Florida Real Estate Practice Exam

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Prepare for your Florida Real Estate Exam with a comprehensive quiz featuring multiple-choice questions, hints, and detailed explanations. Gain the confidence you need to succeed in obtaining your real estate license!

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According to custom, who pays the costs on the day of closing for property taxes, utilities, etc.?

  1. The buyer

  2. The buyer and seller split these costs.

  3. The seller

  4. Typically, the broker pays the costs on the day of closing.

The correct answer is: The seller

This is because the seller is responsible for any expenses related to the property until the closing day. The buyer will then take over these costs after the property is officially transferred to them. Option A is incorrect because the buyer is only responsible for paying these costs after the closing. Option B may be a possible agreement between the buyer and seller, but generally it is the seller's responsibility. Option D is incorrect because it is not the broker's responsibility to pay for these expenses, unless it has been previously agreed upon in the contract.

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