Class test prep 1

An applicants real estate license application was denied. All of the following actions below could have caused that result, EXCEPT..

Not a U.S. citizen

A licensee failed to renew his brokers license prior to his second expiration date and became involuntary inactive. How long may this individual remain in this status?

2 years

What is a transaction broker ?

A provider of limited representation to a buyer, seller, or both.

Which statement is correct concerning agency relationships?

A special agent is only authorized to perform a single act on behalf of the principal.

ABC real estate, Inc. had it's registration revoked by the FREC. Which statement correctly describes the licenses of those license in the corporation?

All licenses within the business is automatically inactive within 14days.

A licensee has been found guilty of a violation of the rules of the real estate commission. The commission can impose any of the following penalties, EXCEPT...

An administrative fine of up to $10,000 per offense

What term is used for a person who has been given power-of-attorney to act for another person.

Attorney-in-fact

A broker gave permission for a real estate sales associate to deal directly with the brokers principal. Which statement correctly applies?

Both the broker and sales associate have a fiduciary relationship with the principal.

Roberta made a written offer of $78,000 on Peters home that was listed with broker Ally. Before the offer could be presented Larry arrived at Ally's office and made an oral offer of $82,000 but did not give a deposit. Ally promises Larry that she would submit oral offer but only presented written offer to Peter. Which statement is correct?

Broker Ally should have disclosed the details of the oral offer to Peter when she submitted Roberta written offer of $78,000

What is the name for a person who has passed the estate broker examination but continues to be employed by an active licensed real estate broker ?

Broker associate

The real estate business is influenced by government at the local level. Which action would take place at the local level ?

Building Moratorium

The administrative agency enforcing Florida real estate law is under jurisdiction of which entity?

DBPR

Which statement is true regarding single agency as it pertains to residential transactions?

Florida prohibits a licensee from representing the buyer and seller as a single agent in the same transaction.

A real estate licensee did not complete the continuing education within the required time frame. There license expired on March 31st. What is the status of the license on April 1st

Involuntary Inactive

Roberta a Michigan real estate broker referred a customer to broker Wendy in Tampa. With a understanding that Roberta would receive a portion of any commission earned. The customer purchased a home with Wendy's assistance. If Roberta did not participate in the transaction and Wendy sent a portion of the commission to Roberta. Which of the following statements applies ?

The Florida real estate license law was not violated.

Which statement correctly applies to a real estate broker who represents both parties as a single agent in a transaction?

The broker is in violation of Florida statute 475

What is the grace period for a sells associate to complete his post-license education after the original expiration date in his license?

There is no grace period

Which statement is correct regarding an individual who has been convicted of a crime ?

They must disclose the conviction on there real estate license application

Sells associate Charlie decides to work for ABC realty in Mon, Wed, & Fri and for XYZ realty on Tues, Thurs, & Sat. Which statement correctly describes this situation ?

This is a violation of the Florida statue 475