REAL ESTATE EXAM CHAPTERS 1-19 QUESTIONS
WITH CORRECT ANSWERS
- State Level: Developments of Regional Impact (DRI), Department of Environmental Protection
(DEP), Department of Economic Opportunity (DEO)...
- Federal Level: (Money). legislation that affects operation of lending institutions.
CH2 Real Estate License Law F.S. 475 - ✔✔ Protects the public by The Department
- Before, caveat emptor (no express warranty ensuring the condition of the property)
History of the Law - ✔✔ 1925 - The first Florida Real Estate Commission (FREC) was created
to administer and enforce the Law.
Important Terminology - ✔✔ - Commission: Florida Real Estate Commission (FREC)
- Department: Department of Business and Professional Regulation (DBPR)
- Division: Division of Real Estate (DRE)
- License: Issued by the Department
- Licensee: person to whom permit, registration, certificate, or license is issued by the
Department.
,Who requires a Real Estate License? - ✔✔ - Performing service of Real Estate (F.S. 475.01)
- In the state of Florida
- For another person or entity
- For compensation, which includes service of value paid, received, expected to be paid or in
exchange for the performed service.
Most common services of Real Estate are - ✔✔ A = Appraising
B = Buying
A = Auctioning
R = Renting
S = Selling
A = Advertising Real Estate Services
L = Leasing
E = Exchanging
B = Business Brokering
Auctioning - ✔✔ By DBPR, under Part IV of F.S. 468. Real Estate licensees are excepmt under
F.S. 468.383 from obtaining a separate auctioneer's license.
,By-bidders - ✔✔ People that drive up the price of the property being auctioned with no
intentions of buying - It's illegal.
License categories - ✔✔ - Sales Associate: Must complete pre-license requirements, emplyed by
a real estate broker or owner-developer to practice RE. Must complete post-license req prior
initial license expiration. Then, ongoing biennial cont. education.
- Broker: Performs services of RE as an agent for another and receives compensation for those
services either directly or indirectly. Must maintain an office, hire SA or BA to perform service
on their behalf, SA and BA receives comp from broker. Must complete pre-license req, post-
license req prior initial expiration and biennial Cont. Ed.
To become a broker, SA employed under broker (not owner-dev.)for at least 24 months within
the preceding five years before becoming eligible to take the state broker exam. -> also applies
from other states.
- Broker Associate: Works as SA under certain broker, but licensed as broker as well.
F.S. 455.10 - ✔✔ FL RE license does not req FL residency
The Licensing and Renewal Process - ✔✔ Pre-licensing
Post-licensing
Continuing Education (CE)
, Pre-Licensing Education - ✔✔ 1. Complete Req. SA or Broker education and pass course final
exam with 70% or more.
2. Submit app for state exam, payment fee for license
3. Submit electronic fingerprints for background check
4. Pass state examination with 75% or more (inactive license)
5. Obtain employment and file (active license)
Post-Licensing education (first renewal) - ✔✔ 1. Complete req SA or broker education and pass
course final exam (75% or more)
2. Pay renewal fee
Continuing Education (CE) - ✔✔ 1. Every two years, 14 hours course and pay renewal fee
Mutual Recognition - ✔✔ - Consists of contractual agreements where a limited number of states
recognize the similarity in the content of their mutual education and experience requirements for
real estate licensing. These states involve, Alabama, Arkansas, Connecticut, Georgia, Illinois,
Mississippi, Nebraska, and Rhode Island.
- May bypass pre-license req or take 40 questions examination with a 75% or more. Must take all
post-licensing and CE.
Initial License Application - ✔✔ Package sent to DBPR must include:
1. Completed license App: SA must send #DBPR RE 1. Must include Full Name and other
personal info.
WITH CORRECT ANSWERS
- State Level: Developments of Regional Impact (DRI), Department of Environmental Protection
(DEP), Department of Economic Opportunity (DEO)...
- Federal Level: (Money). legislation that affects operation of lending institutions.
CH2 Real Estate License Law F.S. 475 - ✔✔ Protects the public by The Department
- Before, caveat emptor (no express warranty ensuring the condition of the property)
History of the Law - ✔✔ 1925 - The first Florida Real Estate Commission (FREC) was created
to administer and enforce the Law.
Important Terminology - ✔✔ - Commission: Florida Real Estate Commission (FREC)
- Department: Department of Business and Professional Regulation (DBPR)
- Division: Division of Real Estate (DRE)
- License: Issued by the Department
- Licensee: person to whom permit, registration, certificate, or license is issued by the
Department.
,Who requires a Real Estate License? - ✔✔ - Performing service of Real Estate (F.S. 475.01)
- In the state of Florida
- For another person or entity
- For compensation, which includes service of value paid, received, expected to be paid or in
exchange for the performed service.
Most common services of Real Estate are - ✔✔ A = Appraising
B = Buying
A = Auctioning
R = Renting
S = Selling
A = Advertising Real Estate Services
L = Leasing
E = Exchanging
B = Business Brokering
Auctioning - ✔✔ By DBPR, under Part IV of F.S. 468. Real Estate licensees are excepmt under
F.S. 468.383 from obtaining a separate auctioneer's license.
,By-bidders - ✔✔ People that drive up the price of the property being auctioned with no
intentions of buying - It's illegal.
License categories - ✔✔ - Sales Associate: Must complete pre-license requirements, emplyed by
a real estate broker or owner-developer to practice RE. Must complete post-license req prior
initial license expiration. Then, ongoing biennial cont. education.
- Broker: Performs services of RE as an agent for another and receives compensation for those
services either directly or indirectly. Must maintain an office, hire SA or BA to perform service
on their behalf, SA and BA receives comp from broker. Must complete pre-license req, post-
license req prior initial expiration and biennial Cont. Ed.
To become a broker, SA employed under broker (not owner-dev.)for at least 24 months within
the preceding five years before becoming eligible to take the state broker exam. -> also applies
from other states.
- Broker Associate: Works as SA under certain broker, but licensed as broker as well.
F.S. 455.10 - ✔✔ FL RE license does not req FL residency
The Licensing and Renewal Process - ✔✔ Pre-licensing
Post-licensing
Continuing Education (CE)
, Pre-Licensing Education - ✔✔ 1. Complete Req. SA or Broker education and pass course final
exam with 70% or more.
2. Submit app for state exam, payment fee for license
3. Submit electronic fingerprints for background check
4. Pass state examination with 75% or more (inactive license)
5. Obtain employment and file (active license)
Post-Licensing education (first renewal) - ✔✔ 1. Complete req SA or broker education and pass
course final exam (75% or more)
2. Pay renewal fee
Continuing Education (CE) - ✔✔ 1. Every two years, 14 hours course and pay renewal fee
Mutual Recognition - ✔✔ - Consists of contractual agreements where a limited number of states
recognize the similarity in the content of their mutual education and experience requirements for
real estate licensing. These states involve, Alabama, Arkansas, Connecticut, Georgia, Illinois,
Mississippi, Nebraska, and Rhode Island.
- May bypass pre-license req or take 40 questions examination with a 75% or more. Must take all
post-licensing and CE.
Initial License Application - ✔✔ Package sent to DBPR must include:
1. Completed license App: SA must send #DBPR RE 1. Must include Full Name and other
personal info.
