FL Real Estate Practice Quizzes 1-10
When using the Government Survey System, the initial primary north-south reference line is called the -base line. -central meridian. -check line. -principal meridian.
principal meridian - The primary reference lines used in the Government Survey System are the principal meridians, which run north-south like longitude lines.
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 -courtesy. -fixture. -marker. -chattel.
fixture - A fixture is an item that was once personal property but is now legally considered to be real property.
There are _____ sections in a township. -12 -18 -30 -36
36 - Townships are divided into 36 one-mile by one-mile square land parcels called sections.
The following statements appeared in real estate advertising. Which one is NOT legal and proper? -"This property is offered by Smith Realty, George W Smith, Broker". -"This property is the broker's own residence, being offered by Smith Realty, George W Smith, Broker-owner". -"This property is offered by Smith Realty, George W Smith, Broker and member of the Real Estate Educator's Association." -"This property is offered by Marry Brown, sales associate for a licensed broker."
"This property is offered by Marry Brown, sales associate for a licensed broker." - All advertisements must include the licensed name of the brokerage.
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? -160 acres -240 acres -320 acres -300 acres
240 acres - One section is 640 acres. To calculate the size of John's original section: 640 x 1/2 = 320 acres. John sold: 320 acres x 1/4 = 80 acres. So he still owns 240 acres (320 - 80).
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? -comply, since he is required to abide by his principal's directions -contact his attorney for legal guidance -ignore his principal's directions and continue showing to all persons coming to him -withdraw and refuse to deal with the owner
withdraw and refuse to deal with the owner - Licensees must always follow the law.
When a sales associate is authorized to negotiate a property sale, he or she has the authority to -change the legal instructions of his broker's principal. -bind his broker's principal to a real estate contract. -change the price or terms of a listed property without the principal's knowledge and consent. -work under the direction of a broker or in some cases an owner-developer.
work under the direction of a broker or in some cases an owner-developer. - A sales associate always works under the direction of a broker.
A licensed appraiser is compensated for an appraisal -with a percentage of the property's appraised value -with a flat fee -with a percentage of an income-producing property's profit -With a percentage of the property's selling price
with a flat fee - A licensed appraiser must follow the USPAP standards, which include in its Code of Ethics that compensation may only be by a flat fee to avoid false inflation of property values.
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. -7 -15 -30 -60
15 - The tenant must object in writing within 15 days of receipt of the notice that a deposit will not be returned.
How many business days does a broker have to notify the FREC, in writing, of conflicting demands or of a good faith doubt? -3 days -7 days -15 days -30 days
15 days - If a broker receives conflicting demands about escrowed property, they must notify FREC in writing within 15 business days.
When using the government survey method for legal descriptions of property, how many acres does a quarter of a section contain? -40 -80 -160 -640
160 - One section is 640 acres and one-fourth of a section is 160 acres, or 640 / 4 = 160.
The Florida Statutes that define the general legal practice and procedure for the Department of Business and Professional Regulation (DBPR) and the licensees of all professions, including real estate, are Chapter 475 and Chapter -20. -120. -455. -718.
455 - Florida Statute Chapter 455 outlines general legal practice and procedure for the DBPR and sets forth the requirements concerning license examinations and the use of professional testing services.
The Florida Administrative code that expands on the provisions of F. S. Chapter 475 is the -61G2 -61G5 -61J2 -61N
61J2 - The Florida Administrative Code 61J2 sets forth administrative rules developed by the Florida Real Estate Commission following the rulemaking process outlined in Chapter 120.
To which situation does the Fair Housing Act apply? -An owner is selling his house himself without the assistance of a broker -An owner of a duplex lives in one of the units and rents the other out -A broker shows homes to prospective buyers -A general partnership buys and sells industrial property
A broker shows homes to prospective buyers - The Fair Housing Act applies to any residential transaction involving a broker. Owners who live in a rental property with four units or less are not subject to the FHA. The FHA only applies to single-family and multifamily housing. Any residential transaction involving a broker must follow the rules of the Fair Housing Act.
Which is NOT an accessibility requirement in a condominium community per the Americans With Disabilities Act? -Residents may install ramps to access their units. -There must be wheelchair-accessible restrooms in the clubhouse. -There is an accessible, barrier-free route of travel throughout the community. -A unit owner has a German Shepherd service dog, even though the community has a "no pets over 20 pounds" policy.
A unit owner has a German Shepherd service dog, even though the community has a "no pets over 20 pounds" policy - The provision that an owner who needs assistance may have a service dog regardless of the pet regulations in a residential or rental community is included in the Civil Rights Act of 1968 (Fair Housing Act), not the ADA. German Shepherd dogs are well over 20 pounds.
What is the final legal act in an eviction procedure? -The landlord serves a notice to the tenants giving them 3 days to move out due to non-payment of rent. -The landlord files a complaint for eviction with the county. -After the tenants are served a writ of possession, the landlord begins to remove their personal property from the rental unit. -The tenants defend their right to remain on the property.
After the tenants are served a writ of possession, the landlord begins to remove their personal property from the rental unit - The clerk of court issues a writ of possession. This is signed by the sheriff and placed on the rental property or handed to the tenant, who has 24 hours to vacate. As soon as the sheriff signs the writ of possession, the landlord may begin to remove the tenant's personal property from the rental. This may be done with the sheriff present.
Which Florida Statute gives the Florida Real Estate Commission the authority to discipline Florida-licensed real estate professionals? -Chapter 20 -Chapter 83 -Chapter 120 -Chapter 455
Chapter 455 - Florida Statutes, Chapter 455 states that licensed professions "shall be regulated only for the preservation of the health, safety, and welfare of the public under the police powers of the state".
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 -an employee should devote at least 40 hours per week to his employer in order to earn his salary. -the Florida Real Estate Commission could not keep track of where the sales associate or broker associate is working if he had more than one employer. -Chapter 475, F S mandates only one registered employer for a sales associate or broker associate. -the Federal Trade Commission Rule 27-S forbids a sales associate or broker associate from having more than one employer.
Chapter 475, F S mandates only one registered employer for a sales associate or broker associate - A sales or broker associate can only be registered to work with one broker at a time.
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. -Each lot must be limited to 73 by 175-feet. -The height of any single building or improvement may not exceed 25 feet. -All homes will contain a minimum of 1,500 square feet of living space.
Each owner must make $500 worth of improvements per lot, per year - Deed restrictions typically control lot size, building size, and appearance of exterior improvements. Enforcement of a financial requirement would be difficult after a sale.
A real property line that runs from a given point North 90 degrees East will run in a direction of -South-by-Southeast -East-to-West -North-by-Northwest -North-to-South
East-to-West - Starting from North 90 degrees East, the real property line will run in a direction of East-to-West.
The legal rights and responsibilities of real estate licensees are established by what law? -Florida Statute Chapter 455 -Florida Statute Chapter 475 -Florida Administrative Code 61J2 -Florida Statute Chapter 574
Florida Statute Chapter 475 - The Florida Statute Chapter 475 was created by the Florida Legislature to establish the legal rights and responsibilities of real estate licensees.
Raising the professional and ethical standards of real estate licensees is one goal of the -Florida Bar Association. -National Association of Realtors. -Florida Real Estate Commission. -National Association of Agents.
National Association of Realtors - The NAR has a strict Code of Ethics and members pledge to deal fairly and honestly with their clients, with other real estate professionals, and with the public.
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? -Yes, even if the bankruptcy court denies it. -Yes, because there was executory contract. -No, because the executory contract was terminated before the buyer was procured. -No, because Broker Baker is not a preferred cr
No, because the executory contract was terminated before the buyer was procured - Bankruptcy of the principal (Abrams) terminates the brokerage relationship.
An owner of a unit at a 20-unit condominium complex informs the salaried manager that he will be out of the country for six months and would like a friend to rent the apartment while he is gone. The manager agrees to the six-month rental. Does he need a real estate license? -Yes, because the condominium complex contains more than ten units. -Yes, because the rental period the Manager had arranged was for more than one month. -No because the complex consists of condominiums and not cooperative ap
No, because the rental period arranged was for not more than one year - Certain individuals performing real estate services are exempt from licensure, including an employee who manages a condominium complex and leases units, provided the lease is for no 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? -General Warranty, Special Warranty, or Personal Representative -Personal Representative, Guardian's, or Committee's -Quitclaim, General Warranty, or Special Warranty -Bargain of Sale, Special Warranty, or Personal Representative
Personal Representative, Guardian's, or Committee's - Special purpose deeds are used to convey property when an owner is unable to sign the deed and include personal representative, guardian, committee, and tax deeds.
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? -Quitclaim deed -Personal representative's deed -Guardian's deed -Committee's deed
Personal representative's deed - If someone dies without executing and filing a will, their estate is identified as "intestate". Without a will to manage this distribution, a personal representative is designated by the Court.
The Division of Real Estate exists primarily to -Approve or deny license applications. -Provide administrative support to the FREC. -Discipline licensees who are in violation of regulations. -Approve licensure courses.
Provide administrative support to the FREC - The Division of Real Estate provides support services to the FREC such as record-keeping and other administrative duties.
In a metes and bounds legal description, the direction "N 10 degrees E." would be exactly opposite from the direction -N 10 degrees W -S10 degrees W -N 80 degrees W -S 80 degrees W
S10 degrees W - The metes and bounds legal description define a location with measurement markings around a compass, where the opposite of north is south and the opposite of east is west.
Which is NOT a potential reason the FREC would deny an application for licensure or renewal of a license? -The applicant has been guilty of breach of trust. -The applicant has been guilty of misrepresentation. -The applicant is not a US citizen. -The applicant has been found guilty of dishonest dealing.
The applicant is not a US citizen - US citizenship is not a requirement for licensure in the State of Florida. Anyone found guilty of fraud, misrepresentation, concealment, false promises, false pretenses, dishonest dealing by trick, scheme, or device, culpable negligence, or breach of trust in any business transaction will not be approved.
A broker listed a land 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? -The broker properly submitted only the higher offer. -The broker should have presented both offers to owner. -The owner must accept any offer that meets or exceeds the listing price. -The broker has the right to decide which offer to pres
The broker should have presented both offers to owner - The broker must present all offers and counteroffers to their clients.
Which is NOT true of the Real Estate Recovery Fund? -The fund acts as insurance for real estate licensees who are sued. -Monetary damages must be paid from the broker's or sales associate's personal assets first. -The fund reimburses a broker who followed a ---FREC order for a disbursement of escrow but is later sued by one of the parties.
The fund acts as insurance for real estate licensees who are sued - The Real Estate Recovery Fund is not an insurance policy for licensees but a fund that protects the public. The other choices are all true of the fund.
Which statement is NOT true about the disciplinary authority of the Florida Real Estate Commission (FREC)? -The maximum period the FREC may suspend a license is ten years. -FREC may deny an application for licensure or renewal. -FREC may revoke an individual's license. -The maximum administrative fine the FREC may impose for each separate count is $1,000.
The maximum administrative fine the FREC may impose for each separate count is $1,000 - The maximum administrative fine the FREC may impose for each count is $5,000.
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 can receive $100, if she notifies the broker by the end of June -The renter is entitled to $200, if she notifies the broker by June 15 -The renter's refund is $150, if she makes demand for the return of the fee before June 30 -The renter is not entitled to any refund, as the broker has fulfilled his duty to his principal by assuring that the list was current and accurate
The renter's refund is $150, if she makes demand for the return of the fee before June 30 - The prospective renter is entitled to a 75% refund of the broker's fee if a suitable rental property is not found, and the renter requests the refund within 30 days of the contract date.
Of the following statements, which one is TRUE about kickbacks or rebates? -They are always illegal if disclosed to the principal. -All money that the licensee receives while acting in a professional capacity is likely to be considered a kickback or rebate. -They are legal only when paid by sellers. -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.
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 - Kickbacks may be legal under limited conditions, including that all parties to the transaction are informed.
Which must the developer of an unimproved subdivision provide to the prospective buyer? -the location of water and sewer lines -a detailed property report -reviews by previous satisfied buyers -title insurance
a detailed property report - Under the Interstate Land Sales Full Disclosure Act, a developer or agent must register the development with the Consumer Financial Protection Bureau and provide the purchaser with a detailed property report prior to the sale. "Unimproved property" is raw land without utilities; reviews by other buyers are an advertising tool; title insurance comes after the sale, and the buyer pays for it.
Everything that is permanently attached or connected to land is -an encumbrance. -an attachment. -a fixture. -personal property.
a fixture - A fixture is legally considered real property because it is a permanent attachment to the property.
Which statement best describes a group license? -a license held by a group of brokers -separate licenses held by a broker for different businesses -a right granted to a sales associate or broker associate to work various properties owned by one owner/developer -One license held by a group of sales associates that allows them to work at various properties owned by one owner/developer
a right granted to a sales associate or broker associate to work various properties owned by one owner/developer - Owner/developers often own several properties with different locations and names. A group license allows sales associates and broker associates to work at any of the properties the owner/developer operates.
While a buyer is a broker's principal. Legally, the sales associates who work for the broker are -partially assuming fiduciary duties to the buyer. -assuming the agency obligations to the seller. -also bound by the broker's agency obligations. -performing all fiduciary duties to both buyer and seller.
also bound by the broker's agency obligations - As subagents of the broker, the sales and/or broker associates must abide by the rules pertaining to the relationship the broker legally establishes.
Once sales associates have completed their required post-licensing education, they must subsequently complete during every 2-year license period -only 3 hours of law and legal updates. -14 hours of law and legale updates. -at least 14 hours of continuing education for active and inactive licensees. -at least 14 hours of continuing education for active licensees, only.
at least 14 hours of continuing education for active and inactive licensees - Fourteen hours of continuing education is required for all subsequent two-year renewal period. Involuntary inactive licensees can maintain their license by continuing to meet is requirement.
By issuance of a Final Order, a broker's license was revoked by the Florida Real Estate Commission. The licenses of the sales associates working under the broker are -not affected by the broker's revocation. -automatically void. -automatically placed on involuntary inactive status. -subject to suspension after a hearing.
automatically placed on involuntary inactive status - If a broker's license is suspended or revoked in a disciplinary action, the licenses of the sales associates working for that broker are placed on involuntarily inactive status.
If a new sales associate fails to complete the post-licensing education requirement within the allotted time frame, the initial license will -become null and void. -become inactive. -have a penalty of not less than $1,000. -not have any change in status.
become null and void - In the event that you fail to successfully complete the mandatory 45 Hour POST LICENSING Florida course, before your first initial license renewal date, your license will then be categorized as "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 -steering. -redlining. -a violation of the ADA. -blockbusting.
blockbusting - Blockbusting occurs when a broker or sales associate mentions that a member of a protected class has purchased nearby property or uses rumor or innuendo that this is beginning to occur to encourage owners to sell, usually at a lower price than actual value.
In Florida, if a homestead is in only one spouse's name, or if it is co-owned by a married couple, then -only one of the spouses needs to sign the real estate sales contract. -only the spouse whose name is on the deed must sign the real estate sales contract. -either one of the spouses may sign the real estate sales contract. -both spouses must sign the real estate sales contract.
both spouses must sign the real estate sales contract - Married couples own a homestead property together as tenants-by-the-entireties and both must sign the contract to sell the property.
Over which type of escrow account does the FREC have jurisdiction? -broker escrow accounts -title company escrow accounts -attorney escrow accounts -seller held escrow accounts
broker escrow accounts - The FREC does not get involved if the escrow funds are held by a third party.
A broker or sales associate would be committing fraud if he or she knowingly sold a property -that is subject to a blanket encumbrance, even if the encumbrance has a legal partial release clause. -with a guaranteed repurchase agreement, even if the agreement is approved by other Florida state-regulatory agencies. -by using a lottery, even if the property is actually conveyed in accordance with the lottery rules. -with a marketable title.
by using a lottery, even if the property is actually conveyed in accordance with the lottery rules - A lottery would arbitrarily favor one party over another in the transaction, which is illegal for licensees to do in a transaction they negotiate.
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. -should encourage the prospective buyer to offer $74,500 so the house will sell faster. -should encourage the prospective buyer to offer a figure just above $74,500. -can legally represent the price of the property at less than $74,50
cannot legally mention the $74,500 price -Brokers are required to maintain confidentiality with their clients.
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 -would have his license revoked. -could have his application denied, with prejudice. -could receive an administrative fine. -would face suspension of his license for a minimum of three years.
could receive an administrative fine - Penalties for the first misleading advertising offense is a $250 to $1,000 fine and a 30 to 90-day license suspension. For the second offense, they are a $1,000 to $5,000 fine and a 90-day license suspension.
Which area of real estate requires the highest degree of expertise? -Appraising -Commercial building sites -CMA reports -Counseling
counseling - Real estate counseling requires highly specialized skills because it usually involves exceptionally large projects and investments. It would be difficult to confidently give advice without thorough training and experience.
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 appurtenant. -easement in gross. -easement by necessity. -easement by prescription.
easement in gross - An easement in gross allows a company (such as a utility) to access infrastructure they own on a property.
A beneficial interest in real estate which implies that at a future date an individual will receive legal title is known as -abstract of title. -color of title. -constructive notice. -equitable title.
equitable title - An equitable title is held by a person who has agreed to purchase property, but the details of the transfer have not yet occurred.
Which best describes the members of the Florida Real Estate Commission? -eight members who serve two-year staggered terms -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 -a chairperson, vice-chairperson, secretary, and treasurer -one representative each from single-family homes, condominiums, timeshares, mobile homes, industrial properties, commercial propert
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 - FREC members are four licensed brokers active during the previous five years, one broker or sales associate active during the previous two years, and two community members with no experience as real estate professionals, one of whom must be at least 60 years old. They are appointed by and are accountable to the Governor.
Jamie works as an unlicensed personal assistant for Sunshine Realty. Which task is she allowed by law to do? -gather information for a comparative market analysis -show property when you are out of town -call one of your buyers and discuss an offer -list a property when you are busy on another appointment
gather information for a comparative market analysis - An unlicensed assistant cannot perform real estate services but can gather information for licensees to perform real estate services.
Which activity may an unlicensed personal representative at an open house legally perform? -discuss seller's motivation with buyer -hand out materials -answer questions based on their personal opinion -prepare and let buyer sign the offer
hand out materials - Licensing is required to perform real estate services, so unlicensed assistants may only provide support services to a brokerage.
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 -disclose in writing to a buyer that the licensee is an agent of seller. -have the seller sign a Transition to Transaction Broker form before showing the house to the buyer. -deliver a copy of the Agency Disclosure Form to the seller. -get the informed, written consent of all parties prior to becoming a dual agent.
have the seller sign a Transition to Transaction Broker form before showing the house to the buyer - A single-agent relationship can be changed to a transaction broker relationship if the agent provides their principal a transition disclosure and the principal consents to the transition.
The best descriptive phrase associated with property held by tenancy in common is -a lease. -having a right to survivorship. -a lease for years. -having an undivided interest.
having an undivided interest - In a tenancy in common, each co-tenant owns a separate fractional share of an undivided property.
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 a separate interest-bearing Florida Bank, and pay the tenant at 75% of any annualized average interest rate or 5% per year simple interest -hold the money in a separate non-interest-bearing Florida Bank account and not commingle funds until due to the tenant -post a surety bond with the clerk of the circuit court in the county in which the rental property is located -hold the money in any bank, credit union or savings and loans institution located in any of the 50 states and may not commingle
hold the money in any bank, credit union or savings and loans institution located in any of the 50 states and may not commingle - The security deposit must be held in a Florida banking institution or the surety bond in the county in which the rental property is located. Therefore, holding the money in any of the 50 states is an INCORRECT way to deposit the security deposit.
USA Bank contacted Aubrey, a sales associate with Blue Skies Realty, to do a Broker Price Opinion (BPO). The fee for the BPO was small so the bank paid Aubrey directly. This is -perfectly legal per Chapter 475, F.S. -illegal, since sales associate violated Chapter 475, F.S. -illegal, since broker of ABC Realty has violated Chapter 475, F.S. -allowed under Chapter 475, F.S. because BPO's are paid by a set dollar amount rather than commission.
illegal, since sales associate violated Chapter 475, F.S. Sales associates may prepare CMAs and BPOs under the direction, control, and management of their broker, but their compensation is paid to them by the broker.
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 -5 business days -10 business days -15 business days
immediately, within three business days - Earnest money received by a broker must be deposited immediately, which means within three business days.
When must the No Brokerage Relationship notice be presented? -in writing before getting signatures on contracts -in writing before the showing of property -at any time before closing of transaction -at no time since, it is presumed by law
in writing before the showing of property - The no brokerage relationship or nonrepresentation must be presented in writing before the showing of property.
Karen's sales specialty involves the knowledge of regulated land use, environmental considerations, transportation, labor costs and utility charges. Her field of specialty is -agriculture. -commercial -industrial. -residential
industrial - Industrial property specialists need knowledge of government regulations regarding land use, transportation, the environment, and local costs for labor and utilities.
Before Esther died, she named her friend Linda as her personal representative in her will. To participate in the sale of a real estate property owned by Esther, Linda -must hold a sales associate's license. -must hold a broker's license. -must contract with a licensed broker. -is not required to hold a real estate license.
is not required to hold a real estate license - As the assigned representative for the estate, Jenny is acting as owner of the estate and does not require a license.
The legal description most often used in a platted subdivision is -government survey. -developer coding. -lot and block. -metes and bounds.
lot and block - The lot and block survey method (or recorded plat method) is used for residential and commercial land parcel and involves creating a plat map for a parcel of land and dividing it into lots and blocks.
If a homeowner has a rectangular parcel of land measuring 620 feet x 900 feet, he will have: -more than 12 acres. -less than 12 acres. -exactly 14 acres. -more than 14 acres.
more than 12 acres - One acre is 43,560 square feet. Parcel size in acres = 620 x 900 = 558,000 square feet / 43,560 square feet per acre = 12.81 acres.
Two of the seven members of the Florida Real Estate Commission must be -never licensed as real estate sales associates or brokers. -licensed for at least seven years. -licensed as attorneys. -aged 60 years or older.
never licensed as real estate sales associates or brokers - Two members of the FREC are members of the public who have never been licensed as real estate professionals.
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 -compensate him for his expenses, because he is not subject to comply with Florida's Real Estate Licensure Law. -give him reasonable compensation, provided you send it to him through a bank outside of Florida. -compensate him with a gift of equal value, but not with monetary compensation. -not legally compensate him for the entertainment expense.
not legally compensate him for the entertainment expense - The client is not licensed to provide real estate services in Florida and thus cannot be compensated for the referral.
The earnest money (binder) deposit in a Florida real estate contract is -not required to make the contract valid. -required to make the contract valid. -not required until after the contract has been performed and is closed. -required within 10 days on the date of the contract.
not required to make the contract valid - Earnest money deposits are funds offered with a contract as a token of good faith but are not legally required for the contract to be valid.
A broker lists a property that she knows would be perfect for cousin. The property is being sold due to the death of the owner. The succession is willing to accept a much lower offer than the property's listed price. About making an offer, the broker should tell her cousin -that the succession will consider a much lower offer than the listed price. -that the succession is very motivated to sell quickly. -to make an offer equal to the listed price. -nothing, and present to the succession any of
nothing, and present to the succession any offer that her cousin wishes to make - The broker's fiduciary responsibility is to his client, which includes confidentiality.
The metes and bounds method requires -point of beginning. -tier. -range. -benchmark.
point of beginning - Point of beginning. To determine the boundaries of a property, the surveyor would need a starting point or Point of Beginning. Tier and range are used in the governmental survey method. Benchmarks are used to determine elevation.
A transaction broker is best described as the concept of -all fiduciary duties apply. -one who provides limited representation in a brokerage transaction between buyer and seller. -trust and confidence apply. -broker represents both the buyer and seller with full fiduciary duties.
one who provides limited representation in a brokerage transaction between buyer and seller - A transaction broker provides limited representation to a buyer, a seller, or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent.
Doug, a real estate broker, is convinced that a rule or guideline that significantly affects him is not valid and should be changed. He can seek recourse by -contacting his state legislative delegation, only. -writing his local Board of County Commissioners to speak at a meeting of his concerns. -petitioning for an administrative determination before the Florida Real Estate Commission. -informing the National Realtor's Association and hoping someone changes the rule soon.
petitioning for an administrative determination before the Florida Real Estate Commission - The FREC has the power to make and change administrative rules and meetings are open to public comment, with advance notice.
Of the liens listed below, which is the superior lien that takes priority over the others? -mechanic's lien dated September 6, 2018. -judgment lien dated July 10, 2020. -vendor's lien dated November 6, 2019. -property tax lien dated January 1, 2020.
property tax lien dated January 1, 2020 - Tax liens are superior liens that always take priority over junior liens.
Which of the items below is not required to be included in a valid metes and bounds legal description? -a valid, definite starting point. -the proper distances between corners of the property. -the correct directions represented by the corners of the property. -reference to a conspicuous monument, such as a tree or rock.
reference to a conspicuous monument, such as a tree or rock - References to monuments can be included but are not among the three required components of a metes and bounds legal description.
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 -carry out the instructions, then report the broker to the Department of Business and Professional Regulation. -refuse to carry out the instructions, and then report the broker to the Department of Business and Professional Regulation. -carry out the instructions, then request a change of employment. -refuse to carry the instructions, then request a change of employment.
refuse to carry out the instructions, and then report the broker to the Department of Business and Professional Regulation - All licenses must follow the law and complaints against real estate professionals are filed with the DBPR.
A property manager generally does all of these except -renting the property. -collecting rents. -supervising its maintenance. -representation of the tenant.
representation of the tenant - Property management involves the management of a property's income and expenses.
Tom's clients and customers appreciate his expertise in explaining property taxes and the homestead exemption, as well as helping them find financing. Tom is a(n) -agricultural specialist. -commercial specialist. -industrial specialist. -residential specialist.
residential specialist - Property taxes, homestead exemptions, and mortgage financing are areas of focus for a residential specialist.
Failure to complete the post-licensing required education prior to the renewal deadline will cause the license to become void. A sales associates may re-qualify by -retaking the pre-license course, passing the end-of-course exam, and passing the state examination. -waiting 30 days and retaking the post-licensing course. -paying a fine of $250 and passing the state licensing examination again. -passing the licensing state examination again.
retaking the pre-license course, passing the end-of-course exam, and passing the state examination - The license is void if post-licensing education is not complete within 24 months, so the pre-licensing course and examination and state examination must be taken again.
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 immediately respond to the offer, and after 24 hours the buyer decides to cancel 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. -keep ½ and give the remaining ½ to the owner. -keep ¼ and give the remaining ¾ to the owner. -return all the funds to the buyer.
return all the funds to the buyer - An offer may be withdrawn any time prior to acceptance, even if the time-of-acceptance period hasn't expired. The withdrawal may be done by verbal or written communication; however, a written withdrawal is recommended.
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? -accretion rights -littoral rights -reduction rights -riparian rights
riparian rights - Riparian rights ensure the property owner has reasonable rights to use flowing water (such as a river, brook, or stream) if the use does not impair its use by others or cause pollution.
The Homeowners' Association Disclosure Summary required by Chapter 720 must be supplied by the -State of Florida. -seller's broker. -developer or by the current owner. -county where the property is located.
seller's broker - Any contract or agreement for sale must refer to and incorporate a Homeowner's Association disclosure summary, when applicable.
John owned real property prior to his marriage to Sofia. This property is presumed to be -community property -separate property -personal property -tenancy-in-common
separate property - Property owned by one member of a married couple before the marriage took place is separate property.
A Notice of Non-compliance -involves a fine of up to $10,000 per offense. -involves a fine of up to $5,000 per offense. -shall only be issued for an initial offense of a minor violation. -must be followed by a thorough investigation by the FREC.
shall only be issued for an initial offense of a minor violation - The FREC issues notices of noncompliance to licensees who commit initial or minor violations.
When determining whether an object is a fixture, the legal tests do NOT include -adaptation of the item. -intent of the parties. -method of attachment. -size of the item.
size of the item - A fixture is legally considered real property based upon four legal tests: intent of the parties, method or degree of attachment, agreement of the parties, and adaptation of the item.
Which are not considered physical components of real estate? -surface rights. -air rights. -subsurface rights. -timber rights.
timber rights - The physical components of real estate are surface rights, subsurface rights, and air rights.
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 -require the return of any paid commission. -impose a fine not to exceed $10,000. -suspend the individual's license. -take no disciplinary action against the licensee.
suspend the individual's license - The FREC may suspend a license up to 10 years.
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 -suspended or revoked. -kept active until next renewal date. -subject to an administrative not to exceed $15,000. -voided until continuing education is completed.
suspended or revoked - The commission may place a licensee on probation or may suspend a license for a period not exceeding 10 years; may revoke a license, registration, or permit; may impose an administrative fine not to exceed $5,000 for each count or separate offense.
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. -tell the Department to cancel her license. -plan to take a 28-h
take the post-licensure course before her first renewal, then take the CE courses every two years, and pay her renewal fees - By completing her prelicensure and CE courses and paying the required fees, Janelle can retain her license in voluntarily inactive status, and she will be able to activate her license at any time by securing employment with a broker.
Of the following, which real property interest applies to land ownership? -tenancy at sufferance -tenancy in common -tenancy at will -tenancy for years
tenancy in common - Tenancy in common refers to multiple parties owning a fractional share of undivided land.
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 -nothing about the roof's condition. -the roof appears to be in good condition. -that there is no sign of water damage. -that there is a leak in the roof.
that there is a leak in the roof - In any brokerage relationship, the licensee must disclose all known facts that materially affect the value of residential property which are not readily observable to the buyer.
In the real estate industry, property management has become more popular because of -a lower demand for commercial properties. -a higher demand for rentals. -the increase in absentee owners. -higher regulations on real estate transactions
the increase in absentee owners - Absentee owners, typically investors, need someone on-site to take care of their properties.
When a broker employs a real estate sales associate, the licensee has -no obligations to the broker's clients. -only a fiduciary duty to his broker. -the same obligations than his broker for their clients. -no fiduciary obligations.
the same obligations than his broker for their clients - As a subagent of a broker, a sales associate has the same obligations to clients and customers as the broker employing them.
The product that all real estate professionals sell is: -industrial property -licensed appraisals -their expert knowledge -financial options
their expert knowledge - Real estate professionals have expert knowledge about how to estimate the value of a property, how to market it, how to transfer it, and financing options for buyers that average people do not have. Therefore, people rely on real estate agents and brokers to help them buy and sell property.
Attendance by a licensee at one legal agenda session for the FREC may be substituted for -fourteen hours of continuing education credit. -six hours of continuing education credit. -four hours of continuing education credit. -three hours of continuing education credit.
three hours of continuing education credit - The core law course accounts for three hours of FREC-approved continuing education credit.
When a person owns property or holds vested ownership rights in a property, that person has -adverse possession. -escheat possession. -insurance. -title.
title - Owners of real property have legal title to that property.
A seller's marketable title to real property may best be provided by -an updated abstract or having evidence of title insurance. -title insurance and a first mortgage release. -an abstract and a current tax certificate. -a statement declaring the non-existence of liens.
title insurance and a first mortgage release - Title insurance is issued by the title company after it is assured that there are no clouds on the title, so that it may be legally conveyed to the purchaser.
Remuneration received for a broker price opinion (BPO) or comparative market analysis (CMA) represents a brokerage activity and must be paid -straight to the sales associate. -to the sales associate's broker. -to the escrow account. -in cash.
to the sales associate's broker - Since performing a BPO or CMA constitutes real estate brokerage activity, the compensation collected in connection with that activity must be paid to the sales associate's broker/brokerage, who can then pay the sales associate.
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 -at the closing -when the contract is signed by the seller -when the deed is signed and delivered by the grantor
when the deed is recorded - The deed transfers the title to another person and the transfer is complete when the deed is recorded with the county.
