florida real estate state exam(key
notes) Questions with Verified
Answers
Real estate buisness - ANSWERSDevelopment, construction, sale, purchase appraisal,
insurance, property management, investment, counseling, financing.
Real estate License - ANSWERSOne who has met requirements of law + permitted to
perform services for others related to R/E transactions.
Real estate professional's 3 areas of expertise - ANSWERSValuation, Marketing; and
property Transfer.
Specialization - ANSWERSResidential sales- Licensees may concentrate on one type
or style or on one particular neighboorhood or area ; this is FARMING. -Commercial
sales; Industrial sales; Agricultural sales and Business Brokerage-The value of a
business is called Growing concern value.
Real estate license law - ANSWERSFirst FL law 1923
First FREC 1925
Real estate license law is FS.475
Division of Real estate (DRE) was created within the Department of regulation in 1982
Part 1 of F.S 475=Licensure and regulation of real estate licensees; Part 2(administered
by the FL board estate APPRAISAL Board)= Registration licensure and certification of
APPRAISERS in federally related transactions.
Purpose of the law - ANSWERS.To protect the public
Department of business and professional regulation (DBPR) is a consumer protection
agency.
Post -License education - ANSWERSALL sales associates (including Attorneys),
Whether Active or Inactive MUST complete a 45 hr-post-license education(PLE) course
Prior to expiration of their initial license .
-Individuals With a 4-yr degree in real estate are exempt.
-Failure to complete PLE will cause licenense to become VOID!
-To continue to practice , individual will need to re-take the 63 hr pre-license course
again and PASS another state exam.
Obtaining FL brokerage license law - ANSWERS-A sales associate that wish to become
licensed of a broker must complete the required pre-license education course specified
by the FREC.
-Course is 72 hrs- and includes a final exam of 100 questions need a 70 to PASS!
, Brokers license - ANSWERS-Applicants for a Broker's license may choose to continue
employment in a SALES ASSOCIATE capacity subsequent to passing the State Exam-
If so the Broker applicant will be registered as a Broker Associate after passing the state
exam.
-When inactive , the broker is issued an Inactive broker's license.
Brokers POST -LICENSE EDUCATION - ANSWERS-All Broker's (Active & Inactive)
Must complete 60hrs of PLE during initial period as a broker
-Failure=License is VOID
-Mutual Recognition applicants are exempt from PLE ONLY if NON-RESIDENTS -Upon
passage of class exam, licensees receives certificate
Continuing Education - ANSWERS- 14-HRS of FREC approved(CE) must be completed
prior to each license renewal(Every 2 years)
Mutual Recognition - ANSWERSFL does NOT have reciprocity with any other state
-FL has contractual arrangements with a limited number of states recognizing similarity
in requirements for licensing =Mutual recognition of licenses
-NON-RESIDENTIAL licensees residing in a (MR) STATE licensed for >2 yrs may apply
to take a 40 question test (law)/ 30 + pass. NO PRE-LICENSE required.
Statutory Service of real estate - ANSWERSF.S 475 prescribes when a license is
required and services that maybe performed.
Persons required to be Licensed - ANSWERSUnless exempt , when a person performs
a service of real estate in FL; for another ; and for compensation . Compensation is
ANYTHING other than a thank you.
Statutory Services (non-comprehensive list) - ANSWERS-Appraising
-Auctioning
-Business Brokerage
-Property Management
-Advertising Real Estate
-Renting
-Time share unit sales
EXEMPTIONS (non-comprehensive list) - ANSWERS-Attorneys in fact-Authorized for
another under a power of attorney
-Attorneys at law-Giving legal advice, Not getting commission on sales etc.
-Court Appointees-For SALARY only NOT commission, includes trustees, receivers,
masters in chancery, court-appointed appraisers, etc
-Salaried Employees- of an owner or broker for an owner of an Apartment Community
working in an on-site real estate office in a LEASING CAPACITY.
-Note; Tenants may receive up to $50(cash,rent, credit, etc) as a referral fee
-Individuals -when dealing for themselves
notes) Questions with Verified
Answers
Real estate buisness - ANSWERSDevelopment, construction, sale, purchase appraisal,
insurance, property management, investment, counseling, financing.
Real estate License - ANSWERSOne who has met requirements of law + permitted to
perform services for others related to R/E transactions.
Real estate professional's 3 areas of expertise - ANSWERSValuation, Marketing; and
property Transfer.
Specialization - ANSWERSResidential sales- Licensees may concentrate on one type
or style or on one particular neighboorhood or area ; this is FARMING. -Commercial
sales; Industrial sales; Agricultural sales and Business Brokerage-The value of a
business is called Growing concern value.
Real estate license law - ANSWERSFirst FL law 1923
First FREC 1925
Real estate license law is FS.475
Division of Real estate (DRE) was created within the Department of regulation in 1982
Part 1 of F.S 475=Licensure and regulation of real estate licensees; Part 2(administered
by the FL board estate APPRAISAL Board)= Registration licensure and certification of
APPRAISERS in federally related transactions.
Purpose of the law - ANSWERS.To protect the public
Department of business and professional regulation (DBPR) is a consumer protection
agency.
Post -License education - ANSWERSALL sales associates (including Attorneys),
Whether Active or Inactive MUST complete a 45 hr-post-license education(PLE) course
Prior to expiration of their initial license .
-Individuals With a 4-yr degree in real estate are exempt.
-Failure to complete PLE will cause licenense to become VOID!
-To continue to practice , individual will need to re-take the 63 hr pre-license course
again and PASS another state exam.
Obtaining FL brokerage license law - ANSWERS-A sales associate that wish to become
licensed of a broker must complete the required pre-license education course specified
by the FREC.
-Course is 72 hrs- and includes a final exam of 100 questions need a 70 to PASS!
, Brokers license - ANSWERS-Applicants for a Broker's license may choose to continue
employment in a SALES ASSOCIATE capacity subsequent to passing the State Exam-
If so the Broker applicant will be registered as a Broker Associate after passing the state
exam.
-When inactive , the broker is issued an Inactive broker's license.
Brokers POST -LICENSE EDUCATION - ANSWERS-All Broker's (Active & Inactive)
Must complete 60hrs of PLE during initial period as a broker
-Failure=License is VOID
-Mutual Recognition applicants are exempt from PLE ONLY if NON-RESIDENTS -Upon
passage of class exam, licensees receives certificate
Continuing Education - ANSWERS- 14-HRS of FREC approved(CE) must be completed
prior to each license renewal(Every 2 years)
Mutual Recognition - ANSWERSFL does NOT have reciprocity with any other state
-FL has contractual arrangements with a limited number of states recognizing similarity
in requirements for licensing =Mutual recognition of licenses
-NON-RESIDENTIAL licensees residing in a (MR) STATE licensed for >2 yrs may apply
to take a 40 question test (law)/ 30 + pass. NO PRE-LICENSE required.
Statutory Service of real estate - ANSWERSF.S 475 prescribes when a license is
required and services that maybe performed.
Persons required to be Licensed - ANSWERSUnless exempt , when a person performs
a service of real estate in FL; for another ; and for compensation . Compensation is
ANYTHING other than a thank you.
Statutory Services (non-comprehensive list) - ANSWERS-Appraising
-Auctioning
-Business Brokerage
-Property Management
-Advertising Real Estate
-Renting
-Time share unit sales
EXEMPTIONS (non-comprehensive list) - ANSWERS-Attorneys in fact-Authorized for
another under a power of attorney
-Attorneys at law-Giving legal advice, Not getting commission on sales etc.
-Court Appointees-For SALARY only NOT commission, includes trustees, receivers,
masters in chancery, court-appointed appraisers, etc
-Salaried Employees- of an owner or broker for an owner of an Apartment Community
working in an on-site real estate office in a LEASING CAPACITY.
-Note; Tenants may receive up to $50(cash,rent, credit, etc) as a referral fee
-Individuals -when dealing for themselves
