Florida Real Estate Licensing and Regulations, Exams of Real Estate Management

Download Florida Real Estate Licensing and Regulations and more Exams Real Estate Management in PDF only on Docsity! Florida Real Estate Questions and answers Owners that buy income properties as investments and depend on professionals to manage them CORRECT ANSWERS✅ Absentee Owners. a Value estimated based on resent sales of similar properties in the same neighborhood, not an appraisal CORRECT ANSWERS✅ CMA -Comparative Market Analysis... A contractor is employed by an owner of land to build on that land to the owner's specifications CORRECT ANSWERS✅ Custom Building When a contractor builds on his own land with the hope of locating a purchaser after construction has been completed CORRECT ANSWERS✅ Speculative building A developer that acquires a large that aquires a large tract of land and builds a model center from which sales may be made CORRECT ANSWERS✅ tract building Property management has grown as a service of real estate primarily bc of an increase of _______ _________ CORRECT ANSWERS✅ Absentee Ownership The category of construction that applies when a property owner employs a contractor to build on his or her lot is called________ ___________ CORRECT ANSWERS✅ Custom Building A Real Estate appraiser's fee for professional service is based on: a. a percentage of the property's gross income b. a percentage of the fair market value Florida Real Estate Questions and answers c. the time and difficulty of the appraisal d. a percentage of property's sales CORRECT ANSWERS✅ C. the time and difficulty of the appraisal A developer contracts to build a home on a buyer's lot to the buyer's specifications. This is an example of which type of building: a. tract b. custom c. speculative d. subdivision CORRECT ANSWERS✅ b. custom A Florida Real Estate lisence is required when anyone performs a service is specified under F.S. 475 when all the following conditions are simultaneously present, unless that individual is otherwise exempt under the law: CORRECT ANSWERS✅ 1. Preforming a service of real estate 2. In the state of Florida 3. For another 4. For compensation _________ has been defined to include anything or any service of Value paid, recieved or expected to be paid or recieved. CORRECT ANSWERS✅ Compensation The postlicense educational course for sales associate consists of ________ hours CORRECT ANSWERS✅ 45 Florida Real Estate Questions and answers A Georgia Auctioneer was asked by a local real estate broker to auction a small motel in Jacksonville. The auction did not result in a sale. The Florida broker paid the auctioneer for out-of-pocket expenses, but did not pay a commission. It would be correct to say that the: a. Georgia Autioneer violated the license law b. Florida Broker did not violate the license law c. Florida broker is not subject to discipline by the Florida real estate commision d. tranaction is perfectly within the license law CORRECT ANSWERS✅ a. Georgia Autioneer violated the license law The Commission's ability to impose disciplinary actions against licensees is known as ______ _________ power CORRECT ANSWERS✅ quasi - judicial The rule-making authority of the FREC is called ______ _________ power CORRECT ANSWERS✅ quasi - legislative Members of the Florida Real estate Commission may serve no more than _____ consecutive terms CORRECT ANSWERS✅ 2 A licensee that fails to renew when required to do so will have his or her license placed on _______ ________ CORRECT ANSWERS✅ involuntary Inactive Florida Real Estate Questions and answers Licensees that are members of the armed forces have all fees, dues and other requirements waived during their military service and for _____ months after returning to civilian life CORRECT ANSWERS✅ 6 The division of Real Estate is an administrative part of the department of: a. State b. Commerce c. Banking d. Business and Professional Regulation CORRECT ANSWERS✅ d. Business and Professional Regulation which department issues real estate licenses? a. state b. Business and Professional Regulation c. Revenue d. Real Estate CORRECT ANSWERS✅ b. Business and Professional Regulation Which information supplied by an applicant is Public Record? a. financial Information b. test scores c. name and address Florida Real Estate Questions and answers d. medical information CORRECT ANSWERS✅ c. name and address The Florida Real Estate Commission held a meeting for the purpose of passing a new rule. This is an exercise of which Commission power? a. executive b. quasi-legislative c. quasi-judicial d. ministerial CORRECT ANSWERS✅ b. quasi-legislative When is a request for the renewal of a license effective? a. when recieved by the department b. the day following the experation c. on the date the application is mailed d. on the date indicated on the license CORRECT ANSWERS✅ a. when recieved by the department A real estate license expires a. on the date shown on the license b. every 2 years c. on the effective date d. at the end of 1 year CORRECT ANSWERS✅ a. on the date shown on the license Florida Real Estate Questions and answers The signature or initials of a party is required by the Brokerage Relationship Disclosure Act on which Form? a. Single Agency Disclosure b. Transaction Broker Disclosure c. Consent to Transition to Transaction Broker d. Important Information Disclosure CORRECT ANSWERS✅ c. Consent to Transition to Transaction Broker A Broker a. can refuse offers on behalf of the principal b. can buy the listed property w/o consent of the principal c. must follow all legal instructions of the principal or withdrawl d. must ignore the instructions of a principal when the instructions are not in the best interests of the principal. CORRECT ANSWERS✅ c. must follow all legal instructions of the principal or withdrawl Sales associates can be stockholders in a brokerage corporation but may not be _________ or _________? CORRECT ANSWERS✅ officers or directors Florida Real Estate Questions and answers A real estate brokerage corporation must have at least ____ active broker serving as an ______. CORRECT ANSWERS✅ One Officer Anyone licensed or not can be a _________ _________ in a real estate brokerage limited partnership? CORRECT ANSWERS✅ limited partner Two or more brokers that share office space but do not maintain their separate status as independant brokers could be charged as being ________ ________ CORRECT ANSWERS✅ Obstensable Partners The party who holds title to corporation sole property is called the _______ _______ ______ CORRECT ANSWERS✅ Sole Title Holder Sales associate and broker associates must report any change of employer or address change to the DBPR within _____ days on a form prescribed for such use. CORRECT ANSWERS✅ 10 For a broker to legally be paid a kickback or rebate, he or she must have performed a _______, held an appropriate _______, and all parties must _________ of the payment CORRECT ANSWERS✅ Service, License, Approve Florida Real Estate Questions and answers A licensee should advise a customer to obtain an_______ or an _______ _______ _______ from an attorney whenever a question of title arises. CORRECT ANSWERS✅ Abstract, Attorney's title opinion An Ostensible partnership a. is required to file documents w/ the Secretary of State b. is not a true partnership c. cannot be created by real estate brokers d. will not be treated as though the partisipants were partners CORRECT ANSWERS✅ b. is not a true partnership A location would be required to register as a brokerage branch office if a. tables and chairs are provided for sales associates and customers b. the location is used as a shelter c. literature is handed out containing the broker's office address d. sales associates are permenently assigned to the location CORRECT ANSWERS✅ d. sales associates are permenently assigned to the location Which statement best describes the sign requied for a brokerage office? a. only 1 sign per firm is required regardless of the number of offices Florida Real Estate Questions and answers Cival Rights Act of 1866 CORRECT ANSWERS✅ prohibits discrimination on the basis of race Federal Fair Housing Act CORRECT ANSWERS✅ is the expanded on the 1866 Act and makes discrimination in the showing , negotiation, sale, rental or financing of a dwelling prohibited when based on color, handicapp, family status Redlining CORRECT ANSWERS✅ don't lend in certain areas because of minorities the Cilvil rights Act prohibits discrimination on the basis of ________ CORRECT ANSWERS✅ Race An owner that does not use the service of a broker and does not discriminate in advertising is _________ from the Civil Rights Act of 1968 CORRECT ANSWERS✅ Exempt Lenders that refuse to make loans in certain geographic areas based on social or economics considerations are practicing __________. CORRECT ANSWERS✅ redlining When all rights under a lease have been transfered to another, the process is called an ___________. CORRECT ANSWERS✅ assignment Federal law governing telephone solicitations prohibits calls to residences after ______ CORRECT ANSWERS✅ 9:00 pm Florida Real Estate Questions and answers To be enforcable, a lease longer than 1 year a. can be oral if witnessed by 2 people b. does not have to conform to the Statute of Frauds c. must be in writing, signed by the landlord (no witness is required in Florida) d. Does not have to be witnessed CORRECT ANSWERS✅ c. must be in writing, signed by the landlord (no witness is required in Florida) A 5-year lease of a 10,000 sq ft warehouse prohibits assignment. After 2 yrs the tenant is unable to continue w/ the full rent payments and arranges w/ another tenant to take over one-half of the space and one-half of the rent for the remaining term. This arrangement is a. a violation of the terms of the lease b. a sublease c. in violation of Statute 83 d. illegal CORRECT ANSWERS✅ b. a sublease Discrimination based on religion is prohibited by the a. Civil Rights Act of 1866 b. Civil Rights Act of 1968 c. Civil Rights Act of 1964 d. Fair Housing Amendments of 1988 CORRECT ANSWERS✅ b. Civil Rights Act of 1968 Florida Real Estate Questions and answers 3 Components of Real Estate CORRECT ANSWERS✅ 1. Air 2. Surface 3. Subsurface 2 ways to Own CORRECT ANSWERS✅ 1. fee simple (absolute) 2. Life estate (owned in lifetime) Life estate CORRECT ANSWERS✅ only for the balance of a life time Tenancy at Sufferance CORRECT ANSWERS✅ They're there without permission __________ rights allow a property owner whose property borders on a river or steam the use of the water CORRECT ANSWERS✅ Riparian The right to occupy specific space granted by a cooperative association is known as a _________ _________ CORRECT ANSWERS✅ proprietary lease Ownership of _______ ________ _______ distinguishes ownership in a cooperative association CORRECT ANSWERS✅ Shares Or Stocks Florida Real Estate Questions and answers Title to real property passes to the grantee when the deed is ________ and ________ CORRECT ANSWERS✅ Deliverd, Accepted Zoning is an example of which government limitation over private property rights? CORRECT ANSWERS✅ Police Power The Four methods used to legally describe property? CORRECT ANSWERS✅ 1. monuments method 2. metes & bouds methods 3. retangular method 4. plat method The government survey method begins in Tallahassee by drawing a north/south line is called the _________ __________ _________ CORRECT ANSWERS✅ Tallahassee Principal Meridian In a towhship subdivided into section 36 is always ______ of 1 CORRECT ANSWERS✅ North Properties located in subdivided areas are usually described using the _______ Method CORRECT ANSWERS✅ Plat (Lot & Block system) Section 13 is _________ of Section 12 CORRECT ANSWERS✅ South Florida Real Estate Questions and answers The main north/south line used in the government survey method is the principal a. latitude b. longitude c. baseline d. meridian CORRECT ANSWERS✅ d. meridian A Township contains how many sections? CORRECT ANSWERS✅ 36 Oral contracts are also known as _________ contracts? CORRECT ANSWERS✅ Parol Contracts An _______ contract can be oral or written. CORRECT ANSWERS✅ Express The seal of a Notary public, called an __________, should not be confused w/ the word "seal" as used in connection with contract law. CORRECT ANSWERS✅ acknowledgement The _____ is the placement of the word seal or the letters "L.S.", locus sigilli, following the signatures of the parties. CORRECT ANSWERS✅ seal A ______ _______ is defined as a contract that is wholly written and under seal (in writing and signed. CORRECT ANSWERS✅ formal contract Florida Real Estate Questions and answers ____________ of ___________ provides time limits within which parties are allowed to bring legal action to enforse their rights under a contract. CORRECT ANSWERS✅ Statue of Limitations Parol Contracts, if a contract is entirely oral , action must be brought within _____ years. CORRECT ANSWERS✅ 4 Written Contracts, a contract wholly in writting may be enforcedif action is brought within _____ yrs CORRECT ANSWERS✅ 5 The broker who successfully performs by locating a "willing , ready and able" buyer is said to be the "______ _______" of the sale and is the only broker entitled to a commission. CORRECT ANSWERS✅ Procuring Cause the ______ _______ of a sale is what entitles a broker to commission. CORRECT ANSWERS✅ Procuring Cause Which statute requires a purchase and sale contract to be in writing to be enforceable? a. Chapter 475 b. Chapter 120 c. Statute of Limitations d. Statute of Frauds CORRECT ANSWERS✅ d. Statute of Frauds Florida Real Estate Questions and answers If the Federal Reserve Board descides to purchase government securitiesin the open market, the effect will be to: a. decrease the $ supply and cause interest rates to increase b. increase the $ supply and cause interest rates to decrease c. limit the amount of $ member banks may use for loan purposes, causing interest rates to increase d. create a "tight $" market CORRECT ANSWERS✅ b. increase the $ supply and cause interest rates to decrease Which group of financial institutions traditionally preferred to make Short-term loans for construction? CORRECT ANSWERS✅ Commercial Banks Disintermediation occurs when a. deposits exceed the demand for loans b. depositors withdrawl their savings from depository institutions c. the IRS taxes earnings of investments d. the Federal reserve Board reduces the discount rate CORRECT ANSWERS✅ b. depositors withdrawl their savings from depository institutions A blanket Morgage that allows for the release of a single parcel upon payment of a specified sum contains which clause? a. defeasance Florida Real Estate Questions and answers b. acceleration c. satisfaction d. release CORRECT ANSWERS✅ d. release The Federal Housing Administration a. originates loans b. insures loans c. guarantees loans d. certifies loans CORRECT ANSWERS✅ b. insures loans Construction loans are paid out in a. full at the begining of construction b. equal installments during the construction process c. full upon completion of constructions d. draws after specific stages of construction are complete CORRECT ANSWERS✅ d. draws after specific stages of construction are complete If a mortgage loan payment consists of interest only, the final payment the final payment which includes the full amount borrowed is called a? CORRECT ANSWERS✅ Ballon Payment Florida Real Estate Questions and answers The _______ normally pays for the documentary stamp tax on the deed. CORRECT ANSWERS✅ Seller An earnest money deposit held in escrow is reflected on the closing statement as a? a. credit to the buyer b. debit to the buyer c. credit to both the buyer and seller d. credit to the seller CORRECT ANSWERS✅ a. credit to the buyer In the absense of any agreement between the parties, the state documentary stamp tax on the deed is paid by the? CORRECT ANSWERS✅ Seller Which statement about the brokers portion of the closing statement is true? a. all double-entry items must appear there b. total reciepts minus the binder deposit equals the grand total c. Reciepts and disbursements must equal d. total expenses less the brokerage fee equals the grand total CORRECT ANSWERS✅ c. Reciepts and disbursements must equal _______ __ _______applies when a higher-priced property is constructed in an area of lower-priced properties. the higher priced property will REGRESS in value