FREE 10 Question Practice Test for the Florida Real Estate Exam

Quiz Questions

• 1.
  Which mortgage clause allows the mortgagee the right to demand the outstanding loan balance plus accrued interest in the event that the borrower sells or transfers any interest in the property without the lenders prior written consent?

  • A.
    Due-on-sale Clause
  • B.
    Escape Clause
  • C.
    Acceleration Clause
  • D.
    Estoppel Clause
• 2.
  Which of the following clauses or covenants in a deed states that the grantor owns the property and has the right to convey it?

  • A.
    Covenant of seisin
  • B.
    Covenant against encumbrances
  • C.
    Habendum clause
  • D.
    Covenant of further assurances
• 3.
  How many acres and square feet are there in the legal description N1/2 of the SE1/4 of the NW1/4 and the N1/2 of the S1/2 of the SE1/4 of the N1/4 of section 11?

  • A.
    20 acres and 3,450,000 square feet
  • B.
    30 acres and 1,306,800 square feet
  • C.
    30 acres and 2,613,600 square feet
  • D.
    80 acres and 3,484,800 square feet
• 4.
  Prospective buyers of residential property must be presented a disclosure summary ,(property tax disclosure) concerning ad valorem taxes before or at the time of execution of the contract for sale. What is the purpose of this disclosure summary?

  • A.
    The purpose of the property tax disclosure summary is to caution prospective buyers that they cannot rely on the amount of the seller’s property taxes as an indication of the taxes the buyer will have to pay in taxes.
  • B.
    The purpose of the property tax disclosure summary is to inform sales associates of the new tax laws in their state.
  • C.
    There is no such document called the property tax disclosure.
  • D.
    The purpose of the property tax disclosure summary is to inform prospective buyers what their taxes will be for the upcoming year.
• 5.
  How is rental income noted on the closing disclosure form?

  • A.
    Credit the seller
  • B.
    Debit the seller
  • C.
    Credit the seller, debit the buyer
  • D.
    Credit the buyer, debit the seller
• 6.
  A sales associate negotiated a contract to sell a property for $250,000. The broker charges a commission of 5% on the first $100,000 of the sales price. 5% on the next$75,000 and 7.5% on the next $20,000. Then 10% on the balance. What is the sales associates share if the broker retains 40% of the total fee?

  • A.
    $9,450
  • B.
    $10,852
  • C.
    $9,458
  • D.
    $8,450
• 7.
  Which of the following describes an option contract?

  • A.
    A bilateral contract to keep open for a specified period of time an offer to sell or lease real property.
  • B.
    A unilateral contract to keep open for a specified period of time an offer to sell or lease real property.
  • C.
    A unilateral contract that is not required to be in writing to be enforceable.
  • D.
    A bilateral contract that is not required to be in writing to be enforceable.
• 8.
  Which of the following is false concerning the primary and secondary mortgage markets?

  • A.
    The primary mortgage market is where securities or goods are created.
  • B.
    The primary mortgage market consists of lenders that originate new mortgage loans for borrowers.
  • C.
    The secondary mortgage market is an investor market that buys and sells existing mortgages.
  • D.
    The secondary mortgage market does not provide liquidity to the primary mortgage market.
• 9.
  If a lot frontage is 250 feet, street paving costs are $20.00 per running foot, and the city will pay 40% of the paving costs, what will be the assessment to the property owner?

  • A.
    $1,500
  • B.
    $1,200
  • C.
    $1,110
  • D.
    $2,540
• 10.
  Which of the following is false concerning the Consumer Credit Protection Act?

  • A.
    The Real Estate Settlement Procedures Act, (RESPA) is the act that regulates kickbacks.
  • B.
    The Truth in Lending Act, (TILA) is the act that requires lenders to inform buyers of the true cost of credit in writing.
  • C.
    Regulation Z is often used as another name for the Real Estate Settlement Procedures Act. RESPA is the act that requires lenders to inform buyers of the true cost of credit in writing and Regulation Z is the rule that gives RESPA its authority.
  • D.
    RESPA is the act that requires lenders to give a good faith estimate to buyers.

Quiz Outcomes

• 1.
  You’re... Not *Quite* Ready 

  but, no worries, we are here to help!Let's study...Check out our practice test packages that will help you prepare for the Florida Real Estate Exam. Our practice tests with answer keys will have the most frequently asked questions on the state exam! Click on "Practice Tests" below...
• 2.
  You're... Just About Ready

  however, there are 100 questions on the state exam! Let's study...Check out our practice test packages that will help you prepare for the Florida Real Estate Exam. Our practice tests with answer keys will have the most frequently asked questions on the state exam! Click on "Practice Tests" below...