#1
What is the minimum age requirement to obtain a Florida real estate license?
16 years old
18 years old
21 years old
25 years old
#2
Which agency oversees the regulation of real estate licenses in Florida?
Florida Department of Health
Florida Department of Education
Florida Department of Business and Professional Regulation
Florida Department of Financial Services
#3
In Florida, how often must real estate licenses be renewed?
Every year
Every two years
Every three years
Every four years
#4
What is the primary purpose of the Florida Real Estate Commission?
To enforce property tax laws
To regulate mortgage lending practices
To oversee real estate licensing and uphold professional standards
To provide financial assistance to first-time homebuyers
#5
What does the term 'fiduciary duty' refer to in real estate?
A duty to disclose all property defects
A duty to act in the best interest of the client
A duty to maintain confidentiality of all client information
A duty to provide legal advice to the client
#6
What does the acronym MLS stand for in the context of real estate?
Multiple Listing Service
Market Listing System
Mortgage Loan Service
Massive Listing Search
#7
How many hours of pre-licensing education are required to obtain a Florida real estate sales associate license?
40 hours
60 hours
72 hours
90 hours
#8
Which of the following is NOT required to be disclosed in a Florida real estate transaction?
Material defects
Seller's personal financial information
Lead-based paint hazards
Environmental hazards
#9
What is the term used to describe a situation where a real estate agent represents both the buyer and the seller in the same transaction?
Dual agency
Single agency
Exclusive agency
Subagency
#10
Which of the following is NOT a requirement to obtain a Florida real estate broker license?
At least 18 years of age
High school diploma or equivalent
Passing the state licensing exam
Minimum of 2 years active real estate sales associate license
#11
What type of listing agreement gives the listing agent the most incentive to sell the property?
Open listing
Exclusive right-to-sell listing
Exclusive agency listing
Net listing
#12
What is the Florida Real Estate Recovery Fund?
A fund for real estate agents to invest in properties
A fund for reimbursing consumers who have been financially harmed by a real estate licensee
A fund for financing real estate development projects
A fund for real estate licensing exam preparation
#13
In Florida, what is the maximum fine for the unlicensed practice of real estate?
$1,000
$5,000
$10,000
$15,000
#14
Which of the following is NOT a characteristic of a condominium?
Individual ownership of units
Shared ownership of common areas
Limited common elements
Ownership of land by unit owners
#15
What is the purpose of the Florida Real Estate Appraisal Board?
To oversee the regulation of real estate brokers
To establish property tax rates
To set standards for real estate appraisal practice and education
To manage the Florida Real Estate Recovery Fund
#16
What is 'escrow' in the context of a real estate transaction?
A type of financing option for homebuyers
The process of transferring ownership of a property
An account where funds are held until all conditions of the sale are met
A legal document outlining the terms of the sale agreement
#17
What is a 'right of first refusal' in real estate?
The right of a tenant to renew a lease before it expires
The right of a buyer to match or exceed an offer before a property is sold to someone else
The right of a seller to refuse an offer below the asking price
The right of a lender to foreclose on a property in default