Florida Real Estate State Exam Prep Correct
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Joint Ventures - ANSWER is a temporary form of business arrangement often
encountered in real estate business.
Trade Names - 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. - ANSWER Administrative Procedures Act
Chapter 455, F.S. - ANSWER Regulation of Professional and Occupations
Chapter 28, Sections 101-110 - ANSWER Division of Administrative Hearings (DOAH
Rules), Florida Administrative Code (F.A.C.)
Chapter 61J2 - ANSWER Florida Real Estate Commission, Fl Administrative Code
(F.A.C.)
Recovery Fund - 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 - 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) - ANSWER ended racial segregation in
schools, the work place, and public accommodations.
Civil Rights Act of 1968: The Fair Housing Act - 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) - ANSWER Race
Color
Religion
Sex
Handicap Status (mental or physical)
Familial Status (18 or younger or Pregnant Women)
, National Origin
Blockbusting - ANSWER Use the entry, or rumor of the entry, of a protected class into
the neighborhood to persuade owners to sell
Steering - ANSWER Channel Home seekers to or away from a particular neighborhood
because they are members of a protected class
Redlining - 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 - 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 - ANSWER is intended to inform the
borrower of the true cost of obtaining a loan.
Required Disclosures - ANSWER Annual % Rate (APR)
Finance Charge
Amount Financed
Total Payments
Timing of disclosures - ANSWER Must be sent to borrower with in 3 business days of
application, and @ least 7 business days before consummation. Lenders must deliver to
the borrower a copy of the appraisal report 3 business days before closing the loan.
Triggering Terms - ANSWER Anything with number's is considered a triggering term.
3-Day Right of Rescission - ANSWER The borrower has the right to rescind (cancel) the
loan contract up to midnight of the third business day following the signing of the loan
documents.
Time Periods regarding Tenants Deposits - ANSWER 30 days: landlord must notify
tenant of how holding deposits
15 days: to return security deposit
30 days: if landlord making claim on the deposit
15 days: after receiving Notification of landlords claim, the tenant has 15 days to object
in writing to the claim
Eviction Process - ANSWER notice allowing 3 days
landlord may begin legal action by filing with courts
landlord must notify tenant in writing, then tenant has 5 days to respond in writing to the
court.
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Joint Ventures - ANSWER is a temporary form of business arrangement often
encountered in real estate business.
Trade Names - 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. - ANSWER Administrative Procedures Act
Chapter 455, F.S. - ANSWER Regulation of Professional and Occupations
Chapter 28, Sections 101-110 - ANSWER Division of Administrative Hearings (DOAH
Rules), Florida Administrative Code (F.A.C.)
Chapter 61J2 - ANSWER Florida Real Estate Commission, Fl Administrative Code
(F.A.C.)
Recovery Fund - 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 - 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) - ANSWER ended racial segregation in
schools, the work place, and public accommodations.
Civil Rights Act of 1968: The Fair Housing Act - 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) - ANSWER Race
Color
Religion
Sex
Handicap Status (mental or physical)
Familial Status (18 or younger or Pregnant Women)
, National Origin
Blockbusting - ANSWER Use the entry, or rumor of the entry, of a protected class into
the neighborhood to persuade owners to sell
Steering - ANSWER Channel Home seekers to or away from a particular neighborhood
because they are members of a protected class
Redlining - 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 - 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 - ANSWER is intended to inform the
borrower of the true cost of obtaining a loan.
Required Disclosures - ANSWER Annual % Rate (APR)
Finance Charge
Amount Financed
Total Payments
Timing of disclosures - ANSWER Must be sent to borrower with in 3 business days of
application, and @ least 7 business days before consummation. Lenders must deliver to
the borrower a copy of the appraisal report 3 business days before closing the loan.
Triggering Terms - ANSWER Anything with number's is considered a triggering term.
3-Day Right of Rescission - ANSWER The borrower has the right to rescind (cancel) the
loan contract up to midnight of the third business day following the signing of the loan
documents.
Time Periods regarding Tenants Deposits - ANSWER 30 days: landlord must notify
tenant of how holding deposits
15 days: to return security deposit
30 days: if landlord making claim on the deposit
15 days: after receiving Notification of landlords claim, the tenant has 15 days to object
in writing to the claim
Eviction Process - ANSWER notice allowing 3 days
landlord may begin legal action by filing with courts
landlord must notify tenant in writing, then tenant has 5 days to respond in writing to the
court.
