Test Bank for Florida Real Estate Exam/
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Actual Exam Questions with Correct Answers/
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Updated 2024.
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Ingwhichgformgofgco-ownershipgisgagperson'sgownershipginheritable?g–
a. Jointgtenancy
b. Tenancygbygthegentirety
c. Tenancygingcommon
d. Tenancygingseveralty
CorrectgAnswer-
gc.gTenancygingcommongallowsgforgagpersonsgsharegtogbeginheritable,gitgdoesgnotgautomatical
lygpassgforthgtogthegrestgofgthegownersglikegingjointgtenancyg(thisgisgcalledgthegrightgofgsurvivo
rship).
Howglonggdogprospectivegtenantsghavegtogrequestgagrefundgaftergpurchasinggagrentalglist?g-ga.g10gdays
b. 15gdays
c. 30gdays
d. 360gdays
CorrectgAnswer-gC.g30gdays.. .tenantsghavegupgtog30gdaysgtogrequestgag75%grefundgifgtheygdognotgpurchase
agrental
WhichgmethodgbestgdescribesgthegforeclosuregprocessgingFlorida?g–
a. Caveatgemptor
b. Judicial
c. Lisgpendens
d. Non-judicial
CorrectgAnswer-gb.gThegstategofgfloridagoffersgagjudicialgforeclosuregprocess
Agjudicialgforeclosuregisgknowngasgagliengtheorygprocess.gBasically,gtheghomeownerghasglegalgtitlegtogth
egproperty...
Unlikegtitlegtheory,gwheregasgthegownerghasgequitablegtitle
pg.g1
,WhichgofgthegfollowinggstatementsgaboutgthegFloridagpropertygtaxgdisclosuregisgNOTgtrue?g-
ga.gItgcangbegincludedgingthegsalesgcontractgitself.
b. Itgcautionsgbuyersgnotgtogrelygongthegcurrentgyear'sgtaxgtogpredictgwhatgthey'llghavegtogpay.
c. Itggivesgbuyersgagroughgestimategofgthegpropertygtaxgthey'llgpaygingthegcominggyear.
d. Itgmustgbegprovidedgtogsellersgwhengtheygsigngtheirgagencygagreement.
CorrectgAnswer-gc.gThisgdisclosuregdoesn'tgprovideganygestimatesgofgfuturegpropertygtaxgamounts.
Whichgactgsimplifies,gclarifies,gandgmodernizesgconsumergprotectionglawsgandgmakesgthemgmoregconsis
tentgwithgfederalgtradeglaws?g-ga.gFairgHousinggAct
b. FederalgDuplicategLawgCondensationgAct
c. FederalgTradegCommissiongAct
d. FloridagDeceptivegandgUnfairgTradegPracticesgAct
CorrectgAnswer-gd.gThegFloridagDeceptivegandgUnfairgTradegPracticesgActgisgthegactgthatgsimplifies,
clarifies,gandgmodernizesgconsumergprotectionglawsgandgmakesgthemgmoregconsistentgwithgfederalgtra
deglaws.
Togcomplygwithgthegstatutegofgfrauds,gangoptiongcontractgmustgbeg . g-
ga.gIngwritinggandgsignedgbygthegoptionee
b. Ingwritinggandgsignedgbygthegoptionor
c. Ingwritinggandgwitnessedgbygangattorney
d. Ongfilegatgtheglocalgcourthouse
CorrectgAnswer-
gb.gTogcomplygwithgthegstatutegofgfrauds,gangoptiongcontractgmustgbegingwritinggandgsignedgbygthegop
tionorg(seller).
Agcooperativegisga(n)g . g–
a. limitedgpartnership
b. LLC
c. not-for-profitgcorporation
d. solegproprietorship
CorrectgAnswer-
gc.gAgcooperativegisgagjointgventuregwithgitsgshareholders,gformedgforgtheirgbenefitgandggovernedgbygth
em.gIt'sgagnot-for-profitgcorporation.
pg.g2
,Comparedgwithgcondominiums,gthegmonthlygfeesgforgagcooperativegownergaregtypicallyg .g –
a. Higher
b. Muchgless
c. Slightlygless
d. Thegsame
CorrectgAnswer-
ga.gMonthlygfeesgforgcooperativesgareggenerallyghighergbecausegtheygincludegtaxes,gmortgagegpayment
s,gandgfeesgforgmaintaininggcommongareasgandgfacilities.
Forgallgintentsgandgpurposes,gsubagentsgaregagentsgofgtheg .g-ga.gBuyer
b. Seller
c. Thegbuyer'sgbroker
d. Theglistinggbroker
CorrectgAnswer-
gb.gAlthoughgagsubagentgmaygbringgangunrepresentedgbuyergtogthegtransaction,gthegsubagentgisgangage
ntgofgthegseller.
Cangagnewglicenseegspecializegingthegsalegofgfarmgandgranchgproperty?g-
ga.gNotguntilgtheglicenseeghasgatgleastgfivegyearsgofgexperiencegingagriculturalgrealgestate
b. Notguntilgtheglicenseegpassesgadditionalgcoursesgingagriculturalgrealgestate
c. Yes,gagnewglicenseegcangspecializegingagriculturalgrealgestate
d. Yes,gasglonggasgthegnewglicenseeghasgagdegreegingagriculture
CorrectgAnswer-
gc.gSpecializationgdoesn'tgrequiregadditionalgcourseworkgorgcredentials.gTheglicenseegmustgbegcompete
ntginganygspecialization,ghowever.
JacquelinegisgaglicenseegworkinggwithgagpropertygneargagSuperfundgsite.gWhichgofgthesegstatementsgis
gtrue?g–
a. AgportiongofgthegsalegpricegmustggogtogthegEPAgtogfundgclean-upgofgthegsite.
b. Shegmustgdisclosegpotentialghealthgthreatsgtoganyonegingthegareagwhengshowinggthegproperty.
c. Shegmustgdisclosegthegexistencegofgangenvironmentalghazardgingthegarea.
d. Thegpropertygcan'tgbegsoldguntilgthegsitegisgremovedgfromgthegNPL.
pg.g3
, CorrectgAnswer-
gc.gAgpropertygwithgagknowngSuperfundgsitegingthegvicinitygrequiresgdisclosure,gasgthisgisgagmaterialgfact.
Curtisgwantsgtogdogag1031gexchange.gHegjustgclosedgonghisgproperty.gHowgmanygdaysgdoesgheghavegtogi
dentifygagnewgproperty?g-ga.g180
b. 30
c. 45
d. 60
CorrectgAnswer-gc.gInvestorsgwhogwantgtogusegtheg1031gtax-
deferredgexchangegmustgidentifygthegnewgpropertygwithing45gdaysgofgclosinggandgmustgclosegongthat
gpropertygwithing180gdaysgfromgthegdategofgsalegofgthegfirstgproperty.
Whichgoptiongdescribesgagrealgpropertygtaxglien?g–
a. Generalgandginvoluntary
b. Generalgandgvoluntary
c. Specificgandginvoluntary
d. Specificgandgvoluntary
CorrectgAnswer-gc.
Agbuyergrepresentationgagreementgestablishesgangagencygrelationshipgbetweengwhichgparties?g–
a. Buyergandgbroker
b. Buyergandgsalesperson
c. Sellergandgbroker
d. Sellergandgsalesperson
CorrectgAnswer-ga.gYougmaygheargagbuyergrepresentationgagreementgcalledgthegbuyer/
brokergagreement.gThisgisgagcontractgbetweengthegbuyergandgthegbroker.gRemember,gallgrealgestateg
activitiesgaregconductedgundergthegbroker'sglicense.
Whatgmustgbegfiledgforgthegevictiongprocessgtogbegingaftergaglandlordghasgwaitedgthreegdaysgandgservesgagt
enantgagnoticegtogpaygorgvacategthegpremises?g–
a. Agcomplaintgforgeviction
pg.g4
g g g g g g
Actual Exam Questions with Correct Answers/
g g g g g g
Updated 2024.
g g
Ingwhichgformgofgco-ownershipgisgagperson'sgownershipginheritable?g–
a. Jointgtenancy
b. Tenancygbygthegentirety
c. Tenancygingcommon
d. Tenancygingseveralty
CorrectgAnswer-
gc.gTenancygingcommongallowsgforgagpersonsgsharegtogbeginheritable,gitgdoesgnotgautomatical
lygpassgforthgtogthegrestgofgthegownersglikegingjointgtenancyg(thisgisgcalledgthegrightgofgsurvivo
rship).
Howglonggdogprospectivegtenantsghavegtogrequestgagrefundgaftergpurchasinggagrentalglist?g-ga.g10gdays
b. 15gdays
c. 30gdays
d. 360gdays
CorrectgAnswer-gC.g30gdays.. .tenantsghavegupgtog30gdaysgtogrequestgag75%grefundgifgtheygdognotgpurchase
agrental
WhichgmethodgbestgdescribesgthegforeclosuregprocessgingFlorida?g–
a. Caveatgemptor
b. Judicial
c. Lisgpendens
d. Non-judicial
CorrectgAnswer-gb.gThegstategofgfloridagoffersgagjudicialgforeclosuregprocess
Agjudicialgforeclosuregisgknowngasgagliengtheorygprocess.gBasically,gtheghomeownerghasglegalgtitlegtogth
egproperty...
Unlikegtitlegtheory,gwheregasgthegownerghasgequitablegtitle
pg.g1
,WhichgofgthegfollowinggstatementsgaboutgthegFloridagpropertygtaxgdisclosuregisgNOTgtrue?g-
ga.gItgcangbegincludedgingthegsalesgcontractgitself.
b. Itgcautionsgbuyersgnotgtogrelygongthegcurrentgyear'sgtaxgtogpredictgwhatgthey'llghavegtogpay.
c. Itggivesgbuyersgagroughgestimategofgthegpropertygtaxgthey'llgpaygingthegcominggyear.
d. Itgmustgbegprovidedgtogsellersgwhengtheygsigngtheirgagencygagreement.
CorrectgAnswer-gc.gThisgdisclosuregdoesn'tgprovideganygestimatesgofgfuturegpropertygtaxgamounts.
Whichgactgsimplifies,gclarifies,gandgmodernizesgconsumergprotectionglawsgandgmakesgthemgmoregconsis
tentgwithgfederalgtradeglaws?g-ga.gFairgHousinggAct
b. FederalgDuplicategLawgCondensationgAct
c. FederalgTradegCommissiongAct
d. FloridagDeceptivegandgUnfairgTradegPracticesgAct
CorrectgAnswer-gd.gThegFloridagDeceptivegandgUnfairgTradegPracticesgActgisgthegactgthatgsimplifies,
clarifies,gandgmodernizesgconsumergprotectionglawsgandgmakesgthemgmoregconsistentgwithgfederalgtra
deglaws.
Togcomplygwithgthegstatutegofgfrauds,gangoptiongcontractgmustgbeg . g-
ga.gIngwritinggandgsignedgbygthegoptionee
b. Ingwritinggandgsignedgbygthegoptionor
c. Ingwritinggandgwitnessedgbygangattorney
d. Ongfilegatgtheglocalgcourthouse
CorrectgAnswer-
gb.gTogcomplygwithgthegstatutegofgfrauds,gangoptiongcontractgmustgbegingwritinggandgsignedgbygthegop
tionorg(seller).
Agcooperativegisga(n)g . g–
a. limitedgpartnership
b. LLC
c. not-for-profitgcorporation
d. solegproprietorship
CorrectgAnswer-
gc.gAgcooperativegisgagjointgventuregwithgitsgshareholders,gformedgforgtheirgbenefitgandggovernedgbygth
em.gIt'sgagnot-for-profitgcorporation.
pg.g2
,Comparedgwithgcondominiums,gthegmonthlygfeesgforgagcooperativegownergaregtypicallyg .g –
a. Higher
b. Muchgless
c. Slightlygless
d. Thegsame
CorrectgAnswer-
ga.gMonthlygfeesgforgcooperativesgareggenerallyghighergbecausegtheygincludegtaxes,gmortgagegpayment
s,gandgfeesgforgmaintaininggcommongareasgandgfacilities.
Forgallgintentsgandgpurposes,gsubagentsgaregagentsgofgtheg .g-ga.gBuyer
b. Seller
c. Thegbuyer'sgbroker
d. Theglistinggbroker
CorrectgAnswer-
gb.gAlthoughgagsubagentgmaygbringgangunrepresentedgbuyergtogthegtransaction,gthegsubagentgisgangage
ntgofgthegseller.
Cangagnewglicenseegspecializegingthegsalegofgfarmgandgranchgproperty?g-
ga.gNotguntilgtheglicenseeghasgatgleastgfivegyearsgofgexperiencegingagriculturalgrealgestate
b. Notguntilgtheglicenseegpassesgadditionalgcoursesgingagriculturalgrealgestate
c. Yes,gagnewglicenseegcangspecializegingagriculturalgrealgestate
d. Yes,gasglonggasgthegnewglicenseeghasgagdegreegingagriculture
CorrectgAnswer-
gc.gSpecializationgdoesn'tgrequiregadditionalgcourseworkgorgcredentials.gTheglicenseegmustgbegcompete
ntginganygspecialization,ghowever.
JacquelinegisgaglicenseegworkinggwithgagpropertygneargagSuperfundgsite.gWhichgofgthesegstatementsgis
gtrue?g–
a. AgportiongofgthegsalegpricegmustggogtogthegEPAgtogfundgclean-upgofgthegsite.
b. Shegmustgdisclosegpotentialghealthgthreatsgtoganyonegingthegareagwhengshowinggthegproperty.
c. Shegmustgdisclosegthegexistencegofgangenvironmentalghazardgingthegarea.
d. Thegpropertygcan'tgbegsoldguntilgthegsitegisgremovedgfromgthegNPL.
pg.g3
, CorrectgAnswer-
gc.gAgpropertygwithgagknowngSuperfundgsitegingthegvicinitygrequiresgdisclosure,gasgthisgisgagmaterialgfact.
Curtisgwantsgtogdogag1031gexchange.gHegjustgclosedgonghisgproperty.gHowgmanygdaysgdoesgheghavegtogi
dentifygagnewgproperty?g-ga.g180
b. 30
c. 45
d. 60
CorrectgAnswer-gc.gInvestorsgwhogwantgtogusegtheg1031gtax-
deferredgexchangegmustgidentifygthegnewgpropertygwithing45gdaysgofgclosinggandgmustgclosegongthat
gpropertygwithing180gdaysgfromgthegdategofgsalegofgthegfirstgproperty.
Whichgoptiongdescribesgagrealgpropertygtaxglien?g–
a. Generalgandginvoluntary
b. Generalgandgvoluntary
c. Specificgandginvoluntary
d. Specificgandgvoluntary
CorrectgAnswer-gc.
Agbuyergrepresentationgagreementgestablishesgangagencygrelationshipgbetweengwhichgparties?g–
a. Buyergandgbroker
b. Buyergandgsalesperson
c. Sellergandgbroker
d. Sellergandgsalesperson
CorrectgAnswer-ga.gYougmaygheargagbuyergrepresentationgagreementgcalledgthegbuyer/
brokergagreement.gThisgisgagcontractgbetweengthegbuyergandgthegbroker.gRemember,gallgrealgestateg
activitiesgaregconductedgundergthegbroker'sglicense.
Whatgmustgbegfiledgforgthegevictiongprocessgtogbegingaftergaglandlordghasgwaitedgthreegdaysgandgservesgagt
enantgagnoticegtogpaygorgvacategthegpremises?g–
a. Agcomplaintgforgeviction
pg.g4
