Florida Real Estate Exam Prep QUESTION AND ANSWERS RATED A+

Real estate investment trust that are formed to buy, own and manage investment projects are called - Answer- Equity trust What Fl statute created the Department of business and professional regulation - Answer- FL 455 Universal Agent - Answer- All matters by power of attorney General Agent - Answer- Continuing basis for specific area Special Agent - Answer- Single Task Normal sales associate Subagency - Answer- Extension of another agency Subagent - Answer- A party who has been granted authority to act on behalf of another agent DBPR head of command - Answer- Secretary- governor appointed and approved by senate. No term limit. Located in Tally Fl 475 Part IV - Answer- Commercial real estate LEASING commission Lien act Fl 475 Part III - Answer- Commercial SALES commission lien act- broker liens seller FL 475 part II - Answer- APPRAISERS- Defines Fl real estate appraisal board, appraisal license. Powers of the Department - Answer- Cease and desist order, administer oaths, issue supoenas, issue notice of compliance, citation and administrative fines, adopt rules FL 475 Part I - Answer- Real estate SALES associates, brokers and schools. Defines frecc, admin codes, license rules If no agency relationship has been established in writing the broker is presumed to be what type of relationship - Answer- Transaction broker