Florida Real Estate STATE Exam

Florida Real Estate STATE Exam The best protection that the public has during a Real Estate transaction is (are) A. The national and state association of REALTORS B. The punishment of licensees dealing dishonesty C. the high ethical standards of real estate agents D. FREC and the license law D. FREC and the license law A group license A. allows a broker to have a branch office B. allows a sales associate to work for more than one broker C. may be held by a sale associate or broker associate D.allows a broker to qualify more than one broker firm C. may be held by a sale associate or broker The following are exempt from F.S. 475 EXCEPT A. Trustees for an estate B. Personal representatives for an estate C. Mortgage brokers engaged in financing activities. D. Business Brokers D. Business Brokers General Partners in a brokerage partnership that are not qualified to perform the services of real estate must be registered as for what? For Identification Purposes Which brokerage disclosure notice must be signed or initialed by the buyer or seller before implementation? Transition to Transaction When a seller is about to enter a fiduciary relationship with a brokerage firm what must be given? Single Agency Notice A broker owes which duty to a customer? What should he disclose? Known Facts affecting the value of the residential property Sale associate works for a broker and receives an escrow deposit when should he deliver it? To his broker immediately (next business day) Listings obtained by a sales associate become property of whom? Employing broker Jim failed his state exam twice and believes some of the questions that he answered were indeed correct. He can write a written obligation for consideration for the questions to whom? FREC Validation Committee Which Florida law prohibits a lender from refinancing a loan to the same borrower within the first 18 months of making a loan, if doing so does NOT reasonably benefit the borrower Florida Fair Lending Act When there is a dispute over escrow funds, the procedures include four choices. Which choice involves a third person recommending a solution? A. Arbitration B. Mediation C. Litigation D. Escrow Disbursement Order B. Mediation What is a step that follows the investigation in complaint process Formal Hearing If a licensee does not dispute a citation it has the same effect as what? Final Order What is the max penalty that a court could impose a second-degree misdemeanor? $500 fine and/or 60 Days of Jail time For multiple claims against a licensee, the FL real estate recovery fund has a max of how much? $150,000 For single judgment against a licensee, the FL real estate recovery fund has a max of how much?