Florida Real Estate STATE exam Questions and Answers 100% Pass

Florida Real Estate STATE exam Questions and Answers 100% Pass 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 - Correct 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 - Correct 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 - Correct 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? - Correct Answer ️️ -For Identification Purposes Which brokerage disclosure notice must be signed or initialed by the buyer or seller before implementation? - Correct Answer ️️ -Transition to Transaction When a seller is about to enter a fiduciary relationship with a brokerage firm what must be given? - Correct Answer ️️ -Single Agency Notice A broker owes which duty to a customer? What should he disclose? - Correct 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? - Correct Answer ️️ -To his broker immediately (next business day) Listings obtained by a sales associate become property of whom? - Correct 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? - Correct 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 - Correct 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 - Correct Answer ️️ -B. Mediation What is a step that follows the investigation in complaint process - Correct Answer ️️ - Formal Hearing If a licensee does not dispute a citation it has the same effect as what? - Correct Answer ️️ -Final Order What is the max penalty that a court could impose a second-degree misdemeanor? - Correct 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? - Correct Answer ️️ -$150,000 For single judgment against a licensee, the FL real estate recovery fund has a max of how much? - Correct Answer ️️ -$50,000 How is the FL Real Estate Fund funded? - Correct Answer ️️ -From licensing fees Appeals of FREC final orders must be filed where? - Correct Answer ️️ -District Court of Appeals If a broker fails to pay his sale associate he may be charged with? - Correct Answer ️️ -Conversion What are the 7 things that the Fair housing act of 1968 prohibits the discrimination based on? - Correct 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? - Correct 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? - Correct Answer ️️ - Truth-in-Lending Act What illegal act is known when the licensee picks the properties for a buyer based o