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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What was the estimated cost of improvements using the cost approach to estimate a property's value?

$166,000
$174,000
$266,000
$274,000

The correct answer is: $174,000

The estimated cost of improvements using the cost approach is likely to have been $174,000. This approach involves estimating the cost of constructing a similar property to the one being evaluated and then taking into consideration depreciation, appreciation, and other factors that may affect the value. Therefore, options A, C, and D are incorrect because they do not align with this approach and likely do not reflect the actual cost of improvements. Additionally, since the question does not specify any specific property or location, there is no definitive answer to this question, so the provided answer is an estimation or approximation.