FLORIDA REAL ESTATE EXAM, PRACTICE EXAM AND STUDY GUIDE NEWEST 2024 ACTUAL EXAM NEWEST 500 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES

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.
Curtis wants to do a 1031 exchange. He just closed on
his property. How many days does he have to identify
a new property? –
a. 180
b. 30
c. 45
d. 60
c.
RATIONALE: Investors who want to use the 1031 taxdeferred exchange must identify the new property
within 45 days of closing and must close on that
property within 180 days from the date of sale of the
first property.
Which option describes a real property tax lien? - a.
General and involuntary
b. General and voluntary
c. Specific and involuntary
d. Specific and voluntary
c.
A buyer representation agreement establishes an
agency relationship between which parties? –
a. Buyer and broker
b. Buyer and salesperson
c. Seller and broker
d. Seller and salesperson
a.
RATIONALE: You may hear a buyer representation
agreement called the buyer/broker agreement. This is
a contract between the buyer and the broker.
Remember, all real estate activities are conducted
under the broker's license.
What must be filed for the eviction process to begin
after a landlord has waited three days and serves a
tenant a notice to pay or vacate the premises?...
a. A complaint for eviction
b. A writ of possession
c. Evictus nuncus
d. The lease
a.
RATIONALE: The eviction process is handled by the
court, and it begins when a landlord files a complaint
for eviction with the county court.
Which of the following could an investor who sells an
apartment house buy using a 1031 exchange? -
....ANSWER...
a. Duplex, office building, or warehouse
b. Duplex only
c. Office building only
d. Warehouse or office building only
a.
RATIONALE: Any of these would be allowed with a 1031
exchange.