Florida Real Estate State Exam
Joint Ventures correct answersis a temporary form of business
arrangement in
encountered often
real estate
business.
Trade Names correct answersis a business name other than the legal
name ofdoing
person the 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
(DOAH Rules), Florida Administrative Code
Hearings
(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
Punitive Damages and Interest CANNOT be reimbursed
$150,000
from fund
Accumulation of the Recovery Fund correct answerstotal of $1 million is
the limit
fund for one
at any
Accumulated by charging Licensees a Recovery Fund Fee when a new lic is
time.
issued or Fines imposed by FREC and collected by DBPR. Collection stops
renewed.
when
is limit and restarts when amount drops below $500k. At that time, a
reached
fee of
per yr.$3.50
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
schools, the in
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
residential
or renting
property.
7 Protected Classes (FRSH CRN aka Fresh Corn) correct
answersRace
Colo
rReligio
n
Se
Handicap Status (mental or
x
physical)
, Familial Status (18 or younger or Pregnant
National
Women)
Origin
Blockbusting correct answersUse the entry, or rumor of the entry, of a
protected
into class
the neighborhood to persuade owners
to sell
Steering correct answersChannel Home seekers to or away from a
neighborhood because they are members of a
particular
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
available that arewithout disabilities. The Act prohibits discrimination
to persons
in places
PUBLIC ACCOMIDATIONS
of and in commercial
facilities.
Truth in Lending Act (TILA) and Regulation Z correct answersis intended to
inform theof the true cost of obtaining
borrower
a loan.
Required Disclosures correct answersAnnual % Rate
Finance
(APR)
Charge
Amount
Total
Financed
Payments
Timing of disclosures correct answersMust be sent to borrower with in 3
business
of days and @ least 7 business days before consummation. Lenders
application,
must
to thedeliver
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
thethe
of signing
loan
documents.
Time Periods regarding Tenants Deposits correct answers30 days: landlord
must notify
tenant of how holding
deposits
15 days: to return security
30 days: if landlord making claim on the
deposit
deposit
15 days: after receiving Notification of landlords claim, the tenant has 15
days
in to object
writing to the
claim
Eviction Process correct answersnotice allowing
3 days may begin legal action by filing
landlord
with courts
Joint Ventures correct answersis a temporary form of business
arrangement in
encountered often
real estate
business.
Trade Names correct answersis a business name other than the legal
name ofdoing
person the 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
(DOAH Rules), Florida Administrative Code
Hearings
(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
Punitive Damages and Interest CANNOT be reimbursed
$150,000
from fund
Accumulation of the Recovery Fund correct answerstotal of $1 million is
the limit
fund for one
at any
Accumulated by charging Licensees a Recovery Fund Fee when a new lic is
time.
issued or Fines imposed by FREC and collected by DBPR. Collection stops
renewed.
when
is limit and restarts when amount drops below $500k. At that time, a
reached
fee of
per yr.$3.50
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
schools, the in
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
residential
or renting
property.
7 Protected Classes (FRSH CRN aka Fresh Corn) correct
answersRace
Colo
rReligio
n
Se
Handicap Status (mental or
x
physical)
, Familial Status (18 or younger or Pregnant
National
Women)
Origin
Blockbusting correct answersUse the entry, or rumor of the entry, of a
protected
into class
the neighborhood to persuade owners
to sell
Steering correct answersChannel Home seekers to or away from a
neighborhood because they are members of a
particular
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
available that arewithout disabilities. The Act prohibits discrimination
to persons
in places
PUBLIC ACCOMIDATIONS
of and in commercial
facilities.
Truth in Lending Act (TILA) and Regulation Z correct answersis intended to
inform theof the true cost of obtaining
borrower
a loan.
Required Disclosures correct answersAnnual % Rate
Finance
(APR)
Charge
Amount
Total
Financed
Payments
Timing of disclosures correct answersMust be sent to borrower with in 3
business
of days and @ least 7 business days before consummation. Lenders
application,
must
to thedeliver
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
thethe
of signing
loan
documents.
Time Periods regarding Tenants Deposits correct answers30 days: landlord
must notify
tenant of how holding
deposits
15 days: to return security
30 days: if landlord making claim on the
deposit
deposit
15 days: after receiving Notification of landlords claim, the tenant has 15
days
in to object
writing to the
claim
Eviction Process correct answersnotice allowing
3 days may begin legal action by filing
landlord
with courts
