RE Final Exam 2
Mario signed an exclusive right of sale listing with Paula to sell his apartment complex. After a few weeks Mario cancelled the listing agreement and contacted an auction house to turn the property quickly. Paula feels she is owed a commission. Is she correct? A Yes, Paula is entitled to a commission because Mario has entered into an agreement with another broker. B Yes, but only if Mario or his auction house can find a buyer for the property before the expiration date specified in the original listing agreement. C It depends on the wording in the listing agreement. D Yes, because Paula did so much work for Mario before he decided to cancel the contract.
C) it depends on the wording of the listing agreement -Paula may not have earned a commission under the terms of the listing agreement. The listing agreement must be cancelled mutually, so Mario may be in default as well.
is the holder of a 4-year degree in real estate exempt from the pre-licensing courses?
yes, applicants with a 4-year real estate degree are exempt from both the sales associate and broker pre-licensing courses
Valencia, a real estate sales associate, is creating a facebook ad. Which of the following CAN she post on her site? A Situation: An old house needs a lot of refurbishment including updating fixtures, exterior and interior painting and repairs to flooring. Action: Valencia lists this property in the bargain section of her website, calling it a "fixer upper - perfect for an owner with home repair skills." B Situation: An unusual house with 2 full kitchens located in a residential zone. Action: Valencia describes it on her page as "the perfect site for a catering business or bakery." She's aware that previous requests for special use permits on the property have been rejected. C Situation: She wants customers and clients to find A+ rated schools surrounding her property Action: Although some homes she lists are not in A+ districts, she states that all homes are within 5 blocks of the school district mentioned but some may fall within the boundaries of neighboring school districts rather than those listed." D Situation: An apartment complex near a university campus is a site of loud activity throughout the week. Action: Targeting students not familiar with the campus area, Valencia describes the complex as a "scholar's haven with a studious atmosphere with all the amenities of campus life."
- Situation: An old house needs a lot of refurbishment including updating fixtures, exterior and interior painting and repairs to flooring. Action: Valencia lists this property in the bargain section of her website, calling it a "fixer upper - perfect for an owner with home repair skills." -Intentionally misleading or misrepresenting properties in the course of selling or leasing real estate violates 61J2-10.25 FAC. Leading prospective buyers to believe incorrectly that a property falls within the boundaries of a certain school district, misrepresenting a residential property as a commercial gem, or promising a quiet student atmosphere in what is reknowned as a noisy area are all intentionally misleading.
When Ang, owner and principal broker for ABC Realty, helped his niece Seria purchase a property, No disclosure form was signed. According to 475 F.S. , what kind of brokerage relationship will Ang have with his niece? A Ang will automatically be considered a single agent for his niece under implied agency. B Because Ang was an uncle, he will be a designated agent, representing only his niece. C Because no disclosure was presented, Ang was, by default, operating as transaction broker. D Because no brokerage relationship was established in writing with his niece, Ang was operating as transaction broker.
--Because no brokerage relationship was established in writing with his niece, Ang was operating as transaction broker. -Chapter 475.278 F.S. states: Presumption of transaction brokerage.—It shall be presumed that all licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer. No disclosure of this relationship is required. A transaction broker provides the following services: (a) Dealing honestly and fairly; (b) Accounting for all funds; (c) Using skill, care, and diligence in the transaction; (d) Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer; (e) Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; (f) Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and (g) Any additional duties that are mutually agreed to with a party.
What are the continuing education requirement to renew a both a sales associate and a broker license AFTER the initial renewal? A 14 hours of continuing education every 2 years for sales associate, 8 hours being specialty and 3 hours on law for each year. B 14 hours of continuing education every 2 years with attendance at a FREC meeting covering law C 14 hours of continuing education every renewal period for both sales associate AND broker consisting of 3 hours of core law, 3 hours of ethics, and 8 hours of specialty training D 28 hours of continuing education if the license has been involuntary inactive for any portion of the 2 years.
-14 hours of continuing education every renewal period for both sales associate and broker consisting of 3 hours of core law, 3 hours of ethics, and 8 hours of specialty training -Sales associates and brokers are required to complete 14 hours of continuing education with 3 hours of that education covering real estate law, and 3 hours of that education covering ethics. Either may also attend a FREC meeting (provided they have made arrangements and receive 3 hours of specialty credit for continuing education.
Of the following, which is NOT a proof of experience requirement for a sales associate license holder wishing to become a broker license holder? A Has been registered as an active sales associate for at least 24 months during the preceding 5 years. B Has sold at least $850,000 in real estate value during the preceding 5 years. C Has held a current and valid real estate sales associate's license for at least 24 months during the preceding 5 years in the employ of a governmental agency for a salary. D Has held a current and valid real estate broker's license for at least 24 months during the preceding 5 years in any other state of the United States, or in any foreign national jurisdiction.
-Has sold at least $850,000 in real estate value during the preceding 5 years. -Applicants wishing to upgrade from sales associate to broker license must show proof of 1 of the following: has been registered as an active sales associate for at least 24 months during the preceding 5 years; has held a current and valid real estate sales associate's license for at least 24 months during the preceding 5 years in the employ of a governmental agency for a salary; has held a current and valid real estate broker's license for at least 24 months during the preceding 5 years in any other state, territory, or jurisdiction of the United States, or in any foreign national jurisdiction.
To comply with 455.275, which of the following actions must broker Haley take when she moves her office from Winter Park to Sanford? A She must file a change of address notice with the local post office. The post office will then notify the Commission of the move, so Haley's licensing renewal form will be forwarded to her new address. B She must notify the DBPR and Commission within 10 days of her change of address by updating the information on the DBPR site or sending the required form along with a list of licensees no longer associated with the firm. C S he must send notification of the move on brokerage letterhead to the Commission by certified mail. D She must notify the Commission within 1 month of the move and include a list of current affiliated associates.
-She must notify the DBPR and Commission within 10 days of her change of address by updating the information on the DBPR site or sending the required form along with a list of licensees no longer associated with the firm. -Upon change of address, email change, and place of practice change, a broker MUST change the applicable information on the DBPR site or, If used, send a DBPR-RE-10 to the Commission within 10 days of the move. The broker must also include a list of licensees no longer associated with the brokerage on the form in order to fulfill the change of address notification requirement for licensees who remain with the brokerage. Failure to comply will cause the broker's and all associates' licenses to be ineffective.
John has been farming his primary home and land in Florida for nearly 22 years. His principal crops are cabbage and oranges. He also raises pigs and horses for sale on his 280-acre property. He has consistently used conservation methods and fertilizing to maintain the value of the land. He has also reforested where possible on his property. He is currently seeking some tax relief. Is he likely to get relief? A Yes, because his property falls under the Florida's Amendment 477. B No. Because his property is more than 200 acres, he cannot homestead it. C Yes, because his property falls under the Florida Green Belt Law. D No, only properties without livestock are eligible.
-yes because the property falls under the Florida Greenbelt Law -In order the preserve Florida's farming community, the legislature in 1959 passed the Green Belt Law. This taxes agricultural land at a lower rate than the encroaching cities around the land, and preserves the land for future agricultural use. Without this protection, owning farm land and paying taxes would be prohibitive. John's property would qualify under this law.
Sales associate Tori is representing both the buyers (the Yorks) and the sellers (the Applegates). Which of the following actions may Tori legally take? A Tell the Applegates that the Yorks are willing to pay more than their offer of $210,000. B Tell the Yorks that the house previously had a termite infestation which has been treated and corrected. C Tell the Yorks that the Applegates will accept $6,000 less than the asking price. D Tell the Applegates that the Yorks have to find a house to buy at very short notice because Mr. York is having to relocate for work.
-Tell the Yorks that the house previously had a termite infestation which has been treated and corrected. -A salesperson working as a transaction broker provides limited representation to both parties in a transaction. The licensee owes both parties the duties of honesty and fairness, accounting for all funds, skill and care, disclosure of all known material facts, timely presentation of offers and counteroffers, limited confidentiality, and any additional duties specified in the agency agreement. Unless the buyer or seller waives their right to limited confidentiality, salespersons must keep confidential any information regarding a buyer or seller's willingness to pay more/accept less, motivation for buying/selling, and any other information the parties would wish to remain confidential.
Sales associate Rory, a single agent for the seller, meets Ben, a buyer, at an open house. Ben likes the open house property he inquires about making an offer on it. He isn't working with a real estate sales associate and prefers to handle his own affairs. Rory represents the seller. What type of brokerage relationship agreement does Rory need to have Bens sign before proceeding? A A single (buyer's) agency agreement B A dual agency agreement C A transaction broker agreement D An agreement that no brokerage relationship exists
-an agreement that no brokerage relationship exists -As the listing agent, Rory represents the seller as principal. Although it's possible for Rory to represent both buyer and seller as a transaction broker (with a consent to transition to transaction broker), because Ben prefers to manage his own negotiations, Ben is therefore a customer with whom no agency relationship exists. Dual agency is not allowed in Florida. At the first substantial contact - in this case, the discussion of purchasing the property - the real estate sales associate is required to provide a written notice to disclose that they do not represent the buyer's interests.
What type of Acts were developed to make laws aimed at controlling zoning and property use? A Empowerment Acts B Enabling Act or Land Development Regulations C Zone Acts D Property Usage Acts
-enabling act or land development regulations The right to make laws to control property use in areas and municipalities is called the Land Development Regulations or Enabling Act.
Over which of the following situations does the Florida Real Estate Commission NOT have authority? A Prosecuting a real estate assistant for engaging in unlicensed activity. B Imposing a fine of $1,000 and revoking the license of a licensee for fraudulent management of an escrow account. C Assessing special fees on new and renewal licenses for the Recovery Fund. D Providing for circumstances under which a broker may independently disburse funds from escrow accounts.
-prosecuting a real estate assistant for engaging in unlicensed activity -Engaging in the practice of real estate without a license is a third-degree felony, which is a criminal case and not under the oversight of the FREC. However, the FREC can discipline licensees for license law infractions, including suspension and revocation of licenses and the imposition of fines. It also has jurisdiction over the Recovery Fund and may levy special fees, and the FREC may also specify circumstances under which a broker is allowed to disburse funds from escrow accounts.
Meg keeps an escrow account for her brokerage. Due to a problem with quickbooks, she has not completed a reconciliation of her accounts for three months. Meg is A Allowed to skip reconciling her accounts, as technology is fickle and she has a valid reason B OK as long as she has checked her balances on the bank website at least once per month C responsible for reporting the problem to the FREC for remediation. D Subject to punishment by either an inspector who discovers this oversight or the FREC if this is a second or third offense
-subject to punishment by either an inspector who discovers this oversight or the FREC if this is a second or third offense -Escrow management is the largest problem encountered by the FREC. As such, punishment can be severe. Meg can face an administrative fine of $250-$2500 and revocation for her first offense, and up to$5,000 and revocation if she is found in violation for a second or subsequent time. 61J2-24.001 (v)
When Rex obtained his Florida sales associate license he misrepresented the facts and concealed that his insurance license in another jurisdiction had been revoked more than 20 years before. Which of the following is a mandated penalty according to Florida law? A There is a mandated $1,000 administrative fine, and Rex's license will be revoked. B Rex's license will be suspended and there will be a fine of $500. C The Commission will never allow Rex to become a broker. D There is no fine, but there will be an automatic 3-year suspension.
-t6here is a mandates Since there may be mitigating factors, the Commission may specify a lesser period of time for the license revocation. Typically, the salesperson's license is revoked, and he or she would not be able to apply for a new salesperson's license for 5 years.
Ralph is a sales associate with Sunlight Real Estate Brokerage and when he shows his client Ben a property listed by Xavier Realty, Ben decides to make an offer on the property. Ralph notices that Ben has written the earnest money deposit check to be made payable to Ralph, himself. Which of the following statements accurately describes the error and ideal corrective action? A Because Ben wrote the check payable to Ralph, Ralph may ask the buyer to change the name on the check to the applicable escrow holder depicted in the contract. B Because Ben wrote the check payable to Ralph, Ralph may endorse the check over to the applicable escrow holder. C Because Ben wrote the check payable to Ralph, Ralph should return the check to Ben and request he make out a new check. D Because Ben wrote the check to Ralph, Ralph should simply follow procedure and deliver the paperwork and the check to his employing broker.
Because Ben wrote the check payable to Ralph, Ralph should return the check to Ben and request he make out a new check. -475 F.S. requires that a sales contract have the Escrow holder's name supplied in the contract. The escrow holder may be the seller's title company or the buyer's brokerage. The requirement is that the binder deposit be made out to the holder specified in the Purchase and Sale Contract for both the buyer and seller's notice. Ralph should have notified the buyer of his broker's escrow account and name and, if his broker does not hold escrow, provided the name of the escrow holder from the listing broker prior to the submission of the buyer's offer.
What is the acronym/mnemonic for the process of adverse posession to take place in Florida? A L.E.A.C.H. B T.A.K.E. C H.O.T.C.A.N.E.D. D E.N.C.R.O.A.C.H.
HOT CANED -Conditions for alienation by Adverse Possession. Hostile, Open, Taxes paid, Continuous habitation over 7 years, Adverse to owner's knowledge, Notorious and Flagrant possession and use of the property. Exclusive possession (not shared with owner),Disability does not exist for owner.
Of the following, which is NOT a disciplinary action open to the Commission if a licensee fails to provide disclosure or fails to adhere to the disclosure provisions set forth in the regulations? A Place the licensee on probation or suspend the licensee B Impose an administrative fine of $1,000 for each count C Deny an application for licensure or renewal D Place penalty points on the licensee's license
If a licensee fails to provide or adhere to the provisions of disclosure, the Commission may: deny an application for licensure or renewal; may place the licensee on probation; may suspend a licensee; may impose an administrative fine of $1,000 for each count; may issue a reprimand; or any or all of the above.
What is a "No Brokerage Relationship" in Florida? A The broker does not represent the buyer and/or the seller in the transaction. B The broker does not represent one of the parties in the transaction. C The broker does not represent the seller in the transaction. D The broker only represents the lender in the transaction.
Licensees who have a "No Brokerage Relationship" with the seller and/or the buyer must provide the following services: 1. Dealing honestly and fairly; 2. Disclosing all known facts that materially affect the value of residential real property which are not readily observable to the buyer. 3. Accounting for all funds entrusted to the licensee. This relationship requires a disclosure at the first meaningful contact.
Marhall has a court order against a bankrupt broker for $75,000 in damages caused by the broker's misconduct. How much may Marshall receive from the Real Estate Recovery Fund? A $50,000 plus court and attorney costs B $50,000 C $75,000 D $75,000 plus 12% interest
Payments from the Recovery Fund for claims arising out of the same transaction are limited, in total, to $50,000 or the unsatisfied portion of a judgment claim, whichever is less, regardless of the number of claimants or parcels of real estate involved in the transaction.
Salesperson Jerri helped her sister Summer get a job with Calhoun Title Company. As a way of saying thanks, Summer sends Jerri a $200 referral fee from the Title Company for every transaction that Jerri closes through Calhoun Title. Knowing Florida real estate law, Jerri had a lawyer friend add a phrase in her sale and purchase documentation stating that the buyer "agrees to use Calhoun Title Co." Which of the following statements is accurate regarding this situation? A RESPA Section 8 and Florida Law prohibit a title company from paying a referral fee to anyone recommending the use of its services, or as a reward for those who do. B Jerri thought ahead by having a lawyer add the phrase to her documents, so she would not be subject to discipline by the FREC. C Because Jerri has officially and legally "notified the buyer" of the use of Calhoun Title, Jerri can receive this form of "thank you" without a conflict of interest. D Because the buyer has been informed in writing as part of the contract form, Jerri has fulfilled her obligations of disclosure and is free to accept the referral fees.
RESPA Section 8 and Florida Law prohibit a title company from paying a referral fee to anyone recommending the use of its services or rewarding those to do so. -Violations of Section 8's anti-kickback, referral fees, and unearned fees rules are subject to criminal and civil penalties. In a criminal case, a person who violates Section 8 of RESPA may be fined tens of thousands of dollars and imprisoned up to one year for any Federally related loan and Florida rule 69B-186.010 effective5/13/2018 disallows any referral fees through any Title Company.
What does DBPR stand for and what is the DBPR's purpose? A The Department of Business and Public Relations. The agency is charged with promoting licensed businesses and professionals in the state of Florida. B The Department of Building and Professional Realty. The agency is charged with approving new construction projects in the state of Florida. C The Department of Building and Pollution Regulation. The agency is charged with lowering toxic pollutants within the state of Florida. D The Department of Business and Professional Regulation. The agency is charged with licensing and regulating businesses and professionals in the state of Florida.
The Department of Business and Professional Regulation. The agency is charged with licensing and regulating businesses and professionals in the state of Florida. -The Department of Business and Professional Regulation. The agency is charged with licensing and regulating businesses and professionals in the State of Florida.
When applying for Florida real estate licensure, what does a candidate need to submit? A A passport B Electronic or digital fingerprints, An authenticated application; the appropriate fee(s) C A high school or college transcript D A voter registration card
The candidate must register on the DBPR site, obtain electronic fingerprints as required and submit their application and fees online through the DBPR site. The digital fingerprints shall be forwarded to the Division of Criminal Justice Information Systems and to the FBI to determine if the applicant has a criminal history record. This information shall then be sent to the Department for the purpose of determining if the applicant is statutorily qualified for examination. Upon approval, the testing center Pearson Vue provides a FLREAPP# for the candidate to register to take the state exam.
Planning and zoning is implemented for various reasons. Which of the following is NOT a goal of planning and zoning? A Preventing urban sprawl B Adding value to existing real estate in a particular area C Added protection against costly drainage or flooding issues D The adequate provision of services such as fire and police
adding value to existing real estate ina particular area -The goals of planning and zoning include: savings of tax money by preventing urban sprawl; adequate provisions of services such as fire, police and libraries; providing for road right-of-ways and set backs; protection against costly drainage, flooding or environmental problems; protection for the public from harm in building; reduction in political and equity problems in landfills, prisons etc.; reduction in cost for major catastrophes such as earthquakes, tornados and fire.
If the local planning board determines a proposed site does not conform with existing land use plans and zoning ordinances, what steps may the board take? A Authorize a variance to the land use plan and zoning ordinances to bring the proposed site into line with the existing local land use plans and zoning ordinances. B The board is powerless under these circumstances and has to adopt whatever policy the proposed planning and zoning criteria dictate. C Publicize the proposed change of zoning and planning in the hope that the public will demand a reversal from the State Legislature. D Either A or C
authorize a variance to the land use plan and zoning ordinances to bring the proposed site into line with the existing local land use plans and zoning ordinances -If the local planning board determines a proposed site does not conform with existing land use plans and zoning ordinances, the board may authorize a variance or other necessary approval to the adopted land use plan and zoning ordinances required to render the proposed site or associated facility consistent with local land use plans and zoning ordinances.
Jody is purchasing an empty warehouse in downtown. She told her real estate sales associate that she intends to rehab the building and turn it into a multi-family apartment building. The real estate sales associate cautions her to consult the zoning laws first. Why? A Because the warehouse might be subject to regression B Because of "trigger terms" in the ordinances C Because the warehouse might be subject to rescission D Because the ordinances of the area might impose restrictions
because the ordinances of the area might impose restrictions -Zoning ordinances regulate the use of real property by specifying allowable and prohibited uses in order to protect the interests of property owners and provide an aesthetically pleasing community. There are 4 general types of zones: residential, commercial, industrial, and agricultural. Municipal zoning laws govern use and appearance of each zone, and a buffer zone typically separates different zones. Zoning ordinances can be changed and areas can be rezoned by amendment.
What is the education requirement for obtaining a Florida broker's license? A omplete and pass a Commission approved 50-hour broker's pre-license course. B omplete and pass a Commission approved 115-hour broker's pre-license course. C omplete and pass a Commission approved 16-hour broker's pre-license course. D omplete and pass a Commission approved 72-hour broker's pre-license course.
complete and pass a Commission approved 72-hour broker's pre-license course.
Private home ownership in Florida is subject to which of the following? A Government interference called S.T.O.P. B Government interference called P.E.T.E. C Government interference called P.L.A.N.K. D Government interference called H.O.M.E.
government interference known as PETE -Private home ownership in Florida is subject to government interference called P.E.T.E., an acronym for: Police Power, Eminent Domain, Taxation, Escheat.
Johnson signed a 1-year lease for a home from Miller in a county where the codes require properties to maintain a number of basic standards in order to be legally occupied. After a severe storm, Johnson noticed the tap water pressure was weak and now only gave a rusty trickle. Johnson notified Miller but Miller said it was "county water problems." After 6 weeks, Johnson confronted Miller about the ongoing water problem and Miller admitted it was a problem with broken pipes within the property. Miller said he would fix the pipes, but that he would also have to raise Johnson's rent $50/month help cover the cost. Which is TRUE? A Miller can legally raise the rent to cover the cost of the repairs, because the Florida Landlord and Tenant act prohibits such actions only in multi-unit properties. B Miller can legally raise the rent, because the implied consent law says that landlords of properties of any size may share the burden of critical repairs with tenants when those repairs are to meet code standards. C Unless Johnson specifically noted in the lease that they would not be responsible for critical repairs to the property, Miller can raise the rent until the cost of the water pipe repair is amortized. D Miller cannot charge Johnson to provide a repair that is required to be maintained by the landlord by law or ordinance.
miller cannot charge Johnson to provide a repair that is required to be maintained by the landlord by law or ordinance -Miller is obligated to provide fresh running water to the property, by code. Johnson not only could file with the county to mandate the enforcement of the code regarding running water, they could also sue Miller in civil court. Further, if a rent has been negotiated and agreed upon in a lease, the rent cannot be increase until the lease term ends and a new lease negotiated.
Rick is selling his property FSBO and his neighbor Christin is an actively licensed sales associate. Christin told Clem, an agent from another realty company, that she is the listing agent on Rick's property. Clem shows the house, finds a buyer, and lists Christin as the listing agent for the house. All parties agree to the terms of the purchase contract, and the contract goes to closing. At the closing table Rick contests the closing statement saying that Christin never represented him and is not entitled to a commission and that Clem is not either. Is Christin eligible for the commission? A Yes, since the buyer believed Christin was the listing agent. B Yes, the house would not have sold without Christin's assistance. C No, because the house is FSBO. D No, Clem is the only sales associate entitled to a commission.
no because the house is for sale by owner -The purchase and sales contract is separate from a listing agreement and a property that is not listed in the MLS does not allow for cooperation between sales associates and brokers. Neither party is eligible for commission as NO agreement was made for payment of commission.
Millie and Britt have owned 2 homes for the past 7 years, 1 in Manhattan and 1 in Tampa. 6 years ago they separated, and Millie decided to stay in Manhattan, with Britt electing to live in Tampa. They now want to sell the house in Manhattan and buy Millie a condo. Can Britt and Millie exclude up to $500,000 of gain when they sell the home if they file a separately for income tax? A Yes, Britt and Millie may take their one-time tax exclusion on the gain from the sale of either home. B Yes, as long as Britt and Millie have owned the home for 2 of the last 5 years, they may exclude up to $500,000 of gain when they sell the home. C No, they can only claim $250,000 for taxes since they filing separately D No, Both Britt and Miller must have lived in and used the home to qualify for the $500,000 exclusion.
no, both Britt and Miller must have lived in and used the home to qualify for the 500,000 exclusion -Tax law states that tax deferral of gains is eliminated because the gain may no longer be rolled over into a new home -Tax law states that tax deferral of gains is eliminated because the gain may no longer be rolled over into a new home. However, gain of up to $500,000 is excluded when Britt and Millie file a joint return IF they meet the residence and ownership tests. IRC section 121 allows a taxpayer to exclude $250,000 ($500,000 for joint filers) of gain on the sale or exchange of a home if it was owned and used as the taxpayer's principal residence for 2 of the 5 years preceding the sale. To qualify for the $500,000 exclusion on joint returns, only 1 spouse must meet the ownership test, but both spouses must meet the use test. Since they lived apart, they would not meet the use test and therefore not qualify.
What is the correct term for a Florida real estate licensee working under the direction of a broker? A Real estate sales associate or broker associate B REALTOR Associate or Associate broker C Real estate salesperson broker/salesperson D Associate REALTORS
real estate sales associate or broker associate -Revisions to the Florida statutes changed the designation of "salesperson" to "sales associate" and those who are licensed as brokers but choose to work under a managing broker as "broker associates" so licensees are referred to in those terms.
Marta is an unlicensed individual who manages all leasing activities for San Mateo Property Management, including handling marketing and rent collection for the myriad of clients the firm serves. She is paid a base salary for her administrative role plus a commission for each new lease. Which of the following steps may an inspector take when they discover this activity? A Impose criminal sanctions on Marta for engaging in the business of real estate without licensure. B Report Marta to the state attorney for her actions and possibly an action to the FREC probable cause panel against San Mateo Property Management. C Bring an administrative complaint against Marta to the Department of Business and Professional Regulation. D Nothing, because Marta is exempt from the need for licensure because she works for a property management firm.
report mantra to the state attorney for her actions and possibly an action to the FREC probable cause panel against SAN Mateo Property Management -Although Martha does NOT need a license if she is paid a salary, she DOES need a license if she receives commissions. Because FREC doesn't have the jurisdiction to impose criminal sanctions or the authority to impose administrative sanctions (she's not a licensed practitioner), the only recourse, for Marta is to report her actions to the state attorney for action. The property management company may be punished by the FREC for paying a commission to an unlicensed individual.
If a licensee receives a criminal conviction, what must he or she do to avoid disciplinary action by the Department? A Report the criminal conviction within 30 days to the Department. B Report the criminal conviction within 60 days to the Department. C Report the criminal conviction within 30 days to the Association of Realtors. D Report the criminal conviction within 60 days to his or her broker.
report the criminal conviction within 30 days to the department -Failure to report a criminal conviction, a plea of nolo contrendere or a misdemeanor conviction within 30 days may result in disciplinary actions against the licensee. The licensee must report to the department if convicted regardless of adjudication. This applies to action by any jurisdiction
What Florida Act was initiated to limit urban sprawl and encourage a more compacted development of land use? A The Land Use Act B The Downsizing Act C The Urban Planning Act D The Growth Management Act
the growth management act -the Florida growth management act of 2011 requires local governments to create planning consistent with statewide land-use plan to reduce urban growth
Rita fell in love with a home built in 1905. She was surprised when the listing broker gave her a lead-based paint disclosure form at closing. Which of the following is TRUE? A The broker was not required to give Rita the form because the house was built before 1978. B According to the EPA, homes over 100 years old are considered "historic" and are not subject to lead based paint disclosure laws, so the form would not have been required. C The law says the seller may not accept an offer from the buyer unless both the Lead-based Paint Disclosure and EPA pamphlet have been given. If the seller fails to give the disclosure and pamphlet to the buyer, the broker is responsible for doing so. D Lead-based Paint Disclosure is only applicable to commercial property, so the broker should not have given Rita the disclosure.
the law says the seller may not accept an offer from the buyer unless both the lead-based paint disclosure and EPA pamphlet have been given. if the seller fails to give the disclosure and the pamphlet to the buyer, the b broker is responsible for doing so -The Lead-based Paint Hazard Reduction Act requires that sellers and landlords of homes built prior to 1978 give the disclosure form and pamphlet. If the buyer does NOT receive the disclosure, the buyer is not bound by the purchase agreement and both seller and agents are in violation of the law. The disclosure should be provided at the time of the offer on the property.
Melinda is purchasing a condo. When she originally saw it she told her sales associate to be sure to ask the seller to leave the washer and dryer with the property. However, this stipulation was not included in the written agreement nor was it communicated to the seller. Which of the following is TRUE? A The washer and dryer are part of the property as they were there when the buyer signed the purchase and sale agreement. B The washer and dryer will not convey with the property. C The purchase agreement is voidable by the buyer. D The buyer is entitled to payment from the Recovery Fund.
the washer and dryer will not convey with the property -Any personal property requested by the buyer MUST be included in the purchase and sale contract to be conveyed. This is where duty and care on the part of the sales associate and adequate review of the documents being signed by the buyer are critical.
What is the primary purpose of the Division of Real Estate? A To generate revenues with which to finance real estate education through the levying of license fees on real estate licensees. B To promote the business of real estate and maximize the number of real estate transactions throughout the state of Florida. C To protect the public by regulation of real estate licensees and provide administrative support to the Florida Real Estate Commission and Florida Real Estate Appraisal Board. D To act as the disciplinary body for all real estate licensees within Florida and all out-of-state individuals holding Florida licenses.
to protect the public by regulation of real estate licensees and to provide administrative support to the Florida Real Estate Commission and Florida Real Estate Appraisal board
Under which of the following circumstance may a licensed sales associate hold a concurrent license with more than 1 Florida broker? A Under no circumstances B With the permission of his or their first broker relationship C With the written consent of both brokers being represented D under a group license
under no circumstances -A sales associate may be affiliated with only 1 broker in Florida. A group license only allows a sales associate to work under a developer who operates under different corporate names.
Lane, a broker, listed a small cottage near the causeway at $250,000. A potential buyer made an offer of $230,000. During negotiations, the buyer asked Lane to prepare two contracts, one for the accepted offer and another at the $250,000 list price "so the mortgage company will give the buyer a higher loan." Is there anything wrong with Lane following the buyer's wishes? A No, as long as Lane genuinely believes the house is worth the $250,000, she can submit the contract. B No, Florida law allows for this exception to dual-contract prohibitions; the contract reflecting the offer to purchase can stand separate from that submitted for the purposes of financing. C Yes, Lane cannot fiduciarily represent both parties in any transaction, including the writing of a second contract. D Yes, it is illegal to enter into a dual contract for the purpose of securing a larger loan.
yes it is illegal to enter into a dual contract for the purpose of securing a larger loan -This is mortgage fraud. When mortgage fraud is prosecuted in state court it is often prosecuted under Florida Statute 817.545(2) & (5) as a Felony of the second degree (for loans over $100,000) and wire fraud, which may be charged as a felony of the first degree.
May a real estate broker list a property for sale based on the net price that the seller wants to make? A Yes, net listings are legal in Florida. B No, unless the agent has the written permission of the FREC. C No, net listings are illegal in Florida. D No, unless the net gain the agent makes is less than 6% of the total property sale price.
yes, net listings are legal in florida -It IS legal in Florida to list and sell a property based on a "net price" anticipated by the seller, although the practice can lead to serious issues and is strongly discouraged.
