Florida Real Estate Exam
1,496+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Florida real estate salesperson exam.
Florida License Law
169 questions- Which agency directly regulates real estate licensees in Florida?
- How many hours of pre-license education are required to sit for the Florida real estate sales associate exam?
- What is the minimum passing score on the Florida real estate sales associate licensing exam?
- How many questions are on the Florida real estate sales associate exam?
- Under Florida license law, a sales associate must register their license under a:
- Florida real estate licenses must be renewed every:
- How many continuing education hours must a Florida sales associate complete during their first renewal period (after initial licensure)?
- Under Florida Statute 475, which of the following is an exempt activity that does NOT require a real estate license?
- The Florida Real Estate Recovery Fund is designed to:
- A Florida broker who maintains the written business records of a real estate company must keep those records for:
- Under FREC rules, a Florida broker who receives earnest money must deposit it in the escrow account within:
- FREC's authority to discipline a Florida licensee includes all of the following EXCEPT:
- Under Florida law, how many members serve on the Florida Real Estate Commission (FREC)?
- A Florida real estate license is automatically considered 'involuntary inactive' when:
- In Florida, a real estate license may be placed on 'voluntary inactive' status for a maximum of how long before it expires?
- What is the required post-license education for a Florida real estate sales associate after receiving their initial license?
- How many hours of continuing education must a Florida real estate licensee complete each renewal period after the post-license requirement is fulfilled?
- Under Chapter 475 F.S., which of the following acts would constitute 'culpable negligence' by a Florida licensee?
- A Florida broker must keep all trust/escrow funds in a segregated account. How long must records of these transactions be maintained?
- Which of the following persons is NOT required to hold a Florida real estate license?
- The Florida Real Estate Recovery Fund provides a maximum payment of how much per transaction regardless of the number of claimants?
- A broker in Florida who operates as a sole proprietorship must have their license in what form?
- In Florida, a real estate broker who operates a branch office must:
- FREC has authority to impose a maximum administrative fine of how much per violation?
- A Florida sales associate must work under the supervision of:
- What must a Florida real estate licensee do within 60 days of a change in home mailing address?
- A Florida broker associate is a licensed broker who chooses to:
- The Florida Real Estate Commission meets on a regularly scheduled basis and is located in:
- Under Florida law, unlicensed real estate activity for compensation is a:
- A Florida real estate licensee who has been convicted of a crime must notify FREC within how many days?
- Which Florida statute governs the licensing and regulation of real estate brokers and sales associates?
- A licensee in Florida who engages in 'dishonest dealing by trick, scheme, or device' may have their license:
- A Florida real estate brokerage advertising on the internet must include which information in all internet ads?
- A Florida real estate sales associate 'farms' an area by sending postcards to homeowners. These cards must:
- Under Florida law, a licensee may accept a referral fee or compensation from a party other than their employing broker only if:
- The Florida DBPR is authorized to investigate a complaint against a real estate licensee. The first step after a complaint is filed is typically:
- Under Florida law, a real estate brokerage must maintain an office in Florida if the broker:
- In Florida, which of the following best describes a 'broker associate'?
- The Florida Real Estate Commission can award damages to an injured party from the Real Estate Recovery Fund. After paying a claim, FREC may:
- A Florida real estate license renewal period is how long?
- Under Florida law, which action would result in a real estate licensee's license becoming 'null and void'?
- The Florida Real Estate Commission is empowered to do all of the following EXCEPT:
- Under Chapter 475 F.S., which action would cause a sales associate's license to automatically become null and void?
- Which of the following best describes a 'group license' in Florida real estate?
- A Florida real estate licensee who wishes to operate as an independent contractor must be registered as a:
- FREC has the authority to impose an administrative fine of up to how much per violation under Chapter 475 F.S.?
- A Florida real estate broker must keep brokerage records available for inspection for a minimum of:
- In Florida, a real estate sales associate who wishes to become a broker must complete how many hours of broker pre-license education?
- What is the required experience to qualify for a Florida real estate broker's license?
- A Florida broker's license must be renewed every:
- How many post-licensing education hours must a Florida sales associate complete before their first license renewal?
- The Florida Real Estate Recovery Fund provides compensation to members of the public who suffer losses due to:
- The maximum payment from the Florida Real Estate Recovery Fund per licensee (for multiple claims) is:
- A Florida licensee who engages in culpable negligence or breach of trust is subject to:
- A Florida broker who operates a real estate school must obtain approval from:
- What is the license status called when a Florida licensee is not currently working under a broker but their license is active with DBPR?
- A Florida licensee's license becomes 'involuntarily inactive' when:
- Under Florida law, which entity must register with DBPR as a real estate entity (not individual)?
- A Florida real estate licensee is convicted of a crime involving moral turpitude. FREC may:
- A Florida licensee who wishes to use a trade name for their brokerage must:
- Under FREC's rules, a Florida real estate licensee's advertisement must include:
- The Florida Real Estate Commission (FREC) is composed of how many members?
- A Florida licensee must disclose which of the following to a buyer as a material fact?
- An unlicensed person negotiates a real estate transaction in Florida for compensation. Under Chapter 475 F.S., this person is:
- A Florida broker must maintain their principal office. This means:
- A Florida real estate broker who operates as a sole proprietorship must:
- A Florida broker's license is placed on 'inactive' status. During inactive status, the broker may:
- FREC's primary mission is to:
- A Florida broker is responsible for the actions of their sales associates when the associates act within:
- When a Florida sales associate changes employing brokers, the associate must:
- Which of the following is required for a Florida real estate license application?
- A Florida licensee who is found guilty of fraud in a real estate transaction faces which potential consequence?
- Under Florida law, a real estate licensee who receives a deposit must give it to the broker:
- FREC must be notified within how many days when a Florida broker's escrow account is short of required funds?
- A Florida real estate school instructor must hold a valid:
- Under Florida law, a real estate broker must complete how many hours of post-licensing education before their first renewal?
- A Florida broker associate is:
- Under FREC rules, a Florida broker may share earned commissions with:
- A Florida sales associate receives a referral fee from a mortgage company for directing buyers to that company. This practice is:
- Under Chapter 475 F.S., the term 'culpable negligence' means:
- A Florida broker's escrow account reconciliation revealed a $500 shortage. The broker discovered it was due to a bank fee charged to the escrow account. The broker should:
- FREC may impose which of the following disciplinary actions against a Florida licensee?
- A Florida real estate sales associate's license renewal requires completion of:
- A Florida real estate broker may maintain multiple escrow accounts for:
- A Florida broker associate can independently open their own brokerage without:
- What is the maximum duration for a voluntary inactive Florida real estate license before it expires?
- A Florida broker who fails to properly maintain escrow records may be disciplined by FREC for:
- Under Florida law, a real estate licensee may NOT:
- Under Florida's licensing law, a person who performs only ministerial acts (such as showing property and answering factual questions) while working for a licensee is:
- A Florida real estate license applicant who has been convicted of a crime must:
- Which of the following is TRUE about a Florida real estate 'broker of record'?
- A Florida real estate broker who advertises on social media must ensure that:
- A Florida real estate licensee must display their license upon request by which of the following?
- A Florida licensee who provides false information on a license application is subject to:
- A Florida real estate broker who knowingly employs an unlicensed person to perform acts requiring a license is guilty of:
- A Florida sales associate who finds a buyer on their own (without a listing agreement) is entitled to a commission from:
- FREC can impose which of the following against a licensed Florida broker found guilty of fraud?
- A Florida broker who accepts a commission from both buyer and seller in the same transaction without full disclosure and consent from both parties has committed:
- FREC meets at least how many times per year?
- A Florida broker's license expires due to failure to complete continuing education. The broker's status is:
- A Florida broker may pay a referral fee to a person who referred a buyer if that person is:
- When a Florida broker receives an earnest money check, it must be written to:
- In Florida, continuing education for real estate licensees (after the first renewal) requires:
- The Florida Real Estate Commission is administered under which department?
- A Florida real estate sales associate who participates in a transaction without an active, registered license is:
- A Florida broker who charges fees for services beyond the commission (such as a 'transaction fee' or 'admin fee') must:
- A Florida broker who operates a branch office must ensure the branch office is:
- When a Florida real estate licensee changes their mailing address, they must notify DBPR within:
- A Florida sales associate who fails to complete 45 hours of post-licensing education before their first renewal faces:
- A Florida broker who receives a complaint from a former client must be aware that FREC has the authority to:
- A Florida real estate broker who knowingly makes a misrepresentation in an advertisement could face which consequences?
- A Florida licensee convicted of a third-degree felony for practicing real estate without a license faces up to:
- A Florida broker who advertises a property without the seller's permission has committed which violation?
- A Florida real estate license applicant must be fingerprinted as part of the application process. The purpose is to:
- A Florida broker's failure to include their brokerage name in online advertising is a violation of:
- A Florida broker who holds client funds in their personal bank account is guilty of:
- The Florida Real Estate Recovery Fund maximum payment per transaction is:
- Under FREC rules, a Florida broker is required to perform a monthly reconciliation of the escrow account. This reconciliation must compare:
- A Florida real estate licensee who acts as an 'attorney-in-fact' for a client in a real estate transaction under a power of attorney is not practicing law, provided they are:
- A Florida sales associate who works independently outside of any broker is:
- A Florida broker who discovers an escrow shortage caused by their own bookkeeping error must:
- A Florida real estate broker is required to keep copies of all listings, contracts, and escrow records for a minimum of:
- A Florida real estate licensee who commits 'conversion' of escrow funds is guilty of:
- A Florida broker receives a check for earnest money on a Friday afternoon. The three-day clock to deposit the check into escrow starts:
- Under Florida law, a real estate licensee who wishes to operate as an independent contractor must:
- A Florida broker receives a $5,000 earnest money deposit. The broker must deposit this money into an escrow account:
- A Florida real estate licensee's license is placed on 'involuntary inactive' status when:
- In Florida, the maximum administrative fine FREC may impose per violation is:
- A Florida broker who wishes to open a branch office must:
- A Florida real estate sales associate receives a referral fee from a title company for recommending their services to buyers. This arrangement:
- Florida's real estate Recovery Fund provides compensation to:
- A Florida real estate licensee's primary obligation when advertising a property is that all advertising must be:
- When must a Florida real estate licensee disclose their licensed status to a party in a transaction where the licensee has a personal interest?
- The Florida Real Estate Commission (FREC) consists of how many members, and what is their term length?
- A Florida broker's license is revoked by FREC. Any sales associates or broker associates registered under that broker must:
- Under Florida law, a real estate brokerage may be organized as which of the following business entities?
- A Florida real estate licensee who is temporarily ill and unable to work real estate may:
- A Florida real estate broker who engages in 'commingling' of escrow funds with operating funds is subject to:
- Under Florida law, a real estate sales associate must complete post-licensing education within:
- A Florida real estate licensee's biennial renewal period ends on March 31 of the odd-numbered year for a licensee born in an even-numbered month. Which of the following is correct about continuing education for renewal?
- Under Florida law, which entity has jurisdiction over real estate licensee conduct and may impose discipline?
- A Florida broker must ensure that each office location used in the conduct of real estate business is:
- Under Florida's mutual recognition agreements, a licensed real estate professional from which neighboring state may be eligible to obtain a Florida license without completing Florida's pre-licensing education?
- A Florida sales associate completes the 63-hour pre-licensing course and passes the state exam. Before the sales associate may begin engaging in real estate activities, they must:
- A Florida real estate licensee who also holds a mortgage broker license wishes to earn fees on both the real estate commission and the loan origination. This dual compensation:
- A Florida real estate licensee fails to renew their license by the renewal deadline. The license enters a 'null and void' status after:
- A Florida licensee is found guilty of a crime that directly relates to real estate activities. FREC's discipline may include all of the following EXCEPT:
- A Florida broker is found to have signed a buyer's name to a contract without the buyer's knowledge or permission. This constitutes:
- Under Florida law, a real estate license applicant who was convicted of a felony must disclose this on their application. FREC's decision on whether to issue the license will consider:
- A Florida broker advertises a listed property on social media. Which requirement applies to this advertising?
- A Florida real estate licensee who wishes to change their employing broker must:
- Under Florida law, a real estate broker is required to maintain escrow account records for a minimum of:
- A Florida real estate sales associate receives a referral from an out-of-state licensed broker. The Florida sales associate may pay this referral fee:
- Which of the following activities does NOT require a Florida real estate license?
- A Florida broker wants to hire a sales associate who was licensed in Florida 6 years ago but let their license lapse 4 years ago. The person must:
- A Florida real estate broker employs 10 sales associates. The broker is held responsible for the professional conduct of these associates in connection with their real estate activities because of the legal principle of:
- A Florida buyer gives a personal check for $10,000 as earnest money. The listing broker holds the check at the buyer's request until the offer is accepted. Upon acceptance, the broker must deposit the check:
- Under Florida law, which of the following is true about a real estate broker's responsibility to maintain a trust account?
- A Florida broker's sales associate commits escrow fraud while acting within the scope of their employment. In addition to FREC discipline of the sales associate, FREC may also discipline:
- A Florida real estate broker is audited by FREC and is found to have an escrow account shortage of $5,000 due to a bookkeeping error (not intentional). FREC is most likely to:
- Under Florida law, a licensed real estate professional who provides 'BPOs' (Broker Price Opinions) for mortgage companies must be aware that:
- A Florida sales associate who is a member of the military reserves is called to active duty for 2 years. Their real estate license expires during this deployment. Under Florida law:
- A Florida broker purchases a property for their own account using the same MLS access and market knowledge obtained as a licensee. Before entering into the purchase contract, the broker must:
- A Florida broker who operates as a sole proprietorship using their broker's license must:
- A Florida real estate licensee who also holds a mortgage broker license refers a real estate client to their own mortgage company without disclosing this relationship. This failure to disclose violates:
- A Florida real estate sales associate earns a commission on a sale. Who is legally entitled to receive and pay the commission?
- A Florida real estate license applicant is denied a license by the Florida Real Estate Commission. The applicant's right to appeal this decision is through:
- A Florida real estate licensee successfully completes all requirements for a broker's license. The most important practical change this represents is:
- The Florida Real Estate Commission (FREC) operates under which Florida statute?
Real Estate Math
158 questions- A Florida property sells for $375,000. The documentary stamp tax on the deed is $0.70 per $100 (or fraction). What is the total documentary stamp tax?
- A Florida home sells for $320,000. The commission is 6%, split 3% to the listing office and 3% to the buyer's office. The listing agent receives 60% of their office's share. How much does the listing agent earn?
- A buyer closes on a Florida property on March 15. Annual property taxes of $3,650 have not yet been paid. Using a 365-day year, what is the seller's tax proration credit to the buyer at closing?
- A Florida investor buys a rental property for $250,000. After 5 years, the property appreciates at 4% per year compounded annually. What is the approximate value at the end of year 5?
- A Florida property has a market value of $350,000. The county assesses properties at 85% of market value. The millage rate is 18.5 mills. What is the annual property tax?
- A buyer in Florida obtains a 30-year fixed mortgage at 7% interest. The loan amount is $300,000. Using a factor of $6.65 per $1,000, what is the monthly principal and interest payment?
- A Florida seller nets $280,000 after paying a 6% commission. What was the original sale price?
- A Florida property rents for $2,200 per month. The gross rent multiplier (GRM) for comparable properties is 150. What is the estimated value?
- A Florida investor purchased a property for $400,000 and sold it 3 years later for $480,000. What was the percentage gain?
- A Florida homebuyer obtains a loan with 2 discount points on a $200,000 mortgage. What is the cost of the points at closing?
- A Florida commercial property generates an annual NOI of $90,000. A buyer requires a 9% return. Using direct capitalization, what is the maximum price the buyer should pay?
- What is the documentary stamp tax on a deed for a Florida property that sold for $425,000? (Rate: $0.70 per $100)
- A Florida property is assessed at $240,000 with a $50,000 homestead exemption. At a millage rate of 20 mills, what is the annual tax?
- A Florida sales associate earned a 3% commission on a $380,000 sale. The sales associate receives 55% of the company's commission. What did the sales associate earn?
- A Florida lot measures 150 feet wide by 300 feet deep. What is the lot area in acres? (1 acre = 43,560 sq ft)
- A Florida property sells for $525,000. The commission split is 3% to the listing office and 3% to the buyer's office. The buyer's agent receives 40% of the buyer's office commission. How much does the buyer's agent earn?
- A Florida investor paid $180,000 for a rental home. The property rents for $1,600 per month. What is the annual gross rent multiplier (GRM)?
- A Florida sales associate sold a $475,000 property and earned a total commission of $14,250. What was the commission rate?
- A Florida mortgage loan of $260,000 has an annual interest rate of 6%. What is the first month's interest payment?
- A Florida buyer closes on November 15. Annual property taxes are $4,380 and have not been paid. Using a 365-day year, what is the seller's tax proration debit at closing (taxes paid in arrears)?
- A Florida commercial building has 20,000 square feet of leasable space at $18 per square foot annually. What is the annual gross rent?
- A Florida property costs $320,000. The buyer puts 20% down and obtains an 80% LTV mortgage. What is the loan amount?
- A Florida investor's property has a net operating income of $45,000 and was purchased for $500,000. What is the capitalization rate?
- A Florida broker charges a 6% commission on a $385,000 sale. The commission is split 50/50 between listing and selling sides. The listing agent receives 60% of the listing office's share. What does the listing agent earn?
- A property sells for $320,000. The listing broker charges a 6% commission, split equally between listing and buyer's broker. How much does each broker receive?
- A rectangular lot measures 150 feet wide by 200 feet deep. What is the lot area in acres? (1 acre = 43,560 sq ft)
- A home sells for $425,000. Florida documentary stamp taxes on the deed are calculated at $0.70 per $100 (or fraction thereof). What are the doc stamps on this sale?
- A buyer obtains a $300,000 mortgage in Florida. The documentary stamp tax on the note is $0.35 per $100. What are the doc stamps on the mortgage note?
- A home appraised at $350,000 sells for $378,000. The seller's net after a 5.5% commission is approximately:
- A property's annual net operating income is $36,000. If the cap rate is 8%, what is the property's estimated value?
- A Florida investor purchases a duplex for $280,000 and rents each unit for $1,200/month. The gross rent multiplier (GRM) is:
- A Florida property is assessed at 85% of its $400,000 market value. The millage rate is 18 mills. What is the annual property tax?
- A property appreciates from $250,000 to $287,500. What is the percentage of appreciation?
- A Florida borrower has a monthly gross income of $6,500. Following conventional lending's 28% front-end ratio, what is the maximum PITI payment?
- A Florida investor receives $2,400/month gross rent on a property purchased for $336,000. What is the monthly gross rent multiplier (GRM)?
- A Florida property has an assessed value of $220,000. The homestead exemption reduces it by $50,000. With a millage rate of 20 mills, what is the annual property tax?
- A seller nets $240,000 after paying a 6% commission. What was the original sales price?
- A Florida investor buys a property for $180,000 and sells it 3 years later for $216,000. What is the total percentage gain?
- A commercial space of 4,500 square feet rents at $18 per square foot annually. What is the monthly rent?
- A Florida home is listed at $395,000 and sells for 97% of list price. The listing agent receives 3% and the buyer's agent receives 3%. How much does the listing agent earn?
- A property generates $5,400 per month in gross rents. Annual operating expenses are $28,800. What is the annual net operating income (NOI)?
- A Florida buyer puts 10% down on a $380,000 home and gets a mortgage for the balance. The lender charges 1% origination fee. What is the dollar amount of the origination fee?
- A property has a potential gross income of $80,000, a 5% vacancy allowance, and operating expenses of $28,000. What is the NOI?
- A Florida buyer closes on a home on September 15. Annual property taxes of $3,600 have not been paid. Using a 365-day year, how much does the seller owe the buyer at closing as a proration credit?
- A Florida investor pays $450 per month for a storage unit and signs a 3-year lease. What is the total lease obligation?
- A Florida lender offers a 30-year fixed mortgage at 6% with monthly payments of $5.99 per $1,000 borrowed. On a $250,000 loan, what is the monthly payment (principal and interest)?
- A Florida seller purchased a home for $220,000 and is selling it for $275,000. After paying a 5% commission, what is the seller's profit?
- A Florida appraiser uses the cost approach on a home. Land value = $80,000; construction cost new = $240,000; accrued depreciation = $36,000. What is the estimated value?
- A Florida property with an NOI of $54,000 and a cap rate of 9% is valued at:
- A Florida buyer purchases a lot for $125,000 and builds a home costing $285,000. What is the total investment and the land-to-value ratio?
- A Florida investor paid $195,000 for a rental property and earned a total return of $52,650 over 3 years. What was the average annual return percentage?
- A Florida property sold for $415,000. The seller paid a 6% commission and $2,400 in closing costs. The seller's original purchase price was $340,000. What was the seller's net profit?
- A Florida commercial property generates $120,000 annual NOI. An investor requires a 10% return. What should the investor pay for this property?
- A Florida buyer makes a $35,000 down payment on a $350,000 home. The LTV ratio is:
- A Florida homestead property has a market value of $350,000. The Save Our Homes (SOH) assessed value is $280,000. After the $50,000 homestead exemption, the taxable value is:
- A Florida property sells for $490,000. The buyer obtains a $392,000 mortgage. What is the down payment percentage?
- A Florida buyer finances $280,000 at 4.5% for 30 years. Monthly payment factor is $5.07 per $1,000. What is the monthly P&I payment?
- A Florida seller pays off a mortgage with a remaining balance of $187,500, a 5.5% commission, and $3,200 in other closing costs on a $340,000 sale. What are the net proceeds?
- An investor wants a 12% annual return on a $480,000 investment. What annual NOI is required?
- A Florida property has an effective gross income of $92,000 and operating expenses of $38,000. The mortgage debt service is $28,000. What is the NOI?
- A Florida broker charges 7% commission on the first $100,000 of a sale and 3% on any amount over $100,000. If the property sells for $250,000, what is the total commission?
- A Florida home has a list price of $359,000 and sells for 98% of list. After a 6% commission on the sales price, the seller's commission cost is approximately:
- A Florida property has a replacement cost of $520,000 and accrued depreciation of 15%. What is the depreciated value of the improvements?
- A Florida investor earns $22,000 NOI on a property valued at $275,000. What is the capitalization rate?
- A Florida property closes on March 15. Annual insurance premium of $2,400 was pre-paid by the seller through December 31. How much does the buyer owe the seller for the pre-paid insurance at closing? (Use 30-day months)
- A Florida property with annual taxes of $4,800 closes on July 1. The seller has not paid this year's taxes. Using 30-day months (180 days from Jan 1 to June 30), how much does the seller owe the buyer?
- A Florida property costs $185 per square foot to build and is 1,850 square feet. What is the building cost?
- A Florida home sells for $485,000. Documentary stamp taxes on the deed are $0.70 per $100. What are the doc stamps on the deed?
- A Florida buyer's gross monthly income is $8,000. The lender applies a 36% back-end DTI limit. The buyer already has $600/month in car payments and $200/month in student loans. What is the maximum mortgage payment (PITI)?
- A Florida property generates $3,500/month gross rent. Annual operating expenses are $16,800. If the cap rate is 6.5%, what is the value?
- A Florida home is assessed at $320,000. After a $50,000 homestead exemption, the taxable value is $270,000. At 22 mills, what is the annual tax?
- A Florida commercial building has 8,000 sq ft of rentable space and charges $22/sq ft/year. What is the annual gross rental income?
- A Florida investor purchases an apartment building for $750,000 and puts 25% down. The annual NOI is $60,000. What is the cash-on-cash return on the down payment?
- A Florida property has taxable value of $185,000 and a millage rate of 24 mills. What is the annual tax bill?
- A Florida broker lists a property with a 7% commission. The property sells for $275,000. The broker splits the commission 50/50 with the buyer's broker. The listing broker then pays their listing agent 60% of the listing broker's share. How much does the listing agent earn?
- A Florida investor wants to purchase a property that generates $48,000 NOI and requires a 9% return. What is the maximum purchase price?
- A Florida investor receives $1,800/month net rent on a property. If they want a 9% annual return, what is the maximum price they should pay?
- A Florida building has a replacement cost of $800,000. Physical depreciation is $120,000, functional obsolescence is $40,000, and external obsolescence is $20,000. Total accrued depreciation is:
- A Florida property sells for $460,000 with a 6% commission. If the listing broker takes 55% and the buyer's broker takes 45%, how much does the buyer's broker earn?
- A Florida apartment building with 20 units has an average monthly rent of $1,100. Annual vacancy is 8%. What is the effective gross annual income?
- A Florida homeowner paid $255,000 for a home 5 years ago and the home now has a market value of $319,000. What is the 5-year appreciation percentage?
- A Florida buyer is purchasing a $320,000 home with an FHA loan requiring 3.5% down. What is the down payment amount?
- A Florida property leases for $28,000/year. The landlord uses a capitalization rate of 7% to value the property. What is the estimated value?
- A Florida condo association has 120 units. A special assessment of $180,000 is needed for roof replacement. What is each unit owner's share (assuming equal shares)?
- A Florida property with a market value of $500,000 is assessed at 95%. The millage rate is 15 mills. What is the annual property tax before any exemptions?
- A Florida buyer wants to purchase a duplex with a cap rate of 8.5%. The property generates $3,200/month in total gross rent with 10% vacancy and $18,000 annual operating expenses. What is the value?
- A Florida property sold for $560,000 with doc stamps on the deed at $0.70/$100. The intangible tax on a $448,000 note is $0.002/$1 (old rate, historical context). What are the doc stamps on the deed?
- A Florida property management company manages 15 properties. Average monthly rent per property is $1,800. The management fee is 10%. What are the total monthly management fees?
- A Florida buyer puts 20% down on a $425,000 home. What is the loan amount and what are the doc stamps on the mortgage note ($0.35/$100)?
- A Florida property is purchased for $395,000 with a 30-year mortgage at 5.25%. The monthly payment factor is $5.53 per $1,000. With a 15% down payment, what is the monthly P&I?
- A Florida seller wants to net $300,000 after paying a 6% commission. What must the property sell for?
- A Florida investor needs a 10.5% return on a $380,000 property. What annual NOI is required?
- A 15-year fixed-rate mortgage on a Florida property for $200,000 at 4% has a monthly payment factor of $7.40 per $1,000. What is the monthly payment?
- A Florida broker earns commissions as follows: Month 1: $8,500; Month 2: $12,000; Month 3: $6,750. What is the average monthly commission?
- A Florida commercial lease requires 2 months' security deposit and first month's rent at signing. Monthly rent is $4,500. What is the total amount due at signing?
- A Florida seller's closing costs include: 6% commission ($24,000), doc stamps on deed ($2,100), title search ($350), and prorated taxes ($1,875). Total seller closing costs are:
- A Florida apartment complex has 24 units renting at $1,350/month. Annual vacancy loss is 5%. Annual operating expenses are $72,000. If the cap rate is 8%, what is the value?
- A Florida investor borrows $240,000 at 6.5% annual interest on an interest-only loan. What is the monthly interest payment?
- A Florida property sold for $445,000. The buyer paid doc stamps on the deed at $0.70/$100 and intangible (doc stamps on note) at $0.35/$100 on a $356,000 loan. Total government transfer taxes are:
- A Florida property's annual gross income is $96,000. Vacancy is 8%, operating expenses are $32,000. At a 9% cap rate, the value is:
- A Florida broker's office closed 36 transactions last year at an average sales price of $290,000 with a 5.5% commission split 50/50 between listing and buyer side. The office's total commission income was:
- A Florida property's assessed value is $285,000. After the $50,000 homestead exemption, what is the taxable value and the tax at 19 mills?
- A Florida commercial building has 12,000 sq ft gross building area. Office spaces total 9,600 sq ft of rentable area. What is the building efficiency ratio?
- A Florida investor purchases a 6-unit apartment building for $720,000. Each unit rents for $1,100/month. Annual operating expenses are $18,000. The cap rate is approximately:
- A Florida property manager charges 8% of collected rent. In a month where 2 of 10 units are vacant (each $1,200/month), what is the management fee?
- A Florida investor wants a 15% annual cash-on-cash return on a $60,000 cash investment. What annual cash flow is required?
- A Florida property's replacement cost new is $480,000. It has physical depreciation of 20% and functional obsolescence of 8%. The depreciated value of improvements is:
- A Florida investor purchases a commercial property for $1,200,000 using a 70% LTV loan. What is the loan amount and the required equity (down payment)?
- A Florida buyer obtains a $375,000 mortgage. The lender charges 1.5 discount points. What is the cost of the discount points?
- A Florida homestead property has a market value of $425,000 and an SOH capped assessed value of $340,000. After the $50,000 homestead exemption, what is the taxable value?
- A Florida borrower is paying off a mortgage 5 years early. The remaining balance is $215,000. The lender charges a 2% prepayment penalty. What is the penalty amount?
- A Florida property's potential gross income is $144,000. With a 6% vacancy rate, the effective gross income is:
- A Florida commercial lease is a 5-year term at $2,800/month with annual 3% escalations. What is the total rent paid over the 5-year lease term? (Round to nearest dollar)
- A Florida building has 24,000 gross sq ft. Rentable area is 20,400 sq ft at $24/sq ft/year. Annual gross rent is:
- A Florida seller receives a full-price offer of $499,000. After the 5% listing commission, doc stamps ($0.70/$100), and a $1,500 title charge, approximately how much does the seller net? (Ignore mortgage payoff for this calculation.)
- A Florida buyer needs to pay doc stamps on a $355,000 mortgage note at $0.35/$100, plus an intangible tax of $0.002 per $1 on the same note (historical rate). What are the combined taxes on the note?
- A Florida property is purchased for $560,000. The buyer puts 25% down and obtains a $420,000 mortgage. First year's interest at 5% is what amount of the first year's payments?
- A Florida buyer wants a $400,000 mortgage. The lender offers a rate of 6.25% for 30 years. Monthly payment factor = $6.16/$1,000. What is the monthly P&I payment?
- A Florida property has a current assessed value of $310,000 with a 3% SOH cap applied. Without the cap, the market-based assessment would be $375,000. The tax rate is 18 mills. How much does the SOH cap save the homeowner annually?
- A Florida property is purchased for $640,000. First year NOI is $51,200. What is the overall capitalization rate?
- A Florida broker lists a commercial property at $1,500,000. The broker earns 4% commission. After splitting the total commission 60% to the listing side and 40% to the buyer side, the listing broker's share is:
- A Florida seller receives an offer of $375,000. After paying the 6% commission, $2,400 in closing costs, and satisfying the $275,000 mortgage balance, the seller's net proceeds are:
- A Florida property's gross rent multiplier (annual) is 12. If the property's annual gross rent is $42,000, the estimated market value is:
- A Florida property investor uses the '1% rule' to screen rental properties. This means they want the monthly gross rent to be at least what percentage of the purchase price?
- A Florida property has a 30-year mortgage with a beginning balance of $320,000 at 5%. After the first month's payment of $1,717.83, how much was applied to principal?
- A Florida property sells for $385,000. The seller agrees to pay 6% commission. The listing broker splits the commission 50/50 with the buyer's broker. Each broker then splits 60/40 with their respective agents (agents receive 60%). How much does the listing agent earn?
- A Florida investor purchases a rental property for $200,000. The property generates $18,000 annually in gross rent. After expenses of $6,000, the NOI is $12,000. The investor's overall capitalization rate is:
- A Florida homeowner's property has an assessed value of $180,000 with a $50,000 homestead exemption. The millage rate is 18 mills. What is the annual property tax?
- A Florida property owner wants to net $250,000 after paying a 6% commission. What must the property sell for?
- A Florida property has 3 acres being sold for $2.50 per square foot. What is the total sale price?
- A Florida commercial property has an NOI of $85,000. Similar properties in the market are trading at a 7.5% cap rate. What is the estimated market value of the property?
- A Florida property is assessed at 85% of its $400,000 market value. With a homestead exemption of $50,000 and a millage rate of 22 mills, what is the annual property tax?
- A Florida property was purchased for $150,000 five years ago and just sold for $195,000. What is the percentage gain on the original investment?
- A Florida investment property purchased for $400,000 generates monthly gross rents of $3,500. What is the gross rent multiplier (GRM)?
- A Florida buyer pays $350,000 for a property. The buyer pays $70,000 down and finances the remainder. The monthly principal and interest payment is $1,495. After 5 years of payments (60 payments), the loan balance is $260,000. What is the total amount of interest paid in the first 5 years?
- A Florida parcel measures 660 feet by 1,320 feet. How many acres is this parcel?
- A Florida property has annual gross rents of $36,000 and sold for $360,000. What is the Gross Rent Multiplier (GRM)?
- A Florida buyer needs to borrow $240,000. The lender charges 2 discount points. How much does the buyer pay for the points?
- A Florida investor wants to receive a 10% cash-on-cash return on their $100,000 down payment investment. The property has a monthly mortgage payment of $800 and monthly operating expenses of $300. What minimum monthly rent must the investor charge?
- A Florida investor purchases a property using a 70% LTV loan. The property appraised at $500,000. What is the loan amount?
- A Florida seller pays off a mortgage with a remaining balance of $175,000. The mortgage carries an interest rate of 5.4% annual rate. If the closing occurs on August 15 and the last payment was August 1, how many days of interest must the seller pay at closing?
- A Florida seller nets $180,000 after paying a 5% commission and $3,000 in closing costs. What was the sale price?
- A Florida duplex has two units, each renting for $900/month. Annual operating expenses total $8,400. The investor wants a 9% return on a cash purchase. What price should the investor pay?
- A Florida property has a legal description of 'the N 1/2 of the NE 1/4 of Section 15.' How many acres does this parcel contain?
- A Florida commercial building was purchased for $800,000 (land value = $200,000). Using straight-line depreciation over 39 years, what is the annual depreciation deduction for tax purposes?
- A Florida property owner purchased land for $80,000 ten years ago. They are now selling it for $180,000. The capital gain is:
- A Florida investor is analyzing an apartment building with the following data: 10 units at $800/month rent, 5% vacancy, $18,000 annual operating expenses, and the investor requires a 7% cap rate. What is the investor's maximum offer price?
- A Florida buyer obtains a $250,000 mortgage at 6.5% interest rate. Using an approximate factor of $6.32 per $1,000 borrowed per month for a 30-year loan, what is the monthly principal and interest payment?
- A Florida agent lists a property and agrees to pay a cooperating buyer's agent 3% of the sale price. The property sells for $325,000. The listing broker's total commission is 6%. How much does the cooperating buyer's agent actually receive, assuming the buyer's broker split is 70/30 with their sales associate (30% to the broker)?
- A Florida property is assessed at $220,000. The homeowner has a homestead exemption of $50,000 and an additional $25,000 homestead exemption for the portion above $50,000 (combined $75,000 total). The millage rate is 20 mills. What is the annual tax?
- A Florida buyer pays $420,000 for a property with a 25% down payment. After 15 years, the property is worth $600,000 and the mortgage balance is $210,000. What is the buyer's equity?
- A Florida buyer makes a $30,000 down payment on a $150,000 property. Their loan-to-value ratio is:
- A Florida landlord has a 10-unit apartment building. 8 units rent for $950/month and 2 units rent for $1,100/month. The vacancy rate is 10%. What is the annual effective gross income?
- A Florida commercial tenant has a 5-year lease with annual rent of $60,000 in year 1, escalating 3% per year. What is the total rent paid over the 5-year lease term?
- A Florida buyer pays $250,000 for a property and makes $30,000 in improvements. Five years later, they sell for $320,000, paying a 6% commission and $2,000 in closing costs. What is the net profit?
- A Florida investor purchases a 20-unit apartment building for $1,800,000. Each unit rents for $800/month. The operating expense ratio is 40%. What is the cap rate?
- A Florida listing agent's commission rate is 3% of the sale price. The property sold for $375,000. The listing broker split is 50/50 with the buyer's broker. The listing agent earns 65% of their broker's share. How much does the listing agent earn?
- A Florida property owner receives a tax bill showing an assessed value of $300,000, a homestead exemption of $50,000, and a millage rate of 17.5 mills. What is the annual tax bill?
Contracts
135 questions- The Florida Realtors/Florida Bar (FR/Bar) As Is Residential Contract for Sale and Purchase is commonly used when:
- Under a Florida purchase contract, if a buyer exercises their inspection right and requests repairs, the seller can:
- Under Florida contract law, an addendum is used to:
- A Florida seller accepts an offer on their home. The buyer's loan is denied, and the contract contained a valid mortgage contingency. In this situation:
- Under Florida's Residential Landlord and Tenant Act, a residential lease agreement that is for 1 year or longer must be:
- An assignment of contract in Florida means that:
- Under Florida law, for a real estate contract to be enforceable, it must contain which essential elements?
- The FAR/BAR 'AS IS' Residential Contract for Sale and Purchase allows the buyer to:
- In a Florida real estate contract, 'time is of the essence' means:
- Under the Florida Statute of Frauds, a real estate contract must be in writing to be enforceable if it involves:
- A buyer makes an offer on a Florida property. Before the seller signs, the buyer withdraws the offer. What is the legal status of the contract?
- In Florida, a contract signed by a person who has been adjudicated mentally incompetent is:
- Which of the following best describes a 'contingency' in a Florida real estate purchase contract?
- Under the standard FAR/BAR Residential Contract, if the seller defaults, the buyer's remedies include:
- A counteroffer in a Florida real estate transaction legally:
- The doctrine of 'equitable conversion' in Florida real estate means:
- In Florida, which of the following best describes 'novation' in a real estate contract?
- A Florida purchase contract includes a 'mortgage contingency.' If the buyer cannot obtain financing by the specified deadline, the buyer may:
- Under Florida law, a contract entered into by a minor (person under 18) is:
- A buyer and seller in Florida enter a contract for the sale of a property. The contract is silent on the type of deed to be delivered. What type of deed is presumed?
- In a Florida real estate contract, 'mutual assent' requires:
- A Florida seller received three offers simultaneously. The seller signed all three, all with the same closing date. This situation results in:
- The Florida 'AS IS' Residential Contract differs from the standard FAR/BAR Residential Contract primarily because with the AS IS contract:
- In Florida, 'specific performance' as a remedy in a real estate contract dispute means:
- What is 'liquidated damages' in a Florida real estate contract?
- A Florida contract provision that relieves a party from obligations due to circumstances beyond their control (hurricane, flood) is called a:
- A Florida listing agreement that does not specify an expiration date is:
- In a Florida buyer broker agreement, the 'protection period' clause means:
- A Florida property listed at $450,000 receives an offer for $430,000 with a 45-day closing period. The seller counters at $440,000 with 30-day closing. The buyer does NOT respond within the offer deadline. What is the status?
- Under a Florida exclusive right to sell listing, the broker earns a commission if the property is sold:
- In an 'open listing' in Florida, the broker earns a commission only if:
- The Florida 'Buyer's Right of Rescission' for new condominium contracts allows a buyer to cancel within how many days?
- Under Florida law, when must a broker present an offer to a seller?
- A 'right of first refusal' clause in a Florida real estate contract gives the holder:
- In Florida, what must be done for a contract modification to be binding on both parties?
- A buyer includes a home sale contingency in a Florida purchase contract. This contingency means:
- In Florida, a 'voidable' contract is one that:
- A Florida 'land contract' (also called a 'contract for deed' or 'installment sale contract') means:
- Under Florida's 'Parol Evidence Rule,' when a written real estate contract is complete and unambiguous:
- In Florida real estate, 'earnest money' (also called a good faith deposit) serves primarily to:
- The Florida FAR/BAR Residential Contract provides that if the buyer defaults, the seller's 'sole and exclusive remedy' with the liquidated damages election is:
- In Florida, what is the legal effect of a 'material misrepresentation' in a real estate contract?
- A Florida real estate contract that is 'executory' means:
- What is the legal difference between 'assignment' and 'novation' of a Florida real estate contract?
- Under Florida law, a real estate licensee who is a principal in a transaction (buying or selling their own property) must:
- In Florida, an 'option contract' in real estate gives the optionee (buyer) the:
- Under the FAR-BAR 'AS IS' Residential Contract, what is the buyer's primary remedy if the seller fails to make required repairs agreed upon prior to closing?
- The FAR-BAR Residential Contract for Sale and Purchase requires the closing agent to be a:
- Under the FAR-BAR contract, what happens if the buyer's financing is not approved by the financing deadline?
- Under the FAR-BAR contract, the 'Effective Date' is defined as:
- In Florida real estate, a 'counteroffer' legally operates as:
- The Statute of Frauds in Florida requires real estate contracts to be:
- In a FAR-BAR contract, the 'Closing Date' refers to:
- Under the FAR-BAR contract, if neither party is in default and the transaction cannot close due to a title defect, the buyer's remedy is:
- In Florida, earnest money in a real estate transaction is technically called:
- A 'contingency' in a Florida real estate contract means that:
- Under a FAR-BAR 'AS IS' contract, the inspection period is primarily for the buyer to:
- A buyer makes an offer on a Florida home with an earnest money deposit of $5,000. The seller accepts. Before the buyer can deposit the money, the seller dies. The contract is:
- In Florida, a contract for the sale of real property that lacks adequate consideration is:
- In Florida, a 'bilateral contract' is one in which:
- A Florida real estate contract that is 'voidable' means:
- In Florida, a 'novation' in a real estate context means:
- A Florida contract is 'void' if it:
- The doctrine of 'caveat emptor' in Florida real estate transactions means:
- Under Florida law, 'specific performance' as a contract remedy requires:
- A Florida buyer and seller agree to change the closing date in a signed contract. They should document this change through:
- Under Florida law, a real estate listing agreement is considered a:
- A buyer in Florida signs a contract but is 17 years old (a minor). This contract is:
- A Florida seller receives two valid offers at the same time. The seller may:
- A Florida real estate contract that is 'unconscionable' may be:
- A Florida real estate contract specifies that the deposit is 'liquidated damages' if the buyer defaults. This means:
- An 'as-is' clause in a Florida real estate contract means that:
- A Florida real estate purchase contract is signed but one party later discovers they were intoxicated at the time of signing. The contract may be:
- A Florida seller counters a buyer's offer at a higher price. Before the buyer accepts the counteroffer, the seller revokes it. Is the revocation valid?
- The 'four corners' rule in Florida contract interpretation means that:
- In Florida real estate, an 'addendum' to a purchase contract is:
- Under Florida law, a real estate contract that has 'mutual assent' means that:
- A Florida buyer's purchase contract includes a 'due diligence period' or 'inspection contingency.' The buyer decides to cancel within this period. The buyer is:
- In Florida, 'earnest money' serves what primary purpose in a real estate contract?
- A Florida buyer and seller sign a purchase contract. Before closing, the seller replaces the kitchen appliances with inferior models. This may be a breach of:
- A Florida real estate contract contains an 'escalation clause.' This means:
- A Florida buyer's contract includes a 'home sale contingency,' meaning the buyer's purchase is contingent on selling their current home. If the seller accepts another offer and wants to invoke the kick-out clause, the seller must:
- A Florida seller signs a listing agreement that includes an 'automatic extension' clause. This means:
- A Florida seller's listing agreement gives the broker an 'exclusive right to sell.' This means:
- In Florida, a contract for the sale of real property may be rescinded (cancelled by mutual agreement) if both parties:
- A Florida real estate contract signed by a person acting under a 'power of attorney' is valid if:
- A Florida seller accepts a buyer's offer. Before the buyer delivers the earnest money, the buyer withdraws the offer claiming it was an 'executory offer' not yet a contract. Is the withdrawal valid?
- A Florida buyer in a FAR-BAR contract is in 'default' if they:
- A Florida listing agreement specifies that the seller will pay a commission if a 'ready, willing, and able' buyer is found. This means:
- A Florida seller accepts an offer 'subject to board approval.' Until the board approves, the contract is:
- A Florida homeowner wants to sell their home 'by owner' (FSBO) without a listing agent. The seller may:
- A Florida contract includes a 'force majeure' clause. This clause typically covers situations where:
- A Florida buyer receives a seller's counteroffer and wants to counter back. What happens to the seller's counteroffer?
- A Florida buyer makes a full-price cash offer with no contingencies. The seller is most likely to view this offer as:
- A Florida seller includes a clause in the listing that they have the right to cancel the listing with 30 days' notice. This is known as a:
- A Florida seller retains the 'earnest money as liquidated damages' clause in a FAR-BAR contract. If the seller also defaults, the buyer's remedies include:
- A Florida listing broker shows a property to a buyer who later buys the property directly from the seller (FSBO after the listing expired). The broker may be entitled to a commission if:
- The 'parol evidence rule' in Florida contract law means that:
- In Florida, a 'net listing' (where the broker keeps everything above a specified price as commission) is:
- A Florida contract contains a clause requiring disputes to be settled by 'binding arbitration.' This means:
- A Florida real estate contract that requires the buyer to close within 15 days but has no 'time is of the essence' clause would allow a court to:
- A Florida buyer's offer contains an 'escalation clause' up to $550,000, with a $5,000 increment over competing offers, and the listing price is $490,000. Another buyer offers $515,000. Under the escalation clause, what does the first buyer offer?
- A Florida real estate 'option' contract requires the optionee to provide 'consideration.' The consideration for the option is:
- A Florida listing that specifies a 'net listing' amount means the broker:
- Under the FAR-BAR 'AS IS' Residential Contract for Sale and Purchase, the buyer's inspection period is:
- In Florida, 'time is of the essence' in a real estate contract means:
- A Florida buyer makes an offer on a home. The seller responds with a counteroffer changing the price. The buyer then verbally accepts the counteroffer. At this point:
- A Florida real estate contract is considered 'executory' when:
- In Florida, the legal doctrine of 'part performance' may allow enforcement of an oral real estate contract when:
- A Florida real estate contract contains a 'liquidated damages' clause providing that the seller may retain the earnest money deposit as damages if the buyer defaults. For this clause to be enforceable:
- A Florida seller accepts a buyer's offer and both parties sign the contract. Before the buyer receives notice of the seller's acceptance, the buyer sends a written revocation. Under contract law:
- Under a Florida listing agreement, the broker earns their commission when they:
- A Florida listing agreement expires before the property is sold. The seller then sells directly to a buyer the broker introduced during the listing period. This 'protection period' clause means the broker may:
- A Florida residential sales contract contains a mortgage contingency that expires on a specific date. If the buyer cannot obtain financing by that date, which statement is correct?
- In Florida, which of the following is a 'material' fact that must be disclosed to buyers of residential property?
- A Florida commercial lease between two sophisticated business parties is being negotiated. The tenant wants to include a 'demolition clause' in the lease. This clause would typically:
- In Florida, a buyer submits an offer with an 'escalation clause' stating they will pay $1,000 more than any other bona fide offer up to a maximum of $400,000. The seller receives another offer for $385,000. Under the escalation clause, the buyer's effective offer price is:
- Under a Florida lease with an option to purchase, which of the following is accurate?
- A Florida real estate transaction is subject to a 'subject to' clause requiring the buyer to obtain a satisfactory home inspection. If the inspection reveals issues, the buyer in a typical FAR-BAR AS IS contract may:
- A Florida seller receives an offer from a buyer containing a contingency for the sale of the buyer's current home. The seller can best address this uncertainty by:
- A Florida contract that is 'voidable' is best described as:
- A Florida seller agrees to pay the buyer's closing costs up to $5,000 as a seller concession. This concession appears on the Closing Disclosure as:
- A Florida purchase contract is signed by both parties. Before closing, the seller decides to sell the property to a different buyer for a higher price. The original buyer's legal remedy is:
- In Florida, a listing agreement is most accurately classified as which type of contract?
- A Florida contract uses the phrase 'time is of the essence.' A buyer misses the mortgage commitment deadline by one business day. The seller:
- A Florida seller receives an all-cash offer with no contingencies. Compared to a financed offer at the same price, an all-cash offer generally benefits the seller because:
- A Florida listing agreement provides for an open listing. Which of the following accurately describes an open listing?
- A Florida buyer makes an earnest money deposit of $15,000 on a $300,000 purchase. The buyer later defaults by failing to close. The seller's remedy under the contract's liquidated damages clause is to:
- A Florida buyer includes a 'financing contingency' in their offer. The contingency states that the offer is contingent on the buyer obtaining a $300,000 mortgage at no more than 6.5% interest for 30 years. The buyer is offered 6.75% by the lender. The buyer may:
- Under Florida contract law, a 'bilateral contract' is one in which:
- A Florida listing broker learns that the buyer who made an accepted offer has submitted falsified income documents to their lender. The broker should:
- A Florida seller receives a full-price offer with no contingencies. The seller counters with a price $5,000 higher. The buyer rejects the counteroffer. The original offer is now:
- A Florida buyer and seller execute a purchase contract. The buyer's attorney reviews the contract and recommends changes. The seller refuses to make any changes. In this situation:
- A Florida buyer includes a 'home sale contingency' in their offer. The seller's agent advises the seller that they should request a 'notice to perform' or 'kick-out clause' because:
- Under Florida law, when can an offer be revoked by the offeror before acceptance?
Property Ownership
135 questions- Florida's homestead exemption provides protection to:
- In Florida, tenancy by the entirety is available only to:
- A Florida property that is held in a 'fee simple defeasible' estate is:
- Florida's Save Our Homes (SOH) amendment limits the annual increase in assessed value of a homestead property to:
- A Florida timeshare ownership typically creates what type of property interest?
- In Florida, two unmarried individuals purchase property together with equal shares and the right of survivorship. This is most likely held as:
- Florida's Homestead Act provides which of the following protections to a primary residence?
- A Florida homeowner claims the Save Our Homes benefit. This constitutional amendment:
- In Florida, which form of co-ownership is ONLY available to legally married couples?
- Under Florida law, a life estate gives the life tenant the right to:
- A Florida property owner grants an easement appurtenant to the neighboring property owner. This easement:
- In Florida, a developer creates a condominium and records a Declaration of Condominium. Unit owners own:
- Which of the following correctly describes an 'adverse possession' claim in Florida?
- A Florida property owner dies intestate (without a will) leaving a spouse and two children. Under Florida intestacy laws, the surviving spouse generally:
- In Florida, a 'fee simple defeasible' estate is one that:
- A Florida couple married in 1985 purchases a home together. Upon the death of one spouse, the surviving spouse automatically inherits the full property under what form of ownership?
- In Florida, an 'easement by prescription' is acquired through:
- Which type of deed is commonly used in Florida to transfer property between family members or to clear a title defect?
- What is a 'condominium association' in Florida responsible for under Chapter 718 F.S.?
- A Florida homeowner's title is 'clouded' due to an old, unsatisfied mortgage from a previous owner. The best remedy to clear this title cloud is to:
- In Florida, 'fee simple absolute' is best described as:
- In Florida, which document creates a condominium and must be recorded before units can be sold?
- Under Florida's constitutional homestead protection, a married person cannot sell or mortgage the family homestead without:
- A 'time-share' in Florida grants the purchaser:
- In Florida, riparian rights give a waterfront property owner what general right regarding adjacent water?
- In Florida, a 'cooperative' (co-op) housing arrangement means that residents:
- Florida law requires that a deed must be signed by the grantor and:
- A 'pur autre vie' life estate in Florida is a life estate measured by:
- In Florida, a 'planned unit development' (PUD) typically combines:
- Under Florida law, 'intestate succession' means property passes:
- Which of the following best describes 'littoral rights' in Florida?
- In Florida, a 'prescriptive easement' requires the use to have been:
- Which of the following real property interests can a tenant under a standard lease transfer to a third party by subletting?
- In Florida, a 'mortgage' gives the lender which interest in the property?
- What is a 'remainder interest' in a Florida real estate transaction?
- Which form of Florida property ownership includes the right of survivorship automatically without any additional documentation?
- Florida's homestead exemption reduces the assessed value of a primary residence by up to:
- Which legal concept allows a government to take private property for public use upon payment of just compensation?
- In Florida, a 'fee simple absolute' estate is best described as:
- A Florida homeowner files for bankruptcy. Under Florida's unlimited homestead exemption, their primary residence:
- Which of the following correctly describes an 'easement appurtenant' in Florida?
- A Florida property owner grants another party the right to use a pathway across their land. This right is best described as:
- In Florida, adverse possession requires continuous, open, notorious, hostile, and exclusive possession for:
- In Florida, a 'life estate' grants the life tenant the right to:
- Which of the following correctly distinguishes real property from personal property in Florida?
- A 'deed restriction' or 'restrictive covenant' in Florida runs with the land, meaning:
- In Florida, a condominium owner holds title to their unit as:
- A Florida property owner dies without a will and without heirs. The property most likely passes to:
- A 'mechanic's lien' in Florida may be placed on a property by:
- In Florida, which type of deed provides NO warranties whatsoever?
- In Florida, 'tenancy in common' is characterized by:
- A Florida buyer purchases a property and discovers an unrecorded easement crossing it. Under the 'notice' doctrine, the buyer may be bound by the easement if they had:
- In Florida, a 'remainder interest' in real property is created when:
- Which of the following correctly describes a 'license' as it relates to real property in Florida?
- In Florida, a 'fee simple determinable' estate automatically reverts to the grantor if:
- The word 'PETE' in Florida real estate refers to the government's four powers over private property. These powers are:
- A Florida property owner has an 'easement by prescription.' This easement was obtained by:
- A 'covenant, condition, and restriction' (CC&R) in a Florida subdivision is typically enforced by:
- In Florida, a 'condominium' is defined as:
- Florida's 'Uniform Commercial Code' (UCC) governs transactions involving:
- In Florida, a 'cooperative' (co-op) housing arrangement differs from a condominium in that:
- In Florida, 'constructive notice' is provided by:
- A Florida property owner grants their neighbor a license to park in their driveway. The neighbor later moves away. The license is:
- In Florida, which of the following is an example of 'actual notice'?
- A Florida property owner has riparian rights. The adjacent waterway is a navigable body of water. The owner's rights extend to:
- In Florida, an 'encumbrance' on real property is:
- A Florida property owner wants to give another person the right to cross their land. They create a written and recorded document specifically for this purpose. The most appropriate document is a:
- A Florida property owner sells only the 'air rights' above their parcel to a developer. This is an example of:
- A Florida property owner who subdivides their land and sells off a parcel typically conveys title through a:
- In Florida, the term 'bundle of rights' refers to:
- In Florida, a 'time-share' interest is governed by:
- When a Florida grantor signs a deed, the grantor must have 'legal capacity.' This means the grantor must be:
- In Florida, a properly executed deed must be delivered and accepted to be effective. 'Delivery' means:
- A Florida property owner wants to sell part of their property but retain the remainder. To divide the property, they typically need to:
- A Florida property deed must be signed by the:
- In Florida, a 'partition action' allows:
- In Florida, a 'homestead' designation affects a property's status in which of the following ways?
- In Florida, 'air rights' above a property are:
- A Florida homeowner whose property is 'underwater' (owes more than the property is worth) sells for less than the mortgage balance with lender approval. This is called a:
- A Florida developer creates a subdivision and records a plat. The plat must be:
- In Florida, 'constructive eviction' occurs when:
- A Florida mortgage that has a 'prepayment penalty' means:
- A Florida property sold at a tax deed sale. Does the buyer receive clear title?
- In Florida, a 'deed restriction' that prohibits painting a house a certain color is an example of:
- In Florida, when a married couple purchases a home as 'tenants by the entireties,' they:
- A Florida homeowner's real estate is protected from forced sale by creditors under the homestead exemption. Which of the following creditors CAN force sale of the homestead?
- A Florida property owner's easement is 'appurtenant.' This means the easement:
- In Florida, 'writ of possession' is issued by a court and used by a landlord to:
- When a Florida seller conveys a property using a deed with a 'habendum clause,' this clause:
- Florida's 'homestead' protection begins when:
- A Florida property owner transfers title to their home into a living revocable trust. This transfer:
- A Florida homeowner has a 'right of first refusal' in a purchase option. This right means:
- In Florida, a 'tenancy at will' arises when:
- In Florida, a 'covenant running with the land' is a promise that:
- A Florida 'timeshare' purchaser has a statutory right to cancel the contract within:
- A Florida title is said to be 'merchantable' (marketable). This means the title is:
- In Florida, a 'statutory warranty deed' provides which level of title warranty?
- In Florida, 'water rights' associated with a parcel of land follow which doctrine for most inland waterways?
- A Florida couple purchases a home as 'joint tenants with right of survivorship.' One spouse later conveys their interest to a third party without the other's consent. The joint tenancy is:
- In Florida, 'accretion' adds land to a waterfront property through:
- A Florida deed that uses the phrase 'to ABC Church, so long as used for religious purposes' creates:
- A Florida property owner 'dedicates' a strip of land to the county for a new road. This is an example of:
- In Florida, 'avulsion' differs from accretion in that avulsion is:
- A Florida property owner whose land is gradually washed away by a river loses that land through the process of:
- In Florida, 'laches' is a legal defense in property disputes that means:
- In Florida, 'adverse possession' requires continuous, open, notorious, hostile, and actual possession for a period of:
- A Florida property owner grants a neighbor a license to cross their property. Unlike an easement, a license:
- Under Florida law, a 'fee simple determinable' estate automatically terminates and reverts to the grantor when:
- In Florida, a 'cooperative' (co-op) differs from a condominium in that co-op residents:
- Florida's 'riparian rights' doctrine applies to property owners adjacent to:
- In Florida, 'tenancy by the entireties' is only available to:
- In Florida, 'littoral rights' pertain to property owners whose land borders:
- In Florida, a 'non-conforming use' of property is best described as:
- Under Florida's condominium statute (Chapter 718, F.S.), the 'Declaration of Condominium' is best described as:
- A Florida property owner dies intestate (without a will) leaving a surviving spouse and two adult children. Under Florida's laws of descent and distribution, the surviving spouse receives:
- Florida's 'Homestead Act' provides three separate and distinct benefits to qualifying homeowners. Which of the following is one of these three benefits?
- Under Florida's condominium law, a seller must provide a buyer with the condominium documents. The buyer has the right to cancel the contract within how many days of receiving all required documents?
- In Florida, a property owner who dedicates land for a public road through the platting process is:
- A Florida 'timeshare' interest is regulated under Chapter 721, F.S. A buyer of a timeshare has a right to cancel the contract within:
- A Florida community uses 'deed restrictions' (restrictive covenants) to control land use. These restrictions differ from zoning in that:
- In Florida, a 'deed in lieu of foreclosure' is an arrangement where:
- In Florida, an 'easement by prescription' is similar to adverse possession in that it requires the use to be:
- Florida's 'Marketable Record Title Act' (MRTA) protects a property owner with an unbroken chain of title for 30 years. However, MRTA does NOT extinguish which of the following?
- In Florida, a 'condominium conversion' occurs when:
- A Florida property owner conveys property 'to my daughter Sarah for life, then to my grandchildren equally.' The grandchildren have which type of future interest?
- A Florida property is described as being in 'Township 3 South, Range 24 East.' In the Public Land Survey System, 'Range' refers to:
- Under Florida law, a homestead is protected from forced sale to satisfy judgments. This protection does NOT apply to which of the following creditors?
- Florida's 'portability' provision in the property tax law allows a homeowner to:
- In Florida, when a married couple holds property as joint tenants with right of survivorship (not tenancy by the entireties), and one spouse dies, the property:
- A Florida 'time-sharing' arrangement differs from a condominium in that a timeshare owner typically receives:
- In Florida, a 'dedication by plat' vs. a 'statutory dedication' differs in that:
- Under Florida's Chapter 718, a condominium association may collect a 'capital contribution' fee from new buyers. This fee:
- A Florida property owner deeds their property 'to my son John, but if John fails to maintain the property as a single-family residence, then to the Eastside Community Foundation.' The Foundation holds which type of future interest?
- In Florida, a 'plat' is best described as:
- Florida's 'Bert J. Harris Jr. Private Property Rights Protection Act' (F.S. 70.001) provides property owners with the right to seek compensation when:
Finance
134 questions- Florida is known for its heavy use of title insurance in real estate closings. Title insurance in Florida typically includes all of the following EXCEPT:
- A Florida property is purchased for $450,000. The buyer makes a 5% down payment and finances the balance with a conventional loan. What is the loan amount?
- Under RESPA (Real Estate Settlement Procedures Act), a 'kickback' or referral fee paid between settlement service providers is:
- Florida's documentary stamp tax on mortgages (intangible tax) is calculated based on the:
- A wraparound mortgage in Florida is an example of:
- In Florida, the documentary stamp tax on a mortgage (also called an 'intangible tax' or 'mortgage tax') is charged at:
- What does 'loan-to-value ratio' (LTV) represent in a Florida mortgage transaction?
- A Florida buyer obtains an FHA loan with 3.5% down. On a $250,000 purchase price, what is the required down payment?
- Which federal law requires lenders to provide borrowers with a Loan Estimate within 3 business days of receiving a loan application?
- In Florida, a 'purchase money mortgage' is one where:
- What is the maximum conforming loan limit for a single-family home in most Florida counties (as of recent FHFA guidelines)?
- A Florida borrower's monthly gross income is $6,000. The lender's conventional loan guideline allows a maximum housing expense ratio of 28%. What is the maximum allowable monthly PITI payment?
- Under the Truth in Lending Act (TILA), the Annual Percentage Rate (APR) differs from the interest rate because the APR:
- A Florida property is encumbered by a first mortgage of $200,000 and a second mortgage of $50,000. If the property sells at foreclosure for $220,000, how much does the second mortgage holder receive?
- Which type of mortgage allows the borrower to receive monthly payments from the lender, typically available to Florida homeowners aged 62 or older?
- A Florida adjustable-rate mortgage (ARM) with a '2/6 cap structure' means:
- In Florida, RESPA (Real Estate Settlement Procedures Act) prohibits:
- What is a 'balloon mortgage' in Florida?
- Under the Equal Credit Opportunity Act (ECOA), a lender in Florida may NOT deny a mortgage application based on:
- A Florida homebuyer is applying for a VA loan. VA loans are guaranteed by the:
- Which of the following BEST describes 'private mortgage insurance' (PMI) in a Florida transaction?
- A Florida property is subject to a mortgage with a 'due-on-sale clause.' This clause means:
- The 'secondary mortgage market' in Florida serves what primary function?
- In Florida, a 'wraparound mortgage' (all-inclusive trust deed) is one where:
- Florida's 'homestead exemption' reduces a property's assessed value for tax purposes by up to how much for a qualifying primary residence?
- What is 'amortization' in the context of a Florida mortgage?
- In Florida, the 'debt-to-income ratio' (DTI) used by mortgage lenders measures:
- Florida 'intangible tax' on a new mortgage note is charged at what rate?
- What is the purpose of FIRPTA (Foreign Investment in Real Property Tax Act) in Florida real estate transactions?
- A Florida buyer is approved for a USDA Rural Development loan. Which characteristic is MOST associated with this loan type?
- Under the Home Mortgage Disclosure Act (HMDA), lenders must:
- In Florida, what is 'seller financing' or 'owner financing'?
- The 'Community Reinvestment Act (CRA)' requires federally regulated financial institutions to:
- In Florida, what is the 'right of redemption' in a mortgage foreclosure context?
- What does 'discount points' mean when obtaining a Florida mortgage?
- A Florida buyer obtains a mortgage with a 'due-on-sale' clause. This clause means:
- In Florida, a 'balloon mortgage' is characterized by:
- What is the primary purpose of private mortgage insurance (PMI) in Florida real estate transactions?
- A Florida borrower takes out a $200,000 mortgage at 5% annual interest. What is the first month's interest payment?
- A Florida buyer qualifies for a VA loan. Which of the following is TRUE about VA loans?
- A Florida lender charges 2 discount points on a $250,000 mortgage. What is the dollar cost of the points?
- Under RESPA, a lender must provide a borrower with a Loan Estimate within how many business days of receiving a completed loan application?
- A Florida buyer assumes the seller's existing mortgage. The buyer becomes personally liable for the loan under a(n):
- A Florida lender requires a property to be appraised before making a mortgage loan primarily to:
- An adjustable-rate mortgage (ARM) in Florida has a 'cap' of 2/6. This means:
- A Florida buyer applies for an FHA loan. The maximum loan-to-value (LTV) ratio for FHA loans with the lowest down payment is:
- Under the Truth in Lending Act (TILA), the 'Annual Percentage Rate' (APR) disclosed to Florida borrowers includes:
- Florida's 'Documentary Stamp Tax' on a mortgage (intangible tax) was eliminated in 2007. What replaced it for mortgages?
- A Florida lender uses the 'debt-to-income' (DTI) ratio to evaluate a mortgage applicant. The back-end DTI ratio includes:
- A Florida buyer qualifies for a USDA Rural Development loan. These loans are available for properties that are:
- A Florida mortgage that allows the borrower to pay interest only for an initial period, then requires full amortization, is called a(n):
- Under Florida law, a 'purchase money mortgage' is one in which:
- The 'loan-to-value' (LTV) ratio is calculated as:
- A Florida 'reverse mortgage' is primarily designed for:
- RESPA prohibits which of the following practices in Florida real estate closings?
- A Florida homeowner takes out a 'home equity line of credit' (HELOC). This is best described as a:
- A Florida lender who charges more than the legal maximum interest rate is guilty of:
- A Florida borrower's 'impound account' (escrow account) held by the lender is used to:
- A 'wraparound mortgage' in Florida is one where:
- A Florida lender must provide a 'Loan Estimate' to a mortgage applicant within 3 business days. If the lender does not intend to proceed with the loan, the lender must:
- A Florida 'second mortgage' is one that:
- The 'Equal Credit Opportunity Act' (ECOA) prohibits lenders from discriminating against mortgage applicants based on:
- A Florida buyer's mortgage payment includes PITI. 'PITI' stands for:
- A Florida borrower wants to refinance their mortgage. The 'break-even point' for refinancing is calculated as:
- The 'Home Mortgage Disclosure Act' (HMDA) requires Florida lenders to:
- Under TRID, which document replaces the former HUD-1 Settlement Statement for most residential transactions?
- A Florida lender who requires a property to be in a specific geographic area before making a loan is most likely engaged in:
- A Florida lender offering a 'teaser rate' on an ARM initially charges 2.5%, then adjusts to the index plus margin (e.g., 5%) at the first adjustment. The 'payment shock' refers to:
- A Florida developer uses a 'construction loan.' This type of financing is characterized by:
- In a Florida mortgage, the 'promissory note' is the document that:
- A Florida homebuyer qualifies for down payment assistance through the State Housing Initiatives Partnership (SHIP) program. SHIP is:
- A Florida condominium buyer takes out a mortgage. The lender's 'title insurance policy' (mortgagee's policy) protects:
- A Florida buyer's pre-approval letter from a lender:
- A 'satisfaction of mortgage' in Florida is also called a:
- A Florida 'conforming loan' must meet which of the following criteria?
- Florida's 'Save Our Homes' portability allows a homeowner to:
- A Florida buyer's 'good faith estimate' (GFE) under the old RESPA rules has been replaced by the:
- Under Regulation Z (Truth in Lending Act), the 'right of rescission' allows a borrower to cancel:
- A Florida lender who approves a mortgage without properly verifying income or assets may be engaging in:
- A Florida borrower has a 'convertible ARM' mortgage. This feature allows the borrower to:
- A Florida mortgage that requires the borrower to make no payments during the loan term, with the entire balance due (principal + interest) at maturity, is called a:
- A Florida borrower's credit score falls into the 'subprime' category. This typically means the borrower will receive:
- A Florida homebuyer with a VA loan does not pay private mortgage insurance (PMI) but instead pays a:
- A Florida borrower is applying for a 'jumbo' mortgage. This means the loan amount:
- A Florida buyer is purchasing a home using a 'land contract' (contract for deed). In this arrangement:
- A Florida lender requires 'title insurance' as a condition of making a mortgage loan. This is:
- A Florida seller agrees to carry back a second mortgage for a buyer. The seller should obtain which documents to secure this agreement?
- A Florida homebuyer uses a 'piggyback' loan (80-10-10 structure). This means:
- A Florida buyer applies for a conventional mortgage. The lender requests a 'tri-merge' credit report. This means:
- Under the Community Reinvestment Act (CRA), banks must:
- A Florida borrower who receives a Closing Disclosure with costs that differ significantly from the Loan Estimate has the right to:
- A Florida borrower has a debt-to-income ratio of 48%. For a conventional loan, this most likely means:
- The 'secondary mortgage market' in Florida refers to:
- Florida's 'SHIP' (State Housing Initiatives Partnership) program provides funding to:
- A Florida mortgage that allows the borrower to make payments at their own schedule (as long as certain minimums are met) is called a(n):
- A Florida borrower applies for a 'bridge loan.' This type of financing is:
- A Florida lender orders a 'title search' as part of the mortgage underwriting process. The primary purpose is to:
- A Florida lender 'securitizes' a pool of mortgages by issuing mortgage-backed securities (MBS). The primary benefit to the lender is:
- Under Florida's usury law (Chapter 687 F.S.), the maximum interest rate for most consumer loans is approximately:
- A Florida buyer's DTI ratio is 42% (back-end). Under conventional Fannie Mae guidelines (Desktop Underwriter), this ratio may be approved with:
- A Florida borrower obtains a $300,000 mortgage at 6% interest for 30 years. The documentary stamp tax on the mortgage note is:
- In Florida, an 'assumption' of an existing mortgage means the buyer:
- What is the primary purpose of 'discount points' paid at closing on a Florida mortgage?
- A Florida property is purchased for $450,000 with a 20% down payment. The LTV ratio on the mortgage is:
- Under RESPA, the Good Faith Estimate (now Loan Estimate) must be provided to a mortgage applicant within:
- A Florida buyer obtains an FHA-insured mortgage with a 3.5% down payment on a $200,000 home. The Upfront Mortgage Insurance Premium (UFMIP) currently is 1.75% of the base loan amount. What is the UFMIP?
- Under Florida law, a 'purchase money mortgage' (PMM) has priority over which of the following?
- A Florida homeowner refinances their mortgage. The 'right of rescission' under TILA gives the borrower how long to cancel the new loan?
- A Florida buyer is financing with a conventional loan and the purchase price is $300,000 with a 10% down payment. If the lender requires PMI at a rate of 0.8% annually, what is the monthly PMI payment?
- Under Florida's homestead laws, which of the following is true about homestead protection from creditors?
- A Florida adjustable rate mortgage (ARM) has an initial rate of 3.5% and is tied to the 1-year Treasury index with a 2% margin. If at adjustment the index is at 4%, what is the new interest rate?
- The Truth in Lending Act (TILA) requires lenders to disclose the 'Annual Percentage Rate' (APR). The APR differs from the interest rate because it:
- A Florida property is appraised at $280,000, but the buyer agrees to pay $295,000. The lender will base the mortgage on:
- A Florida lender's 'due-on-sale' clause in a mortgage means:
- A Florida mortgage broker who receives a 'yield spread premium' (YSP) from a lender for steering a borrower into a higher interest rate loan is:
- A Florida home buyer is using a VA-guaranteed loan. Which of the following statements about VA loans is correct?
- A Florida mortgage uses a 'deed of trust' rather than a traditional mortgage. The primary difference is that a deed of trust involves:
- A Florida lender requires 'PITI' payments from a borrower. The acronym PITI stands for:
- A Florida borrower's 'debt-to-income ratio' (DTI) includes which of the following in the denominator?
- Under the Community Reinvestment Act (CRA), what are banks required to do?
- A Florida homeowner has a $200,000 first mortgage and the property is worth $300,000. The homeowner wants to access equity through a 'home equity line of credit' (HELOC). The maximum HELOC they can typically obtain (assuming 80% CLTV limit) is:
- A Florida property is subject to a 'wraparound mortgage.' This means:
- Florida real estate transactions commonly use 'HUD-1 proration' for property taxes because Florida taxes are paid in arrears. If the annual property tax is $4,380 and closing is August 15, how much does the seller owe the buyer as a property tax proration credit?
- A Florida homebuyer uses a 'bridge loan' in their purchase. A bridge loan is best described as:
- A Florida homeowner applies for a reverse mortgage. Which statement about reverse mortgages is accurate?
- A Florida property qualifies for a 1031 tax-deferred exchange. The investor must identify replacement property within how many days of selling the relinquished property?
- A Florida seller takes back a purchase money second mortgage for $30,000 at 6% for 5 years. The annual interest for the first year is:
- A Florida buyer obtains a mortgage with a 'prepayment penalty' clause. This clause means:
- A Florida lender is evaluating a loan application and finds the borrower has an 'underwater' mortgage on another property — the balance exceeds the current value. The lender is most concerned about:
- The Federal Reserve's primary tool for influencing mortgage interest rates is:
- A Florida buyer is using a USDA Rural Development loan to purchase a home. Which requirement applies to USDA loans?
- A Florida lender provides a 'rate lock' to a borrower. This means:
- A Florida investor purchases a small commercial property and finances it with a '5/1 ARM.' This loan structure means:
- A Florida investor is evaluating a property's 'debt service coverage ratio' (DSCR). If the annual NOI is $120,000 and the annual debt service is $100,000, the DSCR is:
Property Valuation
124 questions- In Florida, an appraisal performed for a federally related transaction must be conducted by a:
- Which of the following best defines 'market value' in a Florida appraisal context?
- A Florida income property has an NOI of $72,000 and a capitalization rate of 8%. What is the estimated value using the income approach?
- The highest and best use of a property in Florida is defined as the use that is:
- In the sales comparison approach, the appraiser adjusts for differences between the subject property and comparable sales. If a comparable has a feature the subject lacks, the adjustment to the comparable is:
- The income approach to value is most commonly used for which type of Florida property?
- A Florida office building generates a Net Operating Income (NOI) of $120,000 per year. Using a capitalization rate of 8%, what is the indicated value?
- In Florida, the principle of 'contribution' in real estate appraisal states that:
- Functional obsolescence in a Florida property occurs due to:
- A Florida appraiser is determining the cost approach value for a 10-year-old building with a total economic life of 50 years. The accrued depreciation percentage is:
- In Florida real estate, 'market value' is best defined as:
- The 'gross rent multiplier' (GRM) is calculated by:
- Regression and progression are appraisal principles related to:
- Which of the following is an example of 'external obsolescence' for a Florida home?
- When an appraiser reconciles the three approaches to value, they assign weight to each approach based on:
- The 'highest and best use' of a Florida property is defined as the use that is:
- An appraiser is valuing a Florida duplex using the income approach. The property has a gross income of $36,000 and operating expenses of $12,000. Using a 7.5% cap rate, what is the indicated value?
- In the cost approach, the appraiser calculates the value of land separately because:
- What does a 'CMA' (Comparative Market Analysis) produced by a Florida real estate agent represent?
- Under USPAP (Uniform Standards of Professional Appraisal Practice), which of the following would be a violation?
- A Florida home sold for $350,000. The comparable sale has an extra bathroom worth $8,000. The comparable does NOT have a garage that the subject has, worth $12,000. What is the adjusted comparable sale price?
- In Florida real estate, 'plottage value' refers to:
- The 'principle of substitution' in Florida real estate valuation states that:
- What is 'effective age' of a property in appraisal terminology?
- A Florida property's assessed value is $280,000. The homestead exemption is $50,000. The school board millage is 6 mills and the county millage is 10 mills. What is the total annual property tax?
- When using the sales comparison approach for a Florida home, an appraiser should use comparable sales that are generally:
- An appraiser is valuing a Florida convenience store. Which valuation approach would most likely be given the greatest weight?
- Which principle states that when two properties are similar, the value of the more expensive property is affected negatively by its proximity to the less expensive property?
- A Florida strip mall has five tenants paying annual rents ranging from $18,000 to $30,000. The total annual gross income is $120,000. Vacancy and collection loss is estimated at 8%. What is the effective gross income?
- Under FIRREA (Financial Institutions Reform, Recovery and Enforcement Act), licensed appraisers in Florida who perform federally related transactions must be:
- In Florida, the county 'property appraiser' (not to be confused with a real estate appraiser) is responsible for:
- In a Florida appraisal, the 'cost approach' is most reliable for which type of property?
- An appraiser determines that a Florida property has an economic life of 40 years, was built 8 years ago, and has no deferred maintenance. Using straight-line depreciation, what percentage of the cost represents accrued depreciation?
- The income approach formula Value = NOI ÷ Cap Rate is known as:
- The 'income approach' to property valuation is most commonly used for:
- When using the sales comparison approach, an appraiser adds value to a comparable sale when the comparable has:
- The 'cost approach' to valuation is most reliable for:
- If a property has a net operating income (NOI) of $45,000 and the capitalization rate is 7.5%, what is the estimated value?
- In Florida, the 'Save Our Homes' (SOH) cap limits annual increases in the assessed value of a homestead property to:
- The principle of 'substitution' in real estate appraisal states that:
- In Florida appraisal, 'functional obsolescence' refers to:
- A Florida appraiser uses three comparable sales to estimate a home's value: $305,000, $312,000, and $298,000. After adjustments, the weighted reconciled value is $305,500. This final step is called:
- The principle of 'highest and best use' in Florida appraisal is defined as the use that is:
- In Florida, 'external obsolescence' (economic obsolescence) is characterized by:
- The 'gross rent multiplier' (GRM) method is best used for:
- When an appraiser considers 'physical depreciation' that is 'curable,' this means:
- A Florida appraiser determines that a neighborhood's land values have been declining because of high vacancy rates. This condition is known as:
- The 'plottage' principle in real estate valuation means that:
- In the income approach, 'effective gross income' (EGI) is calculated as:
- In a Florida appraisal, 'accrued depreciation' is defined as:
- The 'principle of conformity' in Florida real estate states that value is maximized when:
- When a Florida appraiser makes a 'paired sales analysis,' they are:
- In the cost approach, the 'effective age' of a building is:
- A Florida appraiser uses three valuation approaches and determines values of $310,000, $318,000, and $305,000. The final appraised value is $312,000. This final determination reflects:
- An 'absentee owner' discount in property valuation refers to:
- The 'principle of progression' in real estate means that:
- A Florida appraiser calculates a 'gross rent multiplier' of 10. If the subject property's annual gross rent is $36,000, the estimated value is:
- A Florida home's value would most likely decrease due to 'functional obsolescence' if it has:
- When an appraiser applies the 'income approach' to a residential rental property, the final step is to:
- An appraiser doing a Florida residential appraisal for a lender must be:
- When using the sales comparison approach in a Florida appraisal, adjustments are made to the:
- A Florida appraiser assigns a 'time adjustment' to a comparable sale because the market has appreciated. This adjustment is:
- In the cost approach, the formula is: Value = Land Value + Depreciated Cost of Improvements. If a property has a land value of $95,000, replacement cost new of $320,000, and total accrued depreciation of 25%, the indicated value is:
- If a Florida appraiser notes that a property is in a neighborhood experiencing 'increasing' market conditions, this affects the sales comparison approach by:
- A Florida appraiser is asked to determine the 'market value' of a property. Market value is best defined as:
- In Florida, which type of appraisal report provides the most comprehensive documentation of the appraiser's analysis?
- In a buyer's market in Florida, which of the following is most likely TRUE?
- A Florida commercial strip mall has a potential gross income of $240,000, vacancy and credit losses of $24,000, and operating expenses of $96,000. The NOI is:
- A Florida home was built 20 years ago but has been renovated with new kitchen, baths, and roof. Its effective age might be estimated at:
- A Florida appraiser determines a property's 'economic life' is 50 years and its chronological age is 10 years. The remaining economic life is:
- A Florida appraiser applies a 10% adjustment to a comparable sale for location. The comparable sold for $380,000. The adjusted comparable value is:
- The 'principle of anticipation' in Florida real estate states that:
- When Florida property values in a specific neighborhood are declining, an appraiser applying the principle of 'regression' would expect that:
- A Florida appraiser is valuing a historic property with unique architectural features. Which approach is most appropriate?
- A Florida appraiser excludes a comparable sale from the analysis because the sale was a 'distressed sale' (foreclosure or short sale). This is because:
- A Florida rental property has the following data: Gross annual rent = $60,000; vacancy rate = 7%; operating expenses = $22,000. What is the net operating income?
- In a Florida appraisal, 'land residual technique' is used to:
- A Florida appraiser places most weight on the sales comparison approach for a single-family home. This is because:
- A Florida property appraiser uses the 'direct capitalization' method to value an income property. This method:
- A Florida appraiser is asked for an 'as-completed' value. This means:
- An appraiser's 'scope of work' in a Florida appraisal assignment defines:
- A Florida commercial property has a potential gross income of $300,000. If the market suggests a 6% vacancy rate, what is the effective gross income?
- Florida property appraisers must comply with USPAP (Uniform Standards of Professional Appraisal Practice). USPAP is developed by:
- A Florida appraiser performing an appraisal for estate tax purposes uses which value standard?
- Florida's county property appraiser establishes 'just value' for ad valorem tax purposes. 'Just value' is closest to:
- When Florida property values are declining steeply, an appraiser applying time adjustments to recent comparable sales would typically apply:
- A Florida appraiser performing a 'retrospective appraisal' is determining:
- A Florida appraiser notes that the 'absorption rate' for single-family homes in a neighborhood is 6 months. This means:
- A Florida appraiser is working on a commercial office building. Which valuation approach is likely to be given the most weight?
- An appraiser's 'opinion of value' is based on:
- A Florida appraiser is asked to value a proposed new subdivision. The most appropriate value standard would be:
- A Florida appraiser uses 'bracketing' in the sales comparison approach. This means:
- In Florida, a 'desk review' appraisal involves:
- In Florida, which type of property would most benefit from the 'cost approach' to valuation?
- A Florida appraiser performing a 'retrospective' valuation for a divorce settlement in 2020 for a property that was purchased in 2018 would use:
- A Florida commercial appraiser uses 'discounted cash flow' (DCF) analysis. The key inputs include:
- A Florida appraiser performing a 'field review' as opposed to a 'desk review' will:
- An appraiser is using the income approach to value a commercial property. The property generates $120,000 in gross rents annually, with vacancy and collection losses of 5% and operating expenses of $40,000. If the cap rate is 8%, what is the indicated value?
- When appraising residential property in Florida, the sales comparison approach requires the appraiser to make adjustments for differences between the subject property and comparables. These adjustments are made to:
- The 'principle of substitution' in real estate appraisal holds that:
- In Florida real estate, 'functional obsolescence' is defined as a loss in value due to:
- An appraiser estimates a property has a reproduction cost of $250,000, accrued depreciation of $50,000, and land value of $75,000. The indicated value using the cost approach is:
- An appraiser finds that a comparable home sold for $285,000 but has an extra half bathroom that the subject property lacks. If a half bathroom contributes approximately $3,500 to value, what adjusted sale price is used for comparison?
- In Florida, the county property appraiser determines the 'just value' (market value) of property for tax purposes as of:
- A Florida appraiser identifies 'external obsolescence' affecting a residential property located near a newly constructed interstate highway. This depreciation is:
- A Florida appraiser is appraising a 4-unit residential income property. Which appraisal approach is considered MOST applicable for this type of property?
- A Florida appraiser identifies a property as having 'incurable physical deterioration.' This means:
- Under Florida's Save Our Homes (SOH) cap, a homesteaded property's assessed value can increase no more than:
- A Florida commercial property has a potential gross income of $200,000. After applying a 6% vacancy and collection loss, the effective gross income is:
- A Florida appraiser's report is classified as a 'desktop appraisal.' This means:
- A Florida neighborhood is experiencing 'filtering' in the housing market. This means:
- A Florida appraiser uses the 'gross building area' (GBA) in the cost approach for a commercial building. GBA differs from 'net rentable area' (NRA) in that GBA:
- When a Florida appraiser reconciles the three approaches to value, they should:
- A Florida appraiser is using paired sales analysis to extract a market adjustment for a swimming pool. The appraiser should:
- In Florida real estate, the 'principle of conformity' holds that:
- An appraiser identifies a Florida property's highest and best use as commercial, but the current use is residential. The property value in this case is based on:
- A Florida appraiser notes that a neighborhood is transitioning from residential to commercial use along a major arterial road. This transition affects appraisals in the area by:
- In Florida, a property appraiser's 'market conditions adjustment' in the sales comparison approach accounts for:
- A Florida commercial property appraiser uses the 'band of investment' technique to determine the overall capitalization rate. This technique:
- A Florida residential appraiser adjusting for garage space differences uses a $5,000 adjustment per garage space. A comparable has a 2-car garage and the subject has a 1-car garage. The adjustment applied to the comparable is:
- A Florida appraiser is asked to provide a 'retrospective appraisal' of a property as of a date in the past. The appraiser should:
- A Florida appraisal of a single-family home using the sales comparison approach results in three adjusted comparable values: $285,000, $292,000, and $280,000. The appraiser's final value opinion should be:
- A Florida appraiser is valuing a property for an estate tax appraisal. The property must be valued as of the date of the decedent's death. This is an example of which type of appraisal?
- In Florida, an 'as-is' appraisal values a property:
Agency
113 questions- Under Florida's Brokerage Relationship Disclosure Act, the default brokerage relationship (when no written agreement exists) is:
- In Florida, a single agent owes which of the following duties to their principal?
- A Florida transaction broker provides limited representation. Which duty does a transaction broker NOT owe to the parties?
- Under Florida law, when a single agent broker transitions to a transaction broker in the same transaction, this requires:
- A Florida licensee is showing a property and discovers that the roof was improperly repaired after hurricane damage. The licensee must:
- Designated sales associate representation in Florida allows:
- In Florida, a 'transaction broker' owes which of the following duties to both parties?
- Under Florida law, designated sales associates may be used in a single-agent relationship when:
- A Florida real estate licensee must give a prospective buyer the No Brokerage Relationship Notice:
- In Florida, which disclosure form must be provided before or at the time of entering into a listing agreement?
- A single agent in Florida may transition to a transaction broker by:
- Which of the following is a duty owed under Florida's transaction broker relationship but NOT under a no brokerage relationship?
- Under Florida law, an agent who fails to disclose a known material defect to a buyer could face which consequence?
- A buyer's agent in Florida who learns that their client plans to pay far above the asking price should:
- In Florida, an ostensible agency (also called 'apparent agency') can be created when:
- A listing broker in Florida is showing an in-house listing to a buyer who is not represented. The MOST appropriate course of action is to:
- In Florida, 'dual agency' (where one broker represents both buyer and seller) is:
- A buyer in Florida signs a buyer broker agreement that provides for 'exclusive buyer agency.' This means the buyer:
- A Florida listing agent who obtains personal information from the seller (such as the minimum acceptable offer) must, as a transaction broker:
- An agent in Florida who misrepresents a property to induce a buyer to purchase has committed:
- Under Florida's single agent relationship, the duty of 'obedience' requires the agent to:
- In Florida, which relationship requires the MOST extensive written disclosure — the Single Agent Disclosure, the Transaction Broker Notice, or the No Brokerage Relationship Notice?
- A Florida broker's sales associate shows a buyer a property listed by the same brokerage. The DEFAULT agency relationship for the buyer would be:
- Which of the following BEST describes 'procuring cause' in determining commission disputes in Florida?
- In Florida, a 'special agent' is an agent who:
- In Florida, the duty of 'accounting' in an agency relationship means:
- In Florida, a 'transaction broker' owes which of the following duties to both buyer and seller?
- Under Florida law, when must a buyer's agent provide the 'Consent to Transition to Transaction Broker' notice?
- A Florida licensee who represents only the seller in a transaction is acting as a:
- The Florida 'No Brokerage Relationship' notice must be given to a customer:
- The Florida 'Single Agent' disclosure must be provided:
- In Florida, 'designated sales associate' representation allows:
- In Florida, listing broker who has no buyers as clients is practicing what type of representation?
- A Florida real estate broker may operate with no brokerage relationship when dealing with a customer. In this case, the broker:
- In Florida, which of the following is NOT among the duties owed by a transaction broker?
- A Florida seller signs a listing agreement creating a single-agency relationship. The broker then finds a buyer who also wants representation. The broker must:
- The duty of 'confidentiality' owed by a Florida single agent requires the agent to:
- In Florida, a licensee who works as a buyer's agent for a buyer who is purchasing a property listed by a different brokerage is typically compensated through:
- A Florida buyer's agent learns that their buyer is willing to pay $50,000 more than the asking price. The agent should:
- In Florida, the duty of 'obedience' owed by a single agent means:
- A Florida seller's agent discovers that the property has a serious foundation problem the seller has not disclosed. The agent should:
- A Florida broker receives an offer on a listed property late on Friday evening. The seller is on vacation and unreachable until Monday. What must the broker do?
- Which of the following is a characteristic of an 'implied agency' in Florida real estate?
- A Florida buyer's agent discovers their buyer has a history of defaulting on mortgages. The agent should:
- A Florida listing broker receives two offers simultaneously — one full price and one below list. The broker must:
- A Florida seller's single agent receives an offer below list price. The seller rejects it. The agent should:
- In Florida, 'puffing' by a real estate agent is best described as:
- A Florida real estate agent recommends a specific home inspector to their buyer client. If the agent has a business relationship or financial interest in the inspection company, the agent must:
- A Florida transaction broker's duty to 'account for all funds' means the broker must:
- In Florida, who is responsible for managing the brokerage's trust accounts and ensuring proper escrow management?
- When a Florida buyer's agent prepares a comparative market analysis (CMA) for the buyer, this is considered:
- A Florida seller asks their listing broker to not disclose that the property flooded last year. The broker should:
- In Florida, when must a licensee disclose their agency status to a customer (not client)?
- Under Florida real estate law, 'full disclosure' as a single agent duty means:
- A Florida licensee who is a 'non-representing broker' owes which of the following duties?
- A Florida licensee working as a transaction broker discovers that the seller has failed to disclose a major roof problem. The broker should:
- A Florida real estate salesperson is asked by their broker to commit an act that violates Chapter 475 F.S. The salesperson should:
- A Florida listing broker's fiduciary duty of 'loyalty' means the broker must:
- Which Florida doctrine prevents a party from later denying a fact they previously represented as true if the other party relied on that representation?
- A Florida broker is serving as a transaction broker for both buyer and seller in the same transaction. What disclosure must be provided?
- A Florida buyer's agent who also represents the seller of the same property (with both parties' consent and in a non-residential transaction) is exercising:
- In Florida, an agent who 'volunteers false information' to induce a principal to enter a transaction commits:
- Which of the following is a characteristic unique to a Florida 'single agent' relationship compared to a transaction broker?
- A Florida seller's agent fails to disclose a known material defect to a buyer. The buyer purchases the property and later sues. Who may be liable?
- In Florida, a real estate agent who represents a buyer and helps them purchase a home being sold by the agent's own relative (who the agent did not list) must:
- A Florida real estate broker who uses email to provide the required brokerage relationship disclosure to a prospective client:
- A Florida transaction broker must present all offers to the seller:
- A Florida broker who represents the buyer in purchasing a foreclosed home from a bank should provide which disclosure to the buyer?
- A Florida buyer's agent learns that the listing broker's client (the seller) owes delinquent taxes. What should the buyer's agent do?
- A Florida broker serves as a transaction broker for a seller. The seller instructs the broker to tell the buyer that there are 'no roof leaks' when the broker knows there is an active leak. The broker should:
- In Florida, a 'dual agent' relationship is NOT recognized because:
- A Florida buyer's agent discovers their buyer wants to make an extremely low offer to 'lowball' the seller. The agent should:
- In Florida, a real estate licensee who has a material interest in a property being purchased by their client must:
- A Florida buyer's representative is showing a home. The buyer confides that they love the home and would pay up to $40,000 more than the asking price. The buyer's agent should:
- A Florida seller's agent receives a verbal offer to purchase. The agent should:
- A Florida buyer's agent receives a referral fee from a home inspection company they recommend. To comply with RESPA and fiduciary duties, the agent must:
- Under Florida law, the duty of 'skill, care, and diligence' owed by a transaction broker means:
- A Florida buyer's agent signs a 'buyer representation agreement' with a buyer. This agreement creates:
- A Florida transaction broker discovers their seller client has accepted another offer while the broker is still showing the property. The broker should:
- A Florida real estate licensee acting as a single agent for a buyer discovers that the property being purchased has undisclosed structural damage. The licensee should:
- A Florida licensee who fails to disclose their agency status before showing property to a potential buyer has violated:
- A Florida seller's agent receives a deposit check from a buyer. The agent hands it to the broker within one business day. The broker has how many additional business days to deposit it in escrow?
- A Florida listing broker has a seller client who is in the military and is being transferred overseas. The seller must sell quickly. The broker should:
- A Florida licensee using the 'transaction broker' form of representation has obligations to the seller. When the seller asks the transaction broker not to disclose that the roof leaks, the broker:
- A Florida single agent who is also a co-buyer in a transaction they are handling for a client must:
- A Florida broker who is the buyer's single agent learns that the property has a serious foundation problem the listing agent didn't mention. The broker's primary duty is to:
- A Florida buyer's broker negotiates a price reduction of $15,000 for their buyer client. The buyer thanks the broker and offers a $500 bonus. The broker may accept the bonus:
- Under Florida's single agent relationship, which duty requires the broker to disclose all known facts that materially affect the value of residential property?
- In Florida, a 'designated sales associate' arrangement is ONLY available when:
- A Florida real estate licensee working as a transaction broker has which of the following duties?
- When must a Florida licensee provide the 'Consent to Transition to Transaction Broker' notice?
- Under Florida law, a 'no brokerage relationship' means the licensee:
- A Florida real estate licensee represents a buyer in a transaction. The licensee discovers that the seller failed to disclose known water intrusion damage that was patched and painted over. The licensee should:
- A Florida buyer's broker fails to present a written offer to the seller because the broker believes it is too low and will be rejected. This broker has violated:
- A Florida seller instructs their listing broker to keep the listing price confidential and not to share it with other agents. The broker should:
- Under Florida law, a broker acting as a transaction broker is NOT required to disclose which of the following to the buyer?
- A Florida real estate broker represents both the buyer and the seller in the same transaction as a single agent for each. This arrangement is called:
- In Florida, the listing broker's duty to present offers continues until:
- A Florida listing broker receives two offers simultaneously — one from a buyer represented by the listing broker's own company and one from an outside company. The broker's duty is to:
- In Florida, a real estate broker who discovers that a seller they represent has died during the transaction must:
- A Florida buyer's agent discovers that the seller's listing price is based on an inflated appraisal. The buyer's agent should:
- A Florida REALTOR® member is bound by the NAR Code of Ethics in addition to Florida license law. The Code of Ethics is enforced by:
- A Florida buyer's broker has obtained a signed buyer representation agreement. The buyer then makes an offer on a for-sale-by-owner (FSBO) property. The buyer's broker should:
- Under Florida law, the 'No Brokerage Relationship Notice' must be provided:
- In Florida, a 'subagent' is created when:
- A Florida buyer contacts a listing agent directly to make an offer without using a buyer's agent. The listing agent may help the buyer as:
- A Florida buyer signs a buyer representation agreement with an exclusive right to represent clause. The buyer later sees a FSBO and wants to purchase it. Under the agreement, the buyer:
- A Florida licensee's fiduciary duties under a single agent relationship include 'obedience.' This duty means the licensee must:
- A Florida broker lists a property. During showings, the broker discovers that the roof has an active leak that the seller hasn't mentioned. The broker must:
- A Florida seller grants their listing broker a 'power of attorney' to sign closing documents on their behalf. This grant:
- A Florida real estate licensee is showing a property to a buyer customer (no buyer representation agreement). The buyer asks the licensee, 'How low do you think the seller will go?' The licensee should:
- A Florida buyer has signed a buyer representation agreement with Broker ABC. The buyer sees a home listed by Broker XYZ that they want to purchase. Broker ABC contacts Broker XYZ to show the property. In this scenario:
- A Florida buyer's agent learns that the property they are showing has a termite infestation that is visible in the crawl space. The listing agent was not aware of this. The buyer's agent must:
Escrow & Title
110 questions- Florida is primarily a 'title insurance state,' meaning that:
- In Florida, documentary stamp taxes on a warranty deed are calculated based on the:
- What is the purpose of a title commitment (also called a title binder) issued before a Florida closing?
- Which of the following liens would take priority over a first mortgage in Florida if not satisfied at closing?
- In Florida, when must a broker deposit earnest money into an escrow account?
- When a Florida escrow dispute arises and the broker cannot determine to whom the funds belong, the broker may:
- A Florida title insurance policy issued at closing protects against which of the following?
- In Florida, a 'warranty deed' provides which guarantee from the seller to the buyer?
- A Florida 'special warranty deed' (limited warranty deed) differs from a general warranty deed because the seller only warrants title against:
- In a Florida closing, who typically pays for the owner's title insurance policy?
- A Florida property is sold with a lien for unpaid homeowner association (HOA) dues. After closing, who is responsible for the unpaid dues?
- In Florida, 'actual notice' differs from 'constructive notice' in that actual notice:
- A Florida 'quitclaim deed' transfers:
- Under Florida's recording statute, recording a deed in the public records provides:
- In Florida, a 'lis pendens' recorded against a property notifies the public that:
- In Florida, which of the following creates a general lien against real property?
- What is the legal priority of a mechanic's lien in Florida?
- A Florida title search reveals an 'abstract of title.' This document is:
- Florida's 'Marketable Record Title Act' (MRTA) limits title searches to how far back?
- In a Florida closing, the 'prorated' items are typically:
- A Florida property has an annual HOA assessment of $3,600. The closing is on August 1. Using a 365-day proration, how much does the seller owe the buyer as a credit (HOA unpaid)?
- A 'lender's title insurance policy' in Florida protects:
- In Florida, a 'satisfaction of mortgage' must be recorded within how many days of the mortgage being paid off?
- When a Florida borrower fails to make mortgage payments and the lender files a lawsuit to foreclose, this is called:
- In Florida, a real estate broker who receives an earnest money deposit must deposit it into an escrow account within:
- Which type of title insurance policy protects the lender's interest in a Florida real estate transaction?
- A 'general warranty deed' in Florida provides the grantee with a warranty against defects in title:
- In a Florida real estate closing, 'proration' most commonly applies to:
- Which type of title insurance policy in Florida protects the buyer's equity interest in the property?
- A 'quiet title action' in Florida is used to:
- In Florida, a 'special warranty deed' warrants the title only against claims arising:
- In Florida, which of the following is a method for resolving escrow disputes between a buyer and seller?
- In Florida, which party typically pays for the owner's title insurance policy in a standard transaction?
- A Florida buyer receives a 'title commitment' from a title company before closing. What does this document do?
- In Florida, a 'lien' on real property is best described as a:
- Florida's 'Construction Lien Law' (Chapter 713 F.S.) primarily protects:
- In Florida, a 'lis pendens' recorded against a property means:
- Florida's 'Homestead' protection also means that a homestead property cannot be devised (left by will) to anyone other than the owner's surviving spouse or minor children when:
- A 'chain of title' in Florida refers to:
- In Florida, an 'abstract of title' is:
- In Florida, a 'satisfaction of mortgage' must be recorded to:
- In Florida's 'race-notice' recording statute, a subsequent purchaser has priority if they:
- In Florida, a 'notice of commencement' in a construction project must be:
- In a Florida real estate closing, 'title search' involves examining:
- A Florida buyer discovers after closing that there is an unpaid property tax lien from 3 years ago on the property. If the buyer has an owner's title insurance policy, the insurer will:
- In Florida, documentary stamp taxes on a deed are paid by:
- A 'closing disclosure' (CD) in a Florida mortgage transaction must be provided to the borrower at least how many business days before closing?
- A Florida title company conducting a closing is generally prohibited from:
- In a Florida real estate closing, 'prorated real estate taxes' typically appear on the HUD-1/Closing Disclosure as:
- In Florida, a 'deed in lieu of foreclosure' occurs when:
- A Florida property subject to a 'first mortgage' and a 'second mortgage' goes into foreclosure. Which lien is satisfied first?
- A 'title search' in Florida is most commonly conducted by:
- A Florida buyer purchases a home and later discovers that a survey reveals a fence encroaches 2 feet into the property from a neighbor's yard. This is called a(n):
- In Florida, a property tax certificate sale occurs when:
- A Florida real estate broker who acts as the closing agent holds earnest money in their trust account. The funds remain in escrow until:
- A 'title opinion' issued by a Florida attorney differs from title insurance in that:
- In Florida, 'marketable title' means that the title is:
- A Florida condominium purchaser has a statutory right to cancel the purchase contract within how many days of receiving the condominium documents?
- In Florida, 'cloud on title' refers to:
- A Florida buyer pays the lender 'origination points' at closing. These points:
- In Florida, a 'tax deed' transfers title to a property when:
- Under Florida's recording statutes, an unrecorded deed is valid between:
- A Florida closing statement shows a 'debit' to the seller. This means:
- In Florida, 'intangible tax' on a new mortgage was eliminated in 2007. Before 2007, this tax was:
- In Florida, a 'survey exception' in a title insurance policy means:
- A 'gap' in the chain of title in Florida means that:
- In Florida, 'title by adverse possession' can eventually be converted to 'record title' through:
- In Florida, a 'condominium rider' or 'PUD addendum' is added to a mortgage when:
- A 'lis pendens' may affect a Florida real estate transaction by:
- In Florida, 'interlocking' ownership (one entity owning shares in another that owns real estate) creates complexity in title because:
- In Florida, a 'deed in trust' is used when:
- In a Florida mortgage foreclosure, the borrower has a 'right of redemption' allowing them to:
- A Florida buyer discovers after closing that the property has an unpaid mechanics' lien from a prior contractor. If they have an owner's title insurance policy, the insurer should:
- A 'gap period' in Florida title insurance refers to the time between:
- A 'certificate of title' issued at a Florida foreclosure sale means:
- A Florida title insurance policy has a 'Schedule A' section. This section contains:
- In Florida, a 'judgment lien' is created against a debtor's real property when:
- When a Florida mortgage is foreclosed, outstanding junior liens (second mortgages, mechanic's liens) are generally:
- In Florida, after a foreclosure sale, if no objections are filed within 10 days, the court clerk issues a:
- In Florida, the seller's disclosure of property condition is required under:
- In Florida, a 'mortgage release' (satisfaction of mortgage) must be issued by the lender within how many days of loan payoff?
- Florida's 'Documentary Stamp Tax' on deeds is payable at which rate?
- When a Florida property is purchased at an HOA lien foreclosure sale, does the buyer receive clear title?
- In a Florida 'short sale,' the seller must obtain the lender's approval because:
- In Florida, a 'purchase money mortgage' (PMM) that is seller financing has which priority characteristic?
- A Florida property is sold at a tax deed sale. Which of the following claims might survive the tax deed sale?
- A Florida 'title defect' that requires a quiet title action typically arises from:
- In Florida, a 'gap' in title insurance coverage refers to:
- Florida's documentary stamp tax on a warranty deed conveying property for $275,000 is:
- A Florida title insurance 'owner's policy' protects the:
- In Florida, when a broker is faced with an escrow dispute and cannot determine the rightful owner of the funds, which of the following is NOT an acceptable resolution method?
- A 'special warranty deed' in Florida differs from a 'general warranty deed' in that it:
- In Florida, 'constructive notice' of an interest in real property is provided by:
- Florida's 'marketable title' statute (F.S. 712) provides that a property owner with a chain of title 30 years or longer has marketable title, effectively eliminating:
- In a Florida real estate closing, the 'HUD-1' (now replaced by the 'Closing Disclosure') is required for:
- A Florida seller has a mortgage with an outstanding balance of $150,000 at 4.5% annual interest. The closing is on March 15. Interest is paid in arrears. What is the seller's interest proration that will appear as a credit to the buyer?
- In Florida, a 'certificate of title' in a foreclosure sale differs from a 'warranty deed' in that it:
- In Florida, which type of deed conveys the grantor's interest (if any) with no warranties whatsoever?
- A Florida property is conveyed with a deed that states 'to John Smith, for the life of Jane Doe.' When Jane Doe dies:
- In Florida, the 'ALTA' (American Land Title Association) title insurance policy form provides broader coverage than a standard coverage form. Which of the following is covered by an ALTA policy but NOT a standard policy?
- Under Florida law, a tax deed sale occurs when a property owner has failed to pay property taxes for how many years?
- A Florida property owner grants their neighbor an 'easement appurtenant' for a shared driveway. Years later, the neighbor sells their property. The new neighbor:
- In Florida, 'intangible personal property tax' was historically assessed on which type of asset?
- In Florida, when property is sold at a foreclosure auction and no one bids more than the lender's opening bid, the lender receives a:
- A Florida title company discovers that a prior deed in the chain of title was signed by a grantor who was a minor at the time. This creates a:
- Florida's 'priority of title' generally follows which rule for recorded documents?
- A Florida property transaction closes on July 1. The annual property taxes of $3,600 have not yet been paid (they are due in November). How does this appear on the Closing Disclosure?
- In Florida, the county tax collector conducts a tax certificate sale when property taxes are delinquent. Certificates are sold to investors who:
- A Florida buyer discovers after closing that there is an undisclosed mechanic's lien on the property from work done before closing. The buyer's title insurance company:
- Florida's 'Homestead Protection' under the Florida Constitution and F.S. 222.01 is automatically applied when the owner occupies the property as their primary residence. The protection takes effect:
Property Management
106 questions- In Florida, a property manager who collects rent and manages properties on behalf of owners must hold a:
- Under Florida's Residential Landlord-Tenant Act (Chapter 83 F.S.), a landlord must return a security deposit within how many days after the tenant vacates?
- A Florida tenant has a month-to-month rental. How much notice must the landlord give to terminate the tenancy?
- In Florida, which type of eviction proceeding is used when a tenant fails to pay rent?
- A Florida Community Association Manager (CAM) license is regulated by:
- Under a property management agreement in Florida, the property manager typically has what type of authority?
- A Florida landlord wants to increase rent for a month-to-month tenant. What is required?
- Florida's Chapter 720 F.S. governs:
- In a gross lease, who typically pays for operating expenses such as taxes, insurance, and maintenance?
- A 'triple net lease' (NNN) in Florida commercial real estate means the tenant pays:
- Under Florida's Residential Landlord-Tenant Act, a landlord who performs a 'self-help eviction' by changing locks or removing a tenant's belongings may be liable for:
- A property manager in Florida is hired under a 'property management agreement.' This agreement is considered a(n):
- In Florida, a 'percentage lease' is most commonly used in:
- A Florida property manager who mixes client funds with their personal or operating funds has committed:
- Under Florida's condominium law (Chapter 718 F.S.), unit owners have the right to:
- A Florida mobile home park owner who wants to close the park and evict all tenants must provide written notice at least how many days in advance?
- In a net lease, the tenant is responsible for paying:
- Under Florida's homeowners' association (HOA) law (Chapter 720 F.S.), an HOA may fine a member a maximum of how much per violation per day?
- A Florida property manager receives a security deposit from a tenant. The manager must:
- Which type of lease gives a tenant the right to purchase the property they are leasing at a set price within a specified time period?
- Under Florida's Residential Landlord and Tenant Act (Chapter 83), a landlord must return a security deposit or provide written notice of intention to make a claim within:
- A Florida property manager collects rent on behalf of the owner. Where must these funds be held?
- Under Florida law, a residential landlord must give how many days' written notice before terminating a month-to-month tenancy?
- A property management agreement in Florida is legally classified as a:
- A Florida tenant's lease expires and the tenant stays without signing a new lease, paying rent monthly. The tenancy is now classified as:
- A Florida property manager is asked by an owner to discriminate against prospective tenants based on race. The manager should:
- A property manager in Florida receives a 7-day notice to pay rent or vacate. What type of notice is this?
- A commercial lease that requires the tenant to pay base rent plus a share of operating expenses (taxes, insurance, maintenance) is called a:
- A percentage lease, common in Florida retail properties, requires the tenant to pay:
- Under Florida law, a landlord may enter a tenant's residential unit without notice in the case of:
- A Florida property manager receives a security deposit for a residential unit. The deposit must be held:
- A Florida property manager wants to increase rents above the lease rate for existing tenants. Under a fixed-term lease, the manager can increase rent:
- A Florida residential tenant fails to pay rent on time. The landlord must serve a written notice requiring the tenant to pay rent or vacate within how many days before initiating eviction?
- In Florida, when a tenant abandons a residential rental unit, the landlord must:
- A Florida property manager who also holds a real estate license charges a fee for finding tenants. This activity:
- A Florida commercial lease that runs for 99 years is called a:
- An HOA in Florida assesses a special assessment for roof replacement. This type of assessment is:
- Under Florida's condo law (Chapter 718 F.S.), a condominium association must provide unit owners with a proposed budget at least how many days before the budget meeting?
- A Florida landlord wants to evict a tenant who has violated a lease term other than non-payment of rent. The landlord must first serve:
- A Florida condominium association must maintain reserves for:
- A Florida property manager handles a commercial property with a triple net (NNN) lease. Under a NNN lease, the tenant pays:
- A Florida HOA has the right to collect assessments through a lien on the property. Under Chapter 720 F.S., an HOA lien for unpaid assessments:
- A Florida property manager discovers that a tenant has been subletting the unit without permission. Under a standard residential lease, the landlord may:
- Under Florida's Chapter 718 (Condominium Act), unit owners have the right to:
- A Florida commercial property manager negotiates leases on behalf of the owner. This is an activity that requires:
- A Florida property manager receives a security deposit of $2,000 and monthly rent of $1,500. Under Florida law, the landlord must disclose to the tenant:
- Under Florida law, a commercial tenant whose lease expires and continues to occupy the premises while negotiating a new lease is considered a:
- A Florida landlord discovers a tenant has a dog, violating the no-pet lease clause. Before seeking eviction, the landlord should:
- A Florida property management company is hired to manage an apartment complex. The management fee is typically:
- A Florida property manager's fiduciary duties to the property owner include all of the following EXCEPT:
- Under Florida's Condominium Act (Chapter 718), the board of directors of a condominium association has the authority to:
- A Florida property manager is responsible for maintaining 'sufficient reserves' for a commercial property. This means:
- A Florida property manager for a retail center must understand 'percentage rent' clauses in leases. A percentage rent clause means:
- A Florida residential landlord receives a tenant's 30-day notice to vacate at lease end. The landlord's primary obligation is to:
- A Florida HOA board violates the association's bylaws by approving an expenditure without proper member vote. A unit owner may:
- A Florida property manager charging property management fees without a real estate license for a third-party-owned property is:
- A Florida property management company wants to collect late fees from tenants. Late fees must be:
- A Florida residential property manager must give what type of notice before entering a tenant's unit for non-emergency repairs?
- A Florida commercial tenant signs a 'gross lease.' Under this lease type, the tenant pays:
- A Florida commercial property manager must keep management trust funds in a:
- A Florida property owner hires a management company. The management agreement should clearly define:
- A Florida property management company must provide an annual accounting to property owners that includes:
- A Florida property manager must disclose to prospective tenants if a unit was the site of:
- A Florida property manager's annual operating budget for a commercial property would typically include which of the following?
- A Florida commercial property manager negotiates a tenant improvement allowance (TIA). This means:
- A Florida property management company is managing a strip mall. The common area maintenance (CAM) charges assessed to tenants are meant to recover:
- A Florida residential property manager wants to verify a prospective tenant's income. Which method is most appropriate?
- A Florida property manager is managing a property and the owner becomes incapacitated. The management agreement is typically:
- A Florida tenant has lived in a unit for 3 years with no lease renewal signed. The tenancy is now classified as:
- A Florida property manager who receives a tenant's habitability complaint about a broken HVAC system in summer is legally required to:
- A Florida commercial property manager receives a tenant's request to sublease the space. The manager should:
- A Florida property manager must comply with the Americans with Disabilities Act (ADA) primarily for:
- A Florida property management company wants to terminate a property management contract. The proper procedure is to:
- Under Florida law, a condominium association must hold its annual meeting and allow unit owners to:
- A Florida HOA board votes to increase monthly assessments by 20% due to rising insurance costs. Unit owners may:
- A Florida property management company is managing a mixed-use building (retail on ground floor, apartments above). This requires the manager to understand both:
- A Florida property management company is hired to manage a vacation rental property. In addition to a real estate license, the management company must also ensure the property has a valid:
- Under Florida's Residential Landlord and Tenant Act (Chapter 83, F.S.), a landlord who receives a security deposit must:
- A Florida tenant gives proper written notice to vacate. After the tenant moves out, the landlord must return the security deposit within:
- Under Florida law, a landlord may terminate a month-to-month tenancy by giving the tenant:
- A Florida property manager collects rents, pays expenses, and maintains financial records for an owner. Which type of accounting record summarizes all income and expenses for a managed property?
- Under Florida's Residential Landlord and Tenant Act, a landlord who wants to enter a tenant's unit for non-emergency repairs must provide at least:
- A Florida property manager is hired to manage a commercial office building. The management agreement should specify all of the following EXCEPT:
- A Florida tenant has not paid rent. Under Florida law, the minimum notice a landlord must provide before filing for eviction for nonpayment of rent is:
- A Florida commercial lease requires the tenant to pay base rent plus their proportionate share of operating expenses. This type of lease is called:
- A Florida commercial property manager is authorized under a management agreement to sign leases on behalf of the owner. The manager is functioning in the legal capacity of:
- Florida's Chapter 720, F.S. governs which type of community associations?
- A Florida HOA board wants to levy a special assessment of $5,000 per unit for major roof repairs. Under Chapter 720, F.S., a special assessment of this size typically requires:
- Under Florida law, which of the following is required in a residential lease agreement?
- A Florida commercial tenant is on a percentage lease in a retail shopping center. Their lease requires a base rent of $2,000/month plus 4% of gross sales over $500,000 annually. If annual gross sales are $700,000, what is the annual percentage rent overage?
- Under Florida's Chapter 83, a residential tenant who discovers that a serious building code violation exists that materially affects the health, safety, or habitability of their unit may:
- A Florida apartment building has 100 units that rent for an average of $1,200/month. The vacancy rate is 8%. What is the effective gross income per month?
- Under Florida's Chapter 718 (condominium law), the condo association must provide the unit owner with a written notice of a special assessment at least how many days before the vote?
- A Florida property management company manages 50 residential units for various owners. The company must keep each client's funds:
- Under Florida's condominium association law, the board of directors may use the 'business judgment rule' as a defense against unit owner challenges to their decisions. This rule provides protection when the board:
- A Florida commercial lease contains an 'assignment' clause that prohibits assignment without landlord consent. The tenant wants to sell their business to a buyer who will continue operating the same business in the leased space. This arrangement:
- A Florida commercial property manager negotiates a new 5-year lease with a tenant at $18/sq ft/year for 3,000 sq ft. The management fee is 5% of collected rent. What is the monthly management fee?
- A Florida HOA's declaration of covenants provides that any architectural changes must be approved by the Architectural Review Committee (ARC). A homeowner installs a basketball hoop in their driveway without ARC approval. The HOA may:
- A Florida landlord serves a 3-day notice on a tenant for nonpayment of rent on Friday, December 24. The 3-day period would expire on:
- Under Florida law, a commercial landlord who performs a 'self-help eviction' by changing the locks on a commercial tenant who is delinquent on rent is:
- A Florida homeowners association (HOA) wants to restrict the number of vehicles a homeowner can park in their driveway. Under Chapter 720, F.S., this type of restriction:
- Under Florida's Landlord-Tenant Act, the landlord's duty to maintain the premises requires compliance with:
- A Florida property manager is authorized by the owner to collect rents. The manager collects $50,000 in rents, deducts their 8% management fee, and remits the balance to the owner. The proper accounting treatment is:
- Under the Americans with Disabilities Act (ADA), a Florida commercial property owner who refuses to make reasonable modifications to accommodate a customer who uses a wheelchair may be subject to:
- A Florida tenant complains to the local code enforcement office about housing code violations. The landlord retaliates by issuing a notice of nonrenewal. Under Florida law, this retaliatory conduct:
- A Florida tenant abandons a rental unit. The landlord discovers the abandonment and wants to retake possession. Under Florida law, the landlord should:
Environmental
105 questions- Florida law requires sellers to disclose to buyers if a property is in a designated flood zone. The primary federal program governing flood insurance in Florida is:
- In Florida, which of the following environmental hazards is of particular concern due to the state's geology and must be disclosed when known?
- A Florida property is found to have underground petroleum storage tanks (USTs) that have leaked. Under CERCLA and Florida law, who may be liable for cleanup?
- Lead-based paint disclosure is required in Florida for residential properties built:
- Which federal environmental law requires the disclosure of known asbestos in a building before its sale or renovation?
- Florida's 'Johnson Act' (Section 403.4154 F.S.) relates to which environmental concern in residential transactions?
- Under Florida law, a property located in a designated coastal construction control line (CCCL) may have restrictions on:
- In Florida, wetlands are regulated primarily by which agency?
- A Florida real estate agent discovers that a property they are listing may have soil contamination from a prior industrial use. The agent should:
- A buyer in Florida is purchasing a home built in 1965. Under federal law, the seller must provide the buyer with:
- In Florida, which agency enforces the Clean Water Act provisions related to wetlands and water quality?
- A Florida home buyer discovers the property is located near a former dry-cleaning business with known solvent contamination. The contaminant MOST likely present is:
- Under Florida law, sellers must disclose properties located in the 'Coastal High Hazard Area' (CHHA). This area is:
- What is a 'Phase I Environmental Site Assessment' in Florida commercial real estate?
- Which environmental hazard is associated with the naturally occurring radioactive gas that can accumulate in buildings and is found in elevated levels in parts of Florida due to phosphate geology?
- In Florida, the 'Pollution Recovery Act' (Chapter 376 F.S.) addresses cleanup liability for:
- What does the acronym 'CERCLA' stand for in the context of Florida environmental law?
- A Florida residential property has an old well on it. Before selling, which step should the seller take regarding the well?
- Mold in a Florida property is a disclosure concern primarily because:
- Florida's 'Sinkhole Disclosure Act' requires sellers to disclose:
- Florida licensees are required to disclose the presence of which of the following environmental hazards if known?
- Under Florida law, a seller must disclose sinkhole activity on a property if:
- Which federal law requires sellers of pre-1978 homes to disclose known lead-based paint hazards?
- A property is located in FEMA Flood Zone AE. What does this mean for a buyer obtaining a federally backed mortgage?
- Which substance is most commonly associated with older Florida homes and requires federal disclosure upon sale?
- Florida's 'Underground Storage Tank' (UST) program is most relevant to buyers of:
- Which of the following is TRUE regarding radon gas in Florida real estate?
- Under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA/Superfund), a Florida purchaser of a contaminated property can avoid liability by qualifying as:
- Florida's 'Brownfields Redevelopment Act' provides what benefit to developers of contaminated sites?
- Asbestos-containing materials (ACMs) in Florida real estate are most commonly found in homes built before:
- Florida's 'Wellfield Protection Zones' are established to:
- The 'Phase I Environmental Site Assessment' (Phase I ESA) in Florida is designed to:
- Florida's 'Coastal Construction Control Line' (CCCL) restricts development seaward of the line to protect:
- Florida's 'Everglades Forever Act' is primarily focused on:
- Florida's 'Sinkhole Activity' must be disclosed when a seller has:
- The National Environmental Policy Act (NEPA) requires federal agencies to prepare an Environmental Impact Statement (EIS) for:
- Florida requires sellers to provide buyers with a 'Radon Gas Disclosure' statement. This requirement is based on:
- Mold in a Florida property is considered a material fact that must be disclosed because:
- Which of the following Florida environmental programs helps property owners voluntarily clean up contaminated sites?
- Florida's 'Wetlands' are regulated primarily because they:
- Florida's 'Solid Waste Management Act' regulates the disposal of hazardous waste on property. A buyer purchasing a property that operated as a dry-cleaning business should be most concerned about:
- Florida has established standards for acceptable levels of arsenic in drinking water supplies. Properties near which of the following may be most susceptible to arsenic contamination?
- Florida's 'Coastal Barrier Resources Act' prohibits the use of federal funds for development in the:
- In Florida, a property owner who discovers petroleum contamination from an old underground storage tank should first:
- The 'innocent landowner defense' under CERCLA requires a prospective purchaser to conduct:
- Which federal agency oversees the Superfund (CERCLA) program for cleaning up contaminated sites in Florida?
- A property in Florida is located in a designated 'Special Flood Hazard Area' (SFHA) with Zone X shading. What does Zone X indicate?
- Florida's 'Endangered Species Act' compliance for a development project near a known Florida panther habitat would typically require:
- Florida's 'Clean Water Act' Section 404 permits are required for:
- Florida's water management districts (WMDs) regulate which of the following activities?
- Florida's 'Mitigation Banking' program allows developers to offset impacts to wetlands by:
- Florida's 'Wellfield Protection Zones' are typically divided into zones based on:
- Which Florida state agency is primarily responsible for wetland permitting and environmental regulation of land development?
- Under Florida law, a property seller is required to disclose which of the following on the Florida Residential Sales Disclosure form?
- A Florida homeowner installs a new septic system. This activity is regulated by:
- A Florida property contains an old oil drum with residue. Under state law, the property owner must:
- Under Florida law, if a property has been used as a gas station, potential buyers should be most concerned about contamination from:
- A Florida seller received an insurance payout for sinkhole damage 3 years ago. Must the seller disclose this to a buyer?
- A Florida property was used for agricultural purposes and is now being converted to residential. Which environmental concern is most common?
- A Florida property adjacent to a dry-cleaning facility wants to purchase the property for residential development. What is the MOST important environmental concern?
- Florida's 'Florida-Friendly Landscaping' program encourages property owners to:
- Florida's 'Consumptive Use Permit' (CUP) is required for:
- Florida's 'Aquifer' system (particularly the Floridan Aquifer) is critical because it:
- Florida's 'Environmental Resource Permit' (ERP) program, administered by FDEP and Water Management Districts, requires permits for activities that affect:
- Under Florida law, a seller of a pre-1978 residential property must provide a buyer with the EPA/HUD booklet titled:
- Florida's 'Right to Farm' Act protects agricultural operations from:
- A Florida property with a history of above-ground fuel storage tanks is being sold. The buyer should be most concerned about:
- Which of the following environmental laws gives Florida citizens the right to sue polluters who contaminate navigable waters?
- A Florida coastal property is subject to FEMA's National Flood Insurance Program (NFIP). Properties in participating communities with federally backed mortgages in Special Flood Hazard Areas must carry flood insurance with coverage up to at least:
- A Florida property buyer discovers the property is in an 'Area of Critical State Concern' (ACSC). This designation means:
- Florida's 'South Florida Water Management District' (SFWMD) is responsible for all of the following EXCEPT:
- A Florida property owner receives a 'Notice of Violation' from FDEP for illegal dredging in a wetland. The owner may face:
- Florida's 'Bald Eagle Protection Act' and the federal Migratory Bird Treaty Act may affect real estate development if:
- When a Florida developer removes mangroves for a development project without a permit, they are violating:
- A 'Phase II Environmental Site Assessment' in Florida differs from a Phase I in that it:
- A Florida contractor is demolishing an older commercial building. Before demolition begins, the contractor is required to:
- Florida's 'Manatee Protection Plan' and speed zones in certain waterways affect:
- Florida's 'Florida-Friendly Landscaping' program allows homeowners to override HOA requirements that mandate the use of:
- Florida's 'Pollution Prevention Act' (Section 403.4154 F.S.) encourages businesses to:
- Under Florida law, which of the following environmental hazards requires specific disclosure to buyers of residential property?
- Florida's 'innocent landowner' defense under CERCLA allows a property owner to avoid liability for hazardous waste cleanup costs if they:
- In Florida, the presence of Chinese drywall in a home primarily causes which type of problem?
- A Florida buyer is purchasing a gas station property. To assess environmental liability, the appropriate first step is to conduct a:
- Florida's 'Brownfields Redevelopment Act' encourages cleanup and redevelopment of contaminated sites by:
- Florida requires disclosure of the presence of radon to buyers of residential property. Which statement about radon in Florida is accurate?
- Florida's 'wetlands' are regulated primarily by which agencies?
- A Florida property owner discovers that the neighboring property has an underground storage tank (UST) that has leaked petroleum products onto their property. Under CERCLA, who may be liable for cleanup?
- Florida's '1,000 Islands' estuary system and coastal mangroves are protected under which regulatory framework?
- Asbestos in a Florida commercial building is NOT a health concern when it is:
- Under the Resource Conservation and Recovery Act (RCRA), which of the following is true about hazardous waste?
- Florida has numerous Superfund (CERCLA) sites that require cleanup. The National Priorities List (NPL) sites in Florida are subject to:
- A Florida property has a 'conservation easement' held by a land trust. This easement primarily:
- A Florida real estate professional should advise buyers that 'mold' disclosure is required when:
- A Florida real estate listing discloses that the property is in a FEMA-designated Special Flood Hazard Area (SFHA). The buyer should be aware that:
- Florida requires the seller of residential property to provide the buyer with specific information about radon under F.S. 404.056. The required disclosure must inform buyers that:
- A Florida property owner discovers oil contamination on their property from a leaking underground storage tank (UST) on the neighboring property. The property owner should first:
- Florida's 'Wekiva River Protection Act' is an example of which type of land use regulation?
- Florida's 'Clean Waterways Act' (2020) primarily targets:
- A Florida property developer discovers Native American artifacts on a construction site. Florida law requires:
- Florida's 'Green Building Coalition' and LEED (Leadership in Energy and Environmental Design) certification programs primarily benefit real estate professionals in understanding:
- A Florida commercial property for sale is located near an active dry cleaning facility. The real estate agent should advise the buyer to investigate potential contamination from:
- Florida's extensive citrus and agricultural history has left many properties with residual pesticide contamination. The most commonly encountered legacy pesticide in Florida agricultural soils is:
- A Florida buyer is purchasing a property near a former phosphate mining site. The primary environmental concerns associated with Florida phosphate mining include:
- A Florida homeowner discovers that their well water contains coliform bacteria. The most appropriate immediate response is to:
- Florida's 'Everglades Forever Act' (1994) was designed primarily to address:
Fair Housing
104 questions- Under Florida's Fair Housing Act, in addition to federal protected classes, Florida also protects against discrimination based on:
- A Florida real estate agent uses different standards when qualifying buyers of different races for showing homes. This is an example of:
- A Florida apartment owner refuses to allow a guide dog in a no-pet building for a blind applicant. This action most likely violates:
- The Fair Housing Act permits advertising restrictions that indicate a preference for a particular protected class only when the housing is:
- The Florida Fair Housing Act prohibits discrimination in housing based on which protected classes NOT covered by the federal Fair Housing Act?
- A Florida landlord tells a prospective tenant 'We don't rent to families with children' for a property that is NOT in an age-restricted community. This is:
- Under the federal Fair Housing Act, which of the following is a permitted practice?
- A Florida real estate agent consistently shows minority buyers homes only in minority-dominated neighborhoods, even when they qualify for homes in other areas. This practice is called:
- 'Blockbusting' in Florida real estate refers to:
- A Florida lender who denies mortgage applications from qualified borrowers in certain zip codes because of the racial or ethnic composition of those areas is engaged in:
- Under the Fair Housing Act's disability provisions, a landlord is required to allow a tenant with a disability to make reasonable modifications to the unit. Who typically pays for these modifications?
- A Florida real estate licensee who violates the Fair Housing Act may face which of the following penalties?
- Which type of Florida housing is EXEMPT from the familial status provisions of the Fair Housing Act?
- A Florida newspaper advertisement that states 'Ideal for Christians' in a property listing violates the Fair Housing Act based on which protected class?
- A Florida property owner owns a single-family home which they rent personally without using a real estate agent. Under the federal Fair Housing Act, which exemption might apply?
- Under the ADA (Americans with Disabilities Act) and fair housing law, a 'reasonable accommodation' in Florida housing is:
- Which of the following advertising statements would violate the Fair Housing Act in Florida?
- In Florida, if a person believes they have been discriminated against in a housing transaction, they may file a complaint with HUD within how many days of the alleged violation?
- A Florida lender who uses zip codes as a basis for loan approval, effectively denying loans in minority neighborhoods, is engaging in:
- The Fair Housing Act exempts which type of organization from its prohibitions on religious discrimination?
- A Florida property manager refuses to show available apartments to a prospective tenant because of the tenant's national origin. The prospective tenant has a fair housing complaint against:
- Under Florida fair housing law, which of the following is an example of 'discriminatory terms and conditions'?
- Which federal law prohibits discrimination in the extension of credit based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance?
- In Florida, the 'puffing' exception to fair housing laws means:
- Which of the following is NOT a protected class under the federal Fair Housing Act of 1968?
- A Florida landlord refuses to rent to a family because they have two young children. This is most likely a violation of:
- Under the Fair Housing Act, which of the following statements about advertising is TRUE?
- Which of the following is an example of 'blockbusting' under the Fair Housing Act?
- A Florida landlord requires a higher security deposit from families with children than from adults-only households. This is:
- Under the Fair Housing Act, a seller refuses to sell to a buyer who requires wheelchair accessibility modifications. This is most likely a violation based on which protected class?
- A Florida broker has a policy of never showing homes in a particular neighborhood to buyers of a certain nationality. This is called:
- A Florida condominium association refuses to approve a sale to a person with a mental disability. This most likely violates:
- Which exemption to the Fair Housing Act allows a private individual who owns no more than three single-family homes to sell without using a real estate broker and without discriminatory advertising?
- Under the Fair Housing Act, a 'disability' is defined as:
- A Florida landlord adds a 'no pets' clause to a lease. A prospective tenant with a disability requests an exception for their emotional support animal (ESA). Under the Fair Housing Act, the landlord must:
- A real estate agent tells white homebuyers that a neighborhood is 'not for people like us' because minorities live there. This violates the Fair Housing Act under which illegal practice?
- Under Florida law, the Florida Fair Housing Act (Chapter 760 F.S.) adds which protected class not in the federal Fair Housing Act?
- A Florida lender refuses to make mortgage loans in a specific low-income neighborhood regardless of an applicant's creditworthiness. This practice is known as:
- A Florida landlord requires all adult applicants to complete a rental application. This is:
- The 'Mrs. Murphy' exemption to the federal Fair Housing Act applies to owners who:
- A Florida real estate agent suggests to a seller that they not accept offers from families with children because of the wear-and-tear on the home. The agent has:
- A Florida property management company uses an algorithm that automatically screens out applicants from certain zip codes with high minority populations. This may constitute:
- Under the Fair Housing Act, a seller who refuses to negotiate with a buyer because of their national origin may face:
- A Florida property manager refuses to process an ADA accommodation request from a tenant with a visual impairment who wants to install a guide rail in the hallway. This refusal is:
- A Florida licensee uses only Spanish-language advertising in a predominantly Hispanic neighborhood. This could violate the Fair Housing Act if:
- Under the Fair Housing Act, 'familial status' protection covers:
- A Florida real estate agent who helps a client illegally discriminate may face:
- In Florida, the 'age 55 or older' housing exemption allows a senior housing community to exclude families with children if:
- A Florida real estate licensee who makes false statements about the racial composition of a neighborhood to influence a homeowner to sell is committing:
- Under the Fair Housing Act, which of the following constitutes unlawful 'discrimination in the terms and conditions' of a sale?
- A Florida mortgage lender requires a property in a minority neighborhood to have a higher appraisal relative to loan amount compared to similar properties in white neighborhoods. This is called:
- A prospective tenant who is HIV-positive applies to rent an apartment in Florida. The landlord refuses, citing concern for other residents' health. This refusal:
- A Florida HOA's rule requiring all residents to be at least 55 years old is legal under the Fair Housing Act if the community qualifies as:
- A Florida insurance company charges higher homeowners insurance rates for homes in predominantly minority neighborhoods with no actuarial basis. This is called:
- A Florida property owner advertises their rental home as 'perfect for young professionals.' This language:
- A Florida bank's automated loan approval system consistently denies loans to applicants with addresses in certain zip codes that correspond to minority-majority neighborhoods. This may constitute:
- Under the Fair Housing Act, a housing provider must make 'reasonable accommodations' for persons with disabilities. This means:
- A Florida bank's loan officer tells a minority applicant that they 'probably won't qualify' and discourages them from applying, while encouraging a similarly qualified non-minority applicant to apply. This is:
- Under Florida law (Chapter 760), which of the following housing providers is EXEMPT from the Florida Fair Housing Act?
- A Florida real estate firm agrees with other local firms to not solicit listings in certain neighborhoods where minority families have recently moved in. This practice is:
- A Florida landlord evicts a tenant shortly after the tenant filed a Fair Housing complaint against the landlord. This action is most likely:
- Which of the following is a correct statement about the federal Fair Housing Act?
- A Florida real estate broker maintains a 'whiteboard' list of available properties shown to buyers based on the buyer's race. This practice is:
- A Florida newspaper refuses to publish a real estate ad because it contains language indicating a preference for buyers of a specific religion. The newspaper is:
- A Florida condo association's rule that prohibits children from using the pool between 2-4 PM is most likely:
- A Florida housing complex for seniors advertises as 'adults only, no children.' To legally maintain this restriction under HOPA, the community must:
- A Florida real estate licensee refuses to represent a buyer because the buyer has a disability. This is:
- Under the Fair Housing Act, a real estate broker is required to:
- A Florida real estate developer builds a new community and markets it exclusively through networks of one racial group. This could violate the Fair Housing Act's:
- A Florida real estate agent shows a buyer of Asian descent only homes in Asian-majority neighborhoods. The buyer objects, saying they want to see homes throughout the city. The agent is committing:
- Under the Fair Housing Act, a housing provider who receives a disability accommodation request must:
- A Florida apartment complex has a rule that children under 12 must be supervised by an adult in all common areas at all times. This rule is:
- A Florida landlord advertises a rental with the phrase 'Ideal for couples without children.' This language:
- Which federal agency is primarily responsible for enforcing the Fair Housing Act?
- A Florida property management company creates different lease terms (longer terms, higher deposits) for tenants with disabilities than for non-disabled tenants. This is:
- A Florida building manager refuses to allow a deaf tenant to install a doorbell light system in their unit. Under the Fair Housing Act, the tenant:
- A Florida broker's MLS listing advertises a property as being near a 'Christian community center' and a 'church-going neighborhood.' This advertising may violate the Fair Housing Act's prohibition on:
- Under Florida's Fair Housing Act (Chapter 760), which of the following is a protected class that is NOT in the federal Fair Housing Act?
- A Florida property manager asks prospective tenants during a screening interview 'Do you have any children?' This question:
- A Florida HOA uses a criminal background check as part of tenant screening. Under Fair Housing guidance, this policy:
- A Florida housing provider must provide a reasonable accommodation for a tenant's service dog even if:
- A Florida housing provider charges an additional 'administrative fee' only to applicants who disclose disabilities during the application process. This is:
- A Florida court finds a real estate broker guilty of a willful Fair Housing violation. The maximum civil penalty for a first offense is approximately:
- A Florida developer's new luxury condominium is designed with no accessibility features (no ramps, no accessible parking, non-accessible doorways). For buildings with more than 4 units built after 1991, this may violate:
- Under the Fair Housing Act, a complaint about housing discrimination must be filed with HUD within how many days of the alleged discriminatory act?
- Under the Fair Housing Act, a Florida landlord who refuses to allow a tenant with multiple sclerosis to install grab bars in the bathroom is:
- A Florida condo association posts a rule stating that no children under 18 may use the pool except during designated 'family hours.' This policy likely violates which law?
- Under HOPA (Housing for Older Persons Act), an age-restricted community may legally discriminate based on familial status if:
- A Florida real estate agent shows minority buyers only homes in predominantly minority neighborhoods, never mentioning available homes in other areas. This practice is called:
- Under Florida and federal fair housing law, which of the following is NOT a protected class?
- A Florida apartment complex advertises '2-bedroom apartments, perfect for couples and young professionals.' This advertising language:
- Under the Fair Housing Act, a landlord may legally ask a prospective tenant about their disability in which circumstance?
- A Florida real estate agent discovers that her brokerage has a pattern of assigning minority clients only to agents who specialize in certain neighborhoods. The agent should:
- Under the Fair Housing Act, 'disparate impact' theory means a housing policy can be discriminatory even if it:
- A Florida landlord with 4 units in a building they personally live in refuses to rent to a family with children. Under the Fair Housing Act, this landlord:
- A Florida property manager receives a request from a tenant with a visual impairment to keep a guide dog, despite the building's strict no-pets policy. The manager must:
- Under Florida law (F.S. 760.23), the protected classes in housing include all of the federal Fair Housing Act classes PLUS which additional Florida-specific protected class?
- A Florida property manager posts a sign saying 'Adults Only Community' without qualifying under HOPA. A family with children applies to rent. The manager may:
- A Florida landlord refuses to rent to an applicant because their credit score is 580. The applicant, who is a member of a racial minority, claims this policy has a disparate impact on minorities. The landlord can best defend against this claim by:
- Under the Americans with Disabilities Act (ADA), which Florida properties are required to provide accessible facilities for persons with disabilities?
- A Florida property manager sends a written notice to all tenants stating that parties and gatherings over 10 people are prohibited in individual units. A tenant claims this policy discriminates against their large family under familial status protections. The policy is:
- A Florida real estate broker refuses to show properties in a flood-prone neighborhood to clients without disclosing their reason. The clients later discover the broker's motivation was to protect them from properties the broker personally considered 'bad investments.' This practice:
- A Florida landlord advertises 'quiet, peaceful community — ideal for empty nesters.' This advertising language:
- A Florida landlord tests potential tenants by sending 'testers' — individuals of different backgrounds with similar financial qualifications — to apply for rentals. This testing technique is used by:
Land Use & Zoning
103 questions- In Florida, a property owner who wants to use their property in a way not currently permitted by zoning must typically apply for:
- A 'nonconforming use' in Florida zoning law refers to:
- Florida's Growth Management Act requires local governments to develop and maintain:
- A developer in Florida needs approval to build a shopping center in a residential zone. The developer would typically seek:
- Florida's 'Developments of Regional Impact' (DRI) review process applies to:
- In Florida, 'eminent domain' gives the government the power to:
- A Florida zoning ordinance requires all buildings to be set back 25 feet from the front property line. This requirement is called a:
- Which of the following best describes 'spot zoning' in Florida?
- Under Florida law, a 'covenant running with the land' (deed restriction) is binding on:
- Florida's Community Redevelopment Areas (CRAs) are created to:
- In Florida, a 'variance' from zoning requirements is granted when:
- What is Florida's 'concurrency requirement' under the Growth Management Act?
- A Florida 'transfer of development rights' (TDR) program allows property owners in conservation areas to:
- In Florida, 'inclusionary zoning' ordinances typically require:
- A Florida county enacts a regulation that prohibits a property owner from developing their property at all, effectively taking all economic value. The property owner may have a claim for:
- Under Florida's land use planning laws, a 'Future Land Use Map' (FLUM) in a comprehensive plan designates:
- What is Florida's 'Bert Harris Act' (Section 70.001 F.S.)?
- In Florida, 'downzoning' refers to:
- A Florida 'special use permit' (also called a 'conditional use permit') is typically required for:
- In Florida, which government entity is primarily responsible for adopting and enforcing local zoning ordinances?
- A property owner builds a structure that was lawful when built but no longer conforms to current zoning. This structure is called a:
- In Florida, a 'variance' from zoning regulations is typically granted when:
- Florida's 'Bert J. Harris Jr. Private Property Rights Protection Act' provides landowners with the right to:
- A 'buffer zone' in Florida zoning typically serves what purpose?
- A property owner applies for a 'special exception' (conditional use permit) in Florida. This differs from a variance in that:
- Under Florida's Community Planning Act, a 'Comprehensive Plan' must be prepared by:
- A Florida developer submits a 'Development of Regional Impact' (DRI) application. DRI review is required when:
- Florida's '10-Year Water Supply Facility Work Plan' is required to be part of a local government's:
- In Florida, a 'planned unit development' (PUD) allows:
- Florida's 'Riparian Rights' doctrine gives waterfront property owners in Florida the right to:
- In Florida, 'TDR' (Transfer of Development Rights) allows property owners to:
- A Florida municipality enacts a moratorium on new building permits. Legally, this is an exercise of:
- Florida's 'Community Redevelopment Area' (CRA) is designed to:
- A Florida property is designated as 'agricultural' by the county property appraiser. Under the Greenbelt Law (Section 193.461 F.S.), this designation means:
- A Florida county's 'Future Land Use Map' (FLUM) designates a parcel as residential. A developer wants to build a shopping center on it. The developer must:
- Florida's 'concurrency' requirement means that:
- A Florida property owner wants to use their home as a short-term vacation rental. This use is most likely governed by:
- A 'setback' in Florida zoning ordinances refers to:
- Florida's 'Agricultural Land Classification' under the Greenbelt Law requires that land be classified as agricultural if it is:
- A Florida property is located in a 'coastal high hazard area' (CHHA). Development in a CHHA is restricted primarily because:
- Florida's 'Sector Plan' is a large-scale planning tool that:
- Florida's 'Rural Land Stewardship Area' (RLSA) program is primarily designed to:
- In Florida, an 'accessory dwelling unit' (ADU) is:
- Florida's 'Bert Harris Act' (Section 70.001 F.S.) provides property owners with which legal remedy?
- A Florida developer is required to install a 'stormwater retention pond' as part of a development permit. This requirement is an exercise of:
- In Florida, a 'moratorium on development' is most commonly imposed by:
- Florida's 'Correspondence Study' exemption from continuing education requirements applies to:
- A Florida city council changes a zoning designation from single-family residential to commercial. This is called a:
- Florida's 'Vacation Rental' law (Chapter 509 F.S.) requires that short-term vacation rental operators:
- Florida's 'Urban Service Area' boundary is used to:
- Florida's 'Agricultural Enclave' provision in the Community Planning Act allows:
- A 'floor area ratio' (FAR) in Florida zoning regulations refers to:
- Florida's 'Live Local Act' (2023) is primarily focused on:
- Florida's 'affordable housing' density bonus allows developers to:
- A Florida neighborhood with deed restrictions that prohibit fences taller than 4 feet is an example of:
- A Florida property owner who wishes to build a fence that exceeds the permitted height by 1 foot due to unique slope conditions on their property should apply for:
- Florida's 'extraterritorial jurisdiction' (ETJ) allows a municipality to:
- A 'development agreement' in Florida allows a developer and local government to:
- Florida's 'Impact Fees' are charged to developers to:
- A Florida city adopts a 'mixed-use' zoning district. This allows:
- A Florida property owner files a 'Burt Harris Act' claim. The government agency has how many days to respond with an offer or notice of denial?
- A Florida developer must obtain an 'Environmental Resource Permit' (ERP) before:
- A Florida municipality's 'Urban Development Boundary' (UDB) is designed to:
- Florida's 'Enterprise Zones' are designed to:
- A 'lot coverage' restriction in Florida zoning limits:
- A 'hamlet' designation in Florida's rural land use planning typically refers to:
- A Florida 'Transfer of Development Rights' (TDR) program allows property owners in sending areas to:
- A 'development order' in Florida grants a developer:
- A Florida municipality passes a rent control ordinance. Under Florida law (Section 166.045 F.S.), this is:
- A 'planned development' (PD) zone in Florida allows a developer to:
- Florida's 'Electric Vehicle (EV) Charging Station' law protects Florida property owners from:
- A Florida municipality's 'height overlay district' applies additional restrictions on:
- A Florida property in an 'overlay district' is subject to:
- Florida's 'Affordable Housing Needs Assessment' is required as part of a local government's:
- A Florida 'transit-oriented development' (TOD) is characterized by:
- A 'downzoning' action in Florida refers to:
- A Florida property owner whose parcel is required to leave a large setback, making it unbuildable for a standard structure, might seek relief through:
- A 'neighborhood compatibility' requirement in Florida zoning means that new development must:
- A Florida municipality changes its comprehensive plan to allow higher density residential development in an area previously designated for single-family homes. Property owners in adjacent areas who suffer a decrease in property value may claim:
- In Florida, a 'special exception' (also called a conditional use permit) differs from a 'variance' in that:
- Florida's 'concurrency' requirement in its Growth Management Act means that:
- A Florida property is located in a Coastal High Hazard Area (CHHA). This designation primarily affects:
- A Florida developer wants to create a Planned Unit Development (PUD). The primary advantage of a PUD is:
- A Florida property owner's land is taken by the state for a highway expansion. The compensation paid to the owner for this taking is governed by:
- A Florida developer's project requires a Development of Regional Impact (DRI) review when it:
- A Florida property is classified as 'agricultural' for tax assessment purposes. To qualify for this classification under Greenbelt Law (F.S. 193.461), the land must be:
- In Florida, a 'setback' requirement in a zoning ordinance specifies:
- Florida's 'transportation impact fees' charged to new developments are intended to:
- Florida's 'Right to Farm Act' (F.S. 823.14) provides agricultural operations protection from:
- Florida's state land planning agency that oversees comprehensive planning and growth management is:
- A Florida zoning ordinance prohibits the operation of a home-based business that involves customer visits to the property. A licensed massage therapist who operates from her home would:
- Florida's 'Community Redevelopment Areas' (CRAs) use which financing mechanism to fund improvements?
- Florida's 'Agricultural Land Classification' (Greenbelt Law) assessment benefit is recaptured through a 'rollback' tax when the property:
- A Florida developer creates a mixed-use development with residential units above ground-floor retail. This development type is commonly called:
- A Florida city wants to create a 'historic preservation district.' The city's authority to do so comes from:
- Florida's 'Areas of Critical State Concern' designation, applied to places like the Florida Keys and Big Cypress, means:
- Florida's 'Transfer of Development Rights' (TDR) program allows landowners in:
- A Florida city adopts a 'form-based code' for its downtown redevelopment area. Form-based codes differ from traditional zoning in that they:
- A Florida wetland mitigation bank allows developers to:
- Florida's 'Sadowski Act' (F.S. 420.9071) created a dedicated funding source for affordable housing through:
- Florida's 'Community Planning Act' (formerly the Growth Management Act) requires each county and municipality to adopt a comprehensive plan with which mandatory elements?
- A Florida coastal property owner's beachfront is eroding due to storms. The beach has receded 20 feet onto what was previously the owner's upland property. Under Florida's 'ambulatory boundary' doctrine:
- A Florida city is creating a 'Business Improvement District' (BID). A BID primarily:
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