Florida Real Estate Broker Practice Exam.
Free practice test — 105 quality-checked questions, instant feedback.

1. Two neighbors shake hands on the oral sale of a vacant lot, but no writing is ever prepared. When the seller backs out, the buyer sues to enforce the deal. How is the oral agreement best characterized?

• A. Void, because it never existed legally
• B. Fully enforceable, because consideration was exchanged
• C. Unenforceable, because the Statute of Frauds requires a signed writing for a land sale
• D. Voidable, because either party may disaffirm it

2. A buyer and seller orally agree to a sale of a residential lot and shake hands on the price. Neither party signs anything. If the seller later refuses to proceed, what is the most likely status of this agreement?

• A. Void, because no lawful object exists
• B. Unenforceable, because the Statute of Frauds requires real estate sale contracts to be in writing and signed by the party to be charged
• C. Voidable at the buyer's option only
• D. Fully enforceable because both parties agreed on price

3. A candidate answers 74 questions correctly on the 100-question examination, assuming equal weighting. What is the result relative to the passing standard?

• A. The candidate passes, exceeding the required grade
• B. The candidate fails, falling ten points short of the required grade
• C. The candidate fails, falling one point short of the required grade
• D. The candidate passes, exactly meeting the required grade

4. The examination is described as lasting "three and a half hours." Expressed in minutes, how long is this?

• A. 150 minutes
• B. 180 minutes
• C. 210 minutes
• D. 330 minutes

5. A property-ownership study group debates whether answering more than 75 questions correctly on the 100-question exam is necessary to pass. Under equal weighting, which statement is accurate?

• A. Any score above 50 correct answers passes
• B. Exactly 75 correct answers meets the passing grade of 75 points
• C. At least 90 correct answers are required to pass
• D. The passing grade is unrelated to the number of correct answers

6. The stated exam duration is described as "three and a half hours." How many minutes does this represent?

• A. 190 minutes
• B. 210 minutes
• C. 200 minutes
• D. 230 minutes

7. The examination's time allotment is described as three and a half hours. Expressed in minutes, this equals which value?

• A. 350 minutes
• B. 150 minutes
• C. 190 minutes
• D. 210 minutes

8. A grantor who is uncertain whether they actually hold clear title to a parcel wants to convey whatever interest they may have, without making any promises about the quality of that title. Which deed accomplishes this?

• A. A general warranty deed
• B. A special warranty deed
• C. A quitclaim deed
• D. A deed of trust

9. A seller signs a deed transferring property but the document does not include a legal description of the parcel. Under the requirements for a valid deed, what is the effect of this omission?

• A. The deed becomes a life estate instead of a fee simple conveyance
• B. The deed fails to meet the requirements for a valid, effective conveyance
• C. The deed is still valid because a legal description is optional if the address is known
• D. The deed automatically converts to a quitclaim deed

10. An attorney reviewing a draft deed notices it names both parties, contains a legal description, includes a granting clause, and is signed by the grantor, but it has not yet been handed over to the grantee. What remains necessary for the deed to be effective?

• A. A warranty of title against all defects
• B. Payment of the outstanding property taxes
• C. Nothing further; the deed is already effective once signed
• D. Delivery to and acceptance by the grantee

11. A mortgage lender recorded its lien in 2019. In 2022 the county recorded a property tax lien and a special assessment against the same parcel, which is now being sold at a forced sale. As a general rule, which lien is satisfied first from the proceeds?

• A. The property tax lien and special assessment, regardless of recording date
• B. Whichever lienholder first demanded payment
• C. Neither; liens are paid strictly in the order of recording
• D. The 2019 mortgage lien, because it was recorded first

12. Two adjoining lots share a right-of-way: Lot A's owner has the right to cross Lot B to reach the road, and this right transfers automatically whenever either lot is sold. In this arrangement, which parcel is the servient tenement?

• A. Lot A, which enjoys the crossing right
• B. Whichever lot was recorded first
• C. Lot B, which is burdened by the crossing right
• D. Neither, because the easement ends at each sale

13. A residential lease is negotiated for a term of eighteen months but is never reduced to writing. Under the Statute of Frauds, what is the consequence for enforceability?

• A. It is automatically void because leases cannot be oral
• B. It must be in writing and signed by the party to be charged to be enforceable, because it exceeds one year
• C. It is enforceable because leases are exempt from the writing requirement
• D. It is enforceable only if the tenant records it

14. A broker preparing a purchase agreement lists the components the parties must have for the contract to be legally valid. Which set correctly states the four essential elements of a valid real estate contract?

• A. Offer, earnest money, a licensed broker, and recording
• B. Mutual assent, consideration, legally competent parties, and a lawful object
• C. Consideration, a survey, title insurance, and delivery
• D. Mutual assent, a contingency, a notarized signature, and possession

15. An offeror has submitted a written offer to purchase but has not yet heard back. Before the offeree communicates any acceptance, the offeror changes his mind. What may the offeror do?

• A. Nothing; an offer is irrevocable once it is written
• B. Revoke the offer any time before acceptance is communicated
• C. Revoke the offer only after a 3-day waiting period
• D. Revoke the offer, but only with the offeree's permission

16. A 16-year-old signs a contract to purchase a parcel of land. Which term most precisely describes a contract that a party such as a minor may disaffirm?

• A. Unenforceable
• B. Void
• C. Voidable
• D. Executed

17. A broker represents both the buyer and the seller in the same transaction. Under agency law governing this contractual relationship, when is such dual agency permitted?

• A. Whenever the broker discloses it orally to the seller alone
• B. Only with the informed written consent of both parties
• C. Never, under any circumstances
• D. Automatically, because a single broker may always represent both sides

18. Two states handle mortgage title differently. In State X, the lender holds legal title until the loan is paid off. In State Y, the borrower holds title and the lender holds only a lien. How are these two arrangements classified?

• A. State X is a lien-theory state; State Y is a title-theory state
• B. Both are title-theory states
• C. State X is a title-theory state; State Y is a lien-theory state
• D. Both are lien-theory states

19. A buyer is quoted a loan and asks about paying a discount point to lower the interest rate. On a loan of $300,000, how much does one discount point cost, and what is its purpose?

• A. $3,000 — it is a penalty for early repayment
• B. $30,000 — it is the required down payment
• C. $3,000 — it is prepaid interest that buys down the interest rate
• D. $300 — it is a fee paid to the appraiser

20. Which federal law governs federally related mortgage loans, prohibits kickbacks and unearned referral fees, and requires the Loan Estimate and Closing Disclosure?

• A. The Civil Rights Act of 1866
• B. The Truth in Lending Act (TILA)
• C. The Real Estate Settlement Procedures Act (RESPA)
• D. The Statute of Frauds

21. A homeowner refinances the mortgage on her principal residence. Under the Truth in Lending Act, what special protection may she have after signing?

• A. An automatic waiver of private mortgage insurance
• B. A twenty-percent reduction in her interest rate
• C. A three-day right of rescission on certain refinances of a principal residence
• D. A guaranteed VA loan regardless of eligibility

22. A broker deposits a client's earnest money into the brokerage's own operating account to cover a temporary shortfall, intending to replace it before closing. Which fiduciary duty has the broker most directly violated?

• A. Obedience
• B. Reasonable care and diligence
• C. Accounting
• D. Loyalty

23. A purchase agreement states that the buyer's duty to close depends on the buyer securing a mortgage and on a satisfactory home inspection. What are these preconditions to performance called?

• A. Contingencies
• B. Liquidated damages
• C. Encumbrances
• D. Covenants of seisin

24. A seller signs a valid contract to sell a one-of-a-kind waterfront home but then refuses to convey it, and the buyer wants the property itself rather than money. Which remedy allows a court to compel the seller to convey?

• A. Revocation
• B. Liquidated damages
• C. Rescission of the listing agreement
• D. Specific performance

25. A real estate agent, responding to a Black family's inquiry, shows them homes only in certain neighborhoods while steering a white family with the same budget toward different areas. Which fair housing violation does this describe, and what is its statutory backstop for race?

• A. Blockbusting, exempted for owner-occupied buildings
• B. Steering, and race discrimination under the Civil Rights Act of 1866 has no exemptions
• C. Legitimate market matching, which fair housing law permits
• D. Redlining, which applies only to lenders

26. An eligible veteran wants a loan that may permit no down payment and is guaranteed by the government. Which loan type fits this description?

• A. A VA loan
• B. A conventional loan
• C. An FHA loan
• D. A quitclaim loan

27. A buyer signs a seller's offer but crosses out the closing date and writes in a date two weeks later before returning it. What is the legal effect of this change?

• A. It forms a binding contract on the seller's original terms
• B. It is a contingency that suspends the seller's duty to perform
• C. It renders the contract voidable at the seller's option
• D. It operates as a counteroffer that rejects and extinguishes the original offer

28. A grantor conveys property using a deed that contains no covenants and transfers only whatever interest the grantor happens to hold. Which type of deed is this, and how does it compare in protection to a general warranty deed?

• A. A general warranty deed, which warrants title against all defects
• B. A quitclaim deed, which offers the greatest protection available
• C. A special warranty deed, which warrants only against the grantor's own acts
• D. A quitclaim deed, which offers less protection because it carries no warranties

29. A property has a first mortgage recorded in 2019 and unpaid property taxes assessed in 2022. If the property is sold at a forced sale, which claim generally has priority?

• A. They share equally on a pro rata basis
• B. The mortgage, because it was recorded first
• C. Whichever creditor files suit first
• D. The property tax lien, because tax liens generally take priority over all other liens regardless of recording date

30. After a listing agreement ends, the former agent reveals to a prospective buyer that the seller had privately said she would accept far less than the asking price. This conduct breaches which duty, and why?

• A. Disclosure, because material facts must always be revealed to buyers
• B. Accounting, because it concerns the sale price
• C. Confidentiality, which survives termination of the agency
• D. Loyalty, because the agency relationship is still active

31. A brokerage represents both the buyer and the seller in the same transaction. Under what circumstances is this arrangement permitted?

• A. Automatically, provided each party has separate counsel
• B. Only when the transaction price exceeds market value
• C. Never, because it is an inherent conflict of interest
• D. Only with the informed written consent of both parties

32. A seller receives a written offer and, before responding, telephones the buyer to say the offer is withdrawn. The buyer had not yet been told of any acceptance. Is the withdrawal effective?

• A. Yes, because an offer may be revoked any time before acceptance is communicated
• B. No, because only the buyer may revoke an offer once it is written
• C. Yes, but only if the buyer had not paid earnest money
• D. No, because written offers cannot be revoked orally

33. A grantor conveys a parcel to her nephew for as long as he lives, with the property to pass to a named third party upon his death. Which estate has the grantor created?

• A. A life estate
• B. An easement appurtenant
• C. A fee simple absolute
• D. A leasehold estate

34. Which form of ownership represents the highest and most complete interest a person can hold in real property?

• A. A life estate
• B. An easement appurtenant
• C. A fee simple absolute
• D. A quitclaim interest

35. A buyer wants the strongest possible assurances that the seller is conveying good title free of defects arising at any point in the chain of ownership. Which deed should the buyer insist upon?

• A. An easement grant
• B. A quitclaim deed
• C. A life estate deed
• D. A general warranty deed

36. To settle a possible boundary dispute, a neighbor signs an instrument releasing to the adjoining owner whatever interest, if any, the neighbor might hold in a disputed strip, without promising that any interest exists. This instrument is best described as:

• A. A general warranty deed
• B. A deed conveying a fee simple absolute with covenants
• C. A quitclaim deed
• D. An easement appurtenant

37. Immediately after closing, a purchaser records her deed in the public land records. What legal effect does recording chiefly accomplish?

• A. It converts a quitclaim deed into a general warranty deed
• B. It gives constructive notice to the world and establishes priority
• C. It extinguishes any property tax liens on the parcel
• D. It transfers legal title, which the unrecorded deed had not done

38. Which statement about an easement appurtenant is correct?

• A. It gives the holder the highest and most complete ownership of both parcels
• B. It automatically terminates the moment either parcel is sold
• C. It burdens the dominant tenement and benefits the servient tenement
• D. It runs with the land, so it passes to later owners of the parcels

39. A grantor delivers a deed that names the parties, gives a legal description, includes a granting clause, and is signed, but the deed expressly disclaims any warranties and conveys 'only such interest as the grantor may have.' The grantee later discovers a title defect predating the grantor's ownership. What is the grantee's position on warranty protection?

• A. The grantee has no warranty protection, because a quitclaim deed carries no warranties and conveys only whatever interest the grantor had
• B. The grantee is fully protected, because every properly executed deed warrants title against all defects
• C. The grantee is protected only against defects arising after delivery
• D. The grantee automatically receives a fee simple absolute free of all defects

40. A seller receives a written offer and returns it with the price raised by $5,000 but all other terms unchanged. Which statement best describes the legal effect of the seller's response?

• A. It is a valid acceptance because only one term was altered
• B. It has no legal effect until the buyer records it
• C. It creates two simultaneously binding contracts
• D. It operates as a counteroffer that rejects and extinguishes the original offer

41. Two neighbors orally agree that one will sell the other a vacant lot, and they shake hands but never put anything in writing. When the seller backs out, why is the buyer unable to enforce the deal in court?

• A. Consideration was never exchanged
• B. A handshake makes the contract voidable at the seller's option
• C. The Statute of Frauds requires a contract for the sale of real estate to be in writing and signed by the party to be charged to be enforceable
• D. Oral land-sale agreements are void from the outset

42. A purchase contract contains a clause providing that, if the buyer defaults, the seller may keep the earnest money as the agreed measure of damages. This clause is best described as a:

• A. Liquidated damages clause
• B. Acceleration clause
• C. Granting clause
• D. Contingency clause

43. A borrower signs a document that both evidences the debt and contains the promise to repay the lender. Separately, a second instrument pledges the property as security for that debt. What are these two instruments called?

• A. A deed of trust and a general warranty deed
• B. A mortgage and a quitclaim deed
• C. A promissory note and a Loan Estimate
• D. A promissory note and a mortgage (or deed of trust)

44. After a borrower misses several payments, the lender invokes a clause in the mortgage that permits it to declare the entire remaining loan balance immediately due and payable. Which clause is this?

• A. The acceleration clause
• B. The substitution clause
• C. The liquidated damages clause
• D. The granting clause

45. A borrower is obtaining a conventional loan and putting down 10% of the purchase price. Which of the following is she typically required to carry, and why?

• A. An FHA insurance premium, because all conventional loans are FHA-insured
• B. Private mortgage insurance, because her down payment is less than twenty percent
• C. No insurance, because conventional loans never require it
• D. A VA guaranty fee, because conventional loans are government-backed

46. A lender must clearly disclose the annual percentage rate (APR) and the total finance charge so a borrower can compare the true cost of credit. Which law, and its implementing regulation, imposes this requirement?

• A. The Truth in Lending Act, implemented by Regulation Z
• B. The Fair Housing Act, implemented by the OLD CAR rule
• C. The Civil Rights Act of 1866, implemented by Regulation Z
• D. RESPA, implemented by the Loan Estimate

47. A loan officer offers a real estate agent a cash payment for every borrower the agent refers, even though the agent performs no settlement service in return. Which statement best describes the legality of this arrangement?

• A. It is required disclosure under Regulation Z's APR rules
• B. It is protected as a discount point that buys down the rate
• C. It is permitted because referral fees are always earned
• D. It is prohibited as an unearned referral fee under RESPA

48. A borrower makes a down payment equal to ten percent on a conventional loan. Based on typical conventional-loan requirements, what additional cost should the borrower most likely expect?

• A. A three-day right of rescission fee
• B. Private mortgage insurance, typically required when the down payment is less than twenty percent
• C. An FHA insurance premium, because the loan is government-backed
• D. A discount point equal to the full loan amount

49. A property buyer includes an inspection contingency in the purchase contract. If a major structural defect is discovered during the inspection period, what is the legal significance of the contingency?

• A. The seller must provide a general warranty deed
• B. The buyer is obligated to close regardless of the inspection results
• C. The buyer's obligation to perform depends on the contingency condition being satisfied
• D. The contract is automatically void

50. A candidate scores exactly 74 points on the examination. Based on the stated passing standard, what is the outcome?

• A. The candidate passes, because any score above 70 is a pass
• B. The candidate does not pass, because the score is below 75 points
• C. The outcome cannot be determined from the score alone
• D. The candidate passes, because the score rounds up to 75

51. A property has a first mortgage recorded five years ago and a mechanic's lien recorded last month, and now the county places a property tax lien on the parcel for unpaid taxes. In terms of payment priority among these three liens, where does the tax lien rank?

• A. It ranks last because it was recorded after the other two liens
• B. It ranks behind the mortgage but ahead of the mechanic's lien because it was recorded most recently
• C. It generally takes priority over the other liens regardless of when it was recorded
• D. It ties with the mortgage for first priority and the proceeds are split evenly

52. A title examiner reviewing a chain of title notices that one deed in the history of the property was never in writing, but was instead based entirely on an oral agreement between the parties for the sale of the land. What is the legal status of that oral land-sale agreement?

• A. It is unenforceable because it fails to satisfy the writing requirement for land sales
• B. It is voidable at the buyer's option only
• C. It is void because oral agreements have no legal existence
• D. It is fully valid and enforceable since real estate custom does not require writing

53. A seller signs a listing agreement guaranteeing the broker a commission no matter who ultimately produces a buyer, including the seller herself. Which type of listing agreement is this?

• A. Open listing
• B. Exclusive agency listing
• C. Exclusive right to sell
• D. Net listing

54. A licensed sales associate deposits a buyer's earnest money check into her personal checking account instead of the broker's escrow account, intending to transfer it later. Which state agency has authority to investigate and discipline her for this conduct?

• A. The local multiple listing service
• B. The county tax collector's office
• C. The Florida Bar
• D. The Florida Department of Business and Professional Regulation acting through the Florida Real Estate Commission

55. A broker holds earnest money in escrow, and after the deal collapses, the buyer and seller each submit written demands claiming the entire deposit. Neither will agree to a resolution. What must the broker do with the disputed funds?

• A. Notify the Florida Real Estate Commission of the conflicting demands and pursue an approved resolution procedure such as an escrow disbursement order, mediation, arbitration, or interpleader
• B. Immediately release the funds to whichever party demanded first
• C. Keep the funds in the brokerage's operating account until one party gives up
• D. Split the deposit evenly between the parties without informing anyone

56. A consumer obtains a court judgment against a real estate licensee for fraud committed during a transaction but is unable to collect the judgment because the licensee has no assets. What state-administered fund may provide limited reimbursement to the consumer?

• A. The state general revenue fund
• B. The Real Estate Recovery Fund
• C. The broker's professional liability insurer, regardless of coverage
• D. The multiple listing service dues pool

57. Several competing brokers in the same city informally agree among themselves to charge an identical commission rate on all listings. Under real estate license law and antitrust principles, how is this arrangement treated?

• A. It is permitted if the brokers belong to the same trade association
• B. It is an illegal price-fixing agreement because commission rates must be independently negotiated between each broker and client
• C. It is permitted as long as the rate is disclosed to sellers
• D. It is permitted because commission rates are set by custom in most markets

58. A newly licensed sales associate wants to begin listing and selling property immediately after passing the state exam. Under Florida license law, what must occur before the associate may legally practice?

• A. The associate must register under an actively licensed broker who supervises the associate's activities
• B. The associate must first complete a separate broker's license
• C. The associate may practice independently for the first year
• D. The associate may practice only within the county where the exam was taken

59. A sales associate places a newspaper ad for a listed property but includes only her personal cell phone number, without naming her brokerage anywhere in the ad. What licensing problem does this ad create?

• A. It is permitted as long as the property address is included
• B. None, because personal contact information is preferred by consumers
• C. It is a prohibited blind ad because advertising must disclose the brokerage's name
• D. It is permitted if the associate later discloses the brokerage name at showing

60. A brokerage lists a home and works with an unrepresented buyer, and neither party has signed a single agent agreement. Absent any other written designation, what relationship typically exists by default under Florida law?

• A. Single agency for the seller only, with no duties owed to the buyer
• B. A transaction broker relationship, owing limited statutory duties to both parties
• C. No relationship exists until closing
• D. Dual agency automatically applies

61. A buyer tours a home with Agent A, who provides substantial assistance, but later completes the purchase directly with the listing agent after Agent A stops responding to calls. Agent A files a commission claim. What must be shown to establish Agent A as the procuring cause?

• A. That Agent A's efforts set in motion an uninterrupted chain of events leading to the sale, without abandonment of the buyer
• B. That the buyer signed a written offer with Agent A at some point
• C. That Agent A was the first person to ever show the buyer any property
• D. That Agent A held an exclusive buyer agency agreement, regardless of later conduct

62. A licensed broker wants to keep her license active for the next renewal period. Beyond paying required fees, what must she typically also complete?

• A. Nothing further, since the original licensing exam covers her full career
• B. A new background check only if she changes brokerages
• C. State-approved continuing education coursework
• D. Re-taking the full original licensing examination each period

63. A seller agrees that her broker may keep, as commission, any amount received above a stated minimum sale price. During negotiations, the broker fails to disclose a much higher competing offer he privately fields for a buyer he also represents. What has the broker most likely violated?

• A. The requirement that all listings be exclusive right to sell
• B. Nothing, since net listings are always prohibited outright
• C. The prohibition on any broker ever representing more than one buyer
• D. His fiduciary duty of full disclosure to the seller, by withholding material information that could increase her proceeds

64. An unlicensed individual negotiates the sale price and terms of a commercial building on behalf of the owner in exchange for a fee, without ever obtaining a real estate license. What is the legal consequence of this conduct?

• A. It is permitted because only the buyer's side of a transaction requires licensure
• B. It constitutes unlicensed practice of real estate activity and exposes the individual to licensing sanctions
• C. It is permitted because the transaction involves commercial rather than residential property
• D. It is permitted as long as the fee is disclosed to both parties

65. During a routine audit, a state investigator asks a broker to produce escrow account records and transaction files for the past several years. What is the broker's obligation?

• A. To refuse until served with a court subpoena
• B. To make the required business and escrow records available for inspection, since licensees must maintain and produce them on request
• C. To provide records only if the investigator names a specific complainant
• D. To provide only records for currently open transactions

66. A seller lists her home with a broker but retains the right to sell the property herself, without owing any commission, if she finds the buyer independently. If a different agent from another firm sells the home, however, the listing broker is still owed commission. Which listing type describes this?

• A. Open listing
• B. Exclusive right to sell listing
• C. Exclusive agency listing
• D. Multiple listing

67. A prospective buyer pays a landowner a nonrefundable fee for the exclusive right, but not the obligation, to purchase a parcel at a fixed price within the next six months. What kind of agreement has the buyer obtained?

• A. A right of first refusal
• B. An option contract
• C. An installment land contract
• D. A bilateral purchase contract

68. A buyer takes possession of a home and makes monthly payments directly to the seller over several years, with the seller retaining legal title until the final payment is made. What type of arrangement is this?

• A. An installment land contract, also called a contract for deed
• B. A deed in lieu of foreclosure
• C. A lease with an option to buy
• D. A traditional mortgage financed sale

69. A signed purchase agreement obligates the buyer to pay the purchase price and obligates the seller to convey title, with both parties bound to perform their respective promises. What type of contract is this?

• A. A voidable contract
• B. A bilateral contract
• C. An executed contract
• D. A unilateral contract

70. A buyer and seller sign a written agreement for the sale of a residential lot, but the agreed use of the property violates a local zoning ordinance in a way that makes the contract's underlying purpose illegal. How is such a contract generally treated?

• A. Void from the outset, since a contract for an illegal purpose has no legal effect
• B. Enforceable, because zoning issues do not affect contract validity
• C. Unenforceable only if one party did not know about the ordinance
• D. Voidable at the election of either party

71. A buyer under a signed purchase contract wants to transfer his rights and obligations to a third party investor before closing, and the contract contains no clause prohibiting this. What is this transfer called?

• A. Novation
• B. Assignment
• C. Rescission
• D. Consideration

72. A buyer under contract to purchase a home wants to be fully released from further liability, so the seller agrees in writing to substitute a new buyer in his place under the same terms. What legal concept describes this substitution?

• A. Novation
• B. Partial performance
• C. Assignment
• D. Consideration

73. A purchase contract states that time is of the essence regarding the closing date. What is the legal effect of this clause on a party who closes several days late without justification?

• A. The clause only applies to the earnest money deposit deadline
• B. The late party may be considered in material breach, since strict compliance with stated deadlines becomes a contract requirement
• C. The clause automatically voids the contract regardless of any breach
• D. The clause has no binding effect and is purely aspirational language

74. A buyer discovers after signing that the seller knowingly misrepresented a material fact about the property's condition. The buyer wants to unwind the transaction entirely and be restored to her pre-contract position. Which remedy is she seeking?

• A. Rescission
• B. Specific performance
• C. Liquidated damages
• D. Compensatory damages only

75. For a buyer's acceptance of a seller's offer to create a binding contract, contract law generally requires the acceptance to match the offer's terms exactly, without adding, deleting, or changing any provision. What is this requirement commonly called?

• A. The parol evidence rule
• B. The mirror image rule
• C. The doctrine of substantial performance
• D. The statute of frauds

76. A buyer wants to sue a seller for breach of a real estate purchase contract but has waited an unusually long time after the breach occurred before filing suit. What legal doctrine may bar the claim entirely regardless of its merits?

• A. The doctrine of laches only, since statutes never apply to contract claims
• B. The parol evidence rule
• C. The statute of limitations, which sets a maximum time period within which a lawsuit must be filed
• D. The mailbox rule

77. A purchase contract sets the earnest money deposit as liquidated damages if the buyer defaults. For a court to enforce this clause rather than treat it as an unenforceable penalty, what must generally be true of the amount?

• A. It must exceed the seller's actual loss to be effective
• B. It must be left blank and determined later by the court
• C. It must bear a reasonable relationship to the seller's anticipated actual damages at the time of contracting
• D. It must equal exactly the full purchase price

78. A married couple takes title to their homestead together, with each spouse owning an undivided whole interest, a right of survivorship, and neither able to convey or encumber the property without the other's consent. Which form of co-ownership is this?

• A. Joint tenancy without survivorship
• B. Tenancy by the entirety
• C. Tenancy in common
• D. Community property

79. Three unrelated investors take title to a property as joint tenants with right of survivorship. One investor dies. What happens to that investor's interest in the property?

• A. It passes to the deceased investor's heirs under state intestacy law
• B. It passes according to the deceased investor's will
• C. It is divided equally between the estate and the surviving owners
• D. It automatically passes to the surviving joint tenants, bypassing probate

80. Two unrelated friends purchase an investment property together, each holding a distinct, separately transferable share with no right of survivorship between them. Which form of ownership describes this arrangement?

• A. Community property
• B. Tenancy in common
• C. Joint tenancy with right of survivorship
• D. Tenancy by the entirety

81. A seller installs custom built-in bookshelves permanently attached to the wall of a home before listing it for sale, then wants to remove them before closing. How are permanently attached built-in shelves generally classified in a real estate sale?

• A. As trade fixtures removable only by tenants
• B. As personal property that the seller may always remove
• C. As encumbrances on the title
• D. As fixtures that convey with the property unless excluded in the contract

82. A neighbor has openly farmed an unused strip of a landowner's property continuously for many years without permission, and the true owner has never objected or evicted him. Under the doctrine the neighbor may eventually rely on to claim title, what quality of possession is required?

• A. Possession that is open, notorious, continuous, hostile, and exclusive for the required statutory period
• B. Possession with the express written permission of the owner
• C. Possession that is secretive and intermittent
• D. Possession based on a signed but unrecorded deed only

83. An owner of beachfront property in Florida holds rights associated with the adjoining body of water, including reasonable access to and use of the water. What term describes this category of property rights?

• A. Subjacent support rights
• B. Mineral rights
• C. Easement rights
• D. Littoral rights

84. A Florida homeowner facing an unsecured judgment from a credit card debt is concerned about losing her primary residence. Under Florida's homestead protections, how is her primary residence generally treated with respect to this type of creditor?

• A. It is protected only if the mortgage is fully paid off
• B. It may be seized immediately to satisfy any judgment
• C. It is generally protected from forced sale by most general unsecured judgment creditors
• D. It receives no special protection beyond any other asset

85. A rural parcel's legal description begins at a marked stake and describes a series of directions and distances along each boundary line back to the starting point. Which method of legal description is being used?

• A. Government rectangular survey
• B. Lot and block
• C. Street address description
• D. Metes and bounds

86. A suburban home's legal description references a specific numbered parcel within a numbered block, as shown on a plat recorded in the county's official records. Which method of legal description is this?

• A. Government rectangular survey
• B. Lot and block
• C. Datum elevation description
• D. Metes and bounds

87. A buyer purchases an owner's title insurance policy at closing. What risk is this policy primarily designed to protect the buyer against?

• A. The buyer's future failure to make mortgage payments
• B. Financial loss from title defects or claims that existed before the policy was issued but were not discovered during the title search
• C. Future declines in the property's market value
• D. Damage to the structure from a fire after closing

88. A survey reveals that a neighbor's fence extends two feet onto the adjoining owner's lot, and has been in that position for years without any easement or agreement. What term describes this situation?

• A. A lien
• B. A defeasible fee
• C. A dominant estate
• D. An encroachment

89. A homeowner gives a neighbor casual, revocable permission to walk across the backyard as a shortcut, with no writing and no transfer of any interest in the land. How does this arrangement differ from an easement?

• A. It is a license, a personal and revocable permission rather than an interest in land that runs with the property
• B. It is identical to an easement and automatically transfers to future owners
• C. It must be recorded to have any legal effect
• D. It creates a dominant and servient estate, just like an easement

90. A landowner subdivides a large parcel, selling off the front portion and leaving the rear portion landlocked with no access to any public road. What type of easement may a court imply in favor of the landlocked rear parcel?

• A. A negative easement
• B. A prescriptive easement
• C. An easement in gross
• D. An easement by necessity

91. A lender files a lawsuit to foreclose on a delinquent mortgage and records a notice in the public records to alert anyone searching title that litigation affecting the property is pending. What is this recorded notice called?

• A. A deed of release
• B. A satisfaction of mortgage
• C. A lis pendens
• D. A subordination agreement

92. A subdivision's recorded declaration limits homes to single-family use and sets minimum square footage requirements, binding all lot owners within the community. What are these private limitations on land use called?

• A. Zoning ordinances
• B. Deed restrictions, or restrictive covenants
• C. Eminent domain restrictions
• D. Building code requirements

93. A grantor conveys her farm to her brother for as long as he lives, with no mention of what happens to the property after his death. Who holds the future interest in the property once the life estate ends?

• A. The county, by escheat
• B. The life tenant's heirs automatically
• C. The grantor or the grantor's estate, which holds a reversion
• D. No one, since the future interest is extinguished

94. A condominium owner holds exclusive title to her individual unit but also holds an undivided ownership interest, shared with all other owners, in the building's lobby, elevators, and roof. What are these shared areas called?

• A. Encumbered elements
• B. Reversionary elements
• C. Common elements
• D. Limited common elements only

95. A buyer purchases a home for $250,000 and obtains a loan of $200,000 to finance the purchase. What is the loan-to-value ratio for this transaction?

• A. 50%
• B. 80%
• C. 90%
• D. 125%

96. A borrower selects a loan whose interest rate is fixed for an initial period and then adjusts periodically based on a financial index plus a lender's margin. What type of loan has the borrower chosen?

• A. An adjustable-rate mortgage
• B. A purchase money mortgage
• C. A fixed-rate mortgage
• D. A balloon mortgage

97. A borrower's loan requires relatively small monthly payments for several years, followed by one large remaining lump-sum payment due at the end of the term to pay off the balance. What is this final large payment called?

• A. An origination fee
• B. A prepayment penalty
• C. A balloon payment
• D. An escrow disbursement

98. A homeowner with an existing mortgage wants to sell the property and let the buyer simply take over the existing loan payments without involving the lender. The mortgage document, however, allows the lender to demand full repayment upon any transfer of the property. Which clause gives the lender this power?

• A. The acceleration clause triggered only by default
• B. The defeasance clause
• C. The subordination clause
• D. The due-on-sale clause

99. After a borrower makes the final mortgage payment, the mortgage document requires the lender to release its lien on the property. Which clause in the mortgage creates this obligation?

• A. The acceleration clause
• B. The escalation clause
• C. The defeasance clause
• D. The due-on-sale clause

100. A borrower defaults on a mortgage in Florida, and the lender wants to foreclose on the property. Which general process must the lender typically follow to complete the foreclosure?

• A. An automatic transfer of title after a fixed written notice period, with no court filing
• B. A purely private sale conducted by the lender without any court involvement
• C. A power-of-sale auction requiring no judicial oversight
• D. A judicial foreclosure process, requiring the lender to file suit and obtain a court judgment

101. After a foreclosure sale, the proceeds are insufficient to cover the full amount the borrower still owed on the mortgage. What may the lender seek from the borrower to recover the shortfall?

• A. Automatic forgiveness of the shortfall by law
• B. A second foreclosure on the same property
• C. A deficiency judgment for the remaining balance
• D. A lis pendens against a different property

102. A borrower's fixed monthly mortgage payment stays the same over the loan term, but the portion applied to interest gradually decreases while the portion applied to principal gradually increases. What is this gradual repayment structure called?

• A. Recapitalization
• B. Subordination
• C. Amortization
• D. Negative amortization

103. Instead of the buyer obtaining a loan from a bank, the seller directly extends credit to the buyer and takes back a mortgage as security for the unpaid purchase price. What is this type of financing called?

• A. A reverse mortgage
• B. A blanket mortgage
• C. A wraparound mortgage
• D. A purchase money mortgage

104. A borrower applies for a mortgage loan on a home purchase. Early in the process, federal law requires the lender to provide a standardized disclosure summarizing the loan's estimated terms, projected payments, and closing costs. What is this document called?

• A. The truth-in-lending affidavit
• B. The Closing Disclosure
• C. The deed of trust
• D. The Loan Estimate

105. A borrower who has been paying private mortgage insurance on a conventional loan builds up substantial equity in the home over several years through payments and appreciation. What generally happens to the PMI requirement once the loan balance falls low enough relative to the home's value?

• A. PMI converts permanently into additional principal payments
• B. The borrower may request cancellation of PMI, or it may be automatically terminated once sufficient equity is reached
• C. PMI is replaced by a second mortgage automatically
• D. PMI continues for the full life of the loan regardless of equity