Florida broker license test questions
with correct answers
In a Florida real estate closing, if the seller selects the closing
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agent, which of the following is true? - CORRECT ANSWER✔✔-
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The seller must pay for the owner's title policy premium and
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related charges. |
What do brokers in Florida have the option to file to help prevent
| | | | | | | | | | | |
lawsuits against them when escrow funds are in dispute? -
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CORRECT ANSWER✔✔-Interpleader |
What information regarding the binder deposit does Florida law
| | | | | | | | |
require on a purchase contract? - CORRECT ANSWER✔✔-The
| | | | | | | |
name and address of the escrow agent
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How long do Florida landlords have to make a claim against a
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security deposit? - CORRECT ANSWER✔✔-30 days
| | | | |
Maximum fee for an estoppel - CORRECT ANSWER✔✔-$250
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,Dean and Michael have an oral contract. Dean said he would sell
| | | | | | | | | | | |
Michael his bike in return for Michael's vinyl album collection.
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What does the record collection represent - CORRECT
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ANSWER✔✔-Consideration
Buyer Sal is about to sign the sales contract for his new Palm
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Beach condo. He asks his agent, Marie, if there's any radon on
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the property. What's her duty to him at that moment? -
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CORRECT ANSWER✔✔-She's required to provide a written
| | | | | | |
statement that describes what radon is as part of the sales
| | | | | | | | | | |
contract.
Which ratio would be of most interest to an investor in a
| | | | | | | | | | | |
company? - CORRECT ANSWER✔✔-Net Profit-to-owner-capital
| | | | |
ratio The net-profit-to-owner capital ratio shows the one-year
| | | | | | | |
return to an investor on the capital. Said another way, it is the
| | | | | | | | | | | | |
amount of money an investor has earned back on an investment
| | | | | | | | | | |
made in the business within the past year. This ratio is calculated
| | | | | | | | | | |
by dividing the net profit by total capital.
| | | | | | | |
You're performing a property valuation, and you've identified a
| | | | | | | | |
potential comparable to use in the sales comparison approach.
| | | | | | | | |
,Which of these questions would you use to test the
| | | | | | | | | |
comparability of the property you identified to the subject
| | | | | | | | |
property? - CORRECT ANSWER✔✔-Was the comparable sold
| | | | | | |
with advantageous financing or as distressed property?
| | | | | |
A property has 10 units and is 90% occupied. Rent is $500 per
| | | | | | | | | | | | |
month. Total vacancy and collection loss equals 10%. What's the
| | | | | | | | | |
potential gross income? - CORRECT ANSWER✔✔-Potential gross
| | | | | | |
income is the income the property would realize if it were fully
| | | | | | | | | | | |
rented. 10 units × $500 = $5,000 per month × 12 months =
| | | | | | | | | | | | |
$60,000
Which of the following would appear on your budget? -
| | | | | | | | | |
CORRECT ANSWER✔✔-Your budget will include gross income,
| | | | | | |
expenses, and net income. | | |
How often must local governments in Florida evaluate their
| | | | | | | | |
comprehensive plans to determine if changes are required? - | | | | | | | | |
CORRECT ANSWER✔✔-All municipalities must evaluate their
| | | | | |
comprehensive plans every seven years to determine if changes | | | | | | | | |
are required.
|
, What is required in order to transition from a single agent to a
| | | | | | | | | | | | |
transaction broker in Florida? - CORRECT ANSWER✔✔-The
| | | | | | |
parties must receive written disclosure notice.
| | | | |
Which of the following compares the ending bank statement
| | | | | | | | |
balance with the ending balances in the journal? - CORRECT
| | | | | | | | | |
ANSWER✔✔-This is the function of the bank reconciliation, | | | | | | | |
which must be done in written form every month there is
| | | | | | | | | | |
activity
In title theory states, which of the following is true - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-In title theory states, the borrower doesn't hold | | | | | | | |
the title until the loan is paid in full. Either the lender or a third
| | | | | | | | | | | | | | |
party holds the title.
| | |
Parcels of land are valued at $50,000 each. However, when two
| | | | | | | | | | |
of the parcels are joined, they are valued at $120,000. What
| | | | | | | | | | |
economic principle is at work here? - CORRECT ANSWER✔✔-
| | | | | | | |
Plottage is an increase in property value when two neighboring
| | | | | | | | | |
parcels of land are joined together.
| | | | |
Florida licensee Jenn had a complaint filed against her with the
| | | | | | | | | | |
DBPR. She does not dispute the claim, which means in step five
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with correct answers
In a Florida real estate closing, if the seller selects the closing
| | | | | | | | | | | |
agent, which of the following is true? - CORRECT ANSWER✔✔-
| | | | | | | | |
The seller must pay for the owner's title policy premium and
| | | | | | | | | | |
related charges. |
What do brokers in Florida have the option to file to help prevent
| | | | | | | | | | | |
lawsuits against them when escrow funds are in dispute? -
| | | | | | | | | | |
CORRECT ANSWER✔✔-Interpleader |
What information regarding the binder deposit does Florida law
| | | | | | | | |
require on a purchase contract? - CORRECT ANSWER✔✔-The
| | | | | | | |
name and address of the escrow agent
| | | | | |
How long do Florida landlords have to make a claim against a
| | | | | | | | | | | |
security deposit? - CORRECT ANSWER✔✔-30 days
| | | | |
Maximum fee for an estoppel - CORRECT ANSWER✔✔-$250
| | | | | | |
,Dean and Michael have an oral contract. Dean said he would sell
| | | | | | | | | | | |
Michael his bike in return for Michael's vinyl album collection.
| | | | | | | | | |
What does the record collection represent - CORRECT
| | | | | | | |
ANSWER✔✔-Consideration
Buyer Sal is about to sign the sales contract for his new Palm
| | | | | | | | | | | | |
Beach condo. He asks his agent, Marie, if there's any radon on
| | | | | | | | | | | |
the property. What's her duty to him at that moment? -
| | | | | | | | | | |
CORRECT ANSWER✔✔-She's required to provide a written
| | | | | | |
statement that describes what radon is as part of the sales
| | | | | | | | | | |
contract.
Which ratio would be of most interest to an investor in a
| | | | | | | | | | | |
company? - CORRECT ANSWER✔✔-Net Profit-to-owner-capital
| | | | |
ratio The net-profit-to-owner capital ratio shows the one-year
| | | | | | | |
return to an investor on the capital. Said another way, it is the
| | | | | | | | | | | | |
amount of money an investor has earned back on an investment
| | | | | | | | | | |
made in the business within the past year. This ratio is calculated
| | | | | | | | | | |
by dividing the net profit by total capital.
| | | | | | | |
You're performing a property valuation, and you've identified a
| | | | | | | | |
potential comparable to use in the sales comparison approach.
| | | | | | | | |
,Which of these questions would you use to test the
| | | | | | | | | |
comparability of the property you identified to the subject
| | | | | | | | |
property? - CORRECT ANSWER✔✔-Was the comparable sold
| | | | | | |
with advantageous financing or as distressed property?
| | | | | |
A property has 10 units and is 90% occupied. Rent is $500 per
| | | | | | | | | | | | |
month. Total vacancy and collection loss equals 10%. What's the
| | | | | | | | | |
potential gross income? - CORRECT ANSWER✔✔-Potential gross
| | | | | | |
income is the income the property would realize if it were fully
| | | | | | | | | | | |
rented. 10 units × $500 = $5,000 per month × 12 months =
| | | | | | | | | | | | |
$60,000
Which of the following would appear on your budget? -
| | | | | | | | | |
CORRECT ANSWER✔✔-Your budget will include gross income,
| | | | | | |
expenses, and net income. | | |
How often must local governments in Florida evaluate their
| | | | | | | | |
comprehensive plans to determine if changes are required? - | | | | | | | | |
CORRECT ANSWER✔✔-All municipalities must evaluate their
| | | | | |
comprehensive plans every seven years to determine if changes | | | | | | | | |
are required.
|
, What is required in order to transition from a single agent to a
| | | | | | | | | | | | |
transaction broker in Florida? - CORRECT ANSWER✔✔-The
| | | | | | |
parties must receive written disclosure notice.
| | | | |
Which of the following compares the ending bank statement
| | | | | | | | |
balance with the ending balances in the journal? - CORRECT
| | | | | | | | | |
ANSWER✔✔-This is the function of the bank reconciliation, | | | | | | | |
which must be done in written form every month there is
| | | | | | | | | | |
activity
In title theory states, which of the following is true - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-In title theory states, the borrower doesn't hold | | | | | | | |
the title until the loan is paid in full. Either the lender or a third
| | | | | | | | | | | | | | |
party holds the title.
| | |
Parcels of land are valued at $50,000 each. However, when two
| | | | | | | | | | |
of the parcels are joined, they are valued at $120,000. What
| | | | | | | | | | |
economic principle is at work here? - CORRECT ANSWER✔✔-
| | | | | | | |
Plottage is an increase in property value when two neighboring
| | | | | | | | | |
parcels of land are joined together.
| | | | |
Florida licensee Jenn had a complaint filed against her with the
| | | | | | | | | | |
DBPR. She does not dispute the claim, which means in step five
| | | | | | | | | | | |
