FLORIDA LICENSE 45 HOUR POST EXAM 2024 ACTUAL
EXAM QUESTIONS AND CORRECT DETAILED ANSWERS
Farming - CORRECT ANSWER-Concentrating on one type of style
of property or on one particular neighborhood
A residential transaction os defined in F.S. 475 as the sale of
any: - CORRECT ANSWER-- Duplex
- improved residential property of four units or fewer, including
condominium units
-unimproved property intended for four units or fewer
- agricultural properties of ten acres or less
- leases with options to purchase all or a portion of improved
property of four or fewer residential units
- dispositions of business interests for property of four or fewer
residential units
What is an Open Listing? - CORRECT ANSWER-When an owner
agrees to pay a commission to any broker who provides a buyer
willing to purchase the property under a price and terms
agreeable to the owner.
,An open listing is a _______ or _______ contract. - CORRECT
ANSWER-One-sided or unilateral
In an exclusive agency or exclusive listing - CORRECT ANSWER-
the owner reserves the right to sell the property himself or
herself, in which case the owner will owe no commission to the
listing broker.
An Exclusive Right of Sale Listing - CORRECT ANSWER-must be
in writing and signed. The owner can only list with one broker
and the owner agrees to pay the listing broker regardless of
who actually finds the buyer.
Industrial Properties include _______ and ___________
facilities - CORRECT ANSWER-warehouses and manufacturing
A _________ __________ is a condominium unit that is
subdivided into ownership time periods. - CORRECT ANSWER-
timeshare property
Timeshare ownership includes the right to use the property for
some period-of-time, sometimes referred to as ___________
_____________. - CORRECT ANSWER-interval ownership
,absentee owners - CORRECT ANSWER-owners who buy income
property as investments and depend on professionals to
manage them
Lenders may require an ___________ to determine whether
the value of the property being used as collateral for a loan is
adequate. - CORRECT ANSWER-appraisal
Appraisals may also be required in connection with _______
_________ ________ ___________, ____________
____________
__________, _________ ________ _____ ____ _______, _____
_____, _____ _____, ______ _______, and in many other
circumstances. - CORRECT ANSWERfederal income tax
claims, federal estate taxes, protesting real estate tax
assessments, eminent domain, investment planning,
insurance claims, and in many other circumstances.
An appraisal that is used in federally transaction must be
performed by an appraiser who is registered, licensed, certified
under Part II of FS ____, which is administered by
the Florida Real Estate Appraisal Board (FREAB). - CORRECT
ANSWER-FS 475
, A _________ _____ _______ is one in which a loan is made by a
federally regulated lending institution that uses real property. -
CORRECT ANSWER-federally related transaction
All appraisals, whether performed by a licensed appraiser or a
real estate licensee, must be developed and reported in
conformity with the - CORRECT ANSWER-Uniform Standards of
Professional Appraisal Practice (USPAP)
A real estate ________ is an expert, whom others seek when
they want answers to real estate questions about such things as
avoiding mortgage foreclosure, dealing with predatory lending,
handling rental default, finding suitable
income opportunities, or getting a reverse mortgage. - CORRECT
ANSWER-counselor
Counseling is a - CORRECT ANSWER-highly specialized service
and requires a greater level of knowledge and experience than
any other of the real estate profession. Must have a detailed
knowledge of alternative investments and strategies.
The largest and most prestigious real estate organization in the
world is ________. They work for legislation enforce
EXAM QUESTIONS AND CORRECT DETAILED ANSWERS
Farming - CORRECT ANSWER-Concentrating on one type of style
of property or on one particular neighborhood
A residential transaction os defined in F.S. 475 as the sale of
any: - CORRECT ANSWER-- Duplex
- improved residential property of four units or fewer, including
condominium units
-unimproved property intended for four units or fewer
- agricultural properties of ten acres or less
- leases with options to purchase all or a portion of improved
property of four or fewer residential units
- dispositions of business interests for property of four or fewer
residential units
What is an Open Listing? - CORRECT ANSWER-When an owner
agrees to pay a commission to any broker who provides a buyer
willing to purchase the property under a price and terms
agreeable to the owner.
,An open listing is a _______ or _______ contract. - CORRECT
ANSWER-One-sided or unilateral
In an exclusive agency or exclusive listing - CORRECT ANSWER-
the owner reserves the right to sell the property himself or
herself, in which case the owner will owe no commission to the
listing broker.
An Exclusive Right of Sale Listing - CORRECT ANSWER-must be
in writing and signed. The owner can only list with one broker
and the owner agrees to pay the listing broker regardless of
who actually finds the buyer.
Industrial Properties include _______ and ___________
facilities - CORRECT ANSWER-warehouses and manufacturing
A _________ __________ is a condominium unit that is
subdivided into ownership time periods. - CORRECT ANSWER-
timeshare property
Timeshare ownership includes the right to use the property for
some period-of-time, sometimes referred to as ___________
_____________. - CORRECT ANSWER-interval ownership
,absentee owners - CORRECT ANSWER-owners who buy income
property as investments and depend on professionals to
manage them
Lenders may require an ___________ to determine whether
the value of the property being used as collateral for a loan is
adequate. - CORRECT ANSWER-appraisal
Appraisals may also be required in connection with _______
_________ ________ ___________, ____________
____________
__________, _________ ________ _____ ____ _______, _____
_____, _____ _____, ______ _______, and in many other
circumstances. - CORRECT ANSWERfederal income tax
claims, federal estate taxes, protesting real estate tax
assessments, eminent domain, investment planning,
insurance claims, and in many other circumstances.
An appraisal that is used in federally transaction must be
performed by an appraiser who is registered, licensed, certified
under Part II of FS ____, which is administered by
the Florida Real Estate Appraisal Board (FREAB). - CORRECT
ANSWER-FS 475
, A _________ _____ _______ is one in which a loan is made by a
federally regulated lending institution that uses real property. -
CORRECT ANSWER-federally related transaction
All appraisals, whether performed by a licensed appraiser or a
real estate licensee, must be developed and reported in
conformity with the - CORRECT ANSWER-Uniform Standards of
Professional Appraisal Practice (USPAP)
A real estate ________ is an expert, whom others seek when
they want answers to real estate questions about such things as
avoiding mortgage foreclosure, dealing with predatory lending,
handling rental default, finding suitable
income opportunities, or getting a reverse mortgage. - CORRECT
ANSWER-counselor
Counseling is a - CORRECT ANSWER-highly specialized service
and requires a greater level of knowledge and experience than
any other of the real estate profession. Must have a detailed
knowledge of alternative investments and strategies.
The largest and most prestigious real estate organization in the
world is ________. They work for legislation enforce
