Florida Real Estate Practice Exam

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Prepare for the Florida Real Estate Exam. Utilize interactive flashcards and multiple-choice questions to enhance your understanding. Get equipped for your test day with tailored practice materials and detailed explanations!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

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.