6/27/23, 8:56 AM Broker Exam Questions
1 of 100 The Lead-based Paint Disclosure Rule affects all of
the following types of housing EXCEPT:
A residential property built in 1978.
2 of 100 Which type of relationship is an example of an
agency relationship?
A landlord and a property manager
3 of 100 Jack makes his living renting mobile home lots to
the snowbirds who come to Florida. Does Jack need a
license?
No. sales associates who rent short term mobile home lots
do not need licenses in Florida.
4 of 100 An investor purchased a property in January for
$350,000. The contract specified that $300,000 of the
purchase price was for the improvement only, with the
remainder for land. The investor made a down payment of
$50,000 and financed the rest. The mortgage is for 30 years
at 7% interest and a monthly payment of $1,995.91. The
property has 12 apartments which rent for $650 a month.
Vacancy and collection losses are at 5%. Operating
expenses are 30% of the effective gross income and include
reserves of $10,000. What is the effective gross income for
this building?
$88,920
5 of 100 The annual sales of a building are $500,000. The
property is valued at $4,250,000. What is the gross income
multiplier?
8.5
6 of 100 The EPA is concerned with hazardous waste
cleanup by the Potentially Responsible Parties. In order to
prove an innocent landowner defense, a landowner must do
all of the following EXCEPT:
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,6/27/23, 8:56 AM Broker Exam Questions
Deposit a surety bond with the EPA in the amount of $500,000 or
the amount of the claim, whichever is less.
7 of 100 ABC Realty received a Notice of Noncompliance by
registered mail. All violations of license law could have
triggered the Noncompliance Notice EXCEPT:
Failure to timely deposit earnest money into a trust
account.
8 of 100 Which of the following regulates the advertisement
of credit terms available for the sale of a home?
Regulation Z
9 of 100 A lease-purchase contract has several major risks
involved, so brokers are advised to use great caution with
this type of contract. What would NOT be a risk in a lease
purchase?
There is a risk that the seller will pay off the loan on the
house.
10 of 100 When would a CMA be done?
When a broker is determining a range of values for a seller
11 of 100 The buyer purchased a home for $175,000. She
obtained a 75% loan at 7% interest for 30 years and three
discount points. She paid $5,000 as an earnest money
deposit. The taxes on the property are $2500, and taxes are
paid in arrears. The closing date is April 12. The buyer will
owe for a title policy, $430; a preparation of deed, $30;
recording, $27; tax on the promissory note; tax on the
mortgage; and attorney fees of $150. She will have interest
adjustments to the end of the month. What will the buyer
need to bring to closing in a cashier's check, figured on the
365-day method of calculation?
$43,839.67
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,6/27/23, 8:56 AM Broker Exam Questions
12 of 100 Which of the commercial leases is based in part of
the cost of the Consumer Price Index?
An Index Lease
13 of 100 A monthly payment necessary to amortize a 30-
year home loan for $154,000 at 8% is $1,130. How much
interest will the mortgagor pay over the 30-year term?
$252,800
14 of 100 The use of borrowed money is called leverage.
Which of these loans can have the most leverage for the
buyer?
VA
15 of 100 A broker may do all of the following without
violating license law EXCEPT:
The broker may explain the details of a listing contract.
16 of 100 The appraiser has been asked to appraise an
apartment complex for an investment buyer. Which form of
estimating value would be the most beneficial to the
investor?
The Income Approach
17 of 100 The sales associate completes a sales contract for
a buyer on a Sunday afternoon. The contract is accepted on
Sunday night and an earnest money check is given to the
sales associate. When does the sales associate have to get
the earnest money check to the broker?
Monday by 5:00 p.m.
18 of 100 The substance that is colorless, odorless, and
hazardous to humans as well as the second leading cause of
lung cancer is:
Radon.
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, 6/27/23, 8:56 AM Broker Exam Questions
19 of 100 Annualized debt service on an investment piece
of property most nearly means:
The amount of the monthly principal and interest, annualized.
20 of 100 A sales associate was asked by an Asian couple to
show them homes located in areas where families were also
Asian. The couple felt they would be more at home with
other Asian families. How should the agent respond?
Explain the Fair Housing Act and show the buyers through the MLS,
all homes they are eligible to purchase. The buyers will then
choose where they wish to look.
21 of 100 To depreciate property that is used in business,
certain guidelines must be followed. Which of these would
the IRS disallow?
Property that will last no more than one year.
22 of 100 The Department is authorized by Florida law to do
all of the following EXCEPT:
Inspect a real estate office during any hour to inspect monthly
reconciliation statements, bank statements, and ledger books.
.
23 of 100 The sellers of 123 Mulberry Lane were killed in a
car crash yesterday. What will happen to the listing of their
home?
The listing is canceled upon the death of the sellers.
24 of 100 What type of disclosure is required for ad valorem
taxes to the buyer?
The buyer should be provided a statement either in the contract or
on a separate document that the buyer should not rely on the
seller's current taxes as the amount the buyer will have to pay.
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1 of 100 The Lead-based Paint Disclosure Rule affects all of
the following types of housing EXCEPT:
A residential property built in 1978.
2 of 100 Which type of relationship is an example of an
agency relationship?
A landlord and a property manager
3 of 100 Jack makes his living renting mobile home lots to
the snowbirds who come to Florida. Does Jack need a
license?
No. sales associates who rent short term mobile home lots
do not need licenses in Florida.
4 of 100 An investor purchased a property in January for
$350,000. The contract specified that $300,000 of the
purchase price was for the improvement only, with the
remainder for land. The investor made a down payment of
$50,000 and financed the rest. The mortgage is for 30 years
at 7% interest and a monthly payment of $1,995.91. The
property has 12 apartments which rent for $650 a month.
Vacancy and collection losses are at 5%. Operating
expenses are 30% of the effective gross income and include
reserves of $10,000. What is the effective gross income for
this building?
$88,920
5 of 100 The annual sales of a building are $500,000. The
property is valued at $4,250,000. What is the gross income
multiplier?
8.5
6 of 100 The EPA is concerned with hazardous waste
cleanup by the Potentially Responsible Parties. In order to
prove an innocent landowner defense, a landowner must do
all of the following EXCEPT:
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,6/27/23, 8:56 AM Broker Exam Questions
Deposit a surety bond with the EPA in the amount of $500,000 or
the amount of the claim, whichever is less.
7 of 100 ABC Realty received a Notice of Noncompliance by
registered mail. All violations of license law could have
triggered the Noncompliance Notice EXCEPT:
Failure to timely deposit earnest money into a trust
account.
8 of 100 Which of the following regulates the advertisement
of credit terms available for the sale of a home?
Regulation Z
9 of 100 A lease-purchase contract has several major risks
involved, so brokers are advised to use great caution with
this type of contract. What would NOT be a risk in a lease
purchase?
There is a risk that the seller will pay off the loan on the
house.
10 of 100 When would a CMA be done?
When a broker is determining a range of values for a seller
11 of 100 The buyer purchased a home for $175,000. She
obtained a 75% loan at 7% interest for 30 years and three
discount points. She paid $5,000 as an earnest money
deposit. The taxes on the property are $2500, and taxes are
paid in arrears. The closing date is April 12. The buyer will
owe for a title policy, $430; a preparation of deed, $30;
recording, $27; tax on the promissory note; tax on the
mortgage; and attorney fees of $150. She will have interest
adjustments to the end of the month. What will the buyer
need to bring to closing in a cashier's check, figured on the
365-day method of calculation?
$43,839.67
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,6/27/23, 8:56 AM Broker Exam Questions
12 of 100 Which of the commercial leases is based in part of
the cost of the Consumer Price Index?
An Index Lease
13 of 100 A monthly payment necessary to amortize a 30-
year home loan for $154,000 at 8% is $1,130. How much
interest will the mortgagor pay over the 30-year term?
$252,800
14 of 100 The use of borrowed money is called leverage.
Which of these loans can have the most leverage for the
buyer?
VA
15 of 100 A broker may do all of the following without
violating license law EXCEPT:
The broker may explain the details of a listing contract.
16 of 100 The appraiser has been asked to appraise an
apartment complex for an investment buyer. Which form of
estimating value would be the most beneficial to the
investor?
The Income Approach
17 of 100 The sales associate completes a sales contract for
a buyer on a Sunday afternoon. The contract is accepted on
Sunday night and an earnest money check is given to the
sales associate. When does the sales associate have to get
the earnest money check to the broker?
Monday by 5:00 p.m.
18 of 100 The substance that is colorless, odorless, and
hazardous to humans as well as the second leading cause of
lung cancer is:
Radon.
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, 6/27/23, 8:56 AM Broker Exam Questions
19 of 100 Annualized debt service on an investment piece
of property most nearly means:
The amount of the monthly principal and interest, annualized.
20 of 100 A sales associate was asked by an Asian couple to
show them homes located in areas where families were also
Asian. The couple felt they would be more at home with
other Asian families. How should the agent respond?
Explain the Fair Housing Act and show the buyers through the MLS,
all homes they are eligible to purchase. The buyers will then
choose where they wish to look.
21 of 100 To depreciate property that is used in business,
certain guidelines must be followed. Which of these would
the IRS disallow?
Property that will last no more than one year.
22 of 100 The Department is authorized by Florida law to do
all of the following EXCEPT:
Inspect a real estate office during any hour to inspect monthly
reconciliation statements, bank statements, and ledger books.
.
23 of 100 The sellers of 123 Mulberry Lane were killed in a
car crash yesterday. What will happen to the listing of their
home?
The listing is canceled upon the death of the sellers.
24 of 100 What type of disclosure is required for ad valorem
taxes to the buyer?
The buyer should be provided a statement either in the contract or
on a separate document that the buyer should not rely on the
seller's current taxes as the amount the buyer will have to pay.
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