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Temporary Incapacitation of license - 🧠 ANSWER ✔✔mandatory
suspension
out of state broker receives a commission - 🧠 ANSWER ✔✔cannot
participate in the transaction
city needs a new school, acquire land by - 🧠 ANSWER ✔✔eminent domain
All legal rights transferred (100%) - 🧠 ANSWER ✔✔assignment
Dual Agency - 🧠 ANSWER ✔✔Representing both parties to a transaction.
This is unethical unless both parties agree to it, and it is illegal in many
states (Violation of Florida Statute 475
Combining two or more parcels of land - 🧠 ANSWER ✔✔assemblage
,Real Estate Recovery fund is funded by - 🧠 ANSWER ✔✔fines and fees
paid by licensees
Riparian Rights - 🧠 ANSWER ✔✔An owner's rights in land that borders on
or includes a stream, river, or lake. These rights include access to and use
of the water.
Broker hiding value of property - 🧠 ANSWER ✔✔Could be charged with
concealment
If office is closed, reopened, in same license period - 🧠 ANSWER
✔✔request a reissue- no fee
real estate taxes are - 🧠 ANSWER ✔✔Ad Valorem tax
The four factors of production - 🧠 ANSWER ✔✔land, labor, capital, and
entrepreneurial ability
Maximum number of years on FREC - 🧠 ANSWER ✔✔no limit
Land, improvements, interest and rights - 🧠 ANSWER ✔✔Real Property
Gross lease - 🧠 ANSWER ✔✔Tenant pays a fixed rent and the landlord
(Lesser) pays all property expenses
, To cure a defect or cloud on the title to a piece of property, the parties
should: - 🧠 ANSWER ✔✔quitclam deed
Sales associate working for a broker - 🧠 ANSWER ✔✔general agency
relationship
Brokers office - 🧠 ANSWER ✔✔Building of stationary construction
More than 1 active broker, 1 license revoked - 🧠 ANSWER ✔✔no affect on
other licenses
Corporation registered to broker real estate - 🧠 ANSWER ✔✔at least 1
officer licensed as an active broker
Equal DUE rights, same or different deeds - 🧠 ANSWER ✔✔Tenancy in
common
rental property is temporarily diminished - 🧠 ANSWER ✔✔see temporary
reduction of rent from court
property to property with same utility - 🧠 ANSWER ✔✔Principle of
Substitution
Broker refuses to pay a commission due - 🧠 ANSWER ✔✔Charged with
Failure to Account
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