FL RE Practice Exam 1 Questions And
Answers 100% Accurate
An independent special district authorized by statute to issue bonds to raise
funds to construct infrastructure for a residential development is referred to as a
a. community association
b. special tax district
c. community development district
d. homeowner's association
Answer: c
(11) A community development district (CDD) is an independent district authorized by
Florida law to service the long-term specific needs of its community.
A real estate licensee who is representing a tenant in a commercial rental wants
to share part of her commission with the tenant. Which statement is TRUE
regarding this situation?
a. A licensee may share a commission with a party to a real estate sale and
purchase agreement, but not with parties to lease agreements
b. Real estate licensees may share commissions with parties to residential lease
agreements, but not with parties to commercial lease agreements
c. Real estate licensees may share their commission with a party to a lease
agreement, provided it is disclosed to all interested parties
d. It is illegal for a real estate licensee to share commissions with a party to any
real estate transaction unless the party is a real estate licensee
Answer: c
(5) Rule 61J2-10.028(2) provides that a licensee may share a commission with a party
to a real estate transaction, which includes real estate sale and purchase agreements
and lease agreements, provided the arrangement is disclosed to all interested parties.
When the value of a business's tangible assets is subtracted from its purchase
price, the amount remaining represents the
a. price paid for goodwill
,b. accounts payable to the business
c. long term liabilities of the business
d. sales tax collected but not yet remitted to the state
Answer: a
(17) Goodwill is the intangible asset attributed to a business's reputation and the
expectation of continued customer loyalty. The value of goodwill may be approximated
by subtracting the value of tangible assets from the value of the business.
Which type of estate in real property is held for a definite number of years?
a. fee simple estate
b. life estate
c. estate for years
d. estate by the entireties
Answer: c
(8) An estate for years exists for a designated period, which may be any length of time
from less than a year to many years, such as a 99-year lease.
In the government survey system of legal descriptions, a township measures
a. 6 square miles
b. 6 miles square
c. 640 acres
d. 640 square miles
Answer: b
(10) A township is a square six miles on each side (6 miles square). There are 640
acres in a section (not a township).
An apartment building consists of 430 units. The complex is 90% occupied. How
many units are vacant?
a. 10
b. 35
c. 43
d. 387
Answer: c
(15) A 90% occupancy means 10% or 43 units are vacant.
In Dade County, Florida, a tenant leased a two bedroom, single family home from
the landlord in June for a one-year period. In November, the tenant told the
landlord that she had no source of heat and requested he install a heater. The
,landlord said he would install the heater, but it would result in a rental increase of
$50 per month. Which statement is correct?
a. The landlord is required to provide heat, and the rent was established by lease
b. The landlord is entitled to increase the rent because the single-family home is
exempt from the Florida Landlord and Tenant Act
c. The tenant is not entitled to any free additions or improvements because she
should have inspected the premises prior to signing the lease
d. Winters are not cold enough in Dade County, Florida, to require landlords to
heat rental units
Answer: a
(7) The landlord is required to provide exterminating service , garbage receptacles and
pickup, and working equipment for heat, plus running water. The landlord is allowed to
charge tenants for services provided, if the charges are a part of the rental agreement.
Listing Agreements do NOT have which requirement?
a. written form
b. definite expiration date
c. description of the property
d. fee or commission charged
Answer:a
(11) Section 475.25(1)(r), F.S. indicate that a listing agreement must include a definite
expiration date, description of the property, price and terms, and fee or commission.
However, there is no requirement that the listing be in written form.
The "highest and best use as though vacant" is considered to be the use that will
result in the greatest amount and longest duration of net income that accrues to
the
a. improvements on a property
b. land itself
c. lessee of a commercial property
d. lessor of the commercial property
Answer: b
(16) The highest and best use of land as though vacant is the legal (permissible) use of
the site that would produce the greatest value.
, A seller has listed his property with a real estate company. The seller has
informed the sales associate that he will not sell his condominium to college
students. Which statement is TRUE regarding this situation?
a. the seller can refuse to sell to college students, but the real estate licensee
cannot refuse college students
b. The seller and his sales associates can be fined for violating the Fair Housing
Act
c. Although this may be poor business decision, it is not a violation of the Fair
Housing Act
d. the licensee should withdraw from the listing and report the seller to the FREC
Answer: c
(7) The fair Housing Act only prohibits discrimination based on race, color, religion,
national origin, gender, familiar status, and disability. College students are not a
protected class.
A buyer comes into the office and hands the receptionist an earnest money
deposit on Wednesday (no legal holidays involved). Which statement applies to
this situation?
a. the broker must deposit the check into the escrow account no later than the
end of business on Monday of the following week
b. the receptionist could be charged with providing real estate services without a
license
c. the broker must deposit the check into the escrow account by the end of
business on Friday
d. only a licensed real estate sales associate is allowed to accept an earnest
money deposit on behalf of the broker
Answer: a
(5) Brokers must deposit earnest money no later than the end of the third business day
following receipt of a deposit by a sales associate or employee of the brokerage firm.
A broker's principal is away on vacation. The broker receives an offer of $267,000
for the principal's property. Before the principal returns, the broker receives a
second offer of $264,000. The broker should
Answers 100% Accurate
An independent special district authorized by statute to issue bonds to raise
funds to construct infrastructure for a residential development is referred to as a
a. community association
b. special tax district
c. community development district
d. homeowner's association
Answer: c
(11) A community development district (CDD) is an independent district authorized by
Florida law to service the long-term specific needs of its community.
A real estate licensee who is representing a tenant in a commercial rental wants
to share part of her commission with the tenant. Which statement is TRUE
regarding this situation?
a. A licensee may share a commission with a party to a real estate sale and
purchase agreement, but not with parties to lease agreements
b. Real estate licensees may share commissions with parties to residential lease
agreements, but not with parties to commercial lease agreements
c. Real estate licensees may share their commission with a party to a lease
agreement, provided it is disclosed to all interested parties
d. It is illegal for a real estate licensee to share commissions with a party to any
real estate transaction unless the party is a real estate licensee
Answer: c
(5) Rule 61J2-10.028(2) provides that a licensee may share a commission with a party
to a real estate transaction, which includes real estate sale and purchase agreements
and lease agreements, provided the arrangement is disclosed to all interested parties.
When the value of a business's tangible assets is subtracted from its purchase
price, the amount remaining represents the
a. price paid for goodwill
,b. accounts payable to the business
c. long term liabilities of the business
d. sales tax collected but not yet remitted to the state
Answer: a
(17) Goodwill is the intangible asset attributed to a business's reputation and the
expectation of continued customer loyalty. The value of goodwill may be approximated
by subtracting the value of tangible assets from the value of the business.
Which type of estate in real property is held for a definite number of years?
a. fee simple estate
b. life estate
c. estate for years
d. estate by the entireties
Answer: c
(8) An estate for years exists for a designated period, which may be any length of time
from less than a year to many years, such as a 99-year lease.
In the government survey system of legal descriptions, a township measures
a. 6 square miles
b. 6 miles square
c. 640 acres
d. 640 square miles
Answer: b
(10) A township is a square six miles on each side (6 miles square). There are 640
acres in a section (not a township).
An apartment building consists of 430 units. The complex is 90% occupied. How
many units are vacant?
a. 10
b. 35
c. 43
d. 387
Answer: c
(15) A 90% occupancy means 10% or 43 units are vacant.
In Dade County, Florida, a tenant leased a two bedroom, single family home from
the landlord in June for a one-year period. In November, the tenant told the
landlord that she had no source of heat and requested he install a heater. The
,landlord said he would install the heater, but it would result in a rental increase of
$50 per month. Which statement is correct?
a. The landlord is required to provide heat, and the rent was established by lease
b. The landlord is entitled to increase the rent because the single-family home is
exempt from the Florida Landlord and Tenant Act
c. The tenant is not entitled to any free additions or improvements because she
should have inspected the premises prior to signing the lease
d. Winters are not cold enough in Dade County, Florida, to require landlords to
heat rental units
Answer: a
(7) The landlord is required to provide exterminating service , garbage receptacles and
pickup, and working equipment for heat, plus running water. The landlord is allowed to
charge tenants for services provided, if the charges are a part of the rental agreement.
Listing Agreements do NOT have which requirement?
a. written form
b. definite expiration date
c. description of the property
d. fee or commission charged
Answer:a
(11) Section 475.25(1)(r), F.S. indicate that a listing agreement must include a definite
expiration date, description of the property, price and terms, and fee or commission.
However, there is no requirement that the listing be in written form.
The "highest and best use as though vacant" is considered to be the use that will
result in the greatest amount and longest duration of net income that accrues to
the
a. improvements on a property
b. land itself
c. lessee of a commercial property
d. lessor of the commercial property
Answer: b
(16) The highest and best use of land as though vacant is the legal (permissible) use of
the site that would produce the greatest value.
, A seller has listed his property with a real estate company. The seller has
informed the sales associate that he will not sell his condominium to college
students. Which statement is TRUE regarding this situation?
a. the seller can refuse to sell to college students, but the real estate licensee
cannot refuse college students
b. The seller and his sales associates can be fined for violating the Fair Housing
Act
c. Although this may be poor business decision, it is not a violation of the Fair
Housing Act
d. the licensee should withdraw from the listing and report the seller to the FREC
Answer: c
(7) The fair Housing Act only prohibits discrimination based on race, color, religion,
national origin, gender, familiar status, and disability. College students are not a
protected class.
A buyer comes into the office and hands the receptionist an earnest money
deposit on Wednesday (no legal holidays involved). Which statement applies to
this situation?
a. the broker must deposit the check into the escrow account no later than the
end of business on Monday of the following week
b. the receptionist could be charged with providing real estate services without a
license
c. the broker must deposit the check into the escrow account by the end of
business on Friday
d. only a licensed real estate sales associate is allowed to accept an earnest
money deposit on behalf of the broker
Answer: a
(5) Brokers must deposit earnest money no later than the end of the third business day
following receipt of a deposit by a sales associate or employee of the brokerage firm.
A broker's principal is away on vacation. The broker receives an offer of $267,000
for the principal's property. Before the principal returns, the broker receives a
second offer of $264,000. The broker should
