Test Bank for Florida Real Estate Exam/ Actual Exam Questionsw
e e e e e e e e e e
ith Correct Answers/ Updated 2024.
e e e e
Inewhicheformeofeco-ownershipeiseaeperson'seownershipeinheritable?e–
a. Jointetenancy
b. Tenancyebyetheeentirety
c. Tenancyeinecommon
d. Tenancyeineseveralty
CorrecteAnswer-
ec.eTenancyeinecommoneallowseforeaepersonseshareetoebeeinheritable,eitedoesenoteautomaticallyepa
sseforthetoetheeresteofetheeownerselikeeinejointetenancye(thiseisecalledetheerighteofesurvivorship).
Howelongedoeprospectiveetenantsehaveetoerequesteaerefundeafterepurchasingeaerentalelist?e-ea.e10edays
b. 15edays
c. 30edays
d. 360edays
CorrecteAnswer-eC.e30edays. ... tenantsehaveeupetoe30edaysetoerequesteae75%erefundeifetheyedoenotepurchase
aerental
WhichemethodebestedescribesetheeforeclosureeprocesseineFlorida?e–
a. Caveateemptor
b. Judicial
c. Lisependens
d. Non-judicial
CorrecteAnswer-eb.eTheestateeofefloridaeofferseaejudicialeforeclosureeprocess
Aejudicialeforeclosureeiseknowneaseaelienetheoryeprocess.eBasically,etheehomeownerehaselegaletitleetoetheepro
perty...
Unlikeetitleetheory,ewhereeasetheeownerehaseequitableetitle
pg.e1
,WhicheofetheefollowingestatementseaboutetheeFloridaepropertyetaxedisclosureeiseNOTetrue?e-
ea.eItecanebeeincludedeinetheesalesecontracteitself.
b. Itecautionsebuyersenotetoerelyeonetheecurrenteyear'setaxetoepredictewhatethey'llehaveetoepay.
c. Itegivesebuyerseaerougheestimateeofetheepropertyetaxethey'llepayeinetheecomingeyear.
d. Itemustebeeprovidedetoesellersewhenetheyesignetheireagencyeagreement.
CorrecteAnswer-ec.eThisedisclosureedoesn'teprovideeanyeestimateseofefutureepropertyetaxeamounts.
Whicheactesimplifies,eclarifies,eandemodernizeseconsumereprotectionelawseandemakesethememoreeconsiste
ntewithefederaletradeelaws?e-ea.eFaireHousingeAct
b. FederaleDuplicateeLaweCondensationeAct
c. FederaleTradeeCommissioneAct
d. FloridaeDeceptiveeandeUnfaireTradeePracticeseAct
CorrecteAnswer-ed.eTheeFloridaeDeceptiveeandeUnfaireTradeePracticeseActeisetheeactethatesimplifies,
clarifies,eandemodernizeseconsumereprotectionelawseandemakesethememoreeconsistentewithefederaletradeela
ws.
Toecomplyewithetheestatuteeofefrauds,eaneoptionecontractemustebe .e-
ea.eInewritingeandesignedebyetheeoptionee
b. Inewritingeandesignedebyetheeoptionor
c. Inewritingeandewitnessedebyeaneattorney
d. Onefileeatetheelocalecourthouse
CorrecteAnswer-
eb.eToecomplyewithetheestatuteeofefrauds,eaneoptionecontractemustebeeinewritingeandesignedebyetheeoptiono
re(seller).
Aecooperativeeisea(n) .e–
a. limitedepartnership
b. LLC
c. not-for-profitecorporation
d. soleeproprietorship
CorrecteAnswer-
ec.eAecooperativeeiseaejointeventureewitheitseshareholders,eformedeforetheirebenefiteandegovernedebyethem.eIt's
eaenot-for-profitecorporation.
,pg.e2
, Comparedewithecondominiums,etheemonthlyefeeseforeaecooperativeeownereareetypically .e–
a. Higher
b. Mucheless
c. Slightlyeless
d. Theesame
CorrecteAnswer-
ea.eMonthlyefeeseforecooperativeseareegenerallyehigherebecauseetheyeincludeetaxes,emortgageepayments,ea
ndefeeseforemaintainingecommoneareaseandefacilities.
Forealleintentseandepurposes,esubagentseareeagentseofethe .e-ea.eBuyer
b. Seller
c. Theebuyer'sebroker
d. Theelistingebroker
CorrecteAnswer-
eb.eAlthougheaesubagentemayebringeaneunrepresentedebuyeretoetheetransaction,etheesubagenteiseaneagenteo
fetheeseller.
Caneaenewelicenseeespecializeeinetheesaleeofefarmeanderancheproperty?e-
ea.eNoteuntiletheelicenseeehaseateleastefiveeyearseofeexperienceeineagriculturalerealeestate
b. Noteuntiletheelicenseeepasseseadditionalecourseseineagriculturalerealeestate
c. Yes,eaenewelicenseeecanespecializeeineagriculturalerealeestate
d. Yes,easelongeasetheenewelicenseeehaseaedegreeeineagriculture
CorrecteAnswer-
ec.eSpecializationedoesn'terequireeadditionalecourseworkeorecredentials.eTheelicenseeemustebeecompetentein
eanyespecialization,ehowever.
JacquelineeiseaelicenseeeworkingewitheaepropertyeneareaeSuperfundesite.eWhicheofetheseestatementseisetrue
?e–
a. AeportioneofetheesaleepriceemustegoetoetheeEPAetoefundeclean-upeofetheesite.
b. Sheemustediscloseepotentialehealthethreatsetoeanyoneeinetheeareaewheneshowingetheeproperty.
c. Sheemustediscloseetheeexistenceeofeaneenvironmentalehazardeinetheearea.
d. Theepropertyecan'tebeesoldeuntiletheesiteeiseremovedefrometheeNPL.
e e e e e e e e e e
ith Correct Answers/ Updated 2024.
e e e e
Inewhicheformeofeco-ownershipeiseaeperson'seownershipeinheritable?e–
a. Jointetenancy
b. Tenancyebyetheeentirety
c. Tenancyeinecommon
d. Tenancyeineseveralty
CorrecteAnswer-
ec.eTenancyeinecommoneallowseforeaepersonseshareetoebeeinheritable,eitedoesenoteautomaticallyepa
sseforthetoetheeresteofetheeownerselikeeinejointetenancye(thiseisecalledetheerighteofesurvivorship).
Howelongedoeprospectiveetenantsehaveetoerequesteaerefundeafterepurchasingeaerentalelist?e-ea.e10edays
b. 15edays
c. 30edays
d. 360edays
CorrecteAnswer-eC.e30edays. ... tenantsehaveeupetoe30edaysetoerequesteae75%erefundeifetheyedoenotepurchase
aerental
WhichemethodebestedescribesetheeforeclosureeprocesseineFlorida?e–
a. Caveateemptor
b. Judicial
c. Lisependens
d. Non-judicial
CorrecteAnswer-eb.eTheestateeofefloridaeofferseaejudicialeforeclosureeprocess
Aejudicialeforeclosureeiseknowneaseaelienetheoryeprocess.eBasically,etheehomeownerehaselegaletitleetoetheepro
perty...
Unlikeetitleetheory,ewhereeasetheeownerehaseequitableetitle
pg.e1
,WhicheofetheefollowingestatementseaboutetheeFloridaepropertyetaxedisclosureeiseNOTetrue?e-
ea.eItecanebeeincludedeinetheesalesecontracteitself.
b. Itecautionsebuyersenotetoerelyeonetheecurrenteyear'setaxetoepredictewhatethey'llehaveetoepay.
c. Itegivesebuyerseaerougheestimateeofetheepropertyetaxethey'llepayeinetheecomingeyear.
d. Itemustebeeprovidedetoesellersewhenetheyesignetheireagencyeagreement.
CorrecteAnswer-ec.eThisedisclosureedoesn'teprovideeanyeestimateseofefutureepropertyetaxeamounts.
Whicheactesimplifies,eclarifies,eandemodernizeseconsumereprotectionelawseandemakesethememoreeconsiste
ntewithefederaletradeelaws?e-ea.eFaireHousingeAct
b. FederaleDuplicateeLaweCondensationeAct
c. FederaleTradeeCommissioneAct
d. FloridaeDeceptiveeandeUnfaireTradeePracticeseAct
CorrecteAnswer-ed.eTheeFloridaeDeceptiveeandeUnfaireTradeePracticeseActeisetheeactethatesimplifies,
clarifies,eandemodernizeseconsumereprotectionelawseandemakesethememoreeconsistentewithefederaletradeela
ws.
Toecomplyewithetheestatuteeofefrauds,eaneoptionecontractemustebe .e-
ea.eInewritingeandesignedebyetheeoptionee
b. Inewritingeandesignedebyetheeoptionor
c. Inewritingeandewitnessedebyeaneattorney
d. Onefileeatetheelocalecourthouse
CorrecteAnswer-
eb.eToecomplyewithetheestatuteeofefrauds,eaneoptionecontractemustebeeinewritingeandesignedebyetheeoptiono
re(seller).
Aecooperativeeisea(n) .e–
a. limitedepartnership
b. LLC
c. not-for-profitecorporation
d. soleeproprietorship
CorrecteAnswer-
ec.eAecooperativeeiseaejointeventureewitheitseshareholders,eformedeforetheirebenefiteandegovernedebyethem.eIt's
eaenot-for-profitecorporation.
,pg.e2
, Comparedewithecondominiums,etheemonthlyefeeseforeaecooperativeeownereareetypically .e–
a. Higher
b. Mucheless
c. Slightlyeless
d. Theesame
CorrecteAnswer-
ea.eMonthlyefeeseforecooperativeseareegenerallyehigherebecauseetheyeincludeetaxes,emortgageepayments,ea
ndefeeseforemaintainingecommoneareaseandefacilities.
Forealleintentseandepurposes,esubagentseareeagentseofethe .e-ea.eBuyer
b. Seller
c. Theebuyer'sebroker
d. Theelistingebroker
CorrecteAnswer-
eb.eAlthougheaesubagentemayebringeaneunrepresentedebuyeretoetheetransaction,etheesubagenteiseaneagenteo
fetheeseller.
Caneaenewelicenseeespecializeeinetheesaleeofefarmeanderancheproperty?e-
ea.eNoteuntiletheelicenseeehaseateleastefiveeyearseofeexperienceeineagriculturalerealeestate
b. Noteuntiletheelicenseeepasseseadditionalecourseseineagriculturalerealeestate
c. Yes,eaenewelicenseeecanespecializeeineagriculturalerealeestate
d. Yes,easelongeasetheenewelicenseeehaseaedegreeeineagriculture
CorrecteAnswer-
ec.eSpecializationedoesn'terequireeadditionalecourseworkeorecredentials.eTheelicenseeemustebeecompetentein
eanyespecialization,ehowever.
JacquelineeiseaelicenseeeworkingewitheaepropertyeneareaeSuperfundesite.eWhicheofetheseestatementseisetrue
?e–
a. AeportioneofetheesaleepriceemustegoetoetheeEPAetoefundeclean-upeofetheesite.
b. Sheemustediscloseepotentialehealthethreatsetoeanyoneeinetheeareaewheneshowingetheeproperty.
c. Sheemustediscloseetheeexistenceeofeaneenvironmentalehazardeinetheearea.
d. Theepropertyecan'tebeesoldeuntiletheesiteeiseremovedefrometheeNPL.
