FLORIDA REAL ESTATE EXAM, PRACTICE EXAM
AND STUDY GUIDE NEWEST 2024 ACTUAL EXAM
NEWEST 500 QUESTIONS AND CORRECT
DETAILED ANSWERS WITH RATIONALES
(VERIFIED ANSWERS) |ALREADY GRADED A+
To comply with the statute of frauds, an option
contract must be ______. –
a. In writing and signed by the optionee
b. In writing and signed by the optionor
c. In writing and witnessed by an attorney
d. On file at the local courthouse
b.
RATIONALE: To comply with the statute of frauds, an
option contract must be in writing and signed by the
optionor (seller).
A cooperative is a(n) _____. –
..a. limited partnership
b. LLC
c. not-for-profit corporation
d. sole proprietorship
c.
RATIONALE: A cooperative is a joint venture with its
shareholders, formed for their benefit and governed
by them. It's a not-for-profit corporation.
Compared with condominiums, the monthly fees for a
cooperative owner are typically ______. –
a. Higher
b. Much less
c. Slightly less
d. The same
a.
RATIONALE: Monthly fees for cooperatives are
generally higher because they include taxes,
mortgage payments, and fees for maintaining common
areas and facilities.
For all intents and purposes, subagents are agents of
the _______. –
a. Buyer
b. Seller
c. The buyer's broker
d. The listing broker
b.
RATIONALE: Although a subagent may bring an
unrepresented buyer to the transaction, the subagent
is an agent of the seller.
Can a new licensee specialize in the sale of farm and
ranch property? –
a. Not until the licensee has at least five years of
experience in agricultural real estate
b. Not until the licensee passes additional courses in
agricultural real estate
c. Yes, a new licensee can specialize in agricultural
real estate
d. Yes, as long as the new licensee has a degree in
agriculture
c.
RATIONALE: Specialization doesn't require additional
coursework or credentials. The licensee must be
competent in any specialization, however.
Jacqueline is a licensee working with a property near
a Superfund site. Which of these statements is true? -
...
a. A portion of the sale price must go to the EPA to
fund clean-up of the site.
b. She must disclose potential health threats to
anyone in the area when showing the property.
c. She must disclose the existence of an
environmental hazard in the area.
d. The property can't be sold until the site is removed
from the NPL.
c.
RATIONALE: A property with a known Superfund site
in the vicinity requires disclosure, as this is a material
fact.
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