Florida Real Estate Exam Questions
With Certified Answers 100% Pass
3-month term loan of $5,000 at 13% interest. What is the total payment due at the end
of the term? - Answer-5,000 x 13% = 650 per year; months =54.17 per month x
3 months = 162.50; 5,000 principal + 162.50 interest = $5,162.50
/.When is the landlord required to notify the tenant in writing of the manner in which the
landlord is holding the advance rent or security deposit and the rate of interest, if any,
the tenant will receive? - Answer-30 days
/.If a tenant is properly notified of the landlord's claim on the security deposit, the tenant
is allowed to file an objection: - Answer-15 days after receipt of notice of landlord's claim
/.Investor is performing an analysis of a 120 x 200 4 story industrial warehouse building.
Investor estimates that 20% of the space will be unusable. How many 10 x 20 bins
could be built? - Answer-120 x 200 = 24,000 square feet x 80% (usable) = 19,200
square feet usable per floor;
10 x 20 = 200 square feet per unit;
19, = 96 units per floor x 4 floors = 384 units
/.How many square feet in the NW 1/4 of the NW 1/4 of the SE 1/4 of the SW 1/4 of the
W 1/2? - Answer-54,450 sq. ft. (one section is 640 acres) (one acre is 43,560 sq. feet)
(640 acres/4, /4, /4, /4, /2 x 43560)
/.how many acres in a section - Answer-640
/.how many square feet in an acre? - Answer-43,560
/.How many acres are contained in a parcel of land measuring 1,650 feet by 1,650 feet?
- Answer-62.5 acres
1650 x 1650 = 2,722,500 divided by 43,560 = 62.5
/.The homeowners association disclosure includes what information to the prospective
buyer: - Answer-the existence of restrictive covenants, and any assessments that the
association imposes
/.Which activity requires a license under Chapter 475? - Answer-auctioning farmland
/.Name activities that do not require a license under chapter 475? - Answer-*A personal
representative selling the property of a deceased
*A CPA when performing accounting functions for a real estate investor
*Salaried on-site manager of an apartment building
,/.Which is NOT true regarding FHA and VA mortgages? - Answer-both will charge a
prepayment penalty
(Note: There is no prepayment penalty for either of these!)
/.Name what is true about FHA and VA mortgages. - Answer-*A prepayment clause is
normally included
*they are both assumable
*there are limits on the amount of FHA loans but not VA loans
/.A sales associate applicant who successfully passes the state exam may legally begin
to "operate" as a licensee when: (2 things) - Answer-a broker agrees to hold the license
and the license is registered at DBPR
/.Which is UNTRUE of appraisals? - Answer-Market activity is a consideration in
determining investment value
/.What is true of appraisals? - Answer-*All appraisals, regardless of who performs the
appraisal, must comply with USPAP
*A real estate licensee may perform a comparative market analysis for compensation
*Appraisals of real property, including mineral rights, must be performed by a licensed
or certified appraiser
/.A broker who works in a capacity of limited representation for either the buyer, the
seller, or both in the same transaction is: - Answer-a transaction broker
/.An easement may NOT be terminated by? - Answer-Sale of the property
/.What is UNTRUE of required disclosures? - Answer-The lead-based paint disclosure
must be given on all properties built prior to 1978: not required for commercial
properties built prior to 1978
(Note: This disclosure is required for commercial properties too!)
/.A Home Equity loan is more popular than other types of consumer credit because: -
Answer-the interest rate is lower
/.In an effort to obtain a listing, Broker gathered information on recent sales, current and
expired listings. This was: - Answer-CMA (comparative market analysis)
/.Which reconciliation approach is usually most significant for new homes? - Answer-
Cost Depreciation Approach
/.What approach will be given the most importance for an income producing property? -
Answer-income capitalization approach
, /.What is not true of reconciliation? - Answer-Appraiser will average the results of the 3
approaches to determine the appraised value
/.Owners are going through a divorce and decided to list with Bob for $79,000, but they
disclosed to Bob that in order to facilitate a quick sale they would accept $74,500. Bob
is showing the property to his best friend Bill who is very interested. What can Bob do? -
Answer-suggest that Bill make an offer
/.Broker has single agency with a residential Seller. A prospect is interested in seeing
Seller's property and wants agency representation from Broker. What can the broker
legally do? - Answer-Broker can legally work with the Buyer as a transaction broker and
have the Seller transition to transaction brokerage
/.Condominium Owner had an inspection done prior to sale and discovered a roof leak.
Broker did not disclose. Purchaser sold 1 year later and Buyer discovered the leak.
What happens now? - Answer-Broker is responsible and his license could be
suspended
/.Buyer gave $25,000 earnest money which was deposited in Broker's escrow account.
Two days later Buyer asked Broker to place the funds into an interest-bearing account.
Is this allowed? - Answer-Earnest money may only be placed into an interest-bearing
account if all parties agree as to the disposition of interest (payout of interest)
/.what happens If the net income goes up: - Answer-Value of property goes up
/.What does Chapter 61J2 outline? - Answer-the FREC rules to expand upon the
statutory provisions of Statutes by addressing in greater detail the principles of practice
for the real estate profession
/.A first response to a minor violation by a licensee is: - Answer-Notice of non-
compliance
/.Who is NOT a primary lender? - Answer-Mortgage Broker
/.Who IS considered a primary lender? - Answer-Commercial bank, Mutual Savings
Bank, Mortgage banker
/.Subject is 3 bedroom and comparable is 4 bedroom. Bedrooms are valued at $5,000.
What is the adjustment? - Answer-Comparable minus $5,000
/.The real estate activity that is devoted to leasing, managing, marketing, and overall
maintenance of property for others is: - Answer-property management
/.The seller carries a second mortgage (from buyer). How does it show up on the
Closing Disclosure? - Answer-Debit seller; Credit buyer
