FLORIDA REAL ESTATE EXAM<\/p>\n\n\n\n
To comply with the statute of frauds, an option contract must be __<\/strong>. Maintain limited confidentiality and deal honestly and fairly Business assets are subtracted from liabilities. Create an estimated operating budget Download the full exam pdf here https:\/\/learnexams.com\/<\/a><\/p>\n\n\n\n
A. In writing and signed by the optionee
B. In writing and signed by the optionor
C. In writing and signed by the optionor
On file at the local courthouse – ANSWER- C. In writing and signed by
the optionor
Rationale: To comply with the statute of frauds, an option contract
must be in writing and signed by the optionor (seller).
Which two duties of the transaction broker are shared with the single
agent?
Account for all funds and obedience
Confidentiality and full disclosure<\/p>\n\n\n\n
Present all offers and use skill, care, and diligence – ANSWER- Present
all offers and use skill, care, and diligence
Rationale: Transaction brokers and single agents have two duties on
common: present all offers and counteroffers and use skill, care, and
diligence.
Who is the owner of the property in a personal representative’s deed?
A deceased person
A divorcee
A legally incompetent person
A minor – ANSWER- A deceased person
Rationale: A personal representative deed is the transfer of title on
the conveyance of a deceased person’s property. The personal
representative is appointed in the will or by a court to handle the
deceased individual’s property.
In the sale of a business, which generally involves 12 steps, something
happens with the assets early in the process. What is it?
Business assets and personal assets are combined.
Business assets are separated from personal assets.<\/p>\n\n\n\n
Business assets are subtracted from the value of the business. –
ANSWER- Business assets are separated from personal assets.
Rationale: Business assets are separated from personal assets, which
are not part of the sale.
Sirius Shepard decided to open a brokerage in Azkaban. He’s trying to
decide between registering the trade name Sirius Shepard Realty or
Sirius Seasoned Sales Realty. Which of the following statements is true?
If used, trade names may not be longer than the licensee’s own name
Only sole proprietors may use trade names
Sirius can choose to register either of these trade names, but not both
simultaneously.
The actual name of the individual is not a trade name; therefore he can’t
register Sirius Shepard Realty. – ANSWER- The actual name of the
individual is not a trade name; therefore he can’t register Sirius Shepard
Realty.
Rationale: “Sirius would only be able to register Sirius Seasoned
Sales as a trade name and not Sirius Shepard Realty because his
actual name is not considered a trade name.”
Before beginning development of a condominium building, what must
the developer do?<\/p>\n\n\n\n
Create the condo association
Record a declaration of condominium
Record a declaration of intent – ANSWER- Record a declaration of
condominium
Rationale: “The developer must record a declaration of
condominium before beginning development. This is recorded in
county records where the property will be located.”
In Florida, which of the following scenarios is considered a violation of
FTC advertising rules?
Marcy just listed the Brown property with the following description:
“2,000 square feet of living space for a total of 2,800, including two
outbuildings and an unfinished garage.”
Sarah has just started her career as a solo agent and decides to try a new
marketing campaign slogan: “Come let our team of hard-working agents
find you the home of your dreams!”
Shelia just closed on the Martin property yesterday. She’s taken down all
the signs and online listings for it.<\/p>\n\n\n\n