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Real Estate Continuing Education Practice Exam Questions and Complete Solutions Graded A+
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Real Estate Continuing Education Practice Exam Questions and Complete Solutions Graded A+
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Real Estate ContinuingEducation Practice Exam
Questions and Complete
Solutions Graded A+
T/F: An initial real estate license expires on the first of two dates after 18 months: March 31 or
September 30 - Answer: True
T/F: A Sales associate must complete a 60-hour post-licensing course before the first renewal. - Answer:
False; 45-hour post-licensing course
T/F: A sales associate in a brokerage firm may work as a transaction broker to a buyer if another sales
associate in the same firm is a single agent for the seller - Answer: False; If a single-agency relationship is
established with a residential seller, all licensees in that brokerage firm have single-agent duties to that
seller.
T/F: A licensee is allowed to be a dual agent, so long as it is disclosed to the buyer and the seller. -
Answer: False; dual agency is illegal in Florida.
T/F: A licensee who acts as a single agent must give a single agent disclosure notice before showing a
duplex to a prospective buyer. - Answer: True
T/F: A licensee who acts as a transaction broker must give a transaction broker notice before showing a
house to a prospective buyer. - Answer: False; A licensee need not give a brokerage relationship notice
when the licensee is acting as a transaction broker.
T/F: A transaction broker owes loyalty to her buyer. - Answer: False; Loyalty is a duty of a single agent. A
transaction broker provides limited representation to a buyer, a seller, or both in a real estate
transaction, but does not represent either in a fiduciary capacity.
, T/F: A transaction broker may tell a buyer if he knows that the seller will take less than the asking price. -
Answer: False; The transaction broker may not reveal that the seller might accept a price less than the
asking or list price.
T/F: Only single agents may call their customers "principals." - Answer: True; only single agency creates a
fiduciary relationship.
T/F: A single agent who transitions to transaction broker may not disclose to another party any
information learned while serving as a single agent. - Answer: True
T/F: Licensees working with no brokerage relationship to the customer owe the customer the duty of
confidentiality. - Answer: False; Licensees working with no brokerage relationship owe only three duties
to the customer:
• deal honestly and fairly
• disclosing all known facts that materially affect the value of the residential real property that are not
readily observable to the buyer
• accounting for all funds entrusted to the licensee
T/F: A single agent for one party in a transaction may decide to work with the other party with a no
brokerage relationship. - Answer: True; a single agent for one part in a transaction may decide to work
with the other party as a nonrepresentative.
T/F: Licensees acting as designated sales associates must give the parties to the transaction a Single
Agent Notice Designated Sales Associate Notice. - Answer: False; Licensees acting as designated sales
associates must give the parties to the transaction a Designated Sales Associate Notice.
T/F: Licensees may act as designated sales associates in a residential transaction. - Answer: False; only
for nonresidential transactions
T/F: A married couple filing jointly may exclude a maximum of $250,000 of gain on the sale of their
personal residence if the taxpayers owned and occupied the residence for at least two of the previous
five years. - Answer: False; a married couple filing jointly may exclude a maximum of $500,000 of gain on
the sale of their personal residence.
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