Florida Real Estate STATE exam question and answers graded a

The best protection that the public has during a Real Estate transaction is (are) A. The national and state association of REALTORS B. The punishment of licensees dealing dishonesty C. the high ethical standards of real estate agents D. FREC and the license law - Answer- D. FREC and the license law A group license A. allows a broker to have a branch office B. allows a sales associate to work for more than one broker C. may be held by a sale associate or broker associate D.allows a broker to qualify more than one broker firm - Answer- C. may be held by a sale associate or broker The following are exempt from F.S. 475 EXCEPT A. Trustees for an estate B. Personal representatives for an estate C. Mortgage brokers engaged in financing activities. D. Business Brokers - Answer- D. Business Brokers General Partners in a brokerage partnership that are not qualified to perform the services of real estate must be registered as for what? - Answer- For Identification Purposes Which brokerage disclosure notice must be signed or initialed by the buyer or seller before implementation? - Answer- Transition to Transaction When a seller is about to enter a fiduciary relationship with a brokerage firm what must be given? - Answer- Single Agency Notice A broker owes which duty to a customer? What should he disclose? - Answer- Known Facts affecting the value of the residential property Sale associate works for a broker and receives an escrow deposit when should he deliver it? - Answer- To his broker immediately (next business day) Listings obtained by a sales associate become property of whom? - Answer- Employing broker Jim failed his state exam twice and believes some of the questions that he answered were indeed correct. He can write a written obligation for consideration for the questions to whom? - Answer- FREC Validation Committee Which Florida law prohibits a lender from refinancing a loan to the same borrower within the first 18 months of making a loan, if doing so does NOT reasonably benefit the borrower - Answer- Florida Fair Lending Act When there is a dispute over escrow funds, the procedures include four choices. Which choice involves a third person recommending a solution? A. Arbitration B. Mediation C. Litigation D. Escrow Disbursement Order - Answer- B. Mediation What is a step that follows the investigation in complaint process - Answer- Formal Hearing If a licensee does not dispute a citation it has the same effect as what? - Answer- Final Order What is the max penalty that a court could impose a second-degree misdemeanor? - Answer- $500 fine and/or 60 Days of Jail time For multiple claims against a licensee, the FL real estate recovery fund has a max of how much? - Answer- $150,000 For single judgment against a licensee, the FL real estate recovery fund has a max of how much? - Answer- $50,000 How is the FL Real Estate Fund funded? - Answer- From licensing fees Appeals of FREC final orders must be filed where? - Answer- District Court of Appeals If a broker fails to pay his sale associate he may be charged with? - Answer- Conversion What are the 7 things that the Fair housing act of 1968 prohibits the discrimination based on? - Answer- Race, Color, Sex, Religion, Handicap, Marital Status and National Orgin What Law required that buyers be given a good estimate of closing costs prior to closing? - Answer- RESPA (Settlement Act) What Federal law requires lenders to fully inform borrowers of important information related to loans, including the annual percentage rate charged? - Answer- Truth-in-Lending Act What illegal act is known when the licensee picks the properties for a buyer based on their race? - Answer- Steering Telling home owners that minority families are moving into their neighborhood in an attempt to get them to sell their home and move would be what? - Answer- Blockbusting Broker bill gives lower rental rates to women rather than men. What is this a violation of? - Answer- The Fair Housing Act of 1968 In the Landlord Tenant act how many days does the landlord have to inform his tenant what he is doing with the deposit money? - Answer- Must inform tenant in 30 days how the deposit will be held What is the main purpose of Regulation Z? - Answer- For lenders to disclose the true cost of credit to consumers. Triggering terms all contain what? - Answer- An amount of something A broker receives a kickback or referral fee from a title insurance company. This practice is a violation of what? - Answer- RESPA Property that boarders a river or stream includes what rights? - Answer- Riparian rights What be included if the Court tests to determine if personal property has become a fixture? - Answer- Relationship of the parties Three friends buy a property together with equal shares. If they have the right of survivorship they have created what? - Answer- Joint Tenancy Purpose of homestead exemption is to protect the surviving spouse and children and to exempt property from foreclosure for what? - Answer- Debts other than direct debts and federal liens The part of the deed which states that the grantor was in procession and has the right to sell the property is called