FLORIDA REAL ESTATE CLASS LATEST 2024 ACTUAL
EXAM 300 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
Samuel wants to do a 1031 exchange. He sold his investment property and has identified the property
he'd like to buy next. Within how many days must he close on this property in order for it to qualify as
part of the exchange? - ANSWER-a. 180
a. He has 45 days to identify a property he would like to purchase and 180 days to close on it, from time
of sale.
Which of the following statements about the Florida property tax disclosure is NOT true? - ANSWER-
a. It can be included in the sales contract itself.
b. It cautions buyers not to rely on the current year's tax to predict what they'll have to pay.
c. It gives buyers a rough estimate of the property tax they'll pay in the coming year.
d. It must be provided to sellers when they sign their agency agreement.
c. This disclosure doesn't provide any estimates of future property tax amounts.
To comply with the statute of frauds, an option contract must be ______. - ANSWER-a. In writing and
signed by the optionee
b. In writing and signed by the optionor
c. In writing and witnessed by an attorney
d. On file at the local courthouse
b. To comply with the statute of frauds, an option contract must be in writing and signed by the optionor
(seller).
A cooperative is a(n) _____. - ANSWER-a. limited partnership
b. LLC
c. not-for-profit corporation
d. sole proprietorship
c. A cooperative is a joint venture with its shareholders, formed for their benefit and governed by them.
It's a not-for-profit corporation.
,Compared with condominiums, the monthly fees for a cooperative owner are typically ______. -
ANSWERa. Higher
b. Much less
c. Slightly less
d. The same
a. Monthly fees for cooperatives are generally higher because they include taxes, mortgage payments,
and fees for maintaining common areas and facilities.
Jacqueline is a licensee working with a property near a Superfund site. Which of these statements is
true? - ANSWER-a. A portion of the sale price must go to the EPA to fund clean-up of the site.
b. She must disclose potential health threats to anyone in the area when showing the property.
c. She must disclose the existence of an environmental hazard in the area.
d. The property can't be sold until the site is removed from the NPL.
c. A property with a known Superfund site in the vicinity requires disclosure, as this is a material fact.
Curtis wants to do a 1031 exchange. He just closed on his property. How many days does he have to
identify a new property? - ANSWER-a. 180
b. 30
c. 45
d. 60
c. Investors who want to use the 1031 tax-deferred exchange must identify the new property within 45
days of closing and must close on that property within 180 days from the date of sale of the first
property.
Which act simplifies, clarifies, and modernizes consumer protection laws and makes them more
consistent with federal trade laws? - ANSWER-a. Fair Housing Act
b. Federal Duplicate Law Condensation Act
c. Federal Trade Commission Act
d. Florida Deceptive and Unfair Trade Practices Act
,d. The Florida Deceptive and Unfair Trade Practices Act is the act that simplifies, clarifies, and modernizes
consumer protection laws and makes them more consistent with federal trade laws.
In which form of co-ownership is a person's ownership inheritable? - ANSWER-a. Joint
tenancy b. Tenancy by the entirety
c. Tenancy in common
d. Tenancy in severalty
c. Tenancy in common allows for a persons share to be inheritable, it does not automatically pass forth to
the rest of the owners like in joint tenancy (this is called the right of survivorship).
How long do prospective tenants have to request a refund after purchasing a rental list? - ANSWER-a.
10 days
b. 15 days
c. 30 days
d. 360 days
C. 30 days.... tenants have up to 30 days to request a 75% refund if they do not purchase a rental
Which method best describes the foreclosure process in Florida? - ANSWER-a. Caveat
emptor b. Judicial
c. Lis pendens
d. Non-judicial
b. The state of florida offers a judicial foreclosure process
A judicial foreclosure is known as a lien theory process. Basically, the homeowner has legal title to the
property...
Unlike title theory, where as the owner has equitable title
, For all intents and purposes, subagents are agents of the _______. - ANSWER-a.
Buyer b. Seller
c. The buyer's broker
d. The listing broker
b. Although a subagent may bring an unrepresented buyer to the transaction, the subagent is an agent of
the seller.
Can a new licensee specialize in the sale of farm and ranch property? - ANSWER-a. Not until the
licensee has at least five years of experience in agricultural real estate
b. Not until the licensee passes additional courses in agricultural real estate
c. Yes, a new licensee can specialize in agricultural real estate
d. Yes, as long as the new licensee has a degree in agriculture
c. Specialization doesn't require additional coursework or credentials. The licensee must be competent in
any specialization, however.
Which option describes a real property tax lien? - ANSWER-a. General and
involuntary b. General and voluntary
c. Specific and involuntary
d. Specific and voluntary
c.
A buyer representation agreement establishes an agency relationship between which parties? -
ANSWERa. Buyer and broker
b. Buyer and salesperson
c. Seller and broker
d. Seller and salesperson
EXAM 300 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
Samuel wants to do a 1031 exchange. He sold his investment property and has identified the property
he'd like to buy next. Within how many days must he close on this property in order for it to qualify as
part of the exchange? - ANSWER-a. 180
a. He has 45 days to identify a property he would like to purchase and 180 days to close on it, from time
of sale.
Which of the following statements about the Florida property tax disclosure is NOT true? - ANSWER-
a. It can be included in the sales contract itself.
b. It cautions buyers not to rely on the current year's tax to predict what they'll have to pay.
c. It gives buyers a rough estimate of the property tax they'll pay in the coming year.
d. It must be provided to sellers when they sign their agency agreement.
c. This disclosure doesn't provide any estimates of future property tax amounts.
To comply with the statute of frauds, an option contract must be ______. - ANSWER-a. In writing and
signed by the optionee
b. In writing and signed by the optionor
c. In writing and witnessed by an attorney
d. On file at the local courthouse
b. To comply with the statute of frauds, an option contract must be in writing and signed by the optionor
(seller).
A cooperative is a(n) _____. - ANSWER-a. limited partnership
b. LLC
c. not-for-profit corporation
d. sole proprietorship
c. A cooperative is a joint venture with its shareholders, formed for their benefit and governed by them.
It's a not-for-profit corporation.
,Compared with condominiums, the monthly fees for a cooperative owner are typically ______. -
ANSWERa. Higher
b. Much less
c. Slightly less
d. The same
a. Monthly fees for cooperatives are generally higher because they include taxes, mortgage payments,
and fees for maintaining common areas and facilities.
Jacqueline is a licensee working with a property near a Superfund site. Which of these statements is
true? - ANSWER-a. A portion of the sale price must go to the EPA to fund clean-up of the site.
b. She must disclose potential health threats to anyone in the area when showing the property.
c. She must disclose the existence of an environmental hazard in the area.
d. The property can't be sold until the site is removed from the NPL.
c. A property with a known Superfund site in the vicinity requires disclosure, as this is a material fact.
Curtis wants to do a 1031 exchange. He just closed on his property. How many days does he have to
identify a new property? - ANSWER-a. 180
b. 30
c. 45
d. 60
c. Investors who want to use the 1031 tax-deferred exchange must identify the new property within 45
days of closing and must close on that property within 180 days from the date of sale of the first
property.
Which act simplifies, clarifies, and modernizes consumer protection laws and makes them more
consistent with federal trade laws? - ANSWER-a. Fair Housing Act
b. Federal Duplicate Law Condensation Act
c. Federal Trade Commission Act
d. Florida Deceptive and Unfair Trade Practices Act
,d. The Florida Deceptive and Unfair Trade Practices Act is the act that simplifies, clarifies, and modernizes
consumer protection laws and makes them more consistent with federal trade laws.
In which form of co-ownership is a person's ownership inheritable? - ANSWER-a. Joint
tenancy b. Tenancy by the entirety
c. Tenancy in common
d. Tenancy in severalty
c. Tenancy in common allows for a persons share to be inheritable, it does not automatically pass forth to
the rest of the owners like in joint tenancy (this is called the right of survivorship).
How long do prospective tenants have to request a refund after purchasing a rental list? - ANSWER-a.
10 days
b. 15 days
c. 30 days
d. 360 days
C. 30 days.... tenants have up to 30 days to request a 75% refund if they do not purchase a rental
Which method best describes the foreclosure process in Florida? - ANSWER-a. Caveat
emptor b. Judicial
c. Lis pendens
d. Non-judicial
b. The state of florida offers a judicial foreclosure process
A judicial foreclosure is known as a lien theory process. Basically, the homeowner has legal title to the
property...
Unlike title theory, where as the owner has equitable title
, For all intents and purposes, subagents are agents of the _______. - ANSWER-a.
Buyer b. Seller
c. The buyer's broker
d. The listing broker
b. Although a subagent may bring an unrepresented buyer to the transaction, the subagent is an agent of
the seller.
Can a new licensee specialize in the sale of farm and ranch property? - ANSWER-a. Not until the
licensee has at least five years of experience in agricultural real estate
b. Not until the licensee passes additional courses in agricultural real estate
c. Yes, a new licensee can specialize in agricultural real estate
d. Yes, as long as the new licensee has a degree in agriculture
c. Specialization doesn't require additional coursework or credentials. The licensee must be competent in
any specialization, however.
Which option describes a real property tax lien? - ANSWER-a. General and
involuntary b. General and voluntary
c. Specific and involuntary
d. Specific and voluntary
c.
A buyer representation agreement establishes an agency relationship between which parties? -
ANSWERa. Buyer and broker
b. Buyer and salesperson
c. Seller and broker
d. Seller and salesperson
