FLORIDA REAL ESTATE PRACTICE EXAM QUESTIONS AND ANSWERS

FLORIDA REAL ESTATE PRACTICE
EXAM QUESTIONS AND ANSWERS


Linda purchases property in Escambia County from Susan. Linda
k k k k k k k k


khas $30,000.00 as a down payment and gets a mortgage in the a
k k k k k k k k k k k k


mount of $150,000.00 and there is no other consideration for the t
k k k k k k k k k k k


ransfer. How much will the doc stamp tax on the deed be?
k k k k k k k k k k k




1) $1,050.00
k


2) $1,260.00
k


3) $630.00
k


4) $525.00 - CORRECT ANSWER-$1,260.00
k k k k




Tax calculation: $150,000 + $30,000 = $180,000/100 = 1800 (tax
k k k k k k k k k


able $100 units) x $0.70 = $1260.00 tax due.
k k k k k k k k




Heather has been using a roadway at the back of the 22 acres Pa
k k k k k k k k k k k k k


m owns. She has been driving down the roadway almost every da
k k k k k k k k k k k


y without permission for over 20 years. This is called what?
k k k k k k k k k k




1) easement appurtenant.
k k


2) easement by prescription.
k k k


3) easement in gross.
k k k


4) easement by necessity. - CORRECT ANSWER-
k k k k k k


2) easement by prescription
k k k




When purchasing an existing condominium, the buyer must recei
k k k k k k k k


ve which of the following?
k k k k




1) Annual operating budget
k k k


2) A prospectus
k k


3) Rules and Regulations
k k k

,4) Articles of incorporation of the association -
k k k k k k k


CORRECT ANSWER-
k k


4) Articles of incorporation of the association
k k k k k k




Todd is an 89-year- k k k


old veteran that is legally blind and partially disabled due to injurie
k k k k k k k k k k k


s he sustained in the military. His home has an assessed value of
k k k k k k k k k k k k k


$150,500. How much will his taxable value be for county taxes?
k k k k k k k k k k




1) $55,500 k


2) $95,000 k


3) $100,500 k


4) $110,000 - CORRECT ANSWER-2) $95,000
k k k k k




A contract for deed is also called what?
k k k k k k k


1) Deed in lieu of foreclosure
k k k k k


2) Land Contract
k k


3) Novation k


4) Sales Contract - CORRECT ANSWER-2) Land Contract
k k k k k k k




The cost of borrowing money is called what?
k k k k k k k


1) Interest k


2) Leverage k


3) Capitol k


4) Credit - CORRECT ANSWER-1) Interest
k k k k k




Sally is buying a home and the closing date is set for April 20th. T
k k k k k k k k k k k k k k


he annual property taxes are $1234.00 and have not been paid y
k k k k k k k k k k k


et. How much will the buyer be credited and the seller be debited?
k k k k k k k k k k k k




1) $371.80 k


2) $368.51 k


3) $375.18 k


4) $370.36 - CORRECT ANSWER-$368.51
k k k k




Step 1: Find the daily rate; property taxes for the year ($1234.00)
k k k k k k k k k k k k


/ 365 days = $3.38; Step 2: Seller will credit buyer from January th
k k k k k k k k k k k k k

,rough midnight the day before closing. Calculate the exact numb
k k k k k k k k k


er of days; January 31 + February 28 + March 31 + April 19 = 109
k k k k k k k k k k k k k k k k


days; Step 3: Multiply the daily rate ($3.3808219178) x Number o
k k k k k k k k k k


f days (109) = $368.51
k k k k




A Landlord has how many days to return a tenants security depos
k k k k k k k k k k k


it if not making a claim on the deposit?
k k k k k k k k




1) 10 k


2) 15 k


3) 30 k


4) 45 - CORRECT ANSWER-15
k k k k




A buyer's loan payment will change if which of the following occur
k k k k k k k k k k k


?

1) They have an ARM loan
k k k k k


2) The property taxes increase or decrease
k k k k k k


3) Their homeowner's insurance increases
k k k k


4) All of the above - CORRECT ANSWER-All of the above
k k k k k k k k k k




Which statute covers the procedural process?
k k k k k




1) Chapter 455
k k


2) Chapter 120
k k


3) Chapter 475
k k


4) Chapter 20 - CORRECT ANSWER-Chapter 120
k k k k k k




Which brokerage relationship duty applies to all three types of bro
k k k k k k k k k k


kerage relationships? k




1) Accounting for all funds
k k k k


2) Loyalty
k


3) Using skill, care, and diligence
k k k k k


4) Confidentiality - CORRECT ANSWER-Accounting for all funds
k k k k k k k

, You sell Jessica a current up-to-
k k k k k


date rental list and provide all the proper disclosures and paperw
k k k k k k k k k k


ork. Jessica contacts you 15 days later and asks for a refund of th
k k k k k k k k k k k k k


e amount she paid for the list because she could not find a rental o
k k k k k k k k k k k k k k


n the list. She is entitled to how much of a refund?
k k k k k k k k k k k




1) 100% k


2) 75% k


3) 25% k


4) 0% - CORRECT ANSWER-75%
k k k k




A deal failed to close because the buyer was unable to secure fin
k k k k k k k k k k k k


ancing. The broker received conflicting demands regarding the e
k k k k k k k k


arnest money. How long does the broker have to notify FREC?
k k k k k k k k k k




1) 10 days
k k


2) 15 days
k k


3) 20 days
k k


4) 30 days - CORRECT ANSWER-15 days
k k k k k k




The Florida Real Estate Commission has seven members. How
k k k k k k k k k


many must be consumer members who have never held a real es
k k k k k k k k k k k


tate license?
k




1) 1 k


2) 2 k


3) 3 k


4) 4 - CORRECT ANSWER-2
k k k k




Bruce has a survey that is a commercially-
k k k k k k k


zoned parcel. It is 101 feet on the front, 219 feet on the north side,
k k k k k k k k k k k k k k k


130 feet on the back and 180 feet on the south side. It is not in a re
k k k k k k k k k k k k k k k k k


corded subdivision. Which survey method would be likely used fo
k k k k k k k k k


r the parcel?
k k




1) lot and block
k k k


2) rectangular
k