FLORIDA MUTUAL RECOGNITION QUESTIONS &
ANSWERS
Which of the following is an example of an unlicensed entity that sells, exchanges, or
leases its own property?
a. A broker
b. An owner-developer
c. A registered real estate agent
d. A team leader - Answer -b. An owner-developer
How long is the initial licensing period for a licensee?
a. Two years
b. Four years
c. Between 18 and 24 months
d. Between 1 and 2 years - Answer -c. Between 18 and 24 months
Which of the following statements is true about reciprocity and mutual recognition?
a. Reciprocity is a mutual exchange of privileges. Florida has reciprocity with eight
states.
b. Mutual recognition and reciprocity are the same thing.
c. You must be a resident of Florida to qualify for mutual recognition.
d. Reciprocity allows a licensee who is licensed in one state to practice in another state.
- Answer -d. Reciprocity allows a licensee who is licensed in one state to practice in
another state.
What is the presumed brokerage relationship in Florida?
a. Single agency
b. Transaction brokerage
c. Dual agency
d. No brokerage relationship - Answer -b. Transaction brokerage
A seller has asked a broker to list his house. If the broker agrees to, with no other
conversation, what kind of relationship has been created?
a. A transaction brokerage relationship
b. A single agency relationship
c. A dual agency relationship
d. A no brokerage relationship - Answer -a. A transaction brokerage relationship
Which brokerage relationship includes fiduciary responsibilities?
,a. A transaction brokerage relationship
b. A single agency relationship
c. A dual agency relationship
d. A no brokerage relationship - Answer -b. A single agency relationship
Which of the following is correct about dual agency?
a. Dual agency is permitted in Florida but only at single agency brokerages.
b. Dual agency is never permitted in Florida.
c. Representing the buyer and the seller in the same transaction is called dual agency.
This is a permissible agency agreement provided all parties agree in writing.d. Dual
agency is only allowed in Florida if the broker has a dual agency license. - Answer -b.
Dual agency is never permitted in Florida.
Which of the following properties is not residential real estate?
a. 11 acres of agricultural land
b. 9 acres of agricultural land
c. A single family home
d. A vacant lot zoned for a single-family home - Answer -a. 11 acres of agricultural land
A seller has his house listed with three different brokerages. What type of listing is this?
a. An exclusive agency listing
b. An exclusive listing with right of sale
c. An exclusive listing
d. An open listing - Answer -d. An open listing
Which of the following is incorrect about the buyer brokerage agreement?
a. The buyer brokerage agreement is an employment contract between the broker and
the buyer.
b. The buyer brokerage agreement signifies the broker is a single agent for the buyer.
c. The buyer brokerage agreement is an optional disclosure form that may or may not
be given to buyers.
d. A broker can be a single agent or transaction broker if the buyer signs the buyer
brokerage agreement. - Answer -b. The buyer brokerage agreement signifies the
broker is a single agent for the buyer.
Which of the following statements is incorrect about the Florida Real Estate
Commission, (FREC)?
a. The FREC makes real estate laws that licensees must follow.
b. The FREC is required to refer criminal cases to the states attorney's office.
c. The FREC cannot charge a licensee with a misdemeanor or felony.
, d. The FREC is paid a per diem of $50 a day when working. - Answer -a. The FREC
makes real estate laws that licensees must follow.
What is the maximum fine that a licensee can be charged per offense.
a. $10,000
b. $7,500
c. $25,000
d. $5,000 - Answer -d. $5,000
A sales associate has completed an appraisal. With just this information, which of the
following statements is incorrect?
a. Real estate sales associates are permitted to perform appraisals and are also
required to follow the USPAP when performing appraisals.
b. USPAP are the rules appraisers and sales associates are required to follow when
performing appraisals. The acronym stands for the Uniform Standards of Professional
Appraisal Practice.
c. Sales associates are not permitted to perform appraisals.
d. A sales associate is not permitted to refer to a CMA, (comparative market analysis)
as an appraisal. - Answer -c. Sales associates are not permitted to perform appraisals.
Which of the following appraisal assignments would need to be performed by a licensed
real estate appraiser?
a. An appraisal for a cash sale of a single-family home
b. A comparative market analysis, (CMA) for a fee
c. A broker price opinion, (BPO) for a fee
d. An appraisal assignment to originate a federally related loan - Answer -d. An
appraisal assignment to originate a federally related loan
A transaction broker owes all the following duties to his/her customer except
a. obedience.
b. limited confidentiality.
c. use skill care and diligence.
d. submit all offers. - Answer -a. obedience.
A seller has disclosed to a broker, the fact that he is going through a divorce. The
broker has the seller's house listed at $895,000. When the broker is talking to a
prospective buyer
a. The broker can disclose the fact that the seller is going through a divorce, provided
the broker and the seller have a transaction broker relationship.
b. The broker cannot disclose the fact that the seller is going through a divorce.
ANSWERS
Which of the following is an example of an unlicensed entity that sells, exchanges, or
leases its own property?
a. A broker
b. An owner-developer
c. A registered real estate agent
d. A team leader - Answer -b. An owner-developer
How long is the initial licensing period for a licensee?
a. Two years
b. Four years
c. Between 18 and 24 months
d. Between 1 and 2 years - Answer -c. Between 18 and 24 months
Which of the following statements is true about reciprocity and mutual recognition?
a. Reciprocity is a mutual exchange of privileges. Florida has reciprocity with eight
states.
b. Mutual recognition and reciprocity are the same thing.
c. You must be a resident of Florida to qualify for mutual recognition.
d. Reciprocity allows a licensee who is licensed in one state to practice in another state.
- Answer -d. Reciprocity allows a licensee who is licensed in one state to practice in
another state.
What is the presumed brokerage relationship in Florida?
a. Single agency
b. Transaction brokerage
c. Dual agency
d. No brokerage relationship - Answer -b. Transaction brokerage
A seller has asked a broker to list his house. If the broker agrees to, with no other
conversation, what kind of relationship has been created?
a. A transaction brokerage relationship
b. A single agency relationship
c. A dual agency relationship
d. A no brokerage relationship - Answer -a. A transaction brokerage relationship
Which brokerage relationship includes fiduciary responsibilities?
,a. A transaction brokerage relationship
b. A single agency relationship
c. A dual agency relationship
d. A no brokerage relationship - Answer -b. A single agency relationship
Which of the following is correct about dual agency?
a. Dual agency is permitted in Florida but only at single agency brokerages.
b. Dual agency is never permitted in Florida.
c. Representing the buyer and the seller in the same transaction is called dual agency.
This is a permissible agency agreement provided all parties agree in writing.d. Dual
agency is only allowed in Florida if the broker has a dual agency license. - Answer -b.
Dual agency is never permitted in Florida.
Which of the following properties is not residential real estate?
a. 11 acres of agricultural land
b. 9 acres of agricultural land
c. A single family home
d. A vacant lot zoned for a single-family home - Answer -a. 11 acres of agricultural land
A seller has his house listed with three different brokerages. What type of listing is this?
a. An exclusive agency listing
b. An exclusive listing with right of sale
c. An exclusive listing
d. An open listing - Answer -d. An open listing
Which of the following is incorrect about the buyer brokerage agreement?
a. The buyer brokerage agreement is an employment contract between the broker and
the buyer.
b. The buyer brokerage agreement signifies the broker is a single agent for the buyer.
c. The buyer brokerage agreement is an optional disclosure form that may or may not
be given to buyers.
d. A broker can be a single agent or transaction broker if the buyer signs the buyer
brokerage agreement. - Answer -b. The buyer brokerage agreement signifies the
broker is a single agent for the buyer.
Which of the following statements is incorrect about the Florida Real Estate
Commission, (FREC)?
a. The FREC makes real estate laws that licensees must follow.
b. The FREC is required to refer criminal cases to the states attorney's office.
c. The FREC cannot charge a licensee with a misdemeanor or felony.
, d. The FREC is paid a per diem of $50 a day when working. - Answer -a. The FREC
makes real estate laws that licensees must follow.
What is the maximum fine that a licensee can be charged per offense.
a. $10,000
b. $7,500
c. $25,000
d. $5,000 - Answer -d. $5,000
A sales associate has completed an appraisal. With just this information, which of the
following statements is incorrect?
a. Real estate sales associates are permitted to perform appraisals and are also
required to follow the USPAP when performing appraisals.
b. USPAP are the rules appraisers and sales associates are required to follow when
performing appraisals. The acronym stands for the Uniform Standards of Professional
Appraisal Practice.
c. Sales associates are not permitted to perform appraisals.
d. A sales associate is not permitted to refer to a CMA, (comparative market analysis)
as an appraisal. - Answer -c. Sales associates are not permitted to perform appraisals.
Which of the following appraisal assignments would need to be performed by a licensed
real estate appraiser?
a. An appraisal for a cash sale of a single-family home
b. A comparative market analysis, (CMA) for a fee
c. A broker price opinion, (BPO) for a fee
d. An appraisal assignment to originate a federally related loan - Answer -d. An
appraisal assignment to originate a federally related loan
A transaction broker owes all the following duties to his/her customer except
a. obedience.
b. limited confidentiality.
c. use skill care and diligence.
d. submit all offers. - Answer -a. obedience.
A seller has disclosed to a broker, the fact that he is going through a divorce. The
broker has the seller's house listed at $895,000. When the broker is talking to a
prospective buyer
a. The broker can disclose the fact that the seller is going through a divorce, provided
the broker and the seller have a transaction broker relationship.
b. The broker cannot disclose the fact that the seller is going through a divorce.
