Download Real Estate Post-Licensing Exam: 200+ Questions and Answers and more Quizzes Real Estate Management in PDF only on Docsity!
45 HOUR POST LICENSING EXAM REAL ESTATE
200+ QUESTIONS AND VERIFIED ANSWERS
100% ACCURATE ALREADY GRADED A+
"What term refers to a real estate financial transaction that a federal financial institution regulatory
agency has either contracted for or regulates, and requires the services of an appraiser - CORRECT
ANSWER=> federally related transaction"
"After the 1st renewal has been completed, what is the license status if the licensee fails to complete
their 14 hours of continuing education by the 2nd renewal date - CORRECT ANSWER=> reverts to
involuntarily inactive, licensee has 12 months to complete the 14 hours of CE and pay a late fee"
"What facts need not be disclosed in a real estate transaction? - CORRECT ANSWER=> The property
was the site of a homicide." "What is a good graphic to show a seller that there will be more activity if the property is competitively
priced? - CORRECT ANSWER=> The pricing pyramid"
"A home sells for $310,500. Expenses of the sale are $4,800. The brokerage fee is $18,630. Prorations for taxes and interest are $5,036. The mortgage payoff is $181,500. What are the seller's proceeds from the
sale? - CORRECT ANSWER=> $100,534"
"Filing a suit to quiet title is used when - CORRECT ANSWER=> a title defect is found, which is difficult
to remove by ordinary means."
"What are the benefits of restrictive covenants? - CORRECT ANSWER=> Maintain and enhance value"
"What's the downside for a principal who has a single agent? - CORRECT ANSWER=> Responsible for
the single agent's acts"
"What is the likely cause of a contract for sale of real estate being ruled as unenforceable? - CORRECT
ANSWER=> Unwritten agreement"
"Aside from a property's location, what is the most important factor that influences market value? -
CORRECT ANSWER=> Highest and best use"
"The margin is - CORRECT ANSWER=> the percentage added to the index of an adjustable-rate
mortgage that results in the calculated rate."
"A home sells for $370,000. The mortgage payoff is $262,500. What is the seller's equity? - CORRECT
ANSWER=> $107,500"
"How often do mortgage loan originators need to have a criminal background check? - CORRECT
ANSWER=> Every year"
"A written listing agreement with a self-renewing clause - CORRECT ANSWER=> is void."
"When you explain the pricing process during a listing presentation, you would NOT ordinarily discuss -
CORRECT ANSWER=> the process of closing a sale."
“a licensee must notify the DBPR w/in how many days after changing their employer? - CORRECT
ANSWER=> 10 days"
"Florida statues require that a licensee report to the commission within 30 days after being convicted, found guilty, or entering no contest or guilty to a crime. the penalty resulting from a first violation of this
law is likely to include all of the following disciplinary actions except which one? - CORRECT ANSWER=>
first violation- 250-1000 and license suspension to revocation second violation- a fine ranging from 1000 to 5000 and license suspension to revocation -full disciplinary hearing and penalties ANSWER: PROBATION" "Florida real estate law requires that all of the following changes be reported to the dbpr, except which
one - CORRECT ANSWER=> change of specialty are from residential sales to property management"
"F. S 455 defines current mailing address as the current residential address, which is used by a licensee to receive mail through US Postal Service. a licensee is required to notofy the department in writing of their current mailing address and any change in the current mailing address within how many days after
the change? - CORRECT ANSWER=> 10 days"
"a licensee advertises false, inaccurate, misleading, or exaggerated information. in addition to being
issued a citation, how much would they likely be fined? - CORRECT ANSWER=> $500"
"a licensee attempts to negotiate a rental for a fee paid by the tenant. if the tenant applicant does not like any of the rental properties available, what are they entitled to request within 30 days of the
contract date? - CORRECT ANSWER=> may request 75% refund of fee paid"
"sales associate, Chris, receives a deposit check from a buyer during the business day on Monday. what
must Chris do - CORRECT ANSWER=> no later than the next business day. failure can result in a full
disciplinary hearing and additional penalties."
"a licensee who practices beyond their scope as a sales associate could be subject to a full disciplinary
hearing and what other penalty for their first violation - CORRECT ANSWER=> license suspension to
revocation or $250-$1000" "The commission has heard cases where the sales associates’ employing broker does not handle property management, so the sales associate set up their own company to handle property
management. example of - CORRECT ANSWER=> a licensee acting beyond the scope of their license"
"Which statute regulates Florida real estate licensees, schools, and appraisers - CORRECT ANSWER=>
chapter 475" "Which shows the penalties for violations of Florida real estate license law in order of least to most
severe - CORRECT ANSWER=> fine, suspension, revocation"
"All of the following actions would be a violation of FAC 61J2 as it applies to adv except - CORRECT
ANSWER=> including the brokerage name adjacent to, immediately above or below point of contact
info" "Which brokerage relationship situation is not permitted in the following instance under Florida laws and
rules - CORRECT ANSWER=> representing a buyer with limited confidentiality in a single agency
relationship"
"Sales assoc must accomplish all of the following before their first renewal deadline except - CORRECT
ANSWER=> pass a state post licensing exam with a 75%"
"In the early 1980s banks as well as savings and loan associations in the us went through a period of
instability. part of the responsibility was placed on whom? - CORRECT ANSWER=> appraisers"
"To correct many of the problems discovered during the collapse of lending institutions in the us,
congress created what - CORRECT ANSWER=> FIRREA"
"title xi of firrea was directed toward the appraisal profession and required that appraisals utilized by federally regulated lenders in federally related transactions be developed and reported in conformity
with what entity - CORRECT ANSWER=> USPAP Unif stand of proff appraisail practice"
"a licensee must never refer to a cma as what - CORRECT ANSWER=> coma is a value est based on
recent sales of similar properties in the same neighborhood, utilized many of the appraiasal concept. *appraisail" "an appraiser conducts an independent, impartial, and objective analysis based on research and data
pertaining to the value of what - CORRECT ANSWER=> based on research and data pertaining to the
value of the specified real property"
"a variety of situations may call for an appraisal. all of these are valid reasons except which one -
CORRECT ANSWER=> property lien evaluations"
"under what condition may a real estate licensee who is not a state certified appraiser perform an
appraisal - CORRECT ANSWER=> if the valuation is not to be used in a federally related transaction"
"which type of value is the value assigned by the property appraiser for ad valorem tax purposes -
CORRECT ANSWER=> assessed value"
"a seller remodels the kitchen, adding $30000, to the value of the property. what is this $30000 referred
to in appraisal terms - CORRECT ANSWER=> contribution value"
"the comparable sales approach is based on the appraisal principle of substitution. which statement best
demonstrates this principle - CORRECT ANSWER=> Among 3 comparable properties, the one with the
lowest list price attracts the most demand due to buyers not wanting to pay more than necessary." "tim and sue have the smallest home in a sought after neighborhood. the value of their home is
increased because of the higher value of the other homes in the neighborhood. - CORRECT ANSWER=>
progression" "which of the following terms best describes the amount which is actually paid in a real estate
transaction - CORRECT ANSWER=> price"
"when performing the data collection and analysis is to step of an appraisal, all of the following are
conditions for highest and best use analysis except which one - CORRECT ANSWER=> min. productive"
"appraisers follow a defined appraisal process when developing and reporting their opinions and
conclusions. all of these are part of that process except which one - CORRECT ANSWER=> mls search
for active listings"
"what reporting process is preferred for most residential appraisals - CORRECT ANSWER=> form
reports" "there are three mathematical methods that appraisers can employ to estimate the value of a subject
property. all of these are used to apply the value except which one - CORRECT ANSWER=> the
substitution cost approach" "the three approaches to value typically used by a certufied appraiser include all of the following, except
which one - CORRECT ANSWER=> comparative market analysis"
"while preparing a comparative market analysis (cma) a licensee comes across two identical homes in the same neighborhood with the exception that one is lake front and the other is not. the home on the lake is sold for 375000 and the other sold for 355000. based on this scenario, what assumption can the
licensee make - CORRECT ANSWER=> The approximate added value of a lake lot is $20,000"
"chris inherited property and found out if he left the existing structures untouched the property would be worth 500000. an appraisal est the property to be worth 800000 if he spends about 150000 improving the real estate. he elects to make the recommended real estate improvements. which
appraisal applies to this situation - CORRECT ANSWER=> Highest and best use"
"which term represents the total amount paid by the buyer - CORRECT ANSWER=> price"
"Before listing their property the seller remodeled their kitchen at a cost of $75,000. Based on the selling prices in the neighborhood, the real estate licensee estimates that the improvements to the kitchen
increased the home's value by $60,000. What is this appraisal principle called? - CORRECT ANSWER=>
contribution" "Which valuation approach do licensees use when similar properties in the same neighborhood are
compared to each other based on their "sold" prices? - CORRECT ANSWER=> comparable sales
approach" "Title XI of FIRREA requires appraisals used in federally-related transactions to be developed in
conformity with which standards? - CORRECT ANSWER=> uspap"
"a lender has come into ownership of a property due to a foreclosure. This type of property is commonly called a Real Estate Owned (REO) property. In order to determine the value of the property, what would
the lender request? - CORRECT ANSWER=> bpo"
"When licensees prepare a Comparative Market Analysis (CMA), they should base their estimate of value
on similar properties according to what criteria? - CORRECT ANSWER=> Properties that have sold
within the last 6 months in the same neighborhood" "You are listing a property for sale tonight and have done your CMA. The subject property you are listing has 4 bedrooms but one of the comparables you used only has 3 bedrooms. What should your
adjustment be? - CORRECT ANSWER=> Add the value of a bedroom to the comparable"
"Typically appraisers employ all of the following appraisal methods, EXCEPT: - CORRECT ANSWER=>
automated valuation model" "When licensees prepare a CMA for a seller, they must be careful not to refer to the CMA as which term?
- CORRECT ANSWER=> an appraisal"
"Which of the following statements best describes the principle of substitution? - CORRECT ANSWER=>
The buyer purchases the lowest priced property that meets his/her needs in the neighborhood." "Which appraisal approach is used by investors when purchasing a property expected to bring a positive
cash flow? - CORRECT ANSWER=> income approach"
"what other term refers to the ad valorem value assigned by the country property appraiser to a
property - CORRECT ANSWER=> assessed value"
"by definition, an institutional lender is what - CORRECT ANSWER=> institutions pool the funds of their
depositors and invest the funds in real estate loans, making them financial intermediaries."
"by definition, a noninstitutionalized lender is what - CORRECT ANSWER=> relatively free of
regulations. private parties, syndications, private loan companies"
"institutional and noninstituional lenders are different in the following significant way except - CORRECT
ANSWER=> based on their regulation, not their tax status"
"usury laws that protect consumers by limiting the rate of interest that may be charged. what lenders are
subject to usary laws - CORRECT ANSWER=> iNONISNTITUTIONAL
nstiutional may charge any rate of interest. noninstitut make loans that are subject to usury laws, thereby limiting the rate of interest that may be charged"
"which is an example of a secondary mortgage market lender - CORRECT ANSWER=> fannie mae"
"which type of lender, organized as either a mutual or a stock company, is the largest source of funds for
financing apartment complexes and commercial properties - CORRECT ANSWER=> life insurance
companies" "what is the term used for someone who arranges loans by taking mortgage applications and searching for lenders who offeror the lowest interest rate and easiest borrower qualifications, without actually
making any loans - CORRECT ANSWER=> mortgage loan originators-
do not make loans, but rather arrange loans by taking mortgage applications and searching for lenders who offer the lowest interest rates and easiest borrower qualifications. they also charge borrowers an application fee and often earn a finders fee or commission for arranging loans." "where do borrowers and mortgage originators come together to negotiate terms and effect mortgage
transactions - CORRECT ANSWER=> primary mortgage"
"which of these entities is the oldest and largest participant in the secondary mortgage market -
CORRECT ANSWER=> fannie mae"
"what is the main advantage of masonry (concrete block) exterior walls as opposed to wood framed
exterior walls - CORRECT ANSWER=> provides stronger structure"
"which type of roof is particularly susceptible to wear from standing water - CORRECT ANSWER=> flat
roof" "what style of window typically seen in older florida homes, has a series of small horizontal panes that
open and close all at once by turning a crank - CORRECT ANSWER=> jalousie windows"
"the r-value is a measurment of what aspect of a building - CORRECT ANSWER=> ability of insultating
material to resist heat flow"
"which type of door is prohibited for the use listed - CORRECT ANSWER=> hollow core doors, metal
interior doors leading to the garage" "which type of plumbing supply line piping material, still in use today for hot and cold water distribution,
has been reported to leak around the joints - CORRECT ANSWER=> PB Pipe"
"a temperature and pressure relief valve is an important safety feature of which component of a
residential building - CORRECT ANSWER=> hot water heater"
"which system, referred to as an "on-demand" system, provides heated water only when needed -
CORRECT ANSWER=> tankless water heater"
"the plumbing system consists of water supply lines, water disposal lines, hot water heaters, and what
else - CORRECT ANSWER=> plumbing fixtures (sink and toilets)"
"all of the following items are components of a typical central air conditioning system, except which one
- CORRECT ANSWER=> temperature and pressure relief value" "which of the following is a unit of measurement for rating the capacity of a heating or air conditioning
system - CORRECT ANSWER=> BTU"
"which system uses the temperature of the subsoil to heat and cool a home - CORRECT ANSWER=>
geothermal"
"all of the following are heating systems found in florida homes except which one - CORRECT
ANSWER=> ACMS"
"WHICH DEVICE IS AN IMPORTANT SAFETY FEATURE, DESIGNED TO REDUCE THE RISK OF ELECTICAL
SHOCK AND IS LOCATED NEAR WATER SUPPLIES IN AREAS SUCH AS THE KITCHEN AND BATHROOM -
CORRECT ANSWER=> GFIS"
"what is the relationship between watts, amps, and volts - CORRECT ANSWER=> amps x volts = watts"
"which type of conductor, used, in residential writing, has been linked fires due to expansion and
contraction that can cause the connection to loosen - CORRECT ANSWER=> aluminum"
"what electrical device can be used to protect against overheating in an electrical system - CORRECT
ANSWER=> circuit breakers"
"electrical circuits have three components: a source, a path, and a load. which item is an example of an
electrical laod - CORRECT ANSWER=> clothes dryer"
"what is the primary purpose of building code regulation - CORRECT ANSWER=> to protect the public
health, safety and general welfare as related to the construction and occupancy of buildings and structures" "all of the following are examples of federal regulation of the construction industry, except which one -
CORRECT ANSWER=> f.s 533 building construction standards"
"f.s 553 building construction standards, contain eight parts. this adaptation of the building construction
standards is a regulation that comes from which governmental agency - CORRECT ANSWER=> state"
"within the construction industry, it is not unusual to find county or city codes that - CORRECT
ANSWER=> far exceed federal and state requirments"
"if you wanted to build a house that was built so as not to retain water on the roof, you would use an of
the following roof types except - CORRECT ANSWER=> flat??"
"the predominant style of home building in florida is concrete block (masonary) and stucco (cbs). what is
one of the main advantages of this type of construction - CORRECT ANSWER=> stronger construction"
"key elements of an air conditioning system include all of the following except - CORRECT ANSWER=>
temperature and pressure relief valve" "which statement correctly applies to the apperance of small cracks in the masonry concrete blocks of a
structure - CORRECT ANSWER=> settling"
"unit of measure used to rate capacity of heating and air conditioning systems - CORRECT ANSWER=>
BTU"
"extreme FL weather with high winds can cause significant roof damage. as a result, the building code
has been developed requiring additional anchoring specifically for which type of roof - CORRECT
ANSWER=> gable"
"When should the price be covered when presenting an offer? - CORRECT ANSWER=> Last"
"At what rate do taxpayers pay for short-term capital gains? - CORRECT ANSWER=> The investor's
ordinary income tax rate"
"A buyer can save money by making at least a 20% down payment because - CORRECT ANSWER=> the
buyer won't have to pay for mortgage insurance."
"The total room count in a house would include - CORRECT ANSWER=> bedrooms."
"The four basic loan processing procedures are - CORRECT ANSWER=> checking the borrower's ability
to repay, appraising collateral's property value, preparing loan documents, and checking the title of the collateral."
"The three types of operating expenses of an income property are - CORRECT ANSWER=> reserves for
replacements, fixed, and variable."
"Which emails are illegal under the CAN-SPAM Act? - CORRECT ANSWER=> Misleading from and to
information in the email" "A home is being appraised for a mortgage loan. One of the comparable properties is smaller than the subject property, and the appraiser estimates the difference to be $7,800. The appraiser will make -
CORRECT ANSWER=> a plus $7,800 adjustment to the comparable."
"Which purchase and sale agreement item supersedes the other? - CORRECT ANSWER=> Handwritten
clause supersedes the printed clause"
"Which listings may be entered into the MLS? - CORRECT ANSWER=> Exclusive agency listings and
exclusive right-of-sale listings"
"Florida law requires brokers to - CORRECT ANSWER=> give sellers the copies of written listing
agreements within 24 hours." "A sales associate is talking with a customer. When the customer crosses his legs, the associate smiles
and crosses his arms. The associate is using a reflecting method called - CORRECT ANSWER=>
matching."
"A substantial good-faith deposit and a bank preapproval letter means that the buyer is - CORRECT
ANSWER=> ready, willing, and able."
"What are the requirements for persons disturbing lead-based paint in a house? - CORRECT ANSWER=>
The person must be certified and follow specific work procedures."
"Reconciliation is - CORRECT ANSWER=> the resolution of several adjusted values on a comparative
market analysis."
"Which would be considered a preclosing duty? - CORRECT ANSWER=> Making a walk-through
inspection of the property" "A buyer is closing on the purchase of a residence. The ad valorem taxes for the year are estimated to be $2,640. The closing date is February 1, and the day of closing belongs to the buyer. Using the 365-day
method, what is the proration? - CORRECT ANSWER=> Debit seller, credit buyer $224.22"
"Under the Americans with Disabilities Act, there must be at least one accessible parking space for every
- CORRECT ANSWER=> 25 spaces." "What is the purpose in having your buyers write a letter to the seller saying why they want to buy the
home? - CORRECT ANSWER=> To help sellers favor your buyers over competing buyers"
"An economic contraction is - CORRECT ANSWER=> the phase of a business cycle after a recession in
which consumer confidence is shaken and consumers reduce spending." "What is the most likely reason why a sales associate sets appointments with the seller using a range of
time rather than a specific time? - CORRECT ANSWER=> Because a prospective buyer may stay longer
in some houses than the sales associate had planned" "A sales associate was preparing a comparative market analysis for a three-bedroom home. One of the three comparable sales he reviewed had an extra bedroom and a larger lot. He made a $7, adjustment for the extra garage stall and a $4,000 adjustment for lot size. Which is TRUE about his
analysis? - CORRECT ANSWER=> The subject home is less valuable than the comparable property."
"Pyramiding gives the impression of - CORRECT ANSWER=> superiority."
"What must be given to borrowers within three days after the loan application? - CORRECT ANSWER=>
Loan estimate" "A noncash expense similar to depreciation that accounts for the eventual wearing out of major
components of the property is called - CORRECT ANSWER=> reserves for replacements."
"The components of a full title report are - CORRECT ANSWER=> a survey, a physical inspection of the
collateral, and a search of the records." "A sales associate wants to earn at least $45,000 next year. If the average commission from listings sold
is $3,000, how many listings must she sell in order to achieve that portion of her goals? - CORRECT
ANSWER=> 15"
"In what case would sales tax be required for personal property included in a house sale? - CORRECT
ANSWER=> If the contract for the sale of the house includes a list and separate valuation of the
personal property"
"Where is the best place to find expired listings? - CORRECT ANSWER=> The MLS"
"Owners of 800 homes in a subdivision list their houses, on average, every eight years. If a sales associate farms that neighborhood and lists 20% of the homes, how many homes can she expect to list
this year? - CORRECT ANSWER=> 20 // 800 homes ÷ 8 years = 100 homes listed annually. 100 × .20 = 20
homes listed by the sales associate." "A salesperson wishes to take home $80,000 annually. If taxes, dues, advertising, and fees are about 35%
of his total earnings, he should set his goal at around - CORRECT ANSWER=> $123,000. // Divide the
desired earnings by .65 (100% - 35%). $80,000 ÷ .65 = $123,077, rounded to $123,000." "A sales associate is estimating the prepayments for a new loan that will close on April 12. If the first payment is due on June 1, how will the prepaid interest be calculated for the closing statement? -
CORRECT ANSWER=> The buyer will be charged from April 12 through April 30."
"Which federal law requires fair consideration of consumer loan applications from women, minorities,
part-time employees, and others who may have suffered prejudicial treatment in the past? - CORRECT
ANSWER=> The Equal Credit Opportunity Act"
"If a neighborhood has good turnover but has a low price range - CORRECT ANSWER=> it is unlikely to
be a good farm area."
"In order to make successful prospecting calls, a sales associate should - CORRECT ANSWER=> be
consistent, making them at the same time each day."
"Open listings - CORRECT ANSWER=> may be oral, written, or implied."
"Effective gross income is - CORRECT ANSWER=> the amount remaining when vacancy and collection
losses are subtracted from potential gross income."
"It is a bad idea for sales associates to - CORRECT ANSWER=> personally perform the preclosing walk-
through inspection to be certain all items are in working order." "If the seller defaults, and the contract was written using the Florida Realtors®/Florida Bar Residential
Contract for Sale and Purchase, the buyer - CORRECT ANSWER=> may get the binder back and cancel
the contract"
"Which is correct about real estate licensees who prepare an appraisal? - CORRECT ANSWER=> The
appraisal cannot be used by a bank for a new loan." "A property sold for $149,300. How much must be paid for the documentary stamp taxes on the deed? -
CORRECT ANSWER=> $1,045.10"
"When at least 80% of units in a complex have at least one occupant who is at least 55 years of age, -
CORRECT ANSWER=> the owners can advertise it as "adults only.""
"Which is NOT a requirement for a successful listing presentation? - CORRECT ANSWER=> Must be
younger than 60 years old"
"Which is an operating expense of an income property? - CORRECT ANSWER=> Management fee"
"A person who has an immediate need to buy is called - CORRECT ANSWER=> a Priority 1 buyer."
"When you talk with a for sale by owner about her property, your principal objective should be to -
CORRECT ANSWER=> make an appointment."
"The Civil Rights Act of 1866 prohibits discrimination based on - CORRECT ANSWER=> race."
"The sphere of influence is NOT - CORRECT ANSWER=> a farm area"
"Hearing, understanding, and evaluation are part of what type of skill set? - CORRECT ANSWER=>
Listening"
"A show list consists of - CORRECT ANSWER=> apartments that are currently available for rent and in
excellent condition." "A sales associate who asks a prospective buyer, "How many bedrooms do you need in the house?" is -
CORRECT ANSWER=> qualifying the buyer's housing objectives."
"A sales associate receives a good-faith deposit from a buyer on Wednesday. The broker must deposit
the funds into the escrow account no later than the following - CORRECT ANSWER=> Monday."
"Antitrust laws - CORRECT ANSWER=> prohibit price fixing."
"At closing, a seller will be asked to sign an affidavit that - CORRECT ANSWER=> there are no liens or
rights to file a lien on the property."
"When staging the home, the seller should - CORRECT ANSWER=> highlight with color."
