Florida Real Estate Exam Questions Correct and Verified Answers Graded A

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Florida Real Estate Exam Questions Correct and Verified Answers Graded A

1. Question: Which statute covers the procedural process?

• Chapter 455
• Chapter 120
• Chapter 475
• Chapter 20

Correct Answer: Chapter 120

• Question: A buyer's loan payment will change if which of the following occur?
• They have an ARM loan
• The property taxes increase or decrease
• Their homeowner's insurance increases
• All of the above

Correct Answer: All of the above

• Question: A Landlord has how many days to return a tenants security deposit if not

making a claim on the deposit?

• 10
• 15
• 30
• 45

Correct Answer: 15

• Question: Sally is buying a home and the closing date is set for April 20th. The

annual property taxes are $1234.00 and have not been paid yet. How much will the buyer be credited and the seller be debited?

A) $371.80

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B) $368.51

C) $375.18

D) $370.36

Correct Answer: $368.51

Explanation: Step 1: Find the daily rate; property taxes for the year ($1234.00) / 365 days = $3.38; Step 2: Seller will credit buyer from January through midnight the day before closing. Calculate the exact number of days; January 31 + February 28 + March 31 + April 19 = 109 days; Step 3: Multiply the daily rate ($3.3808219178) x Number of days (109) = $368.51

5. Question: The cost of borrowing money is called what?

• Interest
• Leverage
• Capitol
• Credit

Correct Answer: Interest

6. Question: A contract for deed is also called what?

• Deed in lieu of foreclosure
• Land Contract
• Novation
• Sales Contract

Correct Answer: Land Contract

• Question: Todd is an 89-year-old veteran that is legally blind and partially disabled

due to injuries he sustained in the military. His home has an assessed value of $150,500. How much will his taxable value be for county taxes?

A) $55,500

B) $95,000

C) $100,500

D) $110,000

Correct Answer: $95,000

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• Question: When purchasing an existing condominium, the buyer must receive which

of the following?

• Annual operating budget
• A prospectus
• Rules and Regulations
• Articles of incorporation of the association

Correct Answer: Articles of incorporation of the association

• Question: Heather has been using a roadway at the back of the 22 acres Pam owns.

She has been driving down the roadway almost every day without permission for over 20 years. This is called what?

• easement appurtenant.
• easement by prescription.
• easement in gross.
• easement by necessity.

Correct Answer: easement by prescription

10. Question: Linda purchases property in Escambia County from Susan. Linda has

$30,000.00 as a down payment and gets a mortgage in the amount of $150,000.00 and there is no other consideration for the transfer. How much will the doc stamp tax on the deed be?

A) $1,050.00

B) $1,260.00

C) $630.00

D) $525.00

Correct Answer: $1,260.00

Explanation: Tax calculation: $150,000 + $30,000 = $180,000/100 = 1800 (taxable $100 units) x $0.70 = $1260.00 tax due.

• Question: Which brokerage relationship duty applies to all three types of brokerage

relationships?

• Accounting for all funds
• Loyalty

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• Using skill, care, and diligence
• Confidentiality

Correct Answer: Accounting for all funds

• Question: You sell Jessica a current up-to-date rental list and provide all the proper

disclosures and paperwork. Jessica contacts you 15 days later and asks for a refund of the amount she paid for the list because she could not find a rental on the list. She is entitled to how much of a refund?

A) 100%

B) 75%

C) 25%

• 0%

Correct Answer: 75%

• Question: A deal failed to close because the buyer was unable to secure financing.

The broker received conflicting demands regarding the earnest money. How long does the broker have to notify FREC?

• 10 days
• 15 days
• 20 days
• 30 days

Correct Answer: 15 days

14. Question: The Florida Real Estate Commission has seven members. How many

must be consumer members who have never held a real estate license?

• 1
• 2
• 3
• 4

Correct Answer: 2

• Question: Bruce has a survey that is a commercially-zoned parcel. It is 101 feet on

the front, 219 feet on the north side, 130 feet on the back and 180 feet on the south