CFRE Class Exam Study Guide questions and answers graded A+

CFRE Class Exam Study GuideSales Associates knowledge should include - correct answer Property transfer, market conditions, how to market real estate and businesses Al licensed or certified appraiser is always required when - correct answer an original loan is federally related If a sales Associate moved from Florida to San Diego to work for the same Broker - correct answer The commission must be notified within 60 days A Florida Resident is defined as a person who has been/intends to reside in Florida for - correct answer 4 months Individiuals who earned a four-year degree in real estate - correct answer is exempt from FRECK 1 ONLY (63 hour course) A person who has power of attorney for executing a contract is - correct answer Exempt from real estate licensure Three R.E. license categories are - correct answer Sales Associate, Broker Associate, Broker The Secretary of DBPR is appointed by - correct answer The Governor subject to Senate confirmation Who regulates condominiums, timeshare, and mobile homes - correct answer Division of FL Condominiums, Timeshare, and Mobile Homes The spouse of an active duty U.S> Air Force officer stationed in Florida with a valid real estate license in another state may apply for a temporary Florida License - correct answer For up to 6 months A Group License - correct answer Allows a real estate licensee to sell property for all the affiliated locations. The type of Brokerage Relationship with the client is chosen by the - correct answer Broker Brokerage relationship disclosure documents only apply to - correct answer Improved/unapproved residential property of 4 or fewer units All brokerage relationship disclosures documents must be kept for - correct answer 5 years, whether the deal closes or not The Consent to Transition to Transaction Broker Notice (change legal relationships) - correct answer Must be signed by the client before implementation (moving forward) Requirements for the Broker's office sign - correct answer Company name if applicable and Broker's name and Title Florida fine for violating the Telephone Solicitation laws - correct answer $10,000 Sales Associate receives a deposit Friday morning. She must turn it over to her employer broker by the end of the NEXT BUSINESS DAY (NOT counting weekends and Holidays) by: - correct answer Close of business on MONDAY Broker waits 10 business days to report a conflicting demand, he has how many days to implement one of the settlement procedures - correct answer 20 business days A Broker's office must establish a commission INDEPENDENTLY of any other Brokers - correct answer Or be in violation of the Price-Fixing Anti-Trust-Laws An active real estate broker license must be held by - correct answer Every general partner in a real estate limited partnership performing R.E. services