Florida Real Estate Exam 2023/2024 with 100% correct answers
Linda purchases property in Escambia County from Susan. Linda has $30,000.00 as a down payment and gets a mortgage in the amount of $150,000.00 and there is no other consideration for the transfer. How much will the doc stamp tax on the...
Florida Real Estate Exam 2023/2024
with 100% correct answers
Linda purchases property in Escambia County from Susan. Linda has $30,000.00 as a down payment and
gets a mortgage in the amount of $150,000.00 and there is no other consideration for the transfer. How
much will the doc stamp tax on the deed be?
Heather has been using a roadway at the back of the 22 acres Pam owns. She has been driving down the
roadway almost every day without permission for over 20 years. This is called what?
1) easement appurtenant.
2) easement by prescription.
3) easement in gross.
4) easement by necessity. - correct answer -2) easement by prescription
When purchasing an existing condominium, the buyer must receive which of the following?
1) Annual operating budget
2) A prospectus
3) Rules and Regulations
,4) Articles of incorporation of the association - correct answer -4) Articles of incorporation of the
association
Todd is an 89-year-old veteran that is legally blind and partially disabled due to injuries he sustained in
the military. His home has an assessed value of $150,500. How much will his taxable value be for county
taxes?
1) $55,500
2) $95,000
3) $100,500
4) $110,000 - correct answer -2) $95,000
A contract for deed is also called what?
1) Deed in lieu of foreclosure
2) Land Contract
3) Novation
4) Sales Contract - correct answer -2) Land Contract
The cost of borrowing money is called what?
1) Interest
2) Leverage
3) Capitol
4) Credit - correct answer -1) Interest
Sally is buying a home and the closing date is set for April 20th. The annual property taxes are $1234.00
and have not been paid yet. How much will the buyer be credited and the seller be debited?
1) $371.80
2) $368.51
3) $375.18
,4) $370.36 - correct answer -$368.51
Step 1: Find the daily rate; property taxes for the year ($1234.00) / 365 days = $3.38; Step 2: Seller will
credit buyer from January through midnight the day before closing. Calculate the exact number of days;
January 31 + February 28 + March 31 + April 19 = 109 days; Step 3: Multiply the daily rate
($3.3808219178) x Number of days (109) = $368.51
A Landlord has how many days to return a tenants security deposit if not making a claim on the deposit?
1) 10
2) 15
3) 30
4) 45 - correct answer -15
A buyer's loan payment will change if which of the following occur?
1) They have an ARM loan
2) The property taxes increase or decrease
3) Their homeowner's insurance increases
4) All of the above - correct answer -All of the above
Which statute covers the procedural process?
1) Chapter 455
2) Chapter 120
3) Chapter 475
4) Chapter 20 - correct answer -Chapter 120
Which brokerage relationship duty applies to all three types of brokerage relationships?
, 1) Accounting for all funds
2) Loyalty
3) Using skill, care, and diligence
4) Confidentiality - correct answer -Accounting for all funds
You sell Jessica a current up-to-date rental list and provide all the proper disclosures and paperwork.
Jessica contacts you 15 days later and asks for a refund of the amount she paid for the list because she
could not find a rental on the list. She is entitled to how much of a refund?
1) 100%
2) 75%
3) 25%
4) 0% - correct answer -75%
A deal failed to close because the buyer was unable to secure financing. The broker received conflicting
demands regarding the earnest money. How long does the broker have to notify FREC?
1) 10 days
2) 15 days
3) 20 days
4) 30 days - correct answer -15 days
The Florida Real Estate Commission has seven members. How many must be consumer members who
have never held a real estate license?
1) 1
2) 2
3) 3
4) 4 - correct answer -2
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