QUESTIONS AND ANSWERS
Farming - ANS Concentrating on one type of style of property or on one particular
neighborhood
A residential transaction os defined in F.S. 475 as the sale of any: - ANS - Duplex
- improved residential property of four units or fewer, including condominium units
-unimproved property intended for four units or fewer
- agricultural properties of ten acres or less
- leases with options to purchase all or a portion of improved property of four or fewer
residential units
- dispositions of business interests for property of four or fewer residential units
absentee owners - ANS owners who buy income property as investments and depend on
professionals to manage them
All appraisals, whether performed by a licensed appraiser or a real estate licensee, must be
developed and reported in conformity with the - ANS Uniform Standards of Professional
Appraisal Practice (USPAP)
The largest and most prestigious real estate organization in the world is ________. They work
for legislation enforce professional standards of conduct through its ________. - ANS 1. The
1
National Association of Realtors (NAR)
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, 2. Code of Ethics
The largest trade association in the state is _________ - ANS The Florida Association of
Realtors (FAR)
The duties required by the Code of Ethics are: - ANS 1. Duties to clients and customers
2. Duties to the public in general
3. Duties to other real estate licensees
Required Skills for the Real estate professional are: - ANS 1. Valuation - Must be able to
discern important differences between properties and know ho to translate those differences
into value. Must be able to conduct a CMA.
2. Marketing - must have an understanding of the tools and technologies available to market a
property.
3. Property Transfer - understand how to close a transaction
Mission Statement - ANS description of a desired outcome that excites, motivates, and helps
you to create a mental picture of your business goal.
Industrial Sales or Leasing - ANS include warehouses and manufacturing facilities. Industrial
sales and leasing generally involve user/owners, rather than investors.
The law that specifically regulates real estate licensees, schools, and appraisers is _________ -
ANS F.S. 475
The Range Of Penalties for disobeying FS 475 or 455 from lowest to highest is: -
ANS Reprimand, fine, probation, suspension, and revocation or denial.
2
Which is the maximum penalty for disobeying laws under FS 455 or FS 475 - ANS Revocation
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, If the licensee does not complete the 45 hour course before the expiration date of their first
renewal, the license becomes ____ - ANS void and the licensee will be out of business. (have
to start over everything)
When a sales associate changes employers, they must notify the Commission of the change no
later than ________ days after the change by using the form provided by the commission. -
ANS 10
Advertisements may not be - ANS fraudulent, false, deceptive, or misleading.
Advertising false, inaccurate, misleading or exaggerated information could result in
____________ - ANS the issuance of a citation and a fine of $500
A sales associate who receives a deposit must deliver it to the broker or employer no later than
- ANS the end of the business day following the receipt of the item to be deposited
A sales associate may not collect money in connection with a real estate transaction except -
ANS in the name of the employer (cannot be payed by buyer or seller)
A sales associate receives compensation only from his or her ______. A sales associate can
however be paid a portion of a commission by a closing agent if such instructions have been
provided in writing by the _____. - ANS 1. broker
2. broker
Single agents are held accountable for what four specific duties? - ANS 1. Confidentiality
2. Obedience
3. Loyalty
4. Full Disclosure
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