FL REAL ESTATE CHAPTER 1-10 ALL
COMBINED EXAM STUDY GUIDE
WITH EXAM QUESTIONS AND
CORRECT SOLUTIONS UPDATED
2025/206 SYLLABUS 100%
GUARANTEED PASS!!ALREADY
GRADED A+!!!<<NEWEST
VERSION>>
Chapter 1
Reference: Chapter 1, Government Regulation
1. The federal, state, and local governments all play a role in the regulation of real
estate. In which of the following areas would the local government have the most
impact?
(a) Property taxes, building moratoriums, and zoning
(b) Primary and secondary mortgage markets
(c) Documentary stamp taxes, intangible taxes, and note taxes
(d) Civil rights enforcement and monetary policy - ANSWER ✓ Your answer: A
At the local level, planning and zoning, property taxation, building and health
codes, and regulations and building moratoriums affecting development play a
significant role in the cost and desirability of real estate.
2. Which of the following best describes licensees who are involved in business
brokerage?
(a) They must be able to analyze financial statements and understand balance
sheets.
(b) They are not required to know much about the business they are selling.
(c) They must have a separate license.
(d) They never become involved in the tax aspects of the business. - ANSWER ✓
Your answer: A
,A real estate broker that specializes in the listing and sale of businesses must be
able to estimate the value of a business being offered for sale or purchase. Valuing
a business requires an analysis of financial statements and balance sheets.
Reference: Chapter 1, Specialization in the Real Estate Business, Business
Brokerage
3. Real estate licensees are required to be knowledgeable in all of the following
areas, EXCEPT:
(a) Marketing
(b) Valuation
(c) Property transfer
(d) Accounting - ANSWER ✓ Your answer: D
The real estate professional is expected to bring expert knowledge to the
transaction in the areas of valuation, marketing, and property transfer.
Reference: Chapter 1, Introduction to the Real Estate Business
4. Which service provided by real estate licensees requires the most experience
and knowledge?
(a) Property management
(b) Counseling
(c) Appraising
(d) Agricultural sales - ANSWER ✓ Your answer: B
Counseling is a highly specialized service and requires a greater level of
knowledge and experience than any other facet of the real estate profession.
Counselors must not only have a superior knowledge of real estate investment, but
must also have detailed knowledge of alternative investments and strategies.
Reference: Chapter 1, Specialization within the Real Estate Profession, Counseling
5. An appraiser who is registered, licensed, or certified under F.S. 475, Part II,
must be utilized in which of the following?
(a) All appraisals
(b) Comparative market analysis (CMA)
(c) Broker price opinion (BPO)
(d) Valuation in non-federally related transactions - ANSWER ✓ Your answer: A
Appraisals used in a federally related transaction must be prepared in compliance
with USPAP by appraisers registered, licensed, or certified under Part II of F.S.
475, which is administered by the Florida Real Estate Appraisal Board (FREAB).
A federally related transaction is one in which a loan is made by a federally
regulated lending institution that uses real property.
,Reference: Chapter 1, Real Estate Related Services, Appraising
6. What does the term "farm area" refer to in real estate?
(a) A specific geographic area or type of property that is a licensee's specialization
(b) The geographic area surrounding the real estate licensee's brokerage office
(c) The target market for a licensee who is specializing in agricultural sales
(d) Any property listed for sale that includes orange groves or cattle farms -
ANSWER ✓ Your answer: A
Many licensees will concentrate on one type or style of property or on one
particular neighborhood, a practice called "farming." A licensee's "farm area" is the
geographic area of their specialization, or target market.
Reference: Chapter 1, Introduction to the Real Estate Business
7. Which of the following assignments would be acceptable for a Florida real
estate licensee who does not represent themselves as an appraiser and follows the
Uniform Standards of Professional Appraisal Practice (USPAP)?
(a) An assignment to give an estimate of value for an attorney in a divorce case.
(b) An assignment to appraise a single family home for a VA loan.
(c) An assignment to value a condominium for an FHA loan.
(d) An assignment to appraise a time share unit for which a loan is being obtained
from a Federally insured institution. - ANSWER ✓ Your answer: A
Real estate licensees can perform an appraisal under the real estate license law if
the appraisal is not to be used in a federally-related transaction and the report is
prepared in accordance with USPAP.
Real estate brokers and sales associates that offer opinions of value of real property
usually do not perform an appraisal when arriving at an estimate of value. Instead
they prepare what is known as a comparative market analysis (CMA), which is a
value estimate based on recent sales of similar properties in the same
neighborhood. However, a CMA may not be referred to as an appraisal.
Reference: Chapter 1, Introduction to the Real Estate Business, Valuation and
Market Conditions
8. A developer acquires a large area of land where he or she builds and markets
several model homes in a new neighborhood. This is an example of which type of
building?
(a) Tract
(b) Custom
(c) Speculative
, (d) Subdivision - ANSWER ✓ Your answer: A
Tract building refers to the type of building by a developer who acquires a large
tract of land, records a subdivision plat map, and uses a model center from which
sales may be made.
Reference: Chapter 1, Real Estate Related Services, Construction and
Development
9. Which of the following statements is true regarding a mortgage loan originator
(MLO)?
(a) A mortgage loan originator is the same as a mortgage broker.
(b) A mortgage loan originator must have a separate license.
(c) A mortgage loan originator makes loans.
(d) A mortgage loan originator must have a real estate license. - ANSWER ✓ Your
answer: B
Mortgage loan originators (MLOs) are individuals or businesses that arrange loans
between lenders and borrowers. They do not make (or originate) loans. MLOs
must have a separate license issued by the Florida DFS.
Reference: Chapter 1, Real Estate Related Services, Financing
10. A real estate appraiser's fee for professional service is based on which of the
following?
(a) A percentage of the property's gross income.
(b) A percentage of the fair market value of the property.
(c) The time and difficulty of the appraisal.
(d) A percentage of the property's sales price. - ANSWER ✓ Your answer: C
Appraisal fees are based on the time, effort and expense involved for completion of
the assignment, not on the value of the property.
Reference: Chapter 1, Real Estate Related Services, Appraising
11. Which of the following best describes the real estate brokerage business?
(a) Service business
(b) Simple business
(c) Business with few opportunities available
(d) Construction business - ANSWER ✓ Your answer: B
A real estate brokerage business is a business in which real estate-related activities
are performed under the authority of a licensed real estate broker. Real estate
licensees working for the broker are persons that have met the requirements of the
law and are licensed and permitted to perform specified services to members of the
public in connection with real property transactions.
COMBINED EXAM STUDY GUIDE
WITH EXAM QUESTIONS AND
CORRECT SOLUTIONS UPDATED
2025/206 SYLLABUS 100%
GUARANTEED PASS!!ALREADY
GRADED A+!!!<<NEWEST
VERSION>>
Chapter 1
Reference: Chapter 1, Government Regulation
1. The federal, state, and local governments all play a role in the regulation of real
estate. In which of the following areas would the local government have the most
impact?
(a) Property taxes, building moratoriums, and zoning
(b) Primary and secondary mortgage markets
(c) Documentary stamp taxes, intangible taxes, and note taxes
(d) Civil rights enforcement and monetary policy - ANSWER ✓ Your answer: A
At the local level, planning and zoning, property taxation, building and health
codes, and regulations and building moratoriums affecting development play a
significant role in the cost and desirability of real estate.
2. Which of the following best describes licensees who are involved in business
brokerage?
(a) They must be able to analyze financial statements and understand balance
sheets.
(b) They are not required to know much about the business they are selling.
(c) They must have a separate license.
(d) They never become involved in the tax aspects of the business. - ANSWER ✓
Your answer: A
,A real estate broker that specializes in the listing and sale of businesses must be
able to estimate the value of a business being offered for sale or purchase. Valuing
a business requires an analysis of financial statements and balance sheets.
Reference: Chapter 1, Specialization in the Real Estate Business, Business
Brokerage
3. Real estate licensees are required to be knowledgeable in all of the following
areas, EXCEPT:
(a) Marketing
(b) Valuation
(c) Property transfer
(d) Accounting - ANSWER ✓ Your answer: D
The real estate professional is expected to bring expert knowledge to the
transaction in the areas of valuation, marketing, and property transfer.
Reference: Chapter 1, Introduction to the Real Estate Business
4. Which service provided by real estate licensees requires the most experience
and knowledge?
(a) Property management
(b) Counseling
(c) Appraising
(d) Agricultural sales - ANSWER ✓ Your answer: B
Counseling is a highly specialized service and requires a greater level of
knowledge and experience than any other facet of the real estate profession.
Counselors must not only have a superior knowledge of real estate investment, but
must also have detailed knowledge of alternative investments and strategies.
Reference: Chapter 1, Specialization within the Real Estate Profession, Counseling
5. An appraiser who is registered, licensed, or certified under F.S. 475, Part II,
must be utilized in which of the following?
(a) All appraisals
(b) Comparative market analysis (CMA)
(c) Broker price opinion (BPO)
(d) Valuation in non-federally related transactions - ANSWER ✓ Your answer: A
Appraisals used in a federally related transaction must be prepared in compliance
with USPAP by appraisers registered, licensed, or certified under Part II of F.S.
475, which is administered by the Florida Real Estate Appraisal Board (FREAB).
A federally related transaction is one in which a loan is made by a federally
regulated lending institution that uses real property.
,Reference: Chapter 1, Real Estate Related Services, Appraising
6. What does the term "farm area" refer to in real estate?
(a) A specific geographic area or type of property that is a licensee's specialization
(b) The geographic area surrounding the real estate licensee's brokerage office
(c) The target market for a licensee who is specializing in agricultural sales
(d) Any property listed for sale that includes orange groves or cattle farms -
ANSWER ✓ Your answer: A
Many licensees will concentrate on one type or style of property or on one
particular neighborhood, a practice called "farming." A licensee's "farm area" is the
geographic area of their specialization, or target market.
Reference: Chapter 1, Introduction to the Real Estate Business
7. Which of the following assignments would be acceptable for a Florida real
estate licensee who does not represent themselves as an appraiser and follows the
Uniform Standards of Professional Appraisal Practice (USPAP)?
(a) An assignment to give an estimate of value for an attorney in a divorce case.
(b) An assignment to appraise a single family home for a VA loan.
(c) An assignment to value a condominium for an FHA loan.
(d) An assignment to appraise a time share unit for which a loan is being obtained
from a Federally insured institution. - ANSWER ✓ Your answer: A
Real estate licensees can perform an appraisal under the real estate license law if
the appraisal is not to be used in a federally-related transaction and the report is
prepared in accordance with USPAP.
Real estate brokers and sales associates that offer opinions of value of real property
usually do not perform an appraisal when arriving at an estimate of value. Instead
they prepare what is known as a comparative market analysis (CMA), which is a
value estimate based on recent sales of similar properties in the same
neighborhood. However, a CMA may not be referred to as an appraisal.
Reference: Chapter 1, Introduction to the Real Estate Business, Valuation and
Market Conditions
8. A developer acquires a large area of land where he or she builds and markets
several model homes in a new neighborhood. This is an example of which type of
building?
(a) Tract
(b) Custom
(c) Speculative
, (d) Subdivision - ANSWER ✓ Your answer: A
Tract building refers to the type of building by a developer who acquires a large
tract of land, records a subdivision plat map, and uses a model center from which
sales may be made.
Reference: Chapter 1, Real Estate Related Services, Construction and
Development
9. Which of the following statements is true regarding a mortgage loan originator
(MLO)?
(a) A mortgage loan originator is the same as a mortgage broker.
(b) A mortgage loan originator must have a separate license.
(c) A mortgage loan originator makes loans.
(d) A mortgage loan originator must have a real estate license. - ANSWER ✓ Your
answer: B
Mortgage loan originators (MLOs) are individuals or businesses that arrange loans
between lenders and borrowers. They do not make (or originate) loans. MLOs
must have a separate license issued by the Florida DFS.
Reference: Chapter 1, Real Estate Related Services, Financing
10. A real estate appraiser's fee for professional service is based on which of the
following?
(a) A percentage of the property's gross income.
(b) A percentage of the fair market value of the property.
(c) The time and difficulty of the appraisal.
(d) A percentage of the property's sales price. - ANSWER ✓ Your answer: C
Appraisal fees are based on the time, effort and expense involved for completion of
the assignment, not on the value of the property.
Reference: Chapter 1, Real Estate Related Services, Appraising
11. Which of the following best describes the real estate brokerage business?
(a) Service business
(b) Simple business
(c) Business with few opportunities available
(d) Construction business - ANSWER ✓ Your answer: B
A real estate brokerage business is a business in which real estate-related activities
are performed under the authority of a licensed real estate broker. Real estate
licensees working for the broker are persons that have met the requirements of the
law and are licensed and permitted to perform specified services to members of the
public in connection with real property transactions.
