FL Real Estate License Practice Exam 1 Flashcards

FL Real Estate License Practice Exam 1 Flashcards All of the following might be grounds for suspension or

revocation EXCEPT:a. Licensee is found guilty of

concealmentb. Licensee is found guilty of conversionc.Licensee is found guilty of improper information on the official signd. Licensee is found guilty of another crime in another state C Which of the following is an example of external obsolescence?a. Leaky roofb. One car garagec. Swimming pool that leaksd. Increased speed limit in a residential neighborhood D Frank, who has an inactive broker's license, decides to become active in the business again. When can Frank begin work?a. The day the request for change is received by the DREb. The day Frank receives notice of licensurec.The day Frank receives his cancelled checkd. The day the request for change is postmarked for delivery A William makes an offer to purchase Fred's home that included a $3,000 binder deposit. Fred received the contract and decided to accept it. Which of the following statements is correct?a. This is a valid contract under common law.b. This is a voidable contract under common law.c. This is only an option contract.d. This is not a valid contract since there is no indication of communication of the acceptance.D Which of the following will generally result in a fair market value compensation following litigation?a. A suit to quiet titleb. A suit to change zoningc. A suit for condemnationd.A suit for the equity of redemption C A rental property has effective gross income of $50,000 with operating expenses of $2,000. If the overall capitalization rate is 12%, what is the value of this property?a. $178,250b. $219,333c. $400,000d. $416,667 C A broker defrauds a member of the public in a real estate transaction and is found guilty on five counts. A judgment was ordered for damages in the amount of $85,000. The maximum the real estate recovery fund will pay in this

situation is:a. $50,000b. $75,000c. $85,000d. $125,000

A Bill listed his home with Broker Dave with specific instructions that the property not be sold to families with small children. Which of the following statements best describes this request?a. The seller is prohibited from

selling this property because of age.b. The broker must comply with the owner's instructions and post a warning in the MLS regarding these instructions.c. The broker must inform the seller that he is obligated to present offers from anyone who is ready, willing, and able to purchase.d. This is an illegal instruction, and the broker must withdraw, regardless.C Information in a complaint sent to the DBPR becomes

public knowledge:a. After the final order has been issuedb

When the DBPR receives the complaint fully executed by

thecomplainantc. Within thirty days of the investigationd.When the administrative complaint is filed D A property closed on May 25, 20014. The ad valorem taxes are $1,940 for the year. Prorate the taxes for this

transaction. The day of closing belongs to the buyer.a.$765.37 credit to the seller/debit to the buyerb. $765.37 credit to the buyer/debit to the sellerc. $1,174.63 credit to the seller/debit to the buyerd. $1,174.63 credit to the buyer/debit to the seller B