Exam (elaborations)
Florida Real Estate Exam 2024/2025
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Florida Real Estate Exam 2024/2025
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Florida Real Estate Exam 2024/2025A sales associate was issued a citation for failing to timely notify the
Commission of her change of address. How many days does the licensee
have to either pay the citation or file an objection to the alleged
violation? - Precise Answer ✔✔30 days
Pam's home has an assessed value of $301,000. She qualifies for the
Florida homestead exemption. The area she lives in has the following
taxes: County tax rate is 8.6 mills, City tax rate is 4 mills and the school
district tax rate is 6.1 mills. How much will the property taxes be? -
Precise Answer ✔✔[Section 18 Slide 31] $301,000 -$50,000 =
$251,000 x .0126 (8.6 mils + 4 mils =12.6 mils) = $3,162.60; $301,000 -
$25,000=$276,000 x .0061 (6.1 mils) = $1,683.60; $3,162.60+
$1,683.60 = $4,846.20
What are the similarities between a Business Brokerage and a Real
Estate Brokerage? - Precise Answer ✔✔1) Both deal with Real Property
2) Both require a Real Estate License
3)Both involve Long-term Liabilities
A rental investment property is scheduled to close on September 10. The
buyer gets day of closing. The rent is $1900. How much is debited and/
or credited at closing and to whom? - Precise Answer ✔✔$1330 Credit
to Buyer and $1330 Debit to Seller
,[Section 14, Slide 63] There are 30 days in September, so there are 21
days that the seller owes the buyer including the day of closing. Divide
$1900 by 30 = 63.3333333333 x 21 days =$1,330
A home was purchased with a down payment of $36, 000 and a loan of
$200,000 at 6.5% for 30 years. Monthly payments are $1,264.14. What
is the loan to value ratio? - Precise Answer ✔✔[Section 12 Slide 52]
$36,000 + $200,000 = $236,000 Purchase price; $200,000 � $236,000
= 0.8474576271 or 85% rounded.
In case of breach by the buyer, most real estate contracts include a
provision that the earnest money be regarded as: - Precise Answer
✔✔Liquidated damages to the seller
Which is an example of a functional obsolescence? - Precise Answer
✔✔One car garage
A tenant signs a lease for less than a year. What is his interest in the
property? - Precise Answer ✔✔Leasehold estate
To substitute a borrower in a mortgage with another borrower is called: -
Precise Answer ✔✔Assignment of mortgage
An active Florida broker accompanies her husband when he goes on
active military duty in Ohio for five years. She is not active in real estate
in Ohio. Upon their return to Florida, she - Precise Answer ✔✔Need not
, complete any continuing education or reactivation education for those
five years and for up to 2 years after honorable discharge
Effective age means: - Precise Answer ✔✔How old the building or
house appears to be
The indestructability of land refers to: - Precise Answer ✔✔Durability
If religion is a protected class under the Fair Housing Act, how can a
church restrict the renting of homes to only members of their church? -
Precise Answer ✔✔Churches and private clubs are exempt as long as
they do not discriminate in accepting membership.
Which statement is associated only with the transaction broker
relationship? - Precise Answer ✔✔The customer is not responsible for
the acts of the licensee
You are appraising a 5 year old home. If the livable square footage is
3,500 with a cost of $95 to replace according to a cost-estimating service
and the 400 square foot garage can be replaced at $60 a sq foot, calculate
the reproduction cost of the structure - Precise Answer ✔✔$356,500
[Section 16 Slide 89]
95 x 3,500 = $332,500;
$60 x 400 = $24,000; $332500 + 24000 = $356500
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