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Florida Real Estate Equations Study Questions And Correct Detailed Answers (Verified Answers) Already Graded A+
Q1: Which activity requires a license under Chapter 475?
• A) A personal representative selling the property of a deceased • B) A CPA when performing accounting functions for a real estate investor • C) Salaried on-site manager of an apartment building • D) Auctioning farmland
• Correct Answer: D) Auctioning farmland
Q2: The homeowners association disclosure includes what information to the
prospective buyer?• A) The names of all current association board members • B) A guarantee of property value appreciation • C) The existence of restrictive covenants, and any assessments that the association imposes • D) The personal financial statements of all homeowners • Correct Answer: C) The existence of restrictive covenants, and any assessments that the association imposes Q3: How many acres are contained in a parcel of land measuring 1,650 feet by 1,650 feet?• A) 62.5 acres • B) 100 acres • C) 43.5 acres • D) 38.2 acres
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• Correct Answer: A) 62.5 acres (Calculation: 1,650 x 1,650 = 2,722,500 sq. ft. / 43,560 sq. ft. per acre = 62.5)
Q4: How many square feet are in an acre?
• A) 5,280
• B) 43,560
• C) 640
• D) 54,450
• Correct Answer: B) 43,560
Q5: How many acres in a section?
• A) 160
• B) 320
• C) 640
• D) 43,560
• Correct Answer: C) 640
Q6: How many square feet in the NW 1/4 of the NW 1/4 of the SE 1/4 of the SW 1/4 of the W 1/2?• A) 43,560 sq. ft.• B) 54,450 sq. ft.• C) 108,900 sq. ft.• D) 27,225 sq. ft.• Correct Answer: B) 54,450 sq. ft. (Calculation: 640 acres / 4 / 4 / 4 / 4 / 2 = 1.25 acres. 1.25 x 43,560 = 54,450 sq. ft.) Q7: Investor is performing an analysis of a 120 x 200 4-story industrial warehouse building. Investor estimates that 20% of the space will be unusable. How many 10 x 20 bins could be built?• A) 96 units • B) 384 units
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• C) 480 units • D) 192 units • Correct Answer: B) 384 units (Calculation: 120 x 200 = 24,000 sq. ft. x 80% usable = 19,200 sq. ft. usable per floor. 10 x 20 = 200 sq. ft. per unit. 19,200 / 200 = 96 units per floor x 4 floors = 384 units) Q8: If a tenant is properly notified of the landlord's claim on the security deposit, the
tenant is allowed to file an objection within:
• A) 15 days after receipt of notice of landlord's claim • B) 30 days after receipt of notice of landlord's claim • C) 10 days after vacating the premises • D) 7 days after the lease terminates
• Correct Answer: A) 15 days after receipt of notice of landlord's claim
Q9: When is the landlord required to notify the tenant in writing of the manner in which the landlord is holding the advance rent or security deposit and the rate of interest, if any, the tenant will receive?• A) 15 days • B) 30 days • C) 45 days • D) 60 days
• Correct Answer: B) 30 days
Q10: 3-month term loan of $5,000 at 13% interest. What is the total payment due at the end of the term?
• A) $5,162.50
• B) $5,650.00
• C) $5,054.17
• D) $5,195.00
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• Correct Answer: A) $5,162.50 (Calculation: $5,000 x 13% = $650 per year; $650 / 12 months = $54.17 per month x 3 months = $162.50; $5,000 principal + $162.50 interest = $5,162.50) Q11: Which of the following activities does NOT require a license under Chapter 475?• A) A personal representative selling the property of a deceased • B) A CPA when performing accounting functions for a real estate investor • C) Salaried on-site manager of an apartment building • D) All of the above
• Correct Answer: D) All of the above
Q12: Which is NOT true regarding FHA and VA mortgages?
• A) Both will charge a prepayment penalty • B) A prepayment clause is normally included • C) They are both assumable • D) There are limits on the amount of FHA loans but not VA loans • Correct Answer: A) Both will charge a prepayment penalty (Note: There is no prepayment penalty for either of these!)
Q13: Name what is true about FHA and VA mortgages.
• Correct Answer: A prepayment clause is normally included, they are both
assumable, and there are limits on the amount of FHA loans but not VA loans.Q14: A sales associate applicant who successfully passes the state exam may legally
begin to "operate" as a licensee when:
• A) They receive their printed license in the mail • B) A broker agrees to hold the license and the license is registered at DBPR • C) They complete their first transaction • D) They pay their initial MLS dues • Correct Answer: B) A broker agrees to hold the license and the license is registered at DBPR
