Mastersgrade

Real estate investment trust that are formed to buy, own and manage investment projects are called - ANSWER Equity trust What Fl statute created the Department of business and professional regulation - ANSWER FL 455 Universal Agent - ANSWER All matters by power of attorney General Agent - ANSWER Continuing basis for specific area Special Agent - ANSWER Single Task Normal sales associate Subagency - ANSWER Extension of another agency Subagent - ANSWER A party who has been grante...

When did Florida pass its first Real Estate Law? - ANSWER 1923 When was the FREC created? - ANSWER 1926 What is the purpose of the FREC? - ANSWER protect the public What is the DBPR? - ANSWER Department of Business and Professional Regulation What is the Mission of the Department? - ANSWER to ensure that professions and businesses provide quality services for the health, safety and welfare of citizens and visitors in the great state of Florida What is the DRE? - ANSWER Division of...

He sold his investment property and has identified the property he'd like to buy next. Within how many days must he close on this property in order for it to qualify as part of the exchange? - ANSWER a. 180 b. 30 c.45 d.60 a. He has 45 days to identify a property he would like to purchase and 180 days to close on it, from time of sale. In which form of co-ownership is a person's ownership inheritable? - ANSWER a. Joint tenancy b. Tenancy by the entirety c. Tenancy in common d. Tena...

A sales associate works under - ANSWER the direction of a broker or in some cases an owner developer A licensed appraiser is compensated for an appraisal - ANSWER With a flat fee The product/service that all real estate professionals sell is - ANSWER their expert knowledge Which area of real estate requires the highest degree of expertise? - ANSWER Counseling Which Florida Administrative Code expands upon the statutory provisions of Chapter 475, Florida Statutes? - ANSWER 61J2 Aft...

Absentee Owner - ANSWER An owner who does not reside on the property and who usually relies on a property manager to supervise the real estate Agricultural, 10 - ANSWER ___ property is defined in Florida license law to mean agricultural property of more than __ acres. Appraisal - ANSWER The process of estimating the value of real property; a supported, defended estimate of the value of real property as of a specific date. may not - ANSWER A written opinion of the value of real property....

In which area of brokerage has absentee ownership increased the demand? - ANSWER Property management How is a real estate appraiser typically paid? - ANSWER A fee based upon time and difficulty of the appraisal What does the local planning agency have the authority to approve - ANSWER A subdivision plat map What is it called when a developer gives the land to a government body - ANSWER Dedication What business is a licensee engaged in who markets, leases and maintains property for so...

A Business Broker - ANSWER Specializes in the sale, purchase or lease of businesses. Is required to have a real estate license and may be licensed as a real estate broker or sales associate Follow-Up is - ANSWER Keeping in contact with the new owner after the closing of the sale A builder constructs a house on an owner's lot according to the owner's plans and specifications. This is called - ANSWER Custom Building A builder purchases several vacant lots in an established residential s...

When money is paid out of the RE recovery fund, on behalf of a Florida Real Estate - ANSWER the licensee's license will be automatically suspended, the max. amount that can be reimbursed is $50,000, the judgement holder cannot be reimbursed for attorney's fees and court costs Which of the following is true regarding the Florida RE commission? - ANSWER Two members do not have to have a Florida Real Estate license The Fair Housing Act prohibits discrimination based on - ANSWER Race, color,...

Absentee Owner - ANSWER A property owner who does not reside on the property and who usually relies on a property manager to oversee the investment Abstract of Title - ANSWER A compilation of the recorded documents relating to a parcel of land from which an attorney may give an opinion as to the condition of title (a history of title) Acceleration Clause - ANSWER A condition in a loan contract that permits the lender to require immediate repayment of the entire loan balance of the loan if ...

Linda has $30,000.00 as a down payment and gets a mortgage in the amount of $150,000.00 and there is no other consideration for the transfer. How much will the doc stamp tax on the deed be? 1) $1,050.00 2) $1,260.00 3) $630.00 4) $525.00 - ANSWER $1,260.00 Tax calculation: $150,000 + $30,000 = $180,000/100 = 1800 (taxable $100 units) x $0.70 = $1260.00 tax due. Heather has been using a roadway at the back of the 22 acres Pam owns. She has been driving down the roadway almost every da...

Which statement is true regarding the use of the term REALTOR? All real estate licensees are REALTORS All REALTORS are members of the National Association of REALTORS (NAR) The terms real estate licensee and REALTOR may be used interchangeably The Florida DBPR authorizes the use of the term REALTOR - ANSWER All REALTORS are members of the National Association of REALTORS (NAR) The term follow up refers to...? - ANSWER what a sales associate does for buyers and sellers after the sale E...

The best protection that the public has during a Real Estate transaction is (are) A. The national and state association of REALTORS B. The punishment of licensees dealing dishonesty C. the high ethical standards of real estate agents D. FREC and the license law - ANSWER D. FREC and the license law A group license A. allows a broker to have a branch office B. allows a sales associate to work for more than one broker C. may be held by a sale associate or broker associate D.allows a ...

Joint Ventures - ANSWER is a temporary form of business arrangement often encountered in real estate business. Joint Ventures - ANSWER is a temporary form of business arrangement often encountered in real estate business.

Owners that buy income properties as investments and depend on professionals to manage them - ANSWER Absentee Owners a Value estimated based on resent sales of similar properties in the same neighborhood, not an appraisal - ANSWER CMA -Comparative Market Analysis... A contractor is employed by an owner of land to build on that land to the owner's specifications - ANSWER Custom Building When a contractor builds on his own land with the hope of locating a purchaser after construction has...

The broker must retain copies of all paperwork, including rejected offers, for how many years? - ANSWER 5 A Salesperson has assisted a buyer in purchasing a 'For Sale by Owner'. The seller has agreed to pay the buyer's agent's commission from the proceeds of the sale. The Salesperson tells the seller to make the check out to them. The Salesperson has violated: - ANSWER Nevada Law A rancher is selling multiple parcels adjacent to each other including several vacant land lots where it is...

She may not be actively licensed. - ANSWERBroker Wilkins recently closed her office and went to work for the Division as the Deputy Administrator. What limitation is placed on Wilkins? Be a single agent of the seller. - ANSWERAgent Becker of 20/20 Realty listed and sold the Franklin home in 2004. In 2015, Becker has a listing on which Franklin wants to make an offer. Franklins agent, affiliated with gold realty, writes the offer and presents it through Becker, Becker Should... No, Caulfiel...

Nevada Sales Person - ANSWER 90 Hours of Instructions, Break down (45 hours of law) (45 hours of Principles) Nevada Broker/ Broker-Salesperson Education Requirements (Broker & Sales Person - ANSWER Pass Broker Exam, 64 Collage Units, 2 years full time experience = 16 college units Broker ONLY - ANSWER 2 years Full time experience with the previous 4 years. Financial responsibility. (ENOUGH MONEY TO RUN A BROKERAGE FOR 180 DAYS (*ON TEST*) Property Management Permit - ANSWER Real Estate ...

an unrepresented buyer submits an offer directly to the listing agent the agent must - ANSWER Provide the buyer a Duties Owed by a Nevada licensee Only the seller can fill out - ANSWER The SRPD The maximum liability of ERRF for an individual person is - ANSWER 100,000 What is the maximum amount per judgement that can be paid out of the Errf - ANSWER 25,000 State law allows representation of multiple parties to a transaction, however what authorization is required before moving forwar...

A Seller's Real Property Disclosure document required for all of the following properties EXCEPT a(n): - ANSWER New home. A Nevada licensee must give the Duties Owed by a Nevada Licensee form to prospective purchasers or tenants: - ANSWER no later than the time of entering an agreement to purchase or lease. The licensing law of Nevada requires that the: - ANSWER broker disclose information that materially affects the property even when the buyer does not ask for it. If a Nevada license...

How many hours do you need to renew your salesperson license the second time? - ANSWER A total of 24 hours is required, including 12 hours live classroom of 3 hours each contracts, agency, Nevada law and ethics. The remaining 12 hours may be by correspondence in general studies. When does the commission have the right to revoke salespersons Stacy's license? - ANSWER Stacy deposited a buyer's down payment in her own bank account. Stacey commingled client funds with personal funds. This is...