https://www.realestatepracticetest.com
Pass the Florida real estate Sales Associate exam! All of our Florida real estate practice exam questions are specifically written for the state of Florida, and are structured exactly like the Florida real estate exam. Our Florida real estate practice exams are written by a Licensed Real Estate Instructor and are up to date with the latest 2022 rules and regulations.
Pass The Florida Real Estate Sales Associate Exam - START NOW
Our Florida real estate exam prep has helped thousands of test-takers pass their real estate exam, and comes with over 500 practice real estate exam questions, and 450 vocabulary test questions with detailed answer explanations. With our program, your real estate practice test results are broken down by topic, solidifying your understanding of the material.
We have a Sales Associate practice tests for all 50 states. Simply click on the button to see our full list of state specific Sales Associate tests that are available.
0 of 20 questions completed
Questions:
test quiz description
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Time has expired!
You have reached 0 of 0 points, (0)
Topic | Correct Answers |
Authorized Relationships, Duties and Disclosures | 0 / 10 |
Federal and State Laws Pertaining to Real Estate | 0 / 10 |
License Law and Qualifications for Licensure | 0 / 10 |
Property Rights: Estates, Tenancies; Condominiums; Cooperatives, Community Development Districts, Homeowner Associations, and Time-Sharing | 0 / 10 |
Real Estate Appraisal | 0 / 10 |
Real Estate Contracts | 0 / 10 |
Real Estate Investments and Business Opportunity Brokerage | 0 / 10 |
Real Estate License Law and Commission Rules | 0 / 10 |
Real Estate Related Computations and Closing of Transactions | 0 / 10 |
Taxes Affecting Real Estate | 0 / 10 |
The Real Estate Business | 0 / 10 |
Titles, Deeds, and Ownership Restrictions | 0 / 10 |
Types of Mortgages and Sources of Financing | 0 / 10 |
Violations of License Law, Penalties and Procedures | 0 / 10 |
While you passed the Free Trial Test, you now need to take full length exams to better measure your knowledge. Our real estate exam prep comes with over 500 brand-new real estate practice test questions updated with the latest 2018 rules and regulations and have detailed answer explanations unavailable anywhere else, plus real estate term flashcards, an additional 50 math prep questions, real estate exam prep videos, and dependable support from Elliot Gold - Real Estate Instructor & Attorney. We want you to pass!.
Unfortunately, you did not pass, but do not give up! You now need to take full length exams to better measure your knowledge. Our real estate exam prep comes with over 500 brand-new real estate practice test questions updated with the latest 2018 rules and regulations and have detailed answer explanations unavailable anywhere else, plus real estate term flashcards, an additional 50 math prep questions, real estate exam prep videos, and dependable support from Elliot Gold - Real Estate Instructor & Attorney. We want you to pass!.
Answered Questions
/Lori has agreed to transact real estate business on behalf of Alex with Alex’s authority. Lori is:
An agent is someone who transacts business or manages the tasks of another person (e.g., principal), pursuant to the principal’s authority. A principal is the party that the agent represents and acts on behalf of, such as Alex. Lori is not necessarily a licensed salesperson. She can be an agent and hold another position, such as a broker, that requires an agency relationship.
An agent is someone who transacts business or manages the tasks of another person (e.g., principal), pursuant to the principal’s authority. A principal is the party that the agent represents and acts on behalf of, such as Alex. Lori is not necessarily a licensed salesperson. She can be an agent and hold another position, such as a broker, that requires an agency relationship.
Ownership of real property for an undetermined length of time is called:
A freehold estate is ownership of real property for an undetermined length of time. A nonfreehold or leasehold estate has a determinable end. An estate is simply an interest in property that provides the right to possess the land.
A freehold estate is ownership of real property for an undetermined length of time. A nonfreehold or leasehold estate has a determinable end. An estate is simply an interest in property that provides the right to possess the land.
Another name for an easement is:
An easement, which is a nonpossessory interest in someone else’s land, is also known as a right of way. The property receiving the benefit of the easement is the dominant estate, while the property that is providing the benefit or suffering is the servient estate. An easement in gross is also known as a commercial easement in gross and is typically possessed by governments and utilities for providing services to the public such as electrical lines across another’s property. No easement provides an ownership or possessory interest in the property. It is just a right to use or to restrict use.
An easement, which is a nonpossessory interest in someone else’s land, is also known as a right of way. The property receiving the benefit of the easement is the dominant estate, while the property that is providing the benefit or suffering is the servient estate. An easement in gross is also known as a commercial easement in gross and is typically possessed by governments and utilities for providing services to the public such as electrical lines across another’s property. No easement provides an ownership or possessory interest in the property. It is just a right to use or to restrict use.
Lanie owns a home in the mountains. If the home’s appraised market value is $540,000 and the loan balance is $135,000, what is the loan to value ratio?
To compute the loan to value ratio, which is the ratio of the loan balance to the property value, you divide the loan balance by the market value. $135,000 / $540,000 = .25, so the loan to value ratio is 25%.
To compute the loan to value ratio, which is the ratio of the loan balance to the property value, you divide the loan balance by the market value. $135,000 / $540,000 = .25, so the loan to value ratio is 25%.
In order to purchase a home, Darla needs to take out a mortgage. A mortgage is an example of a(n):
An executory contract is a contract that has terms to be completed at a later date. It is not fully performed until all acts required are completed, such as a mortgage. An executed contract is a fully performed contract. A unilateral contract involves a promise to induce the other party to do some act, such as an open listing contract, where the property owner can cancel the listing at any time prior to an agreed upon deal. An implied contract is formed based upon the actions of the parties that evidence an intent to enter into a contract, such as where a seller permits a broker to show a property before any formal agreement is entered into.
An executory contract is a contract that has terms to be completed at a later date. It is not fully performed until all acts required are completed, such as a mortgage. An executed contract is a fully performed contract. A unilateral contract involves a promise to induce the other party to do some act, such as an open listing contract, where the property owner can cancel the listing at any time prior to an agreed upon deal. An implied contract is formed based upon the actions of the parties that evidence an intent to enter into a contract, such as where a seller permits a broker to show a property before any formal agreement is entered into.
Halley owns 25 acres of land in a residential area and wants to develop a real estate complex containing 50 single family homes. What type of mortgage can she obtain that will permit her to pay it off as she sells each home?
A blanket mortgage is a commercial mortgage often used by real estate developers to finance a project. At least two parcels of property are pledged as collateral. The release clause allows the lien to be lifted on particular parcels when a certain amount of the loan balance is paid, such as when a new home is sold and the developer uses the proceeds from the sale to pay off a portion of the Blanket mortgage. PMI is private mortgage insurance, which is not a type of mortgage. It is used when the down payment is less than 20% to insure the top portion of the loan in case of default. An insurance premium is typically added to the monthly mortgage payment. A Pledged Account involves the purchaser placing money in a savings account and using the earned interest to supplement the mortgage payment. With an Open-End mortgage, the mortgagor (purchaser/borrower) is entitled to demand additional loan funds without the need to undergo a new underwriting process.
A blanket mortgage is a commercial mortgage often used by real estate developers to finance a project. At least two parcels of property are pledged as collateral. The release clause allows the lien to be lifted on particular parcels when a certain amount of the loan balance is paid, such as when a new home is sold and the developer uses the proceeds from the sale to pay off a portion of the Blanket mortgage. PMI is private mortgage insurance, which is not a type of mortgage. It is used when the down payment is less than 20% to insure the top portion of the loan in case of default. An insurance premium is typically added to the monthly mortgage payment. A Pledged Account involves the purchaser placing money in a savings account and using the earned interest to supplement the mortgage payment. With an Open-End mortgage, the mortgagor (purchaser/borrower) is entitled to demand additional loan funds without the need to undergo a new underwriting process.
The City of Glass wants to expand a public park. It needs to obtain the necessary land from private landowners. What government power can be used to obtain the land needed to expand the park?
Eminent domain is the government power permitting it to obtain private property for public use. Condemnation is the actual taking of the property pursuant to the eminent domain power. Municipal forfeiture and public seizure are not formal terms.
Eminent domain is the government power permitting it to obtain private property for public use. Condemnation is the actual taking of the property pursuant to the eminent domain power. Municipal forfeiture and public seizure are not formal terms.
What is another name for swamps, marshes and bogs?
Wetlands are protected areas that include swamps, marshes, wet meadows and bogs. They may serve as protection for storm and flood water and help control erosion and pollution. They also serve as sanctuaries for wildlife and the natural landscape.
Wetlands are protected areas that include swamps, marshes, wet meadows and bogs. They may serve as protection for storm and flood water and help control erosion and pollution. They also serve as sanctuaries for wildlife and the natural landscape.
Which is false about the Florida Real Estate Recovery Fund?
A claim to the Florida Real Estate Recovery Fund must be filed within 2 years of the alleged violation or after its discovery. The Real Estate Recovery Fund is an account created by the Florida Real Estate Commission (FREC) to reimburse any person, partnership, or corporation adjudged by a court of competent civil jurisdiction in this state to have suffered monetary damages by reason of any act committed, as a part of any real estate brokerage transaction involving real property in Florida, by any broker or sales associate. The spouse of a licensee violator is not eligible for a recovery. A final judgment and attempt to collect on the judgment is required to obtain a recovery. Punitive damages are not recoverable from the fund.
A claim to the Florida Real Estate Recovery Fund must be filed within 2 years of the alleged violation or after its discovery. The Real Estate Recovery Fund is an account created by the Florida Real Estate Commission (FREC) to reimburse any person, partnership, or corporation adjudged by a court of competent civil jurisdiction in this state to have suffered monetary damages by reason of any act committed, as a part of any real estate brokerage transaction involving real property in Florida, by any broker or sales associate. The spouse of a licensee violator is not eligible for a recovery. A final judgment and attempt to collect on the judgment is required to obtain a recovery. Punitive damages are not recoverable from the fund.
Biff is hired by owner Gilligan to oversee a residential property complex, including supervising complex employees and maintenance, but he has limited authority. Biff is the:
A property manager oversees the property on behalf of the owner and is typically required to oversee employees and maintenance and protect the interests of and obtain the optimum financial return for the property owner who employs the manager. A lessee is the tenant of a property pursuant to a lease. A leasing agent is retained by a property owner to locate tenants for the owner’s building. A managing agent has more power than a property manager, including the ability to use their judgment and discretion in matters affecting the property.
A property manager oversees the property on behalf of the owner and is typically required to oversee employees and maintenance and protect the interests of and obtain the optimum financial return for the property owner who employs the manager. A lessee is the tenant of a property pursuant to a lease. A leasing agent is retained by a property owner to locate tenants for the owner’s building. A managing agent has more power than a property manager, including the ability to use their judgment and discretion in matters affecting the property.
The profit realized from the sale of real estate held for 3 years is:
Capital gains represent the profits on a capital investment, such as real estate. The profit realized from the sale of real estate held for 3 years is long term capital gains. Long term capital gains are profits on assets that are owned for more than 12 months. Short term capital gains are profits on assets that are owned for 12 months or less. Profit on long term capital gains is subject to a reduced tax rate and is not taxed as ordinary gross income, but profit on short term capital gains is taxed as ordinary gross income.
Capital gains represent the profits on a capital investment, such as real estate. The profit realized from the sale of real estate held for 3 years is long term capital gains. Long term capital gains are profits on assets that are owned for more than 12 months. Short term capital gains are profits on assets that are owned for 12 months or less. Profit on long term capital gains is subject to a reduced tax rate and is not taxed as ordinary gross income, but profit on short term capital gains is taxed as ordinary gross income.
Lev owns a home. Francois is a real estate agent who has visited Lev to try to list Lev’s home for sale, but Lev refuses. Lev nonetheless permits Francois to show 3 prospective purchasers his home. Has an agency been created?
An agency by estoppel, which is an implied agency, was created since Lev, the principal, did not stop Francois, the agent, from representing Lev’s interests. An implied agency is formed based on the words or actions of the agent and principal that evidences an intent to form the agency. An express agency is formed through an oral or written agreement. An agency does not necessarily need to be created through a written agreement. A listing agreement is an example of an express agency.
An agency by estoppel, which is an implied agency, was created since Lev, the principal, did not stop Francois, the agent, from representing Lev’s interests. An implied agency is formed based on the words or actions of the agent and principal that evidences an intent to form the agency. An express agency is formed through an oral or written agreement. An agency does not necessarily need to be created through a written agreement. A listing agreement is an example of an express agency.
Which of the following is not true about the 1988 Amendment to the Fair Housing Act adding protected classes to the law?
The 1988 Amendment to the Fair Housing act added protected classes to the law. It added families and persons with mental and physical disabilities to the law. Elderly persons were not added to law. However, senior citizen housing is exempt from the Fair Housing Act if it complies with the exemption requirements. By restricting tenants to people 55 and over, an exemption to the Fair Housing Act could apply.
The 1988 Amendment to the Fair Housing act added protected classes to the law. It added families and persons with mental and physical disabilities to the law. Elderly persons were not added to law. However, senior citizen housing is exempt from the Fair Housing Act if it complies with the exemption requirements. By restricting tenants to people 55 and over, an exemption to the Fair Housing Act could apply.
Trevor owns an apartment building that is 75 years old. He has not performed much maintenance on the building, so the foundation and structural integrity are starting to crumble. As a result, the building’s value has been decreasing. What does that reduction in value refer to?
Depreciation is the loss of value due to a building or property due to any cause, such as deterioration, damage and normal wear and tear. Functional obsolescence means that the property has become inferior to surrounding properties due to technological changes, such as obsolete equipment (e.g., heating system), outdated electrical system or outdated design. External obsolescence refers to changes occurring to land-use in the surrounding area, such as increased traffic, pollution, and zoning changes that affect the permitted use of the property.
Depreciation is the loss of value due to a building or property due to any cause, such as deterioration, damage and normal wear and tear. Functional obsolescence means that the property has become inferior to surrounding properties due to technological changes, such as obsolete equipment (e.g., heating system), outdated electrical system or outdated design. External obsolescence refers to changes occurring to land-use in the surrounding area, such as increased traffic, pollution, and zoning changes that affect the permitted use of the property.
Which fiduciary duty requires the agent to act with care with respect to handling funds received on behalf of the principal?
Accountability means financial accountability and is the fiduciary duty that requires the agent to act with care and properly handle funds received on behalf of the principal. Reasonable care, skill and diligence, along with full disclosure of pertinent information, obedience and loyalty are also all a part of a licensee’s fiduciary duty to the principal.
Accountability means financial accountability and is the fiduciary duty that requires the agent to act with care and properly handle funds received on behalf of the principal. Reasonable care, skill and diligence, along with full disclosure of pertinent information, obedience and loyalty are also all a part of a licensee’s fiduciary duty to the principal.
Which of the following is the licensing authority for Florida real estate professionals?
The Florida Department of Business and Professional Regulation (DBPR) is the licensing authority for Florida real estate professionals.
The Florida Department of Business and Professional Regulation (DBPR) is the licensing authority for Florida real estate professionals. License applications are submitted through http://www.myfloridalicense.com/dbpr/.
In which of the following states can a Florida broker become a broker without having to take an exam?
Florida does not have reciprocity agreements with any other states. A reciprocity agreement allows a broker that is licensed in one state to be able to operate in another state without the need to take pre-licensing course work and/or an examination. A Florida broker must meet the licensing requirement of any state in which the broker seeks to be licensed. However, Florida does have mutual recognition agreements with other states, so a non-Florida resident who is a broker in one of the states with comparable licensing requirements can become licensed in Florida without meeting all of Florida’s licensing requirements, though the licensee must still pass a 40 question exam covering Florida real estate law. This option is not available to Florida residents licensed in other states to obtain a Florida license. Florida has mutual recognition agreements with the following seven states: Alabama, Arkansas, Connecticut, Georgia, Illinois, Mississippi, and Nebraska.
Florida does not have reciprocity agreements with any other states. A reciprocity agreement allows a broker that is licensed in one state to be able to operate in another state without the need to take pre-licensing course work and/or an examination. A Florida broker must meet the licensing requirement of any state in which the broker seeks to be licensed. However, Florida does have mutual recognition agreements with other states, so a non-Florida resident who is a broker in one of the states with comparable licensing requirements can become licensed in Florida without meeting all of Florida’s licensing requirements, though the licensee must still pass a 40 question exam covering Florida real estate law. This option is not available to Florida residents licensed in other states to obtain a Florida license. Florida has mutual recognition agreements with the following seven states: Alabama, Arkansas, Connecticut, Georgia, Illinois, Mississippi, and Nebraska.
Which of the following is not exempt from holding a real estate license?
While Florida attorneys may be exempt from some of the requirements of licensure, attorneys still need to have a license to sell real estate. Court appointed persons who follow the court directive, banks that are federally regulated and SEC registered dealers selling businesses to accredited investors are a few of the situations where a license is not required.
While Florida attorneys may be exempt from some of the requirements of licensure, attorneys still need to have a license to sell real estate. Court appointed persons who follow the court directive, banks that are federally regulated and SEC registered dealers selling businesses to accredited investors are a few of the situations where a license is not required.
Which of the following Florida real esate appraiser jobs requires no experience to obtain?
No experience is necessary to become a registered trainee appraiser, which is essentially an apprentice to a licensed or certified appraiser. The registered trainee appraiser has to work under the direct supervision of a licensed or certified appraiser, such as a certified general appraiser or certified residential appraiser. Certified general real estate appraisers require two and a half years of experience, while licensed real estate appraisers and certified residential real estate appraisers require two years of experience.
No experience is necessary to become a registered trainee appraiser, which is essentially an apprentice to a licensed or certified appraiser. The registered trainee appraiser has to work under the direct supervision of a licensed or certified appraiser, such as a certified general appraiser or certified residential appraiser. Certified general real estate appraisers require two and a half years of experience, while licensed real estate appraisers and certified residential real estate appraisers require two years of experience.
Where is the sales price placed on the Closing Disclosure?
The sales price is placed on page three on the Closing Disclosure as credit to the seller and debit to buyer.
The sales price is placed on page three on the Closing Disclosure as credit to the seller and debit to buyer.
All of our materials are up to date with the latest 2022 updates!
Learn square footage, interest, commissions, and more...
Gain access to our library of real estate exam prep videos!
Dependable support from a Licensed Real Estate Instructor!
Pass the Florida real estate examination! Our Florida Sales Associate real estate tests have detailed answer explanations not available on any other practice real estate test prep sites! Our real estate practice exams are up to date with the latest 2022 rules and regulations, and comes with a 100% Pass Money-Back Guarantee!
Aside from explaining the correct answers, we also explain the wrong answers to enable you to master the material as part of our trademarked Exhaustive Learning Technique, so you will understand why you got the answer wrong and to help solidify your understanding of the issues addressed to make it second nature.
Pass The Florida Real Estate Sales Associate Exam Guaranteed!
Cooperative
Florida has mutual recognition agreements with the following states:
All above information should be confirmed with licensing commission. Further information can be found here: http://www.myfloridalicense.com/DBPR/real-estate-commission
Copyright © 2021 Real Estate Exam Prep LLC. All Rights Reserved