Real Estate Exam FL Section 1 (1-100)
Questions with Correct Answers
A sales associate with ABC Realty was contacted by Big Bank to do a Broker Price
Opinion (BPO). Since the fee for this was small, the bank paid the salesperson directly.
This situation is - ANSWERSillegal, since the sales associate violated Chapter 475, F.S
A real estate agents trade association that requires raising the professional and ethical
standards of their members is the - ANSWERSNational Association of Realtors
Property management customarily includes all of these but - ANSWERSrepresentation
of the tenant
Sales associates are required to successfully complete the prescribed post-licensing
education - ANSWERSbefore the first renewal of their license
After completing the post-licensing education during the initial license period, licensees
must complete - ANSWERSat least 14 hours of continuing education during every 2-
year license period for active and inactive licensees.
In addition to Chapter 475, The Florida Statue that defines the general legal practice
and procedure for the Department of Business and Professional Regulation (DBPR) and
the licensees of all professions, including real estate is - ANSWERS455
An employee works for AAA Syndictors. She sells and leases only properties owned by
AAA. Her earnings are based on her sale and lease activity. According to Florida Law,
is the employee exempt from the licensing requirements? - ANSWERSNo, she must
comply with all licensing requirements
If a real estate licensee believes a rule or guideline that substantially affects him is not
valid and needs to be changed, resource should be sought by - ANSWERSpetitioning
for an administrative determination before the Florida Real Estate Commission
A sales associate lists and sells a 10-acre parcel with a cloud on title. The sales
associate does not inform the purchaser of the defect, because the sales associate
hopes it will be cleared before closing. In considering the actions of the sales associate,
which is CORRECT statement? - ANSWERSIt is deemed fraudulent and dishonest
dealing by trick or scheme
A broker is employed by developer to sell lots in a 50-acre subdivision. The land
encumbered by a blanket mortgage. A buyer purchases one of the lots for $10,000. The
broker does not inform the buyer that the lot can only be released from the blanket
mortgage upon a cash payment of $12.000 to the lender. Which of these is a
, CORRECT statement? - ANSWERSOnly the broker is in violation of Chapter 475,
Florida Statutes
The concept that best describes a transaction broker is - ANSWERSone who provides
limited representation in a brokerage transaction between buyer and seller
A broker entered into a listing contract with the seller of a house and became a single
agent of the seller. A potential buyer wants to see the seller's house and wishes to have
representation by the broker as well. The broker must - ANSWERShave the seller sign
a Transaction to Transaction Broker form before showing the house to the buyer.
A broker list's a seller's condominium for sale. The seller told the broker that the building
has a defective,leaky roof. The broker sells the unit to a buyer but fails to mention the
leaky roof. The buyer resells the unit in one year for a profit. Could the broker face
possible disciplinary action for failing to tell the buyer of a leaky roof? - ANSWERSYes,
because the broker had the responsibility to inform the buyer of material defects in the
property
An owner wants to net $12,000 on the sale of his small vacant lot. He gives a broker an
option to buy the lot at that price or nominate a purchaser. The broker pays $900 for the
option. Before the option expires, the broker sells the property to a third person for
$14,800. The broker advised the buyer during the negotiations that she was the
optionee. Which of these is a TRUE statement? - ANSWERSAfter paying the
appropriate closing costs, the broker may keep the amount of money above and beyond
the option of purchase price of $12,000
The NO Brokerage Relationship notice must be disclosed - ANSWERSin writing before
the showing of property
A sales associate is a licensee with Reality, Inc. The broker is the only licensed broker
in the firm. One month ago, the Florida Real Estate Commision suspended the broker's
license for a period of six months because of dishonest dealings. The sales associate's
best course of action is to - ANSWERSImmediately identify a new employer and
request that the FREC register his license to that new employer
Under which condition can a broker advertise listed property for sale without disclosing
the name of the brokerage firm in the advertisement ? - ANSWERSNever, as all real
estate advertisements must include the licensed name of the brokerage firm
Which of these statements is TRUE about kickbacks and rebates ? - ANSWERSIf a
broker is to receive a kickback or rebate, all parties involved must have been advised
prior to the time of the placement of the kickback or rebate
Smith, Brown, and Jones all separate entities, are the only licensed brokers in Key
West. They collectively agree to only accept listings on homes if the commision is 7.5%
Questions with Correct Answers
A sales associate with ABC Realty was contacted by Big Bank to do a Broker Price
Opinion (BPO). Since the fee for this was small, the bank paid the salesperson directly.
This situation is - ANSWERSillegal, since the sales associate violated Chapter 475, F.S
A real estate agents trade association that requires raising the professional and ethical
standards of their members is the - ANSWERSNational Association of Realtors
Property management customarily includes all of these but - ANSWERSrepresentation
of the tenant
Sales associates are required to successfully complete the prescribed post-licensing
education - ANSWERSbefore the first renewal of their license
After completing the post-licensing education during the initial license period, licensees
must complete - ANSWERSat least 14 hours of continuing education during every 2-
year license period for active and inactive licensees.
In addition to Chapter 475, The Florida Statue that defines the general legal practice
and procedure for the Department of Business and Professional Regulation (DBPR) and
the licensees of all professions, including real estate is - ANSWERS455
An employee works for AAA Syndictors. She sells and leases only properties owned by
AAA. Her earnings are based on her sale and lease activity. According to Florida Law,
is the employee exempt from the licensing requirements? - ANSWERSNo, she must
comply with all licensing requirements
If a real estate licensee believes a rule or guideline that substantially affects him is not
valid and needs to be changed, resource should be sought by - ANSWERSpetitioning
for an administrative determination before the Florida Real Estate Commission
A sales associate lists and sells a 10-acre parcel with a cloud on title. The sales
associate does not inform the purchaser of the defect, because the sales associate
hopes it will be cleared before closing. In considering the actions of the sales associate,
which is CORRECT statement? - ANSWERSIt is deemed fraudulent and dishonest
dealing by trick or scheme
A broker is employed by developer to sell lots in a 50-acre subdivision. The land
encumbered by a blanket mortgage. A buyer purchases one of the lots for $10,000. The
broker does not inform the buyer that the lot can only be released from the blanket
mortgage upon a cash payment of $12.000 to the lender. Which of these is a
, CORRECT statement? - ANSWERSOnly the broker is in violation of Chapter 475,
Florida Statutes
The concept that best describes a transaction broker is - ANSWERSone who provides
limited representation in a brokerage transaction between buyer and seller
A broker entered into a listing contract with the seller of a house and became a single
agent of the seller. A potential buyer wants to see the seller's house and wishes to have
representation by the broker as well. The broker must - ANSWERShave the seller sign
a Transaction to Transaction Broker form before showing the house to the buyer.
A broker list's a seller's condominium for sale. The seller told the broker that the building
has a defective,leaky roof. The broker sells the unit to a buyer but fails to mention the
leaky roof. The buyer resells the unit in one year for a profit. Could the broker face
possible disciplinary action for failing to tell the buyer of a leaky roof? - ANSWERSYes,
because the broker had the responsibility to inform the buyer of material defects in the
property
An owner wants to net $12,000 on the sale of his small vacant lot. He gives a broker an
option to buy the lot at that price or nominate a purchaser. The broker pays $900 for the
option. Before the option expires, the broker sells the property to a third person for
$14,800. The broker advised the buyer during the negotiations that she was the
optionee. Which of these is a TRUE statement? - ANSWERSAfter paying the
appropriate closing costs, the broker may keep the amount of money above and beyond
the option of purchase price of $12,000
The NO Brokerage Relationship notice must be disclosed - ANSWERSin writing before
the showing of property
A sales associate is a licensee with Reality, Inc. The broker is the only licensed broker
in the firm. One month ago, the Florida Real Estate Commision suspended the broker's
license for a period of six months because of dishonest dealings. The sales associate's
best course of action is to - ANSWERSImmediately identify a new employer and
request that the FREC register his license to that new employer
Under which condition can a broker advertise listed property for sale without disclosing
the name of the brokerage firm in the advertisement ? - ANSWERSNever, as all real
estate advertisements must include the licensed name of the brokerage firm
Which of these statements is TRUE about kickbacks and rebates ? - ANSWERSIf a
broker is to receive a kickback or rebate, all parties involved must have been advised
prior to the time of the placement of the kickback or rebate
Smith, Brown, and Jones all separate entities, are the only licensed brokers in Key
West. They collectively agree to only accept listings on homes if the commision is 7.5%
