Florida real estate license law Practice
Questions with Correct Answers
Broker moves office. Must give notice of any sales associates who are no longer
employed with the broker of record. What happens to their licenses? -
ANSWERSInvoluntary in active status
Legal term went to real estate brokers share office space such that the public thinks that
a partnership exists - ANSWERSQuasi partnership
The brokerage relationship disclosure requirements in chapter 475, FS do not apply to -
ANSWERSAn agreement to lease a residential condominium. The disclosures did not
apply to rental or leasing of property unless an option to purchase
If a licensee excepts a post dated check as down payment on real property what
applies? - ANSWERSThe sellers approval must first be obtained. Extreme caution
should be taking and handling post dated checks in all cases sellers approval must be
obtained before ups excepting post dated check
Who is allowed to issue a final order of summary suspension? - ANSWERSOnly the
DBPR secretary or a legally appointed designee may issue a final order of summary
suspension. A summary suspension must be followed promptly by a formal suspension
hearing
Antitrust laws prohibit brokers from splitting up market areas so they do not compete
with each other. This illegal activity is called - ANSWERSMarket allocation
The telephone consumer protection act restricts telephone solicitation calls to what
hours? - ANSWERS8am-9pm
Sales associate has been placed in rehab to overcome an addiction to drugs. The
FREC will: - ANSWERSSuspend his license until he has completed the program. The
FREC calls for a penalty of suspension for anyone impaired by the use of drugs
Sales associate hires a personal assistant to help with business. The assistant receives
an hourly wage +35% of any commissions earned. The license assistant: -
ANSWERSMay be paid by the associate for administrative work but must be paid by the
broker of record for commissions earned. However assistant must register with the
sales broker to perform any service of real estate and can only be paid for those
services by the broker
, The Florida real estate commission is obligated to notify which agency when it takes
disciplinary action against licensees of that agency? - ANSWERSDivision of Florida
condominiums, timeshares, and mobile homes
Paying of unearned fees....whats unique about florida? - ANSWERSAlso called a
kickback. Can pay a finders fee of up to $50 to an unlicensed person who is a tenant of
the apartment complex for the referral. Real estate licensees are prohibited from
sharing commissions with unlicensed person's. However Florida law does allow the
sharing of part of commission with the buyer or seller in a real estate transaction.
What information needs to be on the sign of a broker office? - ANSWERSSign must
contain the name of at least one of the active brokers, the words licensed real estate
broker, and if a corporation the name of the corporation. Does not need the address
Before leaving the employee of a broker, and associate takes the original records of all
her own listings. The associate is guilty of: - ANSWERSLarceny. Subject to
administrative penalties by FRE see, civil action, and criminal penalties
The illegal practice of mixing buyers or sellers funds with the brokers own money, or of
mixing escrow money with the brokers personal funds is called: - ANSWERSComingling
probable cause panel... - ANSWERS- a consumer member may serve,
-one of the members may be a former commissioner however the former commissioner
must currently hold an active real estate license.
-The panel is appointed by the FREC chairperson,
-at least one member must be a professional member
FREC is empowered to impose what disciplinary actions against a licensee? -
ANSWERSRevoke a license, impose an administrator fine, suspend a license. The
FREC cannot impose imprisonment or criminal actions
And owner and a broker decide to sell lottery tickets to prospective customers for a
chance to win the owners property. They announce if a certain number of tickets are
sold the winning ticket will get the property free and clear but it's less than that number
of tickets are sold the winning ticket will get the property for a price of whatever minus
the value of the tickets sold. Which of the following is true? - ANSWERSThe broker may
be charged with fraudulent and dishonest dealing by trick, scheme, or device. Not
allowed to sell lottery chances where the property price will depend on chance or the
amount of sales made.
A licensed real estate associate and broker wish to open a new real estate brokerage
firm as general partners. They may: - ANSWERSNot do so. And associate or broker
associate may not be a general partner in a partnership registered as a real estate
broker
Questions with Correct Answers
Broker moves office. Must give notice of any sales associates who are no longer
employed with the broker of record. What happens to their licenses? -
ANSWERSInvoluntary in active status
Legal term went to real estate brokers share office space such that the public thinks that
a partnership exists - ANSWERSQuasi partnership
The brokerage relationship disclosure requirements in chapter 475, FS do not apply to -
ANSWERSAn agreement to lease a residential condominium. The disclosures did not
apply to rental or leasing of property unless an option to purchase
If a licensee excepts a post dated check as down payment on real property what
applies? - ANSWERSThe sellers approval must first be obtained. Extreme caution
should be taking and handling post dated checks in all cases sellers approval must be
obtained before ups excepting post dated check
Who is allowed to issue a final order of summary suspension? - ANSWERSOnly the
DBPR secretary or a legally appointed designee may issue a final order of summary
suspension. A summary suspension must be followed promptly by a formal suspension
hearing
Antitrust laws prohibit brokers from splitting up market areas so they do not compete
with each other. This illegal activity is called - ANSWERSMarket allocation
The telephone consumer protection act restricts telephone solicitation calls to what
hours? - ANSWERS8am-9pm
Sales associate has been placed in rehab to overcome an addiction to drugs. The
FREC will: - ANSWERSSuspend his license until he has completed the program. The
FREC calls for a penalty of suspension for anyone impaired by the use of drugs
Sales associate hires a personal assistant to help with business. The assistant receives
an hourly wage +35% of any commissions earned. The license assistant: -
ANSWERSMay be paid by the associate for administrative work but must be paid by the
broker of record for commissions earned. However assistant must register with the
sales broker to perform any service of real estate and can only be paid for those
services by the broker
, The Florida real estate commission is obligated to notify which agency when it takes
disciplinary action against licensees of that agency? - ANSWERSDivision of Florida
condominiums, timeshares, and mobile homes
Paying of unearned fees....whats unique about florida? - ANSWERSAlso called a
kickback. Can pay a finders fee of up to $50 to an unlicensed person who is a tenant of
the apartment complex for the referral. Real estate licensees are prohibited from
sharing commissions with unlicensed person's. However Florida law does allow the
sharing of part of commission with the buyer or seller in a real estate transaction.
What information needs to be on the sign of a broker office? - ANSWERSSign must
contain the name of at least one of the active brokers, the words licensed real estate
broker, and if a corporation the name of the corporation. Does not need the address
Before leaving the employee of a broker, and associate takes the original records of all
her own listings. The associate is guilty of: - ANSWERSLarceny. Subject to
administrative penalties by FRE see, civil action, and criminal penalties
The illegal practice of mixing buyers or sellers funds with the brokers own money, or of
mixing escrow money with the brokers personal funds is called: - ANSWERSComingling
probable cause panel... - ANSWERS- a consumer member may serve,
-one of the members may be a former commissioner however the former commissioner
must currently hold an active real estate license.
-The panel is appointed by the FREC chairperson,
-at least one member must be a professional member
FREC is empowered to impose what disciplinary actions against a licensee? -
ANSWERSRevoke a license, impose an administrator fine, suspend a license. The
FREC cannot impose imprisonment or criminal actions
And owner and a broker decide to sell lottery tickets to prospective customers for a
chance to win the owners property. They announce if a certain number of tickets are
sold the winning ticket will get the property free and clear but it's less than that number
of tickets are sold the winning ticket will get the property for a price of whatever minus
the value of the tickets sold. Which of the following is true? - ANSWERSThe broker may
be charged with fraudulent and dishonest dealing by trick, scheme, or device. Not
allowed to sell lottery chances where the property price will depend on chance or the
amount of sales made.
A licensed real estate associate and broker wish to open a new real estate brokerage
firm as general partners. They may: - ANSWERSNot do so. And associate or broker
associate may not be a general partner in a partnership registered as a real estate
broker
