©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM
Bob Hogue Florida Real Estate Final Exam
Exam Questions With Correct Answers
In Florida, real property is assessed on January 1 of each year, and property taxes become a lien
on the property on
January 1, the same year.
Failure to comply with the statute of frauds will result in
an unenforceable contract.
A woman has homesteaded her residence. Her home has an assessed value of $279,000. She is a
nonveteran who is totally and permanently disabled as a result of a serious car accident. She is
also legally blind. What is her cumulative county tax exemption on her homesteaded residence?
$51,000
A developer who wants to develop a new subdivision must submit
a subdivision plat map to the planning commission.
Individuals who solicit mortgage loans, accept applications for mortgage loans, and negotiate the
terms of new mortgage loans on behalf of a borrower are called mortgage
loan originators.
The following taxes were paid at the closing of a new home: $1,540 state documentary stamp tax
on the deed, $693 state documentary stamp tax on the note, and $396 state intangible tax on the
mortgage. What was the purchase price of the home?
$220,000
Which statement is FALSE regarding advertising?
The brokerage firm's address is required in all advertising.
A broker's license was involuntary inactive for two years and one month. To operate again as an
active licensee, the broker must complete
FREC Course I and pass the sales associate's licensing exam.
A comparable property has one more bedroom ($8,000) and is on a slightly larger lot ($2,000)
than the subject property. The comparative market analysis requires a net adjustment of
minus $10,000 to the comparable property.
If a seller refuses to pay a broker her sales commission after the residential property is sold, the
broker may
file a suit in the courts for her commission.
Which variable does NOT influence demand?
Availability of construction loans
A property closes on June 10, with the day of closing charged to the buyer. The buyer is
assuming the seller's mortgage loan with its principal balance of $227,500 at 4.5% interest.
Which entry will appear on the Closing Disclosure?
, ©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM
Debit to seller and credit to buyer in the amount of $252.43
The formula to calculate the overall capitalization rate is
NOI ÷ value (or price).
The owner of a hardware store has filed for bankruptcy and the real estate is up for sale. The
money that the property will bring at auction is BEST described as which type of value?
Liquidation value
The duties of a real estate licensee, owed to a buyer or a seller who engages the real estate
licensee as a single agent, do NOT include
limited confidentiality, unless waived in writing by a party.
Which property is NOT covered under the Fair Housing Act?
Commercial property
Which statement does NOT describe a planned unit development?
Industrial parks are a welcomed offshoot of the PUD concept.
Requirements of a valid deed do NOT include
signature of a competent grantee.
You have been hired to appraise the local public library building. The approach that is likely to
be the MOST relevant is the
cost approach.
In relation to section 1 of a township, section 12 is due
south.
The bundle of legal rights associated with real property ownership does NOT include the right of
intent.
Constructive notice is
provided by recording in the public records.
Which expense is subtracted to derive NOI?
Vacancy and collection losses
Eligible homestead owners may transfer up to what amount of their Save Our Homes (SOH)
benefit from their previous homestead to a new homestead?
$500,000
The original law requiring that the annual percentage rate be disclosed to consumers was the
Truth in Lending Act.
A title-theory state is one in which a mortgage
transfers title to the lender or escrow agent until the loan is paid.
Local government exercises its greatest effect on the real estate business by
using zoning, taxation, and the planning process.
A single agent broker received an offer on a listed property at the seller's price and terms. Before
informing the seller, the broker received a higher offer. The broker submitted only the first offer,
and the seller, his principal, accepted it. The broker
has violated his fiduciary duty to his principal.
Which estate includes the right of survivorship?
Joint tenancy
A mortgage in which changes in the interest rate may cause changes in the monthly payment
amount is called
an adjustable-rate mortgage.
, ©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM
Which statement is FALSE regarding a corporation for profit that is doing business as a real
estate broker?
All stockholders must be registered with the FREC as inactive brokers
Which secondary market participant is a guarantor of government-insured and government-
guaranteed loans?
Ginnie Mae
Sales associate Terry Stoufer may have which information entered on his license, if applicable?
Terry Stoufer, LLC
When the parties to a contract state the terms of the contract and show their intentions in words,
either orally or in writing, what type of contract classification has been created?
Express
A real estate company represents a motel owner who wishes to list one of his motels for sale.
The owner has told the listing agent that he does not want to sell the motel to any racial
minorities. Which statement is TRUE?
To refuse to sell or lease any real property based on a party's race is a violation of the federal
Civil Rights Act of 1866.
A homesteaded property is located in Jupiter, Florida, in Palm Beach County. The property has
been assessed at $185,000. The city tax rate is 8.8 mills, the county tax rate is 9.3 mills, and the
school board levy is 6.5 mills. The owner is a widow and has qualified for and received
homestead tax exemption. How much will the owner pay in property taxes?
$3,471.20
In a deed, the warranty of quiet enjoyment pertains to
peaceful possession undisturbed by others' claims of title
A prospective borrower is applying for a conventional fixed-rate loan. The borrower's monthly
gross income is $6,500. The borrower's projected monthly PITI is $1,372, the PMI is $150, and,
based on a credit report, the borrower has the following long-term obligations:
Car payment: $400
Student loan: $390
Credit cards: $250
What is the borrower's total obligations ratio, and does it meet the lender's required threshold for
a conventional mortgage loan?
.3941 or 39.4% TOR is greater than the TOR threshold for a conventional loan
The financial term applied to the use of borrowed funds to finance the purchase of an office
building is
leverage.
Depreciation (cost recovery)
is an allowable deduction on investment property that requires no current outlay of cash
Which valuation assignment is exempt from USPAP requirements?
Broker's price opinion prepared for a lender concerning a short sale
A man is a 72-year-old retired college professor. The local lender to whom the man applied for a
30-year mortgage denied the man's loan application, even though he has sufficient income from
his pension plan and an excellent credit history.
The lender's actions violate the Equal Credit Opportunity Act.
