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Florida Real Estate Exam Questions And Correct Detailed Answers (Verified Answers) Already Graded A+
Question 1 A mortgage clause (in title theory states) that provides for the transfer of title to real
property to the borrower once the mortgage debt has been repaid is the:
- hold harmless clause.
- novation.
- defeasance clause.
- exculpatory clause.
Correct Answer: C. defeasance clause.
Question 2 Two buyers purchased a three-story building and took title as legal joint tenants. One died
testate. The surviving owner now owns the building:
- as a tenant in entirety.
- in severalty.
- in absolute ownership under the law of descent.
- subject to the terms of the deceased owner's will.
Correct Answer: B. in severalty.
Question 3 A concise summary of all income and expenses of a business for a stated period of time is
the:
- balance sheet.
- income statement.
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- cash flow statement.
- asset sheet.
Correct Answer: B. income statement.
Question 4 Which condo document is required to be given to prospective buyers only for new residential construction of more than 20 units?
- FAQs
- Bylaws
- Articles of incorporation
- Prospectus
Correct Answer: D. Prospectus
Question 5 A mother deeded a beachfront villa to her son who suffered from a terminal illness. The deed specified that the property was to return to the mother or her heirs when the son died.
The estate owned by the mother, or her heirs, is:
- a conventional life estate.
- a fee simple estate.
- an estate for years.
- an estate in reversion.
Correct Answer: D. an estate in reversion.
Question 6 Developers of new cooperative units must give buyers a disclosure which informs buyers that they may cancel within how many days of signing the contract?
- 3 business days
- 10 business days
- 10 calendar days
- 15 calendar days
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Correct Answer: D. 15 calendar days
Question 7 A type of concurrent ownership that provides an undivided interest in the property with no
right of survivorship:
- tenancy in common
- estate in severalty
- joint tenancy
- conventional life estate
Correct Answer: A. tenancy in common
Question 8 Which Florida Statue governs the DBPR and the professions under the DBPR?
- Chapter 120
- Chapter 455
- Chapter 475
- Chapter 492
Correct Answer: B. Chapter 455
Question 9 If a broker receives conflicting demands on escrowed property, the broker must notify the FREC, in writing, within how many business days?
- 10
- 15
- 20
- 30
Correct Answer: B. 15
Question 10 Within how many business days must the broker provide a copy of verification of receipt of the deposit to the seller/seller's broker?
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- 10
- 15
- 20
- 30
Correct Answer: A. 10
Question 11 An easement created by court order to allow the right of ingress and egress over another person's property to landlocked property is which type of easement?
- Easement by prescription
- Easement by necessity
- Easement by condemnation
- Easement by adverse possession
Correct Answer: B. Easement by necessity
Question 12 The covenant in a general warranty deed that promises that the grantor will obtain and deliver any legal instrument that might be required to make the title good in the future is the
covenant of:
- quiet enjoyment.
- habendum et tinendum.
- warranty forever.
- further assurance.
Correct Answer: D. further assurance.
Question 13 How is the Real Estate Recovery Fund funded?
- Property tax dollars
- The Florida State Treasury
- State intangible taxes
