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Bob Hogue Florida Real Estate Final Exam Questions and Answers 100% Pass

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Bob Hogue Florida Real Estate Final Exam Questions and Answers 100% Pass What must a real estate agent provide to a client before entering into a brokerage relationship? A written disclosure of the nature of the relationship. In Florida, what document must be executed to create an enfor...

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  • September 11, 2024
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Bob Hogue Florida Real Estate Final
Exam Questions and Answers 100%
Pass

What must a real estate agent provide to a client before entering into a brokerage relationship?


✔✔ A written disclosure of the nature of the relationship.




In Florida, what document must be executed to create an enforceable lease agreement longer

than one year?


✔✔ A written lease agreement.




What is the main purpose of the "Truth in Lending Act" (TILA)?


✔✔ To ensure that lenders provide borrowers with clear and accurate information about loan

terms and costs.




What is the standard method for calculating the annual percentage rate (APR) on a mortgage?


✔✔ Including both the interest rate and any fees or additional costs.




1

,Which type of agency relationship is typically formed when an agent represents a seller in a

transaction?


✔✔ A fiduciary relationship.




What is the term for a legal claim against a property for unpaid debts?


✔✔ Lien.




What is required for a real estate contract to be considered valid and enforceable?


✔✔ Mutual consent, legal purpose, and competent parties.




What is the role of a title insurance policy in real estate transactions?


✔✔ To protect the buyer and lender from potential defects in the title.




What is the maximum amount a tenant can be charged for a non-refundable pet deposit in

Florida?


✔✔ There is no statutory limit for non-refundable pet deposits, but it must be disclosed in the

lease.




2

,What does the term "homestead exemption" refer to in Florida real estate?


✔✔ A property tax benefit that provides a reduction in the taxable value of a primary residence.




What is the significance of the "closing disclosure" document in a real estate transaction?


✔✔ It provides a detailed account of the loan terms, fees, and the final amounts due from both

parties at closing.




How long does a new real estate licensee have to complete their post-licensing education in

Florida?


✔✔ 18 to 24 months from the date of licensure.




What is the purpose of a “broker price opinion” (BPO)?


✔✔ To provide an estimate of a property's value based on comparable sales and market

conditions.




What is the term for the process of transferring property ownership from one person to another?


✔✔ Conveyance.




3

, What is the legal principle that allows a seller to cancel a contract if the buyer breaches it?


✔✔ Rescission.




What must be included in a lease agreement to be considered legally binding in Florida?


✔✔ The names of the parties, the lease term, and the rental amount.




What is the primary function of an escrow account in a real estate transaction?


✔✔ To hold funds on behalf of the parties until the transaction is completed.




How long does a real estate broker have to notify the Florida Real Estate Commission (FREC) of

a change in their business address?


✔✔ 10 days.




What is the term for a legal process that resolves disputes regarding the ownership of real

property?


✔✔ Quiet title action.




What is the definition of "market value" in real estate?


4

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