Florida Real Estate Exam Questions Linda purchases property in Escambia County from Susan. Linda has $30,000.00 as a down payment and gets a mortgage in the amount of $150,000.00 and there is no other consideration for the transfer. How much will the doc stamp tax on the deed be?
1) $1,050.00
2) $1,260.00
3) $630.00
4) $525.00 - Answer $1,260.00 Tax calculation: $150,000 + $30,000 = $180,000/100 = 1800 (taxable $100 units) x $0.70 = $1260.00 tax due.Heather has been using a roadway at the back of the 22 acres Pam owns. She has been driving down the roadway almost every day without permission for over 20 years.This is called what?1) easement appurtenant.2) easement by prescription.3) easement in gross.4) easement by necessity. - Answer 2) easement by prescription When purchasing an existing condominium, the buyer must receive which of the following?1) Annual operating budget 2) A prospectus 3) Rules and Regulations 4) Articles of incorporation of the association - Answer 4) Articles of incorporation of the association Todd is an 89-year-old veteran that is legally blind and partially disabled due to injuries he sustained in the military. His home has an assessed value of $150,500. How much will his taxable value be for county taxes?
1) $55,500
2) $95,000
3) $100,500
4) $110,000 - Answer 2) $95,000 A contract for deed is also called what?1) Deed in lieu of foreclosure 2) Land Contract 3) Novation 4) Sales Contract - Answer 2) Land Contract The cost of borrowing money is called what? 1 / 3
Florida Real Estate Exam Questions 1) Interest 2) Leverage 3) Capitol 4) Credit - Answer 1) Interest Sally is buying a home and the closing date is set for April 20th. The annual property taxes are $1234.00 and have not been paid yet. How much will the buyer be credited and the seller be debited?
1) $371.80
2) $368.51
3) $375.18
4) $370.36 - Answer $368.51 Step 1: Find the daily rate; property taxes for the year ($1234.00) / 365 days = $3.38; Step 2: Seller will credit buyer from January through midnight the day before closing.Calculate the exact number of days; January 31 + February 28 + March 31 + April 19 = 109 days; Step 3: Multiply the daily rate ($3.3808219178) x Number of days (109) =
$368.51
A Landlord has how many days to return a tenants security deposit if not making a claim on the deposit?1) 10 2) 15 3) 30 4) 45 - Answer 15 A buyer's loan payment will change if which of the following occur?1) They have an ARM loan 2) The property taxes increase or decrease 3) Their homeowner's insurance increases 4) All of the above - Answer All of the above Which statute covers the procedural process?1) Chapter 455 2) Chapter 120 3) Chapter 475 4) Chapter 20 - Answer Chapter 120 Which brokerage relationship duty applies to all three types of brokerage relationships?1) Accounting for all funds 2) Loyalty 2 / 3
Florida Real Estate Exam Questions 3) Using skill, care, and diligence 4) Confidentiality - Answer Accounting for all funds You sell Jessica a current up-to-date rental list and provide all the proper disclosures and paperwork. Jessica contacts you 15 days later and asks for a refund of the amount she paid for the list because she could not find a rental on the list. She is entitled to how much of a refund?
1) 100%
2) 75%
3) 25%
4) 0% - Answer 75% A deal failed to close because the buyer was unable to secure financing. The broker received conflicting demands regarding the earnest money. How long does the broker have to notify FREC?1) 10 days 2) 15 days 3) 20 days 4) 30 days - Answer 15 days The Florida Real Estate Commission has seven members. How many must be consumer members who have never held a real estate license?1) 1 2) 2 3) 3 4) 4 - Answer 2 Bruce has a survey that is a commercially-zoned parcel. It is 101 feet on the front, 219 feet on the north side, 130 feet on the back and 180 feet on the south side. It is not in a recorded subdivision. Which survey method would be likely used for the parcel?1) lot and block 2) rectangular 3) government survey 4) metes and bounds - Answer metes and bounds Which statement is unique to the transaction broker relationship?1) The customer is not responsible for the acts of the licensee.2) The agent is obligated to a duty of obedience.3) The licensee must disclose all known facts that materially affect the value of the real property.
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