Florida Real Estate U Final Exam Questions & Answers(RATED A)

An appraisal can be completed by which of the following? A home inspector A real estate broker A licensed appraiser using USPAP standards A mortgage loan originator - ANSWERA licensed appraiser using USPAP standards What is a BPO? Broker Price Opinion Best Practice Organization Best Prospective Offer Beyond Present Opportunities - ANSWERBroker Price Opinion Which of the following is incorrect? Farming methods include Direct Mail and Just Listed Post Cards. Farming only involves raising crops, fish or animals. Farming is a great way for a licensee to introduce themselves. Farming involves concentrating business efforts in a particular geographical area. - ANSWERFarming only involves raising crops, fish or animals. Which of the following is NOT considered a major real estate licensee sales specialty? Agricultural Cemetery Plots Commercial Residential - ANSWERCemetery Plots What is a home built from blueprints supplied by the buyer is called? An architectural original A spec home A tract home A custom home - ANSWERA custom home MLS is an acronym for which of the following? Multiple Land Syndication Major Lending Service Multiple Lender Sources Multiple Listing System - ANSWERMultiple Listing System Why is there a high demand for property managers in Florida? Cruise ships Absentee owners Gated communities High temperatures - ANSWERAbsentee owners An organization with at least one real estate broker acting as the agent for others in negotiating the sale or rental of real property for a fee is known as a/an? Cooperative Real estate brokerage MLS Management company - ANSWERReal estate brokerage What is dedication? Giving up private land for public use Donating a building to a private school Putting other people's priorities above your own The motto of the health service - ANSWERGiving up private land for public use One qualified by education, training and experience who is hired to estimate the value of real and personal property based on experience, judgment, facts, and use of formal appraisal process is known as a/an? Sales Associate Broker Appraiser Underwriter - ANSWERAppraiser Which Organization approves the Sales Associate and Broker License Applications? Fannie Mae NAR DBPR FREC - ANSWERDBPR A Licensee from another State may be able to get a FL license without undergoing pre-licensing education through which of the following? Being a REALTOR® Mutual Recognition Buying a home in Florida RESPA - ANSWERMutual Recognition When should Fingerprints be submitted? Fingerprints are not required Before enrolling in pre-licensing courses As soon as an application has been submitted to DBPR After passing the State Exam - ANSWERAs soon as an application has been submitted to DBPR What is a newly licensed person working for a broker known as? A Sales Associate An Appraiser A Home Inspector An Unlicensed Assistant - ANSWERA Sales Associate Which of the following is correct? The Post Licensing education requirement for a Sales Associate is 14 hours The pre-licensing education requirement for a Sales Associate is 60 hours The pre-licensing education requirement for a Broker is 72 hours Brokers do not need to do any Post Licensing Education - ANSWERThe pre-licensing education requirement for a Broker is 72 hours Which of the following is regarded as unlicensed activity? Marketing to FSBO's Attending another Sales Associate's Open House Showing property without having a signed Buyer Representation Agreement Giving an opinion on a Title - ANSWERGiving an opinion on a Title What is the minimum education requirement for an applicant? MBA PHD There is no minimum requirement High school diploma or equivalent - ANSWERHigh school diploma or equivalent What is the difference between a Broker Associate and a Broker? Broker Associate is studying real estate under the guidance of the Broker Broker Associate has passed the Broker exam but chooses to work for a Broker Broker Associate is the Broker's unlicensed Assistant There is no difference - ANSWERA Broker Associate has passed the Broker exam but chooses to work for a Broker What is the meaning of Caveat Emptor? Pot Holing Venter Beware of the Cat Danger - Sink Holes Buyer Beware - ANSWERBuyer Beware Which of the following are exempt from real estate licensure? Sales Associate Broker Associate A Property Manager working in a Property Management Company An attorney acting on his client's behalf - ANSWERAn attorney acting on his client's behalf Which of the following is FREC NOT required to do? Approve real estate education courses Inspect and Audit Licensees and business practices Issue a Florida sales associate's real estate license Impose Disciplinary Actions - ANSWERIssue a Florida sales associate's real estate license How many members of the FREC must be active licensed brokers? Two Four Three Seven - ANSWERFour An initial license is issued in October of 2018. When must the license be renewed in order to prevent expiration? :00:00 :00:00 :00:00 :00:00 - ANSWER:00:00 License first renewal dates are either March 31 or September 30, whichever is closest to the license anniversary within the 2 year renewal period in this case September 30, 2020. What is the Maximum fine that can be levied by FREC for any violation of 475 F.S. and 455 F.S.? $5,000 (Dollars) $2,000 (Dollars) $1,500 (Dollars) $2,500 (Dollars) - ANSWER$5,000 (Dollars) How many of the Members of FREC are not and never have been Brokers or Sales Associates? Two Four Three Five - ANSWERThree Two After passing the Sales Associate exam when does a license become effective? When he receives his Certificate Upon leaving the Testing Center After written notice is received that the applicant passed the examination After signing an employment contract with a broker - ANSWERAfter written notice is received that the applicant passed the examin If a Sales Associate fails to complete their 14-hours of Continuing Education before their license expires March 31, What is the status of their license on April 1? The license is null and void The license is revoked The license is voluntarily inactive The license is involuntarily inactive - ANSWERThe license is involuntarily inactive What is the purpose of the Department of Business and Professional Regulation? Regulation of Police Power To act as a Consumer Protection Agency Real Estate Licensing Real Estate Licensing - ANSWERTo act as a Consumer Protection Agency Who issues real estate licenses? The Association The Governor The Commission The Department - ANSWERThe Department The Department of Business and Professional Regulations (DBPR) issues the license. The DBPR has powers of enforcement in how many areas? Eight Six Seven Three - ANSWERThree : Division of Regulation, Division of Professions and The Bureau of Education and Training. Which of the following are NOT residential property as defined by Florida law? A Single Family Home Undeveloped Agricultural Land of 10 Acres or Less A Five Unit Apartment House A Condominium - ANSWERA Five Unit Apartment House Residential Property is defined as up to and including 4 units. What is the person who is empowered to act on behalf of another called? A Customer An Agent A Principal A Client - ANSWERAn Agent What are the Laws governing Agency Laws known as? Common Law Law of Agency Statute of Agency Statutory Law - ANSWERLaw of Agency Which form must be given to the buyer if a sales associate is working with them in a fiduciary capacity? The No Brokerage Relationship Notice The Consent to Transition to Transaction Broker Form The Single Agent Notice The Transaction Broker form - ANSWERThe Single Agent Notice When a broker represents a seller as a single agent on the sale of a home and a buyer wants the same broker to act on his behalf in the purchase of the same home and the broker agrees without any further notice to the seller which of the following is true? the broker is acting illegally since undisclosed dual agency is not permitted in Florida the Seller will be happy because the sale will go through quickly the broker has divided loyalties the broker must reduce the commission payable since he got both sides of the deal - ANSWERthe broker is acting illegally since undisclosed dual agency is not permitted in Florida Which agency is NOT allowed under Florida law? Single agency Nonrepresentation agency Dual Agency Transaction Brokerage - ANSWERDual Agency If a listing sales associate shows a property to a ready, willing and able buyer what is he NOT permitted to do? a) None of the Above b) disclose to the buyer all material facts that will affect the value of the property. c) Give the buyer a Consent to Transition to Transaction Broker form and get on with the sale d) must promptly tender to the seller any contract offer that has been offered unless advised in writing not to do so. - ANSWERc) Give the buyer a Consent to Transition to Transaction Broker form and get on with the sale The Consent to Transition to Transaction Broker needs to be signed by the seller in this case since the Sales Associate is working as a listing agent. What type of agent usually has the Power of Attorney? An Dual Agent A Special Agent A Universal Agent A Limited Agent - ANSWERA Universal Agent Which is NOT true about Florida real estate disclosure laws? a) Disclosure rules only apply to the rental or leasing of real property if an option is given. b) Disclosure paperwork only needs to be kept by a broker for three years. c) Disclosure rules do not apply to Transaction Brokers. d) Disclosure rules do not apply to auctions. - ANSWERDisclosure paperwork only needs to be kept by a broker for three years. An agency relationship is created in which of the following cases? a) When a licensee gets a phone call from someone they Direct Mailed b) When a sales associate meets a customer at an open house c) when the seller asks to be represented and the broker agrees d) When a tenant is communicating with a property manager and not the owner - ANSWERwhen the seller asks to be represented and the broker agrees How long does a prospective tenant have to demand the return of a fee paid for rental information provided by a broker if that information is not current or accurate? 60 Days 180 Days 30 Days 90 Days - ANSWER30 Days If the information is not accurate or out of date the prospective tenant has 30 Days in which to claim a full refund of the fee paid for the information. Which of the following CANNOT register with DBPR to provide Real Estate Services to the public? A Corporation Sole A Limited Liability Company A Partnership A Sole Proprietor - ANSWERA Corporation Sole A Corporation Sole usually represents a religious society for the purpose of acquiring holding and disposing of title. What are the three core federal antitrust laws? Sherman Act, Federal Trade Commission Act and Clayton Act. Clayton Act, ADA and Veterans Act FHA, VA and Equal Opportunities Acts Statute of Frauds Act, Sherman Act and Williams Act - ANSWERSherman Act, Federal Trade Commission Act and Clayton Act. What is Conversion? Using money from the Escrow or Trust account for the broker's own use Moving Real Estate Offices Getting an Agency agreement from a customer so that they become a Client The transition from Sales Associate to Broker Associate - ANSWERUsing money from the Escrow or Trust account for the broker's own use Conversion is the use of money from the Escrow or Trust account for the broker's own use even to pay business expenses is illegal. If several brokers form a corporation to sell real estate and want to call their business Broker's Dozen with each broker working with the public what are they required to do? They must all be active brokers and the Corporation must be registered. They must all be active brokers but nothing needs to be registered since the company is a Corporation Only one of the broker's needs to be active, the rest can be inactive They must all be active brokers. The Corporation must be registered and the trade name must also be registered - ANSWERThey must all be active brokers. The Corporation must be registered, and the trade name must also be registered How often does a Broker have to reconcile his trust account(s)? Quarterly Yearly Every Six Months Monthly - ANSWERMonthly Trust accounts must be reconciled Monthly - he also has to keep a statement of any discrepancies. Which Federal Department regulated RESPA? FREC HUD Consumer Financial Protection Bureau (CFPB) FHA - ANSWERConsumer Financial Protection Bureau (CFPB) What is the term for mixing business and personal funds? Commingling Conversion Erosion Revocation - ANSWERCommingling Conversion is using Escrow funds for personal or business purposes erosion is the gradual wearing away of land revocation is the cancellation of an offer. If the Licensed Broker in a partnership is killed in an accident what happens to the Sales Associates working for that partnership? Their licenses will be suspended Their licenses will be revoked They can continue working since they have Errors & Omissions insurance Their licenses will become involuntarily inactive - ANSWERTheir licenses will become involuntarily inactive Their licenses will become involuntarily inactive, since the partnership will be cancelled. What is NOT a requirement for a broker's entrance sign? Any Trade name under which the firm operates Broker's Name with the wording "licensed real estate broker" The Registered Name of the Brokerage Date of Licensure of the Broker - ANSWERDate of Licensure of the Broker The Registered Name of the Brokerage, The Broker's Name with the wording "licensed real estate broker" and any Trade Name are all required on the sign. What does The Division of Administrative Hearings (DOAH) do? It reviews complaints made by the public It provides independent Administrative Law Judges It is in charge of Background checks for Applicants It provides aids for applicants with hearing difficulties - ANSWERIt provides independent Administrative Law Judges to conduct hearings pursuant to Florida Statutes, pursuant to other law, and under contract with governmental entities. How many days does a party to a Recommended Order hearing have to file an exception to the Recommended Order? 90 Days 30 Days 60 Days 15 Days - ANSWER15 Days An exception to a recommended Order needs to be filed within 15 Days of receipt. Which Florida agency investigates real estate complaints? Florida REALTORS® FBI FREC DBPR Florida REALTORS - ANSWERDBPR Department of Business and Professional Regulation investigates Real Estate Complaints. What is the maximum period a license can be suspended? Indefinitely 2 Years 6 months 10 Years - ANSWER10 Years How much probation could a sales associate receive for a first offense violation of a rule under Chapter 475 F.S? 90 Days 180 days 2 years 30 days - ANSWER90 Days An associate could expect to receive 90 Days probation for a first offense violation under Chapter 475 FS. Chapter 475, Part I, Florida Statutes, Real Estate License Law is administered and enforced by which of the following? NAR DBPR RESPA FREC - ANSWERFREC Florida Real Estate Commission administers and enforces Real Estate License Law. Who can grant or deny a petition for the reinstatement of a license that had been revoked? Florida REALTORS® Governor Real Estate Commissioner NAR - ANSWERReal Estate Commissioner