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Real Estate Exam Questions and Answers, Exams of Real Estate Management

A collection of questions and answers related to real estate, covering topics such as truth in lending, appraisals, zoning, and agency agreements. It is a valuable resource for students preparing for a real estate exam or professionals seeking to refresh their knowledge.

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2024/2025

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REAL ESTATE UPDATED FINAL EXAM
QUESTIONS AND ANSWERS | 100% CORRECT
"If advertised alone, which would be in violation of Truth in Lending? - CORRECT ANSWER "No down
payment required.""
"Why would a mortgagee have an appraisal on the property? - CORRECT ANSWER To assure the
property value is sufficient to cover the loan"
"A scale drawing shows a room to be 3 inches by 4-1/2 inches. Carpet, which is $15 per square yard, is to be
installed in the room. If the scale is 1 inch to 4 feet, how much would it cost to install the carpet? -
CORRECT ANSWER $360"
"A tenant leased 3,000 square feet at $10 per square foot and 8% of gross income. The total annual rent
she paid was $60,000. What was the gross income on which she paid percentage rent? - CORRECT
ANSWER $375,000"
"A real estate agent should tell the buyer, his customer, which of the following? - CORRECT ANSWER A
pending or recent zoning change"
"The zoning commission of Jefferson County requires that all new construction in a specific area adhere to
a specific type of architecture. What type of zoning is this? - CORRECT ANSWER Aesthetic"
"Apartment houses in an area were selling for $100,000 and a buyer offered $100,000 for an apartment
building. The buyer is operating on the principle of - CORRECT ANSWER substitution."
"A feature found in a comparable property that is not present in the subject property will result in -
CORRECT ANSWER a reduction adjustment to the comparable's selling price."
"Can brokers provide Legal Advice? - CORRECT ANSWER No, Brokers should not provide legal advice
unless they are also a lawyer."
"In valuing a single family residence by the comparison approach, an appraiser would make adjustments
to - CORRECT ANSWER the comparable properties."
"Some expenses paid at closing must be __________ between the buyer and the seller. The most common
items that fall into this category include taxes, insurance, and utilities. - CORRECT ANSWER prorated"
"How does one determine the gross rent multiplier? - CORRECT ANSWER Property value divided by the
monthly rent"
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REAL ESTATE UPDATED FINAL EXAM

QUESTIONS AND ANSWERS | 100% CORRECT

"If advertised alone, which would be in violation of Truth in Lending? - CORRECT ANSWER "No down

payment required.""

"Why would a mortgagee have an appraisal on the property? - CORRECT ANSWER To assure the

property value is sufficient to cover the loan" "A scale drawing shows a room to be 3 inches by 4-1/2 inches. Carpet, which is $15 per square yard, is to be

installed in the room. If the scale is 1 inch to 4 feet, how much would it cost to install the carpet? -

CORRECT ANSWER $360"

"A tenant leased 3,000 square feet at $10 per square foot and 8% of gross income. The total annual rent

she paid was $60,000. What was the gross income on which she paid percentage rent? - CORRECT

ANSWER $375,000"

"A real estate agent should tell the buyer, his customer, which of the following? - CORRECT ANSWER A

pending or recent zoning change" "The zoning commission of Jefferson County requires that all new construction in a specific area adhere to

a specific type of architecture. What type of zoning is this? - CORRECT ANSWER Aesthetic"

"Apartment houses in an area were selling for $100,000 and a buyer offered $100,000 for an apartment

building. The buyer is operating on the principle of - CORRECT ANSWER substitution."

"A feature found in a comparable property that is not present in the subject property will result in -

CORRECT ANSWER a reduction adjustment to the comparable's selling price."

"Can brokers provide Legal Advice? - CORRECT ANSWER No, Brokers should not provide legal advice

unless they are also a lawyer." "In valuing a single family residence by the comparison approach, an appraiser would make adjustments

to - CORRECT ANSWER the comparable properties."

"Some expenses paid at closing must be __________ between the buyer and the seller. The most common

items that fall into this category include taxes, insurance, and utilities. - CORRECT ANSWER prorated"

"How does one determine the gross rent multiplier? - CORRECT ANSWER Property value divided by the

monthly rent"

"At age 18, Leslie is considering what to do when she graduates from high school in 9 months. Can she

begin taking prelicense coursework during her final year of high school? - CORRECT ANSWER Yes, but

she cannot be licensed until she receives her high school diploma." "Marhall has a court order against a bankrupt broker for $75,000 in damages caused by the broker's

misconduct. How much will Marshall receive from the Recovery Fund? - CORRECT ANSWER $50,000"

"Wilma accepted an offer on her home from a buyer who provided a $3,500 earnest money deposit, but thereafter neither she nor her broker heard from the buyer. What is the most accurate way the broker

should handle this situation and the $3,500? - CORRECT ANSWER The broker must notify the

Commission within 15 business days that he has a good-faith doubt." "Moe relocated from Brooklyn to Florida, qualified for a Florida broker's license and opened a small office in Palm Beach. His family back in Brooklyn say he should open an office in Brooklyn too. Could Moe do this

legally? - CORRECT ANSWER Yes, there is no law that prohibits a broker in Florida from having an office

out of state as long as all of his escrow funds are held in trust by a Florida bank or credit union." "Eve and her husband Adrian have homesteaded property. Adrian owns investment real estate in severalty and has expressed his desire that his investment property would go to his friend Rex. When

Adrian dies testate, which of the following statements is TRUE regarding the situation? - CORRECT

ANSWER Eve automatically has 100% interest/ownership in the principal residence. She may also file for

an elective share of the investment property. Rex would be entitled to the investment property by reason of the testate."

"What are the 5 major zoning classifications of property? - CORRECT ANSWER residential; commercial;

industrial; agricultural; special purpose property." "Salesperson Jerri helped her sister Summer get a job with Calhoun Title Company. As a way of saying thanks, Summer sends Jerri a $200 referral fee from the Title Company for every transaction that Jerri closes through Calhoun Title. Knowing Florida real estate law, Jerri had a lawyer friend add a phrase in her sale and purchase documentation stating that the buyer "agrees to use Calhoun Title Co." Which of the

following statements is accurate regarding this situation? - CORRECT ANSWER Florida law prohibits a

title company from paying a referral fee to anyone recommending the use of its services, or as a reward for those who do." "Rita fell in love with a home built in 1905. She was surprised when the listing broker gave her a lead-based

paint disclosure form at closing. Which of the following is TRUE? - CORRECT ANSWER The law says the

seller may not accept an offer from the buyer unless both the Lead-based Paint Disclosure and EPA pamphlet have been given. If the seller fails to give the disclosure and pamphlet to the buyer, the broker is responsible for doing so." "Eldon arrived in Coral Gables and found the perfect apartment. He signed a written agreement with the property owner, but the contract had no date of termination. Which of the following most accurately

describes Eldon's situation? - CORRECT ANSWER Eldon has a valid contract. The owner did not violate

"When can a landlord evict a disabled blind or disabled tenant from the premises? - CORRECT ANSWER If

the tenant has loud parties, makes too much noise, and is constantly disturbing other tenants" "4. Broker Carr, with ABC Real Estate Company, listed the property with a seller. Broker Smith, with XYZ Real Estate Company, called Broker Carr, and disclosed that he was a Buyer Agent. Broker Smith wrote a contract with a buyer for the sale of the property. What, if any, is the relationship between the buyer's

broker, the seller and the listing broker? - CORRECT ANSWER There is not a relationship between the

parties. Broker Carr represents the Seller and Broker Smith represents the Buyer." "A buyer bought a property without telling the seller of his intended purpose for the property. The contract contains no contingency clauses and it is a properly executed contract. After the closing, the buyer is unable to obtain the zoning he needs for his commercial project. What is the contract at this

stage? - CORRECT ANSWER Enforceable"

"6. The seller and the buyer finally agreed to a purchase price of $203,500 with the closing to occur on June

  1. The taxes for the year in the amount of $2,500 have not been paid by the seller. (Taxes are paid in arrears). How much would the tax proration amount to, and how would it appear on a full settlement

statement? Base your answer on a 365 day year, and the buyer is responsible for the day of settlement. -

CORRECT ANSWER $1,130.14 debit the seller and credit the buyer"

"A seller listed his home for six months on February 26. On April 29, a buyer made an offer on the property. The listing broker presented the offer to the seller on April 30. The seller accepted the offer on May 1, with

the closing to occur on June 15. Assuming the closing took place on June 15, when did the listing expire? -

CORRECT ANSWER 6/15"

"The sellers listed their property for six months on February 26 for $522,500. They agreed to pay the listing broker a 7% commission at closing on the agreed upon sale price. A buyer made an offer on the property on March 29 for $510,000. The seller countered the offer on April 1 at $517,500, and the buyer accepted the counter offer with the closing to occur on June 15. How much commission did the seller owe the listing

broker, and how would it appear on the settlement statement? - CORRECT ANSWER $36,225. Debit the

seller." "The seller and the buyer agreed to a purchase price of $270,000 with the closing to occur on June 15. The seller's loan balance after the June 1 payment was $170,000. with an interest rate of 6%.The monthly payment was $1,800 principal and interest. What was the loan balance the day of closing, and how much

interest did the seller owe the bank? - CORRECT ANSWER Loan balance $170,000; interest due $425"

"The buyer and seller agreed to a purchase price of $310,500. The buyer received an 80% loan. How much

was the buyer's loan and how did it appear on the settlement statement? - CORRECT ANSWER $

248,400. Credit the buyer only."

"The seller under a land contract is called - CORRECT ANSWER The vendor"

"On an 8% straight term loan of $6,071, the borrower paid total interest of $1,700. How long did he have

the loan? - CORRECT ANSWER 42 months"

"Are recording fees and title insurance premiums part of the Truth in Lending statement? - CORRECT

ANSWER No, These are considered legal, not financing fees and therefore are not part of the Truth in

Lending statement."

"A mortgage broker - CORRECT ANSWER arranges loans between borrowers and investors."

"On a $500,000 loan the borrower is required to pay two points. How much does the borrower have to pay

the lender? - CORRECT ANSWER $510,000.00"

"The discount points charged by a lender on a federal VA or FHA loan are a percentage of the - CORRECT

ANSWER loan amount."

"An increase in the availability of money would lead to which effect? - CORRECT ANSWER Interest rates

would go down." "When the amortized payment of a mortgage remains constant over the period of the loan but leaves an

outstanding balance to be paid at the end, this payment is called - CORRECT ANSWER a balloon

payment."

"In an installment land contract, what type of title did the seller retain? - CORRECT ANSWER Legal"

"Which of the following is true of a second mortgage? - CORRECT ANSWER It is usually issued at a higher

rate of interest."

"Usury MOST nearly means - CORRECT ANSWER illegal interest."

"A borrower bought a $174,000 house with no down payment. The loan was probably - CORRECT

ANSWER a VA loan."

"A house sold for $420,000. The buyer made a 20% down payment. Monthly interest on the loan was

$1,400. What was the interest rate on the loan? - CORRECT ANSWER • 5%"

"Which of the following describes a mortgage that requires principal and interest payments at regular

intervals and is called the liquidation of debt by periodic installment until the debt is satisfied? - CORRECT

ANSWER Amortized loan"

"Which is the most common form of mortgage? - CORRECT ANSWER Amortized loan"

"Are there any state-mandated qualifying requirements for conventional loans? - CORRECT ANSWER

No, Not only are guidelines not uniform, qualification standards can vary enormously from lender to lender."

"What is Regulation Z? - CORRECT ANSWER is the part of the Truth in Lending Act of 1968 that

promulgates rules that protect consumers against misleading practices by the lending industry." "A mortgage company makes a number of loans to be assembled into one package and sold to permanent

investors. This process is an example of interim financing to the mortgage company and is called -

CORRECT ANSWER warehousing."

"The primary purpose of Truth in Lending is to - CORRECT ANSWER disclose the true costs of obtaining

credit."

"Why is the RESPA closing statement allowed to be examined on or before closing? - CORRECT ANSWER

To check for mathematical errors" "If a single parent is applying for a real estate loan, when would the fact have to be revealed that part of

the parent's income is from child support? - CORRECT ANSWER If the parent was relying on the income

for repayment of the loan" "When the lender under a deed of trust requires title insurance, who would be the most likely person to

pay for it? - CORRECT ANSWER The trustor"

"Trustor is another name for? - CORRECT ANSWER Borrower"

"The Pickets are purchasing a home for $780,000 and the lender is giving them a 90% loan at 5% interest,

plus a 2% loan origination fee. How much is the loan origination fee? - CORRECT ANSWER $14,040"

"Discrimination is prohibited in lending practices under - CORRECT ANSWER ECOA"

"A buyer assumes the mortgage. How is the owner relieved of the liability? - CORRECT ANSWER

Novation"

"Which type of loan will result in the largest reduction of the principal balance most quickly? - CORRECT

ANSWER 6% over 15 years"

"Who is the largest purchaser in the secondary market? - CORRECT ANSWER Fannie Mae"

"What does Fannie Mae stand for? - CORRECT ANSWER Federal National Mortgage Association"

"Which transaction requires a securities license? - CORRECT ANSWER Selling shares in Fannie Mae"

"Who is NOT an originator of primary loans? - CORRECT ANSWER FHA"

"A buyer wanted to use a promissory note for consideration on the purchase of a property. Can he do this?

- CORRECT ANSWER Yes. This is acceptable as long as the seller agrees." "Seller Jolita lists her house with Broker Fred. Fred then buys Jolita's house and collects the agreed-upon

commission. This is an example of - CORRECT ANSWER self-dealing."

"An owner was selling his own home. Can he advertise the down payment? - CORRECT ANSWER Yes,

because it was his own home."

"Which is true about restrictive covenants? - CORRECT ANSWER They are placed by private parties in a

deed." "Looking at shopping centers in the appraisal process, the social fiber of the community and distances

from schools is called - CORRECT ANSWER neighborhood analysis."

"Which best describes why a buyer purchases a home using the market data approach? - CORRECT

ANSWER Buyers buy after they compare the house with others."

"How many feet in one yard? - CORRECT ANSWER 3 feet in one yard"

"The Rose family owns a home in a semi-rural area, which is about five years old. Recently announced plans for a new regional airport will place their home directly in line with a main runway ending 1 mile

before their home. If the airport is constructed, will this diminish the value of the Rose Home? - CORRECT

ANSWER Yes, because of economic obsolescence."

"Which is the best example of functional obsolescence? - CORRECT ANSWER A house with no electricity

or running water"

"A square is 1/8 of a mile by 1/8 of a mile. How many acres is this? - CORRECT ANSWER 10 acres

One-eighth of a mile square is the same as 10 acres. Multiply 1/8 X 1/8 = 1/64 divided into 640 acres = 10 acres"

"The first step in an appraisal is - CORRECT ANSWER to Define the problem"

"A recorded subdivision plat is used in the - CORRECT ANSWER lot and block system."

"* What must a listing agreement include? - CORRECT ANSWER a definite expiration date, include a

description of the property, and specify the fee or commission." "After a long dispute with a bankrupt and corrupt Florida broker, the Gonzalez family was awarded a judgment for $12,500 in actual damages and $87,500 in punitive damages, for a total of $100,000. They were then surprised find that the Real Estate Recovery Fund would not cover all $100,000. Which of the

following is TRUE? - CORRECT ANSWER The Real Estate Recovery Fund is expressly limited to only actual,

not punitive damages. Therefore only $12,500 would be available for recovery in this case." "Ralph is a sales person with Sunlight Real Estate Brokers and when he shows his client Ben a property listed by Xavier Realty, Ben decides to make an offer on the property. Ralph notices that Ben has written the earnest money deposit check to be made payable to the wrong name. Which of the following

statements accurately describes the error and ideal corrective action? - CORRECT ANSWER Because Ben

wrote the check payable to Ralph, Ralph should return the check to Ben and request he make out a new check." "Alejandro is a salesperson at Rococo Real Estate Brokerage in Pensacola. While visiting his daughter in Daytona, Alejandro sees a property offered by Daytona Diligent Realty which he proceeds to sell to a client back in Pensacola. Alejandro receives 5% commission from Daytona Diligent Realty. Is there anything

wrong with this situation, and if so, what is the key legal condition? - CORRECT ANSWER Yes, Alejandro

and Daytona Diligent Realty are in violation of Florida's real estate license law.***** (Alejandro may only be compensated by his broker, Rococo Real Estate, so any offer of commission or fee made directly by Daytona Diligent Realty must be refused. Both parties are in violation of Florida's real estate license law.)"

"What type of Acts were developed to make laws aimed at controlling zoning and property use? -

CORRECT ANSWER Enabling Acts"

"What Florida Act was initiated to limit urban sprawl and encourage a more compacted development of

land use? - CORRECT ANSWER The Growth Management Act"

"Mario signed an exclusive listing with Paula to sell his apartment complex. After a few weeks Mario cancelled the listing agreement and contacted an auction house to turn the property quickly. Paula feels

she is owed a commission. Is she correct? - CORRECT ANSWER No, because Paula did not meet the

conditions for payment of commission before the cancellation of the agreement."

"What are the goals of planning and zoning? - CORRECT ANSWER savings of tax money by preventing

urban sprawl; adequate provisions of services such as fire, police and libraries; providing for road right-of- ways and set backs; protection against costly drainage, flooding or environmental problems; protection for the public from harm in building; reduction in political and equity problems in landfills, prisons etc.; reduction in cost for major catastrophes such as earthquakes, tornados and fire."

"John has been farming his land in Florida for nearly 22 years. His principal crops are cabbage and oranges. He also raises pigs and horses for sale on his 280-acre property. He has consistently used conservation methods and fertilizing to maintain the value of the land. He has also reforested where possible on his

property. He is currently seeking some tax relief. Is he likely to get relief? - CORRECT ANSWER Yes,

because his property falls under the Florida Green Belt Law."

"***What is the Florida Green Belt Law? - CORRECT ANSWER This taxes agricultural land at a lower rate

than the encroaching cities around the land, and preserves the land for future agricultural use." "Lane, a broker, listed a small cottage near the causeway at $250,000, but the seller finally had to accept an offer of only $230,000. When Lane met with the parties, both the buyer and her client asked her to prepare a second contract in the amount of $250,000 "so the mortgage company will give us a higher

loan." Is there anything wrong with Lane following his client's and the buyer's wishes? - CORRECT

ANSWER Yes, it is illegal to enter into a dual contract for the purpose of securing a larger loan."

"If the board determines a proposed site does not conform with existing land use plans and zoning

ordinances, what steps may the board take? - CORRECT ANSWER Authorize a variance to the land use

plan and zoning ordinances to bring the proposed site into line with the existing local land use plans and zoning ordinances." "Broker Marge was swamped, and asked Jilly and Kelly to help with 1 of her clients. Jilly is a non-licensed secretary and Kelly is a real estate licensee working in a non-representative role with the seller. Who could

help Marge and provide the seller with a comparative market analysis (CMA)? - CORRECT ANSWER Kelly

could. There is no restriction to prevent a licensee from preparing a CMA for a buyer or seller." "When Theresa's neighbor Joe died, his son informed Theresa that he was going to enforce the easement he and Joe had running along the back edge of Theresa's property. Theresa said that since Joe hadn't enforced it in 18 years, he had lost the right because the easement automatically terminated in that

amount of time. Was she correct? - CORRECT ANSWER No, Theresa was wrong. It takes 20 consecutive

years without interruption before the easement may be terminated." "Millie and Britt have owned 2 homes for the past 7 years, 1 in Manhattan and 1 in Tampa. 6 years ago they separated, and Millie decided to stay in Manhattan, with Britt electing to live in Tampa. They now want to sell the house in Manhattan and buy Millie a condo. Can Britt and Millie exclude up to $500,000 of gain

when they sell the home? - CORRECT ANSWER No, taxpayers are allowed to exclude $250,000 ($500,

for joint filers) of gain on the sale or exchange of a home if it was owned and used as the taxpayer's principal residence for 2 of the 5 years preceding the sale. Both Britt and Miller must have lived in and used the home to qualify for the $500,000 exclusion."

"When applying for the Florida real estate licensure examination, what does a candidate need to submit?

CORRECT ANSWER An authenticated application; digital fingerprint data; the appropriate fee(s)"

"In Florida can a real estate agent list a property for sale based on the "net price"? - CORRECT ANSWER

Yes, net listings are legal in Florida." "Which of the following brokers is in violation of the recent updates to Florida statutes regarding

brokerage offices? Which of the following is in violation of brokerage office and sign requirements? -

CORRECT ANSWER Broker Alana has her office in her condominium. The condo association prohibits

owners from displaying any materials on their doors, so Alana has her business sign posted on the inside of her condo door, which is visible to clients as soon as they enter." "To comply with the statutes, which of the following actions must broker Haley take when she moves her

office from Winter Park to Sanford? - CORRECT ANSWER She must notify the Commission within 10 days

of her change of address by sending the required form along with a list of licensees no longer associated with the firm."

"A broker has had his license suspended for misrepresentation. Which of the following is TRUE? -

CORRECT ANSWER All of his affiliated licensees will become involuntarily inactive."

"Can a successful sales associate who is ambitious to generate new business, place a series of

advertisements in the newspaper? - CORRECT ANSWER Yes, if his broker approves and the ads carry the

name of the firm or broker in addition to the sales associate's." "A broker has had his license suspended for failure to properly market his listings. The Whitfields obtain a civil court judgment against him for the damages resulting from his action. Which of the following

represents the maximum Recovery Fund payment authorized by the updated statutes for this situation? -

CORRECT ANSWER $50,000"

"* What is the maximum payment from the Recovery Fund to 1 person or from 1 transaction? - CORRECT

ANSWER $50,000"

"What are the maximum aggregate payment from the Recovery Fund for multiple claims against a single

licenseeis? - CORRECT ANSWER $150,000"

"With regards to the 2003 changes to the Florida Statutes, which of the following limitations has been

placed on FREC in the collection of fees for the Recovery Fund? FREC can assess fees - CORRECT ANSWER

until the Recovery Fund reaches $1 million."

"A real estate licensee is acting as a transaction broker facilitating the sale of a commercial building. Which

of the following is correct regarding transaction brokerage in Florida? - CORRECT ANSWER Neither party

is required to sign the broker disclosure notice if the broker is acting as a transaction broker."

“A real estate licensee has a buyer agency agreement. What is the seller in this situation? - CORRECT

ANSWER A customer."

"An optionor and an optionee make a contract for an option on a commercial piece of property. If the

optionee decides to exercise his option, when must he perform? - CORRECT ANSWER He must exercise

his option under the terms of the option contract." "A home improvement company was negotiating with a homeowner to add on two rooms to a home. The company agreed to take a second mortgage as long as the homeowner also included the rest of the property in the loan. The company and the homeowner agreed to a price and the company provided the necessary disclosure form on Monday and the homeowner signed the agreement at noon the following day. Assuming that the week had five business days, until what time could the homeowner rescind the

loan? - CORRECT ANSWER Friday, midnight (Three business day period)"

"The Smiths' purchased a residence for $750,000. They made a down payment of $150,000 and agreed to assume the seller's existing mortgage, which had a current balance of $230,000. The Smiths' financed the remaining $370,000 of the purchase price by executing a second mortgage whereby the seller became a

mortgagee. This type of loan is called a - CORRECT ANSWER part purchase mortgage"

"In most states, by paying the debt after a foreclosure sale, the mortgagor has the right to regain the

property. What is this right called? - CORRECT ANSWER Statutory right of redemption"

"The lender is required, under RESPA, to provide a detailed "Good Faith Estimate (GFE)" statement at the

time of loan application or within three business days to - CORRECT ANSWER the buyer."

"A buyer wants to take out an FHA loan. The broker should refer the buyer directly to - CORRECT

ANSWER any approved lending institution such as a bank or savings and loan association."

"An owner advertised "beautiful acreage; only $5,000 down; owner will personally finance down

payment." Would this be in violation of the Truth in Lending Act? - CORRECT ANSWER No. Owners are

not covered by Regulation Z." "Mrs. Jones, an appraiser, is appraising a single family residence for which she has located six closely comparable properties, all sold within the past six months. The subject property is rented for $1,500 per month. It is a custom-built home, approximately three years old. Mrs. Jones would probably give the most

weight in her final estimate of value to which of the following appraisal methods? - CORRECT ANSWER

Market data approach"