Chapter 1 Review Questions & Practice Exam 45 hr Post licensing Accurate100%

Farming - ANSWER Specilizing n one type of property or on one particular neighborhood is a practice referred to as The sale of any improved residential property 4 units or fewer, including condo units, unimproved property intended for 4 units or fewer, agricultural properties 10 acres or less, leases with options to purchase all or airtime of improved property of 4 or fewer res. Units and disposition of business interest in 4 unit bldg - ANSWER A residential transaction is defined as Industrial sales - ANSWER A business specialization where licensees assist customers in locating and purchasing or leasing warehouse or manufacturing facilities. NAR Realtor - ANSWER A large national organization of real estate professionals whose members are entitled to use the trademark of -----/ NAR Code of Ethics - ANSWER Code established to promote a higher standards of conduct in yhe real estate profession han rhe law provides. Clients and customers the public and other real estate licensees - ANSWER The NAR code ethics and the duties of realtors. Valuation marketing and property transfer - ANSWER Real estate professionals are expected to have expert knowledge in these areas Multiple listing service - ANSWER This system provide a detail database of properties of all kinds which are available for sale or lease and is a critical resource for the success of your business Appraisals must always be performed according to USPAP - ANSWER The following statement regarding property valuation is correct 50 unit motel - ANSWER This is not considered a residential property according to the Florida statutes Florida realtors * - ANSWER This is not a real estate trade organization Property management - ANSWER What area of real estate deals with absentee owners who by income producing properties as an investment 475 - ANSWER This chapter of the Florida statutes is the law that specifically regulates real estate licensees schools and appraisers Reprimand fine probation suspension revocation or denial - ANSWER The purpose of rule 61J to provide the orders of penalties ranging from lowest to highest 45 - ANSWER All sales associates with her active or inactive my satisfactory complete a Frecon approved post license course that contains how many hours of education prior to their license expiration date Fraudulent faults deceptive misleading - ANSWER Advertisements may not be the following The end of business day - ANSWER Sales associate who receive the deposit must deliver to the broker or employer no later then how many days following this the receipt of the item to be deposited Complete 14 hours of continuing education course and pay a fee - ANSWER Upon failing to complete the 14 our renewal requirements prior to license expiration a licensee may change the involuntary in active status of their license to voluntary in active or active during the first 12 months what must a licensee do to accomplish this A citation or notice of noncompliance - ANSWER Minor violations of Florida statute for 75 or 61J2 would typically result in which disciplinary action 10 days - ANSWER When a licensee changes their employer they must notify the Department of business and professional regulation is within how many By the end of business day on Wednesday - ANSWER Sales associate received the deposit check from a buyer on Tuesday what must the sales associate deliver the deposit to the b