This practice exam consists of 50 multiple choice questions. You should select the BEST answer. You should attempt to achieve a score of at least 35 correct (70%) without consulting any reference material. The passing score for this practice exam is 70%, the same as required on the final exam. The time limit for this practice examination is one and one-half hours, the same time allowed for you to take the final examination. At the end of the 1 1/2-hour time period, the test will close and your exam will be graded based on the number of correct answers you have submitted.
You should take this exam at one sitting, without interruption to simulate the conditions you will find on the final exam and the state exam.
There are many more topics and important points in the material than can be tested in 100 questions. You may find that this exam is, or is not, representative of questions that are tested in the final examination.
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When Broker Alice enters in to a no brokerage relationship with Buyer Jamal, she must
Sarah contracted to buy Glenda’s house. When the day of closing arrived, Glenda said she wanted to keep the house and not sell. If Sarah wants the house, she should sue for
Joseph sold a property for $400,000. He had purchased it four years earlier for $320,000. What was Joseph’s percent of profit?
A broker has written a purchase and sale contract. The parties to the contract have made conflicting demands for the earnest money deposit being held in the broker’s escrow account. The parties have decided that the best approach is to avoid a court fight and find an individual who will hear the facts and make a binding decision. This solution is
Which is NOT required for a legal brokerage firm?
Which is correct about purchase and sale contracts for real estate?
A buyer and a seller contract for the purchase and sale of a 4-bedroom home in Rockdale. The buyer gives the broker an earnest money deposit of $10,000. The contract allows the buyer to void the contract and receive a refund of the deposit if the home inspection is not acceptable to the buyer. Because the home inspection has several minor issues, the buyer cancels the contract and demands a return of the deposit. The seller refuses because the inspection issues were minor. The broker is legally able to
Sales associate Charles Diamond is putting together a group of sales associates to be on his real estate team. What name should he use?
Part II of Chapter 475 applies to
A broker sells rental lists. A buyer bought the list, but came back to the office in ten days and requested a full refund because he didn’t find a suitable rental property. The broker
Which is correct about the Florida Real Estate Commission?
Which type of entity results in double taxation to shareholders?
A tenant has vacated her rental house and is found to have damaged several items that the landlord had to fix, costing $1,450. After 30 days the tenant demanded a return of his security deposit of $1,200. The landlord did not respond until 60 days later because the damages were higher than the deposit. Which is correct?
Which is NOT a requirement for a real estate license in Florida?
Which legal entity may register as a real estate brokerage?
If a broker wants to close his sole proprietorship and sell property for a builder, he
The best example of a trade name is
Florida has agreements with certain other states that allows licensees who are residents of those states to become licensed in Florida by passing a
For a first offense that is minor and easily corrected, the DBPR will issue a
What type risk can be reduced by buying insurance?
Which individual needs a Florida real estate license?
John sold his house to Albert on a handshake, but did not put the agreement in writing. Albert gave John a check for $3,000 as good faith and agreed to close in 30 days and pay the remainder of the price. If John changes his mind about selling, what action would cause a court to rule that the agreement was legally binding?
A sales associate passed her state exam on June 17, 2020. Her license will expire on
Henry Blake was awarded $145,000 in a judgement against a broker who violated the license law. The broker was unable to pay, so the Real Estate Recovery Fund will pay Henry
A sales associate’s license expired last year in April. This year in September, she wants to renew her license for the third time. She must pay a late fee, pay the renewal fee, and complete
The Fair housing act does NOT protect persons from discrimination based on
Broker Sam is a single agent for a buyer. Which is NOT a requirement of this type relationship?
Cindy signed an offer for a house and gave a good-faith deposit to Broker Carole. The offer was to expire at 6 pm three days ahead. That same day, Carole was presenting the contract to Seller Bob when Cindy called and told Carole she had changed her mind and requested a refund of the deposit. What should Carole do?
Broker Wilson is working with buyers to find a suitable property. He has given them a no brokerage relationship notice. He does NOT have the duty to
The Americans with Disabilities Act (ADA) requires that existing structures be made accessible when
Which document can a broker NOT prepare for a customer?
Harris Realty, Inc. has designed a new web site and wants to be sure it conforms to FREC requirements. The name of the company must appear
Lance has agreed to buy a house from Henry. Lance’s friend Susan asks whether he could take his place on the contract and buy the house instead. Lance wants to be relieved of liability and asks Henry to sign a new contract with Susan. Henry agrees and Lance’s name is replaced with Susan’s as buyer. This is
If Broker Jones wants to provide limited representation to both parties in a real estate transaction, he can be a
Which is NOT an essential element of all contracts?
What is required when a sales associate advertises in his or her own name?
A seller of a commercial property agrees to give a broker an open listing. The seller says, “I want $250,000 net to me. You can put your commission on top of that. If the broker usually asks for a 6% commission on the sale price of commercial property, at what price should the broker list the property to receive the right commission?
Wally is a single agent real estate broker who lists the Smith’s house. Wally later works with a buyer who wants to purchase the Smith’s house. What are Wally’s options?
A buyer breached the contract. The seller does NOT have a right to
What is the brokerage relationship reserved for nonresidential transactions only?
A buyer makes an offer to purchase a house, and the broker goes to present the offer to the seller. Which is NOT an option for the seller?
A broker sold his listing for $250,000 and gets a commission of $17,500. What was the commission rate?
Clarence Lane is a Florida real estate broker associate who wants to open her own firm. She incorporates her brokerage as Blue Sky Realty, Inc. She is designing her entrance sign. Which design is acceptable?
Broker William is a single agent for Seller Mary. William may NOT
Wilson has signed a contract to sell his house to Deeb, with the closing date set to March 31. Floodwaters associated with a hurricane destroy the property. The contract is terminated by
A buyer should pay for the first year’s policy at least 30 days in advance if the transaction is
Sales associate Mary prepared an offer for a house and received a $5,000 earnest money check from the buyer on Monday. Mary delivers the check to the broker on Tuesday. The check must be deposited into the broker’s escrow account by the end of business on
William saw his friend John at a theater. Knowing that John was a broker, William said “John, my house is for sale. Why don’t you sell it?” Sure enough, John brought a contract to William at the asking price. John showed up at the closing, and requested a commission. William told John he never had a listing agreement. If it goes to court, John’s attorney will argue that the parties
Which brokerage relationship is NOT legal in Florida?
What is the penalty against a broker if a payment is made from the recovery fund due to the broker’s misconduct?