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Florida Real Estate Sales Associate Exam Cheat Sheet (2026)
A free, printable Florida Real Estate Sales Associate exam cheat sheet: the 120 highest-yield points to know, grouped into 6 sections that follow the exam's content areas, each section with its published weight.
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- 416 free Florida Real Estate Sales Associate practice questions on the same material, every one explained.
- Last updated: September 2026.
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Real Estate Principles and Property Ownership
20% of the exam- Land includes what is above and below
- Ownership of land generally extends to the airspace above and the ground and minerals below, subject to law and prior rights.
- Fixtures convey with real estate
- Personal property that becomes permanently attached is a fixture and usually transfers with the property unless excluded in writing.
- Tests for a fixture
- Courts weigh method of attachment, adaptation to the property, and the parties' intention when deciding if an item is a fixture.
- Specify contested items
- To avoid disputes, purchase contracts should list which appliances, fixtures, and personal property are included.
- Possession
- The owner has the right to occupy and hold the property.
- Control and use
- The owner may use the property in any lawful manner, subject to zoning and restrictions.
- Exclusion
- The owner may keep others off the property, subject to easements and legal rights of access.
- Disposition
- The owner may sell, gift, lease, or will the property to others.
- Fee simple absolute
- The most complete ownership, of indefinite duration and freely transferable and inheritable.
- Life estate
- An interest measured by someone's lifetime that ends at death, passing to a remainderman or reverting to the grantor.
- Joint tenancy with survivorship
- Co-owners share equal interests, and a deceased owner's share passes automatically to the survivors.
- Tenancy by the entirety
- A survivorship form of co-ownership available only to married couples, offering certain creditor protection.
- Liens secure debts
- Mortgages, tax liens, and mechanic's liens are claims that generally must be paid before clear title transfers.
- Easements grant limited use
- An easement lets another party use the land for a specific purpose, such as a driveway or utility line.
- Encroachments intrude on land
- An improvement that extends onto a neighbor's property is an encroachment, usually found by survey.
- Deed restrictions limit use
- Private covenants recorded by a developer run with the land and bind future owners.
- Police power
- Government regulates use for public health, safety, and welfare, including zoning, without paying the owner.
- Eminent domain
- Government may take property for public use through condemnation, but must pay just compensation.
- Taxation
- Government may levy property taxes, and unpaid taxes create a lien that can lead to a tax sale.
- Escheat
- Property reverts to the state when an owner dies intestate with no legal heirs.
Florida License Law and Brokerage Relationships
20% of the exam- FREC enforces Chapter 475
- The commission makes rules, licenses practitioners, and imposes discipline within DBPR.
- Sales associates need a broker
- A sales associate must be employed by and act under the supervision of a licensed broker or owner-developer.
- Brokers hold responsibility
- The broker is responsible for the acts of associates and for proper handling of funds and records.
- Rules can change
- Education hours, fees, and procedures are set by rule and are periodically updated.
- Transaction broker is the default
- Absent a written agreement establishing another relationship, limited representation as a transaction broker is presumed.
- Single agent owes fiduciary duties
- Loyalty, confidentiality, obedience, and full disclosure are owed to the single-agent principal.
- Common duties to all
- Every licensee must deal honestly and fairly, account for funds, and disclose known material facts affecting value.
- Designated sales associates
- In certain nonresidential deals, two associates in one firm may each act as single agents for different parties.
- Timely deposit
- Trust funds must be deposited into escrow within the statutory timeframe after receipt.
- No commingling
- Client funds must be kept separate from the broker's personal and operating accounts.
- Conversion is serious
- Using client escrow funds for the broker's own purposes is conversion and grounds for severe discipline.
- Conflicting demands
- On a disputed deposit, the broker must notify FREC and choose an EDO, mediation, arbitration, or interpleader.
- Entry requirements
- Applicants generally must be at least 18, hold a high school diploma or equivalent, and complete prelicensing education.
- Continuing education
- Licensees must complete required CE each renewal cycle to keep the license active.
- Grounds for discipline
- Fraud, misrepresentation, concealment, and mishandling funds can result in penalties up to revocation.
- Recovery Fund
- Consumers with an uncollectible court judgment against a licensee may seek limited reimbursement from the fund.
- Protected classes
- The federal Fair Housing Act protects seven classes, and local laws may add more.
- Prohibited practices
- Steering, blockbusting, and redlining are illegal discriminatory acts in housing and lending.
- Truthful advertising
- Advertising must not be false or misleading and must include the licensed brokerage name.
- Duty to disclose defects
- Licensees must disclose known material defects that are not readily observable to the buyer.
Real Estate Contracts and Listing Agreements
17% of the exam- Competent parties
- Parties must be of legal age and sound mind; a minor's contract is generally voidable.
- Offer and acceptance
- Mutual assent requires a clear offer and an unqualified acceptance of its terms.
- Consideration
- Each party must give something of legal value, such as money or a promise.
- Lawful object
- A contract to perform an illegal act is void and unenforceable.
- Writing required
- Real estate purchase agreements must be written and signed by the party to be charged.
- Bilateral vs. unilateral
- A bilateral contract exchanges mutual promises, while a unilateral contract offers a promise for performance.
- Executory vs. executed
- An executory contract has duties left to perform; an executed one is fully performed.
- Void vs. voidable
- A void contract has no legal effect, while a voidable one is valid until a party disaffirms it.
- Financing contingency
- Allows the buyer to cancel if suitable financing cannot be obtained.
- Inspection contingency
- Lets the buyer cancel or renegotiate based on the results of a property inspection.
- Time is of the essence
- Makes stated deadlines binding, so late performance can be a breach.
- Earnest money
- A good-faith deposit credited to the buyer at closing or handled per the contract on default.
- Exclusive right to sell
- The listing broker earns a commission if the property sells during the term, no matter who finds the buyer.
- Exclusive agency
- One broker is authorized, but the seller may sell independently without paying a commission.
- Open listing
- Multiple brokers may be engaged, and only the one who procures the buyer is paid.
- Net listing caution
- A net listing lets the broker keep proceeds above a set net price and is restricted due to conflict of interest.
- Specific performance
- A court may order the breaching party to complete the sale because each parcel is unique.
- Liquidated damages
- An agreed amount, often the earnest money, the seller may keep if the buyer defaults.
- Assignment
- Transfers contract rights and duties to another party unless the contract prohibits it.
- Novation
- Substitutes a new party or contract with all parties' consent, releasing the original party.
Real Estate Finance and Mortgages
15% of the exam- Promissory note
- Contains the borrower's promise to repay, the amount, interest rate, and payment terms.
- Mortgage as security
- The mortgage pledges the property as collateral and creates a lien securing the note.
- Mortgagor and mortgagee
- The borrower is the mortgagor; the lender is the mortgagee.
- Equity
- Equity equals market value minus the outstanding liens and mortgage balance.
- Amortization
- Each payment covers interest and reduces principal until the balance reaches zero.
- Balloon payment
- A large lump sum is due at the end because regular payments do not fully retire the debt.
- Adjustable-rate mortgage
- The interest rate equals an index plus a margin and adjusts at set intervals, often within caps.
- Prepayment penalty
- Some loans charge a fee for paying off the balance early to offset lost interest.
- Acceleration clause
- Allows the lender to declare the full balance due upon default.
- Due-on-sale clause
- Requires repayment when the property is sold or transferred, limiting assumptions.
- Defeasance clause
- Requires the lender to release the lien when the loan is fully paid.
- Assumption
- A buyer may take over the seller's loan and become liable, often subject to lender approval.
- FHA insurance
- FHA insures lender loans, enabling lower down payments for qualified borrowers.
- VA guarantee
- VA loans are guaranteed for eligible veterans and often require no down payment.
- Private mortgage insurance
- Conventional loans with less than 20 percent down typically require PMI to protect the lender.
- Secondary market
- Fannie Mae and Freddie Mac buy loans, giving lenders capital to make more loans.
- Truth in Lending Act
- Requires disclosure of credit terms and the APR so borrowers can compare loans.
- RESPA
- Requires settlement cost disclosures and prohibits kickbacks and unearned referral fees.
- Discount points
- Each point is one percent of the loan amount, paid to buy down the interest rate.
- APR
- The annual percentage rate reflects the total yearly cost of credit as a percentage.
Property Valuation and Appraisal
15% of the exam- Appraisal is an opinion
- It is a professional estimate of value on a given date, not a promise of a future sale price.
- Market value assumptions
- Assumes a willing buyer and seller, neither under duress, with reasonable exposure to the market.
- Value vs. price vs. cost
- Price is what is paid, cost is what is spent to build, and value is worth in the market; they can differ.
- Lender reliance
- Lenders order appraisals to confirm the property supports the loan amount.
- Sales comparison approach
- Compares recent sales of similar properties and adjusts the comparables, not the subject.
- Cost approach
- Land value plus the depreciated cost to rebuild; best for new or special-purpose properties.
- Income approach
- Value equals net operating income divided by the capitalization rate for income property.
- Reconciliation
- The appraiser weighs the approaches by reliability rather than simply averaging them.
- Substitution
- A buyer will pay no more than the cost of an equally desirable substitute property.
- Highest and best use
- The use that is legally permissible, physically possible, financially feasible, and most productive.
- Conformity
- Value is maximized when a property is similar in style and use to its neighbors.
- Regression and progression
- A superior home is dragged down by lesser neighbors; a lesser home is lifted by superior ones.
- Physical deterioration
- Loss from wear and tear, such as a worn roof or peeling paint; may be curable or incurable.
- Functional obsolescence
- Loss from outdated or poorly designed features, such as an awkward floor plan.
- External obsolescence
- Loss from off-site factors like a nearby nuisance; generally incurable by the owner.
- Accrued depreciation
- The total loss in value of improvements from all three causes since construction.
- Comparative market analysis
- An informal pricing estimate using comparable sales; not a formal appraisal.
- Gross rent multiplier
- Sale price divided by gross rent; a fast screen that ignores operating expenses.
- Capitalization rate
- A higher cap rate signals more risk and a lower value for the same income.
- Stay within role
- Licensees must not present a CMA as a certified appraisal, which requires a licensed appraiser.
Real Estate Mathematics
13% of the exam- Commission formula
- Commission equals sale price times the commission rate expressed as a decimal.
- Brokerage split
- Divide the total commission between the listing and selling sides as agreed.
- Agent split
- Apply the agent's percentage to the brokerage's share to find the agent's portion.
- Seller net
- To find the price for a target net, divide the net by (100% minus the commission rate).
- Down payment
- Multiply the price by the down payment percentage; the rest is typically financed.
- Loan-to-value
- Maximum loan equals value times the LTV ratio.
- Simple interest
- Interest equals principal times rate times time; monthly interest is annual interest divided by 12.
- Discount points
- Each point is one percent of the loan amount and buys down the rate.
- Rectangular area
- Area equals length times width, measured in square feet.
- Acre conversion
- One acre equals 43,560 square feet; divide square feet by 43,560 to get acres.
- Cost per square foot
- Multiply the area by the cost per square foot to estimate total cost.
- Check units
- Keep measurements in consistent units before multiplying or converting.
- Daily rate
- Divide the annual expense by 360 (or 365) to find the amount per day.
- Seller's share
- The seller pays for the days they owned the property during the period.
- Paid in arrears
- When taxes are paid after the period, the seller usually credits the buyer at closing.
- Days count carefully
- Confirm which party is charged for the closing date under the contract or custom.
- Millage rate
- One mill equals $1 per $1,000 of assessed value.
- Tax calculation
- Tax equals assessed value divided by 1,000, times the number of mills.
- Percentage change
- Divide the amount of change by the original value to find the percent increase or decrease.
- Assessed vs. market
- Assessed value for taxes may differ from market value; use the figure the problem provides.
Now prove you know them
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Study aid, not a substitute for the official material — always confirm the current rule with Florida DBPR — Division of Real Estate.