Test Bank for Florida Real Estate Exam/ Actual Exam Questions wi
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th Correct Answers/ Updated 2024.
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Inzwhichzformzofzco-ownershipziszazperson'szownershipzinheritable?z–
a. Jointztenancy
b. Tenancyzbyzthezentirety
c. Tenancyzinzcommon
d. Tenancyzinzseveralty
CorrectzAnswer-
zc.zTenancyzinzcommonzallowszforzazpersonszshareztozbezinheritable,zitzdoesznotzautomaticallyzpas
szforthztozthezrestzofzthezownerszlikezinzjointztenancyz(thisziszcalledzthezrightzofzsurvivorship).
Howzlongzdozprospectiveztenantszhaveztozrequestzazrefundzafterzpurchasingzazrentalzlist?z-za.z10zdays
b. 15zdays
c. 30zdays
d. 360zdays
CorrectzAnswer-zC.z30zdays. .... tenantszhavezupztoz30zdaysztozrequestzaz75%zrefundzifztheyzdoznotzpurchase
azrental
WhichzmethodzbestzdescribeszthezforeclosurezprocesszinzFlorida?z–
a. Caveatzemptor
b. Judicial
c. Liszpendens
d. Non-judicial
CorrectzAnswer-zb.zThezstatezofzfloridazofferszazjudicialzforeclosurezprocess
Azjudicialzforeclosureziszknownzaszazlienztheoryzprocess.zBasically,zthezhomeownerzhaszlegalztitleztozthezprop
erty...
Unlikeztitleztheory,zwherezaszthezownerzhaszequitableztitle
pg.z1
,WhichzofzthezfollowingzstatementszaboutzthezFloridazpropertyztaxzdisclosureziszNOTztrue?z-
za.zItzcanzbezincludedzinzthezsaleszcontractzitself.
b. Itzcautionszbuyersznotztozrelyzonzthezcurrentzyear'sztaxztozpredictzwhatzthey'llzhaveztozpay.
c. Itzgiveszbuyerszazroughzestimatezofzthezpropertyztaxzthey'llzpayzinzthezcomingzyear.
d. Itzmustzbezprovidedztozsellerszwhenztheyzsignztheirzagencyzagreement.
CorrectzAnswer-zc.zThiszdisclosurezdoesn'tzprovidezanyzestimateszofzfuturezpropertyztaxzamounts.
Whichzactzsimplifies,zclarifies,zandzmodernizeszconsumerzprotectionzlawszandzmakeszthemzmorezconsistentz
withzfederalztradezlaws?z-za.zFairzHousingzAct
b. FederalzDuplicatezLawzCondensationzAct
c. FederalzTradezCommissionzAct
d. FloridazDeceptivezandzUnfairzTradezPracticeszAct
CorrectzAnswer-zd.zThezFloridazDeceptivezandzUnfairzTradezPracticeszActziszthezactzthatzsimplifies,
clarifies,zandzmodernizeszconsumerzprotectionzlawszandzmakeszthemzmorezconsistentzwithzfederalztradezla
ws.
Tozcomplyzwithzthezstatutezofzfrauds,zanzoptionzcontractzmustzbez .z-
za.zInzwritingzandzsignedzbyzthezoptionee
b. Inzwritingzandzsignedzbyzthezoptionor
c. Inzwritingzandzwitnessedzbyzanzattorney
d. Onzfilezatzthezlocalzcourthouse
CorrectzAnswer-
zb.zTozcomplyzwithzthezstatutezofzfrauds,zanzoptionzcontractzmustzbezinzwritingzandzsignedzbyzthezoptionorz(
seller).
Azcooperativezisza(n)z .z –
a. limitedzpartnership
b. LLC
c. not-for-profitzcorporation
d. solezproprietorship
CorrectzAnswer-
zc.zAzcooperativeziszazjointzventurezwithzitszshareholders,zformedzforztheirzbenefitzandzgovernedzbyzthem.zIt'
szaznot-for-profitzcorporation.
pg.z2
,Comparedzwithzcondominiums,zthezmonthlyzfeeszforzazcooperativezownerzareztypicallyz .z–
a. Higher
b. Muchzless
c. Slightlyzless
d. Thezsame
CorrectzAnswer-
za.zMonthlyzfeeszforzcooperativeszarezgenerallyzhigherzbecauseztheyzincludeztaxes,zmortgagezpayments,zand
zfeeszforzmaintainingzcommonzareaszandzfacilities.
Forzallzintentszandzpurposes,zsubagentszarezagentszofzthez .z-za.zBuyer
b. Seller
c. Thezbuyer'szbroker
d. Thezlistingzbroker
CorrectzAnswer-
zb.zAlthoughzazsubagentzmayzbringzanzunrepresentedzbuyerztoztheztransaction,zthezsubagentziszanzagentzofzt
hezseller.
Canzaznewzlicenseezspecializezinzthezsalezofzfarmzandzranchzproperty?z-
za.zNotzuntilzthezlicenseezhaszatzleastzfivezyearszofzexperiencezinzagriculturalzrealzestate
b. Notzuntilzthezlicenseezpasseszadditionalzcourseszinzagriculturalzrealzestate
c. Yes,zaznewzlicenseezcanzspecializezinzagriculturalzrealzestate
d. Yes,zaszlongzasztheznewzlicenseezhaszazdegreezinzagriculture
CorrectzAnswer-
zc.zSpecializationzdoesn'tzrequirezadditionalzcourseworkzorzcredentials.zThezlicenseezmustzbezcompetentzinz
anyzspecialization,zhowever.
JacquelineziszazlicenseezworkingzwithzazpropertyznearzazSuperfundzsite.zWhichzofzthesezstatementszisztrue?
z–
a. AzportionzofzthezsalezpricezmustzgoztozthezEPAztozfundzclean-upzofzthezsite.
b. Shezmustzdisclosezpotentialzhealthzthreatsztozanyonezinzthezareazwhenzshowingzthezproperty.
c. Shezmustzdisclosezthezexistencezofzanzenvironmentalzhazardzinzthezarea.
d. Thezpropertyzcan'tzbezsoldzuntilzthezsiteziszremovedzfromzthezNPL.
pg.z3
, CorrectzAnswer-
zc.zAzpropertyzwithzazknownzSuperfundzsitezinzthezvicinityzrequireszdisclosure,zaszthisziszazmaterialzfact.
Curtiszwantsztozdozaz1031zexchange.zHezjustzclosedzonzhiszproperty.zHowzmanyzdayszdoeszhezhaveztozidentify
zaznewzproperty?z-za.z180
b. 30
c. 45
d. 60
CorrectzAnswer-zc.zInvestorszwhozwantztozusezthez1031ztax-
deferredzexchangezmustzidentifyztheznewzpropertyzwithinz45zdayszofzclosingzandzmustzclosezonzthatzpropert
yzwithinz180zdayszfromzthezdatezofzsalezofzthezfirstzproperty.
Whichzoptionzdescribeszazrealzpropertyztaxzlien?z–
a. Generalzandzinvoluntary
b. Generalzandzvoluntary
c. Specificzandzinvoluntary
d. Specificzandzvoluntary
CorrectzAnswer-zc.
Azbuyerzrepresentationzagreementzestablisheszanzagencyzrelationshipzbetweenzwhichzparties?z–
a. Buyerzandzbroker
b. Buyerzandzsalesperson
c. Sellerzandzbroker
d. Sellerzandzsalesperson
CorrectzAnswer-
za.zYouzmayzhearzazbuyerzrepresentationzagreementzcalledzthezbuyer/brokerzagreement.zThisziszazcontractzb
etweenzthezbuyerzandzthezbroker.zRemember,zallzrealzestatezactivitieszarezconductedzunderzthezbroker'szli
cense.
Whatzmustzbezfiledzforzthezevictionzprocessztozbeginzafterzazlandlordzhaszwaitedzthreezdayszandzserveszaztenantz
aznoticeztozpayzorzvacatezthezpremises?z–
a. Azcomplaintzforzeviction
pg.z4
z z z z z z z z z z
th Correct Answers/ Updated 2024.
z z z z
Inzwhichzformzofzco-ownershipziszazperson'szownershipzinheritable?z–
a. Jointztenancy
b. Tenancyzbyzthezentirety
c. Tenancyzinzcommon
d. Tenancyzinzseveralty
CorrectzAnswer-
zc.zTenancyzinzcommonzallowszforzazpersonszshareztozbezinheritable,zitzdoesznotzautomaticallyzpas
szforthztozthezrestzofzthezownerszlikezinzjointztenancyz(thisziszcalledzthezrightzofzsurvivorship).
Howzlongzdozprospectiveztenantszhaveztozrequestzazrefundzafterzpurchasingzazrentalzlist?z-za.z10zdays
b. 15zdays
c. 30zdays
d. 360zdays
CorrectzAnswer-zC.z30zdays. .... tenantszhavezupztoz30zdaysztozrequestzaz75%zrefundzifztheyzdoznotzpurchase
azrental
WhichzmethodzbestzdescribeszthezforeclosurezprocesszinzFlorida?z–
a. Caveatzemptor
b. Judicial
c. Liszpendens
d. Non-judicial
CorrectzAnswer-zb.zThezstatezofzfloridazofferszazjudicialzforeclosurezprocess
Azjudicialzforeclosureziszknownzaszazlienztheoryzprocess.zBasically,zthezhomeownerzhaszlegalztitleztozthezprop
erty...
Unlikeztitleztheory,zwherezaszthezownerzhaszequitableztitle
pg.z1
,WhichzofzthezfollowingzstatementszaboutzthezFloridazpropertyztaxzdisclosureziszNOTztrue?z-
za.zItzcanzbezincludedzinzthezsaleszcontractzitself.
b. Itzcautionszbuyersznotztozrelyzonzthezcurrentzyear'sztaxztozpredictzwhatzthey'llzhaveztozpay.
c. Itzgiveszbuyerszazroughzestimatezofzthezpropertyztaxzthey'llzpayzinzthezcomingzyear.
d. Itzmustzbezprovidedztozsellerszwhenztheyzsignztheirzagencyzagreement.
CorrectzAnswer-zc.zThiszdisclosurezdoesn'tzprovidezanyzestimateszofzfuturezpropertyztaxzamounts.
Whichzactzsimplifies,zclarifies,zandzmodernizeszconsumerzprotectionzlawszandzmakeszthemzmorezconsistentz
withzfederalztradezlaws?z-za.zFairzHousingzAct
b. FederalzDuplicatezLawzCondensationzAct
c. FederalzTradezCommissionzAct
d. FloridazDeceptivezandzUnfairzTradezPracticeszAct
CorrectzAnswer-zd.zThezFloridazDeceptivezandzUnfairzTradezPracticeszActziszthezactzthatzsimplifies,
clarifies,zandzmodernizeszconsumerzprotectionzlawszandzmakeszthemzmorezconsistentzwithzfederalztradezla
ws.
Tozcomplyzwithzthezstatutezofzfrauds,zanzoptionzcontractzmustzbez .z-
za.zInzwritingzandzsignedzbyzthezoptionee
b. Inzwritingzandzsignedzbyzthezoptionor
c. Inzwritingzandzwitnessedzbyzanzattorney
d. Onzfilezatzthezlocalzcourthouse
CorrectzAnswer-
zb.zTozcomplyzwithzthezstatutezofzfrauds,zanzoptionzcontractzmustzbezinzwritingzandzsignedzbyzthezoptionorz(
seller).
Azcooperativezisza(n)z .z –
a. limitedzpartnership
b. LLC
c. not-for-profitzcorporation
d. solezproprietorship
CorrectzAnswer-
zc.zAzcooperativeziszazjointzventurezwithzitszshareholders,zformedzforztheirzbenefitzandzgovernedzbyzthem.zIt'
szaznot-for-profitzcorporation.
pg.z2
,Comparedzwithzcondominiums,zthezmonthlyzfeeszforzazcooperativezownerzareztypicallyz .z–
a. Higher
b. Muchzless
c. Slightlyzless
d. Thezsame
CorrectzAnswer-
za.zMonthlyzfeeszforzcooperativeszarezgenerallyzhigherzbecauseztheyzincludeztaxes,zmortgagezpayments,zand
zfeeszforzmaintainingzcommonzareaszandzfacilities.
Forzallzintentszandzpurposes,zsubagentszarezagentszofzthez .z-za.zBuyer
b. Seller
c. Thezbuyer'szbroker
d. Thezlistingzbroker
CorrectzAnswer-
zb.zAlthoughzazsubagentzmayzbringzanzunrepresentedzbuyerztoztheztransaction,zthezsubagentziszanzagentzofzt
hezseller.
Canzaznewzlicenseezspecializezinzthezsalezofzfarmzandzranchzproperty?z-
za.zNotzuntilzthezlicenseezhaszatzleastzfivezyearszofzexperiencezinzagriculturalzrealzestate
b. Notzuntilzthezlicenseezpasseszadditionalzcourseszinzagriculturalzrealzestate
c. Yes,zaznewzlicenseezcanzspecializezinzagriculturalzrealzestate
d. Yes,zaszlongzasztheznewzlicenseezhaszazdegreezinzagriculture
CorrectzAnswer-
zc.zSpecializationzdoesn'tzrequirezadditionalzcourseworkzorzcredentials.zThezlicenseezmustzbezcompetentzinz
anyzspecialization,zhowever.
JacquelineziszazlicenseezworkingzwithzazpropertyznearzazSuperfundzsite.zWhichzofzthesezstatementszisztrue?
z–
a. AzportionzofzthezsalezpricezmustzgoztozthezEPAztozfundzclean-upzofzthezsite.
b. Shezmustzdisclosezpotentialzhealthzthreatsztozanyonezinzthezareazwhenzshowingzthezproperty.
c. Shezmustzdisclosezthezexistencezofzanzenvironmentalzhazardzinzthezarea.
d. Thezpropertyzcan'tzbezsoldzuntilzthezsiteziszremovedzfromzthezNPL.
pg.z3
, CorrectzAnswer-
zc.zAzpropertyzwithzazknownzSuperfundzsitezinzthezvicinityzrequireszdisclosure,zaszthisziszazmaterialzfact.
Curtiszwantsztozdozaz1031zexchange.zHezjustzclosedzonzhiszproperty.zHowzmanyzdayszdoeszhezhaveztozidentify
zaznewzproperty?z-za.z180
b. 30
c. 45
d. 60
CorrectzAnswer-zc.zInvestorszwhozwantztozusezthez1031ztax-
deferredzexchangezmustzidentifyztheznewzpropertyzwithinz45zdayszofzclosingzandzmustzclosezonzthatzpropert
yzwithinz180zdayszfromzthezdatezofzsalezofzthezfirstzproperty.
Whichzoptionzdescribeszazrealzpropertyztaxzlien?z–
a. Generalzandzinvoluntary
b. Generalzandzvoluntary
c. Specificzandzinvoluntary
d. Specificzandzvoluntary
CorrectzAnswer-zc.
Azbuyerzrepresentationzagreementzestablisheszanzagencyzrelationshipzbetweenzwhichzparties?z–
a. Buyerzandzbroker
b. Buyerzandzsalesperson
c. Sellerzandzbroker
d. Sellerzandzsalesperson
CorrectzAnswer-
za.zYouzmayzhearzazbuyerzrepresentationzagreementzcalledzthezbuyer/brokerzagreement.zThisziszazcontractzb
etweenzthezbuyerzandzthezbroker.zRemember,zallzrealzestatezactivitieszarezconductedzunderzthezbroker'szli
cense.
Whatzmustzbezfiledzforzthezevictionzprocessztozbeginzafterzazlandlordzhaszwaitedzthreezdayszandzserveszaztenantz
aznoticeztozpayzorzvacatezthezpremises?z–
a. Azcomplaintzforzeviction
pg.z4
