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Florida Real Estate MCQs
Florida Real Estate MCQs MCQs
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Builder Kate buys a lot in Blue Bayou Plantation subdivision and builds a single-family house according to plans and specifications she selects. Afte...
Custom
Tract
Speculative
Co-op
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A local government acquires ownership of streets and other infrastructure e.g. storm sewers) and thereafter becomes responsible for maintenance of th...
Dedication
Police Power
Eminent Domain
Condemnation
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Sales associate Tom decides to focus primarily on selling properties located in his own residential neighborhood. He constantly reviews current infor...
Farming
Exclusive right to sell
Mass media
Multiple Listing Service
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Prior to constructing a subdivision, a developer must submit which of the following for approval to the local government:
Subdivision Plat Map
Restrictive covenants
Topographical survey
Phase I soil test
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All of the following are sources of funds available for mortgage lending except:
Life insurance companies
Commercial banks
Credit unions
Federal Reserve System
?
Is it permissible for a licensed sales associate to perform a CMA for a fee?
Yes, provided the sales associate calls it an "appraisal"
Yes, although it is usually performed as a marketing courtesy
No, the service must be done for free
No, only licensed appraisers can perform an appraisal for a fee
?
An individual who owns rental real estate in a location other than where they reside is known as
prospect
absentee owner
property manager
investor
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If an appraiser was paid on a percentage basis (for example, 1% of the appraised value), how could this result in a conflict of interest?
A. The appraiser would only appraise properties that were very expensive.
Payment on a percentage basis could lead to price fixing.
The appraiser might be more inclined to inflate the value of the property to increase the appraisal fee.
Paying an appraiser on a percentage basis is not a conflict of interest
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The Florida state agency that is primarily involved with issues of real estate development on coastal lands is:
Department of Business and Professional Regulation
Florida Real Estate Commission
Secretary of State
Department of Environmental Protection
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Uniform Standards of Professional Appraisal Practice (USPAP) must be adhered to when the appraiser prepares which of the following:
Appraisal
Comparative Market Analysis
Survey
Investment Analysis
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All of the following are major areas of sales specialization except:
Industrial
Agricultural
Condominium
Residential
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A supported, defended estimate of the value of property is known as:
Comparative Market Analysis
Dedication
Appraisal
Mortgage
?
A real estate counselor:
Is typically paid on a commission basis
Must have a college degree to be qualified
Acts as a consultant by performing research on the subject real property
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Laws enacted to protect the public health, safety, or welfare are established through authority known as:
Caveat Emptor
Police Powers
Res Judicata
Eminent Domain
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An applicant must possess all of the following except:
Be eighteen years of age or older
Be a Florida resident
Have a high school diploma or equivalent
Possess good character
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A fully completed application for a Florida real estate license is submitted to:
Florida Real Estate Commission
Department of Business and Professional Regulation
Florida Department of Law Enforcement
Florida Association of Realtors
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All of the following are services of real estate except:
Mortgaging
Buying
Renting
Exchanging
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What is the passing score for the final exam given for the FREC Course I?
60%
65%
70%
75%
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What is the minimum age for the issuance of a Florida real estate license?
18
20
21
22
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If Carla is issued a Florida real estate license on July 22, 2012, when will her 2 initial license expire?
March 31, 2014
July 22, 2014
September 30, 2014
March 31, 2015
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How long is the license period for each license issued after the initial renewal period?
six months
one year
two years
four years
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Which of the following must be submitted with the Department of Business and Professional Regulation application?
Testing fee
Passport style photographs
Application fee
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Shirley has failed the end-of-course exam for the FREC Course I. Which of the following apply to Shirley’s situation?
She must repeat the entire course.
She must retake the test within thirty days.
She must wait at least thirty days before retaking the test.
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Which of the following is required before an applicant can be issued a Florida real estate sales associate license? I. Florida resident II. U.S. ci...
I only
II only
I and II
Neither I nor II
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What will happen if a Florida real estate licensee fails to timely complete the post-license education requirement?
Automatic suspension
Cancellation
Null and void
Involuntary inactive
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How long does a person have to obtain their license before an approved application expires?
Two
Three
Four
Five
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What is the experience requirement for a sales associate applying for a Florida broker license?
Must have worked as a licensed sales associate for an active real estate broker(s) for twenty-four months of the preceding five years
Must have worked for an active real estate broker for two year
Must have worked for either a broker or owner/developer for twenty- four months of the preceding five years
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Which of the following statements best describes who must hold a Florida real estate license?
Anyone that wants to work for a broker
Anyone who performs any service of real estate, in the state of Florida, for someone else, and for compensation, unless they are exempt by law
Anyone who wants to sell real estate
None of the above
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How does a person become a member of the Florida Real Estate Commission?
Appointed by the Florida Legislature
Elected by popular vote
Appointed by the Governor and confirmed by the Florida Legislature
Appointed by the Governor and confirmed by the Florida Senate
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Criminal prosecution for any violation of Chapter 475 is handled by:
Florida Real Estate Commission
Division of Real Estate
Local Sheriff
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Sales associate Donna has moved from Port St. Lucie, Florida, to Destin, Florida and started working with a new broker. Which of the following statem...
Donna must inform the Division of Real Estate of her change of address within ten days.
Donna must inform the Division of Real Estate of her change of address within sixty days.
Donna does not have to inform the Division of Real Estate if she files for a new homestead
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Randy has just passed his state real estate exam. His initial license status will be:
Active
Voluntary inactive
Involuntary inactive
Current
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If a license has been involuntary inactive for 15 months, what must the licensee do in order to reactivate his or her license?
Submit the proper renewal form, pay the appropriate fees (including late fee), and confirm that the continuing education requirements have been fulfilled
Submit the proper renewal form and pay the appropriate fees
Submit the proper renewal form, pay the appropriate fees (including late fee), and show completion of 28 hours, in-class education reactivation credit
A license cannot be reactivated after 15 months
?
How many Florida Real Estate Commission members hold a real estate license?
eight
seven
six
five
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A license is ineffective when it is: I. Null and Void II. Suspended III. Cease to be in force IV. Revoked
I and II
I and III
II and III
I, II, III and IV
?
A license is void when it is: I. Revoked II. Suspended III. Expired IV. Cancelled
I and III
I, III, and IV
II and IV
III and IV
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Which of the following will allow a broker to be the broker of record for more than one brokerage entity?
Group license
Multiple licenses
Complex license
Developer license
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A group license
is used for large real estate brokerages
allows licensees to work for various properties owned and developed by the same unlicensed individual(s), although the properties are owned in the name of different interlocking or affiliated entities
allows brokers to be the broker of record for more than one real estate brokerage
is available when a licensee chooses not to have an active license and files a 400.5 form requesting a group license
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The Florida Real Estate Commission is located in:
Orlando
Miami
Tallahassee
Gulf Breeze
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If a brokerage has its only broker of record resign, how many days does the brokerage have to appoint a replacement and avoid cancellation?
Fourteen days
Fourteen business days
Fifteen days
Fifteen business days
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Tommy holds a voluntary inactive license while he is on active duty in the U.S. Air Force and stationed in Guam. If Tommy wishes to practice real est...
Every two years
Every four years
Within six months after discharge from active duty
Tommy is not required to renew his license
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An item that was once personal property but is now considered to be part of the real property is called a
chattel
fixture
intangible asset
appurtenance
?
Land, together with all the permanent improvements thereon, is technically called:
Land
Real estate
Real property
Tenancy in common
?
The physical components of real property include:
Subsurface rights
Surface rights
Air rights
All of the above
?
Legal rights that affect land that abuts rapid flowing bodies of water such as rivers and streams are called:
Littoral rights
Aquarian rights
Riparian rights
Irrigation rights
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The following are examples of an interest in real property for an indefinite time period except:
Joint estate
Estate for years
Estate in severalty
Tenancy by the entireties
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Which type of ownership interest includes the right of survivorship? I. Estate in severalty II. Tenancy in common III. Joint tenancy IV. Tenancy b...
I only
II and III
II and IV
III and IV
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Which type of multiple-unit dwelling provides for right of possession through rights granted under a proprietary lease?
Time share
Cooperative
Condominium
Apartment
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A purchaser of a new developer condominium has how many days to rescind the sale and purchase contract after receipt of the condominium documents:
3
7
10
15
?
Rules and regulations for a condominium can be found in the:
Bylaws
Condo docs
Declaration
Question and answer sheet
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All of the following are components of the “bundle of rights” granted under the allodial system, except:
Disposition
Enjoyment
Possession
Construction
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Which of the following statements about Florida Homestead laws is incorrect?
A minimum of$25,000 may be deducted from the assessed value of a homestead property for tax purposes.
Homestead laws will prevent foreclosure by most judgment liens.
An owner may protect up to 160 acres if the homestead is within a city.
Homestead laws and protections are provided by the Florida Constitution
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Which type of ownership requires that the property be acquired under the four unities of possession, interest, time, and title (PITT)?
Tenancy in common
Joint tenancy
Tenancy by the entireties
All of the above
?
An ownership interest in real property that will terminate upon the death of an individual is called a:
Estate for years
Fee simple estate
Life estate
Remainder
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Which of the following is an example of tenancy at sufferance?
Holdover tenant
Life estate
Time share
Homestead
?
Rights to real property can be voluntarily conveyed through the use of
deed
will
eminent domain
both A and B
?
If a person dies with a valid will in effect, that person has died:
Testate
Intestate
In trust
In probate
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If a person dies with no heirs or beneficiaries, his or her estate will pass to the state of Florida through the process of:
Inheritance
Escheat
Taxation
Probate
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If the government wishes to seize private land for the purpose of widening an existing road, it can acquire the land through
taxation
escheat
police power
eminent domain
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Recording a deed in the public records achieves:
Constructive notice
Actual notice
Probate notice
Judicial notice
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The type of title insurance that is non-transferable and typically has a face amount equal to the purchase price is the:
None of the above
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The words of conveyance in a deed are contained in the:
Habendum clause
Granting clause
Reddendum clause
Premises clause
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Which type of statutory deed is used primarily to clear defects to title?
Quitclaim deed
Bargain and sale deed
Special warranty deed
General warranty deed
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Which type of deed offers the greatest protection for a buyer?
Quitclaim deed
Bargain and sale deed
Special warranty deed
General warranty deed
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The government has the right to enact laws and regulations to protect the health, safety, and welfare of the public through the exercise of its:
Sovereign immunity
Police powers
Executive privilege
Eminent domain
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Which of the following is a non-governmental limitation on title?
Zoning
Planning
Condemnation
Deed restriction
?
Which of the following is an example of a voluntary lien?
Construction lien
Mortgage lien
Special Assessment lien
Judgment lien
?
Real estate tax liens become effective on:
December 31st of the tax year
January 1st of the tax year
January 1st of the proceeding tax year
April 1st of the proceeding tax year
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The horizontal line that runs east and west through Tallahassee is called:
Base line
Principal meridian
Tier
Range
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Which method of legal description is the most accurate?
Metes and Bounds
Lot and Block
Governmental survey system
Boundary method
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Which type of legal description method requires a point of beginning (P.O.B.)?
Metes and Bounds
Lot and Block
Governmental survey system
Boundary method
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When utilizing the government survey system, a strip of land six miles wide running in a north-south direction is called:
Township
Range
Section
Tier
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Which section number is directly north of Section 7?
Section 14
Section 1
Section 21
Section 6
?
How many acres are in each section?
160
360
180
640
?
How many acres are contained in the NW¼ of the SE¼ of the SW¼ of Section 21?
160
80
10
40
?
How many acres are contained in the NE¼ of the NE¼ and the S½ of the 27 SE¼?
40
120
160
5
?
Parcels of land in a subdivision are usually described by which method?
Lot and block
Metes and bounds
Government survey
All of the above
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Which county office is responsible for assigning parcel I.D. numbers?
Tax collector
Property appraiser
Clerk of court
County Commission
?
What is the name of the area of land six miles wide running north and south that is directly west of Tallahassee?
Range 1 West
Range 2 West
Township 1 West
Township 2 West
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What is the name of the Township due west of Tier 1 North, Range 1 East?
Tier 1 North, Range 1 West
Tier 1 North, Range 2 East
Tier 1 South, Range 1 West
Tier 1 South, Range 2 East
?
What is the opposite direction of North 17° East
North 73° East
South 17° West
East 17° North
South 73° West
?
How large is a Township?
640 square miles
36 miles square
6 miles square
1 square mile
?
What is the name of the Range due east of Range 17 West?
Range 17 East
Range 16 East
Range 18 West
Range 16 West
?
The official sign on or about the entrance to a real estate brokerage must include all of the following except
name of the broker
name of the sales associates, if any
name of the brokerage entity, if any
licensed (or Lic.) real estate broker
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Which of the following may appear on a brokerage official sign?
Name of the broker
Names of all sales associates
Names of all broker associates
All of the above
?
Main office and branch office registrations with the DRE are valid for how long?
six months
one year
two years
three years
?
Every Saturday, Broker Kathy has an open house for one of her listings. In order to provide protection from the sun and rain and to attract people wh...
Yes, because she has furniture located there
Yes, because she is conducting business there
No, because it is only a temporary shelter
No, because she already has a main office
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Who is ultimately responsible for advertising done by a real estate brokerage?
The person placing the advertisement
The sales associate, but only if they actually placed the advertisement
The broker, but only if the broker actually placed the advertisement
The broker
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A blind advertisement is a real estate advertisement that does not include which of the following?
The address of the subject property
The price of the subject property
The name of the real estate brokerage
The address of the real estate brokerage
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Broker Alan accepts an earnest money deposit from a buyer. Instead of depositing the money in his escrow account, Alan deposits the money into his p...
Culpable negligence
Conversion
Breach of fiduciary duties
Breach of trust
?
Sales associate Karen receives an earnest money deposit from a buyer on Tuesday. What is the deadline for her to get the money to her broker?
End of the day Tuesday
Within 24 hours
End of the day Wednesday
As soon as possible
?
Sales associate Sandy receives an earnest money deposit from a buyer on Monday. What is the deadline for the broker to properly deposit the funds int...
End of the business day Monday
End of the business day Tuesday
End of the business day Wednesday
End of the business day Thursday
?
After a broker has received conflicting demands for escrowed funds, if holding the escrow the broker must notify the Florida Real Estate Commission w...
Fifteen days
15-business days
Thirty days
30-business days
?
In order to resolve a dispute over an earnest money deposit, a broker can request an Escrow Disbursement Order from which of the following:
Division of Real Estate
Department of Business and Professional Regulation
Florida Real Estate Commission
Florida Association of REALTORS®
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If a buyer makes an earnest money deposit check payable to a broker associate, how should the broker associate handle this situation?
Deposit the check into the broker associate’s personal account, and write a new check payable to the broker.
Deposit the check into the broker associate’s trust account.
The broker associate should endorse the check and deliver it to his or her broker immediately.
Licensees are not allowed to accept earnest money deposit checks made payable to the licensee.
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Ed purchased a rental list from a Florida broker for $100.00. After visiting all the rental properties stated on the list, Ed decided not to move fro...
Ed is entitled to a 100% refund.
Ed is entitled to no refund if the list was accurate.
Ed is entitled to a 75% refund
Ed is entitled to a 50% refund
?
Which type of agency is a fiduciary relationship?
Dual agent
Single agent
Transaction broker
Designated sales associate
?
Which of the following would be considered a residential sale? I. Single family home II. 5 acre farm III. Vacant land zoned residential IV. Duplex...
I and III
I and IV
II and III
I, II, III, and IV
?
When should the "No Brokerage Relationship Notice" be given to a prospective buyer or seller?
At first contact
Prior to showing property
Prior to showing property or entering into a contract, whichever happens first
Prior to signing a contract
?
Broker Rita accepts a listing from Seller Bill who instructs Rita not to show his house to any prospective buyers before 9:00 a.m. One day, Rita has ...
Rita should show the house because it might lead to a full price offer.
Rita can show the house at 8:00 A.M. if Bill is not at home.
