FLORIDA REAL ESTATE EXAM QUESTIONS
WITH DETAILED VERIFIED ANSWERS
ALREADY GRADED A+
Combining two or more parcels of land - ANSWER-assemblage
Real Estate Recovery fund is funded by - ANSWER-fines and fees paid by
licensees
Riparian Rights - ANSWER-An owner's rights in land that borders on or includes
a stream, river, or lake. These rights include access to and use of the water.
Maximum number of years on FREC - ANSWER-no limit
Equal DUE rights, same or different deeds - ANSWER-Tenancy in common
rental property is temporarily diminished - ANSWER-see temporary reduction of
rent from court
property to property with same utility - ANSWER-Principle of Substitution
Broker refuses to pay a commission due - ANSWER-Charged with Failure to
Account
Land, improvements, interest and rights - ANSWER-Real Property
Gross lease - ANSWER-Tenant pays a fixed rent and the landlord (Lesser) pays all
property expenses
To cure a defect or cloud on the title to a piece of property, the parties should: -
ANSWER-quitclam deed
Sales associate working for a broker - ANSWER-general agency relationship
, Temporary Incapacitation of license - ANSWER-mandatory suspension
out of state broker receives a commission - ANSWER-cannot participate in the
transaction
city needs a new school, acquire land by - ANSWER-eminent domain
$50,000 - ANSWER-Single judgement from Real Estate Recovery Fund
Post-dated check - ANSWER-Legal- give to broker immediately
Business known as a company - ANSWER-is a corporation for profit
Broker represents as escrow agent - ANSWER-Buyer and seller
All legal rights transferred (100%) - ANSWER-assignment
Dual Agency - ANSWER-Representing both parties to a transaction. This is
unethical unless both parties agree to it, and it is illegal in many states (Violation
of Florida Statute 475
Broker hiding value of property - ANSWER-Could be charged with concealment
If office is closed, reopened, in same license period - ANSWER-request a reissue-
no fee
real estate taxes are - ANSWER-Ad Valorem tax
The four factors of production - ANSWER-land, labor, capital, and entrepreneurial
ability
Expert knowledge by RE licensees - ANSWER-Valuation, Marketing, Property
Transfer
Financial protection due to defective title - ANSWER-Title insurance
WITH DETAILED VERIFIED ANSWERS
ALREADY GRADED A+
Combining two or more parcels of land - ANSWER-assemblage
Real Estate Recovery fund is funded by - ANSWER-fines and fees paid by
licensees
Riparian Rights - ANSWER-An owner's rights in land that borders on or includes
a stream, river, or lake. These rights include access to and use of the water.
Maximum number of years on FREC - ANSWER-no limit
Equal DUE rights, same or different deeds - ANSWER-Tenancy in common
rental property is temporarily diminished - ANSWER-see temporary reduction of
rent from court
property to property with same utility - ANSWER-Principle of Substitution
Broker refuses to pay a commission due - ANSWER-Charged with Failure to
Account
Land, improvements, interest and rights - ANSWER-Real Property
Gross lease - ANSWER-Tenant pays a fixed rent and the landlord (Lesser) pays all
property expenses
To cure a defect or cloud on the title to a piece of property, the parties should: -
ANSWER-quitclam deed
Sales associate working for a broker - ANSWER-general agency relationship
, Temporary Incapacitation of license - ANSWER-mandatory suspension
out of state broker receives a commission - ANSWER-cannot participate in the
transaction
city needs a new school, acquire land by - ANSWER-eminent domain
$50,000 - ANSWER-Single judgement from Real Estate Recovery Fund
Post-dated check - ANSWER-Legal- give to broker immediately
Business known as a company - ANSWER-is a corporation for profit
Broker represents as escrow agent - ANSWER-Buyer and seller
All legal rights transferred (100%) - ANSWER-assignment
Dual Agency - ANSWER-Representing both parties to a transaction. This is
unethical unless both parties agree to it, and it is illegal in many states (Violation
of Florida Statute 475
Broker hiding value of property - ANSWER-Could be charged with concealment
If office is closed, reopened, in same license period - ANSWER-request a reissue-
no fee
real estate taxes are - ANSWER-Ad Valorem tax
The four factors of production - ANSWER-land, labor, capital, and entrepreneurial
ability
Expert knowledge by RE licensees - ANSWER-Valuation, Marketing, Property
Transfer
Financial protection due to defective title - ANSWER-Title insurance
