Colibri Real Estate (Real Estate Express) Final
Exam Review updated)fully solved
A Business Broker - ANSWER>>Specializes in the sale, purchase or lease
of businesses. Is required to have a real estate license and may be
licensed as a real estate broker or sales associate
Follow-Up is - ANSWER>>Keeping in contact with the new owner after the
closing of the sale
A builder constructs a house on an owner's lot according to the owner's
plans and specifications. This is called - ANSWER>>Custom Building
A builder purchases several vacant lots in an established residential
subdivision. The builder constructs houses w/o having secured a buyer in
advance of the construction of each home and advertises them for sale to
prospective buyers. This is which type of residential construction? -
ANSWER>>Spec Building
What is exempt from Real Estate licensure under Chapter 475? -
ANSWER>>1. Straight Salary .
2. A person who sells cemetery lots for a commission. 3. Court jurisdiction.
4. Renting of a mobil home lot in a mobil home park
Other exemptions from licensure include - ANSWER>>1. For Sale by
Owner
2. Owner of a Timeshare period who offers the property for resale.
3. A leasing agent of an apt. complex if they are salaried, work in an onsite
rental office and work in a leasing capacity.
4. A manager of a condo and Co-op if employed for a salary and rent is for
periods no greater than 1 yr.
5. An Attorney-in-Fact (Power of Attorney)
,6. An Attorney-at-Law when acting in the scope of his or her duties as an
attorney. Not receiving any compensation for a sale.
7. A decedent (personal representative) when appointed by the court.
8. A person selling entities licensed by the FCC (radio, TV or cable
enterprises)
9. A person selling personal property.
A farmer is appointed by the court to appraise the farm land of a deceased
neighbor. The farmer will be paid a $3000 fee for the appraisal. Is he
exempt from Chapter 475? - ANSWER>>Yes because he was appointed
by the courts.
A sales assoc employs an unlicensed assistant. The licensee prepares a
fact sheet for all of her listings. The sales assoc instructs her assistant to
drive a prospective purchaser by several listed properties. When
questioned about a particular property, the assistant reads information from
the fact sheet. The prospect decides to buy after the assistant showed her
the interior of the last property. Have one or the other or both violated
Chapter 475? - ANSWER>>Both violated the license law when the
assistant entered the property to show it.
Under FREC rules, a Fla resident is a person who has -
ANSWER>>resided in Fla for at least 4 mos within the preceding year.
Tom intends to make application to become a Fla real estate sales
associate. He must have a Social Security number, a high school diploma,
be over 18, and be competent to negotiate. What is not required? -
ANSWER>>To be a US Citizen
Mary has a 4 year degree in real estate. Mary must still attend the pre-
licensing course and post-licensing education. What class is she exempt
from? - ANSWER>>Continuing Education
,If a Florida licensee becomes a non-resident of Florida, he or she must -
ANSWER>>notify the BPR within 10 days and file an "irrevocable consent
to service" within 60 days
If a real estate licensee moves to Florida from another state and wants to
obtain a Fla Sales Assoc license based on Mutual Recognition, the
licensee must - ANSWER>>complete the 63-hour sales assoc pre-
licensing course and pass the Fla license exam.
To obtain a broker's license, the applicant must have - ANSWER>>1.
Satisfactorily completed the 72 hr broker course.
2. been an Active Sales Assoc for at least 24 months.
What information is required to be disclosed on an application for RE
licensure? - ANSWER>>1. If you've ever been convicted of a crime.
2. Entered a plea of nolo contendere, regardless of adjudicaton.
3. Any violation of the law (except traffic violations, speeding tickets, etc)
What does NOT have to be disclosed on an application for RE licensure? -
ANSWER>>Personal Bankruptcy
If a developer owns 3 subdivisions in the names of 3 different entities. A
sales assoc or broker assoc may be employed by the owner-developer on
a commission basis to sell lots in the 3 subdivisions if the assoc is issued
what type of license? - ANSWER>>A Group License
To be a broker for several real estate brokerage companies, you must be
issued what type of license? - ANSWER>>Multiple Broker licenses (one for
each company)
If a real estate licensee fails to renew her license at the end of the biennial
renewal period, what will happen to the license? - ANSWER>>It reverts to
an involuntary inactive status
, If Mary's initial license was issue on Feb 6, 2011, what is the expiration
date on her license? - ANSWER>>September 30, 2012. (Licenses are
renewed on March 31 and September 30 every year)
If a RE licensee becomes a member of the US Armed Forces and is not
engaged in the practice of RE in the private sector, what is the status of his
license? - ANSWER>>It is kept in good standing while he is on active duty
and for a period of 6 mos after his discharge from active duty.
What happens if a licensee changes last name or mailing address? -
ANSWER>>Must notify BPR within 10 days of the change
If a real estate broker's license is suspended for 6 mos for a violation of
license law, the licenses of the sales assoc registered with the broker with
become what? - ANSWER>>Involuntary Inactive
Which power gives the Fla Real Estate Commission (FREC) the authority
to regulate and enforce real estate license law? - ANSWER>>The
Executive Power
What is the BPR? - ANSWER>>Dept of Business and Professional
Regulation
Who is the Secretary of the BPR appointed by? - ANSWER>>Appointed by
the Governor and confirmed by the Senate
What is the purpose of Laws? - ANSWER>>To protect the public
What is the DRE? - ANSWER>>The Division of Real Estate
Who is the Director of the DRE appointed by? - ANSWER>>The DRE is a
division within the BPR. The Director is appointed by the Secretary of the
BPR and subject to approval by the Commission
What is FREC? - ANSWER>>Florida Real Estate Commission
Exam Review updated)fully solved
A Business Broker - ANSWER>>Specializes in the sale, purchase or lease
of businesses. Is required to have a real estate license and may be
licensed as a real estate broker or sales associate
Follow-Up is - ANSWER>>Keeping in contact with the new owner after the
closing of the sale
A builder constructs a house on an owner's lot according to the owner's
plans and specifications. This is called - ANSWER>>Custom Building
A builder purchases several vacant lots in an established residential
subdivision. The builder constructs houses w/o having secured a buyer in
advance of the construction of each home and advertises them for sale to
prospective buyers. This is which type of residential construction? -
ANSWER>>Spec Building
What is exempt from Real Estate licensure under Chapter 475? -
ANSWER>>1. Straight Salary .
2. A person who sells cemetery lots for a commission. 3. Court jurisdiction.
4. Renting of a mobil home lot in a mobil home park
Other exemptions from licensure include - ANSWER>>1. For Sale by
Owner
2. Owner of a Timeshare period who offers the property for resale.
3. A leasing agent of an apt. complex if they are salaried, work in an onsite
rental office and work in a leasing capacity.
4. A manager of a condo and Co-op if employed for a salary and rent is for
periods no greater than 1 yr.
5. An Attorney-in-Fact (Power of Attorney)
,6. An Attorney-at-Law when acting in the scope of his or her duties as an
attorney. Not receiving any compensation for a sale.
7. A decedent (personal representative) when appointed by the court.
8. A person selling entities licensed by the FCC (radio, TV or cable
enterprises)
9. A person selling personal property.
A farmer is appointed by the court to appraise the farm land of a deceased
neighbor. The farmer will be paid a $3000 fee for the appraisal. Is he
exempt from Chapter 475? - ANSWER>>Yes because he was appointed
by the courts.
A sales assoc employs an unlicensed assistant. The licensee prepares a
fact sheet for all of her listings. The sales assoc instructs her assistant to
drive a prospective purchaser by several listed properties. When
questioned about a particular property, the assistant reads information from
the fact sheet. The prospect decides to buy after the assistant showed her
the interior of the last property. Have one or the other or both violated
Chapter 475? - ANSWER>>Both violated the license law when the
assistant entered the property to show it.
Under FREC rules, a Fla resident is a person who has -
ANSWER>>resided in Fla for at least 4 mos within the preceding year.
Tom intends to make application to become a Fla real estate sales
associate. He must have a Social Security number, a high school diploma,
be over 18, and be competent to negotiate. What is not required? -
ANSWER>>To be a US Citizen
Mary has a 4 year degree in real estate. Mary must still attend the pre-
licensing course and post-licensing education. What class is she exempt
from? - ANSWER>>Continuing Education
,If a Florida licensee becomes a non-resident of Florida, he or she must -
ANSWER>>notify the BPR within 10 days and file an "irrevocable consent
to service" within 60 days
If a real estate licensee moves to Florida from another state and wants to
obtain a Fla Sales Assoc license based on Mutual Recognition, the
licensee must - ANSWER>>complete the 63-hour sales assoc pre-
licensing course and pass the Fla license exam.
To obtain a broker's license, the applicant must have - ANSWER>>1.
Satisfactorily completed the 72 hr broker course.
2. been an Active Sales Assoc for at least 24 months.
What information is required to be disclosed on an application for RE
licensure? - ANSWER>>1. If you've ever been convicted of a crime.
2. Entered a plea of nolo contendere, regardless of adjudicaton.
3. Any violation of the law (except traffic violations, speeding tickets, etc)
What does NOT have to be disclosed on an application for RE licensure? -
ANSWER>>Personal Bankruptcy
If a developer owns 3 subdivisions in the names of 3 different entities. A
sales assoc or broker assoc may be employed by the owner-developer on
a commission basis to sell lots in the 3 subdivisions if the assoc is issued
what type of license? - ANSWER>>A Group License
To be a broker for several real estate brokerage companies, you must be
issued what type of license? - ANSWER>>Multiple Broker licenses (one for
each company)
If a real estate licensee fails to renew her license at the end of the biennial
renewal period, what will happen to the license? - ANSWER>>It reverts to
an involuntary inactive status
, If Mary's initial license was issue on Feb 6, 2011, what is the expiration
date on her license? - ANSWER>>September 30, 2012. (Licenses are
renewed on March 31 and September 30 every year)
If a RE licensee becomes a member of the US Armed Forces and is not
engaged in the practice of RE in the private sector, what is the status of his
license? - ANSWER>>It is kept in good standing while he is on active duty
and for a period of 6 mos after his discharge from active duty.
What happens if a licensee changes last name or mailing address? -
ANSWER>>Must notify BPR within 10 days of the change
If a real estate broker's license is suspended for 6 mos for a violation of
license law, the licenses of the sales assoc registered with the broker with
become what? - ANSWER>>Involuntary Inactive
Which power gives the Fla Real Estate Commission (FREC) the authority
to regulate and enforce real estate license law? - ANSWER>>The
Executive Power
What is the BPR? - ANSWER>>Dept of Business and Professional
Regulation
Who is the Secretary of the BPR appointed by? - ANSWER>>Appointed by
the Governor and confirmed by the Senate
What is the purpose of Laws? - ANSWER>>To protect the public
What is the DRE? - ANSWER>>The Division of Real Estate
Who is the Director of the DRE appointed by? - ANSWER>>The DRE is a
division within the BPR. The Director is appointed by the Secretary of the
BPR and subject to approval by the Commission
What is FREC? - ANSWER>>Florida Real Estate Commission
