Magnolia School Of RE Practice Test
1. Questions with Correct Verified
Answers. Latest Edition 2026-2027.
Graded A
A broker acquired a new customer and listed the customer's property on
the MLS. The broker found a prospective buyer for the property but
suddenly became ill. The broker was hospitalized for two months. During
the hospitalization of the broker, the prospective buyer purchased the
property. Which applies to this situation? - AnsThe broker is entitled to a
commission regardless of the type of listing he had with the customer.
A broker executed a listing contract to sell a customer's property for
$275,000. The homeowner was on vacation when an offer came in for
$275,000. Which applies in the situation? - AnsThe broker will have to wait
until the homeowner returns from vacation because the broker does not
have the authority to accept offers.
A broker provided an up to date and accurate rental list for a $700.00 fee.
The potential tenant was unable to obtain a rental and requested a refund.
Which applies? - AnsIf the potential tenant makes the request within 30
days, the licensee would be required to provide a refund of $525.00.
1
,A sales associate has been hired to perform an appraisal for a fee. With
this information, which of the following statements is true? - AnsThe sales
associate can legally perform the appraisal, provided the appraisal will not
be used in a federally related transaction.
A seller disclosed in confidence to the broker that was listing his house that
the roof leaks. Which of the following applies? - AnsThe broker is always
required to disclose the leaking roof to all prospective buyers.
A valid real estate contract - Anscontains all the essential elements and is
in writing.
An appraiser would deduct value from a property's value if the property had
four bedrooms but only one bathroom. What type of depreciation is this? -
AnsFunctional obsolescence
An offer is not terminated by - Ansan extension
Concerning escrow disputes which applies? - AnsIn the event of conflicting
demands for escrow, the broker must first contact FREC within 15 business
days, and then implement one of the four settlement procedures within 30
business days.
Concerning Florida Statutes and Florida Real Estate Commission (FREC)
rules, which statement is false? - AnsThe DBPR laws are F.S.120
2
, Concerning the FHA and the VA, which statement is true? - AnsIf the
spouse of a deceased veteran remarries, she will not be eligible for the VA
benefit. If she does not remarry, she will be eligible for the benefit.
How do you find the capitalization rate of a property if you have the net
operating income and the value, (sales price)? - AnsNet operating income
divided by the value, (sales price)
How do you find the value of a property, (sales price) if you have been
given the capitalization rate and the net operating income? - AnsThe
formula is the net operating income divided by the capitalization rate
how do you remove an easement? - Ansa quitclaim deed
How is the intangible tax typically noted on the Closing Disclosure
Statement? - AnsBuyer debit only
If a real estate agent was charged with a first-degree misdemeanor, what
law were they breaking? - AnsViolating rental list laws
if you have tried the normal way of removing an easement, what do you
have to do then? - Ansgo to court
In the event that a broker chooses not to have an escrow account, the
funds are typically held at a title company or in an attorney's escrow
account. If the funds are held at a title company or in an attorney's escrow
account, what must be included on the purchase and sale contract
3
1. Questions with Correct Verified
Answers. Latest Edition 2026-2027.
Graded A
A broker acquired a new customer and listed the customer's property on
the MLS. The broker found a prospective buyer for the property but
suddenly became ill. The broker was hospitalized for two months. During
the hospitalization of the broker, the prospective buyer purchased the
property. Which applies to this situation? - AnsThe broker is entitled to a
commission regardless of the type of listing he had with the customer.
A broker executed a listing contract to sell a customer's property for
$275,000. The homeowner was on vacation when an offer came in for
$275,000. Which applies in the situation? - AnsThe broker will have to wait
until the homeowner returns from vacation because the broker does not
have the authority to accept offers.
A broker provided an up to date and accurate rental list for a $700.00 fee.
The potential tenant was unable to obtain a rental and requested a refund.
Which applies? - AnsIf the potential tenant makes the request within 30
days, the licensee would be required to provide a refund of $525.00.
1
,A sales associate has been hired to perform an appraisal for a fee. With
this information, which of the following statements is true? - AnsThe sales
associate can legally perform the appraisal, provided the appraisal will not
be used in a federally related transaction.
A seller disclosed in confidence to the broker that was listing his house that
the roof leaks. Which of the following applies? - AnsThe broker is always
required to disclose the leaking roof to all prospective buyers.
A valid real estate contract - Anscontains all the essential elements and is
in writing.
An appraiser would deduct value from a property's value if the property had
four bedrooms but only one bathroom. What type of depreciation is this? -
AnsFunctional obsolescence
An offer is not terminated by - Ansan extension
Concerning escrow disputes which applies? - AnsIn the event of conflicting
demands for escrow, the broker must first contact FREC within 15 business
days, and then implement one of the four settlement procedures within 30
business days.
Concerning Florida Statutes and Florida Real Estate Commission (FREC)
rules, which statement is false? - AnsThe DBPR laws are F.S.120
2
, Concerning the FHA and the VA, which statement is true? - AnsIf the
spouse of a deceased veteran remarries, she will not be eligible for the VA
benefit. If she does not remarry, she will be eligible for the benefit.
How do you find the capitalization rate of a property if you have the net
operating income and the value, (sales price)? - AnsNet operating income
divided by the value, (sales price)
How do you find the value of a property, (sales price) if you have been
given the capitalization rate and the net operating income? - AnsThe
formula is the net operating income divided by the capitalization rate
how do you remove an easement? - Ansa quitclaim deed
How is the intangible tax typically noted on the Closing Disclosure
Statement? - AnsBuyer debit only
If a real estate agent was charged with a first-degree misdemeanor, what
law were they breaking? - AnsViolating rental list laws
if you have tried the normal way of removing an easement, what do you
have to do then? - Ansgo to court
In the event that a broker chooses not to have an escrow account, the
funds are typically held at a title company or in an attorney's escrow
account. If the funds are held at a title company or in an attorney's escrow
account, what must be included on the purchase and sale contract
3
