Florida Real Estate Exam Questions and Answers Rated A+

Florida Real Estate Exam Questions and Answers Rated A+ Linda purchases property in Escambia County from Susan. Linda has $30,000.00 as a down payment and gets a mortgage in the amount of $150,000.00 and there is no other consideration for the transfer. How much will the doc stamp tax on the deed be? 1) $1,050.00 2) $1,260.00 3) $630.00 4) $525.00 $1,260.00 Tax calculation: $150,000 + $30,000 = $180,000/100 = 1800 (taxable $100 units) x $0.70 = $1260.00 tax due. Heather has been using a roadway at the back of the 22 acres Pam owns. She has been driving down the roadway almost every day without permission for over 20 years. This is called what? 1) easement appurtenant. 2) easement by prescription. 3) easement in gross. 4) easement by necessity. 2) easement by prescription When purchasing an existing condominium, the buyer must receive which of the following? 1) Annual operating budget 2) A prospectus 3) Rules and Regulations 4) Articles of incorporation of the association 4) Articles of incorporation of the association Todd is an 89-year-old veteran that is legally blind and partially disabled due to injuries he sustained in the military. His home has an assessed value of $150,500. How much will his taxable value be for county taxes? 1) $55,500 2) $95,000 3) $100,500 4) $110,000 2) $95,000 A contract for deed is also called what? 1) Deed in lieu of foreclosure 2) Land Contract 3) Novation 4) Sales Contract 2) Land Contract The cost of borrowing money is called what? 1) Interest 2) Leverage 3) Capitol 4) Credit 1) Interest Sally is buying a home and the closing date is set for April 20th. The annual property taxes are $1234.00 and have not been paid yet. How much will the buyer be credited and the seller be debited? 1) $371.80 2) $368.51 3) $375.18 4) $370.36 $368.51 Step 1: Find the daily rate; property taxes for the year ($1234.00) / 365 days = $3.38; Step 2: Seller will credit buyer from January through midnight the day before closing. Calculate the exact number of days; January 31 + February 28 + March 31 + April 19 = 109 days; Step 3: Multiply the daily rate ($3.8) x Number of days (109) = $368.51 A Landlord has how many days to return a tenants security deposit if not making a claim on the deposit? 1) 10 2) 15 3) 30 4) 45 15 A buyer's loan payment will change if which of the following occur? 1) They have an ARM loan 2) The property taxes increase or decrease 3) Their homeowner's insurance increases 4) All of the above All of the above Which statute covers the procedural process? 1) Chapter 455 2) Chapter 120 3) Chapter 475 4) Chapter 20 Chapter 120 Which brokerage relationship duty applies to all three types of brokerage relationships? 1) Accounting for all funds 2) Loyalty 3) Using skill, care, and diligence 4) Confidentiality Accounting for all funds You sell Jessica a current up-to-date rental list and provide all the proper disclosures and paperwork. Jessica contacts you 15 days later and asks for a refund of the amount she paid for the list because she could not find a rental on the list. She is entitled to how much of a refund? 1) 100% 2) 75% 3) 25% 4) 0% 75% A deal failed to close because the buyer was unable to secure financing. The broker received conflicting demands regarding the earnest money. How long does the broker have to notify FREC? 1) 10 days 2) 15 days 3) 20 days 4) 30 days 15 days The Florida Real Estate Commission has seven