FREC II CH. 1-18, BROKER'S QUESTIONS & ANSWERS
In a real estate general partnership, how many partners must be licensed as an active
Florida broker (the qualifying broker)? - Answer -At least one
When a license has been involuntarily inactive for 12 months or less, licensees may
satisfy the education requirement by doing what? - Answer -completing 14 hours of
FREC-approved continuing education.
What does USPAP stand for? - Answer -Uniform Standards of Professional Appraisal
Practices
_____________ defines appraisal as an opinion of value or the process of developing
an opinion of value. - Answer -Uniform Standards of Professional Appraisal Practice
What is the type and definition of the value in the appraisal? - Answer -Definition of
market value and its authority
Name the type of items on page 3 of the closing disclosure. - Answer -1. Purchase
Price and Deposit
2. Financing
3. Prorations & prepayments
Name the type of items on page 2 of the closing disclosure. - Answer -1. Expenses
2. Miscellaneous
What page are total expenses on in the closing disclosure? - Answer -Page 2 and 3
The amount due from buyer, amount due to seller and the grand total is on which page
of the closing disclosure? - Answer -Page 3
All debits on the closing disclosure are on page _______. - Answer -Page 2
Prorations and Prepayments are ___________ entries. - Answer -double-entries
Expenses are __________ entries. - Answer -Single
What is the purpose of an appraisal? - Answer -to determine the problem to be solved
and type of value to be estimated
The party who engages, by employment contract, an appraiser in a specific assignment
is called the _________. - Answer -Client
,The client and any other party, identified by name or type, as users of the appraisal
report based on communication with the client at the time of the assignment is called
the _____________. - Answer -intended user
A __________ period is allowed after receipt of the application to check for errors and
omissions and to send the applicant a notice of insufficiency concerning any additional
information required. - Answer -30 day
Do you have to be a Florida resident to possess a Florida real estate license? - Answer
-No
For application and licensing purposes, FREC rules define a Florida resident as a
person who has resided in Florida continuously for a period of ___________________
months or more within the preceding year, regardless of whether the person resided in
a recreational vehicle, hotel, rental unit, or other temporary or permanent location. -
Answer -four calendar
True or False: The DBPR has 90 days after receiving an application to check for errors
and omissions and to send a notice of insufficiency concerning any additional
information required. - Answer -False - The DBPR has 30 days to check for errors and
omissions and to send the applicant a notice of insufficiency.
True or False: The DBPR may refuse to approve a broker application because the
applicant did not possess a Social Security number. - Answer -True
True or False: A person who has resided in Florida for three months every winter is
considered a Florida resident for licensure purposes. - Answer -False - For application
and licensing purposes, FREC rules define a Florida resident as a person who has
resided in Florida continuously for a period of four calendar months.
True or False: Broker applicants are required to disclose misdemeanor offenses on the
license application. - Answer -True
True or False: If a broker applicant's past criminal history is not discovered until after the
applicant becomes a broker, the DBPR will likely take no action. - Answer -False - The
commission may revoke a broker's license for failure to disclose past criminal history.
What are the exemptions for people with a 4 year degree or higher in real estate? -
Answer -EXEMPT FROM:
Pre-license Course I
Pre-license Course II
All Post License
BUT Must Take
14 CE hours Continuing Education every 2 year
,What is a Florida licensed attorney that is an active member of the Florida Bar exempt
from? - Answer -Pre License Course I
All Continuing Education
must take Pre license Course II and Post license
Mutual recognition agreements apply EXCLUSIVELY to _________________ who are
licensed in other jurisdictions. - Answer -nonresidents
Can a resident of Florida who is licensed in a mutual recognition state apply for a
Florida real estate license under mutual recognition? - Answer -No because mutual
recognition is exclusively for nonresidents.
Real estate applicants approved for licensure under mutual recognition are exempt from
____________________. However, the applicant must do this. - Answer -Pre-license
education course / Take and pass a 40 question law exam each worth 1 point.
75% or 30 correct answers to pass
________________ is an agreement between two states that allows a real estate
licensee with a valid license in one of the states to practice real estate in both states. -
Answer -Reciprocity -There is no reciprocity between Florida and any other state
A broker applicant fulfills the experience requirement by having held an active real
estate license for at least ________________ during the five year period preceding
application to become a Florida real estate broker. - Answer -24 months
True or False: Broker applicants must complete at least 12 months of real estate
experience during the previous five years working for a broker or an owner developer. -
Answer -False 24 months under a broker
True or False: A broker applicant who received a master's degree in real estate from an
accredited institution is exempt from the broker pre-license education course. - Answer
-True - also exempt from Pre, Post, but not continuing education
What happens if a broker doesn't complete the post licensing education before the initial
license expires? - Answer -The license becomes null and void. The initial license is
basically in a conditional/probationary status until the post licensing education is
completed. If not completed, the broker may request and receive a sales associate
license if they complete the 14 hour CE within the six months following expiration.
The commission may allow real estate licensees an additional six month period
following initial license expiration to complete the post-licensure requirement, if due to
this. - Answer -individual physical hardship - long-term illness or an illness involving a
close relative or person for who the licensee has care giving responsibilities.
, There is no legislative authority to extend the ____________________ beyond the six-
month period after failing to complete this. - Answer -post license requirement.
True or False: Before the first renewal of a broker license, brokers must complete 60
hours of a FREC approved broker post-license course. - Answer -True
True or False: A real estate licensee who has attained four-year degree or higher
education is exempt from the post-license education requirement. - Answer -True
A licensee in good standing who is a member of the US armed forces is exempt from
the renewal provisions during the licensee's period of active duty and ___________
months after discharge from active duty. - Answer -24
The DBPR may issue a temporary real estate license to the spouse of an active-duty
member of the armed forces who is assigned to duty in Florida. The spouse must hold a
valid real estate license in another state or foreign jurisdiction. A temporary license
expires _______ months after the date of issue and is not ____________. - Answer -6
renewable
When a license has been involuntarily inactive for 12 months or less, licensees may
satisfy the education requirement by completing... - Answer -14 hours of FREC
approved CE
When a license has been involuntarily inactive for more than 12 months, but less than
24 months, licensees are required to complete... - Answer -28 hours of a Commission-
prescribed reactivation education course.
True or False: A real estate broker did not complete the broker post-licensing education
requirement because the broker was undergoing cancer treatment. Eight months
following the expiration of the broker's initial license, the licensee requested a post-
license hardship extension. The commission is authorized to grant the broker an
extension to complete the post-licensing education. - Answer -False - There is no
legislative authority to extend the post license requirement beyond six months following
the initial license expiration.
True or False: An involuntary inactive license will expire and become null and void after
one year. - Answer -False no more than 2 years
True or False: A broker can be fined or the license suspended or revoked for hiring a
sales associate who is not the holder of a valid active license. - Answer -True - The
penalty for a first time offense of a broker employing a sales associate who is not the
holder of a valid and current license is an administrative fine of $250 to $1000 and
license suspension to revocation.
In a real estate general partnership, how many partners must be licensed as an active
Florida broker (the qualifying broker)? - Answer -At least one
When a license has been involuntarily inactive for 12 months or less, licensees may
satisfy the education requirement by doing what? - Answer -completing 14 hours of
FREC-approved continuing education.
What does USPAP stand for? - Answer -Uniform Standards of Professional Appraisal
Practices
_____________ defines appraisal as an opinion of value or the process of developing
an opinion of value. - Answer -Uniform Standards of Professional Appraisal Practice
What is the type and definition of the value in the appraisal? - Answer -Definition of
market value and its authority
Name the type of items on page 3 of the closing disclosure. - Answer -1. Purchase
Price and Deposit
2. Financing
3. Prorations & prepayments
Name the type of items on page 2 of the closing disclosure. - Answer -1. Expenses
2. Miscellaneous
What page are total expenses on in the closing disclosure? - Answer -Page 2 and 3
The amount due from buyer, amount due to seller and the grand total is on which page
of the closing disclosure? - Answer -Page 3
All debits on the closing disclosure are on page _______. - Answer -Page 2
Prorations and Prepayments are ___________ entries. - Answer -double-entries
Expenses are __________ entries. - Answer -Single
What is the purpose of an appraisal? - Answer -to determine the problem to be solved
and type of value to be estimated
The party who engages, by employment contract, an appraiser in a specific assignment
is called the _________. - Answer -Client
,The client and any other party, identified by name or type, as users of the appraisal
report based on communication with the client at the time of the assignment is called
the _____________. - Answer -intended user
A __________ period is allowed after receipt of the application to check for errors and
omissions and to send the applicant a notice of insufficiency concerning any additional
information required. - Answer -30 day
Do you have to be a Florida resident to possess a Florida real estate license? - Answer
-No
For application and licensing purposes, FREC rules define a Florida resident as a
person who has resided in Florida continuously for a period of ___________________
months or more within the preceding year, regardless of whether the person resided in
a recreational vehicle, hotel, rental unit, or other temporary or permanent location. -
Answer -four calendar
True or False: The DBPR has 90 days after receiving an application to check for errors
and omissions and to send a notice of insufficiency concerning any additional
information required. - Answer -False - The DBPR has 30 days to check for errors and
omissions and to send the applicant a notice of insufficiency.
True or False: The DBPR may refuse to approve a broker application because the
applicant did not possess a Social Security number. - Answer -True
True or False: A person who has resided in Florida for three months every winter is
considered a Florida resident for licensure purposes. - Answer -False - For application
and licensing purposes, FREC rules define a Florida resident as a person who has
resided in Florida continuously for a period of four calendar months.
True or False: Broker applicants are required to disclose misdemeanor offenses on the
license application. - Answer -True
True or False: If a broker applicant's past criminal history is not discovered until after the
applicant becomes a broker, the DBPR will likely take no action. - Answer -False - The
commission may revoke a broker's license for failure to disclose past criminal history.
What are the exemptions for people with a 4 year degree or higher in real estate? -
Answer -EXEMPT FROM:
Pre-license Course I
Pre-license Course II
All Post License
BUT Must Take
14 CE hours Continuing Education every 2 year
,What is a Florida licensed attorney that is an active member of the Florida Bar exempt
from? - Answer -Pre License Course I
All Continuing Education
must take Pre license Course II and Post license
Mutual recognition agreements apply EXCLUSIVELY to _________________ who are
licensed in other jurisdictions. - Answer -nonresidents
Can a resident of Florida who is licensed in a mutual recognition state apply for a
Florida real estate license under mutual recognition? - Answer -No because mutual
recognition is exclusively for nonresidents.
Real estate applicants approved for licensure under mutual recognition are exempt from
____________________. However, the applicant must do this. - Answer -Pre-license
education course / Take and pass a 40 question law exam each worth 1 point.
75% or 30 correct answers to pass
________________ is an agreement between two states that allows a real estate
licensee with a valid license in one of the states to practice real estate in both states. -
Answer -Reciprocity -There is no reciprocity between Florida and any other state
A broker applicant fulfills the experience requirement by having held an active real
estate license for at least ________________ during the five year period preceding
application to become a Florida real estate broker. - Answer -24 months
True or False: Broker applicants must complete at least 12 months of real estate
experience during the previous five years working for a broker or an owner developer. -
Answer -False 24 months under a broker
True or False: A broker applicant who received a master's degree in real estate from an
accredited institution is exempt from the broker pre-license education course. - Answer
-True - also exempt from Pre, Post, but not continuing education
What happens if a broker doesn't complete the post licensing education before the initial
license expires? - Answer -The license becomes null and void. The initial license is
basically in a conditional/probationary status until the post licensing education is
completed. If not completed, the broker may request and receive a sales associate
license if they complete the 14 hour CE within the six months following expiration.
The commission may allow real estate licensees an additional six month period
following initial license expiration to complete the post-licensure requirement, if due to
this. - Answer -individual physical hardship - long-term illness or an illness involving a
close relative or person for who the licensee has care giving responsibilities.
, There is no legislative authority to extend the ____________________ beyond the six-
month period after failing to complete this. - Answer -post license requirement.
True or False: Before the first renewal of a broker license, brokers must complete 60
hours of a FREC approved broker post-license course. - Answer -True
True or False: A real estate licensee who has attained four-year degree or higher
education is exempt from the post-license education requirement. - Answer -True
A licensee in good standing who is a member of the US armed forces is exempt from
the renewal provisions during the licensee's period of active duty and ___________
months after discharge from active duty. - Answer -24
The DBPR may issue a temporary real estate license to the spouse of an active-duty
member of the armed forces who is assigned to duty in Florida. The spouse must hold a
valid real estate license in another state or foreign jurisdiction. A temporary license
expires _______ months after the date of issue and is not ____________. - Answer -6
renewable
When a license has been involuntarily inactive for 12 months or less, licensees may
satisfy the education requirement by completing... - Answer -14 hours of FREC
approved CE
When a license has been involuntarily inactive for more than 12 months, but less than
24 months, licensees are required to complete... - Answer -28 hours of a Commission-
prescribed reactivation education course.
True or False: A real estate broker did not complete the broker post-licensing education
requirement because the broker was undergoing cancer treatment. Eight months
following the expiration of the broker's initial license, the licensee requested a post-
license hardship extension. The commission is authorized to grant the broker an
extension to complete the post-licensing education. - Answer -False - There is no
legislative authority to extend the post license requirement beyond six months following
the initial license expiration.
True or False: An involuntary inactive license will expire and become null and void after
one year. - Answer -False no more than 2 years
True or False: A broker can be fined or the license suspended or revoked for hiring a
sales associate who is not the holder of a valid active license. - Answer -True - The
penalty for a first time offense of a broker employing a sales associate who is not the
holder of a valid and current license is an administrative fine of $250 to $1000 and
license suspension to revocation.
