Real Estate Exam FL Section 1 (1-100) Questions And Correct Detailed Answers (Verified Answers) Already Graded A+

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Real Estate Exam FL Section 1 (1-100) Questions And Correct Detailed Answers (Verified Answers) Already Graded A+

Florida Real Estate Exam Prep Questions

• Question: A broker is employed by developer to sell lots in a 50-acre subdivision.

The land encumbered by a blanket mortgage. A buyer purchases one of the lots for $10,000. The broker does not inform the buyer that the lot can only be released from the blanket mortgage upon a cash payment of $12,000 to the lender. Which of these is a CORRECT statement?

• Both the broker and the developer are in violation of Chapter 475.
• Only the developer is in violation of Chapter 475, Florida Statutes.
• Only the broker is in violation of Chapter 475, Florida Statutes.
• Neither is in violation as long as the mortgage is eventually paid.

Correct Answer: C) Only the broker is in violation of Chapter 475, Florida Statutes

• Question: A sales associate lists and sells a 10-acre parcel with a cloud on title. The

sales associate does not inform the purchaser of the defect, because the sales associate hopes it will be cleared before closing. In considering the actions of the sales associate, which is CORRECT statement?

• It is standard practice as long as title insurance is purchased.
• It is deemed fraudulent and dishonest dealing by trick or scheme.
• It is legal provided the defect is cleared prior to closing.
• It is only a violation if the buyer explicitly asks about title clouds.

Correct Answer: B) It is deemed fraudulent and dishonest dealing by trick or scheme

• Question: If a real estate licensee believes a rule or guideline that substantially

affects him is not valid and needs to be changed, resource should be sought by Correct Answer: petitioning for an administrative determination before the Florida Real Estate Commission

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4. Question: An employee works for AAA Syndictors. She sells and leases only

properties owned by AAA. Her earnings are based on her sale and lease activity.According to Florida Law, is the employee exempt from the licensing requirements?

• Yes, because she is an employee of the owner.
• Yes, provided she only sells AAA properties.
• No, she must comply with all licensing requirements.
• No, unless she receives a fixed salary rather than commission.

Correct Answer: C) No, she must comply with all licensing requirements

• Question: In addition to Chapter 475, The Florida Statue that defines the general

legal practice and procedure for the Department of Business and Professional Regulation (DBPR) and the licensees of all professions, including real estate is

Correct Answer: 455

• Question: After completing the post-licensing education during the initial license

period, licensees must complete Correct Answer: at least 14 hours of continuing education during every 2-year license period for active and inactive licensees.

• Question: Sales associates are required to successfully complete the prescribed

post-licensing education

Correct Answer: before the first renewal of their license

8. Question: Property management customarily includes all of these but

• collection of rents.
• maintenance of the property.
• representation of the tenant.
• finding suitable tenants.

Correct Answer: C) representation of the tenant

9. Question: A real estate agents trade association that requires raising the

professional and ethical standards of their members is the

Correct Answer: National Association of Realtors

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• Question: A sales associate with ABC Realty was contacted by Big Bank to do a

Broker Price Opinion (BPO). Since the fee for this was small, the bank paid the salesperson directly. This situation is

Correct Answer: illegal, since the sales associate violated Chapter 475, F.S

11. Question: The concept that best describes a transaction broker is

Correct Answer: one who provides limited representation in a brokerage transaction between buyer and seller

• Question: A broker entered into a listing contract with the seller of a house and

became a single agent of the seller. A potential buyer wants to see the seller's house and wishes to have representation by the broker as well. The broker must Correct Answer: have the seller sign a Transaction to Transaction Broker form before showing the house to the buyer.

• Question: A broker list's a seller's condominium for sale. The seller told the broker

that the building has a defective, leaky roof. The broker sells the unit to a buyer but fails to mention the leaky roof. The buyer resells the unit in one year for a profit.Could the broker face possible disciplinary action for failing to tell the buyer of a leaky roof?

• Yes, because the broker had the responsibility to inform the buyer of material defects in

the property.

• No, because the roof did not leak during the showing.
• No, because caveat emptor applies to residential sales.
• Yes, but only if the buyer specifically asked about the roof.

Correct Answer: A) Yes, because the broker had the responsibility to inform the buyer of material defects in the property

• Question: An owner wants to net $12,000 on the sale of his small vacant lot. He

gives a broker an option to buy the lot at that price or nominate a purchaser. The broker pays $900 for the option. Before the option expires, the broker sells the property to a third person for $14,800. The broker advised the buyer during the negotiations that she was the optionee. Which of these is a TRUE statement?

• The broker must return all money over $12,000 to the seller.
• The broker violated the law by acting as both optionee and broker.

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• After paying the appropriate closing costs, the broker may keep the amount of money

above and beyond the option of purchase price of $12,000.

• The broker can only keep a standard 6% commission.

Correct Answer: C) After paying the appropriate closing costs, the broker may keep the amount of money above and beyond the option of purchase price of $12,000

15. Question: The NO Brokerage Relationship notice must be disclosed

Correct Answer: in writing before the showing of property

• Question: A sales associate is a licensee with Reality, Inc. The broker is the only

licensed broker in the firm. One month ago, the Florida Real Estate Commision suspended the broker's license for a period of six months because of dishonest dealings. The sales associate's best course of action is to Correct Answer: Immediately identify a new employer and request that the FREC register his license to that new employer

• Question: Under which condition can a broker advertise listed property for sale

without disclosing the name of the brokerage firm in the advertisement?

• Only when the property is listed for less than 30 days.
• Never, as all real estate advertisements must include the licensed name of the

brokerage firm.

• Whenever the seller requests a blind ad in writing.
• If the broker is acting as a transaction broker.

Correct Answer: B) Never, as all real estate advertisements must include the licensed name of the brokerage firm

18. Question: Which of these statements is TRUE about kickbacks and rebates?

• Kickbacks are strictly illegal in all real estate transactions.
• If a broker is to receive a kickback or rebate, all parties involved must have been advised

prior to the time of the placement of the kickback or rebate.

• Rebates can only be paid to licensed appraisers.
• Kickbacks do not need to be disclosed if they are under $50.