Real Estate Exam

The Department receives an unsigned complaint. What can the Department do?

Investigate the complaint if the Department wishes.

Katy's license expired on September 30th. What is the status of her license on October 1, if she fails to meet renewal requirements?

Involuntary inactive

Estates are divided into two general groups:

Leasehold estates and Freehold estates.

An estate lasting for the natural life of the grantee is called a

Life tenant

Which of the following statements applies to mutual recognition?

Mutual recognition applicants must take a state exam on Florida real estate laws

Which of the statements is correct regarding membership on the Probable Cause Panel?

One member must be a current member of the FREC One member may be a previous Commission member

Which of the following is a correct statement about group real estate licenses in Florida?

Only sales or broker associates, employed by a owner developer can receive a group license

A property manager is not responsible for which of the following tasks?

Preparing leases

In its June 17, 1968 decision in Jones v Mayer Co., the U.S. Supreme Court ruled that the Civil Rights Act of 1866 applied to the context of real estate and:

Prohibited racial discrimination in the sale or rental of property.

In which real estate professionalism, are the main goals to maximize income, and maintain property value?

Property management

FREC holds a meeting in order to pass a new rule. Which power did the Commission exercise?

Quasi-legislative power

Within how many days must a licensee inform the FREC of their change of business address?

10

When an instructor working for a real estate school changes employers, the licensee shall notify the commission of the change no later than

10 days after the change.

For a licensee to successfully complete the continuing education requirements, and renew their real estate license, how many hours should the course take, as required by the Commission?

14

How long will a real estate license that has been involuntarily inactive for, automatically expire, or be classed as null and void?

2 years

Licensees that are members of the armed forces have all renewal fees, dues, continuing education, and other requirements waived during military service for how long?

2 years

To become a real estate broker, a sales associate must have been actively licensed in Florida for a minimum of

2 years

When a licensee is being served with the Final Order of the FREC, how many days does he have to file an appeal with the District Court?

30 days.

How many days does a licensee have to notify the Commission, in the event that they have moved out of Florida state?

60

What is the passing grade a student needs to achieve in order to pass Broker's Pre-License Course exam?

70%

If Joe violated a rule under Chapter 475 F.S. and this is his first offense, what is the period of time of probation he could receive, unless otherwise stated by the Commission?

90 days.

The subject of a complaint may submit a written response to the information contained in such complaint or document within:

: Within 20 days after service to the subject of the complaint or document.

Which CANNOT register with the Department to perform real estate services to the public?

A corporation sole.

Under the Federal Fair Housing Act of 1988, which qualifies as a protected class under the definition of familial status?

A family with children 18 and younger

The penalty for advertising obsolete or otherwise inaccurate rental lists is

A fine of up to $1000, or up to one year of imprisonment.

The department may issue a notice of noncompliance for an initial offense of:

A minor violation.

In which of the following circumstances is a real estate license required?

A person aiding others in the exchange of a property

A real estate agent can refer to themselves as a Realtor under which of the following conditions?

A real estate agent who is a member of a local real estate board, affiliated with the National Association of Realtors

Which of the following statements are correct? a. A real estate broker may be issued multiple licenses under certain circumstances b. A real estate sales associate may be issued multiple licenses under certain circumstances c. A Florida real estate broker associate may be issued multiple licenses under certain circumstances d. All of the above are true

A real estate broker may be issued multiple licenses under certain circumstances

Broker Paul from ABC Realty and Broker Shawn from XYZ Realty meet to play golf at the country club. During their round of golf and at lunch, both discuss how the cost of business continues to rise. They agree that they should each increase their commission rates. This discussion is:

A violation of the Sherman Anti-trust Act.

A main duty of the real estate commission is to

Administer state licensing requirements

Under the Federal Fair Housing Act, ______________ is not a protected class

Age

What type of relationship occurs between the broker and the seller, when real estate broker takes a listing to sell someone's house.

Agent-principal

Three brokers get together and decide to form a corporation to sell real estate. They want to call their company "House of Brokers." Each broker wishes to maintain contact with the public. What is necessary to do this?

All three brokers must be active brokers, the corporation must be registered, and the trade name must be registered.

The system of ownership of real property in the United States is:

Allodial.

Which of the below provides the best description of a broker?

An agent who earns a fee, when bringing two parties together to complete a property transaction

In the purchase of a piece of property, a buyer, or bank would order which service, to obtain the properties "Fair Price"?

An appraisal

Which of the tasks below, do not require licensure ?

An employee tasked with performing real estate activities, for the business owner's property

Which would be exempt under the Federal Fair Housing Acts of 1968?

An individual selling a personal residence who does not use a broker or discriminatory advertising.

"Subdivision" or "subdivided lands" means:

Any contiguous land which is divided or is proposed to be divided for the purpose of disposition into 50 or more lots, parcels, units, or interests.

Subsection 5 states that a formal hearing before an administrative law judge from the Division of Administrative Hearings shall be held pursuant to chapter 120 if there are:

Any disputed issues of material fact.

F.S. 475.278(5) (a) agency disclosure requirements of do not apply to which of the following;

Auctions

Upon the payment of any amount from the Real Estate Recovery Fund in settlement of a claim in satisfaction of a judgment against a broker or sales associate as described in s. 475.482(1), the license of such broker or sales associate shall be:

Automatically suspended upon the date of payment from the fund.

Why is a summary suspension order given?

Because the Department feels that there is an immediate danger to public health, safety, and welfare.

A broker was sued in a civil action following an earnest money dispute, which the broker had reported to the FREC. He had received an Earnest Money Disbursement Order. The court awarded damages of $15,000 to the defendant against the broker. The broker paid the damages and requested reimbursement from the Real Estate Recovery Fund. Which statement is true?

Because the FREC issued the Earnest Money Disbursement Order, the broker is entitled to repayment up to $50,000.

Which term means all the risk and responsibility of a purchase, rests with a consumer?

Caveat emptor

When a sales associate's employing broker changes his or her address. What happens to the license status?

Ceases to be in force

An estimated value of a real estate property, produced by a licensed real estate associate is called

Comparative Market Analysis value

Which of the following duties are not included in a no brokerage relationship between an agent and a customer?

Confidentiality

Which service involves the analyzing of existing or potential projects, and providing advice?

Counseling

A home that is constructed to a buyer's specifications is called a

Custom home

When all streets, electric, and water are finished and deeded to a city, on completion of a development, the process is known as

Dedication

Which of the following duties is part of the Commissions quasi-judicial responsibilities?

Determining if a violation has occurred

The Americans with Disabilities Act (ADA) was enacted in 1990 as a wide- ranging civil rights law that prohibits.

Discrimination against individuals based on that individual's disability.

If an agent decides to represent a client and customer in the same transaction, what type of agency has occurred?

Dual agency

Which of the following types of relationship may a real estate licensee not provide to principals and/ or customers

Dual agency relationship

What is the term given, when Real estate brokers and salespersons specialize in marketing property, within a particular geographic area or property type?

Farming

What name is given to a type of relationship that exists between an agent and a principal?

Fiduciary

Federal antitrust laws such as the Sherman, Federal Trade Commission and Clayton acts deal with restraint as it pertains to: Select one:

Fixing commissions or fees.

Certain violations of the Florida Statutes, the Florida Administrative Code and other rules and regulations regarding the practice of real estate fall under the authority of the:

Florida Real Estate Commission.

It is the intent of the Florida Legislature to provide safeguards regulating the disposition of any interest in subdivided lands, including financial operations entered into by companies and persons regulated by the __________________________, to prevent fraudulent and misleading methods and unsound financing techniques which could detrimentally affect not only remote land purchasers, but also the land sales industry, the public, and the state's economic well-being.

Florida Uniform Land Sales Practices Law

If the probable cause panel finds that probable cause exists, it shall direct the department to file a/an:

Formal complaint.

Helen, is a principal of an agent. She delegates the agent the responsibility of conducting ongoing tasks, of one of her businesses. The agency is acting as a

General agency

The seller of a property instructs an agent to market and sell his property. The agent is working in the form of a

General agency

The 1988 Amendment to the Fair Housing Act of 1968 (a) expanded the categories of protected individuals to include:

Individuals with physical or mental disabilities and families with children.

An agent must provide the relevant disclosure forms, in which of the following relationships?

Relationship between seller and lender Relationship between buyer and agent

One of the central objectives of the Fair Housing Act, when Congress enacted it in 1968, was to prohibit race discrimination in:

Sales and rentals of housing.

The principal statutes affecting the investigative and litigation activities of the Antitrust Division are the:

Sherman and Clayton Acts.

The illegal practice of directing minorities to areas of the city which are populated by the same race or religion is called:

Steering.

According to Florida Statute Chapter 475, which organization is responsible for investigating licensees, who are suspected of violating real estate license laws?

The Commission (FREC)

The purpose and intent of _______________ is to incorporate into the law of this state the accessibility requirements of the Americans with Disabilities Act of 1990, and to obtain and maintain United States Department of Justice certification of the Florida Accessibility Code for Building Construction as equivalent to federal standards for accessibility of buildings, structures, and facilities.

The Florida Americans with Disabilities Accessibility Implementation Act

A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights associated with the individual ownership and controlled by:

The association of owners.

What is the requirement of state statute, in order for the Commission to action a proposal

There must be a majority vote of 4 Commission members

A savings and loan would be violating the Federal Fair Housing Act by denying a loan to Mr. and Mrs. Happy Buyer because:

They want to live in area that is considered by the bank to be declining.

What is the maximum duration a Commission member is allowed to serve, as per Florida Statute?

Two consecutive four-year terms

How much time does a person have to sit their state exam, after completing their 63 hour pre license sales associate course?

Two years

According to Chapter 475.483 (2), a person is not qualified to make a claim for recovery from the Real Estate Recovery Fund if:

b.Such person is a licensed broker or sales associate who acted as a single agent or transaction broker in the transaction that is the subject of the claim. c. The judgment is against a real estate brokerage corporation, partnership, limited liability Company, or limited liability partnership.

Common law has been created by

development of traditions and the outcomes of law cases

When dealing in residential property, which of the following instances, is a violation of real estate law?

failure to give the agency disclosure form(s) before, or at the time of, entering into a listing agreement or an agreement for representation or before the showing of property

Which of the following is not a requirement, to obtain a real estate license in Florida:

have a 4 year degree in real estate

Which of the following is the best description of a "subdivision"?

housing development created by dividing a tract of land into individual lots

Which of the following options, best describes a broker associate

must work under the employ of a broker, and may not serve as a qualifying broker

All of the following are powers and duties of the Florida Real Estate Commission except:

passing laws to regulate the transfer of property

The FREC has been delegated the authority to

revoke a broker's license

Which statement is incorrect? Select one: a. single agent is an agent of an agent b. The definition of a designated sales associate, is one that provides fiduciary duties to a principle with a net worth of $1 million or more c. A dual agency occurs when an agent provided fiduciary duties to a buyer and seller, in the same transaction d. Special agency occurs when a principle delegates an agent a specific task

single agent is an agent of an agent

A broker from another firm, finds a seller for a buyer representative's client. What type of agent is the broker from the other firm acting as

subagent

Bob is a broker. He provides limited representation to both the buyer and the seller in residential transaction. Bob is acting as a

transaction broker

John, the actively licensed broker in a partnership, has had his licensed revoked. The sales associate working for that partnership:

Will become involuntarily inactive, as the partnership will be cancelled.

A broker desires to keep an escrow account in an interest bearing account. Would this be legal?

Yes, if all parties to the transaction agree, in writing that the funds will go into an interest bearing account and who is to receive the interest.

An aggrieved party with a Fair Housing violation has how long to file a complaint with the Department of Housing and Urban Development?

1 year

Any time a real estate licensee advertises his or her services or a property for sale or lease, the advertisement must contain?

The licensed name and phone number of the brokerage firm as it is registered with the FREC.

"Blind" advertising is prohibited; it must always reveal:

The licensed name of the brokerage firm.

Personal or brokerage funds in any escrow account shall not exceed:

$5000 per account.

A licensee has been issued a Final Order of the FREC, suspending his license. How long a time period is the maximum a suspension can last?

The maximum is 10 years.

Which is NOT required on a broker's entrance sign?

The name of a sales associate registered with the firm.

Which statement is correct as per licensing law and regulations?

The commission are not permitted to impose imprisonment as a penalty, but can refer a case to a criminal court, where the outcome can be imprisonment.

What is the correct procedure when transitioning from a single agent to transaction broker relationship?

The correct answer is: A principal agrees to all terms of a transition to transaction broker, and signs the disclosure

Which statement is correct, when referring to the 14-hour continuing education course, for broker and broker associate?

The course must be completed, within the second renewal period, in order to renew the license

Every sales associate who receives any deposit, as defined in Rule 61J2-14.008, Florida Administrative Code, shall deliver the same to the broker or employer no later than:

The end of the next business day following receipt of the item to be deposited.

A license may be revoked or canceled if it:

Was issued through the mistake or inadvertence of the commission.