ACEABLE AGENT LATEST 2026/2027 REVISION EXAM
QUESTIONS AND SOLUTIONS GUARANTEE A+
✔✔Why would a buyer or seller be willing to enter a transaction broker relationship
when it only affords limited representation, opposed to the full fiduciary level of
representation afforded by a single agent relationship? - ✔✔It allows a residential in-
house transaction to take place.
✔✔Which of these accurately differentiates between zoning ordinances and building
codes? - ✔✔Zoning deals with the use of land, whereas building codes deal with
building design and safety.
✔✔Excellent Energy Company was drilling for oil when a major accident caused an oil
spill that polluted public water. Who will bear the cost of cleanup, and under what law? -
✔✔Excellent Energy Company will have to pay for cleanup costs under CERCLA.
✔✔The Brokerage Relationship Disclosure Act does not specify a need for a written
disclosure for a transaction broker. This is because: - ✔✔the Act declares a
presumption of transaction brokerage
✔✔How many hours of continuing education courses are Florida licensees required to
complete per renewal cycle, excluding the first renewal? - ✔✔14
✔✔Ivan is buying a furnished condo. What type of loan will he need? - ✔✔a package
mortgage
✔✔Trina decides to pay one point in order to lower her interest rate. How does Trina
paying one point affect her lender's yield? - ✔✔increases yield by 0.125%
✔✔Mitch's sales associate license expired 18 months ago. Assuming this is not his first
renewal, what is his license status and how can he renew it? - ✔✔It's involuntarily
inactive. He can renew it by taking 28 hours of continuing education.
✔✔The Secretary of the Department of Business and Professional Regulation is: -
✔✔appointed by the governor of Florida and subject to confirmation by the state senate
✔✔Rita changed employers but did not notify the FREC within 10 days. What is her
license status? - ✔✔ceased to be in force
✔✔The following people are members of the Florida Real Estate Commission:
Two licensed brokers with five years of active licensure, ages 35 and 41
One licensed sales associate with two years of active licensure, age 54
Two members of the public who have never been licensed, ages 26 and 47
,Who should join the Commission in order to fulfill the membership requirements? -
✔✔two additional licensed brokers, one of whom must be at least 60 years old
✔✔How many members make up the Florida Real Estate Commission? - ✔✔7
members: 4 brokers, 1 broker or sales associate, and 2 unlicensed consumer members
✔✔Oliver failed to renew his sales associate license 20 months ago. What is his status,
and what can he do to get his license reinstated? - ✔✔Involuntarily inactive, and to
reinstate it, he would have to complete 28 hours of CE.
✔✔With respect to residential transactions in the state of Florida, dual agency is: -
✔✔illegal under any circumstances
✔✔A listing agreement and a buyer representation agreement are both examples of: -
✔✔express written agency
✔✔Kate doesn't fill out all of her license renewal application. What is the likely
consequence? - ✔✔The FREC will deny the license application but allow Kate to apply
again.
✔✔A plat map is a(n): - ✔✔drawing of a development
✔✔A legal description of a property is important because: - ✔✔All choices are correct.
✔✔Longitude lines, or meridians, run east to west, parallel to the equator. - ✔✔FALSE
✔✔Which of these is an example of securitization? - ✔✔A group of loans is packaged
by a lender to be sold to an investor.
✔✔A property's annual property taxes equaled $6,480. The seller owes the buyer for 1
month and 15 days of prorated property taxes. Using the 360-day calendar, how much
does the seller owe the buyer? - ✔✔$810
✔✔The seller of a home paid the current year's HOA fees at the start of the year. The
cost will be prorated at closing. How will the cost be counted at closing? - ✔✔as a credit
to the seller
✔✔The principle of contribution states: - ✔✔A property's overall value is made up of the
combined value of each of its parts.
✔✔A buyer is using an FHA loan to buy a property. Does the appraiser of the property
need to be state-certified? - ✔✔Yes, all federally related transactions must be appraised
by a certified appraiser.
, ✔✔A CMA is a more formal market analysis than an appraisal. - ✔✔FALSE
✔✔What is the purpose of FIRPTA? - ✔✔to ensure that the IRS get taxes owed by
foreign sellers of real property
✔✔A buyer pays a seller for a property in pre-determined chunks for a pre-determined
length of time, and the seller holds the title until the property has been fully paid for. This
is an example of a(n): - ✔✔installment sale
✔✔Karl's house has assessed for $200,000 before a homestead exemption. The
millage rate for the school district is 9 mills; the millage rate for the city is 8.5 mills; and
the millage rate for the county is 7.4 mills.
How much does Karl, who is blind, owe for city and county property taxes? -
✔✔$2,305.50
✔✔Which of the following is an example of default risk? - ✔✔Amber lost her real estate
investment after the bank foreclosed on her home.
✔✔Which one of these is most likely to be a retail anchor tenant? - ✔✔grocery store
✔✔Jermaine bought an investment property for $250,000. He put down $50,000 and
financed the remaining $200,000. In four years, he paid $15,000 of the mortgage
principle and the value of the property increased to $275,000. What is Jermaine's
current equity in the property? - ✔✔$90,000
✔✔Which of these is an advantage to investing in single-family residential properties? -
✔✔demand is fairly stable
✔✔A new home was sold for $1,200,000 in Miami-Dade County. The buyer took out a
mortgage for $1,000,000 and paid the rest in cash. The buyer agrees to pay for all three
state transfer taxes (documentary stamp on the deed, promissory note, and the
intangible tax on the new mortgage).
How much will the buyer owe in state transfer taxes? - ✔✔$12,700
✔✔Florida's Greenbelt Law protects: - ✔✔farmers
✔✔Property taxes in Florida are: - ✔✔ad valorem
✔✔How would an appraiser be able to adjust for the size of the property using the sales
comparison approach? - ✔✔They would need to find the price per square foot of the
comparable property.
QUESTIONS AND SOLUTIONS GUARANTEE A+
✔✔Why would a buyer or seller be willing to enter a transaction broker relationship
when it only affords limited representation, opposed to the full fiduciary level of
representation afforded by a single agent relationship? - ✔✔It allows a residential in-
house transaction to take place.
✔✔Which of these accurately differentiates between zoning ordinances and building
codes? - ✔✔Zoning deals with the use of land, whereas building codes deal with
building design and safety.
✔✔Excellent Energy Company was drilling for oil when a major accident caused an oil
spill that polluted public water. Who will bear the cost of cleanup, and under what law? -
✔✔Excellent Energy Company will have to pay for cleanup costs under CERCLA.
✔✔The Brokerage Relationship Disclosure Act does not specify a need for a written
disclosure for a transaction broker. This is because: - ✔✔the Act declares a
presumption of transaction brokerage
✔✔How many hours of continuing education courses are Florida licensees required to
complete per renewal cycle, excluding the first renewal? - ✔✔14
✔✔Ivan is buying a furnished condo. What type of loan will he need? - ✔✔a package
mortgage
✔✔Trina decides to pay one point in order to lower her interest rate. How does Trina
paying one point affect her lender's yield? - ✔✔increases yield by 0.125%
✔✔Mitch's sales associate license expired 18 months ago. Assuming this is not his first
renewal, what is his license status and how can he renew it? - ✔✔It's involuntarily
inactive. He can renew it by taking 28 hours of continuing education.
✔✔The Secretary of the Department of Business and Professional Regulation is: -
✔✔appointed by the governor of Florida and subject to confirmation by the state senate
✔✔Rita changed employers but did not notify the FREC within 10 days. What is her
license status? - ✔✔ceased to be in force
✔✔The following people are members of the Florida Real Estate Commission:
Two licensed brokers with five years of active licensure, ages 35 and 41
One licensed sales associate with two years of active licensure, age 54
Two members of the public who have never been licensed, ages 26 and 47
,Who should join the Commission in order to fulfill the membership requirements? -
✔✔two additional licensed brokers, one of whom must be at least 60 years old
✔✔How many members make up the Florida Real Estate Commission? - ✔✔7
members: 4 brokers, 1 broker or sales associate, and 2 unlicensed consumer members
✔✔Oliver failed to renew his sales associate license 20 months ago. What is his status,
and what can he do to get his license reinstated? - ✔✔Involuntarily inactive, and to
reinstate it, he would have to complete 28 hours of CE.
✔✔With respect to residential transactions in the state of Florida, dual agency is: -
✔✔illegal under any circumstances
✔✔A listing agreement and a buyer representation agreement are both examples of: -
✔✔express written agency
✔✔Kate doesn't fill out all of her license renewal application. What is the likely
consequence? - ✔✔The FREC will deny the license application but allow Kate to apply
again.
✔✔A plat map is a(n): - ✔✔drawing of a development
✔✔A legal description of a property is important because: - ✔✔All choices are correct.
✔✔Longitude lines, or meridians, run east to west, parallel to the equator. - ✔✔FALSE
✔✔Which of these is an example of securitization? - ✔✔A group of loans is packaged
by a lender to be sold to an investor.
✔✔A property's annual property taxes equaled $6,480. The seller owes the buyer for 1
month and 15 days of prorated property taxes. Using the 360-day calendar, how much
does the seller owe the buyer? - ✔✔$810
✔✔The seller of a home paid the current year's HOA fees at the start of the year. The
cost will be prorated at closing. How will the cost be counted at closing? - ✔✔as a credit
to the seller
✔✔The principle of contribution states: - ✔✔A property's overall value is made up of the
combined value of each of its parts.
✔✔A buyer is using an FHA loan to buy a property. Does the appraiser of the property
need to be state-certified? - ✔✔Yes, all federally related transactions must be appraised
by a certified appraiser.
, ✔✔A CMA is a more formal market analysis than an appraisal. - ✔✔FALSE
✔✔What is the purpose of FIRPTA? - ✔✔to ensure that the IRS get taxes owed by
foreign sellers of real property
✔✔A buyer pays a seller for a property in pre-determined chunks for a pre-determined
length of time, and the seller holds the title until the property has been fully paid for. This
is an example of a(n): - ✔✔installment sale
✔✔Karl's house has assessed for $200,000 before a homestead exemption. The
millage rate for the school district is 9 mills; the millage rate for the city is 8.5 mills; and
the millage rate for the county is 7.4 mills.
How much does Karl, who is blind, owe for city and county property taxes? -
✔✔$2,305.50
✔✔Which of the following is an example of default risk? - ✔✔Amber lost her real estate
investment after the bank foreclosed on her home.
✔✔Which one of these is most likely to be a retail anchor tenant? - ✔✔grocery store
✔✔Jermaine bought an investment property for $250,000. He put down $50,000 and
financed the remaining $200,000. In four years, he paid $15,000 of the mortgage
principle and the value of the property increased to $275,000. What is Jermaine's
current equity in the property? - ✔✔$90,000
✔✔Which of these is an advantage to investing in single-family residential properties? -
✔✔demand is fairly stable
✔✔A new home was sold for $1,200,000 in Miami-Dade County. The buyer took out a
mortgage for $1,000,000 and paid the rest in cash. The buyer agrees to pay for all three
state transfer taxes (documentary stamp on the deed, promissory note, and the
intangible tax on the new mortgage).
How much will the buyer owe in state transfer taxes? - ✔✔$12,700
✔✔Florida's Greenbelt Law protects: - ✔✔farmers
✔✔Property taxes in Florida are: - ✔✔ad valorem
✔✔How would an appraiser be able to adjust for the size of the property using the sales
comparison approach? - ✔✔They would need to find the price per square foot of the
comparable property.
