Florida Real Estate Exam 2024 Practice Questions Flashcards

Florida Real Estate Exam 2024 Practice Questions Flashcards Which survey term is associated with a metes-and-bounds description?Point of beginning The duties of a real estate licensee, owed to a buyer or a seller who engages the real estate licensee as a single agent, do NOT include Limited confidentiality, unless waived in writing by a party When the parties to a contract state the terms of the contract and show their intentions in words, either orally or in writing, what type of contract classification has been created?Express A comparable property has one more bedroom ($8,000) and is on a slightly larger lot ($2,000) than the subject property. The comparative market analysis requires a net adjustment of Minus $10,000 to the comparable property The financial term applied to the use of borrowed funds to finance the purchase of an office building is Leverage Three claimants are requesting relief from the Real Estate Recovery Fund. All three claimants were named in a single judgment (the same real estate transaction). What is the maximum payment from the Recovery Fund for this claim?

$50,000

Which individual must hold an active real estate license?A person who sells time-share periods for customers Within what period of time must landlords of five or more units notify tenants in writing of the method used to hold security deposits?30 days The DRE may issue which penalty for an initial offense of a minor violation by a licensee?Notice of noncompliance A licensee makes a statement that is material to the transaction as though it were a fact when the licensee does not know whether the statement is true or false, and the buyer relies on the statement. As a result of the statement made by the licensee, the buyer suffers damages. This situation constitutes Fraud Sales associate Terry Stoufer may have which information entered on his license, if applicable?Terry Stoufer, LLC A residential zone requires at least 7,500 square feet per lot. The developer is reserving 25 percent of the land for streets, sidewalks, and a community center. The tract of land for the development consists of 175 acres. How many residential lots are available for development?762 A licensee with an economic hardship discovers seven months after their last license renewal that the license has gone to a null and void status. To operate again as an

active licensee, they must Reapply and requalify for licensure, including retaking and passing the state license exam

A licensed real estate broker has been hired by a lender to appraise a home for a buyer who has applied for an FHA loan. Which statement is TRUE regarding this situation?The broker is required to be a state-certified appraiser to perform this appraisal assignment A developer who wants to develop a new subdivision must submit A subdivision plat map to the planning commission An example of an ad valorem tax isA property tax The Florida Real Estate Commission is empowered by law to Fine or otherwise discipline licensees A real estate license may be revoked without prejudice for which action?Issuance of a license by mistake of the Commission Which entity is a primary mortgage lender that does NOT accept demand deposits?Mortgage lenders A broker who changes the business address must notify the Commission of the address change within how many days?10 The bundle or legal rights associated with real property ownership does NOT include the right of Intent Which statement does NOT describe a planned unit development?Industrial parks are a welcomed offshoot of the PUD concept.Which statement is FALSE regarding a corporation for profit that is doing business as a real estate broker?All stockholders must be registered with the FREC as inactive brokers.Local government exercises its greatest effect on the real estate business by Using zoning, taxation, and the planning process A broker who holds funds belonging to customers or clients may NOT use an account established with A community bank in North Carolina If you have located a township numbered T2S, R4E, the township due south of that township is

T3S, R4E

A man is a 72-year-old retired college professor. The local lender whom the man applied for a 30-year mortgage denied the man's loan application, even though he has sufficient income from his pension plan and an excellent credit history.The lender's actions violate the Equal Credit Opportunity Act Which governmental entity must be informed when the FREC takes disciplinary action against one of their licensees?Division of Florida Condominiums, Timeshares, and Mobile Homes A tenant signed a 10-year lease requiring a monthly base rent of $1,900, plus 2% of all monthly gross sales volume over $95,000. The tenant also must pay all property taxes, insurance, and other costs normally considered property owner's costs. This is a Net lease A transaction broker does NOT have which duty? Full fiduciary duties to both the buyer and the seller.Which expense is subtracted to derive NOI? Vacancy and collection losses The seller instructs the listing broker not to show his home to members of a protected class. The broker informs the seller that is a violation of fair housing laws, but the seller is

insistent. Which choice is the broker's best course of action under these circumstances Withdraw from the listing agreement The owner of a hardware store has filed for bankruptcy and the real estate is up for sale. The money that the property