FREC EXAM FORMULA
| Term/Front | Definition/Back |
|---|---|
| 1 What is the formula for calculating property taxes in Florida? | Taxable Value ÷ 1,000 × Millage Rate |
| 2 What is assessed value? | The value assigned to property for taxation purposes. |
| 3 What is taxable value? | Assessed value minus exemptions. |
| 4 What is just value? | The property's fair market value as determined by the property appraiser. |
| 5 What is a millage rate? | The amount of tax per $1,000 of taxable value. |
| 6 How much tax does one mill represent? | $1 for every $1,000 of taxable value. |
| 7 What is a homestead exemption? | A reduction in taxable value for a primary residence. |
| 8 What is the formula for calculating broker commission? | Sales Price × Commission Rate |
| 9 What is the formula for calculating a commission split? | Total Commission × Agent Split Percentage |
| 10 What is the formula for calculating equity? | Property Value − Mortgage Balance |
| 11 What is the formula for calculating appreciation? | New Value − Original Value |
| 12 What is the formula for calculating depreciation amount? | Original Value − Current Value |
| 13 What is the formula for calculating capitalization rate? | Net Operating Income ÷ Property Value |
| 14 What is the formula for calculating property value using capitalization? | Net Operating Income ÷ Capitalization Rate |
| 15 What is the formula for calculating gross rent multiplier value? | Monthly Rent × GRM |
| 16 What is the formula for calculating effective gross income? | Gross Income − Vacancy Loss + Other Income |
| 17 What is the formula for calculating net operating income? | Effective Gross Income − Operating Expenses |
| 18 What is the formula for calculating seller proceeds? | Sales Price − Seller Expenses − Mortgage Payoff |
| 19 What is the formula for calculating documentary stamp tax on notes? | Loan Amount ÷ 100 × $0.35 |
| 20 What is the formula for calculating intangible tax on mortgages? | Loan Amount ÷ 100 × $0.20 |
| 21 What is the formula for calculating annual property taxes? | Taxable Value ÷ 1,000 × Millage Rate |
| 22 What is the formula for calculating monthly property taxes? | Annual Property Taxes ÷ 12 |
| 23 What is the formula for calculating a seller's tax proration? | Daily Tax Amount × Seller's Days of Ownership |
| 24 What is the formula for calculating a buyer's tax proration? | Daily Tax Amount × Buyer's Days of Ownership |
| 25 What is the formula for calculating commission earned by a brokerage? | Sales Price × Commission Rate |
| 26 What is the formula for calculating an individual agent's commission? | Total Commission × Agent Split Percentage |
| 27 What is the formula for calculating a sales price from commission information? | Commission Amount ÷ Commission Rate |
| 28 What is the formula for calculating loan amount using LTV? | Property Value × LTV Percentage |
| 29 What is the formula for calculating down payment? | Purchase Price − Loan Amount |
| 30 What is the formula for calculating appreciation percentage? | Increase in Value ÷ Original Value × 100 |
| 31 What is the formula for calculating depreciation percentage? | Decrease in Value ÷ Original Value × 100 |
| 32 What is the formula for calculating the buyer's cash required at closing? | Down Payment + Closing Costs − Deposits and Credits |
| 33 What is the formula for calculating the amount financed? | Purchase Price − Down Payment |
| 34 What is the formula for calculating interest on a loan? | Principal × Interest Rate × Time |
| 35 What is the formula for calculating simple interest using months? | Principal × Rate × Months ÷ 12 |
| 36 What is the formula for calculating simple interest using days? | Principal × Rate × Days ÷ 360 |
| 37 What is the formula for calculating annual net operating income? | Gross Income − Operating Expenses |
| 38 What is the formula for calculating cash flow? | Net Operating Income − Debt Service |
| 39 What is the formula for calculating return on investment? | Profit ÷ Investment × 100 |
| 40 What is the formula for calculating gross rent multiplier? | Property Price ÷ Monthly Rent |
| 41 What is the formula for calculating capitalization rate? | Net Operating Income ÷ Value |
| 42 What is the formula for calculating value using capitalization rate? | Net Operating Income ÷ Capitalization Rate |
| 43 What is the formula for calculating the monthly mortgage payment estimate using principal and interest factors? | Loan Amount ÷ 1,000 × Mortgage Factor |
| 44 What is the formula for calculating total commission paid? | Sales Price × Commission Percentage |
| 45 What is the formula for calculating an agent's split commission? | Total Commission × Split Percentage |
| 46 What is the formula for calculating the commission percentage from known commission and sale price? | Commission ÷ Sale Price × 100 |
| 47 What is the formula for calculating appreciation amount? | Current Value − Original Value |
| 48 What is the formula for calculating vacancy rate? | Vacant Units ÷ Total Units × 100 |
| 49 What is the formula for calculating total interest owed for a period? | Daily Interest × Number of Days |
| 50 What is the formula for calculating the broker's share of a commission? | Total Commission − Sales Associate's Share |
| 51 What is the formula for calculating a sales associate's commission split? | Total Commission × Associate Split Percentage |
| 52 What is the formula for calculating a property's appreciation amount? | Current Value − Original Value |
| 53 What is the formula for calculating a property's depreciation amount? | Original Value − Current Value |
| 54 What is the formula for calculating percentage increase in value? | Increase in Value ÷ Original Value × 100 |
| 55 What is the formula for calculating percentage decrease in value? | Decrease in Value ÷ Original Value × 100 |
| 56 What is the formula for calculating price per acre? | Sales Price ÷ Number of Acres |
| 57 What is the formula for calculating acreage from square feet? | Square Feet ÷ 43,560 |
| 58 How many square feet are in one acre? | 43,560 square feet |
| 59 What is the formula for calculating square footage of a rectangle? | Length × Width |
| 60 What is the formula for calculating square footage of a triangle? | Base × Height ÷ 2 |
| 61 What is the formula for calculating square footage of a circle? | π × Radius² |
| 62 What is the formula for calculating perimeter of a rectangle? | 2 × Length + 2 × Width |
| 63 What is the formula for calculating volume of a rectangular space? | Length × Width × Height |
| 64 What is the formula for calculating cubic feet of a room? | Length × Width × Ceiling Height |
| 65 What is the formula for converting acres to square feet? | Acres × 43,560 |
| 66 What is the formula for converting square feet to acres? | Square Feet ÷ 43,560 |
| 67 What is the formula for converting miles to feet? | Miles × 5,280 |
| 68 How many feet are in one mile? | 5,280 feet |
| 69 What is the formula for converting feet to inches? | Feet × 12 |
| 70 How many inches are in one foot? | 12 inches |
| 71 What is the formula for converting cubic yards to cubic feet? | Cubic Yards × 27 |
| 72 How many cubic feet are in one cubic yard? | 27 cubic feet |
| 73 What is the formula for converting percentage to decimal? | Percentage ÷ 100 |
| 74 What is the formula for converting decimal to percentage? | Decimal × 100 |
| 75 What is the formula for calculating a commission rate? | Commission Amount ÷ Sales Price |
| 76 What is the formula for calculating sales price from net listing information? | Seller's Desired Net + Broker's Commission |
| 77 What is the formula for calculating a seller's equity percentage? | Equity ÷ Property Value × 100 |
| 78 What is the formula for calculating the amount of a discount point? | Loan Amount × 1% |
| 79 What is one discount point equal to? | One percent of the loan amount |
| 80 What is the formula for calculating total discount point cost? | Loan Amount × Number of Points × 1% |
| 81 What is the formula for calculating loan balance after down payment? | Purchase Price − Down Payment |
| 82 What is the formula for calculating gross commission income for a brokerage? | Sales Price × Commission Rate |
| 83 What is the formula for finding total commission using TIPS? | Sales Price × Commission Rate |
| 84 What is the formula for finding an individual's commission using TIPS? | Total Commission × Split Percentage |
| 85 What is the formula for finding the sales price from commission information? | Total Commission ÷ Commission Rate |
| 86 What is the formula for finding the commission rate? | Total Commission ÷ Sales Price |
| 87 What is the formula for calculating a buyer's loan amount? | Purchase Price − Down Payment |
| 88 What is the formula for calculating the down payment percentage? | Down Payment ÷ Purchase Price × 100 |
| 89 What is the formula for calculating seller equity? | Sales Price − Mortgage Balance |
| 90 What is the formula for calculating net proceeds before expenses? | Sales Price − Mortgage Payoff |
| 91 What is the formula for calculating net proceeds after expenses? | Sales Price − Mortgage Payoff − Closing Costs |
| 92 What is the formula for calculating appreciation rate? | Increase in Value ÷ Original Value × 100 |
| 93 What is the formula for calculating depreciation rate? | Decrease in Value ÷ Original Value × 100 |
| 94 What is the formula for calculating tax rate from taxes paid? | Taxes Paid ÷ Taxable Value × 1,000 |
| 95 What is the formula for calculating assessed value from taxes and millage? | Taxes Paid × 1,000 ÷ Millage Rate |
| 96 What is the formula for calculating taxable value? | Assessed Value − Exemptions |
| 97 How many years of experience are generally required before applying for a Florida broker license? | 24 months of active experience during the previous 5 years. |
| 98 How long does a Florida sales associate application remain valid after approval? | Two years. |
| 99 How many questions are on the Florida sales associate exam? | 100 questions. |
| 100 How many questions are on the Florida broker exam? | 100 questions. |
| 101 What score is required to pass the Florida real estate licensing exam? | 75 correct answers out of 100. |
| 102 How many hours of continuing education are required every renewal period? | 14 hours. |
| 103 How many hours of Florida continuing education must cover ethics and business practices? | 3 hours. |
| 104 How often must Florida real estate licenses be renewed? | Every two years. |
| 105 Can a null and void license be renewed? | No |
| 106 Must applicants under mutual recognition take a Florida law exam? | Yes |
| 107 What fingerprint requirement exists for Florida real estate applicants? | Electronic fingerprints must be submitted for a background check. |
| 108 What agency processes Florida real estate license applications? | The Florida Department of Business and Professional Regulation (DBPR). |
| 109 What division within DBPR provides administrative support to FREC? |
The Division of Real Estate (DRE). |
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