Florida Real Estate Exam

After completing the post-licensing education during the initial license period, licensees must complete

at least 14 hours of continuing education during every 2-year license period for active and inactive licensees.

There are _____ sections in a township

36

The sales associate who can explain property taxes and homestead exemptions, in addition to helping prospective buyers obtain financing, is a

residential specialist

In addition to Chapter 475, The Florida Statute that defines the general legal practice and procedure for the Department of Business and Professional Regulation (DBPR) and the licensees of all professions, including real estate, is

455

The following statements appeared in real estate advertising. Which one is NOT legal and proper?

"This property is offered by Marry Brown, sales associate for a licensed broker."

A landlord inspects his rental property after the tenant moves out. He finds damage that is beyond normal wear and tear and decides to deduct some money from the security deposit to cover the damage. The tenant has _______ days to object in writing to the deduction.

15

How many business days does a broker have to notify the FREC, in writing, of conflicting demands or of a good faith doubt?

15 days

When using the government survey method for legal descriptions of property, how many acres does a quarter of a section contain?

160

John owned the N 1/2 of a section. He sold the W 1/4 of his N 1/2. How many acres does John still own?

240 acres

Which Florida Administrative Code expands upon the statutory provisions of Chapter 475, Florida Statutes

61J2

Of the following statements, which one is TRUE about kickbacks or rebates?

They are legal if all affected parties to the transaction are aware of such an arrangement prior to the time of the placement of said transaction.

Which is NOT an accessibility requirement in a condominium community per the Americans With Disabilities Act?

A unit owner has a German Shepherd service dog, even though the community has a "no pets over 20 pounds" policy.

What is the final legal act in an eviction procedure?

After the tenants are served a writ of possession, the landlord begins to remove their personal property from the rental unit.

Bob Broker listed acreage for $90,000. Jim verbally offered $88,000. Another buyer who knew about Jim's offer made an offer of $93,000. The broker drew up a written contract for $93,000 but did not inform the owner about the offer for $88,000. Which is correct?

Broker should have submitted both offers to Owner.

FREC has the authority to discipline Florida-licensed, real estate professionals under what Florida State Statute?

Chapter 455

Savannah is working for Broker Brown, but she also wants to sign on with Broker Jones. She can only work with one of the brokers because

Chapter 475, F S mandates only one registered employer for a sales associate or broker associate.

Which area of real estate requires the highest degree of expertise?

Counseling

All of the following are possible deed restrictions in a subdivision. Which would be the most difficult for the developer to enforce?

Each owner must make $500 worth of improvements per lot, per year.

A real property line that runs from a given point North 90 degrees East will run in a direction of

East-to-West

The _______________________ determines monetary policy in the U. S. by controlling the availability of money.

Federal Reserve System

The law that establishes the legal rights and responsibilities of real estate licensees is

Florida Statute Chapter 475

Ann Smith, a broker working for customer Lucille Carter, finds a renter for a home owned by Banks and collects a security deposit of $1,300 and advanced rent of $1,300. What must the broker do with the money?

Give the money to Carter, who must deposit it in an escrow account or surety bond.

A real estate agent's trade association that requires raising the professional and ethical standards of their members is the

National Association of Realtors.

On July 1, Abrams lists his home on a 90-day exclusive contract with Broker Baker. On July 30, Abrams's Chapter 7 bankruptcy claim is approved. On August 6, the broker found a ready, willing, and able purchaser for Abrams's home. Can the broker claim a commission from Abrams?

No, because the executory contract was terminated before the buyer was procured.

A manager is a salaried manager of a 20-unit condominium complex. An owner of one unit is leaving town for six months. If the manager rents the owner's unit to a student for the six-month period, does he need a real estate license?

No, because the rental period arranged was for not more than one year

Which three types of Special Purpose deeds may be used to convey property when the property owner is unable to sign the deed?

Personal Representative, Guardian's, or Committee's

Mr. Denton died intestate, and there are no known heirs. The probate court appointed an individual to settle Mr. Denton's affairs. When this individual sold Mr. Denton's home, what type of deed was used to formalize and record the transfer of title?

Personal representative's deed

The Division of Real Estate exists primarily to

Provide administrative support to the FREC.

In a metes and bounds legal description, the direction "N 10 degrees E." would be exactly opposite from the direction

S10 degrees W

Which is NOT a potential reason the FREC would deny an application for licensure or renewal of a license?

The applicant is not a US citizen.

Which is NOT true of the Real Estate Recovery Fund?

The fund acts as insurance for real estate licensees who are sued.

Which statement is NOT true about the disciplinary authority of the Florida Real Estate Commission (FREC)?

The maximum administrative fine the FREC may impose for each separate count is $1,000.

A prospective renter engaged the services of a broker on June 1 to help her find a suitable rental. The broker gave her a current, accurate list of rentals that were available, charging her $200. The renter was not able to find a rental property from the list. To what refund, if any, is she entitled?

The renter's refund is $150, if she makes demand for the return of the fee before June 30

Which must the developer of an unimproved subdivision provide to the prospective buyer?

a detailed property report

Everything that is permanently attached or connected to land is

a fixture.

Which statement best describes a group license?

a right granted to a sales associate or broker associate to work various properties owned by one owner/developer

A buyer is a broker's principal. Legally, the sales associates who work for the broker are

also legally bound by the broker's agency obligations.

A sales associate is a licensed associate of a broker. If by issuance of a Final Order, the broker's license was revoked by the Florida Real Estate Commission, the sales associate's license is

automatically become involuntary inactive status

Failure to complete the sales associate post-licensing education requirement will cause the initial license to

become null and void

A sales associate has been instructed by his broker to call on residents of a certain neighborhood, telling them that Latinos are beginning to move into the neighborhood and that they should sell their houses as soon as possible because their values will decrease. This is an example of

blockbusting

In Florida, if a homestead is in only one spouse's name, or if it is co-owned by a married couple, then

both spouses must sign the real estate sales contract.

Over which type of escrow account does the FREC have jurisdiction?

broker escrow accounts

A broker or sales associate would be committing fraud if he or she knowingly sold a property

by using a lottery, even if the property is actually conveyed in accordance with the lottery rules.

A seller has her property listed for $85,000 but tells the broker she is desperate to sell and will take as little as $74,500. She even mentions this while the broker is showing the house to a prospective buyer. The broker

cannot legally mention the $74,500 price.

A broker has not had much luck selling a particular property, so he decides to change his advertising in such a way that is misleading in form and content. The broker

could receive an administrative fine.

An electric utility company has a right to maintain their poles, lines and other equipment along the rear of a property. This right is called an

easement in gross.

Mr. Allman, a real estate licensee, served a term in prison for a crime not related to his real estate brokerage. Mr. Allman's license may be

effective until time for renewal.

A beneficial interest in real estate which implies that at a future date an individual will receive legal title is known as

equitable title

The Homestead Act was passed primarily to

exempt property from forced sale

When the Johnsons purchased their home, they purchased and installed new kitchen counters and cabinets. Until they were installed, these were personal property. once installed, they became a

fixture

Which best describes the members of the Florida Real Estate Commission?

four licensed brokers with five years experience ; one broker or sales associate with two years experience ; and two consumers who have never been involved in the real estate profession

As a licensed sales associate, you have decided to hire someone to help with your business, so you hire an unlicensed personal assistant. They can

gather information for a comparative market analysis

An unlicensed personal assistant may be at an open house and can

hand out materials

A broker listed a house and is the single agent of the seller. A prospective buyer wants to view the home and wants the broker to represent him too. The broker must

have the seller sign a Transition to Transaction Broker form before showing the house to the buyer.

The best descriptive phrase associated with property held by tenancy in common is

having an undivided interest

Aaron has remodeled an older home and decides to rent it out. He receives the first month's rent and a security deposit. There are three ways he can handle the security deposit. Which is NOT one of them?

hold the money in any bank, credit union or savings and loans institution located in any of the 50 states and may not commingle

A sales associate with ABC Realty was contacted by Big Bank to do a Broker Price Opinion (BPO). Since the fee for this was small, the bank paid the salesperson directly. This situation is

illegal, since sales associate violated Chapter 475, F.S.

A broker receives an earnest money deposit on a home sale. The broker must deposit the funds within how many days of receiving them?

immediately, within three business days

When must the No Brokerage Relationship notice be presented?

in writing before the showing of property

The sales specialty that involves the knowledge of regulated land use, environmental considerations, transportation, labor costs and utility charges is

industrial

The legal description most often used in a platted subdivision is

lot and block.

If a homeowner has a rectangular parcel of land measuring 620 feet x 900 feet, he will have:

more than 12 acres.

On the seven total members of the FREC, two must be

never licensed as real estate sales associates or brokers.

You hold a valid, current and active sales associate's license. One of your best clients has purchased three houses in the past year totaling almost $1 million in sales. He calls you from Atlanta saying he has someone interested in purchasing a house you have listed for $500,000. He also mentions that he has had to spend a considerable amount of money entertaining the buyer and convincing him to drive down to look at the property. You may

not legally compensate him for the entertainment expense.

The earnest money (binder) deposit in a Florida real estate contract is

not required to make the contract valid.

Prior to Owner's death, she named her friend, Jenny, as the personal representative of her estate. To take an active part in the sale of Owner's real estate, Jenny is

not required to obtain a real estate license.

A broker lists a home that she knows would be perfect for her mother. The home is being sold due to the death of the owner, and the broker knows the owner's heir, who lives in Pennsylvania, is willing to accept a much lower offer than the home's listed price. The broker should tell her mother

nothing, but present to Owner any offer that his friend wishes to make.

A transaction broker is best described as the concept of

one who provides limited representation in a brokerage transaction between buyer and seller.

If a real estate licensee believes a rule or guideline that substantially affects him is not valid and needs to be changed, recourse should be sought by

petitioning for an administrative determination before the Florida Real Estate Commission.

A broker finds a buyer for a house she has listed. The offer includes an earnest money deposit and states that the offer is valid for three days. The owner does not respond to the offer, so after 24 hours the buyer cancels the offer and asks for his deposit to be returned. The broker should

place the funds in the hands of the Florida Real Estate Commission.

The metes and bounds method requires

point of beginning.

When using the Government Survey System, the initial primary north-south reference line is called the

principal meridian.

Of the liens listed below, which is the superior lien that takes priority over the others?

property tax lien dated January 1, 2020.

Which of the items below is not required to be included in a valid metes and bounds legal description?

reference to a conspicuous monument, such as a tree or rock.

A sales associate has knowledge that her broker frequently commits unlawful acts as it pertains to real estate. If the broker instructs the sales associate to participate in an unlawful real estate act, the sales associate must

refuse to carry out the instructions, and then report the broker to the Department of Business and Professional Regulation.

Sales associates who fail to complete the post-licensing education requirement after 24 months and want to continue in the real estate business are required to requalify for licensure by

repeating the pre-licensure class, passing the end-of-course examination, and passing the state licensure examination.

Property management customarily includes all these but

representation of the tenant

In real estate law, the Statute of Frauds is a reference to the

requirement that to be enforceable, contracts must be in writing or penalty performed.

Which of the following is the term for a landowner's rights to use water that flows past his or her property as long as the landowner does not divert or pollute the water or impair its use by others?

riparian rights

Since performing a broker price opinion or comparative market analysis constitutes real estate brokerage activity, the compensation collected in connection with that activity must be paid to the

sales associate's Broker/brokerage.

The Homeowners' Association Disclosure Summary required by Chapter 720 must be supplied by the State of Florida.

seller's broker

John owned real property prior to his marriage to Sofia. This property is presumed to be

separate property

A Notice of Non-compliance

shall only be issued for an initial offense of a minor violation.

When determining whether an object is a fixture, the legal tests do NOT include

size of the item

A licensed broker was found guilty of culpable negligence in a real estate sale. The broker made full restitution to the affected party. The Florida Real Estate Commission may

suspend the individual's license.

Janelle just passed the exam for the real estate sales associate's license, but after working for three months under a broker, she finds she is too busy with family obligations to devote enough time to the job and resigns. The best way for Janelle to retain her license in voluntarily inactive status, is to

take the post-licensure course before her first renewal, then take the CE courses every two years, and pay her renewal fees.

Of the following, which real property interest applies to land ownership?

tenancy in common

Although the roof on a house for sale leaks, the ceilings show no water damage. A broker represents the seller as a single agent and the seller has told the broker about the leak. If a prospective buyer asks nothing about the roof, the broker's legal obligation is satisfied if she says

that there is a leak in the roof.

Property management in the real estate business has gained popularity and importance due to

the growth in absentee ownership.

When a broker employs a licensed real estate sales associate, the sales associate has

the same obligations to the broker's clients and customers as the broker.

The product that all real estate professionals sell is

their expert knowledge

A licensee may substitute attendance at one legal agenda session of the FREC for

three hours of continuing education credit.

Which are not considered physical components of real estate?

timber rights

A seller's marketable title to real property may best be provided by

title insurance and a first mortgage release.

When a person owns property or holds vested ownership rights in a property, that person has

title.

Jean-Paul and Michelle are in the process of purchasing their first home. When will the actual transfer of title be made?

when the deed is recorded

A licensed appraiser is compensated for an appraisal

with a flat fee

A principal owns lots in an upscale subdivision. He has directed a licensee not to show the lots to people of a particular sex, race, or religion. What should the licensee, do?

withdraw and refuse to deal with the owner

A sales associate authorized to negotiate a sale of property has the authority to

work under the direction of a broker or in some cases an owner-developer