Taking a state real estate exam is necessary for becoming a licensed real estate agent. Every state requires real estate agents to have a license — and to take and pass a state examination to get that license. You need to cover a lot of ground in preparation for the test, but your efforts are well rewarded by a fun, exciting career.

4 Types of Listing Agreements for Real Estate Agents

As you prepare for your real estate license exam, understand that listing agreements establish the relationship between the real estate agent and the property seller. Remember that similar agreements may be used between a buyer and an agent when buyer representation is desired.

• Exclusive right to sell listing: In this agreement, the agent gets paid no matter who sells the property, regardless of whether it’s the agent or the seller.

• Exclusive agency listing: Agents get paid in this type of agreement only if they sell the property. No fee is earned if the owner alone sells the property.

• Open listing: In this type of agreement, sellers have the right to use as many brokers as they want. However, the seller isn’t obligated to pay any of them if he or she sells the property without the broker’s help.

• Net listing: This type of agreement may be illegal in your state. The agent gets to keep everything he can get that’s more than the sale price the owner wants.

Real Estate License Exam: 7 Confusing Word Pairs

Before you take your real estate license exam, it’s important that you understand the difference between similar-sounding terms. The following real-estate terms are the most often confused; get these memorized and you’re well on your way to more correct answers.

Pass the Florida real estate Broker exam! All of our Florida real estate practice exam questions are specifically written for the state of Florida, and are structured exactly like the Florida real estate exam. Our Florida real estate practice exams are written by a Licensed Real Estate Instructor and are up to date with the latest 2021 rules. Florida Real Estate Exam Prep contains 7 one hundred question final exams that reflect the format and scope of today's licensing exam, so you can fine-tune your test-taking skills. Students will have unlimited access to the course and qualified Florida real estate instructors for 60 days from the enrollment date. Take the state-approved sales associate 63-hour pre-license course and pass the exam. This course focuses on real estate laws, principles and practice, and real estate math. You can take the course online or in a classroom at a real estate school or at Realtor associations and boards statewide. Course packages vary from $100 to $500.

• Condominium/cooperative: A condominium owner actually owns real estate. This ownership is usually the air space and an interest as a tenant in common of the land. A cooperative owner owns shares in a corporation that owns a building. The shareholder also gets a proprietary lease, which enables the shareholder to occupy a unit.

• Foreclosure/forfeiture:Foreclosure is the loss of property to pay off a debt. Forfeiture is losing the property because of disobeying a condition in the deed.

• Grantor/grantee: The grantor gives, sells, or transfers the property to the grantee. The grantee receives the property.

• Leasehold/leased fee: The leasehold interest is the tenant’s interest in the property. The tenant holds the lease. The leased fee interest is the owner or landlord’s interest.

• Mortgagor/mortgagee: The mortgagor is the borrower. The mortgagee is the lender. The borrower gives a mortgage to the lender. The lender gives money to the borrower.

• Replacement cost/reproduction cost: These terms are associated with the cost approach to valuing a property. Replacement cost is the cost to produce a structure that is essentially the same as the existing structure but using modern materials and standards. Reproduction cost is an estimate of the cost to produce exactly the same structure with the same materials.

• Tax credit/tax deduction: A tax credit is subtracted from taxes due. A tax deduction is subtracted from income. If all things are equal, a tax credit generally is more valuable than a tax deduction of the same amount.

The online study material covers Law, Practices, and Math that is required on the Florida Real Estate Sales Associate Examination. If you need licensure requirements, contact the Florida Department of Business and Professional Regulation (DBPR) at www.myfloridalicense.com.to find out the current requirements and procedures, which may vary from. Florida Real estate sales associates that desire to become brokers must wait before taking the state exam. One year A tenant in an apartment complex may recieve up to for refferal of a new tenant for the same complex. Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing.

4 Kinds of Real Estate Ownership

Until you started your real estate career, you may have assumed there was just one kind of property ownership — you either owned the property or you didn’t. Well, there are several types of property ownership, and you need to know about them to pass the real estate license exam.

Florida Real Estate Exam Answers

Here are the four most common types of property ownership:

• Tenancy in severalty: Although it may sound like more, this type of ownership is by one person or a corporation.

• Tenancy in common: Equal or unequal undivided ownership between two or more people is what characterizes this type of ownership. Fl studio mac release date 2015. If an owner dies, the deceased person’s share is conveyed to his or her heirs, not the other owners.

• Joint tenancy:

  The four unities that must exist for this type of ownership to exist are

  • Interest: Each owner has the same interest.

  • Possession: All owners hold an undivided interest.

  • Time: All owners receive their interest at the same time.

  • Title: All owners acquire their interest with the same deed.

  If one owner of a joint tenancy dies, that owner’s interest reverts to the other owners. This right of survivorship may vary by state.

• Tenancy by the entirety: Ownership that’s available only to married couples, tenancy by the entirety means that property may not be sold without the agreement of both parties. The right of survivorship exists to the extent that if one spouse dies, his/her interest reverts to the other spouse.

Real-Estate Vocabulary Words for Giving Up and Losing Property

Prepare for your real estate license exam by studying the precise meanings of words used for property that’s conveyed or transferred voluntarily — through a number of means. Property can also be lost involuntarily through the forces of nature, law, or the government. And finally — in fact, very finally — property is usually transferred after you die.

Become familiar with these real estate words for giving up and losing property:

• Dedication: When you dedicate property, you essentially give it up voluntarily to the government. An example is a developer giving up streets in a subdivision.

• Public grant: A public grant of land is just the opposite of dedication; the government actually is giving property to private individuals.

• Adverse possession: When someone uses your property for a long period of time, you may end up losing the property or having your rights to the property restricted.

• Avulsion: Avulsion is the sudden loss of land by an act of nature like a landslide.

• Erosion: A little like avulsion, erosion is the gradual loss of land by an act of nature, like property lost along the bank of a river.

• Partition: A partition is a legal proceeding to divide property owned by two or more people.

6 Fiduciary Duties of a Real Estate Agent

The relationship between a real estate agent and a client is called a fiduciary relationship. Fiduciary means faithful servant, and an agent is a fiduciary of the client. In real estate, a broker or a salesperson can be the agent of a seller or a buyer.

Here’s a list of the fiduciary duties that an agent owes her client:

• Accounting: The agent must account for all funds entrusted to her and not commingle (combine) client/customer funds with her personal and/or business funds.

• Care: The agent must use all of her skills to the best of her ability on behalf of the client.

• Confidentiality: The agent must keep confidential any information given to her by her client, especially information that may be damaging to the client in a negotiation.

• Disclosure: The agent must disclose to the client any information she receives that may benefit the client’s position in a negotiation.

• Loyalty: The agent owes undivided loyalty to the client and puts the client’s interests above her own.

• Obedience: The agent must obey all lawful orders that the client gives her.

Get ready to PASS the Florida Mutual Recognition Exam!

Our Florida Mutual Recognition Exam Prep Online Course was created specifically to prepare you to pass the 40 question state exam the first timeFree bass sounds for fl studio. you take it.

This course is designed to walk you through the “need-to-know” content of the Florida Mutual Recognition Exam, while also providing you test taking strategies and tips. Included in this course are 190 sample questions that are very similar to what you will see on the actual exam.

Credit hours: 0
Tuition: $79.00

This course is not required by the Florida Real Estate Commission for licensure, which means it is an optional exam preparation course that does not require you to complete it.

Mutual Recognition is the term for the agreement between the state of Florida and eight other states whereby an active real estate licensee in one of these eight states may apply his or her real estate education and experience to obtaining an equivalent license in Florida.

In simpler words, if you:

1. Hold a current real estate license in good standing* in one of the 8 states,
2. Are not a resident of Florida at the time of your application,
3. AND Submit an application and fingerprints with payment..
   You will be eligible to take the Florida Real Estate Mutual Recognition Exam.

*NOTE: Applicants must have obtained the Real Estate license by having met the education and examination requirements of the state with which Florida has mutual recognition. Licensees cannot claim mutual recognition if they obtained their license, in the mutual state, by reciprocity.

The 8 recognized states are:

• Alabama
• Arkansas
• Connecticut
• Georgia
• Illinois
• Mississippi
• Nebraska
• Rhode Island

Alabama and Arkansas broker license applicants need 2 years of experience in the past 5 years as a real estate broker.

• Your purchase of this course is valid for a 1-year time period. After 1-year, your course will be archived and become inactive.
• During the 1-year enrollment period, you can review any and all components of this course, even if they are already completed.
• Once you have achieved a 90% score on the Sample Quizzes, even if it’s on your first attempt, you will progress to the next Unit. You can always review a completed quiz, but once you have passed it, you cannot retake it. You are provided with 10 quiz attempts to achieve a 90% score.

• Read the course content
• Complete the three End-of-Unit Sample Quizzes (190 questions total)
• Review the course content and quizzes as needed
• We strongly recommend that you take your state exam 3-5 days after you have completed your study of this course.

If you have any content related questions, you can email one of our instructors at any time. Please allow up to one business day for a response. For best results, if you have multiple questions, please ask them in one email rather than multiple emails. Email instructor@LarsonEd.com.

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