Florida Real Estate Pre-Licensure Exam Prep Material 2023 Questions with Correct Answers

What are the three types of residential construction? Correct Answer Tract homes: model homes, buyers pick floorplan from catalog. Custom homes Speculative homes: Homes built with the assumption that buyers will purchase. What is the national association of Realtors? Correct Answer Largest trade association in the world, it promoted ethics and education in the real estate industry. What does Chapter 475.41 of the Florida Statutes state? Correct Answer No contract for commission is valid unless the agent is licensed. In which chapter would you find the qualifications for real estate agents? Correct Answer 455 What is a consequence of failing to complete the continuing education requirements? Correct Answer The license reverting to involuntary inactive status, which becomes null and void after two years. Which states does Florida have mutual recognition with? Correct Answer Alabama, Arkansas, Connecticut, Georgia, Illinois, Kentucky, Mississippi, Nebraska, Rhode Island, and West Virginia Brokers and Sales Associates may register as: Correct Answer individuals, LLC's, professional corporations, professional LLC's. When is a license required? Correct Answer ABLE ARMS Appraising, buying, leasing, exchanging, auctioning, renting, marketing, and selling. Which members is the FREC comprised of? Correct Answer Seven Members. 4 real estate brokers 1 broker or sales associate 2 consumer members What are the duties and powers of the FREC? Correct Answer Control license law, ratify regulations, approve or reject license applications, report criminal violations, issue escrow disbursement orders, audit brokers, suspend and revoke licenses. What role does the secretary of the DBPR assume? Correct Answer Chief administrator