The Final Exam

Question 1 of 25

In Florida, a rental becomes “transient” — and picks up state licensing and three taxes — at what length?

• AAny stay booked on a platform
• BSix months or less
• CThirty days or less
• DSeven nights or less

Question 2 of 25

ADR $240, occupancy 63%. What is RevPAR?

• A$151
• B$240
• C$381
• D$95

Question 3 of 25

Why is RevPAR more useful than ADR or occupancy alone?

• AIt is easier to calculate
• BIt catches overpricing and underpricing at the same time
• CPlatforms report it automatically
• DIt includes the cleaning fee

Question 4 of 25

Your county zoning permits nightly rental. Your HOA declaration sets a 30-day minimum. What can you legally do?

• ARent nightly — zoning wins
• BRent 30 days or longer only
• CRent nightly once you hold a DBPR license
• DRent nightly if the HOA does not object in writing

Question 5 of 25

What should you get from an association before your inspection period closes?

• AThe rules-and-regs handout
• BThe recorded declaration plus all amendments, and the minimum lease term in writing
• CA verbal from the sales office
• DThe most recent newsletter

Question 6 of 25

You charge a $150 cleaning fee. Cleaner takes $125, laundry $15, consumables $18. What did that turn make you?

• A$25 profit
• BAbout −$8
• C$150 profit
• DBreak-even exactly

Question 7 of 25

A $72,000 gross projection on a financed Central Florida pool home. Realistic cash flow after debt service?

• AAbout $40,000
• BAbout $30,800
• CAbout $4,000
• DAbout $22,000

Question 8 of 25

Which expense line is the one owners delete to make a deal “work”?

• AHOA dues
• BThe maintenance reserve
• CProperty tax
• DInsurance

Question 9 of 25

Airbnb remits your Florida state sales tax. Are your taxes handled?

• AYes, entirely
• BNo — county tourist tax is separate and agreements vary by county
• CYes, if you are a Superhost
• DOnly if you are registered with DBPR

Question 10 of 25

Who collects and remits the tax on a direct booking?

• AYour payment processor
• BNobody — direct is exempt
• CYou do, all of it
• DThe guest

Question 11 of 25

You are registered for tourist tax and had zero bookings in March. What do you file?

• ANothing
• BA zero return
• CA closure notice
• DAn extension

Question 12 of 25

Why does a homeowners policy deny a short-term rental claim?

• AThe premium was too low
• BThe commercial use exclusion
• CThe property was vacant
• DIt does not — it pays

Question 13 of 25

Platform “host protection” is best described as…

• AA full insurance policy
• BSecondary coverage with carve-outs, sitting behind a real policy
• CPrimary liability insurance
• DA security deposit

Question 14 of 25

A brand-new listing with no reviews should budget for…

• AImmediate market rate
• BA 60–90 day ramp priced 20–30% below comps
• CA premium, because everything is new
• DNo difference at all

Question 15 of 25

One 1-star review on a listing with a dozen reviews does roughly what?

• AAlmost nothing
• BDrops the average ~0.3 stars and pushes you down in search
• CIs removed automatically
• DOnly affects Superhost

Question 16 of 25

14 nights sold as seven 2-night stays versus two 7-night stays. What is the cleaning difference at $150 a turn?

• ANothing
• B$750
• C$300
• D$1,050

Question 17 of 25

A 2-night gap that nobody can book because your minimum stay is 3 nights is called…

• AA gap night
• BAn orphan night
• CA compression night
• DA shoulder night

Question 18 of 25

On a cleaning schedule, T/A = Yes means…

• ADeep clean required
• BA guest arrives that day — hard 4pm deadline
• CTrash and amenities only
• DThe house is empty tomorrow

Question 19 of 25

Why is three-par linen the standard rather than two?

• AGuests expect spares
• BSo the turn never waits on a dryer
• CInsurance requires it
• DIt is cheaper per set

Question 20 of 25

What single failure does a channel manager exist to prevent?

• ABad reviews
• BSelling the same night twice
• CUnderpricing
• DLate cleaners

Question 21 of 25

You own one listing on one platform. Do you need a PMS?

• AYes, from day one
• BNo — it is a calendar with extra steps
• COnly if you self-manage
• DOnly for direct bookings

Question 22 of 25

Flat $250/night at 65% versus dynamic pricing at 72% and a $268 blended ADR. The gap is roughly…

• A$1,000
• B$11,000
• CNothing
• DDynamic pricing loses

Question 23 of 25

What is your real comp set for a 4BR ChampionsGate pool home?

• AEvery STR in Orlando
• BThe other 4BR pool homes inside that gate
• CAll 4BRs in Osceola County
• DThe 6BR down the street

Question 24 of 25

Several Florida jurisdictions require a “responsible party.” What is that?

• AYour insurance agent
• BA named local human, reachable 24/7, often within a set drive time
• CThe guest of record
• DYour closing attorney

Question 25 of 25

Final one. What is the most useful question to answer before you buy?

• AWhat will it appraise for?
• BAm I buying an investment or a job?
• CWhich platform should I list on?
• DWhat is the market ADR?