Florida Real Estate Exam Pt 3
Questions with Accurate Answers
Raising the professional and ethical standards of real estate licensees is one goal of the
- ANSWERSNational Association of Realtors.
Karen's sales specialty involves the knowledge of regulated land use, environmental
considerations, transportation, labor costs and utility charges. Her field of specialty is -
ANSWERSindustrial.
A property manager generally does all of these except - ANSWERSrepresentation of
the tenant.
USA Bank contacted Aubrey, a sales associate with Blue Skies Realty, to do a Broker
Price Opinion (BPO). The fee for the BPO was small so the bank paid Aubrey directly.
This is - ANSWERSillegal, since sales associate violated Chapter 475, F.S.
A post-licensing education course must be successfully completed by sales associates -
ANSWERSbefore the first renewal of their license.
If a sales associate does not successfully complete the post-licensing course
requirement but wants to remain in the real estate business, he or she is required to
requalify for licensure by - ANSWERSrepeating the pre-licensure class and passing the
end-of-course examination as well as the state licensure examination again.
The Florida Statutes that define the general legal practice and procedure for the
Department of Business and Professional Regulation (DBPR) and the licensees of all
professions, including real estate, are Chapter 475 and Chapter - ANSWERS455
Julie is employed by Sand Dollar Syndicators. She sells and leases only properties
owned by Sand Dollar. Her earnings are based on her sale and lease activity. According
to Florida Law, is Julie exempt from licensing requirements? - ANSWERSNo, she must
comply with all licensing requirements.
Which Florida Statute gives the Florida Real Estate Commission the authority to
discipline Florida-licensed real estate professionals? - ANSWERSChapter 455
Doug, a real estate broker, is convinced that a rule or guideline that significantly affects
him is not valid and should be changed. He can seek recourse by -
ANSWERSpetitioning for an administrative determination before the Florida Real Estate
Commission.
, Two of the seven members of the Florida Real Estate Commission must be -
ANSWERSnever licensed as real estate sales associates or brokers.
A sales associate lists a home he knows would be ideal for a friend. The home is for
sale because one of the owners died recently, and the sales associate knows the other
owner will accept a significantly lower bid than the listed price. The licensee should tell
his friend - ANSWERSnothing, but present to owner any offer that his friend wishes to
make.
A developer has a 75-acre subdivision with lots ready to sell, but the land is
encumbered by a blanket mortgage. He employs a broker to sell the lots. A buyer
purchases a lot for $20,000. The broker does not inform the buyer that the lot can only
be released from the blanket mortgage if he pays the lender $24,000 in cash. Which of
these is a CORRECT statement? - ANSWERSOnly the broker is in violation of Chapter
475, Florida Statutes.
An owner is selling a small vacant lot he owns free and clear for $15,000. He gives a
broker an option to buy the lot at that price or find a purchaser. The broker pays $1000
for the option. Before the option expires, the broker sells the property to a third person
for $21,000. The broker advised the buyer during the negotiations that she was the
optionee. Which of these is a TRUE statement? - ANSWERSAfter paying the
appropriate closing costs, the broker may keep the amount of money above and beyond
the option purchase price.
A transaction broker is best described as the concept of - ANSWERSone who provides
limited representation in a brokerage transaction between buyer and seller.
A broker has an exclusive-right-to-sell contract on a large home. The seller informed the
broker that the skylight over the dining room sometimes leaks if there is heavy rain. The
broker sells the unit to a buyer during a dry season and fails to mention the leaky
skylight. The buyer resells the unit in one year and makes a profit. Could the broker face
possible disciplinary action for failing to tell the buyer about the leaky skylight? -
ANSWERSYes, because the broker had the responsibility to inform the buyer of
material defects in the property.
A sales associate has a 20-acre parcel of land for sale and is aware there is a cloud on
the title. When a purchaser is found, he fails to mention the cloud, hoping it will be
cleared before closing. Which statement about the sales associate's action is
CORRECT? - ANSWERSIt is deemed fraudulent and dishonest dealing by trick or
scheme.
A broker or sales associate would be committing fraud if he or she knowingly sold a
property - ANSWERSby using a lottery, even if the property is actually conveyed in
accordance with the lottery rules.
Questions with Accurate Answers
Raising the professional and ethical standards of real estate licensees is one goal of the
- ANSWERSNational Association of Realtors.
Karen's sales specialty involves the knowledge of regulated land use, environmental
considerations, transportation, labor costs and utility charges. Her field of specialty is -
ANSWERSindustrial.
A property manager generally does all of these except - ANSWERSrepresentation of
the tenant.
USA Bank contacted Aubrey, a sales associate with Blue Skies Realty, to do a Broker
Price Opinion (BPO). The fee for the BPO was small so the bank paid Aubrey directly.
This is - ANSWERSillegal, since sales associate violated Chapter 475, F.S.
A post-licensing education course must be successfully completed by sales associates -
ANSWERSbefore the first renewal of their license.
If a sales associate does not successfully complete the post-licensing course
requirement but wants to remain in the real estate business, he or she is required to
requalify for licensure by - ANSWERSrepeating the pre-licensure class and passing the
end-of-course examination as well as the state licensure examination again.
The Florida Statutes that define the general legal practice and procedure for the
Department of Business and Professional Regulation (DBPR) and the licensees of all
professions, including real estate, are Chapter 475 and Chapter - ANSWERS455
Julie is employed by Sand Dollar Syndicators. She sells and leases only properties
owned by Sand Dollar. Her earnings are based on her sale and lease activity. According
to Florida Law, is Julie exempt from licensing requirements? - ANSWERSNo, she must
comply with all licensing requirements.
Which Florida Statute gives the Florida Real Estate Commission the authority to
discipline Florida-licensed real estate professionals? - ANSWERSChapter 455
Doug, a real estate broker, is convinced that a rule or guideline that significantly affects
him is not valid and should be changed. He can seek recourse by -
ANSWERSpetitioning for an administrative determination before the Florida Real Estate
Commission.
, Two of the seven members of the Florida Real Estate Commission must be -
ANSWERSnever licensed as real estate sales associates or brokers.
A sales associate lists a home he knows would be ideal for a friend. The home is for
sale because one of the owners died recently, and the sales associate knows the other
owner will accept a significantly lower bid than the listed price. The licensee should tell
his friend - ANSWERSnothing, but present to owner any offer that his friend wishes to
make.
A developer has a 75-acre subdivision with lots ready to sell, but the land is
encumbered by a blanket mortgage. He employs a broker to sell the lots. A buyer
purchases a lot for $20,000. The broker does not inform the buyer that the lot can only
be released from the blanket mortgage if he pays the lender $24,000 in cash. Which of
these is a CORRECT statement? - ANSWERSOnly the broker is in violation of Chapter
475, Florida Statutes.
An owner is selling a small vacant lot he owns free and clear for $15,000. He gives a
broker an option to buy the lot at that price or find a purchaser. The broker pays $1000
for the option. Before the option expires, the broker sells the property to a third person
for $21,000. The broker advised the buyer during the negotiations that she was the
optionee. Which of these is a TRUE statement? - ANSWERSAfter paying the
appropriate closing costs, the broker may keep the amount of money above and beyond
the option purchase price.
A transaction broker is best described as the concept of - ANSWERSone who provides
limited representation in a brokerage transaction between buyer and seller.
A broker has an exclusive-right-to-sell contract on a large home. The seller informed the
broker that the skylight over the dining room sometimes leaks if there is heavy rain. The
broker sells the unit to a buyer during a dry season and fails to mention the leaky
skylight. The buyer resells the unit in one year and makes a profit. Could the broker face
possible disciplinary action for failing to tell the buyer about the leaky skylight? -
ANSWERSYes, because the broker had the responsibility to inform the buyer of
material defects in the property.
A sales associate has a 20-acre parcel of land for sale and is aware there is a cloud on
the title. When a purchaser is found, he fails to mention the cloud, hoping it will be
cleared before closing. Which statement about the sales associate's action is
CORRECT? - ANSWERSIt is deemed fraudulent and dishonest dealing by trick or
scheme.
A broker or sales associate would be committing fraud if he or she knowingly sold a
property - ANSWERSby using a lottery, even if the property is actually conveyed in
accordance with the lottery rules.
