REPL EXAM 2023 QUESTIONS AND ANSWESR RATED A+

A $1.5 billion agency regulating one million professionals and businesses across some 200 licensee categories in Florida is: - The Florida Department of Business and Professional Regulation. Who elects the Chairperson of the FREC? - The FREC Members What is the primary mission of FREC? - To protect the public Nelson just received his Florida license. Which of the following will NOT be on the license? - An Equal Housing Opportunity Logo Broker Norman failed to display an office entrance sign. Which disciplinary action is Norman most likely to receive? - A citation Jane cheated on her real estate examination and was caught. What will happen? - Jane will have her application denied. A veteran sales associate's license expired on September 30. What will be the status of the license on Oct. 1? - The license is involuntarily inactive. Katherine loves to show and sell houses for others for compensation. She has been doing so for two years and without a license. She has been caught and she wants to obtain a license. What is likely to happen? - The FREC may deny her license since she was holding herself out to be a licensee, practicing real estate in the previous year. The Real Estate Recovery Fund - Was designed to serve as consumer protection for those consumers who were harmed in a real estate transaction. Jane is a college graduate with a four-year degree in real estate. She has a sales associate's license and seeks to renew the license for the second time. What must she do? - She must take 14 hours of continued education. She must fill out the form, pay the fee, and return it before the expiration date. In a licensee's personal business budget, a trade association fee would qualify as what type of expense? - Operating expense What does it mean to "qualify" a seller in real estate? - To find out if the seller is truly ready to sell When you are developing your Target Market Summary, you should: - Select an area with which you are familiar and in which you are comfortable. You are scheduled for "floor time" tomorrow. What is "floor time"? - When an agent is in the office to receive phone calls from prospective clients A possible client walks into your office and says he wants to buy a house. He has not talked to a mortgage agent yet, but he says he can pay 25% down and already knows how much of a monthly payment he can afford. He wants to move in the next 90 days. What should your next step be? - Advise him to speak with a mortgage agent and get, at minimum, pre-qualified, but preferably pre-approved for a loan. Which of the following is a benefit of developing a Business and Marketing Plan? - It will help you set clear goals and stay focused. One of your least favorite things to do is write your monthly newsletter. But it has to be out by the end of the week, and you have scheduled yourself time to work on it today. Where should it be on your "to-do" list? - First on the list so you can get it over with and move on to things you enjoy. According to the course, people should have - Three months' salary in savings. You have been an agent for six months. You are reviewing your activities and their results. You find that you are getting one listing appointment for every 20 expired listings you call. You also find that you are getting one for every ten FSBOs you call. You should: - Spend less time on Expireds and more on FSBOs, since that is where you are getting the best results. You are creating a form to track your performance as a Real Estate agent. What activity should not be included on the form? - Floor time. Because it is scheduled by your office, and you can use the time for other things; it does not need to be tracked. What type of legal notice would most likely provide leads? - Foreclosures Which of the following is NOT an exception to the Do-Not-Call laws? - You can call as long as you block your company name and number. Which of the following is most important to have on a licensee's personal website? - The licensee's contact information Once you have sent your friends and family a letter of introduction regarding your real estate practice: - You should follow-up with a phone call in a day or two. When someone whose previous listing expired tells you mistakes the previous agent made: - Comment on the action, not the agent, and explain how a different action might produce different results next time.