← Florida Real Estate Exam: Financing & Mortgages

Florida Real Estate Salesperson Exam Practice Test

Free 5-question sample test with instant feedback. See how ready you are.

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Sample Questions

Question 1

In Florida, what are the two documents that together create a mortgage loan?

Answer: The promissory note (the personal promise to repay the debt) and the mortgage (the security instrument that pledges the property as collateral).

Question 2

What is the legal term for the borrower who pledges property as collateral in a Florida mortgage?

Answer: The mortgagor is the borrower who pledges the property. The lender who receives the pledge is called the mortgagee.

Question 3

What legal theory does Florida follow regarding who holds title during the term of a mortgage?

Answer: Florida follows the lien theory, meaning the borrower retains title to the property while the lender holds a lien as security for the debt.

Question 4

What is the acceleration clause in a mortgage, and when does it apply?

Answer: An acceleration clause allows the lender to demand the entire remaining loan balance immediately upon borrower default, making the full debt due at once.

Question 5

What is a deficiency judgment in the context of mortgage foreclosure?

Answer: A deficiency judgment is a court order requiring the borrower to pay the remaining debt if the foreclosure sale proceeds do not fully satisfy the outstanding loan balance.