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Florida Real Estate Pre-License Exam Review with Answers, Exams of Real Estate Management

A comprehensive review of key concepts and information relevant to the florida real estate pre-license exam. It covers various aspects of real estate brokerage, appraisal, agency relationships, and legal regulations. Multiple-choice questions with answers, offering valuable insights into the exam's format and content.

Typology: Exams

2024/2025

Available from 12/07/2024

Nursebrahim01
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FLORIDA REAL ESTATE PRE-LICENSE
EXAM REVIEW WITH ANSWERS
RealkEstatekBusinessk-kCORRECTkANSWER-
Iskcomposedkofkmanykspecialization's:k
-k(1)DetailskofkPropertykTransfer
-Knowledgekof:
(2)marketkconditions
(3)howktokmarketkrealkestatekbusiness
(4)howktokanalyzekbuyerskneeds
(5)lawskthatkpertainktokrealkestate
RealkEstatekBrokeragek-kCORRECTkANSWER-
Iskthekbringingktogetherkofkbuyerskandksellers,kownerskandkrentersk
andkcompletingkrealkestatektransactions.
***Howkcankakagentkmaintainkgoodkstandingkwithkclients?k(Afterktitl
ekclosing)***k-kCORRECTkANSWER-
***FollowkUp.kThiskwillkresultkinkakgoodkreputationkandkFUTUREkR
EFERRALSkandkword-of-mouthkadvertising.***
Whatkarekthek5kmajorksaleskspecialties?k(Typeskofkproperties/lots)k
-kCORRECTkANSWER-Residential.k(Rememberk4-
10kRule:kanykvacantklandkzonedkfork4korkfewerkresidentialkunitskOR
kagriculturalkpropertykofk10korkfewerkacres.){Akcondokiskconsidered
kaksinglekfamilykhome}
Commercial.
Industrial.
Agricultural.
Business.k(Consideredk"businesskbrokers."k***PresumptionkinkFlo
ridakthatkbusinesseskincludekrealkproperty***)
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FLORIDA REAL ESTATE PRE-LICENSE

EXAM REVIEW WITH ANSWERS

RealkEstatekBusinessk-kCORRECTkANSWER- Iskcomposedkofkmanykspecialization's:k

  • k(1)DetailskofkPropertykTransfer
  • Knowledgekof: (2)marketkconditions (3)howktokmarketkrealkestatekbusiness (4)howktokanalyzekbuyerskneeds (5)lawskthatkpertainktokrealkestate RealkEstatekBrokeragek-kCORRECTkANSWER- Iskthekbringingktogetherkofkbuyerskandksellers,kownerskandkrentersk andkcompletingkrealkestatektransactions. Howkcankakagentkmaintainkgoodkstandingkwithkclients?k(Afterktitl ekclosing)k-kCORRECTkANSWER- FollowkUp.kThiskwillkresultkinkakgoodkreputationkandkFUTUREkR EFERRALSkandkword-of-mouthkadvertising. Whatkarekthek 5 kmajorksaleskspecialties?k(Typeskofkproperties/lots)k
  • kCORRECTkANSWER-Residential.k(Rememberk 4 - 10 kRule:kanykvacantklandkzonedkfork 4 korkfewerkresidentialkunitskOR kagriculturalkpropertykofk 10 korkfewerkacres.){Akcondokiskconsidered kaksinglekfamilykhome} Commercial. Industrial. Agricultural. Business.k(Consideredk"businesskbrokers."kPresumptionkinkFlo ridakthatkbusinesseskincludekrealkproperty)

WhatkiskakFarmkArea?k-kCORRECTkANSWER- Whenkbrokers/saleskassociatekbecomekankexpertkinkonekportionko fkthekcity. Whatkiskthekdifferencekbetweenkakrentalkagentkandkakpropertykman ager?k-kCORRECTkANSWER- RentalkAgent:kfindkaktenantk&kcollectkfee. PropertykManager:kcontinuektokmanagekpropertykafterktenantkiskse cured. Whatkiskankabsenteekowner?k-kCORRECTkANSWER- iskakpropertykownerkwhokdoesknotkresidekonkproperty/oftenkreliesko nkprofessionalkpropertykmanagerktokmanagekinvestment. Cankakrealkestatekbrokerk/ksaleskassociatekappraisekakpropertykfork compensation?k-kCORRECTkANSWER- Yes,kbutkCANNOTksayktheykarekstatekcertified,kregisteredktrainee,k orklicensedkappraisers. Whenkconductingkappraisals,kmustkfollowkwhatksetkofkguidelines?k

  • kCORRECTkANSWER- UniformkStandardskofkProfessionalkAppraisalkPracticek(USPAP)k( BestkPractices) Whatkiskakbrokerskpricekopinionk(BPO)?kCankakrealkestateklicensee skchargekforkthese?k-kCORRECTkANSWER- Itkiskthekopinionkofkvaluekofkrealkproperty,kandkyeskasklongkaskitkiskno tkconsideredkankappraisal. ***WhokdoeskthekcommissionkforkakBPO,korkforkanykservicekofkrealk estate,kgokto?k a)brokerkassociate b)saleskassociate c)brokerk-kCORRECTkANSWER- ***C.kCompensationkcanknotkbekpaidkdirectlyktokassociates.

RealkEstatekapplicantskapprovedkforklicensurekunderkmutualkre cognitionkarekexemptkfrom:k-kCORRECTkANSWER-Pre- licensekcourse. OnkFloridakstatekexam,kwhatkpercentagekiskconsideredkpassing?k Whatkpercentkonklicensekexam?k-kCORRECTkANSWER- LicensekExamk-k70% StatekExamk-k75% Duringkpre-licensekcoursekstudentskmayknot:k- kCORRECTkANSWER-Misskmorekthank8hourskofkthekcourse. Ifkakstudentkfailskcoursekpre- licensurekexam,khowklongkmustkonekwaitkuntilkonekcankre- takekthekexam?kHowkmanyktimeskcankonekre- testkbeforekhavingktokretakekthekentirekcourse?k- kCORRECTkANSWER- Applicantkmustkwaitk 30 kdays,kandkiskallowedktokre- testkonektimekbeforekhavingktokretakekthekcourse. Afterkcompletingkthekpost- licensekeducation,kwhatkmustkthekapplicantkdo?k- kCORRECTkANSWER- ActivekandkInactiveklicenseskmustkbienniallyktakek 14 khourskofkconti nuingkeducation.kaklicenseekmayksubstitutekthreekCEkcreditsk(cl assroomkhours)konlykonektimekperkrenewalkcyclek(2-years). Whatkarekthekmostkcommonkserviceskofkrealkestate?k- kCORRECTkANSWER-AkBARkSALE Adertisekrealkestatekservices Buy Appraise Rentkorkprovidekrentalkinfokorklistsk(1- 1 - 1 - 1) Sell Auction

Lease Exchange WhokiskexemptkfromkakREklicense?k-kCORRECTkANSWER- PropertykOwners Corporations,kPartnerships,kTrusts,k&kJointkVentures SalariedkEmployees ***courtkapprovedkindividualsk ***apartmentkpropertykownerskthatkpaykakfinderskfeek(askingktenan tsktokfindkclientsktokfillkvacancies)knokmorekthank50$ WhichkpersonkdoeskNOTkmeetkthekexperiencekrequirementsktokob tainkakFloridakbrokersklicense? a)ApplicantkwhokheldkankactivekCaliforniakbrokersklicensekforkprec edingkthreekyears b)ApplicantkwhokheldkakactivekOhioksaleskassociateklicensekduring kfourkofkthekprecedingkfivekyearskwhilekemployedkbykakOhiokbroker. c)ApplicantkwhokhaskheldkakactivekFloridaksaleskassociateklicensek forkprecedingktwokyearskwhilekemployedkbykakFloridakbroker. d)ApplicantkwhokhaskheldkakactivekFloridaksaleskassociateklicensek duringktwokofkthekprecedingkfivekyearskwhilekemployedkbykankowne rkdeveloper.k-kCORRECTkANSWER-D. WhokarektheksevenkmemberskofkthekFloridakRealkEstatekCommissi onk(FREC)?k-kCORRECTkANSWER- 7 kprofessionalkmemberskthatkarekunpaid:

4 kbeingkrealkestatekbrokerskwhokhavekheldkactiveklicenseskduringkt hek 5 kyearkpreceding

1 kmustkbekrealkestatekbrokerkorkassociatekwhokhaskheldkakactiveklic ensekduringkthek 2 kyearkpreceding.

  • 2 karekconsumer(unlicensed)kmembers WhatkarekthekpowerskandkdutieskofkthekFREC?k- kCORRECTkANSWER-ExecutivekPowers:kregulatekandkenforce

Akgroupklicensekisksometimeskissuedktokaksales- associatekorkbrokerkassociateskwhokarekregisteredkunderkakowner

  • developer. Whatkiskakagencykrelationship?k-kCORRECTkANSWER- Whenkakpersonkdelegateskauthorityktoksomeonektokactkonkhiskorkhe rkbehalf. Whatkarekthekthreektypeskofklawkthatkregulatekagencykrelationships ?k-kCORRECTkANSWER- Commonklawk(unwrittenklaw):kbasedkonkusage,kgeneralkacceptan ce,kandkcustom. Statutoryklaw:kwrittenklawkenactedkbyklegislature Administrativeklaw:kFREC'skruleskandkregulationsk(codekofkethics) Inkgeneralkbusinesskdealings,kwhatkiskankagent?k- kCORRECTkANSWER- Thekpersonkentrustedkwithkanotherkbusiness. InkakFiduciarykrelationship,kitkcreateskwhatkwithkthekprincipal?k- kCORRECTkANSWER- Fiduciarykoweskcompletekallegiancektokprincipal. Whatktypeskofkagentskcankonekbekinkakagencykrelationship?k- kCORRECTkANSWER-Universal Generalk(Sales-Associate) SpecialkAgent Inkanykrelationship,kwhatkmustkanykrealkestatekagentkdo?k- kCORRECTkANSWER-MUSTkdisclosekwhoktheykarekworkingkfor. InkthekstatekofkFlorida,kcankankagentkbekakdualkagent?k- kCORRECTkANSWER-No,kitkiskillegal. Inkthekstatekofkflorida,kifknokbrokerkrelationshipkiskdisclosedkitkiskpre sumedkthat:k-kCORRECTkANSWER- Thekagentkiskaktransactionkbroker.

Inkaktransactionkbrokerkrelationship,ktheklicenseekoweskwhatkallegi ancektokthekbuyer?k-kCORRECTkANSWER- limitedkrepresentation,kdoesknotkactkaskaksinglekagentkforksellerkork buyer. Inkaktransactionkbrokerkrelationship,kiskthekbuyerkresponsiblekforkth ekactionskofktheklicensee?k-kCORRECTkANSWER-No. Ifkaksellerkpresentskakverbalkofferkonkakproperty,kmustkankagentkdis closekthisktokthekbuyer?k-kCORRECTkANSWER- Yes,kakrealkestatekagentkmustkdisclosekanykandkallkofferskevenktho ughkitkisknotkenforceablekuntilkwrittenkonkakcontract. Inkaksinglekagentkrelationship,kakrealkestatekagentkmustkbe?k- kCORRECTkANSWER-COLD Confidential Obedient Loyal Disclosure Howkcankaksinglekagentkforkaksellerkchangektokassistkbothkthekselle rkandkthekprospectivekbuyer?k-kCORRECTkANSWER- ThekstatekofkFloridakallowskthekagentktokchangekfromkaksinglekage nt,ktoktransactionkbroker. Howklongkarekbrokerskrequiredktokmaintainkrecordskofkallkbrokerag ekrelationships?k-kCORRECTkANSWER- 5 kyears Akbrokeragekofficekwantsktokmovektheklocationkofktheirkmainkofficek (notkakbranch),kwhatkfeekwillktheykbekcharged?k- kCORRECTkANSWER- None,kmainkofficekregistrationskcankbektransferred. WhatkmustkbekvisiblekonkakTradekNameksign?k- kCORRECTkANSWER-TradekName BrokerskFirst/Lastknamekaskitkappearskonklicense

Ifkthekonlykactivekbrokerkofkakbrokeragekcorporationkdies,kresigns,k orkiskremovedkfromkthekoffice,kthekvacancy:k- kCORRECTkANSWER-mustkbekfilledkwithink 14 kdays. Whatkiskakcorporationksole?k-kCORRECTkANSWER- iskakecclesiasticalkorkchurchkorganizationkandkshouldknotkbekconfu sedkwithkakcorporationkforkprofit.k(soul) Whatkiskmoralkturpitude?k-kCORRECTkANSWER- conductkcontraryktokhonesty,kgoodkmorals,kjusticekorkacceptedkcu stom. Whatkiskakstipulation?k-kCORRECTkANSWER- iskankagreementkasktokthekfactskofkthekcasekandkthekpenaltykreache dkbetweenkthekattorneyskforkthekDREkandklicenseeskattorneys. AkjudgeksubmitskakrecommendedkorderktokthekFRECkaboutkakcase ,kwhatkcankthekFRECkdo?k-kCORRECTkANSWER- FRECkdoesn'tkhavektokabidekbyk"recommended"kpenalty Howklongkdoeskaklicenseekhavektokrespondktokakfinalkorder?k- kCORRECTkANSWER- 30 kdays Ifkaklicensekisksuspendedkforkaksecondktime,kwhatkcankhappen?k- kCORRECTkANSWER-licensekcouldkbekrevoked Howklongkdoeskaklicenseekafterkreceivingkakcitationktokacceptkorkrej ectkallegations?k-kCORRECTkANSWER- 30 kdays Falsifyingkankapplicationkis:k-kCORRECTkANSWER- akthirdkdegreekfelony Inkakrecoverykfund,kwhatkiskthekmaxkclaimkakbrokerkorksales- associatekcanktheykmakekduringktheirklifetime?k- kCORRECTkANSWER-$150,

CivilkRightskActkofk 1866 k-kCORRECTkANSWER- prohibitskanyktypekofkdiscriminationkbasedkonkracekinkanykrealkesta tektransactionkwithoutkexception. JoneskV.kMayerk-kCORRECTkANSWER- courtkupheldkcivilkrightskactkofk 1866 CivilkRightskActk 1964 k-kCORRECTkANSWER-endedkequal- kbutkseperate Prohibitedkactivitieskincludek-kCORRECTkANSWER-steering blockbusting redlining Inkbrokerkpropertykmanagement,kdepositskandkadvancektrustkfund skmustkbe:k-kCORRECTkANSWER- depositedkintokakbrokerskescrowkaccountkbykthekendkofkthekthirdkbu sinesskdaykafterkreceiptkofktrustkfund. Howklongkdoeskaklandlordkhavektokreturnksecuritykdepositskifknotkm akingkakclaim?kHowklongkifkmakingkakclaim?k- kCORRECTkANSWER- 15 kdaysktokreturnkifknotkmakingkakclaim,k 30 kifkmakingkakclaim. Whenkitkcomesktoklandkrights,kwhatkiskripariankrightskandklittoralkrig hts?k-kCORRECTkANSWER- Ripariank=k"River"kassociatedkwithklandkabuttingkmovingkwater Littoralk=k"ocean"kassociatedkwithklandkabuttingktoktidalkbodieskofk water Whatkiskthekdifferencekbetweenkerosionkandkreliction?k- kCORRECTkANSWER- Erosionkiskgradualklosskofklandkduektoknaturalkforces. Relictionkiskgradualkrecedingkofkwaterkuncoveringkmorekland. Whatkarektheklegalktestskthatkdeterminekifkakpiecekofkpropertykiskakfi xture?k-kCORRECTkANSWER-IRMA

Adversekpossessionkmustkcontinuekfork 7 korkmorekconsecutivekyea rs Notoriouskandkpublickpossessionkofkprop Whatktypeskofktitlekinsurancekarektherekandkwhatkifkthekdifference?k

  • kCORRECTkANSWER- Owner'skpolicy:kissuedkforktotalkpurchasekprice Lender'skpolicy:kissuedkforkunpaidkmortgage Whatkarekthekelementskofkakdeed?k-kCORRECTkANSWER- CEDDING Consideration Execution Descriptionkofkproperty Deliverykandkacceptance Interestkofkestatekbeingkconveyed Nameskofkgranteekandkgrantor Granting Whatkiskthekhabendumkclause?k-kCORRECTkANSWER- "tokhavekandktokhold";kforktheklifekofkthekgrantee Whatkarekthekvariouskformskofkleasekagreements?k- kCORRECTkANSWER-GrosskLease NetkLease Percentageklease variableklease groundklease Whatkiskthekdifferentktypeskofkliensk-kCORRECTkANSWER- generalklien specificklien superiork' junior

HowkwouldkonekfigurekoutkthekacreagekfromkSE1/4kofkthekNW1/4ka ndkNE1/4kofkthekSW1/4?k-kCORRECTkANSWER- 1)kMultiplykDenominators 44=k16/640k~k 40 and 44=16/640k~k 40 2)kaddk=k 80 kacres Whatkdoeskthekstatutekofkfraudsksay?k-kCORRECTkANSWER- anykcontractkmustkbekinkwritingkandksignedktokbekenforceable Whatkdoeskthekstatuekofklimitationsksay?k-kCORRECTkANSWER- designateskthekperiodkofktimekwhichkthektermskofkakcontracekmaykb ekenforced-k writtenkcontract:k 5 kyears oralkcontracts:k 4 kyears Whatkarekremedieskforkakbreachkofkcontract?k- kCORRECTkANSWER-specifickperformance liquidatedkdamagesk recission:kcancelkcontract compensatorykdamages Whatkarekthekdifferentktypeskofklistings?k-kCORRECTkANSWER- openklisting exclusive-agencyklisting exclusivekright-of-saleklisting netklisting Leadkbasedkpaintkwaskusedkinkpre-?k-kCORRECTkANSWER- 1978 khousing Whatkiskthekdifferencekbetweenklienktheorykandktitlektheory?k- kCORRECTkANSWER- LienkTheory:kborrowkretainsktitlektokproperty,kwhileklenderkiskprotec tedkwithklien TitlekTheory:kconveyedktoklendorkthroughkmortgagekdeed.

whatkarekthekdifferentkcost-depreciationkapproaches?k- kCORRECTkANSWER-quantityksurveykmethod unit-in-placekmethod comparativeksqftkorkcubicft ExemptionskfromkPropertykTaxeskdifferencesk- kCORRECTkANSWER-Immune Exempt PartiallykExempt FloridaskGreenkBeltkLawk-kCORRECTkANSWER- protectskfarmskfromkhavingktaxeskincreased