FLORIDA REAL ESTATE STATE EXAM
PREP WITH ANSWERS
Joint Ventures - CORRECT ANSWER-is a temporary form of
business arrangement often encountered in real estate
business.
Trade Names - CORRECT ANSWER-is a business name other
than the legal name of the person doing business. The letters
T/A are used to indicate "trading as."
Chapter 120, F.S. - CORRECT ANSWER-Administrative
Procedures Act
Chapter 455, F.S. - CORRECT ANSWER-Regulation of
Professional and Occupations
Chapter 28, Sections 101-110 - CORRECT ANSWER-Division
of Administrative Hearings (DOAH Rules), Florida
Administrative Code (F.A.C.)
Chapter 61J2 - CORRECT ANSWER-Florida Real Estate
Commission, Fl Administrative Code (F.A.C.)
Recovery Fund - CORRECT ANSWER-Claim must be paid
with in 2 yrs.
Max payment $50,000 (single transaction)
Max payment on multiple $150,000
Punitive Damages and Interest CANNOT be reimbursed from
fund
Accumulation of the Recovery Fund - CORRECT ANSWER-
total of $1 million is the limit for fund at any one time.
,Accumulated by charging Licensees a Recovery Fund Fee
when a new lic is issued or renewed. Fines imposed by FREC
and collected by DBPR. Collection stops when limit is reached
and restarts when amount drops below $500k. At that time, a
fee of $3.50 per yr. for brokers and $1.50 per year for sales
Assoc. is added to Lic fee.
Civil Rights Act of 1964 (Titles II and III) - CORRECT
ANSWER-ended racial segregation in schools, the work place,
and public accommodations.
Civil Rights Act of 1968: The Fair Housing Act - CORRECT
ANSWER-Prohibits discrimination on the basis of Race, Color,
Religion, Sex and National Origin when selling or renting
residential property.
7 Protected Classes (FRSH CRN aka Fresh Corn) - CORRECT
ANSWER-Race
Color
Religion
Sex
Handicap Status (mental or physical)
Familial Status (18 or younger or Pregnant Women)
National Origin
Blockbusting - CORRECT ANSWER-Use the entry, or rumor of
the entry, of a protected class into the neighborhood to
persuade owners to sell
Steering - CORRECT ANSWER-Channel Home seekers to or
away from a particular neighborhood because they are
members of a protected class
Redlining - CORRECT ANSWER-Deny loans or insurance
coverage by a lender or insurer that presents different terms or
conditions for homes in certain neighborhoods
, Americans with Disabilities Act of 1990 - CORRECT ANSWER-
removes barriers that prevent qualified individuals with
disabilities from enjoying the same opportunities that are
available to persons without disabilities. The Act prohibits
discrimination in places of PUBLIC ACCOMIDATIONS and in
commercial facilities.
Truth in Lending Act (TILA) and Regulation Z - CORRECT
ANSWER-is intended to inform the borrower of the true cost of
obtaining a loan.
Required Disclosures - CORRECT ANSWER-Annual % Rate
(APR)
Finance Charge
Amount Financed
Total Payments
Timing of disclosures - CORRECT ANSWER-Must be sent to
borrower with in 3 business days of application, and @ least 7
business days before consummation. Lenders must deliver to
the borrower a copy of the appraisal report 3 business days
before closing the loan.
Triggering Terms - CORRECT ANSWER-Anything with
number's is considered a triggering term.
3-Day Right of Rescission - CORRECT ANSWER-The
borrower has the right to rescind (cancel) the loan contract up
to midnight of the third business day following the signing of the
loan documents.
Time Periods regarding Tenants Deposits - CORRECT
ANSWER-30 days: landlord must notify tenant of how holding
deposits
15 days: to return security deposit
30 days: if landlord making claim on the deposit
PREP WITH ANSWERS
Joint Ventures - CORRECT ANSWER-is a temporary form of
business arrangement often encountered in real estate
business.
Trade Names - CORRECT ANSWER-is a business name other
than the legal name of the person doing business. The letters
T/A are used to indicate "trading as."
Chapter 120, F.S. - CORRECT ANSWER-Administrative
Procedures Act
Chapter 455, F.S. - CORRECT ANSWER-Regulation of
Professional and Occupations
Chapter 28, Sections 101-110 - CORRECT ANSWER-Division
of Administrative Hearings (DOAH Rules), Florida
Administrative Code (F.A.C.)
Chapter 61J2 - CORRECT ANSWER-Florida Real Estate
Commission, Fl Administrative Code (F.A.C.)
Recovery Fund - CORRECT ANSWER-Claim must be paid
with in 2 yrs.
Max payment $50,000 (single transaction)
Max payment on multiple $150,000
Punitive Damages and Interest CANNOT be reimbursed from
fund
Accumulation of the Recovery Fund - CORRECT ANSWER-
total of $1 million is the limit for fund at any one time.
,Accumulated by charging Licensees a Recovery Fund Fee
when a new lic is issued or renewed. Fines imposed by FREC
and collected by DBPR. Collection stops when limit is reached
and restarts when amount drops below $500k. At that time, a
fee of $3.50 per yr. for brokers and $1.50 per year for sales
Assoc. is added to Lic fee.
Civil Rights Act of 1964 (Titles II and III) - CORRECT
ANSWER-ended racial segregation in schools, the work place,
and public accommodations.
Civil Rights Act of 1968: The Fair Housing Act - CORRECT
ANSWER-Prohibits discrimination on the basis of Race, Color,
Religion, Sex and National Origin when selling or renting
residential property.
7 Protected Classes (FRSH CRN aka Fresh Corn) - CORRECT
ANSWER-Race
Color
Religion
Sex
Handicap Status (mental or physical)
Familial Status (18 or younger or Pregnant Women)
National Origin
Blockbusting - CORRECT ANSWER-Use the entry, or rumor of
the entry, of a protected class into the neighborhood to
persuade owners to sell
Steering - CORRECT ANSWER-Channel Home seekers to or
away from a particular neighborhood because they are
members of a protected class
Redlining - CORRECT ANSWER-Deny loans or insurance
coverage by a lender or insurer that presents different terms or
conditions for homes in certain neighborhoods
, Americans with Disabilities Act of 1990 - CORRECT ANSWER-
removes barriers that prevent qualified individuals with
disabilities from enjoying the same opportunities that are
available to persons without disabilities. The Act prohibits
discrimination in places of PUBLIC ACCOMIDATIONS and in
commercial facilities.
Truth in Lending Act (TILA) and Regulation Z - CORRECT
ANSWER-is intended to inform the borrower of the true cost of
obtaining a loan.
Required Disclosures - CORRECT ANSWER-Annual % Rate
(APR)
Finance Charge
Amount Financed
Total Payments
Timing of disclosures - CORRECT ANSWER-Must be sent to
borrower with in 3 business days of application, and @ least 7
business days before consummation. Lenders must deliver to
the borrower a copy of the appraisal report 3 business days
before closing the loan.
Triggering Terms - CORRECT ANSWER-Anything with
number's is considered a triggering term.
3-Day Right of Rescission - CORRECT ANSWER-The
borrower has the right to rescind (cancel) the loan contract up
to midnight of the third business day following the signing of the
loan documents.
Time Periods regarding Tenants Deposits - CORRECT
ANSWER-30 days: landlord must notify tenant of how holding
deposits
15 days: to return security deposit
30 days: if landlord making claim on the deposit
