REAL ESTATE CONTINUING EDUCATION PRACTICE
QUESTIONS
T/F: An initial real estate license expires on the first of two dates after 18 months: March
31 or September 30 - Answers :True
T/F: A Sales associate must complete a 60-hour post-licensing course before the first
renewal. - Answers :False; 45-hour post-licensing course
T/F: A transaction broker may tell a buyer if he knows that the seller will take less than
the asking price. - Answers :False; The transaction broker may not reveal that the seller
might accept a price less than the asking or list price.
T/F: Only single agents may call their customers "principals." - Answers :True; only
single agency creates a fiduciary relationship.
T/F: A single agent who transitions to transaction broker may not disclose to another
party any information learned while serving as a single agent. - Answers :True
T/F: Licensees working with no brokerage relationship to the customer owe the
customer the duty of confidentiality. - Answers :False; Licensees working with no
brokerage relationship owe only three duties to the customer:
• deal honestly and fairly
• disclosing all known facts that materially affect the value of the residential real property
that are not readily observable to the buyer
• accounting for all funds entrusted to the licensee
T/F: A single agent for one party in a transaction may decide to work with the other
party with a no brokerage relationship. - Answers :True; a single agent for one part in a
transaction may decide to work with the other party as a nonrepresentative.
T/F: Licensees acting as designated sales associates must give the parties to the
transaction a Single Agent Notice Designated Sales Associate Notice. - Answers :False;
Licensees acting as designated sales associates must give the parties to the
transaction a Designated Sales Associate Notice.
T/F: Licensees may act as designated sales associates in a residential transaction. -
Answers :False; only for nonresidential transactions
T/F: A married couple filing jointly may exclude a maximum of $250,000 of gain on the
sale of their personal residence if the taxpayers owned and occupied the residence for
at least two of the previous five years. - Answers :False; a married couple filing jointly
may exclude a maximum of $500,000 of gain on the sale of their personal residence.
, T/F: A licensee can call a past customer up to 18 months after the customer's last
purchase, even if the customer's number is on the Do Not Call Registry. - Answers
:True; A licensee can also call a past customer up to three months after that customer
makes an inquiry or submits an application to the company.
T/F: One of the most effective risk-management tools available to licensees is to
suggest that the buyer order a home inspection. - Answers :True
T/F: If a listed house was the site of a homicide six months earlier, the licensee must
disclose the fact to a prospective buyer. - Answers :False; the fact that a property was,
or was at any time suspected to have been, the site of a homicide, suicide, or death is
not a material fact that must be disclosed in a real estate transaction.
T/F: A sales associate in a brokerage firm may work as a transaction broker to a buyer if
another sales associate in the same firm is a single agent for the seller - Answers
:False; If a single-agency relationship is established with a residential seller, all
licensees in that brokerage firm have single-agent duties to that seller.
T/F: A licensee is allowed to be a dual agent, so long as it is disclosed to the buyer and
the seller. - Answers :False; dual agency is illegal in Florida.
T/F: A licensee who acts as a single agent must give a single agent disclosure notice
before showing a duplex to a prospective buyer. - Answers :True
T/F: A licensee who acts as a transaction broker must give a transaction broker notice
before showing a house to a prospective buyer. - Answers :False; A licensee need not
give a brokerage relationship notice when the licensee is acting as a transaction broker.
T/F: A transaction broker owes loyalty to her buyer. - Answers :False; Loyalty is a duty
of a single agent. A transaction broker provides limited representation to a buyer, a
seller, or both in a real estate transaction, but does not represent either in a fiduciary
capacity.
A student failed her sales associate post-licensing course for the second time. What are
her options if she wishes to maintain her license? - Answers :She must retake the
course and pass a different end-of-course exam
Before showing homes to a customer she has just met, a single agent broker must give
the customer a - Answers :Single Agent Notice
Licensed sales associates working at the sellers single agent brokerage firm - Answers
:are legally bound to represent the seller
For how many years must a broker retain required brokerage relationship disclosures? -
Answers :5 years
QUESTIONS
T/F: An initial real estate license expires on the first of two dates after 18 months: March
31 or September 30 - Answers :True
T/F: A Sales associate must complete a 60-hour post-licensing course before the first
renewal. - Answers :False; 45-hour post-licensing course
T/F: A transaction broker may tell a buyer if he knows that the seller will take less than
the asking price. - Answers :False; The transaction broker may not reveal that the seller
might accept a price less than the asking or list price.
T/F: Only single agents may call their customers "principals." - Answers :True; only
single agency creates a fiduciary relationship.
T/F: A single agent who transitions to transaction broker may not disclose to another
party any information learned while serving as a single agent. - Answers :True
T/F: Licensees working with no brokerage relationship to the customer owe the
customer the duty of confidentiality. - Answers :False; Licensees working with no
brokerage relationship owe only three duties to the customer:
• deal honestly and fairly
• disclosing all known facts that materially affect the value of the residential real property
that are not readily observable to the buyer
• accounting for all funds entrusted to the licensee
T/F: A single agent for one party in a transaction may decide to work with the other
party with a no brokerage relationship. - Answers :True; a single agent for one part in a
transaction may decide to work with the other party as a nonrepresentative.
T/F: Licensees acting as designated sales associates must give the parties to the
transaction a Single Agent Notice Designated Sales Associate Notice. - Answers :False;
Licensees acting as designated sales associates must give the parties to the
transaction a Designated Sales Associate Notice.
T/F: Licensees may act as designated sales associates in a residential transaction. -
Answers :False; only for nonresidential transactions
T/F: A married couple filing jointly may exclude a maximum of $250,000 of gain on the
sale of their personal residence if the taxpayers owned and occupied the residence for
at least two of the previous five years. - Answers :False; a married couple filing jointly
may exclude a maximum of $500,000 of gain on the sale of their personal residence.
, T/F: A licensee can call a past customer up to 18 months after the customer's last
purchase, even if the customer's number is on the Do Not Call Registry. - Answers
:True; A licensee can also call a past customer up to three months after that customer
makes an inquiry or submits an application to the company.
T/F: One of the most effective risk-management tools available to licensees is to
suggest that the buyer order a home inspection. - Answers :True
T/F: If a listed house was the site of a homicide six months earlier, the licensee must
disclose the fact to a prospective buyer. - Answers :False; the fact that a property was,
or was at any time suspected to have been, the site of a homicide, suicide, or death is
not a material fact that must be disclosed in a real estate transaction.
T/F: A sales associate in a brokerage firm may work as a transaction broker to a buyer if
another sales associate in the same firm is a single agent for the seller - Answers
:False; If a single-agency relationship is established with a residential seller, all
licensees in that brokerage firm have single-agent duties to that seller.
T/F: A licensee is allowed to be a dual agent, so long as it is disclosed to the buyer and
the seller. - Answers :False; dual agency is illegal in Florida.
T/F: A licensee who acts as a single agent must give a single agent disclosure notice
before showing a duplex to a prospective buyer. - Answers :True
T/F: A licensee who acts as a transaction broker must give a transaction broker notice
before showing a house to a prospective buyer. - Answers :False; A licensee need not
give a brokerage relationship notice when the licensee is acting as a transaction broker.
T/F: A transaction broker owes loyalty to her buyer. - Answers :False; Loyalty is a duty
of a single agent. A transaction broker provides limited representation to a buyer, a
seller, or both in a real estate transaction, but does not represent either in a fiduciary
capacity.
A student failed her sales associate post-licensing course for the second time. What are
her options if she wishes to maintain her license? - Answers :She must retake the
course and pass a different end-of-course exam
Before showing homes to a customer she has just met, a single agent broker must give
the customer a - Answers :Single Agent Notice
Licensed sales associates working at the sellers single agent brokerage firm - Answers
:are legally bound to represent the seller
For how many years must a broker retain required brokerage relationship disclosures? -
Answers :5 years
