Florida Real Estate Class Final Exam
Questions with Verified Answers
A Business Broker - ANSWERSSpecializes 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 - ANSWERSKeeping 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 - ANSWERSCustom Building
A builder purchases several vacant lots in an established residential subdivision. The
builder constructs houses w/o having secured a buyer in advance of the construction of
each home and advertises them for sale to prospective buyers. This is which type of
residential construction? - ANSWERSSpec Building
What is exempt from Real Estate licensure under Chapter 475? - ANSWERS1. Straight
Salary .
2. A person who sells cemetery lots for a commission. 3. Court jurisdiction.
4. Renting of a mobil home lot in a mobil home park
Other exemptions from licensure include - ANSWERS1. For Sale by Owner
2. Owner of a Timeshare period who offers the property for resale.
3. A leasing agent of an apt. complex if they are salaried, work in an onsite rental office
and work in a leasing capacity.
4. A manager of a condo and Co-op if employed for a salary and rent is for periods no
greater than 1 yr.
5. An Attorney-in-Fact (Power of Attorney)
6. An Attorney-at-Law when acting in the scope of his or her duties as an attorney. Not
receiving any compensation for a sale.
7. A decedent (personal representative) when appointed by the court.
8. A person selling entities licensed by the FCC (radio, TV or cable enterprises)
9. A person selling personal property.
A farmer is appointed by the court to appraise the farm land of a deceased neighbor.
The farmer will be paid a $3000 fee for the appraisal. Is he exempt from Chapter 475? -
ANSWERSYes because he was appointed by the courts.
A sales assoc employs an unlicensed assistant. The licensee prepares a fact sheet for
all of her listings. The sales assoc instructs her assistant to drive a prospective
purchaser by several listed properties. When questioned about a particular property, the
,assistant reads information from the fact sheet. The prospect decides to buy after the
assistant showed her the interior of the last property. Have one or the other or both
violated Chapter 475? - ANSWERSBoth violated the license law when the assistant
entered the property to show it.
Under FREC rules, a Fla resident is a person who has - ANSWERSresided in Fla for at
least 4 mos within the preceding year.
Tom intends to make application to become a Fla real estate sales associate. He must
have a Social Security number, a high school diploma, be over 18, and be competent to
negotiate. What is not required? - ANSWERSTo be a US Citizen
Mary has a 4 year degree in real estate. Mary must still attend the pre-licensing course
and post-licensing education. What class is she exempt from? - ANSWERSContinuing
Education
If a Florida licensee becomes a non-resident of Florida, he or she must -
ANSWERSnotify the BPR within 10 days and file an "irrevocable consent to service"
within 60 days
If a real estate licensee moves to Florida from another state and wants to obtain a Fla
Sales Assoc license based on Mutual Recognition, the licensee must -
ANSWERScomplete the 63-hour sales assoc pre-licensing course and pass the Fla
license exam.
To obtain a broker's license, the applicant must have - ANSWERS1. Satisfactorily
completed the 72 hr broker course.
2. been an Active Sales Assoc for at least 24 months.
What information is required to be disclosed on an application for RE licensure? -
ANSWERS1. If you've ever been convicted of a crime.
2. Entered a plea of nolo contendere, regardless of adjudicaton.
3. Any violation of the law (except traffic violations, speeding tickets, etc)
What does NOT have to be disclosed on an application for RE licensure? -
ANSWERSPersonal Bankruptcy
If a developer owns 3 subdivisions in the names of 3 different entities. A sales assoc or
broker assoc may be employed by the owner-developer on a commission basis to sell
lots in the 3 subdivisions if the assoc is issued what type of license? - ANSWERSA
Group License
To be a broker for several real estate brokerage companies, you must be issued what
type of license? - ANSWERSMultiple Broker licenses (one for each company)
, If a real estate licensee fails to renew her license at the end of the biennial renewal
period, what will happen to the license? - ANSWERSIt reverts to an involuntary inactive
status
If Mary's initial license was issue on Feb 6, 2011, what is the expiration date on her
license? - ANSWERSSeptember 30, 2012. (Licenses are renewed on March 31 and
September 30 every year)
If a RE licensee becomes a member of the US Armed Forces and is not engaged in the
practice of RE in the private sector, what is the status of his license? - ANSWERSIt is
kept in good standing while he is on active duty and for a period of 6 mos after his
discharge from active duty.
What happens if a licensee changes last name or mailing address? - ANSWERSMust
notify BPR within 10 days of the change
If a real estate broker's license is suspended for 6 mos for a violation of license law, the
licenses of the sales assoc registered with the broker with become what? -
ANSWERSInvoluntary Inactive
Which power gives the Fla Real Estate Commission (FREC) the authority to regulate
and enforce real estate license law? - ANSWERSThe Executive Power
What is the BPR? - ANSWERSDept of Business and Professional Regulation
Who is the Secretary of the BPR appointed by? - ANSWERSAppointed by the Governor
and confirmed by the Senate
What is the purpose of Laws? - ANSWERSTo protect the public
What is the DRE? - ANSWERSThe Division of Real Estate
Who is the Director of the DRE appointed by? - ANSWERSThe DRE is a division within
the BPR. The Director is appointed by the Secretary of the BPR and subject to approval
by the Commission
What is FREC? - ANSWERSFlorida Real Estate Commission
What are the primary powers and duties of FREC? - ANSWERSAdopt Rules and
Discipline Licensees who violate chapter 475.
How many members does FREC consist of? - ANSWERS7 members:
4 must be brokers who have held a license for 5 years. 1 must be a broker assoc or
sales assoc who has held a license for 2 years. 2 must be lay members who have never
held a license. At least 1 member must be 60 years old.
Questions with Verified Answers
A Business Broker - ANSWERSSpecializes 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 - ANSWERSKeeping 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 - ANSWERSCustom Building
A builder purchases several vacant lots in an established residential subdivision. The
builder constructs houses w/o having secured a buyer in advance of the construction of
each home and advertises them for sale to prospective buyers. This is which type of
residential construction? - ANSWERSSpec Building
What is exempt from Real Estate licensure under Chapter 475? - ANSWERS1. Straight
Salary .
2. A person who sells cemetery lots for a commission. 3. Court jurisdiction.
4. Renting of a mobil home lot in a mobil home park
Other exemptions from licensure include - ANSWERS1. For Sale by Owner
2. Owner of a Timeshare period who offers the property for resale.
3. A leasing agent of an apt. complex if they are salaried, work in an onsite rental office
and work in a leasing capacity.
4. A manager of a condo and Co-op if employed for a salary and rent is for periods no
greater than 1 yr.
5. An Attorney-in-Fact (Power of Attorney)
6. An Attorney-at-Law when acting in the scope of his or her duties as an attorney. Not
receiving any compensation for a sale.
7. A decedent (personal representative) when appointed by the court.
8. A person selling entities licensed by the FCC (radio, TV or cable enterprises)
9. A person selling personal property.
A farmer is appointed by the court to appraise the farm land of a deceased neighbor.
The farmer will be paid a $3000 fee for the appraisal. Is he exempt from Chapter 475? -
ANSWERSYes because he was appointed by the courts.
A sales assoc employs an unlicensed assistant. The licensee prepares a fact sheet for
all of her listings. The sales assoc instructs her assistant to drive a prospective
purchaser by several listed properties. When questioned about a particular property, the
,assistant reads information from the fact sheet. The prospect decides to buy after the
assistant showed her the interior of the last property. Have one or the other or both
violated Chapter 475? - ANSWERSBoth violated the license law when the assistant
entered the property to show it.
Under FREC rules, a Fla resident is a person who has - ANSWERSresided in Fla for at
least 4 mos within the preceding year.
Tom intends to make application to become a Fla real estate sales associate. He must
have a Social Security number, a high school diploma, be over 18, and be competent to
negotiate. What is not required? - ANSWERSTo be a US Citizen
Mary has a 4 year degree in real estate. Mary must still attend the pre-licensing course
and post-licensing education. What class is she exempt from? - ANSWERSContinuing
Education
If a Florida licensee becomes a non-resident of Florida, he or she must -
ANSWERSnotify the BPR within 10 days and file an "irrevocable consent to service"
within 60 days
If a real estate licensee moves to Florida from another state and wants to obtain a Fla
Sales Assoc license based on Mutual Recognition, the licensee must -
ANSWERScomplete the 63-hour sales assoc pre-licensing course and pass the Fla
license exam.
To obtain a broker's license, the applicant must have - ANSWERS1. Satisfactorily
completed the 72 hr broker course.
2. been an Active Sales Assoc for at least 24 months.
What information is required to be disclosed on an application for RE licensure? -
ANSWERS1. If you've ever been convicted of a crime.
2. Entered a plea of nolo contendere, regardless of adjudicaton.
3. Any violation of the law (except traffic violations, speeding tickets, etc)
What does NOT have to be disclosed on an application for RE licensure? -
ANSWERSPersonal Bankruptcy
If a developer owns 3 subdivisions in the names of 3 different entities. A sales assoc or
broker assoc may be employed by the owner-developer on a commission basis to sell
lots in the 3 subdivisions if the assoc is issued what type of license? - ANSWERSA
Group License
To be a broker for several real estate brokerage companies, you must be issued what
type of license? - ANSWERSMultiple Broker licenses (one for each company)
, If a real estate licensee fails to renew her license at the end of the biennial renewal
period, what will happen to the license? - ANSWERSIt reverts to an involuntary inactive
status
If Mary's initial license was issue on Feb 6, 2011, what is the expiration date on her
license? - ANSWERSSeptember 30, 2012. (Licenses are renewed on March 31 and
September 30 every year)
If a RE licensee becomes a member of the US Armed Forces and is not engaged in the
practice of RE in the private sector, what is the status of his license? - ANSWERSIt is
kept in good standing while he is on active duty and for a period of 6 mos after his
discharge from active duty.
What happens if a licensee changes last name or mailing address? - ANSWERSMust
notify BPR within 10 days of the change
If a real estate broker's license is suspended for 6 mos for a violation of license law, the
licenses of the sales assoc registered with the broker with become what? -
ANSWERSInvoluntary Inactive
Which power gives the Fla Real Estate Commission (FREC) the authority to regulate
and enforce real estate license law? - ANSWERSThe Executive Power
What is the BPR? - ANSWERSDept of Business and Professional Regulation
Who is the Secretary of the BPR appointed by? - ANSWERSAppointed by the Governor
and confirmed by the Senate
What is the purpose of Laws? - ANSWERSTo protect the public
What is the DRE? - ANSWERSThe Division of Real Estate
Who is the Director of the DRE appointed by? - ANSWERSThe DRE is a division within
the BPR. The Director is appointed by the Secretary of the BPR and subject to approval
by the Commission
What is FREC? - ANSWERSFlorida Real Estate Commission
What are the primary powers and duties of FREC? - ANSWERSAdopt Rules and
Discipline Licensees who violate chapter 475.
How many members does FREC consist of? - ANSWERS7 members:
4 must be brokers who have held a license for 5 years. 1 must be a broker assoc or
sales assoc who has held a license for 2 years. 2 must be lay members who have never
held a license. At least 1 member must be 60 years old.
