FLORIDA REAL ESTATE U FINAL EXAM LATEST ACTUAL EXAM
The Secretary of the DBPR is appointed by the
A. Florida Real Estate Commission, subject to approval by the DRE director.
B. Director of the DRE, subject to confirmation by the governor.
C. governor, subject to FREC approval.
D. governor, subject to Florida senate confirmation. - ANSWER: D. governor, subject
to Florida senate confirmation.
Which deficiency would be classified as external obsolescence?
A. The roof shingles are brittle from exposure to the sun
B. Subterranean termites have infested the wood siding near the concrete
foundation
C. Road dust and traffic noise prevents opening the windows on cool mornings
D. To get to the third bedroom one must walk through the second bedroom -
ANSWER: C. Road dust and traffic noise prevents opening the windows on cool
mornings
How many years is the statute of limitations for a parol contract?
A. Five
B. Four
C. Three
D. Two - ANSWER: B. Four
A Baptist church owns a convalescent home for its members. The church only admits
members of its church to the convalescent home. Which statement is TRUE
regarding this
practice?
A. This is a violation of the Civil Rights Act of 1866.
B. This is a violation of Title VIII of the Civil Rights Act of 1968.
C. This is permissible under the Fair Housing Act.
D. This is permissible only if the church is registered as having exempt status with the
DBPR. - ANSWER: C. This is permissible under the Fair Housing Act.
A seller lists his property with a brokerage company. However, the seller reserves
the right
to NOT pay a commission if he sells the property. What type of listing is this?
A. Exclusive-agency
B. Exclusive-right-of-sale
C. Net
D. Open - ANSWER: A. Exclusive-agency
Which term describes a strip of land that separates residential homes from
commercial
development?
A. Retention area
,B. Bufferzone
C. Green Belt strip
D. Wetlands - ANSWER: B. Bufferzone
A buyer offered $225,000 for a seller's property. The seller countered at
$250,000. The
buyer did not accept the seller's counteroffer. The seller told her broker that
she was
revoking the counteroffer and accepting the buyer's original offer. Which
statement is
TRUE regarding this situation?
A. The buyer and seller have entered into a contract for $225,000.
B. The seller cannot now accept the original offer because it was killed by the
counteroffer.
C. The seller has breached the buyer's contract, and the buyer can sue to force
the
seller to take a lower price.
D. The seller can revoke her counteroffer and accept the buyer's original offer
up until
the time the buyer rejects the counteroffer. - ANSWER: B. The seller cannot now
accept the original offer because it was killed by the
counteroffer.
A sales associate receives an earnest money deposit on Wednesday morning and
turns it over to the broker that afternoon. Assuming no legal holidays are involved,
the
broker has until the end of business on which day to place the earnest money in
escrow?
A. Thursday
B. Friday
C. Monday of the next week
D. The day the sale contract is executed - ANSWER: C. Monday of the next week
Which phrase, when used in credit advertising, is NOT considered to "trigger term"
under the Truth-in-Lending Act?
A. "Owner will finance"
B. "Just one percent down"
C. "$500 down is all it"
D."Only $600 per month" - ANSWER: A. "Owner will finance"
A DBPR investigator has the authority to immediately issue
A. a citation.
B. probation.
C. an administrative fine.
D. a stipulation. - ANSWER: A. a citation.
The FREC is NOT empowered to
, A. make determinations of violations for Chapter 475, Florida Statutes.
B. promulgate rules and regulations.
C. impose imprisonment for a second-degree misdemeanor.
D. establish licensing fees used to implement license law. - ANSWER: C. impose
imprisonment for a second-degree misdemeanor.
A contractor builds homes on several vacant lots in an established subdivision of 12-
to
20-year-old homes. The contractor advertises the homes for sale to prospective
buyers. What type of residential construction is this?
A. Spec homes
B. Tract homes
C. Custom homes
D. Development homes - ANSWER: A. Spec homes
Which item is entered on the closing statement as a credit to the seller?
A. Assumed mortgage
B. Total purchase price
C. Prorated advance rent
D. Mortgagee's title insurance policy on new mortgage - ANSWER: B. Total purchase
price
Which contract would be considered a residential transaction under Florida Statute
475?
A. Contract to auction a single-family dwelling
B. Lease agreement for a residential apartment
C. Sale and purchase contract of a residential duplex
D. Contract with a lending institution to appraise residential property - ANSWER: C.
Sale and purchase contract of a residential duplex
Ten years ago a vacant lot in a subdivision was purchased for $30,500. The owner
hired a general contractor to build a home on the lot. The contractor charged
$375,000.
The homeowner is planning to refinance the mortgage. The bank recently appraised
the home at $410,000. What is value of the property?
A. $30,500
B. $375,000
C. $405,500
D. $410,000 - ANSWER: D. $410,000
A contractor purchased twelve boxes of ceramic tile from the local tile supply
company.
What type of property is the ceramic tile before it is installed?
A. Personal property
B. Real property
C. Trade fixture
D. Fixture - ANSWER: A. Personal property
The Secretary of the DBPR is appointed by the
A. Florida Real Estate Commission, subject to approval by the DRE director.
B. Director of the DRE, subject to confirmation by the governor.
C. governor, subject to FREC approval.
D. governor, subject to Florida senate confirmation. - ANSWER: D. governor, subject
to Florida senate confirmation.
Which deficiency would be classified as external obsolescence?
A. The roof shingles are brittle from exposure to the sun
B. Subterranean termites have infested the wood siding near the concrete
foundation
C. Road dust and traffic noise prevents opening the windows on cool mornings
D. To get to the third bedroom one must walk through the second bedroom -
ANSWER: C. Road dust and traffic noise prevents opening the windows on cool
mornings
How many years is the statute of limitations for a parol contract?
A. Five
B. Four
C. Three
D. Two - ANSWER: B. Four
A Baptist church owns a convalescent home for its members. The church only admits
members of its church to the convalescent home. Which statement is TRUE
regarding this
practice?
A. This is a violation of the Civil Rights Act of 1866.
B. This is a violation of Title VIII of the Civil Rights Act of 1968.
C. This is permissible under the Fair Housing Act.
D. This is permissible only if the church is registered as having exempt status with the
DBPR. - ANSWER: C. This is permissible under the Fair Housing Act.
A seller lists his property with a brokerage company. However, the seller reserves
the right
to NOT pay a commission if he sells the property. What type of listing is this?
A. Exclusive-agency
B. Exclusive-right-of-sale
C. Net
D. Open - ANSWER: A. Exclusive-agency
Which term describes a strip of land that separates residential homes from
commercial
development?
A. Retention area
,B. Bufferzone
C. Green Belt strip
D. Wetlands - ANSWER: B. Bufferzone
A buyer offered $225,000 for a seller's property. The seller countered at
$250,000. The
buyer did not accept the seller's counteroffer. The seller told her broker that
she was
revoking the counteroffer and accepting the buyer's original offer. Which
statement is
TRUE regarding this situation?
A. The buyer and seller have entered into a contract for $225,000.
B. The seller cannot now accept the original offer because it was killed by the
counteroffer.
C. The seller has breached the buyer's contract, and the buyer can sue to force
the
seller to take a lower price.
D. The seller can revoke her counteroffer and accept the buyer's original offer
up until
the time the buyer rejects the counteroffer. - ANSWER: B. The seller cannot now
accept the original offer because it was killed by the
counteroffer.
A sales associate receives an earnest money deposit on Wednesday morning and
turns it over to the broker that afternoon. Assuming no legal holidays are involved,
the
broker has until the end of business on which day to place the earnest money in
escrow?
A. Thursday
B. Friday
C. Monday of the next week
D. The day the sale contract is executed - ANSWER: C. Monday of the next week
Which phrase, when used in credit advertising, is NOT considered to "trigger term"
under the Truth-in-Lending Act?
A. "Owner will finance"
B. "Just one percent down"
C. "$500 down is all it"
D."Only $600 per month" - ANSWER: A. "Owner will finance"
A DBPR investigator has the authority to immediately issue
A. a citation.
B. probation.
C. an administrative fine.
D. a stipulation. - ANSWER: A. a citation.
The FREC is NOT empowered to
, A. make determinations of violations for Chapter 475, Florida Statutes.
B. promulgate rules and regulations.
C. impose imprisonment for a second-degree misdemeanor.
D. establish licensing fees used to implement license law. - ANSWER: C. impose
imprisonment for a second-degree misdemeanor.
A contractor builds homes on several vacant lots in an established subdivision of 12-
to
20-year-old homes. The contractor advertises the homes for sale to prospective
buyers. What type of residential construction is this?
A. Spec homes
B. Tract homes
C. Custom homes
D. Development homes - ANSWER: A. Spec homes
Which item is entered on the closing statement as a credit to the seller?
A. Assumed mortgage
B. Total purchase price
C. Prorated advance rent
D. Mortgagee's title insurance policy on new mortgage - ANSWER: B. Total purchase
price
Which contract would be considered a residential transaction under Florida Statute
475?
A. Contract to auction a single-family dwelling
B. Lease agreement for a residential apartment
C. Sale and purchase contract of a residential duplex
D. Contract with a lending institution to appraise residential property - ANSWER: C.
Sale and purchase contract of a residential duplex
Ten years ago a vacant lot in a subdivision was purchased for $30,500. The owner
hired a general contractor to build a home on the lot. The contractor charged
$375,000.
The homeowner is planning to refinance the mortgage. The bank recently appraised
the home at $410,000. What is value of the property?
A. $30,500
B. $375,000
C. $405,500
D. $410,000 - ANSWER: D. $410,000
A contractor purchased twelve boxes of ceramic tile from the local tile supply
company.
What type of property is the ceramic tile before it is installed?
A. Personal property
B. Real property
C. Trade fixture
D. Fixture - ANSWER: A. Personal property
