Florida Broker Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Florida Broker Exam. Study with interactive quizzes, flashcards, and multiple choice questions that include hints and explanations. Ace your exam and start your real estate career today!

Practice this question and more.

What is the required notice period to cancel a resale cooperative or condominium contract?

Three business days
Five business days
Seven business days
Ten business days

The correct answer is: Three business days

The required notice period to cancel a resale cooperative or condominium contract is three business days. This timeframe is established under Florida law to provide buyers with protection and an opportunity to reconsider their purchase decisions after signing the contract. The three-business-day window gives buyers the ability to back out of the transaction without penalty, ensuring that they have a sufficient period to review the terms, conduct any necessary due diligence, and finalize any decisions regarding their investment. This is an important consumer protection measure in the context of real estate transactions. Understanding this timeframe is essential for both buyers and real estate professionals to ensure compliance and to protect the rights of the parties involved in the transaction.