Florida Real Estate Class Final Exam Graded A+

Florida Real Estate Class Final Exam Graded A+ A Business Broker Specializes in the sale, purchase or lease of businesses. Is required to have a real estate license and may be licensed as a real estate broker or sales associate Follow-Up is Keeping in contact with the new owner after the closing of the sale A builder constructs a house on an owner's lot according to the owner's plans and specifications. This is called Custom Building A builder purchases several vacant lots in an established residential subdivision. The builder constructs houses w/o having secured a buyer in advance of the construction of each home and advertises them for sale to prospective buyers. This is which type of residential construction? Spec Building What is exempt from Real Estate licensure under Chapter 475? 1. Straight Salary . 2. A person who sells cemetery lots for a commission. 3. Court jurisdiction. 4. Renting of a mobil home lot in a mobil home park Other exemptions from licensure include 1. For Sale by Owner 2. Owner of a Timeshare period who offers the property for resale. 3. A leasing agent of an apt. complex if they are salaried, work in an onsite rental office and work in a leasing capacity. 4. A manager of a condo and Co-op if employed for a salary and rent is for periods no greater than 1 yr. 5. An Attorney-in-Fact (Power of Attorney) 6. An Attorney-at-Law when acting in the scope of his or her duties as an attorney. Not receiving any compensation for a sale. 7. A decedent (personal representative) when appointed by the court. 8. A person selling entities licensed by the FCC (radio, TV or cable enterprises) 9. A person selling personal property. A farmer is appointed by the court to appraise the farm land of a deceased neighbor. The farmer will be paid a $3000 fee for the appraisal. Is he exempt from Chapter 475? Yes because he was appointed by the courts. A sales assoc employs an unlicensed assistant. The licensee prepares a fact sheet for all of her listings. The sales assoc instructs her assistant to drive a prospective purchaser by several listed properties. When questioned about a particular property, the assistant reads information from the fact sheet. The prospect decides to buy after the assistant showed her the interior of the last property. Have one or the other or both violated Chapter 475? Both violated the license law when the assistant entered the property to show it. Under FREC rules, a Fla resident is a person who has resided in Fla for at least 4 mos within the preceding year. Tom intends to make application to become a Fla real estate sales associate. He must have a Social Security number, a high school diploma, be over 18, and be competent to negotiate. What is not required? To be a US Citizen Mary has a 4 year degree in real estate. Mary must still attend the pre-licensing course and post licensing education. What class is she exempt from? Continuing Education If a Florida licensee becomes a non-resident of Florida, he or she must notify the BPR within 10 days and file an "irrevocable consent to service" within 60 days If a real estate licensee moves to Florida from another state and wants to obtain a Fla Sales Assoc license based on Mutual Recognition, the licensee must complete the 63-hour sales assoc pre licensing course and pass the Fla license exam. To obtain a broker's license, the applicant must have 1. Satisfactorily completed the 72 hr broker course. 2. been an Active Sales Assoc for at least 24 months. What information is required to be disclosed on an application for RE licensure? 1. If you've ever been convicted of a crime. 2. Entered a plea of nolo contendere, regardless of adjudicaton. 3. Any violation of the law (except traffic violations, speeding tickets, etc) What does NOT have to be disclosed on an application for RE licensure? Personal Bankruptcy If a developer owns 3 subdivisions in the names of 3 different entities. A sales assoc or broker assoc may be employed by the owner-developer on a commission basis to sell lots in the 3 subdivisions if the assoc is issued what type of license? A Group License To be a broker for several real estate brokerage companies, you must be issued what type of license? Multiple Broker licenses (one for each company) If a real estate licensee fails to renew her license at the end of the biennial renewal period, what will happen to the license? It reverts to an involuntary inactive status If Mary's initial license was issue on Feb 6, 2011, what is the expiration date on her license? September 30, 2012. (Licenses are renewed on March 31 and September 30 every year) If a RE licensee becomes a member of the US Armed Forces and is not engaged in the practice of RE in the private sector, what is the status of his license? It is kept in good standing while he is on active duty and for a period of 6 mos after his discharge from active duty. What happens if a licensee changes last name or mailing address? Must notify BPR within 10 days of the change If a real estate broker's license is suspended for 6 mos for a violation of license law, the licenses of the sales assoc registered with the broker with become what? Involuntary Inactive Which power gives the Fla Real Estate Commission (FREC) the authority to regulate and enforce real estate license law? The Executive Power What is the BPR? Dept of Business and Professional Regulation Who is the Secretary of the BPR appointed by? Appointed by the Governor and confirmed by the