Florida RE License Comprehensive Exam
Questions With Verified Answers
It's a sign that the overall economy is strong if which of the following things is healthy? -
Answers✔Real Estate Market
Real Estate licensees, who deal in which type of property must be able to show its potential for
after-tax gains? - Answers✔Commercial
Real estate licensees may not conduct appraisals involving which type of transaction? -
Answers✔Federally backed
What is one of the best ways for real estate licensees to promote future referrals, a good
reputation, and word of mouth advertising? - Answers✔Follow-up with clients
which of the following is not a primary area of sales specialty for real estate licensees -
Answers✔farmland
Who works for a real estate broker - Answers✔sales associate
real estate finance knowledge and the ability to communicate it to prospective buyers is perhaps
more important than being a great - Answers✔show person
Real estate licensees who choose this area must be adept with highly technical information
concerning proposed land-uses and related land-use activities. What area of specialization is
this? - Answers✔Industrial
The target area of a real estate licensee becomes known as that agent's - Answers✔farm area
Which of the following transactions are not conducted by real estate licensees - Answers✔net
income
which type of map is produced to demarcate the scale and positioning of lots before land
development begins? - Answers✔subdivision plat
Local associations (or boards) of realtors are one offspring of the - Answers✔National
Association of Realtors (NAR)
For a sales associate to use the term REALTOR, he or she must only - Answers✔All of the
above
what is the largest trade association in the world - Answers✔national association of Realtors
(NAR)
Streets are first constructed by the developer. How does the developer make them available for
public use? - Answers✔Dedicated
Which of the following play a significant role in formulating land-use regulations? -
Answers✔Federal, state, and local
Which entity sponsors educational resources for real estate licensees while promoting adherence
to a professional standard - Answers✔NAR
Which of the following homes is not a type of residential construction - Answers✔model homes
How does the national association of REALTORS lay out those guidelines considered acceptable
for licensees within the real estate industry - Answers✔Code of ethics and standards of practice
A real estate licensee specializing in commercial property would - Answers✔potential for after-
tax gains
who can conduct appraisals involving federally backed transactions - Answers✔licensed or state-
certified appraisor
where can you find ethical guidelines for real estate licensees? - Answers✔NAR Code of ethics
guidelines for real estate licensees
what is one of the activities of the national association of realtors? - Answers✔Sponsor
educational resources for its members
which of the following guidelines stiputaltes that licensees and appraisers mist not receive
commission or a percentage - Answers✔USPAP Ethics Rule
Which professional acts as intermediary between borrowers and lenders who conduct primary
loan transactions - Answers✔mortgage loan originators
which entity considers a transaction that uses a federal source - Answers✔financial institutions
reform recovery and enforcement act
If an appraiser were paid a percentage of the appraised property value, the appraiser might be
tempted to inflate the vlaue of that property. So an appraisal is viewed as a(n) - Answers✔check
and balance
which of the following figures would be determined by analyzing similar homes in the
neighborhood that have recently sold? - Answers✔Market Value
a property buyer will often pay for which of the following things when applying for a loan? -
Answers✔Appraisal
which professional can use the term realtor in ads? - Answers✔licensed NAR member
What report would necessarily involve a federally backed transaction - Answers✔appraisal
what is a risk if an appraiser were paid a percentage of the appraised property value? -
Answers✔he or she might attempt to inflate
How do you determine a property's market value? - Answers✔consider the sales prices of similar
homes in the area
which type of report would include a comparison of at least three properties comparable to the
subject property - Answers✔appraisal
what is the largest trade association for real estate licensees - Answers✔NAR
FREC stands for - Answers✔Florida Real Estate Commission
The Division of Real Estate is one of the 12 divisions of which department? -
Answers✔Department of Business and Professional Regulation
How many persons comprise the FREC board? - Answers✔7
Which of the following principles, let the buyer beware in Latin, used in commerce is limited
today through the issuance of warranties? - Answers✔Caveat emptor
Which law aims to assure a meaningful disclosure of credit terms so that the consumer will be
able to compare more readilv the various credit terms available and avoid the uninformed use of
credit? - Answers✔FDIC Consumer Protection Act (Truth in Lending Act)
After being selected, who approves the FREC board members? - Answers✔Senate
What does the term regulation mean? - Answers✔Balancing quantity with quality
DBPR stands for - Answers✔Department of Business and Professional Regulation
Who appoints the FREC board members? - Answers✔The Governor of Florida
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