Florida Real Estate Exam with Correct
Answers and Examples
use variance ✔️✔️Permission to use the land for a purpose prohibited by current zoning
restrictions
Ex. April was able to get a use variance for her property and build a duplex where the zoning
ordinance had called for only single-family homes.
vacancy rate ✔️✔️A percentage of all available units in a given market that are unoccupied at
a given time
Ex. Vacancy rate = number of vacant units ÷ total units
valuable consideration ✔️✔️An agreement to provide something of worth to another that is
either a loss incurred by the person making the promise or a benefit received by the other person;
it is an essential element of a binding contract
Ex. When Biff promised to give Calli his jet ski in return for her horse trailer, the trailer and jet
ski were valuable considerations in their agreement.
valuation ✔️✔️An estimate of value; an appraisal
,Ex. Appraisers arrive at a valuation by applying a specified set of criteria.
value ✔️✔️What a property is worth.
Ex. The sales comparison approach, the cost approach, and the income approach can be used to
determine the value of a property.
value in use ✔️✔️The worth of a property as the owner is currently using it
Ex. Value-in-use may include cash flow and other benefits that a property generates for its owner
under a specific use.
VA mortgage ✔️✔️A mortgage in which the loan is guaranteed by the U.S. Department of
Veterans Affairs
Ex. As an active member of the military, Gwen qualified for a VA loan, provided she met the
terms of qualification.
variable expenses ✔️✔️Expenses that change, depending on occupancy level
Ex. Water usage was a variable expense in the Pythian Apartments. The more tenants, the higher
the bill.
,variance ✔️✔️A permitted deviation from zoning
Ex. Brandy had to obtain a variance for her property as she had to build three feet closer to the
road than was permitted in the zoning ordinance.
vicarious liability ✔️✔️A person's lability for another person's actions when the other person is
acting on the original party's behalf
Ex. Even though Stew did not ask his agent to lie for him, the fact that his agent did put Stew at
risk of being vicariously liable for his agent's actions.
violation ✔️✔️A failure to abide by a rule or law
Ex. A violation of real estate law may result in reprimand, fines, and license revocation or
suspension.
VOCs ✔️✔️Volatile organic compounds; emitted as gases from certain solids or liquids
Ex. Concentrations of many VOCs are consistently higher indoors (up to 10 times higher) than
outdoors.
volatile organic compounds ✔️✔️VOCs; When they break down, they release toxins into the
air/atmosphere, endangering health and the environment
, Ex. Concerned for her family's health, Heather made sure to purchase low-VOC paints and
solvents when she repainted the family home.
voltage ✔️✔️The electrical pressure that pushes through electrical wires
Ex. Power surges, which increase the voltage in your electricity lines, can be caused by lightning
striking nearby. A power surge increases the electric pressure by millions of volts (even a surge
protector won't be able to save your computer in this case).
voluntary alienation ✔️✔️The loss of real property ownership with the owner's consent (e.g.,
traditional sale)
Ex. When Craig sold his property to Yvette, this was an example of voluntary alienation.
voluntary lien ✔️✔️A lien that is agreed to, such as a mortgage
Ex. Scott's mortgage was a voluntary lien against his property.
walk-through ✔️✔️A buyer's final inspection of a property to determine if all of the conditions
to the purchase agreement have
been satisfied and that the home is in the same condition it was in when it went under contract
Answers and Examples
use variance ✔️✔️Permission to use the land for a purpose prohibited by current zoning
restrictions
Ex. April was able to get a use variance for her property and build a duplex where the zoning
ordinance had called for only single-family homes.
vacancy rate ✔️✔️A percentage of all available units in a given market that are unoccupied at
a given time
Ex. Vacancy rate = number of vacant units ÷ total units
valuable consideration ✔️✔️An agreement to provide something of worth to another that is
either a loss incurred by the person making the promise or a benefit received by the other person;
it is an essential element of a binding contract
Ex. When Biff promised to give Calli his jet ski in return for her horse trailer, the trailer and jet
ski were valuable considerations in their agreement.
valuation ✔️✔️An estimate of value; an appraisal
,Ex. Appraisers arrive at a valuation by applying a specified set of criteria.
value ✔️✔️What a property is worth.
Ex. The sales comparison approach, the cost approach, and the income approach can be used to
determine the value of a property.
value in use ✔️✔️The worth of a property as the owner is currently using it
Ex. Value-in-use may include cash flow and other benefits that a property generates for its owner
under a specific use.
VA mortgage ✔️✔️A mortgage in which the loan is guaranteed by the U.S. Department of
Veterans Affairs
Ex. As an active member of the military, Gwen qualified for a VA loan, provided she met the
terms of qualification.
variable expenses ✔️✔️Expenses that change, depending on occupancy level
Ex. Water usage was a variable expense in the Pythian Apartments. The more tenants, the higher
the bill.
,variance ✔️✔️A permitted deviation from zoning
Ex. Brandy had to obtain a variance for her property as she had to build three feet closer to the
road than was permitted in the zoning ordinance.
vicarious liability ✔️✔️A person's lability for another person's actions when the other person is
acting on the original party's behalf
Ex. Even though Stew did not ask his agent to lie for him, the fact that his agent did put Stew at
risk of being vicariously liable for his agent's actions.
violation ✔️✔️A failure to abide by a rule or law
Ex. A violation of real estate law may result in reprimand, fines, and license revocation or
suspension.
VOCs ✔️✔️Volatile organic compounds; emitted as gases from certain solids or liquids
Ex. Concentrations of many VOCs are consistently higher indoors (up to 10 times higher) than
outdoors.
volatile organic compounds ✔️✔️VOCs; When they break down, they release toxins into the
air/atmosphere, endangering health and the environment
, Ex. Concerned for her family's health, Heather made sure to purchase low-VOC paints and
solvents when she repainted the family home.
voltage ✔️✔️The electrical pressure that pushes through electrical wires
Ex. Power surges, which increase the voltage in your electricity lines, can be caused by lightning
striking nearby. A power surge increases the electric pressure by millions of volts (even a surge
protector won't be able to save your computer in this case).
voluntary alienation ✔️✔️The loss of real property ownership with the owner's consent (e.g.,
traditional sale)
Ex. When Craig sold his property to Yvette, this was an example of voluntary alienation.
voluntary lien ✔️✔️A lien that is agreed to, such as a mortgage
Ex. Scott's mortgage was a voluntary lien against his property.
walk-through ✔️✔️A buyer's final inspection of a property to determine if all of the conditions
to the purchase agreement have
been satisfied and that the home is in the same condition it was in when it went under contract
