Florida Real Estate Exam: 100% Verified Questions & Answers: Latest Updated A+ Score Solution

Which statement best describes a group license? (Ans- a right granted to a sales associate or broker associate to work various properties owned by one owner/developer Which best describes the members of the Florida Real Estate Commission? (Ans- four licensed brokers with five years’ experience ; one broker or sales associate with two years’ experience ; and two consumers who have never been involved in the real estate profession A transaction broker is best described as the concept of (Ans- one who provides limited representation in a brokerage transaction between buyer and seller. When a broker employs a licensed real estate sales associate, the sales associate has (Ans- the same obligations to the broker's clients and customers as the broker. A broker lists a home that she knows would be perfect for her mother. The home is being sold due to the death of the owner, and the broker knows the owner's heir, who lives in Pennsylvania, is willing to accept a much lower offer than the home's listed price. The broker should tell her mother (Ans- nothing, but present to Owner any offer that his friend wishes to make. When must the No Brokerage Relationship notice be presented? (Ans- in writing before the showing of property A buyer is a broker's principal. Legally, the sales associates who work for the broker are (Ans- also legally bound by the broker's agency obligations. Bob Broker listed acreage for $90,000. Jim verbally offered $88,000. Another buyer who knew about Jim's offer made an offer of $93,000. The broker drew up a written contract for $93,000 but did not inform the owner about the offer for $88,000. Which is correct? (Ans- Broker should have submitted both offers to Owner. Although the roof on a house for sale leaks, the ceilings show no water damage. A broker represents the seller as a single agent and the seller has told the broker about the leak. If a prospective buyer asks nothing about the roof, the broker's legal obligation is satisfied if she says (Ans- that there is a leak in the roof. A seller has her property listed for $85,000 but tells the broker she is desperate to sell and will take as little as $74,500. She even mentions this while the broker is showing the house to a prospective buyer. The broker (Ans- cannot legally mention the $74,500 price. A broker listed a house and is the single agent of the seller. A prospective buyer wants to view the home and wants the broker to represent him too. The broker must (Ans- have the seller sign a Transition to Transaction Broker form before showing the house to the buyer. On July 1, Abrams lists his home on a 90-day exclusive contract with Broker Baker. On July 30, Abrams's Chapter 7 bankruptcy claim is approved. On August 6, the broker found a ready, willing, and able purchaser for Abrams's home. Can the broker claim a commission from Abrams? (Ans- No, because the executory contract was terminated before the buyer was procured. A broker or sales associate would be committing fraud if he or she knowingly sold a property (Ans- by using a lottery, even if the property is actually conveyed in accordance with the lottery rules. How many business days does a broker have to notify the FREC, in writing, of conflicting demands or of a good faith doubt? (Ans- 15 days Savannah is working for Broker Brown, but she also wants to sign on with Broker Jones. She can only work with one of the brokers because (Ans- Chapter 475, F S mandates only one registered employer for a sales associate or broker associate. The following statements appeared in real estate advertising. Which one is NOT legal and proper? (Ans- "This property is offered by Marry Brown, sales associate for a licensed broker." A broker has not had much luck selling a particular property, so he decides to change his advertising in such a way that is misleading in form and content. The broker (Ans- could receive an administrative fine. A prospective renter engaged the services of a broker on June 1 to help her find a suitable rental. The broker gave her a current, accurate list of rentals that were available, charging her $200. The renter was not able to find a rental property from the list. To what refund, if any, is she entitled? (Ans- The renter's refund is $150, if she makes demand for the return of the fee before June 30 Over which type of escrow account does the FREC have jurisdiction? (Ans- broker escrow accounts