real estate level 1
b
A client terminates a listing agreement before its expiration date. What happens now? a The agent must send the client a Notice of Release form. b The client may owe a commission anyway. c The agent must sue. d The listing is cancelled.
d
A person performing real estate activities under the judgment or order of a court, such as a trustee in a bankruptcy, is ______. a Required to have a broker license b Required to have at least a salesperson license c Required to have at least an associate broker license d Not required to have a real estate license
c
A real estate license is required ______. a When performing maintenance work for one property owner b When performing real estate activities for others, without compensation c When performing real estate activities for others, for compensation of any kind d When performing real estate activities for yourself
c
Alison is providing limited representation to Jeremy, a buyer, and Susie, a seller in a single residential transaction. What role has she taken on? a Limited dual agency b General agency c Transaction brokerage d Dual agency
a
Amanda helps her neighbor sell his home by assisting with negotiations. She receives no compensation for her assistance. Based on this one transaction, Amanda ______. a Doesn't need a real estate license b Must have at least a broker associate license c Must have a broker license d Must have at least a sales associate license
a
Applicants for a real estate license are required to report if they have ever been _______________ a crime. a) Convicted or found guilty of b) A victim of c) Charged with d) A witness to
b
Can a new licensee specialize in the sale of farm and ranch property? a) Not until the licensee has at least five years of experience in agricultural real estate b) Yes, a new licensee can specialize in agricultural real estate c) Not until the licensee passes additional courses in agricultural real estate d) Yes, as long as the new licensee has a degree in agriculture
d
Chapter 475 of the Florida statutes, called the ___________________________, sets forth the law regarding real estate brokers, sales associates, and real estate schools. a Administrative Code b Department of Business and Professional Regulation c Organizational Structure Act d Real Estate Professional Practice Act
associate broker
Consuela is a real estate licensee, and she has three other licensees working under her supervision. What type of license does Consuela hold?
c
Florida administrative code codifies the rules of state agencies, such as the ___________________________, which establishes the rules for real estate licensure. a National Association of REALTORS® b Sunshine Coalition c Florida Real Estate Commission d Federal Trade Commission
a
How do members join the FREC? a They are appointed by the governor. b They are selected by the FREC. c They are elected by real estate professionals. d They are chosen by a lottery selection process.
4
How many of the seven members of the FREC must have held an active broker license for at least five years prior to appointment?
a
If there is one opening on the committee consisting of three brokers with at least five years of experience, a sales associate with at least two years of experience, and two consumers, which one of the following individuals is qualified to join? a A broker with at least five years of experience b A broker with at least two years of experience c An unlicensed consumer d A sales associate with at least five years of experience
b
In Florida, is a real estate license required to buy and sell business opportunities? a) Only if land is involved b) No, a license is not required c) Yes, an active current real estate license is required to sell business opportunities d) Only if real property, land, or buildings are involved
fiduciary
In general, a person in a position of loyalty and trust is a(n) ______.
appraiser
In the real estate business, which professional's primary role is to estimate property value based on established valuation guidelines?
real estate developer
In the real estate business, which professional's primary role is to make improvements to land?
property manager
In the real estate business, which professional's primary role is to manage properties for others?
real estate counselor
In the real estate business, which professional's primary role is to provide clients with the information they need to make informed decisions about their own specific real estate interests?
real estate educator
In the real estate business, which professional's primary role is to provide training to individuals who want to obtain their real estate license or who need to keep their license current?
c
Marissa, a new licensee, has some questions. Which of these questions can the Utah Association of REALTORS® help her answer? a) What kinds of records do I need to keep, and for how long? b) What steps do I have to take to become a principal broker? c) Where can I go to find some marketing data on my area so I can advertise more effectively? d) How do I choose an educator for my post-licensing education requirements?
a
Members of the NAR or local associations of REALTORS® must ________________ to belong to the organization. a) Pay an annual membership fee b) Pass a test c) Be nominated d) Be initiated
b
Membership in the NAR—or any of its state/local associations—is _____________. a) Exclusive b) Voluntary c) Required d) Free
d
Scott is a sales associate who works under the supervision of a broker. Which of the following is true? a) Scott can receive compensation directly from clients. b) Scott must be an independent contractor. c) Scott must be an employee. d) Scott can be either an employee or an independent contractor.
obedience
Shari's clients want her to post that there are "no showings on weekends" on the MLS. Shari knows that will significantly cut down on their market exposure. Her duty of reasonable skill and care is in conflict with her duty of ______.
agent
Someone who's been given the authority to act on behalf of someone else is a(n) ______.
a
The DBPR can issue cease and desist orders to ___________________. a Unlicensed individuals b Sales associates c Brokers d Certified public accountants
DBPR
The _____________________ is the agency which licenses and regulates businesses and professionals in Florida.
DBPR
The ______________________ oversees the DRE, which administers the FREC to regulate real estate in Florida.
a
The rules of the Florida Real Estate Commission are codified in the ____________________. a Florida administrative code b Department of Business and Professional Regulation c Florida statutes d Newsletter of the state legislature
a
To protect the public, the Florida Real Estate Commission was granted what authority? a To regulate brokers, firms, sales associates, and real estate schools b To appoint its own members c To teach real estate principles and practices d To own land
b
Unlicensed consumers may only perform real estate activities in certain situations. In which of these scenarios would the consumer need a real estate license? a Mickey is selling his own home and isn't using the services of a listing agent. b Jessie is searching for a new home for a friend moving into town. Jessie will be compensated 2% of the sale price for her time and effort. c Ronald is acting as executor of his uncle's estate, which includes selling the property his uncle owned. d Peter is helping his sister, Kristen, find a new apartment. He will not be compensated in any way.
b
What does the candidate information booklet help prepare you for? a To vote in FREC elections b The Florida real estate sales associate examination c To vote in state primaries d To serve on the FREC
b
What happens when two fiduciary duties conflict? For instance, your clients ask you not to show their property on evenings and weekends, when most showings occur. To obey (a fiduciary duty) means to fail in reasonable skill and care (another fiduciary duty). What should you do? a Refuse to work with these unreasonable clients. b Discuss the issue with your clients and let them decide. c Wait until your clients are out of town, then show the property. d Obey. It always trumps reasonable skill and care.
b
What is the purpose of the Florida real estate license law? a To establish the Florida Real Estate Commission b To protect the health, safety, and welfare of the public c To promote real estate as a profession d To collect fees for licensing real estate professionals
c
What's next for a licensee candidate who's successfully completed the pre-licensing course and have had their sales associate license application approved? a The candidate will be issued a sales associate license. b The candidate will be issued a broker license. c The candidate needs to pass the real estate sales associate examination. d The candidate needs to register with an employing broker.
loyalty
What's one of the most fundamental of all fiduciary duties, and is the one that underlies all other duties?
b
When is licensure obtained? a) When the licensee registers as active with the DBPR b) When an applicant passes the state license exam c) When an individual submits an application and fees to the DBPR d) When the applicant completes the pre-licensing education requirement
a
When pitching the benefits of full representation to a potential client, you can list which of these duties as exclusive to a single agent relationship? a Loyalty b Accounting for funds c Honesty and fairness d Disclosure of material facts
a
Which duties owed by a transaction broker are missing from this list? Deal honestly and fairly; account for all funds; present all offers; disclose material facts; use skill, care, and diligence; _____________; and additional duties as agreed. a Maintain limited confidentiality b Inspect all properties c Act as a dual agent d Perform appraisals as requested
FREC
Which entity is responsible for regulating professional practices, such as recordkeeping and the manner in which deposits are made in escrow?
b
Which of the following individuals must have a real estate license to perform the real estate services described below? a A motel clerk renting overnight rooms at the motel b An agent advertising his or her real estate services c A person renting lots in a mobile home park d The owner of a time-share who resells the timeshare
a
Which of the following statements regarding seller agency is true? a A seller's agent represents the seller, while the buyer's agent represents the buyer. b A sub-agent represents the buyer. c A seller's agent represents the buyer, while the buyer's agent represents the seller. d Seller agents are dual agents.
c
Which of these brokerage relationship scenarios is allowed in Florida? You can assume Billy and Elizabeth work for the same brokerage and that each of the scenarios involve residential transactions. a Elizabeth is acting as a listing agent for a seller. Billy shows the listing to a potential buyer without giving any disclosures. b After disclosing non-representation, Billy shows one of Elizabeth's listings to a potential buyer. The buyer asks Billy to represent him in the sale, and Billy acts as a transaction broker while Elizabeth acts as a seller agent c Elizabeth sees that Billy has listed a property for his seller client that is perfect for her buyer client. With permission from the buyer and seller, Billy and Elizabeth both transition to transaction brokerage relationships. d Elizabeth sees that Billy has listed a property for his seller client that is perfect for her buyer client. With permissions from the buyer and seller, Billy and Elizabeth transition to designated sales associates.
a
Which of these duties are owed by a designated sales associate, among others? a Confidentiality, obedience, loyalty, and full disclosure b Limited representation and limited confidentiality c Designated sales associates do not owe any duties d Commercial duties
c
Which two duties of the transaction broker are shared with the single agent? a Maintain limited confidentiality and deal honestly and fairly b Confidentiality and full disclosure c Present all offers and use skill, care, and diligence d Account for all funds and obedience
loyalty
While hosting an open house, Liza speaks with prospective buyers. They're interested in the house, but think the listing price is a little high. They ask her what other incentives they could include in their offer to get the seller to come down on their price. If Liza helps them, what duty may she be breaching?
b
Who can use the term REALTOR® to refer to themselves? a) All real estate professionals b) Only members of the National Association of REALTORS® c) Only licensed brokers d) Real estate professionals who have had their license for five years or more
client
You have a listing agreement with Sam, which makes him your ______.
buyer
You represent a buyer in a transaction that includes a 2% cooperating agent commission that will be paid by the seller. Who's your client?
customers
You're holding an open house for Brenda. Walt and Mary walk in and ask for a flyer that gives details about the property. Walt and Mary are now your ______.
principal
a party to a transaction, and the person for whom the agent acts
sub agent
an agent working under another agent
agent
someone who acts on behalf of someone else
client
someone who has agency representation with the real estate salesperson or broker
fiduciary
someone who is in a position of trust and loyalty - best interest of the client
finder
someone who is not an agent but introduces buyer and seller
consumer
someone who uses or purchases a product or service
customer
someone working with a real estate licensee but who's not represented by the licensee