Florida Real Estate STATE exam
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 answersD. FREC and the license law
A group license
E. allows a broker to have a branch office
F. allows a sales associate to work for more than one broker
G. may be held by a sale associate or broker associate
H. allows a broker to qualify more than one broker firm correct answersC.
may be held by a sale associate or broker
The following are exempt from F.S. 475 EXCEPT
I. Trustees for an estate
J. Personal representatives for an estate
K. Mortgage brokers engaged in financing activities.
L. Business Brokers correct answersD. 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
answersFor Identification Purposes
Which brokerage disclosure notice must be signed or initialed by the
buyer or seller before implementation? correct answersTransition to
Transaction
When a seller is about to enter a fiduciary relationship with a brokerage
firm what must be given? correct answersSingle Agency Notice
A broker owes which duty to a customer? What should he
disclose? correct answersKnown 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 answersTo his broker immediately (next
business day)
Listings obtained by a sales associate become property of
whom? correct answersEmploying 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 answersFREC 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 answersFlorida 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 answersB. Mediation
What is a step that follows the investigation in complaint process correct
answersFormal Hearing
If a licensee does not dispute a citation it has the same effect as
what? correct answersFinal Order
What is the max penalty that a court could impose a second-degree
misdemeanor? correct answers$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 answers$150,000
For single judgment against a licensee, the FL real estate recovery fund
has a max of how much? correct answers$50,000
How is the FL Real Estate Fund funded? correct answersFrom licensing fees
Appeals of FREC final orders must be filed where? correct
answersDistrict Court of Appeals
If a broker fails to pay his sale associate he may be charged
with? correct answersConversion
What are the 7 things that the Fair housing act of 1968 prohibits the
discrimination based on? correct answersRace, 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 answersRESPA (Settlement Act)
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 answersD. FREC and the license law
A group license
E. allows a broker to have a branch office
F. allows a sales associate to work for more than one broker
G. may be held by a sale associate or broker associate
H. allows a broker to qualify more than one broker firm correct answersC.
may be held by a sale associate or broker
The following are exempt from F.S. 475 EXCEPT
I. Trustees for an estate
J. Personal representatives for an estate
K. Mortgage brokers engaged in financing activities.
L. Business Brokers correct answersD. 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
answersFor Identification Purposes
Which brokerage disclosure notice must be signed or initialed by the
buyer or seller before implementation? correct answersTransition to
Transaction
When a seller is about to enter a fiduciary relationship with a brokerage
firm what must be given? correct answersSingle Agency Notice
A broker owes which duty to a customer? What should he
disclose? correct answersKnown 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 answersTo his broker immediately (next
business day)
Listings obtained by a sales associate become property of
whom? correct answersEmploying 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 answersFREC 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 answersFlorida 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 answersB. Mediation
What is a step that follows the investigation in complaint process correct
answersFormal Hearing
If a licensee does not dispute a citation it has the same effect as
what? correct answersFinal Order
What is the max penalty that a court could impose a second-degree
misdemeanor? correct answers$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 answers$150,000
For single judgment against a licensee, the FL real estate recovery fund
has a max of how much? correct answers$50,000
How is the FL Real Estate Fund funded? correct answersFrom licensing fees
Appeals of FREC final orders must be filed where? correct
answersDistrict Court of Appeals
If a broker fails to pay his sale associate he may be charged
with? correct answersConversion
What are the 7 things that the Fair housing act of 1968 prohibits the
discrimination based on? correct answersRace, 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 answersRESPA (Settlement Act)
