Investment
Four of the 100 items cover investment property analysis: investor needs, leases, mortgages, property expenses, and investment math.
Measuring return
Net operating income is effective gross income less operating expenses, and it deliberately excludes both debt service and depreciation so that it measures the property rather than any particular owner's financing or tax position. Subtracting annual debt service from net operating income gives before-tax cash flow: a property with $48,000 of net operating income and $33,000 of debt service produces $15,000. The capitalization rate is net operating income divided by value, so $68,000 on an $850,000 purchase is 8 percent, and for a fixed income a higher capitalization rate always implies a lower value.
Lease structures
Under a gross lease the landlord pays the operating expenses out of the rent. Under a net lease the tenant picks up some of them: a double net lease covers taxes and insurance, and a triple net lease adds maintenance, shifting operating cost risk to the tenant and making it common in single-tenant commercial property. A percentage lease sets rent as a percentage of the tenant's gross sales above a stated breakpoint and is typical of retail.
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State-specific details
State exam facts
- State regulator
- Florida Real Estate Commission (FREC), DBPR
- Exam vendor
- Pearson VUE
- Prelicensing education
- 72-hour FREC-approved broker pre-license course
- Passing score
- 75%
- Scored questions
- 100
- Time limit
- 210 minutes
Who regulates real estate brokers in Florida?
The Florida Real Estate Commission (FREC), housed within the Department of Business and Professional Regulation (DBPR), licenses brokers and sales associates. DBPR uses Pearson VUE as the official testing provider.
What experience do I need before the Florida broker exam?
Section 475.17(2)(b), F.S., requires 24 months of licensure during the preceding five years, and it accepts any of three paths: an active sales associate license held in Florida or in another state, territory, or foreign jurisdiction; a sales associate license held while salaried by a governmental agency; or a broker license held in another jurisdiction. An out-of-state broker therefore qualifies without ever having held a Florida sales associate license. Applicants must also complete the 72-hour FREC-prescribed broker course (Course II).
How is the Florida broker exam structured?
Florida gives one integrated 100-question multiple-choice examination — there is no separate national portion and no state portion. Candidates get 3.5 hours (210 minutes), and the exam is graded on 100 points with 75 points or higher required to pass. The DBPR booklet publishes twelve content areas whose percentages sum to 100, led by Real Estate Brokerage Business at 43% and Closing Transactions at 12%. Pearson VUE schedules, administers, scores, and reports the exam for DBPR.
Sources: https://www2.myfloridalicense.com/servop/testing/documents/RE_broker_cib.pdf, https://www.flsenate.gov/Laws/Statutes/2025/Chapter475/PART_I, https://www.flrules.org/gateway/Division.asp?DivID=241, https://www.pearsonvue.com/us/en/fl/dbpr.html
In the Florida Real Estate Broker guide: A 60-question practice exam on the national principles, with a key that explains all four options and not just the right one. Practice here stays free.