Florida Real Estate State Exam Prep with Verified
Answers.
Joint Ventures - Correct Answer is a temporary form of business arrangement often
encountered in real estate business.
Trade Names - Correct Answer 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. - Correct Answer Administrative Procedures Act
Chapter 455, F.S. - Correct Answer Regulation of Professional and Occupations
Chapter 28, Sections 101-110 - Correct Answer Division of Administrative Hearings
(DOAH Rules), Florida Administrative Code (F.A.C.)
Chapter 61J2 - Correct Answer Florida Real Estate Commission, Fl Administrative Code
(F.A.C.)
Recovery Fund - Correct Answer 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 - Correct Answer 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) - Correct Answer ended racial segregation in
schools, the work place, and public accommodations.
, Civil Rights Act of 1968: The Fair Housing Act - Correct Answer 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) - Correct Answer Race
Color
Religion
Sex
Handicap Status (mental or physical)
Familial Status (18 or younger or Pregnant Women)
National Origin
Blockbusting - Correct Answer Use the entry, or rumor of the entry, of a protected class
into the neighborhood to persuade owners to sell
Steering - Correct Answer Channel Home seekers to or away from a particular
neighborhood because they are members of a protected class
Redlining - Correct Answer 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 - Correct Answer 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 - Correct Answer is intended to inform the
borrower of the true cost of obtaining a loan.
Required Disclosures - Correct Answer Annual % Rate (APR)
Finance Charge
Amount Financed
Total Payments
Answers.
Joint Ventures - Correct Answer is a temporary form of business arrangement often
encountered in real estate business.
Trade Names - Correct Answer 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. - Correct Answer Administrative Procedures Act
Chapter 455, F.S. - Correct Answer Regulation of Professional and Occupations
Chapter 28, Sections 101-110 - Correct Answer Division of Administrative Hearings
(DOAH Rules), Florida Administrative Code (F.A.C.)
Chapter 61J2 - Correct Answer Florida Real Estate Commission, Fl Administrative Code
(F.A.C.)
Recovery Fund - Correct Answer 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 - Correct Answer 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) - Correct Answer ended racial segregation in
schools, the work place, and public accommodations.
, Civil Rights Act of 1968: The Fair Housing Act - Correct Answer 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) - Correct Answer Race
Color
Religion
Sex
Handicap Status (mental or physical)
Familial Status (18 or younger or Pregnant Women)
National Origin
Blockbusting - Correct Answer Use the entry, or rumor of the entry, of a protected class
into the neighborhood to persuade owners to sell
Steering - Correct Answer Channel Home seekers to or away from a particular
neighborhood because they are members of a protected class
Redlining - Correct Answer 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 - Correct Answer 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 - Correct Answer is intended to inform the
borrower of the true cost of obtaining a loan.
Required Disclosures - Correct Answer Annual % Rate (APR)
Finance Charge
Amount Financed
Total Payments
