month listing agreement
D. The Statute of Frauds does apply to an option contract - ANSWERSB: The Statute of
Frauds states that all contracts must be in writing to be enforceable.
Only contracts involving real estate must be in writing to be enforceable. The purpose of
the statute of frauds is to make contracts enforceable in a court of law.
What are the rules appraisers are required to follow and what does it stand for?
, A. (USPAB) Uniform Standards of Professional Appraisal Basics
B. (USPAP) Unified Standards of Professional Appraisal Practice
C. (USPAP) Uniform Standards of Professional Appraisal Practice
D. (USPAA) Uniform Standards of Private Appraisal Applications - ANSWERSC.
(USPAP) Uniform Standards of Professional Appraisal Practice
In which of the following is a list of the four necessary elements for a contract to be
valid?
A. In writing, signed, offer and acceptance, competent parties
B. In writing, signed, offer and acceptance, good faith deposit
C. Signed, sealed, offer and acceptance, legal subject
D. Legal subject, offer and acceptance, competent parties, consideration -
ANSWERSD. Legal subject, offer and acceptance, competent parties, consideration
An easy way to remember the four main elements for a contract to be valid is COLC.
Consideration
Offer and Acceptance
Legal subject
Competent Parties
What is the status of a sales associate's license if his broker dies, resigns, or is
otherwise removed from the position?
A. Null and Void
B. Involuntary Inactive
C. Suspended
D. Current Active - ANSWERSB: Involuntary Active
If a broker is removed from their position, resigns, or passes away, every sales
associate assigned to that brokerage will have their license status automatically turned
to 'involuntary inactive'.
How is the intangible tax typically noted on the Closing Disclosure Statement?
A. Debit to the seller, credit to the buyer
B. Seller debit only
C. Buyer debit only
D. Credit to the seller, debit to the buyer - ANSWERSC: Buyer debit only
An easy way to remember the answer to this question is key terms such as "intangible
tax" and "closing disclosure statement." It will ALWAYS be buyer debit only.
Which of the following is an example of a blind Ad?
