REAL ESTATE LAWS EXAM QUESTIONS
WITH COMPLETE SOLUTIONS
/. Chapter 475, Florida Statute - Answer-Laws governing real estate and requirements
/.Administrative code 61J2 - Answer-Rules to enforce Chapter 475
/.Law 455 covers - Answer-Obtaining license for non U.S citizens, also creates rules
and procedures for the DBPR
/.Chapter 120, Florida Statute covers - Answer-how long for committee to accept or
deny application and the rules for implementing agency actions
/.Chapter 20, florida statue covers - Answer-Codifies executive branch of Florida and
where you would find the laws creating DBPR
/.How many hours of continuing education courses are Florida licensees required to
complete per renewal cycle, excluding the first renewal? - Answer-14 hours
/.Up to How much is it legal to offer tenants for compensation? - Answer-$50
/.Qualifications to apply for broker exam - Answer-Be active for 24 months in a 5 year
period
Complete pre licensing and finally course 2
/.What are floridas mutual recognitions - Answer-Alabama, Arkansas, Connecticut,
Georgia, Illinois, Kentucky, Mississippi, Nebraska, Rhode Island and West Virginia.
/.How many days does the F.R.E.C. Have to check for errors - Answer-30 days
/.The Secretary of the Department of Business and Professional Regulation is: -
Answer-appointed by the governor of Florida and subject to confirmation by the state
senate
/.After rejection, how many days for a formal hearing? - Answer-21 days
/.What must you complete for your first license renewal for sales associate? - Answer-A
45 hour pre-licensing education course
/.If a license holder is managing more than 11 properties and an annual budget of
$100,000 what license do they need? - Answer-A cam license
,/.What are the quasi judicial power enforcements? - Answer-Denying an applicant for
license
Revoking or suspending a license
/.What are the quasi legislative power enforcements? - Answer-Creating rules that
enforce the license law
Enacting bylaws and rules for its own government
/.What are the executive power branch enforcements? - Answer-Enforcing Florida
statutory license law
Administrating the FREC education and research foundations
Determining applicant fee amount.
/.Administrative Law - Answer-authorized administrative bodies created to regulate or
govern areas of concern for the state.
/.What's a principal - Answer-A client
/.Do agents have costumers or clients? - Answer-Costumers
/.Do fiduciaries have customers or clients - Answer-Clients
/.Is a costumer owed fiduciary duties ? - Answer-No
/.An agent with ongoing responsibilities and the power to bind the principal(client) is a -
Answer-General agent
/.What is a client also known as? - Answer-principal
/.What's a subagent? - Answer-An agent of an agent
/.What is a dual agent - Answer-licensees who operate as fiduciaries for both sides of
an in-house transaction. Which is illegal for Florida residential transactions.
/.What is caveat emptor? - Answer-Caveat emptor is the concept that a buyer is
responsible for verifying the quality and value of the goods prior to the purchase,
/.An agreement in which the seller authorizes the broker (and their sponsored sales
associates) to assist them in the sale of real property, is what agreement - Answer-
listing agreement
, /.when a party assumes consent to the relationship based solely upon inferences
formed by the actions, conduct, and words of either or both parties. Is what agency -
Answer-Implied agency
/.What is created when an agent takes an unauthorized action on behalf of a party
which is accepted after the fact by the party. - Answer-Agency by ratification
/.is created AFTER the actions giving the impression of agency have already occurred.
It is used to create legal accountability for the agent or the individual responsible for
creating the impression of agency. - Answer-Agency by estoppel
/.What agency is it when ?
The actions of an individual lead a third party to believe agency exists and no effort is
made to correct the impression. - Answer-Ostensible agency
/.What does "dad" mean? - Answer-Deal honestly
Accounts for all funds
Disclose all known facts of a property
/.What refers to the mixing of trust funds held for a customer or client with those of the
brokerage? - Answer-Commingling
/.Per the definition used in the Brokerage Relationship Disclosure Act, how many units
may a property have and still be considered a residential property? - Answer-Four units
or fewer.
/.Presumed relationship with a a costumer and licensee that doesn't need to be
disclosed is? - Answer-Transaction broker relationship
/.What relativo up had the Least amount of duty and needs to be disclosed? - Answer-A
no brokerage relationship
/.What does FTC stand for? - Answer-Federal Trade Commission
/.What does FCC stand for? - Answer-Federal Communications Commission
/.Commingling - Answer-Mixing clients money with your own
/.converse - Answer-Taking out clients money
/.What is mediation? - Answer-a neutral third party acts as a mediator and works with
both sides in the dispute to facilitate a resolution
/.What is arbitration? - Answer-a settlement negotiated by an outside party
WITH COMPLETE SOLUTIONS
/. Chapter 475, Florida Statute - Answer-Laws governing real estate and requirements
/.Administrative code 61J2 - Answer-Rules to enforce Chapter 475
/.Law 455 covers - Answer-Obtaining license for non U.S citizens, also creates rules
and procedures for the DBPR
/.Chapter 120, Florida Statute covers - Answer-how long for committee to accept or
deny application and the rules for implementing agency actions
/.Chapter 20, florida statue covers - Answer-Codifies executive branch of Florida and
where you would find the laws creating DBPR
/.How many hours of continuing education courses are Florida licensees required to
complete per renewal cycle, excluding the first renewal? - Answer-14 hours
/.Up to How much is it legal to offer tenants for compensation? - Answer-$50
/.Qualifications to apply for broker exam - Answer-Be active for 24 months in a 5 year
period
Complete pre licensing and finally course 2
/.What are floridas mutual recognitions - Answer-Alabama, Arkansas, Connecticut,
Georgia, Illinois, Kentucky, Mississippi, Nebraska, Rhode Island and West Virginia.
/.How many days does the F.R.E.C. Have to check for errors - Answer-30 days
/.The Secretary of the Department of Business and Professional Regulation is: -
Answer-appointed by the governor of Florida and subject to confirmation by the state
senate
/.After rejection, how many days for a formal hearing? - Answer-21 days
/.What must you complete for your first license renewal for sales associate? - Answer-A
45 hour pre-licensing education course
/.If a license holder is managing more than 11 properties and an annual budget of
$100,000 what license do they need? - Answer-A cam license
,/.What are the quasi judicial power enforcements? - Answer-Denying an applicant for
license
Revoking or suspending a license
/.What are the quasi legislative power enforcements? - Answer-Creating rules that
enforce the license law
Enacting bylaws and rules for its own government
/.What are the executive power branch enforcements? - Answer-Enforcing Florida
statutory license law
Administrating the FREC education and research foundations
Determining applicant fee amount.
/.Administrative Law - Answer-authorized administrative bodies created to regulate or
govern areas of concern for the state.
/.What's a principal - Answer-A client
/.Do agents have costumers or clients? - Answer-Costumers
/.Do fiduciaries have customers or clients - Answer-Clients
/.Is a costumer owed fiduciary duties ? - Answer-No
/.An agent with ongoing responsibilities and the power to bind the principal(client) is a -
Answer-General agent
/.What is a client also known as? - Answer-principal
/.What's a subagent? - Answer-An agent of an agent
/.What is a dual agent - Answer-licensees who operate as fiduciaries for both sides of
an in-house transaction. Which is illegal for Florida residential transactions.
/.What is caveat emptor? - Answer-Caveat emptor is the concept that a buyer is
responsible for verifying the quality and value of the goods prior to the purchase,
/.An agreement in which the seller authorizes the broker (and their sponsored sales
associates) to assist them in the sale of real property, is what agreement - Answer-
listing agreement
, /.when a party assumes consent to the relationship based solely upon inferences
formed by the actions, conduct, and words of either or both parties. Is what agency -
Answer-Implied agency
/.What is created when an agent takes an unauthorized action on behalf of a party
which is accepted after the fact by the party. - Answer-Agency by ratification
/.is created AFTER the actions giving the impression of agency have already occurred.
It is used to create legal accountability for the agent or the individual responsible for
creating the impression of agency. - Answer-Agency by estoppel
/.What agency is it when ?
The actions of an individual lead a third party to believe agency exists and no effort is
made to correct the impression. - Answer-Ostensible agency
/.What does "dad" mean? - Answer-Deal honestly
Accounts for all funds
Disclose all known facts of a property
/.What refers to the mixing of trust funds held for a customer or client with those of the
brokerage? - Answer-Commingling
/.Per the definition used in the Brokerage Relationship Disclosure Act, how many units
may a property have and still be considered a residential property? - Answer-Four units
or fewer.
/.Presumed relationship with a a costumer and licensee that doesn't need to be
disclosed is? - Answer-Transaction broker relationship
/.What relativo up had the Least amount of duty and needs to be disclosed? - Answer-A
no brokerage relationship
/.What does FTC stand for? - Answer-Federal Trade Commission
/.What does FCC stand for? - Answer-Federal Communications Commission
/.Commingling - Answer-Mixing clients money with your own
/.converse - Answer-Taking out clients money
/.What is mediation? - Answer-a neutral third party acts as a mediator and works with
both sides in the dispute to facilitate a resolution
/.What is arbitration? - Answer-a settlement negotiated by an outside party
