Florida Real Estate Sales Associate — All Questions
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58 questions
A property's net operating income is $80,000. At a 10% capitalization rate, its indicated value is:
- a.$8,000,000
- b.$88,000
- c.$720,000
- d.$800,000✓
Value equals NOI divided by the cap rate: $80,000 / 0.10 = $800,000. Dividing income by a decimal rate is the core calculation of the income approach.
Potential gross income is $200,000, vacancy is 10%, and operating expenses are $50,000. What is the net operating income?
- a.$180,000
- b.$140,000
- c.$150,000
- d.$130,000✓
First find effective gross income: $200,000 - (10% x $200,000) = $180,000. Then subtract operating expenses: $180,000 - $50,000 = $130,000. NOI does not deduct mortgage payments.
A building generating $90,000 in net operating income is valued at $1,000,000. The capitalization rate is:
- a.0.9%
- b.90%
- c.9%✓
- d.11%
The cap rate equals NOI divided by value: $90,000 / $1,000,000 = 0.09, or 9%. This rate can then be applied to similar properties to estimate their values.
Improvements originally worth $300,000 have lost $30,000 in value. Expressed as a percentage, the depreciation is:
- a.3%
- b.30%
- c.10%✓
- d.13%
Percentage depreciation equals the loss divided by the original value: $30,000 / $300,000 = 0.10, or 10%. The remaining depreciated value of the improvements would be $270,000.
External obsolescence is generally considered:
- a.Incurable, because its cause lies outside the property✓
- b.Always curable through interior renovation
- c.A form of ordinary physical wear and tear
- d.Caused only by an outdated interior floor plan
External (economic) obsolescence results from negative influences outside the property boundaries, such as a nearby nuisance or a declining area. Because the owner cannot control off-site factors, it is usually incurable.
Which of the following is an example of functional obsolescence?
- a.A five-bedroom home with only one bathroom✓
- b.A worn roof that needs full replacement
- c.A new landfill built next to the property
- d.A cracked and settling foundation
Functional obsolescence stems from outdated or poorly designed features within the property, such as too few bathrooms for the number of bedrooms. A worn roof is physical deterioration, and a nearby landfill is external obsolescence.
In the cost approach, depreciation is applied to the:
- a.Land only, since it wears out over time
- b.Both the land and the improvements equally
- c.Outstanding mortgage balance on the loan
- d.Improvements only, not the land✓
Depreciation in the cost approach applies only to the improvements, because land is generally considered not to depreciate. The appraiser estimates improvement cost, subtracts depreciation, and adds land value separately.
A property's assessed value, used for taxation, is:
- a.The same figure as its replacement cost
- b.Always exactly equal to its market value
- c.Set each year by the listing broker
- d.Often different from its market value✓
Assessed value is determined by the taxing authority and, due to exemptions, caps such as Save Our Homes, and timing, often differs from current market value. Market value reflects what a willing buyer and seller would agree on.
How hard is the exam?
The Florida sales-associate exam is 100 questions in 3.5 hours, and you need 75% to pass — a higher bar than most states. The exam fee is $57.75 per attempt through Pearson VUE. Real estate sales agents earn a median of about $56,320/year (BLS, May 2024).
- Recommended study hours
- Florida's 75% threshold rewards thorough study — plan weeks of review and multiple full timed practice exams.
- First-attempt pass rate
- 50% on the first attempt (n = 2,411) — Florida DBPR, February 2025. DBPR publishes this monthly and splits first-time takers from repeaters: in the same month repeaters passed at 33% (n = 2,218), which drags the all-takers rate to 42%. January 2025 was 50% first-time (n = 2,086) and 31% repeat.Source: Florida DBPR — Exam Performance Summary (FREAB meeting packet, April 2025; monthly first-time vs. repeater breakdown)
- Where to focus first
- Real Estate Principles/Practice and Florida License Law are the largest areas (each about 20%).
Fees and salaries are approximate and change over time. The pass rate above is quoted from the source linked beside it, for the period that source covers — where we have not checked a source, we say so and give no number.