15 free questions from the Cinna RE Florida real estate exam bank (150 in the app). Tap an answer to check it. The rationale opens right away.
A Florida broker faces conflicting demands from a buyer and seller over an escrowed deposit and is unsure who is entitled to it. Within what time must the broker notify FREC of the conflicting demands?
Answer: B. Within 15 business days of the last party's demand
Upon receiving conflicting demands or having a good-faith doubt about entitlement, the broker must notify FREC in writing within 15 business days, and then implement one of the settlement procedures within 30 business days.
For which type of transaction is the WRITTEN brokerage relationship disclosure (single agent / no brokerage) NOT required in Florida?
Answer: B. A nonresidential transaction, the rental/leasing of real property unless a sale/purchase option is contemplated, an auction, or an appraisal assignment
The brokerage relationship disclosure requirements apply to RESIDENTIAL SALE transactions. They do not apply to nonresidential transactions, the rental or leasing of real property (unless an option to purchase is involved), auctions, appraisals, or business-enterprise dispositions with no real property.
A married couple buys a Florida home together. Because Florida is NOT a community property state, how is title most commonly held to give the surviving spouse automatic ownership?
Answer: D. Tenancy by the entirety, which carries rights of survivorship for married couples
Florida is not a community property state. Married couples commonly hold title as tenants by the entirety, a form of ownership available only to spouses that includes the right of survivorship and offers protection against the individual creditors of one spouse.
A Florida broker receives an earnest money deposit. No later than when must the broker deposit those funds into an escrow account?
Answer: A. The end of the third business day
A Florida broker must place earnest money into an escrow account no later than the end of the third business day following receipt of the funds, measured from when the funds were originally received by the broker or associate.
In a Florida residential transaction, when must a licensee acting as a SINGLE AGENT give the single-agent notice to the principal?
Answer: A. Before, or at the time of, entering into a listing or buyer-representation agreement, or before showing property, whichever comes first
The single-agent disclosure must be made in writing to the principal before, or at the time of, entering into a listing or representation agreement, or before the showing of property, whichever occurs first. The timing of disclosure is a frequently tested point.
Under Florida's Brokerage Relationship Disclosure Act, what is the DEFAULT (presumed) brokerage relationship a licensee has with the public in a residential transaction?
Answer: B. Transaction broker
In Florida, the transaction broker relationship is presumed by default. A licensee is treated as a transaction broker unless a single-agent or no-brokerage relationship is established and disclosed in writing.
After becoming licensed, how much post-license education must a Florida sales associate complete before the first license renewal?
Answer: C. 45 hours
A newly licensed Florida sales associate must complete a 45-hour post-license course before the first renewal of the license.
A Florida sales associate receives a binder deposit check from a buyer on Tuesday. Under FREC rules, by when must the deposit be delivered to the broker (or person named in the contract to hold it)?
Answer: B. By the end of the next business day following receipt
A sales associate must deliver any deposit or other funds to the broker by the end of the next business day. The broker must then place the funds into escrow no later than the end of the third business day following receipt by the associate.
On the sale of Florida real property, the documentary stamp tax on the deed is generally calculated at what rate (outside the special Miami-Dade single-family rate)?
Answer: B. $0.70 per $100 of consideration
Florida documentary stamp tax on deeds is generally $0.70 per $100 of consideration (rounded up to the next $100). Miami-Dade County uses a different rate structure for certain transactions, but the standard statewide deed rate is $0.70 per $100.
If conflicting demands arise over escrowed earnest money that the broker cannot resolve, which is an authorized FREC escrow dispute procedure?
Answer: B. Requesting an Escrow Disbursement Order (EDO) from FREC
Among the authorized settlement procedures, a Florida broker may request an Escrow Disbursement Order (EDO) from FREC, or use mediation, arbitration, or litigation/interpleader to resolve conflicting demands.
When a buyer purchases a home governed by a mandatory homeowners' association, Florida law requires what to be provided before or at the time of contract?
Answer: B. A homeowners' association disclosure summary informing the buyer of mandatory membership and assessment obligations, with a statutory cancellation right if not timely provided
Florida requires a Homeowners' Association disclosure summary informing the buyer that membership is mandatory and that the buyer is obligated to pay assessments. If the required disclosure is not provided as the statute requires, the buyer generally has a right to void/cancel the contract within the statutory timeframe.
Under Florida's Save Our Homes provision, by what maximum percentage can the assessed value of a homestead property increase each year?
Answer: B. 3% per year
The Save Our Homes amendment caps annual increases in the assessed value of homestead property at 3% (or the change in CPI, whichever is lower).
A Florida broker uses $2,000 of an escrowed buyer deposit to pay the brokerage's electric bill. This act is best described as:
Answer: C. Conversion
Conversion is using or taking trust funds belonging to another for one's own use. Spending escrowed deposit money on operating expenses is conversion, a serious violation that can lead to license revocation and criminal charges.
A newly licensed Florida sales associate fails to complete the required post-licensing education before the first renewal date. What is the consequence?
Answer: B. The license becomes null and void
If a Florida sales associate fails to complete the 45-hour post-license education before the first renewal, the license becomes null and void. Unlike an ordinary CE lapse, the post-license requirement is mandatory and the license cannot simply be reactivated by paying a fee.
Of FREC's seven members, how many must be consumer members who have never been licensed real estate brokers or sales associates?
Answer: B. Two
Two of the seven FREC members must be consumer members who have never been real estate brokers or sales associates, ensuring public representation on the Commission.
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