FLORIDA REAL ESTATE EXAM, PRACTICE EXAM AND STUDY GUIDE NEWEST 2024 ACTUAL EXAM NEWEST 500 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+

1 | P a g e FLORIDA REAL ESTATE EXAM, PRACTICE EXAM AND STUDY GUIDE NEWEST 2024 ACTUAL EXAM NEWEST 500 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+ FLORIDA REAL ESTATE EXAM To comply with the statute of frauds, an option contract must be ______. A. In writing and signed by the optionee B. In writing and signed by the optionor C. In writing and signed by the optionor On file at the local courthouse - ANSWER- C. In writing and signed by the optionor Rationale: To comply with the statute of frauds, an option contract must be in writing and signed by the optionor (seller). Which two duties of the transaction broker are shared with the single agent? Account for all funds and obedience Confidentiality and full disclosure 2 | P a g e Maintain limited confidentiality and deal honestly and fairly Present all offers and use skill, care, and diligence - ANSWER- Present all offers and use skill, care, and diligence Rationale: Transaction brokers and single agents have two duties on common: present all offers and counteroffers and use skill, care, and diligence. Who is the owner of the property in a personal representative's deed? A deceased person A divorcee A legally incompetent person A minor - ANSWER- A deceased person Rationale: A personal representative deed is the transfer of title on the conveyance of a deceased person's property. The personal representative is appointed in the will or by a court to handle the deceased individual's property. In the sale of a business, which generally involves 12 steps, something happens with the assets early in the process. What is it? Business assets and personal assets are combined. Business assets are separated from personal assets. 3 | P a g e Business assets are subtracted from liabilities. Business assets are subtracted from the value of the business. - ANSWER- Business assets are separated from personal assets. Rationale: Business assets are separated from personal assets, which are not part of the sale. Sirius Shepard decided to open a brokerage in Azkaban. He's trying to decide between registering the trade name Sirius Shepard Realty or Sirius Seasoned Sales Realty. Which of the following statements is true? If used, trade names may not be longer than the licensee's own name Only sole proprietors may use trade names Sirius can choose to register either of these trade names, but not both simultaneously. The actual name of the individual is not a trade name; therefore he can't register Sirius Shepard Realty. - ANSWER- The actual name of the individual is not a trade name; therefore he can't register Sirius Shepard Realty. Rationale: "Sirius would only be able to register Sirius Seasoned Sales as a trade name and not Sirius Shepard Realty because his actual name is not considered a trade name." Before beginning development of a condominium building, what must the developer do? 4 | P a g e Create an estimated operating budget Create the condo association Record a declaration of condominium Record a declaration of intent - ANSWER- Record a declaration of condominium Rationale: "The developer must record a declaration of condominium before beginning development. This is recorded in county records where the property will be located." In Florida, which of the following scenarios is considered a violation of FTC advertising rules? Marcy just listed the Brown property with the following description: "2,000 square feet of living space for a total of 2,800, including two outbuildings and an unfinished garage." Sarah has just started her career as a solo agent and decides to try a new marketing campaign slogan: "Come let our team of hard-working agents find you the home of your dreams!" Shelia just closed on the Martin property yesterday. She's taken down all the signs and online listings for it.