Florida Real Estate State Exam Prep Questions & Answers Already Graded A +

Joint Ventures - is a temporary form of business arrangement often encountered in real estate business. Trade Names - 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. - Administrative Procedures Act Chapter 455, F.S. - Regulation of Professional and Occupations Chapter 28, Sections 101-110 - Division of Administrative Hearings (DOAH Rules), Florida Administrative Code (F.A.C.) Chapter 61J2 - Florida Real Estate Commission, Fl Administrative Code (F.A.C.) Recovery Fund - 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 - 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) - ended racial segregation in schools, the work place, and public accommodations.Civil Rights Act of 1968: The Fair Housing Act - 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) - Race Color Religion Sex Handicap Status (mental or physical) Familial Status (18 or younger or Pregnant Women) National Origin Blockbusting - Use the entry, or rumor of the entry, of a protected class into the neighborhood to persuade owners to sell Steering - Channel Home seekers to or away from a particular neighborhood because they are members of a protected class Redlining - Deny loans or insurance coverage by a lender or insurer that presents different terms or conditions for homes in certain neighborhoods Americans with Disabilities Act of 1990 - removes barriers that prevent qualified individuals with disabilities from enjoying the same opportunities that are available to persons without disabilities. The Act prohibits discrimination in places of PUBLIC ACCOMIDATIONS and in commercial facilities. Truth in Lending Act (TILA) and Regulation Z - is intended to inform the borrower of the true cost of obtaining a loan. Required Disclosures - Annual % Rate (APR) Finance Charge Amount FinancedTotal Payments Timing of disclosures - Must be sent to borrower with in 3 business days of application, and @ least 7 business days before consummation. Lenders must deliver to the borrower a copy of the appraisal report 3 business days before closing the loan. Triggering Terms - Anything with number's is considered a triggering term