FL Practice Exam Questions with Complete Solutions 2023/2024 Seller Romeo and Buyer Juliet have finally agreed in principle to all the conditions and terms of a sales contract for Romeo's palatial pad. For a while there, it appeared that Juliet's request for an inclusion of a mother-in-law suit was going to be a deal-breaker since Juliet said it was a hill she was willing to die on.But, once they settled that point of contention, everything else fell into place.Evaluate the scenario, and choose the essential element of a contract that is being illustrated the most. - Correct Answer Offer an Acceptance Romeo and Juliet are in the blissful contractual condition known as "offer and acceptance" or "the meeting of the minds," which simply means that all the terms and conditions needed for full acceptance of the offer have been agreed upon — even if it took some back-n-forth of offers and counteroffers to get there.Candi offers rental information for a fee. She does so casually and usually does not provide people with
a receipt. Candi: - Correct Answer is legally obligated to provide a receipt
Sales associates who offer rental information for a fee need to provide a receipt.Evaluate which of these properties is the LEAST liquid. - Correct Answer a four million square foot mixed-used upscale retail/residential center The retail center is the least liquid because it is the biggest, most expensive, and most specialized property.In a contract for deed, what does the buyer receive (until they pay off the entire loan)? - Correct Answer equitable title The buyer receives equitable title until they pay their final installment to the buyer. Then they get the legal title. 1 / 3
When Buyer Joey expresses interest in looking at a particular property, Sales Associate Bill told Joey that, if he wanted Bill to continue to represent him, they would need to transition from a single agent relationship to a transaction broker relationship.Analyze the information provided and choose the answer that most likely explains why Bill said this. - Correct Answer Seller is represented by Bills brokerage Since Bill used the term "represent," there are only two authorized brokerage relationships he could have been talking about: transaction broker or single agent. (No brokerage relationship are relationships of nonrepresentation.) And since Bill said he would "need" to operate as a transaction broker, that meant that a single agent relationship was not possible with respect to that particular property. From all of this, you can deduce that the seller is represented by Bill's brokerage and this must be handled as an in-house transaction. If both parties are to an in-house transaction are to be represented, they will be in transaction broker relationships.Bruce took out an amortized loan of $300,000 with a 5.2% interest rate. His monthly payment is $1,647.33. How much will he pay in interest on his first monthly payment? - Correct Answer $1,300 5.2% divided by $300,000 is $15,600. Divide that number by 12 for the monthly interest payment of
$1,300.
A tax bill cost $10,092. For proration purposes, what is the monthly tax expense? - Correct Answer $841 The tax bill needs to be divided by 12, giving you a monthly expense of $841.Petunia, a sales associate, notices that the plumbing system in a home is in very poor condition.However, during a walkthrough with the buyer, she says, "Oh, the water pressure is low all over town today. Didn't you see it on the news? By tomorrow, it'll be fine." Petunia has committed: - Correct Answer Fraudulent Misrepresentation: occurs when a licensee intentionally attempts to prevent a buyer from finding out about a material fact.This occurs when a licensee purposefully conceals a known defect.Fraudulent Misrepresentation 2 / 3
Omar's property measures 300' x 217'. Knowing this, how many acres is the lot? - Correct Answer Identify the square footage of the land first, then divide the square footage by 43,560 feet. The lot is 1.49 acres.The FREC has executive, quasi-judicial, and quasi-legislative powers. Select the FREC duty that would be categorized as an executive power. - Correct Answer Administering the Florida Real Estate Commission Education and Research Foundation would be categorized as an executive power of the FREC.A tenant is considering a triple net lease but they don't fully understand what it entails. You tell them they'll be responsible for several fees, such as: - Correct Answer Triple net means rent plus taxes, insurance, and maintenance.Does a client always have the right to terminate (revoke) an agency relationship agreement at any time with a broker? If so, does this also mean a client could do so without liability? - Correct Answer A client's right to terminate (revoke) an agency agreement at any time with a broker does NOT automatically release the client from liability for doing so. The language of the contract will likely indicate under what conditions, if any, might liability for early client-initiated termination come about.Monique is a developer working on a new event center for the city. Who does she need to approve the site plans? - Correct Answer Monique will need to get the site plan approved by the city planning board.Builder Sanjay combined two adjoining parcels of land for his new building; the resulting lot is worth more than the two plots separately. What do assemblage and plottage mean in this situation? - Correct Answer Assemblage is the act of combining parcels, plottage is the resulting increase in value.Karen is selling her house and wants to receive a profit of at least $50,000. She has $210,000 remaining on her mortgage, $12,000 in closing costs, and will pay her listing agent a 6% sale commission.Approximately, which is the LEAST the home can sell for in order to net the profit Karen desires? - Correct Answer Use the "Profit/Loss = Revenue - Net Costs" and "Total = Part ÷ Percentage" formulas to solve for Karen's asking price.
ANS: $288,320 I think.
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