Real Estate Practice Test Review 1

What chapters are covered in Practice Test 1?

• Chapters 1 to 4

• Chapters 3 to 6

• Chapters 1 to 3

• Chapters 2 to 5

Which function is NOT included in property administration?

• Collection of rent

• Supervision and maintenance

• Rental of the property

• Representation of the owner

What is a Broker Price Opinion (BPO) equivalent to?

• A mortgage evaluation

• A property inspection

• A Comparative Market Analysis (CMA)

• An appraisal

What chapter of the real estate law is violated if a sales associate charges fees for a valuation?

• Chapter 475

• Chapter 7

• Chapter 120

• Chapter 1866

What is a dealer in the context of the state exam?

• A property owner

• A sales associate

• A licensed real estate agent

• A property manager

What is the primary focus of a Comparative Market Analysis (CMA)?

• Estimating property taxes

• Determining property insurance

• Evaluating market value of properties

• Assessing property maintenance costs

Who promotes ethics in the real estate industry?

• The National Association of Realtors (NAR)

• The Real Estate Settlement Procedures Act (RESPA)

• The Department of Housing and Urban Development (HUD)

• The Florida Real Estate Commission (FREC)

What is the significance of an inactive associate seller license?

• It is equivalent to having an active license

• It is equivalent to not having a license

• It allows limited real estate activities

• It requires renewal every year

Who can be exempt from having a real estate license?

• A person appointed by the court

• A person with an inactive license

• A person with a temporary license

• A person with a provisional license

What is the rule regarding foreign brokers participating in transactions in Florida?

• They can only assist without participating in negotiations

• They cannot receive any form of compensation

• They can participate without any restrictions

• They can receive a commission directly