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Bob Hogue Real Estate Class Test Questions and Answers Already Passed
What is the penalty for practicing real estate without a license in Florida?✔✔ It is considered a third-degree felony.
What must happen for a contract to be considered legally enforceable in real estate?✔✔ The contract must have an offer, acceptance, consideration, and be in writing if required by the Statute of Frauds.
How many days does a buyer have to cancel a new residential condominium contract after signing?✔✔ 15 days.
What is required to activate an inactive real estate license in Florida?✔✔ Submission of a proper request and completing continuing education requirements.
What is the purpose of a property appraisal?✔✔ To estimate the market value of a property. 1 / 4
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How many members serve on the Florida Real Estate Commission (FREC)?✔✔ Seven members.
When is a real estate agent considered to have earned their commission?✔✔ When they have secured a ready, willing, and able buyer for the property.
What is the legal age to apply for a real estate license in Florida?✔✔ 18 years old.
What does it mean if a property is held in "joint tenancy"?✔✔ It means multiple owners share equal ownership, with the right of survivorship.
What is a net listing in real estate?✔✔ A listing where the seller specifies a minimum price they want, and the broker keeps any excess as commission.
What must happen if a dispute arises over escrow funds? 2 / 4
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✔✔ The broker must notify the Florida Real Estate Commission (FREC) and follow its procedures.
How many hours of post-licensing education must a sales associate complete before their first license renewal?✔✔ 45 hours.
What is an example of "puffing" in real estate?✔✔ Exaggerated or subjective statements about a property, such as claiming it has "the best view in town."
What is the homestead exemption in Florida?✔✔ A tax exemption that reduces the assessed value of a primary residence, offering property tax savings.
What does the term "blockbusting" refer to in real estate?✔✔ The illegal practice of encouraging homeowners to sell their properties by suggesting that demographic changes in the neighborhood could negatively affect property values.
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What is required for a deed to be valid in Florida?✔✔ The deed must be signed by the grantor and witnessed by two people.
What is the meaning of "title insurance"?✔✔ It protects the buyer and lender from potential issues with the property's title.
What is the purpose of a Comparative Market Analysis (CMA)?✔✔ To help estimate a property’s value by comparing it to recently sold properties in the area.
What is a "lead-based paint disclosure" and when is it required?✔✔ A document required for properties built before 1978 to inform buyers of potential lead paint hazards.
What is the role of a transaction broker in Florida?✔✔ A transaction broker provides limited representation to both buyer and seller without a fiduciary relationship.
How can a real estate license be voluntarily relinquished?
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