Practice Quiz

Florida Real Estate Exam - Question List

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21.

A broker secures a listing, negotiates a sale, and the parties enter escrow. Before escrow closes, the broker’s license is revoked, and the seller refuses to pay the commission because the broker is unlicensed. To collect the commission, the broker must do the following:

  1. Prove that they introduced the buyer to the seller
  2. Prove that they were licensed at the time of sale
  3. Prove that they executed the sales contract
  4. None of the above: The broker cannot sue for a commission in view of their license revocation
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22. Loans which are approved under the Federal Land Bank System are originated and serviced by:
  1. The National Farm Loan Association
  2. The Farm Home Administration
  3. The Federal Land Bank System
  4. National banks
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23. In a timeshare seminar that was advertised to 10,000 people, the timeshare people did not reveal the minimum attendance required for the prize giveaways. Is this a violation of the Real Estate Law?
  1. No, the Real Estate Law does not regulate advertising for timeshares
  2. Yes, anyone giving away prizes must disclose in advance the minimum attendance required for the giveaways
  3. No, the law specifically allows the seller of the timeshare to surprise the consumer by requiring attendance at a presentation
  4. Yes, unless the prize us in excess of $10,000
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24. A deposit receipt does not contain the clause that states that in case of buyer default, the broker is entitled to part of the buyer’s forfeited deposit. If the buyer defaults, according to this contract, the broker is entitled to:
  1. Half the normal commission
  2. No commission
  3. Half of the forfeited deposit
  4. His full commission
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25. Under the “Bulk Sales Law’, who would assume liability for stock-in-trade if no notice were given?
  1. Seller
  2. Buyer
  3. Broker and creditors
  4. Creditors
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