FLORIDA REAL ESTATE EXAM, PRACTICE
EXAM AND STUDY GUIDE NEWEST 2024
ACTUAL EXAM NEWEST 300 QUESTIONS AND
CORRECT DETAILED ANSWERS WITH
RATIONALES (VERIFIED ANSWERS) ALREADY
GRADED A+
What is the state intangible tax when a buyer assumes a mortgage of $60,000 and
takes out a new mortgage of $20,000? - ANSWER>>[Section 14, Slide 71] $20,000 x
.002= $40
If the Federal Reserve votes to lower the discount rate, how will this likely affect interest
rates on short-term credit? - ANSWER>>[Section 13 Slide 36] They will likely decrease
A subject property has four bedrooms. A comparable property sold for $275,000 with
only 3 bedrooms. The appraiser attributes a $5,000 to the 4th bedroom. How is the
adjustment made? - ANSWER>>[Section 16 Slide 82] Plus $5,000 to the comparable
What are the similarities between a Business Brokerage and a Real Estate Brokerage?
1) Both deal with Real Property
2) Both require a Real Estate License
3) Both involve Long-term Liabilities
4) All of the Above - ANSWER>>All of the Above
Question Feedback
[Section 17 Slide 91]
,An agreement in which only one party promises to perform without receiving a
reciprocal promise to perform from the other party is called a - ANSWER>>Unilateral
Contract
Question Feedback
[Section 11 Slide 49]
An open listing:
1) Allows the owner to sell the property himself and to list it with any number of brokers.
The first broker to secure a buyer gets a commission.
2) The seller reserves the right to sell the property without paying the broker if the seller
produces the buyer.
3) Gives the broker the protection of the commission no matter who brings a buyer.
4) Is a data exchange service where real estate licensees advertise their properties for
sale. - ANSWER>>Correct Answer
The correct answer is #1
Allows the owner to sell the property himself and to list it with any number of brokers.
The first broker to secure a buyer gets a commission.
Question Feedback
[Section 11 Slide 90]
A broker associate listed a villa home for $320,000 as a single agent. A sales associate
from a competing firm called the listing associate to inform them of a verbal offer of
$250,000. The listing associate did not present the verbal offer to the seller. Which
statement applies to this situation?
,1) Licensees are required to present written offers only
2) The listing associate was required to present the verbal offer to the seller when acting
as a single agent or a transaction agent
3) Licensees are required to present all written and verbal offers only when working in
the capacity as a single agent
4) The listing associate was not required to present the verbal offer if the seller had
indicated in previous verbal conversations that she only wanted to consider written
offers. - ANSWER>>The listing associate was required to present the verbal offer to the
seller when acting as a single agent or a transaction agent
Question Feedback
[Section 4, Slide 90]
The period of time during which the terms of a contract may be enforced according to
the statute of limitations are - ANSWER>>Five years for written contracts and 4 years
for parol contracts.
Question Feedback
[Section 11 Slide 27]
Buffer Zone is an area of land that: - ANSWER>>Separates different land use areas
Question Feedback
[Section 19 Slide 80]
What section is directly below section 7 in a township? - ANSWER>>18
, Question Feedback
[Section 10 Slide 54]
The Truth in Lending Act does not:
1) Make Bait and switch advertising regarding down payment and interest rates a
federal offense.
2) Inform borrowers of the true cost of obtaining a loan.
3) Require that when a triggering term is used, other information has to be included in
an ad.
4) Dictate to lenders how much interest rate to charge to a borrower. -
ANSWER>>Dictate to lenders how much interest rate to charge to a borrower.
Question Feedback
[Section 13, Slide 203 & 205]
A developer purchases 2 lots with 120 ft. frontage each and paid $120,000 total for both
lots. He divides these lots into 4 lots of 60 front feet each and sells them for $600 per
front foot. What is the developer's percentage of profit? - ANSWER>>[Section 14, Slide
32]
2 x 120 ft = 240 ; 240 feet of frontage x $600 = $144,000 Sale ; $144,000 - $120,000 =
$24,000 Profit; $24,000 Divide by $120,000 = 0.2 or 20%
Which township is located 2 tiers south and 3 ranges west of T1N R1W? -
ANSWER>>T1S R4W
Question Feedback
[Section 10 Slide 50]
How many miles to one side of a township? - ANSWER>>The correct answer is #4
EXAM AND STUDY GUIDE NEWEST 2024
ACTUAL EXAM NEWEST 300 QUESTIONS AND
CORRECT DETAILED ANSWERS WITH
RATIONALES (VERIFIED ANSWERS) ALREADY
GRADED A+
What is the state intangible tax when a buyer assumes a mortgage of $60,000 and
takes out a new mortgage of $20,000? - ANSWER>>[Section 14, Slide 71] $20,000 x
.002= $40
If the Federal Reserve votes to lower the discount rate, how will this likely affect interest
rates on short-term credit? - ANSWER>>[Section 13 Slide 36] They will likely decrease
A subject property has four bedrooms. A comparable property sold for $275,000 with
only 3 bedrooms. The appraiser attributes a $5,000 to the 4th bedroom. How is the
adjustment made? - ANSWER>>[Section 16 Slide 82] Plus $5,000 to the comparable
What are the similarities between a Business Brokerage and a Real Estate Brokerage?
1) Both deal with Real Property
2) Both require a Real Estate License
3) Both involve Long-term Liabilities
4) All of the Above - ANSWER>>All of the Above
Question Feedback
[Section 17 Slide 91]
,An agreement in which only one party promises to perform without receiving a
reciprocal promise to perform from the other party is called a - ANSWER>>Unilateral
Contract
Question Feedback
[Section 11 Slide 49]
An open listing:
1) Allows the owner to sell the property himself and to list it with any number of brokers.
The first broker to secure a buyer gets a commission.
2) The seller reserves the right to sell the property without paying the broker if the seller
produces the buyer.
3) Gives the broker the protection of the commission no matter who brings a buyer.
4) Is a data exchange service where real estate licensees advertise their properties for
sale. - ANSWER>>Correct Answer
The correct answer is #1
Allows the owner to sell the property himself and to list it with any number of brokers.
The first broker to secure a buyer gets a commission.
Question Feedback
[Section 11 Slide 90]
A broker associate listed a villa home for $320,000 as a single agent. A sales associate
from a competing firm called the listing associate to inform them of a verbal offer of
$250,000. The listing associate did not present the verbal offer to the seller. Which
statement applies to this situation?
,1) Licensees are required to present written offers only
2) The listing associate was required to present the verbal offer to the seller when acting
as a single agent or a transaction agent
3) Licensees are required to present all written and verbal offers only when working in
the capacity as a single agent
4) The listing associate was not required to present the verbal offer if the seller had
indicated in previous verbal conversations that she only wanted to consider written
offers. - ANSWER>>The listing associate was required to present the verbal offer to the
seller when acting as a single agent or a transaction agent
Question Feedback
[Section 4, Slide 90]
The period of time during which the terms of a contract may be enforced according to
the statute of limitations are - ANSWER>>Five years for written contracts and 4 years
for parol contracts.
Question Feedback
[Section 11 Slide 27]
Buffer Zone is an area of land that: - ANSWER>>Separates different land use areas
Question Feedback
[Section 19 Slide 80]
What section is directly below section 7 in a township? - ANSWER>>18
, Question Feedback
[Section 10 Slide 54]
The Truth in Lending Act does not:
1) Make Bait and switch advertising regarding down payment and interest rates a
federal offense.
2) Inform borrowers of the true cost of obtaining a loan.
3) Require that when a triggering term is used, other information has to be included in
an ad.
4) Dictate to lenders how much interest rate to charge to a borrower. -
ANSWER>>Dictate to lenders how much interest rate to charge to a borrower.
Question Feedback
[Section 13, Slide 203 & 205]
A developer purchases 2 lots with 120 ft. frontage each and paid $120,000 total for both
lots. He divides these lots into 4 lots of 60 front feet each and sells them for $600 per
front foot. What is the developer's percentage of profit? - ANSWER>>[Section 14, Slide
32]
2 x 120 ft = 240 ; 240 feet of frontage x $600 = $144,000 Sale ; $144,000 - $120,000 =
$24,000 Profit; $24,000 Divide by $120,000 = 0.2 or 20%
Which township is located 2 tiers south and 3 ranges west of T1N R1W? -
ANSWER>>T1S R4W
Question Feedback
[Section 10 Slide 50]
How many miles to one side of a township? - ANSWER>>The correct answer is #4
