Florida Real Estate State Exam Prep

Joint Ventures - Answer- is a temporary form of business arrangement often encountered in real estate business. Trade Names - Answer- is a business name other than the legal name of the person doing business. The letters T/A are used to indicate "trading as." Chapter 120, F.S. - Answer- Administrative Procedures Act Chapter 455, F.S. - Answer- Regulation of Professional and Occupations Chapter 28, Sections 101-110 - Answer- Division of Administrative Hearings (DOAH Rules), Florida Administrative Code (F.A.C.) Chapter 61J2 - Answer- Florida Real Estate Commission, Fl Administrative Code (F.A.C.) Recovery Fund - Answer- Claim must be paid with in 2 yrs. Max payment $50,000 (single transaction) Max payment on multiple $150,000 Punitive Damages and Interest CANNOT be reimbursed from fund Accumulation of the Recovery Fund - Answer- total of $1 million is the limit for fund at any one time. Accumulated by charging Licensees a Recovery Fund Fee when a new lic is issued or renewed. Fines imposed by FREC and collected by DBPR. Collection stops when limit is reached and restarts when amount drops below $500k. At that time, a fee of $3.50 per yr. for brokers and $1.50 per year for sales Assoc. is added to Lic fee. Civil Rights Act of 1964 (Titles II and III) - Answer- ended racial segregation in schools, the work place, and public accommodations. Civil Rights Act of 1968: The Fair Housing Act - Answer- Prohibits discrimination on the basis of Race, Color, Religion, Sex and National Origin when selling or renting residential property. 7 Protected Classes (FRSH CRN aka Fresh Corn) - Answer- Race Color