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Question 1 of 100
1. Question
The brokers of three independent brokerage companies decide to lower their commission rates to 3% for four months in hopes of gaining market share from their competitors. This arrangement is referred to as
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Question 2 of 100
2. Question
The direction opposite South 45 degrees West in a metes-and-bounds description is
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Question 3 of 100
3. Question
A residential property was sold for $424,500. The seller indicated that the commission on the sale was $27,592.50. What percentage of commission did the listing company charge?
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Question 4 of 100
4. Question
Which party has title to real property that secures a loan in title theory states?
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Question 5 of 100
5. Question
The Florida Real Estate Commission requires all licensees to successfully complete which education requirement prior to the expiration of their initial sales associate license?
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Question 6 of 100
6. Question
A sales associate received an earnest money deposit at 9:00 am on Saturday. The sales associate is required to deliver the deposit to the broker by the end of business on
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Question 7 of 100
7. Question
A developer who sells or leases lots in subdivisions of 100 or more lots must register the subdivision with which agency?
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Question 8 of 100
8. Question
Which requirement must be fulfilled in order for a contract for purchase and sale to be enforceable in court?
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Question 9 of 100
9. Question
A couple is interested in purchasing residential investment property, and they have informed their sales associate that they want limited representation but do not want to be legally held responsible for the acts of a licensee. Which brokerage relationship is best suited to this couple?
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Question 10 of 100
10. Question
A licensee is the broker for two unrelated real estate brokerage entities. Which statement applies to this situation?
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Question 11 of 100
11. Question
Which contract would NOT require a brokerage relationship disclosure under Florida Statute 475?
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Question 12 of 100
12. Question
A prospective purchaser of a residential condominium unit sends written notification to the listing broker stating her desire to cancel the contract within the allowable rescission period. The seller instructs the broker to retain the earnest money deposit as liquidated damages. The broker is legally authorized to
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Question 13 of 100
13. Question
A buyer offered $225,000 for a seller’s property. The seller countered at $250,000. The buyer did not accept the seller’s counteroffer. The seller told her broker that she was revoking the counteroffer and accepting the buyer’s original offer. Which statement is TRUE regarding this situation?
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Question 14 of 100
14. Question
The DBPR is required to waive the application fee, biennial license fee, and the unlicensed activity fee for military veterans and their spouses who apply for a real estate license within what period of time after honorable discharge?
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Question 15 of 100
15. Question
What is the statute of limitations for written contracts?
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Question 16 of 100
16. Question
Which legal instrument states the loan amount, interest rate, repayment method, and maturity date?
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Question 17 of 100
17. Question
A home has excessive electric bills in the summer months due to single pane sliding glass doors along the west wall. In this instance which type of depreciation will the appraiser likely consider?
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Question 18 of 100
18. Question
Compliance with the Florida Building Code is enforced by
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Question 19 of 100
19. Question
Within how many days must a licensee notify the Department of Business and Professional Regulation of a change in current mailing address?
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Question 20 of 100
20. Question
A broker who chooses to maintain an escrow account may NOT establish the account in
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Question 21 of 100
21. Question
Which expense is deducted to derive effective gross income?
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Question 22 of 100
22. Question
Which type of document may NOT be prepared by a licensed real estate broker?
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Question 23 of 100
23. Question
A township has 36 parcels called sections. Section 36 is located in which corner?
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Question 24 of 100
24. Question
Unlicensed practice of real estate for compensation is which type of violation?
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Question 25 of 100
25. Question
A sales associate is what type of agent of the employing broker?
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Question 26 of 100
26. Question
A deed that contains a seisin clause promises the new owner that the previous owner
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Question 27 of 100
27. Question
Which governmental power is used to acquire land for public use?
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Question 28 of 100
28. Question
The statute of frauds does NOT apply to which contract?
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Question 29 of 100
29. Question
How does the binder deposit appear on the Closing Disclosure?
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Question 30 of 100
30. Question
Constitutional homestead law does NOT protect homesteaded property from forced sale due to nonpayment of
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Question 31 of 100
31. Question
A sales associate received an earnest money deposit at 8:00 a.m. on Friday. The sales associate is required to deliver the deposit to the broker by the end of business on
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Question 32 of 100
32. Question
Which type of listing allows the seller to list the property with multiple brokers?
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Question 33 of 100
33. Question
Which feature applies to the lender’s (mortgagee) title insurance policy?
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Question 34 of 100
34. Question
Three brothers join together to purchase property. The brothers want their interest in the property to go to their spouses in the event of their deaths. They have created which type of estate or tenancy?
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Question 35 of 100
35. Question
Which individual is EXEMPT from the post-license education requirement for sales associates?
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Question 36 of 100
36. Question
The brokerage relationship disclosure requirements in Chapter 475, Florida Statutes, do NOT apply to which transaction?
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Question 37 of 100
37. Question
Three brothers have title to a parcel of land. The oldest brother owns a 50% interest in the property and the other two brothers each have a 25% interest in the parcel. What type of estate do they have?
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Question 38 of 100
38. Question
The right of the state to take property of a person who died intestate and without heirs is called
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Question 39 of 100
39. Question
Which clause in a mortgage instrument allows the mortgagee to advance the due date of the unpaid balance if the borrower defaults on the loan?
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Question 40 of 100
40. Question
The N1/2 of the SE1/4 of the SW1/4 and the NE1/4 of the SW1/4 of Section 19 contains how many acres?
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Question 41 of 100
41. Question
Recording a mortgage instrument in the public records is an example of which type of notice?
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Question 42 of 100
42. Question
A married couple is interested in purchasing residential property. The couple has informed their sales associate that they want the brokerage company to represent their interests as a fiduciary in all negotiations. Which brokerage relationship is best suited for this couple?
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Question 43 of 100
43. Question
In states which subscribe to the title theory, a mortgage
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Question 44 of 100
44. Question
A comparable property recently sold for $315,000. Compared with the subject property, the comparable is built of superior materials ($20,000) and the comparable has more square footage ($25,000). What is the adjusted sale price of the comparable?
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Question 45 of 100
45. Question
A seller lists her vacant lot with a real estate company. The seller specifies in the listing agreement the minimum amount of cash she must receive at closing. What type of listing does this describe?
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Question 46 of 100
46. Question
A real estate broker has been hired to manage an apartment complex on behalf of the landlord. How must the broker as agent handle the receipt of security deposits and advance rent?
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Question 47 of 100
47. Question
An unlicensed personal assistant may NOT perform which activity?
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Question 48 of 100
48. Question
Which requirement is one of the essential elements of a valid real estate contract?
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Question 49 of 100
49. Question
The statute of frauds requires that
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Question 50 of 100
50. Question
The established useful asset life for residential income-producing property under the IRS code is what number of years?
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Question 51 of 100
51. Question
The Florida Real Estate Recovery Fund
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Question 52 of 100
52. Question
Which contract would be considered a residential transaction under Florida Statute 475?
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Question 53 of 100
53. Question
Which secondary market participant is a guarantor of government-insured and government-guaranteed loans?
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Question 54 of 100
54. Question
Which statement concerning deeds is FALSE?
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Question 55 of 100
55. Question
Which action associated with water rights will cause the uncovering of additional land caused by the gradual receding of water?
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Question 56 of 100
56. Question
A type of real estate investment that offers diversification and liquidity and that is similar in form to a mutual fund is called
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Question 57 of 100
57. Question
A local lender charges two discount points on a conventional mortgage loan. How much will the discount points increase the yield to the lender?
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Question 58 of 100
58. Question
Which item would be MOST likely classified as a fixture once incorporated into real property?
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Question 59 of 100
59. Question
A parcel of real estate has been left to a spouse through her husband’s will for the wife’s use and enjoyment during her lifetime, with the provision that the property go to the wife’s stepson at her death. What interest does the stepson hold?
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Question 60 of 100
60. Question
The four characteristics of value do NOT include which characteristic?
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Question 61 of 100
61. Question
Which type of income is used to derive a gross income multiplier?
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Question 62 of 100
62. Question
A Baptist church owns a convalescent home for its members. The church only admits members of its church to the convalescent home. Which statement is TRUE regarding this practice?
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Question 63 of 100
63. Question
The recommended total obligations ratio (TOR) for a conventional mortgage is
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Question 64 of 100
64. Question
What is the loan-to-value ratio for a home purchased for $285,000 with a down payment of $57,000?
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Question 65 of 100
65. Question
A person licensed in a mutual recognition state moved to Miami five months ago. She requests a Florida sales associate license based on mutual recognition. The Florida applicant
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Question 66 of 100
66. Question
Which phrase, when used in credit advertising, is NOT considered a triggering term under the Truth in Lending Act?
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Question 67 of 100
67. Question
An owner of an apartment complex pays $50 to each current tenant that refers a person who becomes a new tenant. This arrangement is
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Question 68 of 100
68. Question
Right of survivorship is contained in which tenancy?
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Question 69 of 100
69. Question
Which statement is FALSE regarding postdated earnest money checks?
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Question 70 of 100
70. Question
To reduce potential liability, real estate professionals should avoid giving expert information concerning
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Question 71 of 100
71. Question
What is the legal term for a type of evidence that, unless refuted by evidence to the contrary, will prove a case?
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Question 72 of 100
72. Question
The most desirable bundle of rights in time-sharing gives the buyer privileges to rent or sell the interest in the property. These rights are known as
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Question 73 of 100
73. Question
Homeowners association disclosure law is governed by which Florida statute?
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Question 74 of 100
74. Question
Kathy Marxer is a sales associate for Fast Service Realty. Kathy is preparing a classified ad for a listed property. The company’s phone number is 333-1000. Kathy’s cell phone number is 222-1010. Which excerpt conforms to the rule regarding advertising?
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Question 75 of 100
75. Question
An appraiser adjusts the value of a property due to the poor condition of the roof shingles. This deficiency would be classified as
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Question 76 of 100
76. Question
A seller places an ad on social media stating that the seller will pay $10,000 to the first licensed real estate broker who finds a buyer for the seller’s condo that results in a closed sale. Which type of contract is this?
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Question 77 of 100
77. Question
A DRE investigator is authorized, in cases that involve a first-time offense of a minor violation, to issue
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Question 78 of 100
78. Question
A local lender charged 4% interest plus 3 points on a conventional mortgage loan. What was the approximate yield on the loan?
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Question 79 of 100
79. Question
Which information must be disclosed to a prospective buyer regarding a particular property?
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Question 80 of 100
80. Question
Which type of legal description is used only where plat maps have been recorded in the public records?
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Question 81 of 100
81. Question
Which individual is EXEMPT from licensure under Florida Statute 475?
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Question 82 of 100
82. Question
Which township is located three tiers south and two ranges west of T3N, R2W?
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Question 83 of 100
83. Question
A broker received conflicting demands from the buyer and the seller for the earnest money deposit. Ten business days later, the broker notified the Florida Real Estate Commission of the conflict. How many business days does the broker have remaining to implement a settlement procedure?
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Question 84 of 100
84. Question
Any person or group of persons occupying a separate housing space is defined by the U.S. Census Bureau as a
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Question 85 of 100
85. Question
A release of mortgage is also known as
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Question 86 of 100
86. Question
The Commission will issue an escrow disbursement order to resolve conflicting demands regarding escrowed funds in which situation?
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Question 87 of 100
87. Question
Which item is added to rental income to calculate effective gross income?
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Question 88 of 100
88. Question
Which list of appraisal methods is unique to the appraisal of business enterprises?
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Question 89 of 100
89. Question
A contract has been formed between parties; however, something remains to be completed by one or both parties to fulfill the conditions of the contract. Which type of contract classification applies?
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Question 90 of 100
90. Question
An owner of an apartment complex pays $100 to each tenant that refers a person who becomes a tenant. The referring tenants do not hold real estate licenses. This arrangement is
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Question 91 of 100
91. Question
A prospective borrower has an estimated monthly housing expense of $1,600 and his monthly obligations total $2,100. If the borrower’s monthly gross income is $5,845, what is the total obligations ratio?
Hint
monthly obligations ÷ monthly gross income = percent total obligations ratio
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Question 92 of 100
92. Question
A business owner has a five-year variable lease. The first year of the lease calls for rent of $23.50 a square foot based on a beginning index of 189. The index increases to 194 at the beginning of the second year. What is the new rental rate?
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Hint
new index ÷ original index = rate of increase; rate of increase x original rent = new rental rate
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Question 93 of 100
93. Question
A developer purchased two 180-front foot lots for $33,500 net each and divided them into three 120-foot lots. The developer sold the lots for $250 per front foot. Calculate the developer’s percentage of profit (round answer to nearest whole percent).
Hint
dollar amount × lots = amount paid; frontage feet × lots = total front feet;
dollar amount × total front feet = sale price;
Amount made on sale ÷ amount paid = percent profit;
sale price – amount paid = made on sale;
amount made on sale ÷ amount paid = rounded to percentage -
Question 94 of 100
94. Question
You are appraising a three-year-old, single-family residence. The main dwelling is 55 feet by 42 feet. The garage is 23 feet by 18 feet. According to figures obtained from a cost-estimating service, the base construction cost per square foot of main dwelling is $101 and $89 per square foot for the garage. Calculate the reproduction cost new of the structure.
Hint
feet x feet = square feet main dwelling
feet x feet = square feet garage area
main dwelling sq feet x dollar amount = reproduction of main dwelling; garage area sq feet x dollar amount = reproduction of garage areareproduction of main dwelling + reproduction of garage area = total reproduction cost new
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Question 95 of 100
95. Question
A duplex is scheduled to close on July 11. On the first of the month, the seller collected rent of $645 per unit. According to the contract for sale and purchase, the day of closing belongs to the buyer. Calculate the proration and indicate how the entry appears on the Closing Disclosure.
Hint
days – days seller = days due buyer; total rent in advance; total rent in advance ÷ days in month = per day; dollar amount x days = $$ credit to buyer; $$ debit to seller
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Question 96 of 100
96. Question
A homesteaded property is located in Orlando, Florida, in Orange County. The city tax rate is 8.1 mills, the county tax rate is 9.3 mills, and the school district tax rate is 6 mills. The homeowner is blind and has qualified for homestead exemption. The home has been assessed at $195,000.
What must the homeowner pay in property taxes?
Hint
$$ assessed value – $$ base homestead exemption – $$ blind exemption = $$ taxable value for school taxes;
$$ assessed value – $$ homestead exemption – $$ blind exemption = $$ taxable value for city and county taxes;$$ taxable value × school rate = $$ school taxes;
mills city + mills county = mills = city and county rate;
$$ taxable value × city and county rate = $$ city and county taxes;
$$ school taxes + $$ city and county taxes = $$ total taxes due -
Question 97 of 100
97. Question
The purchase price of a home located in Lake County is $86,750. The buyer assumes an existing recorded mortgage of $73,700, and the seller agrees to accept from the buyer a $12,050 purchase money second mortgage at 10.5% interest for 10 years. The documentary stamp tax on the deed is
Hint
$$ purchase price ÷ $$ increments = amount rounded to whole tax increments; whole tax increment x $$ rate = $$ doc stamps on deed
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Question 98 of 100
98. Question
The street in front of your house is to be paved at a cost of $45 per foot. The city has agreed to pay 25% of the paving cost and will assess abutting properties for the remainder. If your lot frontage on the street is 90 feet, what is your portion of the special assessment?
Hint
$$ per foot x feet = dollars for total feet;
dollars for total feet x non-city percent = dollars of non-city portion; dollars of non-city portion ÷ sides of street = special assessment -
Question 99 of 100
99. Question
A developer purchased two 135-front-foot lots for $22,900 net each and divided them into three lots of equal front footage. The developer sold the lots for $230 per front foot. Calculate the developer’s percentage of profit (round to nearest whole percentage point).
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Question 100 of 100
100. Question
A buyer has made an earnest money deposit of $10,150 on a house selling for $94,500. A local savings association has agreed to lend 85% of the selling price at 4 1/2% interest for 30 years. If the buyer’s closing costs amount to $1,575, how much additional cash must the buyer bring to closing?
Hint
$$ sale price x LTV = $$ loan amount; $$ sale price – $$ loan = $$ down payment; $$ down payment + $$ closing costs = $$; $$ – $$ deposit = $$ cash at closing