Florida Real Estate Sales Associates Post-Licensing Practice Exam

These questions are part of the practice quiz. Start practicing

• Under which contract does the seller warrant appliances to be in working order?
• In a joint tenancy, upon a co-owner's death, what happens to the deceased owner's interest?
• In the same example, what percentage origination fee did Henry agree to pay?
• What is a contract that may be terminated at the option of one of the parties?
• In Closing Disclosure, the appraisal cost is shown as which item?
• A bilateral contract in real estate is characterized by which of the following?
• Which statement about marketable title is accurate?
• Which relationship describes how net operating income relates to present value in real estate investments?
• What is a defeasible fee estate and how can it be terminated?
• What is the adjusted sales price of the comparable property in the example?
• Which statement best describes the requirement under the Statute of Frauds for enforceable real estate contracts?
• A listing contract that automatically renews beyond its stated term unless canceled is generally considered what?
• Which statement accurately describes fixtures and trade fixtures?
• Which item is a recording fee included for Henry at closing?
• Which action is most associated with environmental due diligence in real estate transactions?
• Which statement best describes adjustments in a CMA for differences in features such as bedrooms and square footage?
• The optimum rental price for standard space in a local area is determined by which method?
• In a comparable market analysis, the net adjustment for size and physical condition is given as minus $3,000. Which of the following best represents this result?
• What is the difference between marketable title and insurable title?
• Which six fiduciary duties do Florida licensees owe to their clients?
• What is the statute of limitations for bringing a written real estate contract claim in Florida?
• Which item is not a typical component of a full property title report?
• In the example transaction, who pays the recording fees for the mortgage and the deed?
• Which type of deed provides the broadest protection to the grantee?
• Does an 'as-is' clause waive mandatory disclosures in Florida real estate?
• What is the BEST way to acquire product knowledge in real estate practice?
• APR stands for what, and why is it important when evaluating mortgage loans?
• The first step when meeting the sellers for a listing appointment is to
• What is the purpose of a title search and title insurance in Florida transactions?
• The first step when meeting the sellers for a listing appointment is to
• Contingencies should be cleared as soon as possible after the contract is signed. Which option reflects this timing?
• What is the term for an agreement to hold open for a set period an offer to sell or lease real property?
• In the CMA scenario, what is the seller's equity?
• In the Henry–Susan transaction, what was the binder deposit Henry provided?
• Which term describes the portion of value attributed to improvements, independent of cost?
• Which FSBO prospect is least likely to become a listing?
• What is an easement appurtenant, and how does it differ from an easement in gross?
• A prospective tenant forms a strong initial impression of a rental property as they arrive. This first impression is commonly referred to as what?
• Which statement about compensation for a licensed personal assistant is correct?
• When is a seller's property disclosure typically provided in a Florida real estate transaction?
• Whose attorney's fees are $125 in this transaction?
• Which statement best describes an easement in gross?
• What is the difference between a gross lease and a net lease?
• Which of the following statements about the Fair Housing Act's applicability is correct?
• In the Henry–Susan transaction, what was the loan interest rate?
• Most listings expire because they are priced too high for the market. Which of the following is the correct reason?
• During listing negotiations, which topic should the broker avoid discussing with the seller?
• Market value is defined as which of the following?
• In the closing costs described, what is the amount listed for city and county taxes?
• Which law requires that certain types of contracts be written to be enforceable?
• Which duty is typically performed by a property manager in Florida?
• In an adjustable-rate mortgage, which component does not change from year to year?
• In the described purchase transaction, who is responsible for paying the title insurance premium?
• Targeted strangers in your database should be contacted at least
• Which title insurance policy protects the owner's interest in the property?
• What is the primary purpose of the Florida Real Estate Recovery Fund, and who funds it?
• In agency relationships in real estate, who is the party that authorizes the agent to represent her in a real estate transaction?
• Which policy insures the lender's security interest in the property?
• Writing ads for a new listing would be considered what type of activity in the daily activity log?
• A broker who works with a seller is legally presumed to be what type of intermediary?
• Which items are components of a full property title report?
• In an adjustable-rate mortgage, which property does not change year to year?
• Which duty is owed to a client but not to a customer?
• What are the principal types of property ownership recognized in Florida for real estate transactions?
• Which statement about unlicensed personal assistants is true?
• What is the result when annual debt service is subtracted from net operating income?
• In the Henry–Susan transaction, what is the payoff amount on Susan's existing mortgage?
• To gain market knowledge, which approach is recommended for licensees?
• The optimum rental price for standard space in a local area is determined by
• If a legal nonconforming use is damaged or destroyed, what typically happens?
• Lead-based paint hazard disclosure is required if the house being sold was built before what year?
• Which statement about concurrent ownership forms is correct?
• Which neighborhood would be the best farm area based on likely reward-to-effort ratios given similar prices and upkeep?
• Which appraisal approach is used to value income properties by capitalizing net operating income (NOI)?
• Which of the following is NOT allowed under the CAN-SPAM Act?
• An encumbrance is best described as which of the following?
• What term describes the most probable price in an arm's-length transaction in a competitive and open market?
• A married couple filing jointly has owned and occupied their personal residence for three years and sells it. Which statement is true about their capital gains tax exclusion?
• Tenancy by the entirety is a form of concurrent ownership typically available to which group?
• Which of the following is not typically considered an operating expense?
• With a home worth $240,000 and a mortgage balance of $199,000, if a 6% commission is charged, the commission as a percentage of the seller's equity is approximately what percent?
• When presenting an offer, a sales associate is in a better position to get an acceptance when the buyer has
• If a single-agent residential seller's broker wishes to provide limited representation to a buyer, what must the broker do?
• In agency practice, which party is the one who authorizes the agent to represent her in a real estate transaction?
• In the Henry–Susan transaction, what is the loan origination fee rate Henry agreed to pay?
• In the example closing, who is shown as being charged for the day of closing?
• When a buyer raises an objection to a property, what should the real estate associate do first?
• Differentiate between general warranty deed, special warranty deed, and quitclaim deed.
• Which type of foreclosure is commonly used in Florida for mortgages?
• Constructive knowledge can be evidenced by which of the following?
• In Florida, which party is responsible for providing the Seller's Disclosure of Property Condition?
• What is the MOST persuasive argument to help get a FSBO to list her house?
• A real estate contract given to one broker as sole agent for the sale of an owner's property, with a commission going to that broker regardless of who actually sells the property during the contract period, is
• Under federal do-not-call rules, licensees may do what with past customers?
• Which of the following is a true example of a fixture that generally transfers with real property unless the parties agree otherwise?
• Which policy protects the owner's title against defects?
• When calculating a property's net operating income, which items are excluded from consideration?
• What basic principle of value states that a property's maximum value tends to be set by the cost of acquiring an equally desirable property?
• In the same example, the payoff on Susan's existing mortgage is recorded as a debit to which party?
• Which statement describes the Florida Real Estate Recovery Fund's claims process and limits?
• What is considered the BEST and least expensive method of renting or leasing residential properties?
• How does Florida treat real property versus personal property in a real estate transaction?
• Which statement best differentiates earnest money from security deposits in Florida real estate transactions?
• In daily activity logs, which category would include creating marketing materials such as ads for a listing?
• In the Florida Realtors contract, if a survey shows an encroachment, the encroachment will be treated as a title defect.
• The break-even analysis on paying points is calculated using what method?
• Which state agency licenses real estate professionals in Florida, and what is the name of the regulatory board that administers real estate law?
• In Florida real estate, what is the difference between a single-agent relationship and a transaction broker relationship?
• When making adjustments to sold properties in a CMA, what is the licensee's primary goal?
• What is the long-term capital gains tax rate?
• Which practice best supports ethical client communication?
• Which statement about fixtures in Florida is true?
• A life estate is best described as:
• In a CMA, a property is likely to sell faster if it is priced at which section?
• Which statement correctly describes trade fixtures?
• Which duty is owed by the broker to a principal in a single-agency relationship that is not owed to a customer in a transaction broker relationship?
• In estimating net proceeds, which item is included as a deduction from the sale price?
• In the Henry–Susan transaction, what was Susan's listing price?
• Name the protected classes under the Federal Fair Housing Act.
• Sales associates should spend the most time with buyers who have which relocation characteristic?
• How many hours of post-license education are required for Florida real estate sales associates, and when must they be completed?
• What is the monthly principal and interest payment for the loan described in the transaction?
• Emblements are crops cultivated by a tenant; who generally has rights to harvest them after tenancy ends?
• Which item is NOT typically considered an essential component of a deed?
• What is the monthly payment for principal and interest in Henry's loan?
• Constructive knowledge in real estate refers to knowledge presumed by law due to what?
• Under fax rules, a broker who sends a fax must have what with the recipient?
• Which statement about Florida listing agreements is FALSE?
• How are property tax prorations calculated at closing?
• In Florida, a listing agreement is a contract between which parties?
• Due to the differences in square footage and bedrooms between a comparable and the subject, you make which adjustment to the comparable?
• Which item is not typically revealed by a title search?
• Which fiduciary duty requires the licensee to place the client's interests above their own?
• Which is NOT a type of operating expense?
• Which party typically holds the security deposit in a rental transaction?
• Which social media site is noted as a very important venue for uploading and viewing videos?
• In the CMA example, equity is calculated as which of the following?
• In the sales comparison approach, the principle of substitution implies which of the following about a buyer's willingness to pay for a property?
• In the Henry–Susan transaction, what is the amount of the city and county taxes?
• What does the capitalization rate relate in real estate investment analysis?
• City and county taxes listed for the closing costs amount to how much?
• In the example transaction between Henry and Susan, who pays the title insurance premium?
• Which deed type provides the greatest protection to the grantee?
• Subdivision restrictions rely on which principle to maximize future value?
• A comparative market analysis (CMA) that uses adjustments assumes what about the comparable property?
• Under the Florida Realtors contract, the seller must warrant appliances, heating and cooling systems, and plumbing systems to be in working order at what point?
• An investor sells an office property with a $125,000 capital gain. If long-term capital gains are taxed at 15%, how much tax is due on this gain?
• Henry's offer included a binder deposit of how much?
• On the closing date, Henry is charged for the day of closing. Which statement is true regarding charges for the day of closing?
• Henry will purchase an insurance policy in this transaction for how much?
• Properties that should be rejected as comparables for determining a subject property's value include all properties EXCEPT those sold within the previous six months. Which option correctly identifies the property that should be rejected?
• Which of the following is a fiduciary duty owed to a client by a licensee?
• Which measure reflects the balance of supply and demand for a property type at current rents?
• Which illegal statement would MOST likely be termed steering?
• Which is NOT a good reason to perform a preclosing walk-through inspection?
• A sales associate who has been licensed for eight years did not renew his license this year. What is his status?
• Given a listing price of $240,000, seller's expenses of $17,600, tax and interest prorations of $6,700, and a mortgage payoff of $196,500, what is the estimated net proceeds to the seller?
• Which radon disclosure is required in Florida residential real estate transactions?
• Trees, landscaping, driveways, fences, pools, and other improvements of a home should be valued by the listing sales associate at
• Which element is included in a lease-option agreement?
• What is a nonconforming use, and what remedies may be available when zoning changes occur?
• Emblements rights are typically dependent on which factor?
• Which of the following is a component of a full title report?
• Disclosing a buyer's concerns about the seller's need to sell quickly by a transaction broker may violate which statute?
• Which statement about contingencies is true?
• A mortgage note normally shows the amount required to pay monthly
• What disclosures are required for residential property built before 1978 in Florida?
• What is the highest and best use principle in property valuation?
• What is eminent domain, and what must the government provide to the property owner when taking property?
• In a scenario where a licensed sales associate employs a salaried, unlicensed personal assistant who hands out brochures at an open house but does not do any selling or contract writing, which statement is correct?
• Which of the following is LEAST likely to help a sales associate obtain a listing?
• The point where the business cycle, at its highest point, levels off and begins to fall is called
• What is the purpose of a title search, and what is typically examined?
• Which FSBO activity is most likely to generate a listing?
• What are FHA requirements for housing expense ratio (HER) and total obligations ratio (TOR)?
• Where is the best location to present a listing to prospective sellers?
• Henry agrees to pay four points on a loan of 82,500. How much are the points?
• On what date is the closing scheduled in the Henry–Susan example?
• Which set of components is considered essential to a valid deed?
• What is the process of evaluating the risks involved in issuing a new real estate mortgage commonly called?
• What is the purpose of the Florida Real Estate Recovery Fund in relation to license law violations?
• In the closing settlement described, the payoff on Susan's existing mortgage results in a debit to Susan of how much?
• What does a binder deposit in a real estate offer represent?
• Prepaid interest in this transaction applies to which period?
• In Florida, does a mortgage transfer title at closing or simply create a lien on the property?
• Which item is typically disclosed in Seller's Disclosure of Property Condition?
• Where can the parties insert one or more special clauses to modify a real estate contract?
• A commercial broker allows one sales associate to act as a single agent for the buyer and another for the seller, both with assets over $1 million. The arrangement is known as
• The principle of value that says improvement to a property is worth only what it adds to the property's market value, regardless of actual cost, is called the principle of
• How does appraisal cost usually appear in the Closing Disclosure when a new institutional mortgage has been used for the purchase?
• Which document modernly itemizes credits and debits for all parties at closing?
• In this scenario, when a caller asks about a property seen from a sign, what information do they usually request?
• Joining Toastmasters primarily helps you improve which skill?
• Who is protected by an owner's title policy?
• When is the Brokerage Relationship Disclosure be provided to a client in Florida?
• A sales associate should normally avoid spending time on a FSBO prospect who
• The monthly payment for principal and interest is 663.81. Which option represents the monthly P&I payment?
• A broker was a transaction broker in the sale and purchase of an office building. The broker felt an obligation to tell the buyer about the seller's need to sell quickly. As a balance, the broker helped the seller get a better price from the buyer because of some comments the buyer made during the property inspection. What is correct?
• Sensitivity to the thoughts and feelings of others is known as?
• In Florida residential property transactions, which latent defect disclosure is required?
• In the Henry–Susan example, which closing costs are paid by Henry?
• To qualify for innocent purchaser status under CERCLA, what action should a buyer take?
• Historically, which settlement document was commonly used before the Closing Disclosure became standard?
• In the Henry–Susan transaction, how much is charged for title insurance?
• What percentage is Henry's loan origination fee?
• The relationship between supply and demand for a particular type of multifamily property at its current rental level is reflected by
• Which of the following is a form of concurrent ownership?
• Which statement is FALSE about fair housing?
• What term describes an agreement between a seller and a real estate broker that authorizes the broker to sell the property on specified terms in return for a sales commission if the broker is successful?
• The monthly report of housing starts is considered what in economic analysis?
• The state requires that sales tax be collected on personal property sold as part of a real estate transaction when the property is
• Which document is used to add special clauses to a contract?
• How does the Florida Fair Housing Act relate to the federal Fair Housing Act?
• The ratio defined as monthly housing expenses divided by monthly income is known as what?
• Explain the concept of homestead protection in Florida.
• Which statement describes the effect of conformity in subdivision values?
• In the Henry–Susan transaction, Henry will be charged prepaid interest for the balance of the closing month. Based on the numbers, how much prepaid interest is due at closing?
• Fee simple, including fee simple absolute, is best described as:
• What is MOST important in a sales contract?
• If a sales associate fails to disclose that a death occurred in the home, what is the likely outcome for the buyer's lawsuit?
• A bilateral agreement that spells out the complete terms between a buyer and a seller for transferring real property is called what?
• In the Henry–Susan example, what was Henry's interest rate on the loan?
• Which contract type may be terminated at the option of one party?
• What do FHA housing expense ratio (HER) and total obligations ratio (TOR) measure?
• If a buyer compares two mortgage options, the break-even point on paying points is how many months?