FL REAL ESTATE PRE-LICENSURE EXAM PREP MATERIAL WITH QUESTIONS AND ANSWERS

What are the three types of residential construction? Tract homes: model homes, buyers pick floorplan from catalog. Custom homes Speculative homes: Homes built with the assumption that buyers will purchase. What is the national association of Realtors? Largest trade association in the world, it promoted ethics and education in the real estate industry. What does Chapter 475.41 of the Florida Statutes state? No contract for commission is valid unless the agent is licensed. In which chapter would you find the qualifications for real estate agents? 455 What is a consequence of failing to complete the continuing education requirements? The license reverting to involuntary inactive status, which becomes null and void after two years. Which states does Florida have mutual recognition with? Alabama, Arkansas, Connecticut, Georgia, Illinois, Kentucky, Mississippi, Nebraska, Rhode Island, and West Virginia Brokers and Sales Associates may register as: individuals, LLC's, professional corporations, professional LLC's. When is a license required? ABLE ARMS Appraising, buying, leasing, exchanging, auctioning, renting, marketing, and selling. Which members is the FREC comprised of? Seven Members. 4 real estate brokers 1 broker or sales associate 2 consumer members