Florida Real Estate Sales Associate Exam Flashcards

An appraisal is a formal value opinion by a licensed appraiser. A CMA (comparative market analysis) is an agent's price guidance from comparable sales. A BPO is a broker price opinion — neither a CMA nor BPO is an appraisal.

The exam has 100 multiple-choice questions, and you need a grade of 75 points or higher to pass.

You get 210 minutes (three and a half hours) to complete the exam.

About 2 minutes per question on average — enough to read carefully, but you should flag hard questions and move on rather than getting stuck.

A special agent is hired for one specific task (a typical real estate broker representing a seller for one sale). A general agent has ongoing authority over a range of tasks (e.g., a property manager). A universal agent can act broadly on the principal's behalf (e.g., power of attorney).

Single agent (full fiduciary duties to one party), transaction broker (limited representation, the default in Florida), and no brokerage relationship. Licensees are presumed to be transaction brokers unless a single-agent or no-relationship notice is given.

Obedience, Loyalty, Disclosure, Confidentiality, Accounting, and Reasonable care — the full fiduciary duties a single agent owes the principal.

A lien is a financial claim against property as security for a debt. An easement is a right to use another's land for a specific purpose. An encroachment is an unauthorized physical intrusion of an improvement (like a fence) onto a neighbor's land. All are encumbrances.

The sales comparison approach (compare recent similar sales), the cost approach (land value plus depreciated cost to rebuild improvements), and the income approach (capitalize the property's income stream). Sales comparison is most common for residential.

A fixed-rate amortized loan keeps the same interest rate and payment over the term, with each payment covering interest plus principal. An ARM's interest rate adjusts periodically based on an index plus a margin, so payments can rise or fall over time.

A general warranty deed offers the greatest protection, with the grantor warranting clear title against all defects even predating their ownership. A quitclaim deed conveys only whatever interest the grantor may have, with no warranties — often used to clear clouds on title.

210 minutes (three and a half hours).

A grade of 75 points or higher.

About 2.1 minutes per question — 210 minutes divided across 100 questions — so pace yourself and flag hard items to revisit.

A signed statement (often from an HOA/condo association or lender) confirming the current balance, dues, or terms owed — relied upon by buyers and closing agents at transfer.

Bilateral = a promise for a promise (both parties are obligated). Unilateral = a promise in exchange for an act (only one party is obligated until the act is performed).

Real property is land and things permanently attached to it (plus the associated bundle of legal rights); personal property (chattel) is movable and not permanently affixed. An item can convert between them via annexation (personal→real) or severance (real→personal).

A freehold estate is ownership for an indefinite duration (e.g., fee simple, life estate). A leasehold estate is possession for a defined period (e.g., estate for years, tenancy at will) without ownership of the property itself.

100 multiple-choice questions.

100 multiple-choice questions.

210 minutes (three and a half hours).

A grade of 75 points or higher.

About 2.1 minutes per question (210 minutes ÷ 100 questions).

A leasehold estate with a definite beginning and ending date that terminates automatically without notice.

Police power, Eminent domain, Taxation, and Escheat.

A general agent can represent the principal in a broad range of matters; a special agent is authorized for one specific transaction — a real estate licensee is typically a special agent.

The full set of legal rights an owner holds: possession, control, enjoyment, exclusion, and disposition.

An item that was once personal property but has become real property by being permanently attached to the land or building.

A federal law that requires disclosure of settlement costs and prohibits kickbacks and referral fees in federally related mortgage transactions.

Contracts for the sale of real property must be in writing and signed to be enforceable.

A relationship where the broker represents only one party (buyer or seller) with full fiduciary duties such as loyalty, confidentiality, and full disclosure.

An encumbrance is any claim or restriction on a property; a lien is a specific type of encumbrance that secures payment of a debt.

A freehold estate is ownership for an indefinite duration (e.g., fee simple); a leasehold estate grants possession for a limited, defined term under a lease.

Competent parties, mutual assent (offer and acceptance), legal purpose/object, and consideration. Real estate contracts must also be in writing under the Statute of Frauds.

Sales comparison (market) approach, cost approach (reproduction/replacement cost minus depreciation plus land), and income approach (capitalizing net operating income).

The government's right to regulate property to protect public health, safety, and welfare — the basis for zoning, building codes, and land-use restrictions.

Police power, Eminent domain, Taxation, and Escheat.

Joint tenancy carries the right of survivorship (a deceased owner's share passes to surviving co-owners). Tenancy in common has no survivorship — a deceased owner's share passes to their heirs.

A single agent represents one party (buyer or seller) with full fiduciary duties. A transaction broker provides limited representation to both without full fiduciary loyalty — the default relationship in Florida unless another is established.