Practice Quiz

Florida Real Estate Exam - Question List

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111.
When John purchased Joan’s property on an installment sale, he assumed an existing loan, which exceeded Joan’s basis in the property.  The amount of the assumed loan over Joan’s basis will be:

  1. Deducted from Joan’s basis
  2. Treated as part of the sales price
  3. Added to Joan’s basis
  4. Treated as part of the down payment whether cash was received or not
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112.
A developer can use the Improvement Act of 1911 as amended to raise funds for all of the following purposes, EXCEPT:

  1. To purchase land for subdivision
  2. To provide for drainage
  3. To construct sewers
  4. To develop off-site improvements
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113.
Which of the following business opportunity documents would compare most nearly to a deed?

  1. Security Agreement
  2. Bill of Sale
  3. Lease Option
  4. Financing Statement
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114.
A real estate agent acting under an exclusive agency agreement signed by the seller owes a fiduciary obligation to:

  1. The buyer
  2. The seller
  3. Both the buyer and the seller
  4. Primarily to the seller and partially to the buyer
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115.
There is a Federal Law that is designed to protect purchasers of subdivision properties that are located in the United States and are being offered for sale in interstate commerce.  This law provides for a right of rescission within:

  1. Three days
  2. Five days
  3. Seven days
  4. Ten days
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