Test Bank for Florida Real Estate Exam/ Actual Exam Questions
g g g g g g g g g g
with Correct Answers/ Updated 2024.
g g g g
Ingwhichgformgofgco-ownershipgisgagperson'sgownershipginheritable?g–
a. Jointgtenancy
b. Tenancygbygthegentirety
c. Tenancygingcommon
d. Tenancygingseveralty
CorrectgAnswer-
gc.gTenancygingcommongallowsgforgagpersonsgsharegtogbeginheritable,gitgdoesgnotgautomaticall
ygpassgforthgtogthegrestgofgthegownersglikegingjointgtenancyg(thisgisgcalledgthegrightgofgsurvivors
hip).
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,gtheghomeownerghasglegalgtitlegtogthe
gproperty...
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,gandgmodernizesgconsumergprotectionglawsgandgmakesgthemgmoregconsistentgwithgfederalgtrad
eglaws.
Togcomplygwithgthegstatutegofgfrauds,gangoptiongcontractgmustgbeg .g-
ga.gIngwritinggandgsignedgbygthegoptionee
b. Ingwritinggandgsignedgbygthegoptionor
c. Ingwritinggandgwitnessedgbygangattorney
d. Ongfilegatgtheglocalgcourthouse
CorrectgAnswer-
gb.gTogcomplygwithgthegstatutegofgfrauds,gangoptiongcontractgmustgbegingwritinggandgsignedgbygthegopti
onorg(seller).
Agcooperativegisga(n)g .g–
a. limitedgpartnership
b. LLC
c. not-for-profitgcorporation
d. solegproprietorship
CorrectgAnswer-
gc.gAgcooperativegisgagjointgventuregwithgitsgshareholders,gformedgforgtheirgbenefitgandggovernedgbygthe
m.gIt'sgagnot-for-profitgcorporation.
pg.g2
,Comparedgwithgcondominiums,gthegmonthlygfeesgforgagcooperativegownergaregtypicallyg .g–
a. Higher
b. Muchgless
c. Slightlygless
d. Thegsame
CorrectgAnswer-
ga.gMonthlygfeesgforgcooperativesgareggenerallyghighergbecausegtheygincludegtaxes,gmortgagegpayments,
gandgfeesgforgmaintaininggcommongareasgandgfacilities.
Forgallgintentsgandgpurposes,gsubagentsgaregagentsgofgtheg .g-ga.gBuyer
b. Seller
c. Thegbuyer'sgbroker
d. Theglistinggbroker
CorrectgAnswer-
gb.gAlthoughgagsubagentgmaygbringgangunrepresentedgbuyergtogthegtransaction,gthegsubagentgisgangagen
tgofgthegseller.
Cangagnewglicenseegspecializegingthegsalegofgfarmgandgranchgproperty?g-
ga.gNotguntilgtheglicenseeghasgatgleastgfivegyearsgofgexperiencegingagriculturalgrealgestate
b. Notguntilgtheglicenseegpassesgadditionalgcoursesgingagriculturalgrealgestate
c. Yes,gagnewglicenseegcangspecializegingagriculturalgrealgestate
d. Yes,gasglonggasgthegnewglicenseeghasgagdegreegingagriculture
CorrectgAnswer-
gc.gSpecializationgdoesn'tgrequiregadditionalgcourseworkgorgcredentials.gTheglicenseegmustgbegcompetent
ginganygspecialization,ghowever.
JacquelinegisgaglicenseegworkinggwithgagpropertygneargagSuperfundgsite.gWhichgofgthesegstatementsgisg
true?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-
deferredgexchangegmustgidentifygthegnewgpropertygwithing45gdaysgofgclosinggandgmustgclosegongthatgpr
opertygwithing180gdaysgfromgthegdategofgsalegofgthegfirstgproperty.
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.gThisgisgagcontr
actgbetweengthegbuyergandgthegbroker.gRemember,gallgrealgestategactivitiesgaregconductedgundergtheg
broker'sglicense.
Whatgmustgbegfiledgforgthegevictiongprocessgtogbegingaftergaglandlordghasgwaitedgthreegdaysgandgservesgagte
nantgagnoticegtogpaygorgvacategthegpremises?g–
a. Agcomplaintgforgeviction
pg.g4
g g g g g g g g g g
with Correct Answers/ Updated 2024.
g g g g
Ingwhichgformgofgco-ownershipgisgagperson'sgownershipginheritable?g–
a. Jointgtenancy
b. Tenancygbygthegentirety
c. Tenancygingcommon
d. Tenancygingseveralty
CorrectgAnswer-
gc.gTenancygingcommongallowsgforgagpersonsgsharegtogbeginheritable,gitgdoesgnotgautomaticall
ygpassgforthgtogthegrestgofgthegownersglikegingjointgtenancyg(thisgisgcalledgthegrightgofgsurvivors
hip).
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,gtheghomeownerghasglegalgtitlegtogthe
gproperty...
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,gandgmodernizesgconsumergprotectionglawsgandgmakesgthemgmoregconsistentgwithgfederalgtrad
eglaws.
Togcomplygwithgthegstatutegofgfrauds,gangoptiongcontractgmustgbeg .g-
ga.gIngwritinggandgsignedgbygthegoptionee
b. Ingwritinggandgsignedgbygthegoptionor
c. Ingwritinggandgwitnessedgbygangattorney
d. Ongfilegatgtheglocalgcourthouse
CorrectgAnswer-
gb.gTogcomplygwithgthegstatutegofgfrauds,gangoptiongcontractgmustgbegingwritinggandgsignedgbygthegopti
onorg(seller).
Agcooperativegisga(n)g .g–
a. limitedgpartnership
b. LLC
c. not-for-profitgcorporation
d. solegproprietorship
CorrectgAnswer-
gc.gAgcooperativegisgagjointgventuregwithgitsgshareholders,gformedgforgtheirgbenefitgandggovernedgbygthe
m.gIt'sgagnot-for-profitgcorporation.
pg.g2
,Comparedgwithgcondominiums,gthegmonthlygfeesgforgagcooperativegownergaregtypicallyg .g–
a. Higher
b. Muchgless
c. Slightlygless
d. Thegsame
CorrectgAnswer-
ga.gMonthlygfeesgforgcooperativesgareggenerallyghighergbecausegtheygincludegtaxes,gmortgagegpayments,
gandgfeesgforgmaintaininggcommongareasgandgfacilities.
Forgallgintentsgandgpurposes,gsubagentsgaregagentsgofgtheg .g-ga.gBuyer
b. Seller
c. Thegbuyer'sgbroker
d. Theglistinggbroker
CorrectgAnswer-
gb.gAlthoughgagsubagentgmaygbringgangunrepresentedgbuyergtogthegtransaction,gthegsubagentgisgangagen
tgofgthegseller.
Cangagnewglicenseegspecializegingthegsalegofgfarmgandgranchgproperty?g-
ga.gNotguntilgtheglicenseeghasgatgleastgfivegyearsgofgexperiencegingagriculturalgrealgestate
b. Notguntilgtheglicenseegpassesgadditionalgcoursesgingagriculturalgrealgestate
c. Yes,gagnewglicenseegcangspecializegingagriculturalgrealgestate
d. Yes,gasglonggasgthegnewglicenseeghasgagdegreegingagriculture
CorrectgAnswer-
gc.gSpecializationgdoesn'tgrequiregadditionalgcourseworkgorgcredentials.gTheglicenseegmustgbegcompetent
ginganygspecialization,ghowever.
JacquelinegisgaglicenseegworkinggwithgagpropertygneargagSuperfundgsite.gWhichgofgthesegstatementsgisg
true?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-
deferredgexchangegmustgidentifygthegnewgpropertygwithing45gdaysgofgclosinggandgmustgclosegongthatgpr
opertygwithing180gdaysgfromgthegdategofgsalegofgthegfirstgproperty.
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.gThisgisgagcontr
actgbetweengthegbuyergandgthegbroker.gRemember,gallgrealgestategactivitiesgaregconductedgundergtheg
broker'sglicense.
Whatgmustgbegfiledgforgthegevictiongprocessgtogbegingaftergaglandlordghasgwaitedgthreegdaysgandgservesgagte
nantgagnoticegtogpaygorgvacategthegpremises?g–
a. Agcomplaintgforgeviction
pg.g4
