Can You ACE This Florida Real Estate Exam?

Approved & Edited by ProProfs Editorial Team
The editorial team at ProProfs Quizzes consists of a select group of subject experts, trivia writers, and quiz masters who have authored over 10,000 quizzes taken by more than 100 million users. This team includes our in-house seasoned quiz moderators and subject matter experts. Our editorial experts, spread across the world, are rigorously trained using our comprehensive guidelines to ensure that you receive the highest quality quizzes.
Learn about Our Editorial Process
| By Eminy
E
Eminy
Community Contributor
Quizzes Created: 19 | Total Attempts: 5,345
Questions: 8 | Attempts: 202

SettingsSettingsSettings
Can You ACE This Florida Real Estate Exam? - Quiz

Florida is one beautiful state with lots of expensive properties. It really pays off to be a realtor here. Let's see if you can make one great realtor in Florida!


Questions and Answers
  • 1. 

    How many consumer members are on FREC? 

    • A.

      7

    • B.

      3

    • C.

      2

    Correct Answer
    C. 2
    Explanation
    There are only 2 consumer members on FREC.

    Rate this question:

  • 2. 

    Why is property management becoming popular? 

    • A.

      Because of financing

    • B.

      Because of marketing fluctuations

    • C.

      Because of absentee owners

    Correct Answer
    C. Because of absentee owners
    Explanation
    Property management is becoming popular because of absentee owners. Absentee owners are individuals who own properties but do not live in the same location or have the time or resources to manage their properties themselves. This creates a demand for property management services, as these owners rely on professionals to handle the day-to-day operations, such as finding tenants, collecting rent, and maintaining the property. As more people become absentee owners due to various reasons, such as investment purposes or relocation, the need for property management services increases, leading to its growing popularity.

    Rate this question:

  • 3. 

    In Florida, appraisers must abide by...?

    • A.

      USPAP

    • B.

      BPO

    • C.

      NAR

    Correct Answer
    A. USPAP
    Explanation
    Appraisers in Florida are required to follow USPAP, which stands for the Uniform Standards of Professional Appraisal Practice. USPAP is a set of guidelines and standards that govern the appraisal profession in the United States. It ensures that appraisers maintain ethical and professional standards while conducting their appraisals. By adhering to USPAP, appraisers can provide reliable and unbiased valuations, which are essential for various purposes such as mortgage lending, property sales, and tax assessments.

    Rate this question:

  • 4. 

    What kind of representation are Fiduciary Duties usually associated?

    • A.

      Dual agent

    • B.

      Single agent

    • C.

      Transaction broker

    Correct Answer
    B. Single agent
    Explanation
    Fiduciary duties are usually associated with a single agent representation. In this type of representation, the agent has a legal obligation to act in the best interests of their client, putting their client's needs above their own. The agent is expected to provide loyalty, confidentiality, full disclosure, obedience, and reasonable care to their client. This type of representation ensures that the agent is solely focused on advocating for their client's interests and does not have any conflicting loyalties or obligations to other parties involved in the transaction.

    Rate this question:

  • 5. 

    What's the name of the market where are loans created?

    • A.

      Primary

    • B.

      Treasury

    • C.

      Secondary

    Correct Answer
    A. Primary
    Explanation
    In the financial market, loans are created in the primary market. This is where borrowers directly obtain loans from lenders, such as banks or other financial institutions. The primary market is the initial stage where loans are originated and issued, before they may be sold or transferred to other investors in the secondary market. The treasury market, on the other hand, is where government securities, such as treasury bonds, are bought and sold.

    Rate this question:

  • 6. 

    Which lien has the priority? 

    • A.

      Construction lien

    • B.

      Vendor lien

    • C.

      Property tax lien

    Correct Answer
    C. Property tax lien
    Explanation
    A property tax lien has priority over both a construction lien and a vendor lien. This means that if there is a dispute over the property, the property tax lien holder would have the first claim to the property's assets. This is because property tax liens are typically considered superior to other types of liens, as they are backed by the government and are used to ensure the payment of property taxes.

    Rate this question:

  • 7. 

    Which of these an agent doesn't have to have on their office sign? 

    • A.

      Trade name

    • B.

      Address

    • C.

      Broker name

    Correct Answer
    B. Address
    Explanation
    An agent doesn't have to have their address on their office sign because it is not a requirement. The trade name and broker name are necessary to identify the agent and their affiliation, but the address is not essential for this purpose.

    Rate this question:

  • 8. 

    How much are Doc stamps on the Note? 

    • A.

      35 cents per $100

    • B.

      50 cents per $100

    • C.

      10 cents per $100

    Correct Answer
    A. 35 cents per $100
    Explanation
    The correct answer is 35 cents per $100. This means that for every $100 value of the Note, 35 cents is charged as Doc stamps.

    Rate this question:

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 18, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 06, 2016
    Quiz Created by
    Eminy
Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.