Valuing Real Property
Nine of the 100 items cover valuation: the line between an appraisal and a brokerage price opinion, the three approaches to value, comparative market analysis, and business valuation.
Appraisal, CMA, and BPO
Section 475.01(1)(a), F.S., includes appraising in the definition of broker but expressly excludes appraisal services that may be performed only by a state-licensed or state-certified appraiser, who is regulated under part II of chapter 475, F.S. A comparative market analysis prepared to help an owner price a listing, and a broker price opinion prepared for a lender or servicer, are brokerage services rather than appraisals developed under the Uniform Standards of Professional Appraisal Practice. A licensee must not present either as an appraisal.
The three approaches to value
The sales comparison approach adjusts comparable sales to the subject, always adjusting the comparable and never the subject: subtract from a comparable that has a feature the subject lacks, add to one that lacks a feature the subject has. The cost-depreciation approach adds site value to the reproduction or replacement cost new of the improvements and subtracts accrued depreciation, which comes in three forms — physical deterioration, functional obsolescence arising from the improvement's own design, and external obsolescence arising outside the property line and generally incurable. The income capitalization approach applies value equals income divided by rate, so a $96,000 net operating income at an 8 percent capitalization rate indicates $1,200,000. A gross rent multiplier, derived by dividing a comparable's sale price by its gross rent, is a quicker screening tool for small residential income property.
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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.