Florida Real Estate STATE exam Correct
100%
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 - ANSWER 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 - ANSWER 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 - ANSWER 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? - ANSWER For Identification
Purposes
Which brokerage disclosure notice must be signed or initialed by the buyer or seller
before implementation? - ANSWER Transition to Transaction
When a seller is about to enter a fiduciary relationship with a brokerage firm what must
be given? - ANSWER Single Agency Notice
A broker owes which duty to a customer? What should he disclose? - ANSWER 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? - ANSWER To his broker immediately (next business day)
Listings obtained by a sales associate become property of whom? - ANSWER
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? - ANSWER 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 - ANSWER 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 - ANSWER B. Mediation
What is a step that follows the investigation in complaint process - ANSWER Formal
Hearing
If a licensee does not dispute a citation it has the same effect as what? - ANSWER
Final Order
What is the main purpose of Regulation Z? - ANSWER For lenders to disclose the true
cost of credit to consumers.
Triggering terms all contain what? - ANSWER An amount of something
A broker receives a kickback or referral fee from a title insurance company. This
practice is a violation of what? - ANSWER RESPA
Property that boarders a river or stream includes what rights? - ANSWER Riparian
rights
What be included if the Court tests to determine if personal property has become a
fixture? - ANSWER Relationship of the parties
Three friends buy a property together with equal shares. If they have the right of
survivorship they have created what? - ANSWER Joint Tenancy
Purpose of homestead exemption is to protect the surviving spouse and children and to
exempt property from foreclosure for what? - ANSWER Debts other than direct debts
and federal liens
The part of the deed which states that the grantor was in procession and has the right to
sell the property is called what clause? - ANSWER Seisin
Actual Notice is what - ANSWER procession of property that can be seen and heard
100%
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 - ANSWER 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 - ANSWER 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 - ANSWER 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? - ANSWER For Identification
Purposes
Which brokerage disclosure notice must be signed or initialed by the buyer or seller
before implementation? - ANSWER Transition to Transaction
When a seller is about to enter a fiduciary relationship with a brokerage firm what must
be given? - ANSWER Single Agency Notice
A broker owes which duty to a customer? What should he disclose? - ANSWER 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? - ANSWER To his broker immediately (next business day)
Listings obtained by a sales associate become property of whom? - ANSWER
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? - ANSWER 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 - ANSWER 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 - ANSWER B. Mediation
What is a step that follows the investigation in complaint process - ANSWER Formal
Hearing
If a licensee does not dispute a citation it has the same effect as what? - ANSWER
Final Order
What is the main purpose of Regulation Z? - ANSWER For lenders to disclose the true
cost of credit to consumers.
Triggering terms all contain what? - ANSWER An amount of something
A broker receives a kickback or referral fee from a title insurance company. This
practice is a violation of what? - ANSWER RESPA
Property that boarders a river or stream includes what rights? - ANSWER Riparian
rights
What be included if the Court tests to determine if personal property has become a
fixture? - ANSWER Relationship of the parties
Three friends buy a property together with equal shares. If they have the right of
survivorship they have created what? - ANSWER Joint Tenancy
Purpose of homestead exemption is to protect the surviving spouse and children and to
exempt property from foreclosure for what? - ANSWER Debts other than direct debts
and federal liens
The part of the deed which states that the grantor was in procession and has the right to
sell the property is called what clause? - ANSWER Seisin
Actual Notice is what - ANSWER procession of property that can be seen and heard
