Florida Real Estate State Exam
Joint Ventures correct answersis a temporary form of business
arrangement often encountered in real estate business.
Trade Names correct answersis a business name other than the legal
name of the person doing business. The letters T/A are used to indicate
"trading as."
Chapter 120, F.S. correct answersAdministrative Procedures Act
Chapter 455, F.S. correct answersRegulation of Professional and
Occupations
Chapter 28, Sections 101-110 correct answersDivision of Administrative
Hearings (DOAH Rules), Florida Administrative Code (F.A.C.)
Chapter 61J2 correct answersFlorida Real Estate Commission, Fl
Administrative Code (F.A.C.)
Recovery Fund correct answersClaim must be paid with
in 2 yrs. Max payment $50,000 (single transaction)
Max payment on multiple $150,000
Punitive Damages and Interest CANNOT be reimbursed
from fund
Accumulation of the Recovery Fund correct answerstotal of $1 million is
the limit for fund at any one time.
Accumulated by charging Licensees a Recovery Fund Fee when a new lic
is issued or
renewed. Fines imposed by FREC and collected by DBPR. Collection stops
when limit is reached and restarts when amount drops below $500k. At that
time, a fee of $3.50 per yr. for brokers and $1.50 per year for sales Assoc.
is added to Lic fee.
Civil Rights Act of 1964 (Titles II and III) correct answersended racial
segregation in schools, the work place, and public accommodations.
Civil Rights Act of 1968: The Fair Housing Act correct answersProhibits
discrimination on the basis of Race, Color, Religion, Sex and National Origin
when selling or renting residential property.
7 Protected Classes (FRSH CRN aka Fresh Corn) correct
answersRace Color
Religion
Sex
Handicap Status (mental or physical)
, Familial Status (18 or younger or Pregnant
Women) National Origin
Blockbusting correct answersUse the entry, or rumor of the entry, of a
protected class into the neighborhood to persuade owners to sell
Steering correct answersChannel Home seekers to or away from a
particular neighborhood because they are members of a protected
class
Redlining correct answersDeny loans or insurance coverage by a lender or
insurer that presents different terms or conditions for homes in certain
neighborhoods
Americans with Disabilities Act of 1990 correct answersremoves barriers
that prevent qualified individuals with disabilities from enjoying the same
opportunities that are available to persons without disabilities. The Act
prohibits discrimination in places of PUBLIC ACCOMIDATIONS and in
commercial facilities.
Truth in Lending Act (TILA) and Regulation Z correct answersis intended to
inform the borrower of the true cost of obtaining a loan.
Required Disclosures correct answersAnnual % Rate
(APR) Finance Charge
Amount
Financed Total
Payments
Timing of disclosures correct answersMust be sent to borrower with in 3
business days of application, and @ least 7 business days before
consummation. Lenders must deliver to the borrower a copy of the appraisal
report 3 business days before closing the loan.
Triggering Terms correct answersAnything with number's is considered a
triggering term.
3-Day Right of Rescission correct answersThe borrower has the right to
rescind (cancel) the loan contract up to midnight of the third business day
following the signing of the loan documents.
Time Periods regarding Tenants Deposits correct answers30 days: landlord
must notify tenant of how holding deposits
15 days: to return security deposit
30 days: if landlord making claim on the deposit
15 days: after receiving Notification of landlords claim, the tenant has 15
days to object in writing to the claim
Eviction Process correct answersnotice allowing
3 days landlord may begin legal action by filing
with courts
Joint Ventures correct answersis a temporary form of business
arrangement often encountered in real estate business.
Trade Names correct answersis a business name other than the legal
name of the person doing business. The letters T/A are used to indicate
"trading as."
Chapter 120, F.S. correct answersAdministrative Procedures Act
Chapter 455, F.S. correct answersRegulation of Professional and
Occupations
Chapter 28, Sections 101-110 correct answersDivision of Administrative
Hearings (DOAH Rules), Florida Administrative Code (F.A.C.)
Chapter 61J2 correct answersFlorida Real Estate Commission, Fl
Administrative Code (F.A.C.)
Recovery Fund correct answersClaim must be paid with
in 2 yrs. Max payment $50,000 (single transaction)
Max payment on multiple $150,000
Punitive Damages and Interest CANNOT be reimbursed
from fund
Accumulation of the Recovery Fund correct answerstotal of $1 million is
the limit for fund at any one time.
Accumulated by charging Licensees a Recovery Fund Fee when a new lic
is issued or
renewed. Fines imposed by FREC and collected by DBPR. Collection stops
when limit is reached and restarts when amount drops below $500k. At that
time, a fee of $3.50 per yr. for brokers and $1.50 per year for sales Assoc.
is added to Lic fee.
Civil Rights Act of 1964 (Titles II and III) correct answersended racial
segregation in schools, the work place, and public accommodations.
Civil Rights Act of 1968: The Fair Housing Act correct answersProhibits
discrimination on the basis of Race, Color, Religion, Sex and National Origin
when selling or renting residential property.
7 Protected Classes (FRSH CRN aka Fresh Corn) correct
answersRace Color
Religion
Sex
Handicap Status (mental or physical)
, Familial Status (18 or younger or Pregnant
Women) National Origin
Blockbusting correct answersUse the entry, or rumor of the entry, of a
protected class into the neighborhood to persuade owners to sell
Steering correct answersChannel Home seekers to or away from a
particular neighborhood because they are members of a protected
class
Redlining correct answersDeny loans or insurance coverage by a lender or
insurer that presents different terms or conditions for homes in certain
neighborhoods
Americans with Disabilities Act of 1990 correct answersremoves barriers
that prevent qualified individuals with disabilities from enjoying the same
opportunities that are available to persons without disabilities. The Act
prohibits discrimination in places of PUBLIC ACCOMIDATIONS and in
commercial facilities.
Truth in Lending Act (TILA) and Regulation Z correct answersis intended to
inform the borrower of the true cost of obtaining a loan.
Required Disclosures correct answersAnnual % Rate
(APR) Finance Charge
Amount
Financed Total
Payments
Timing of disclosures correct answersMust be sent to borrower with in 3
business days of application, and @ least 7 business days before
consummation. Lenders must deliver to the borrower a copy of the appraisal
report 3 business days before closing the loan.
Triggering Terms correct answersAnything with number's is considered a
triggering term.
3-Day Right of Rescission correct answersThe borrower has the right to
rescind (cancel) the loan contract up to midnight of the third business day
following the signing of the loan documents.
Time Periods regarding Tenants Deposits correct answers30 days: landlord
must notify tenant of how holding deposits
15 days: to return security deposit
30 days: if landlord making claim on the deposit
15 days: after receiving Notification of landlords claim, the tenant has 15
days to object in writing to the claim
Eviction Process correct answersnotice allowing
3 days landlord may begin legal action by filing
with courts
