Florida Real Estate Exam question & answers latest edition

1. The determines mone- tary policy in the U. S. by controlling the availability of money. Federal Reserve System 2. The Homestead Act was passed primarily to exempt property from forced sale 3. A sales associate authorized to negotiate a sale of property has the authority to 4. The sales specialty that involves the knowledge of regulated land use, environmental considerations, transportation, labor costs and utility charges is 5. A real estate agent's trade association that requires raising the professional and ethical standards of their members is the 6. Property management customarily includes all these but work under the di- rection of a broker or in some cases an owner-develop- er industrial National Associa- tion of Realtors. representation of the tenant 7. Property management in the real estate business has the growth in ab- gained popularity and importance due to 8. The sales associate who can explain property taxes and homestead exemptions, in addition to helping prospective buyers obtain financing, is a 9. A sales associate with ABC Realty was contacted by Big Bank to do a Broker Price Opinion (BPO). Since the fee for this was small, the bank paid the salesperson directly. This situation is sentee ownership. residential spe- cialist illegal, since sales associate violated Chapter 475, F.S. 10. The product that all real estate professionals sell is their expert knowl- edge 11. Counseling Which area of real estate requires the highest degree of expertise? 12. A licensed appraiser is compensated for an appraisal with a flat fee 13. Sales associates who fail to complete the post-licens- ing education requirement after 24 months and want to continue in the real estate business are required to requalify for licensure by 14. After completing the post-licensing education during the initial license period, licensees must complete 15. Prior to Owner's death, she named her friend, Jenny, as the personal representative of her estate. To take an active part in the sale of Owner's real estate, Jenny is 16. Since performing a broker price opinion or compara- repeating the pre-licensure class, passing the end-of-course examination, and passing the state licensure examination. at least 14 hours of continu- ing education dur- ing every 2-year li- cense period for active and inactive licensees. not required to ob- tain a real estate license. sales associate's tive market analysis constitutes real estate brokerage Broker/brokerage. activity, the compensation collected in connection with that activity must be paid to the 17. A licensee may substitute attendance at one legal agenda session of the FREC for 18. An unlicensed personal assistant may be at an open house and can three hours of con- tinuing education credit. hand out materials 19. 19. As a licensed sales associate, you have decided to hire someone to help with your business, so you hire an unlicensed personal assistant. They can 20. A manager is a salaried manager of a 20-unit condo- gather information for a comparative market analysis No, because minium complex. An owner of one unit is leaving town the rental period for six months. If the manager rents the owner's unit to a student for the six-month period, does he need a real estate license? 21. Which Florida Administrative Code expands upon the statutory provisions of Chapter 475, Florida Statutes 22. In addition to Chapter 475, The Florida Statute that de- fines the general legal practice and procedure for the Department of Business and Professional Regulation (DBPR) and the licensees of all professions, including real estate, is arranged was for not more than one year 61J2 455 23. FREC has the authority to discipline Florida-licensed, Chapter 455 real estate professionals under what Florida State Statute? 24. On the seven total members of the FREC, two must be never licensed as real estate sales associates or bro- kers. 25. If a real estate licensee believes a rule or guideline that substantially affects him is not valid and needs to be changed, recourse should be sought by 26. The law that establishes the legal rights and respon- sibilities of real estate licensees is 27. A sales associate is a licensed associate of a broker. If by issuance of a Final Order, the broker's license petitioning for an administrative de- termination before the Florida Real Estate Commis- sion. Florida Statute Chapter 475 was revoked by the Florida Real Estate Commission, automatically be- the sales associate's license is