Final Test Questions Bob Hogue 2017
Study Questions and Answers
Comparative Market Analysis (CMA) - ANSWER-Marketing tool and may not be referred to or
represented as an appraisal
Follow UP - ANSWER-Whats sales associates do for buyers and sellers after the sale
Which is NOT a category of real estate licenses question? These 3 are - ANSWER-Sales Associate; Broker;
Broker Associate
Which does NOT need to be disclosed for Background Check? - ANSWER-Parking, Speeding, inspections,
or traffic signal violations
What is required by Mutual Recognition applicants? - ANSWER-75% or higher required to pass exam
How long is a license valid on a real estate application? - ANSWER-2 years
Who is exempt from having Real Estate License? - ANSWER-A person who has been given POA
What power does FREC have? (#31) - ANSWER-Quasi-Judical
The DBPR may issue a temporary real estate license to which? (#25) - ANSWER-Spouse of active duty
who transfers to Florida expires after 6 months and is NOT Renewable
A person who no longer wants to engage in the real estate business can voluntarily relinquish or cancel
the license, provided there is no investigation or disciplinary proceeding pending against the license
(#79) - ANSWER-True Statement
Broker who qualifies as the broker for more than one business entity? - ANSWER-Multiple Licenses
How should a buyer respond to a for-sale-by-owner? - ANSWER-Caveat Emptor ( buyer beware)
How long must Brokers retain Disclosure Documents? - ANSWER-5 years in a secured location
What happens in a non-residential real estate transaction where the buyer and the seller each have 1
million or more in assets? - ANSWER-The broker will assign two sales associates in such an arrangement
and they are called designated sales associates
A brokerage relationship b/w a principal (or a customer) and a broker may be terminated by: (Is a NOT
Question on Test) - ANSWER-Death of a sellers broker or the seller before the broker finds a ready,
willing and able buyer.
Death of the buyers brokers or the buyer before the broker finds a suitable property for the buyer
Destruction of the property
Bankruptcy of the principal or the customer
What don't you have to put on an office sign? - ANSWER-The names of the sales and brokers associates
are not required but the Trade name or Brokers name is required
, Which of the following is a true statement about Florida Telemarketing? - ANSWER-Violators may be
fined $10,000 per call
When a sales associate receives an earnest money deposit what must he do? - ANSWER-Give to the
broker w/n 24 hours and then the Broker has 3 business days to put into an escrow account
With in how many days must a Broker notify the commission about an EDO? - ANSWER-10 business days
Sale a used condo give buyer the docs. After they receive the docs how many days do they have to
cancel? (Test Question #61) - ANSWER-Answer is 2 Days!!
What is it called when competing brokers conspire to establish the same commission? (#76) - ANSWER-
Price Fixing
Brokers can not pay an unlicensed person a commission but can do what? (#20) - ANSWER-Can pay them
no more the $50
What does not need to register as an Real Estate Broker? (#84) - ANSWER-Corporation Sole (church)
What needs to be done when filing a complaint? - ANSWER-Must be in writing
Must be legally sufficient
FREC gives suspension request what is it called? - ANSWER-Stay of enforcement
Complaint that required refund of money. What cant they do? - ANSWER-FREC does not have the
authority to order RESTITUTION
How many days must a licensee take action to correct a notice of compliance? - ANSWER-15 days
Claims resulting from an EDO what can NOT happen? - ANSWER-FREC CAN NOT PAY RE RECOVERY FUND
PAYS
How much will the Real Estate Recovery Fund pay out? - ANSWER-Cover all court costs up to $50,000
Which of these helped stop racial discrimination in RE? (#37) - ANSWER-Civil Rights Act of 1866
A neighbor who starts rumors about a neighborhood to persuade owners to sell is? (#52) - ANSWER-
Blockbusting
A developer have more than 100 lots, which bureau does ILSA work with? (#81) - ANSWER-Consumer
Financial Protection Bureau
If you rent something where do you put the deposit? (#89) - ANSWER-Escrow Account
When dealing with Vacating Premies on a rental what happens? - ANSWER-The landlord has 15 days to
return the security deposit and any accrued interest
The landlord has 30 days to notify the tenant of intentions to impose a claim on the deposit
Which rights does an owner have with land abutting a flowing waterway like banks of a river or stream?
(#77) - ANSWER-Riparian Rights
Study Questions and Answers
Comparative Market Analysis (CMA) - ANSWER-Marketing tool and may not be referred to or
represented as an appraisal
Follow UP - ANSWER-Whats sales associates do for buyers and sellers after the sale
Which is NOT a category of real estate licenses question? These 3 are - ANSWER-Sales Associate; Broker;
Broker Associate
Which does NOT need to be disclosed for Background Check? - ANSWER-Parking, Speeding, inspections,
or traffic signal violations
What is required by Mutual Recognition applicants? - ANSWER-75% or higher required to pass exam
How long is a license valid on a real estate application? - ANSWER-2 years
Who is exempt from having Real Estate License? - ANSWER-A person who has been given POA
What power does FREC have? (#31) - ANSWER-Quasi-Judical
The DBPR may issue a temporary real estate license to which? (#25) - ANSWER-Spouse of active duty
who transfers to Florida expires after 6 months and is NOT Renewable
A person who no longer wants to engage in the real estate business can voluntarily relinquish or cancel
the license, provided there is no investigation or disciplinary proceeding pending against the license
(#79) - ANSWER-True Statement
Broker who qualifies as the broker for more than one business entity? - ANSWER-Multiple Licenses
How should a buyer respond to a for-sale-by-owner? - ANSWER-Caveat Emptor ( buyer beware)
How long must Brokers retain Disclosure Documents? - ANSWER-5 years in a secured location
What happens in a non-residential real estate transaction where the buyer and the seller each have 1
million or more in assets? - ANSWER-The broker will assign two sales associates in such an arrangement
and they are called designated sales associates
A brokerage relationship b/w a principal (or a customer) and a broker may be terminated by: (Is a NOT
Question on Test) - ANSWER-Death of a sellers broker or the seller before the broker finds a ready,
willing and able buyer.
Death of the buyers brokers or the buyer before the broker finds a suitable property for the buyer
Destruction of the property
Bankruptcy of the principal or the customer
What don't you have to put on an office sign? - ANSWER-The names of the sales and brokers associates
are not required but the Trade name or Brokers name is required
, Which of the following is a true statement about Florida Telemarketing? - ANSWER-Violators may be
fined $10,000 per call
When a sales associate receives an earnest money deposit what must he do? - ANSWER-Give to the
broker w/n 24 hours and then the Broker has 3 business days to put into an escrow account
With in how many days must a Broker notify the commission about an EDO? - ANSWER-10 business days
Sale a used condo give buyer the docs. After they receive the docs how many days do they have to
cancel? (Test Question #61) - ANSWER-Answer is 2 Days!!
What is it called when competing brokers conspire to establish the same commission? (#76) - ANSWER-
Price Fixing
Brokers can not pay an unlicensed person a commission but can do what? (#20) - ANSWER-Can pay them
no more the $50
What does not need to register as an Real Estate Broker? (#84) - ANSWER-Corporation Sole (church)
What needs to be done when filing a complaint? - ANSWER-Must be in writing
Must be legally sufficient
FREC gives suspension request what is it called? - ANSWER-Stay of enforcement
Complaint that required refund of money. What cant they do? - ANSWER-FREC does not have the
authority to order RESTITUTION
How many days must a licensee take action to correct a notice of compliance? - ANSWER-15 days
Claims resulting from an EDO what can NOT happen? - ANSWER-FREC CAN NOT PAY RE RECOVERY FUND
PAYS
How much will the Real Estate Recovery Fund pay out? - ANSWER-Cover all court costs up to $50,000
Which of these helped stop racial discrimination in RE? (#37) - ANSWER-Civil Rights Act of 1866
A neighbor who starts rumors about a neighborhood to persuade owners to sell is? (#52) - ANSWER-
Blockbusting
A developer have more than 100 lots, which bureau does ILSA work with? (#81) - ANSWER-Consumer
Financial Protection Bureau
If you rent something where do you put the deposit? (#89) - ANSWER-Escrow Account
When dealing with Vacating Premies on a rental what happens? - ANSWER-The landlord has 15 days to
return the security deposit and any accrued interest
The landlord has 30 days to notify the tenant of intentions to impose a claim on the deposit
Which rights does an owner have with land abutting a flowing waterway like banks of a river or stream?
(#77) - ANSWER-Riparian Rights
