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Florida Real Estate Exam > Florida Real Estate Exam > Flashcards

Florida Real Estate Exam Flashcards

1
Q

(271) A bookkeeping entry on the left side of an account, recording the creation of or addition to an asset or an expense, or a reduction or elimination of a liability or item of equity or revenue, is a:
(a) credit
(b) debit
(c) debt
(d) withdrawal

A

B

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2
Q

(49) What are the three basic types of easements?

A

1 - Easement Appurtenant: It runs with the land and is conveyed when the land is conveyed.
2 - Easement in Gross: It benefits a person or company (usually a utility company) and is not a parcel.
3 - Easement by Prescription: It results from continuous and open use of the land for 5 years or more (not to be confused with adverse posession.)

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3
Q

(49) An Easement by Prescription results from continuous and open use of the land for how many years?

A

Five years

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4
Q

(76) How big is a section of land, and how many acres does it contain?

A

A section is one mile on a side (e.g. 4 mile perimeter) and contains 640 acres.

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5
Q

(76) A 640 acre block of land, one mile square, is called what?

A

A section of land.

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6
Q

(78) How many square feet are in a standard acre?

A

43,560 square feet.

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7
Q

(78) How many feet are in a rod?

A

16.5 feet.

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8
Q

(78) What length is a chain (of measurement)?

A

66 feet (or 4 rods)

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9
Q

(78) How many square rods are in one square chain?

A

16

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10
Q

(78) How many square rods are there in an acre?

A

There are 160 square rods (10 square chains) in an acre.

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11
Q

(78) How many square feet are in a square rod?

A

272.25 square feet.

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12
Q

(78) How many square feet are in a square chain?

A

4,356 square feet.

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13
Q

(78) How many rods are in a linear mile?

A

320 rods.

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14
Q

(1) Which of the following is responsible for establishing application fees for broker and salesperson licenses and renewals?
(a) the FREC
(b) the Governor
(c) the Florida Attorney General
(d) real estate brokerage firms

A

A (The FREC)

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15
Q

(2) Which of the following is a duty of the Florida Real Estate Commission?
(a) fostering the education of real estate licensees concerning ethical, business and legal principles which should govern their conduct
(b) legislating laws concerning real and personal property
(c) enforcing the state’s Deceptive Trade Practices Act
(d) enforcing the state’s Occupations Code

A

A

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16
Q

(3) All the following are powers and duties of the Florida Real Estate Commission except:
(a) fostering the education of real estate licensees concerning ethical and legal conduct
(b) approving real estate educational courses
(c) selling publications for real estate licensees’ study and guidance
(d) passing laws to regulate the transfer of property

A

D - The Florida legislature, not the FREC, is charged with passing such laws.

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17
Q

(4) “Unreasonable restraint” best correlates to:
(a) free trade
(b) terrorism
(c) monopolies
(d) competition

A

C - Unreasonable restraint in trade results from attempts to monopolise markets

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18
Q

(5) How old does an applicant for a Florida real estate license need to be?

A

Must be at least 18, hold a high school diploma or equivalent, and be of good character.

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19
Q

(6) All the following are considered misrepresentation in the practice of real estate except:
(a) making a misleading statement
(b) making an untrue statement of material fact
(c) making a material misstatement of law
(d) disclosing any matter required by law to be disclosed

A

D

20
Q

Which of the following may establish fees for application, examination, licensing and renewal of real estate licenses in Florida?

(a) the FREC
(b) the governor
(c) the Florida Attorney General
(d) real estate brokerage firms

A

A

21
Q

(9) How many members make up the Florida Real Estate Commission?

A

7 members, appointed by the Governor and confirmed by the Senate.

22
Q

(10) How many hours of classroom continuing education are required for Florida real estate licensees during each two years of a license period?

A

14 hours every two years.

23
Q

(12) Which of the following is a correct statement about multiple real estate licenses in Florida?
(a) Only brokers may be issues multiple licenses
(b) Any holder of a current license is eligible for multiple licenses
(c) No multiple licenses are issues in Florida
(d) Anyone may be issues multiple licenses with payment or the proper fee

A

A - A licensed broker may be issued upon request additional licenses as a broker, but not as a sales associate or as a broker associate, whenever it is clearly shown that the requested additional licenses are necessary to the conduct of real estate brokerage business and that the additional licenses will not be used in a manner likely to be prejudicial to any person.

24
Q

(13) What is the maximum period of time a real estate license may be suspended in Florida?

A

10 years

25
Q

(14) What is the maximum fine for violation of Florida real estate law?

A

$1,000. The Commission may impose an administrative fine not to exceed $1,000 for each count or separate offense.

26
Q

(15) What is the maximum length of time a person has to seek recovery under the Real Estate Recovery Fund?
(a) six months
(b) one year
(c) four years
(d) five years

A

C - Any person is eligible to seek recovery from the RERF if a claim for is made within two years from the time of the act giving rise to the claim, or within two years from the time the act is discovered or should have been discovered.
In no event may a claim for recovery be made more than four years after the date of the act giving rise to the claim.

27
Q

(16) The maximum amount the Real Estate Recovery Fund will pay is:
(a) $20,000
(b) $40,000
(c) $150,000
(d) no limit

A

C - Payments for claims based upon judgements against any one broker or associate may not exceed, in the aggregate, $150,000.

27
Q 
87. Which section of title II of the FHA act allows for providing mortgage insurance for low and moderate income families who are unable to meet normal underwriting standards because of their credit history?
A. Section 220
B. Section 203(b)
C. section 222
D. section 237
A

D -
In order to qualify, applicants must obtain budget, debt management, and related counseling from an agency approved by the Department of Housing and Urban Development HUD.

28
Q

(82) to form a real estate investment trust under federal law:
A. the trust must be incorporated
B. at least 60% of beneficial interest must be owned by five or fewer persons
C. investments must account for less than 50% of the trust gross income
D. at least 75% of gross income must come from real estate investments

A

D

29
Q 
(76) Recordation of documents gives:
A. Constructive notice
B. Legal approval
C. actual notice
D. Statutory notice
A

A -
Recordation makes a document available to any and all who want to look it up. Once recorded, the burden is on those who want to look it up. This is constructive notice. Actual notice would be where you actually notify someone, rather than placing the burden on them to look up a document in the public records.

30
Q 
(74) A judgement lien is a:
A. Voluntary lien
B. Involuntary lien
C. Encroachment
D. Never recorded
A

B -
The test of whether a lien is voluntary or involuntary is whether the debtor voluntarily agreed to become the debtor, or whether that role was involuntarily imposed. In the case of the judgment lien, the lien is the result of court action, with the judgment being imposed involuntarily on the judgment debtor.

31
Q

(71) the owner of land bordering upon a river or other watercourse has:
A. No absolute ownership of the waters but has a right in common with others to the reasonable use of waters flowing past his land
B. Absolute ownership of the waters
C. No ownership of the water and no right to use the water
D. Absolute ownership of the waters and the land

A

A -

This is riparian rights.

32
Q 
(72) wife signed a contract to sell her separate property without her husband signature. The contract is:
A. Illegal
B. unenforceable
C. Legal only so long as she is married
D. Valid
A

D -
The key word in this question is ‘separate.’ A wife or husband can do what they wish with their separate property, providing the elements of a valid contract are met. If, however, the property in question was Community property (not separate) property, and the signatures of both husband and wife would be necessary on instruments for the conveying or encumbering the property.

33
Q 
(61) if you allow Mrs. Smith to act as your agent and you allow people to think she's your agent, you cannot now deny the agency. This is agency by:
A. Affirmation
B. Estoppel
C. Ratification
D. Contract
A

B -
Estoppel means you are stopped (estopped) from denying the agency relationship because your denial is inconsistent with what you have already allowed to happen. This is agency by estoppel.

34
Q

(56) A financing statement may be removed from the records by:
A. Death of the debtor
B. Living out-of-state more than seven years
C. Payment in full
D. Filing the release statement

A

D -
A financing statement is used to perfect a security interest on personal property. It serves as public notice to any interested parties that a lender has established a security interest in property pledged as collateral.

35
Q 
(51) A tenancy for years is a:
A. Life estate
B. Fee simple estate
C. Freehold estate
D. Non-freehold estate
A

D -
A tendency for years (also called an estate for years) is a type of leasehold or non-freehold estate. The other choices as answers for this question are all freehold estates. Please note: do not confuse an estate for years with a life estate.

36
Q 
(45) With which type of line is a certificate of reasonable value (CRV) required?
A. Commercial
B. VA
C. FHA
D. Conventional
A

B -
The CRV is the Federal veterans administration appraisal commitment of property value, and is required under federal law on all VA purchases.

37
Q

(43) A condominium is:
A. separate interest in common area and undivided interest in interior space
B. Separate interest in whole
C. Undivided interest in common area and separate interest in interior space
D. Undivided interest in home

A

C

38
Q 
(44) the words 'time is of the essence' would most likely be found in:
A. Bill of sale
B. Trust deed
C. Listing
D. Deposit receipt
A

D -

39
Q

(102) A year for banking, real estate, or escrow purposes contains:
A. 360 days
B. 364 days
C. 365 days
D. 365 days except in leap years when has 366 days

A

A -

And a 30 day month. These units are important for purposes of proration and figuring interest payments.

40
Q 
(103) all contracts must have the following except:
A. Consideration
B. Be in writing
C. Mutual consent.
D. Legal purpose
A

B -
Many types of oral contracts are perfectly legal and valid contracts, although misinterpretation is less likely with a written contract. Generally real estate contracts must be in writing.

41
Q 
(104) to be valid, a deed must be:
A. Recorded
B. Dated
C. Acknowledged
D. Delivered
A

D -

A deed can be valid even though it is not dated, not signed by the grantee, not acknowledged, or not recorded.

42
Q

(107) Broker Smith receives a $3000 deposit from buyer Jones on a property for sale by owner Morgan. As regards to this deposit, which of the following is true?
A. The deposit money belongs to the seller from the time the broker receives it from the buyer.
B. The deposit money belongs to the buyer until the sale is completed by escrow closing.
C. The deposit money belongs to the broker until instructions are received from escrow.
D. Unless expressly authorized to receive the deposit, the broker accepts as agent for the buyer, and the broker holds deposit until acceptance of offer by the seller.

A

D -
Unless expressly authorized by the seller to receive deposit money, the broker receives such deposits as agent for the buyer. As a practical matter, however, virtually all listing contract forms in use today give such express authority to the broker to accept deposits on behalf of the seller.

43
Q 
(108) Range lines run:
A. East and west
B. North and south
C. North, west, south, and east
D. From the south and west corner
A 
B -
Range lines (which are meridians) run north and south at 6 mile intervals. Township lines (which are based on the baselines) run east and west.
44
Q

(108) Range lines (which are meridians) run which direction, and at what interval?

A

North and south at 6 mile intervals

Florida Real Estate Exam (1 decks)

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