Florida Real Estate Exam Questions

Property Transactions and Taxes

• Doc stamp tax on deed for Linda's transaction totals $1,260, calculated from the sum of the mortgage and down payment ($150,000 + $30,000 = $180,000), divided by $100 and multiplied by $0.70.
• Todd's taxable value for county taxes is $95,000. Based on an assessed value of $150,500 and eligibility for veteran exemption.

Easements and Rights

• Heather's use of a roadway for over 20 years without permission qualifies as an easement by prescription, allowing legal rights to the use of the road.

Condominium Purchase Requirements

• Buyers of existing condominiums must receive the Articles of Incorporation of the association as part of the purchasing process.

Contracts and Financing

• A contract for deed is also known as a land contract, a financing option allowing buyers to pay for property over time while the seller retains title.
• The cost of borrowing money is termed interest, reflecting the lender's compensation for the risk of the loan.

Property Tax Credits and Refunds

• Sally's property tax proration during closing results in a credit of $368.51 to the buyer; calculated based on daily tax rates.
• Jessica is entitled to a 75% refund of the rental list fee based on regulations surrounding service refunds after a specified period.

Brokerage Relationships and Duties

• Accounting for all funds applies to all types of brokerage relationships, ensuring transparency and responsibility in financial transactions.
• A unique aspect of transaction broker relationships is that customers are not responsible for the acts of the licensee, securing consumer protection.

Florida Real Estate Commission

• The Florida Real Estate Commission has seven members; two must be consumer members who hold no prior real estate licenses.

Survey Methods

• The metes and bounds method would be used for Bruce's commercially-zoned parcel due to its irregular shape and lack of subdivision records.

Notification Requirements

• Brokers must notify FREC within 15 days when there are conflicting demands regarding earnest money due to a deal's failure to close.

Test your knowledge with these Florida Real Estate exam questions. This quiz includes various scenarios and calculations used in real estate transactions in Florida. Ideal for those preparing for their real estate license or wanting to refresh their knowledge.