AZURE EXAM PREP UPDATED QUESTIONS AND ANSWERS
In case of breach by the buyer, most real estate contracts include a provision that the earnest money be
regarded as - CORRECT ANSWER✅✅✅Liquidated damages to the seller
Compensatory damages are - CORRECT ANSWER✅✅✅The amount of money equal to the extent of
loss awarded to the damaged party when there has been a breach of contract.
What are the elements of a valid contract? - CORRECT ANSWER✅✅✅Contractual capacity of the
parties, offer and acceptance, legality of object, and consideration.
Note: Earnest money is not the consideration. The consideration is the obligation to buy.
Which statement is true regarding homeowners association disclosure requirements? - CORRECT
ANSWER✅✅✅The buyer cannot waive the right to void the contract if the disclosure has not been
provided.
An agreement in which only one party promises to perform without receiving a reciprocal promise to
perform from the other party is called a - CORRECT ANSWER✅✅✅Unilateral contract
The period of time during which the terms of a contract may be enforced according to the statute of
limitations are - CORRECT ANSWER✅✅✅Five years for written contracts and four years for parol
contacts.
A listing to sell property and obtain a specified amount for the owner-principal is called - CORRECT
ANSWER✅✅✅A net listing
An open listing - CORRECT ANSWER✅✅✅Allows the owner to sell the property himself and to list it
with any number of brokers. The first broker to secure a buyer gets a commission.
Which of the following documents may a real estate licensee complete? - CORRECT
ANSWER✅✅✅Buyer broker agreement
,Akachi had to go out of the country on a mission trip. He wanted to give his sister the authority to sign
for him in his absence. What instrument would allow her to sign for him? - CORRECT
ANSWER✅✅✅Power of attorney
The provision that a contract that cannot be performed within one year and contracts conveying real
property must be in writing and signed to be enforceable is covered under - CORRECT
ANSWER✅✅✅Statute of Frauds
Which Florida Statute requires sellers of property subject to a mandatory homeowners association to
provide buyers with a disclosure summary? - CORRECT ANSWER✅✅✅Statute 720
All of the below can terminate or kill an offer except - CORRECT ANSWER✅✅✅Performance
A broker wishes to be issued several broker licenses for business reasons. He may - CORRECT
ANSWER✅✅✅Hold multiple licenses
Who is appointed by the governor and subject to state confirmation? - CORRECT ANSWER✅✅✅The
DBPR Secretary and the member of FREC
The Division of Florida Condominiums, Timeshares and Mobile Homes - CORRECT ANSWER✅✅✅All
of the above
a. regulated condominium disclosures
b. handles consumer education regarding timeshares
c. handles complaint resolutions regarding homeowner associations
An active Florida broker accompanies her husband when he goes on active military duty in Ohio for five
years. She is not active in real estate in Ohio. To obtain a current Florida broker's license within six
month of her husband's discharge, she - CORRECT ANSWER✅✅✅Need not complete any continuing
education or reactivation education for those five years
To maintain a voluntary inactive status it is necessary to - CORRECT ANSWER✅✅✅Complete all
continuing education requirements the same as for active agents and to pay for all licensing fees
, FREC is empowered to - CORRECT ANSWER✅✅✅Promulgate rules and regulations. Impose fines for
license violations.
Broker Carol intended to renew her real estate license, but her mother grew ill and she went out of state
forgetting to renew the license. What happens to the status of the licensees registered under Carol? -
CORRECT ANSWER✅✅✅They become involuntary inactive
Which power gives the Florida Real Estate Commission (FREC) the authority to enact, revise, and
interpret administrative rules regarding real estate license law and practice? - CORRECT
ANSWER✅✅✅Quasi-legislative
A sales associate's license expired 20 months ago. What MUST this sales associate do to again work as a
real estate sales associate? - CORRECT ANSWER✅✅✅Complete a 28 hour commission prescribed
education course
A real estate broker is typically authorized by a principal to act as a - CORRECT ANSWER✅✅✅Special
Agent
Florida law presumes that a real estate agent is acting as a Transaction Agent unless the intention to
change the relationship has been determined appropriate by? - CORRECT ANSWER✅✅✅The broker
( The broker choses the relationship )
Florida Statute 475 requires agency disclosure be made in which situation? - CORRECT
ANSWER✅✅✅The sale of a duplex
Sales Agent Sam employed by XYZ Realty has a house listed for sale for Seller Tom. He is working as a
single agent. Broker Associate Cliff, also employed by XYZ Realty brings a contract from his buyer Sure
for Tom's property. What must Agent Sam have signed to allow both Tom and Sue be represented by
XYZ Realty? - CORRECT ANSWER✅✅✅Consent Transition to Transaction Broker Notice
A transaction broker may disclose, without exception - CORRECT ANSWER✅✅✅to the buyer the
listed price and physical characteristics of the home
In case of breach by the buyer, most real estate contracts include a provision that the earnest money be
regarded as - CORRECT ANSWER✅✅✅Liquidated damages to the seller
Compensatory damages are - CORRECT ANSWER✅✅✅The amount of money equal to the extent of
loss awarded to the damaged party when there has been a breach of contract.
What are the elements of a valid contract? - CORRECT ANSWER✅✅✅Contractual capacity of the
parties, offer and acceptance, legality of object, and consideration.
Note: Earnest money is not the consideration. The consideration is the obligation to buy.
Which statement is true regarding homeowners association disclosure requirements? - CORRECT
ANSWER✅✅✅The buyer cannot waive the right to void the contract if the disclosure has not been
provided.
An agreement in which only one party promises to perform without receiving a reciprocal promise to
perform from the other party is called a - CORRECT ANSWER✅✅✅Unilateral contract
The period of time during which the terms of a contract may be enforced according to the statute of
limitations are - CORRECT ANSWER✅✅✅Five years for written contracts and four years for parol
contacts.
A listing to sell property and obtain a specified amount for the owner-principal is called - CORRECT
ANSWER✅✅✅A net listing
An open listing - CORRECT ANSWER✅✅✅Allows the owner to sell the property himself and to list it
with any number of brokers. The first broker to secure a buyer gets a commission.
Which of the following documents may a real estate licensee complete? - CORRECT
ANSWER✅✅✅Buyer broker agreement
,Akachi had to go out of the country on a mission trip. He wanted to give his sister the authority to sign
for him in his absence. What instrument would allow her to sign for him? - CORRECT
ANSWER✅✅✅Power of attorney
The provision that a contract that cannot be performed within one year and contracts conveying real
property must be in writing and signed to be enforceable is covered under - CORRECT
ANSWER✅✅✅Statute of Frauds
Which Florida Statute requires sellers of property subject to a mandatory homeowners association to
provide buyers with a disclosure summary? - CORRECT ANSWER✅✅✅Statute 720
All of the below can terminate or kill an offer except - CORRECT ANSWER✅✅✅Performance
A broker wishes to be issued several broker licenses for business reasons. He may - CORRECT
ANSWER✅✅✅Hold multiple licenses
Who is appointed by the governor and subject to state confirmation? - CORRECT ANSWER✅✅✅The
DBPR Secretary and the member of FREC
The Division of Florida Condominiums, Timeshares and Mobile Homes - CORRECT ANSWER✅✅✅All
of the above
a. regulated condominium disclosures
b. handles consumer education regarding timeshares
c. handles complaint resolutions regarding homeowner associations
An active Florida broker accompanies her husband when he goes on active military duty in Ohio for five
years. She is not active in real estate in Ohio. To obtain a current Florida broker's license within six
month of her husband's discharge, she - CORRECT ANSWER✅✅✅Need not complete any continuing
education or reactivation education for those five years
To maintain a voluntary inactive status it is necessary to - CORRECT ANSWER✅✅✅Complete all
continuing education requirements the same as for active agents and to pay for all licensing fees
, FREC is empowered to - CORRECT ANSWER✅✅✅Promulgate rules and regulations. Impose fines for
license violations.
Broker Carol intended to renew her real estate license, but her mother grew ill and she went out of state
forgetting to renew the license. What happens to the status of the licensees registered under Carol? -
CORRECT ANSWER✅✅✅They become involuntary inactive
Which power gives the Florida Real Estate Commission (FREC) the authority to enact, revise, and
interpret administrative rules regarding real estate license law and practice? - CORRECT
ANSWER✅✅✅Quasi-legislative
A sales associate's license expired 20 months ago. What MUST this sales associate do to again work as a
real estate sales associate? - CORRECT ANSWER✅✅✅Complete a 28 hour commission prescribed
education course
A real estate broker is typically authorized by a principal to act as a - CORRECT ANSWER✅✅✅Special
Agent
Florida law presumes that a real estate agent is acting as a Transaction Agent unless the intention to
change the relationship has been determined appropriate by? - CORRECT ANSWER✅✅✅The broker
( The broker choses the relationship )
Florida Statute 475 requires agency disclosure be made in which situation? - CORRECT
ANSWER✅✅✅The sale of a duplex
Sales Agent Sam employed by XYZ Realty has a house listed for sale for Seller Tom. He is working as a
single agent. Broker Associate Cliff, also employed by XYZ Realty brings a contract from his buyer Sure
for Tom's property. What must Agent Sam have signed to allow both Tom and Sue be represented by
XYZ Realty? - CORRECT ANSWER✅✅✅Consent Transition to Transaction Broker Notice
A transaction broker may disclose, without exception - CORRECT ANSWER✅✅✅to the buyer the
listed price and physical characteristics of the home
