Florida Real Estate Exam Questions and Answers 100% Pass

Florida Real Estate Exam Questions and Answers 100% Pass Samuel wants to do a 1031 exchange. He sold his investment property and has identified the property he'd like to buy next. Within how many days must he close on this property in order for it to qualify as part of the exchange? - Correct Answer ️️ -a. 180 b. 30 c.45 d.60 a. He has 45 days to identify a property he would like to purchase and 180 days to close on it, from time of sale. In which form of co-ownership is a person's ownership inheritable? - Correct Answer ️️ -a. Joint tenancy b. Tenancy by the entirety c. Tenancy in common d. Tenancy in severalty c. Tenancy in common allows for a persons share to be inheritable, it does not automatically pass forth to the rest of the owners like in joint tenancy (this is called the right of survivorship). How long do prospective tenants have to request a refund after purchasing a rental list? - Correct Answer ️️ -a. 10 days b. 15 days c. 30 days d. 360 days C. 30 days.... tenants have up to 30 days to request a 75% refund if they do not purchase a rental Which method best describes the foreclosure process in Florida? - Correct Answer ️️ - a. Caveat emptor b. Judicial c. Lis pendens d. Non-judicial b. The state of florida offers a judicial foreclosure process A judicial foreclosure is known as a lien theory process. Basically, the homeowner has legal title to the property... Unlike title theory, where as the owner has equitable title Which of the following statements about the Florida property tax disclosure is NOT true? - Correct Answer ️️ -a. It can be included in the sales contract itself. b. It cautions buyers not to rely on the current year's tax to predict what they'll have to pay. c. It gives buyers a rough estimate of the property tax they'll pay in the coming year. d. It must be provided to sellers when they sign their agency agreement. c. This disclosure doesn't provide any estimates of future property tax amounts. Which act simplifies, clarifies, and modernizes consumer protection laws and makes them more consistent with federal trade laws? - Correct Answer ️️ -a. Fair Housing Act b. Federal Duplicate Law Condensation Act c. Federal Trade Commission Act d. Florida Deceptive and Unfair Trade Practices Act d. The Florida Deceptive and Unfair Trade Practices Act is the act that simplifies, clarifies, and modernizes consumer protection laws and makes them more consistent with federal trade laws. To comply with the statute of frauds, an option contract must be ______. - Correct Answer ️️ -a. In writing and signed by the optionee b. In writing and signed by the optionor c. In writing and witnessed by an attorney d. On file at the local courthouse b. To comply with the statute of frauds, an option contract must be in writing and signed by the optionor (seller). A cooperative is a(n) _____. - Correct Answer ️️ -a. limited partnership b. LLC c. not-for-profit corporation d. sole proprietorship c. A cooperative is a joint venture with its shareholders, formed for their benefit and governed by them. It's a not-for-profit corporation. Compared with condominiums, the monthly fees for a cooperative owner are typically ______. - Correct Answer ️️ -a. Higher b. Much less c. Slightly less d. The same a. Monthly fees for cooperatives are generally higher because they include taxes, mortgage payments, and fees for maintaining common areas and facilities. For all intents and purposes, subagents are agents of the _______. - Correct Answer ️️ -a. Buyer b. Seller c. The buyer's broker d. The listing broker b. Although a subagent may bring an unreprese