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! Gold Coast School Real Estate Questions Ch.1-19 practice questions and answers 1. The real estate market is local in nature what does that mean? - >>>Information about real estate can best be found through local sources, which makes the real estate market local in nature 2. You would expect a real estate licensee to perform all of the following activities, EXCEPT: A. Providing expert knowledge about construction methods and materials B. Providing expert knowledge to members of the public in the performance of specified services of real estate C. Following up with customers and clients after a transaction has been completed D. Acting as an intermediary, or agent, between two or more people in the negotiation of the sale, purchase, or lease of real estate - >>>A. Providing expert knowledge about construction methods and materials 3. A real estate licensee is expected to have expert knowledge in what three areas? A. Valuation, marketing, and property transfer B. Mortgages, property taxes, and homeowners' insurance policies C. Residential real estate, commercial real estate, and surveys D. Area schools, local crime rates, and proximity to potential employers - >>>A. Valuation, marketing, and property transfer 4. What is a comparative market analysis? A. A comparison of assessed values in the same neighborhood B. A value estimate based on recent sales of identical properties in the same neighborhood C. A value estimate based in recent sales of similar properties in the same neighborhood D. An appraisal of the value of a property - >>>C. A value estimate based in recent sales of similar properties in the same neighborhood 5. Which type of valuation must be performed in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) A. Appraisal in a federally-related transaction B. Broker price opinion (BPO) C. Comparative market analysis (CMA) D. None of the above - >>>A. Appraisal in a federally-related transaction 6. Many real estate licensees engage in "farming". Which of the following best describes what that means? A. They conduct open houses on weekends B. They use marketing vehicles such as direct mailing and advertisements in real estate magazines C. They concentrate on the sale of agricultural properties D. They concentrate on one type of property or in a particular neighborhood - >>>D. They concentrate on one type of property or in a particular neighborhood All of the following would be considered commercial property, EXCEPT A. an office building that accommodates three tenants B. A high-rise apartment building in the downtown area of the city C. A shopping center that adjoins a residential neighborhood D. A large house that has been subdivided into four apartments - >>>D. A large house that has been subdivided into four apartments If the sale of a business involves the transfer of ownership of shares of stock, what additional requirement is imposed? A. The real estate licensee must be associated with a brokerage firm B. A brokerage firm must be brought in to handle the transaction C. The Florida real estate commission D. The division of regulation - >>>C. the Florida real estate commission Which of the following best describes the overall purpose of F.S. 475? A. to protect consumers B. to create the entities that regulate the real estate market C. to establish regulations and penalties for violations D. to define the qualifications for real estate licensees and appraisers - >>>A. to protect consumers "The department" refers to which government entity? - >>>The department of business and professional regulation (DBPR) What is "the division"? - >>>The Division of real estate (DRE) All of the following persons require a Florida real estate license, EXCEPT: A. A person who negotiates the sale of a house in Delray Beach, Florida on behalf of a friend who inherited the house from his deceased mother, without receiving any compensation B. A person who lives and. Works in Atlanta, Georgia, who negotiates the sale of a relatives auto dealing business in Palm Beach County, and receives a flat fee for the service C. A person who is paid to advise a real estate investor about the relative merits of two Parcels of land in Orlando, FL, for future development D. A person who is paid a salary and is employed by a developer to sell timeshare units in a new condominium development in Naples, Florida - >>>A. A person who negotiates the sale of a house in Delray Beach, Florida on behalf of a friend who inherited the house from his deceased mother, without receiving any compensation Which person requires a Florida real estate license? A. A person who helps a client locate and purchase a facility in Jacksonville, Florida, for the client's veterinary practice, and receives 3% of the purchase price for their services B. A person who lists for sale a lakefront home on Lake Tuscaloosa, in Alabama, for a longtime client and receives 5% of the selling price for their services C. A person who negotiates the sale of a 20-acre parcel of land that they own in Ocala, Florida D. A person who lives in Tallahassee who helps a friend purchase a duplex in Pensacola, Florida as an investment property but does not receive any compensation for their help - >>>A. A person who helps a client locate and purchase a facility in Jacksonville, Florida, for the client's veterinary practice, and receives 3% of the purchase price for their services Which of the following most accurately defines "compensation" with respect to real estate licensees? A. Anything or any service of value that is paid, received, or expected to be paid or received in exchange for a performed service B. A flat fee or percentage commission that is paid in exchange for a performed service C. Money that is paid, received, or expected to be paid or received in exchange for a performed service D. Money that is paid in exchange for a performed service - >>>A. Anything or any service of value that is paid, received, or expected to be paid or received in exchange for a performed service All of the following are services that require a current, valid Florida real estate license, EXCEPT: A. Appraising in federally-related transactions, developing, constructing, selling homeowner's insurance, and lending money to finance home purchases B. Auctioning, counseling, advertising real estate services, and soliciting real estate business C. Property management, business brokerage, selling timeshare units, and providing leads or referrals for compensation D..buying, selling, listing, renting, and showing property - >>>A. Appraising in federally-related transactions, developing, constructing, selling homeowner's insurance, and lending money to finance home purchases What is the minimum age requirement for a real estate licensee in Florida? A. 21 years B. 25 years C. 18 years D. 23 years - >>>C. 18 years Which of the following is a requirement for a person to become a real estate licensee in Florida? A. United States citizenship B. Residency in the state of Florida C. A social security number D. A valid Florida drivers license or other state issued identification - >>>C. A social security number In addition to taking and passing this pre-license course and the state exam, what else must you do to obtain an ACTIVE sales associate license and PRACTICE real estate? A. Complete the post-license education requirements B. Wait for confirmation from the Department that you have passed the state exam C. Pay an activation fee to the Department D. Obtain employment with a broker or owner-developer and file employment information with the Department - >>>D. Obtain employment with a broker or owner-developer and file employment information with the Department After you renew your license for the first time, how frequently must you continue to renew it? A. Every 2 years, but every 4 years if i have a four-year degree in real estate B. Every three years C. Every four years D. Every two years - >>>D. Every two years According to F.A.C. 61J2-26.002, which of the following persons would qualify for Florida residency? All of the following statements are accurate regarding the pre-license course Certificate of completion, EXCEPT: A. I must present the certificate to the exam vendor when I take the initial license state exam B. I must include the certificate with my application to take the initial license state exam C. The certificate is required for me to take the initial license state exam D. The certificate is valid for 2 years from the Date of issue - >>>B. I must include the certificate with my application to take the initial license state exam What is the status of your license after you pass the state exam and obtain your initial license? A. My license is active, i May begin providing real estate services immediately on my own B. My license is inactive, to activate my license, I must pay a fee and register with the Department C. My license is inactive, to activate my license, i must obtain employment with an active broker or owner-developer and register with the Department D. My license is active, I may begin providing real estate services immediately; however, I must obtain employment within 30 days with an active broker - >>>C. My license is inactive, to activate my license, i must obtain employment with an active broker or owner-developer and register with the Department Which of the following statements about real estate licensure in Florida is accurate? A. Brokerage corporations and partnerships are licensed, but not registered B. Owner-developers are license, but not registered C. Brokers, broker associates, and sales associates are licensed and registered D. Branch offices are licensed and registered - >>>C. Brokers, broker associates, and sales associates are licensed and registered What is post-licensing? A. The registration of an initial license with the Department B. The conversion of a real estate license from inactive status to active status C. The education requirement upon the first renewal of an initial real estate license D. The renewal of a real estate license every 2 years - >>>C. The education requirement upon the first renewal of an initial real estate license What post-licensing education is required for a Florida real estate sales associate? A. A 14-hour continuing education course B. A 45-hour post-licensing course and an end-of-course final exam C. A 72-hour FREC 11 course and an end-of-course final exam D. A 60-hour post-licensing course and an end-of-course final exam - >>>B. A 45-hour post-licensing course and an end-of-course final exam What post-licensing education is required for a Florida real estate broker? A. A 72-hour FREC 111 course and an end-of-course final exam B. A 14-hour continuing education course and an end-of-course final exam C. One or more courses that total 60 hours of post-licensing education D. A 45-hour post-licensing course and an end of course final exam - >>>C. One or more courses that total 60 hours of post-licensing education Ch.3 - >>> Which Florida Statute created the DBPR A. F.S. 544 B. F.S. 120 C. F.S. 475 D. F.S. 455 - >>>D. F.S. 455 All of the following statements about the Secretary of the Department are accurate, EXCEPT: A. The Secretary is responsible for activities related to the Department B. The Secretary is appointed by the governor C. The Secretary is subject to confirmation by the Florida Senate D. The Secretary is limited to one six-year term - >>>D. The Secretary is limited to one six-year term What is the role of the Division of Real Estate (DRE or the Division? A. To protect the public by developing federal rules and regulations that affect the real estate profession B. To protect real estate brokers from prosecution C. To protect the public by regulating real estate and appraisal licensees through education and compliance D. To protect real estate licensees from litigation - >>>C. To protect the public by regulating real estate and appraisal licensees through education and compliance Which of the following statements about F.S. 475, Part 1, is accurate? A. It defines the Florida Real Estate Appraisal board and is supplemented by rules in F.A.C 61J2 B. It defines the FREC and is supplemented by rules in F.A.C. 61J1 C. It addresses real estate brokers, sales associates, and schools and is supplemented by rules in F.A.C 61J2 D. It addresses real estate appraisers and is supplemented by rules in F.A.C. 61J1 - >>>C. It addresses real estate brokers, sales associates, and schools and is supplemented by rules in F.A.C 61J2 What is the administrative fine for violations of rules and laws under the administration of the Department? A. A minimum of $5,000 per offense B. A maximum of $1000 per offense, not to exceed $5,000 C. A maximum total of $5,000 D. A maximum of $5,000 per offense - >>>D. A maximum of $5,000 per offense What is prima facie evidence? A. Evidence that is presumed to be true and correct and shows that the defendant is innocent of any claims alleging fraud or misrepresentation B. Evidence that is presumed to be true and correct if there is additional evidence that supports it C. Evidence that is presumed to be true and correct unless there is other evidence that contradicts its authenticity D. Evidence that is presumed to be true and correct, regardless of other evidence that might be presented - >>>C. Evidence that is presumed to be true and correct unless there is other evidence that contradicts its authenticity When does a real estate license become active? A. On the date the applicant receives official notification that he or she has passed the state exam B. When the licensee obtains employment and files employment information with the Division C. On the date the licensee receives official notification that his or her license is active D. When the licensee files a request with the Division to activate his or her license - >>>B. When the licensee obtains employment and files employment information with the Division If an initial license became valid on November 1, 2021, when will it expire A. March 31, 2024 B. September 30, 2023 C. March 31, 2023 D. November 1, 2023 - >>>B. September 30, 2023 What is the status of a sales associates license if he or she fails to renew their initial license prior to expiration? A. Suspended B. Null and void C. Involuntary inactive D. Inactive - >>>B. Null and void All of the following are circumstances under which a real estate license must be reissued, EXCEPT: A. The license is lost or destroyed B. The licensee's address is changed C. The licensee's name is changed D. The licensee changes employers - >>>D. The licensee changes employers What may a broker do to continue practicing real estate after failing to complete his or her post- licensing requirements prior to initial incense expiry? A. Resume practicing as a broker after completing the 14-hr CE within 6 months of their initial license expiration B. Obtain employment under an actively licensed broker or owner-developer and complete the post- licensing requirements within 6 months of their initial license expiration C. Revert to a sales associate by completing the 14-hour CE within 6 months of their initial license expiration D. Nothing. The broker must start over by taking the sales associate pre-license course and passing another state exam - >>>C. Revert to a sales associate by completing the 14-hour CE within 6 months of their initial license expiration All of the following statements about active(current) license status are accurate, EXCEPT: A. A real estate professional must have an active license to perform real estate services B. To obtain active license status, a sales associate must obtain employment with a broker or owner- developer and submit employment information to the Department. C. A sales associate can work as a self-employed real estate professional after his or her license becomes active D. To maintain active status, a licensee must complete the required post-licensing education or continuing education, pay a renewal fee, and request renewal prior to each expiration date - >>>C. A sales associate can work as a self-employed real estate professional after his or her license becomes active All of the following statements about voluntary inactive license status are accurate, EXCEPT: A. A real estate license can remain in voluntary inactive status indefinitely B. A real estate professional whose license is in voluntary inactive status is not required to take continuing education or to request license renewal C. Voluntary inactive license status is intended for a real estate professional who chooses not to actively engage in the real estate business D. A real estate professional whose license is in voluntary inactive status cannot perform real estate services - >>>B. A real estate professional whose license is in voluntary inactive status is not required to take continuing education or to request license renewal All of the following statements about involuntary inactive license status are accurate, EXCEPT: A. A license may remain in involuntary inactive status indefinitely B. If a real estate professional fails to complete the continuing education license renewal requirements prior to the license expiration date, his or her license automatically goes into involuntary inactive status C. If a license is in involuntary inactive status, the licensee may not perform services of real estate D. If a license has been in involuntary inactive status for less than one year, the licensee can regain an active license by completing 14 hours of continuing education and paying an additional fee - >>>A. A license may remain in involuntary inactive status indefinitely What is a group license? A.the license of a sales associate or broker associate who works for more than one broker or owner- developer at a time B. The license of an owner-developer with affiliated organizations that provide real estate services in different geographic areas C. The license of a sales associate or broker associate who works for one owner-developer that has muttlple affiliates organizations that provide real estate services in different geographic areas D. An agent who is authorized to act for and represent a principal in all matters - >>>D. An agent who is authorized to act for and represent a principal in all matters What is a single agent? A. A broker who represents, as a fiduciary, either a buyer or a seller in a real estate transaction but never both B. A broker who represents, as a fiduciary, a buyer, a seller, or both in a real estate transaction C. A broker who provides limited representation to either a buyer or a seller in a real estate transaction but never both D. A broker who provides limited representation to a buyer, a seller, or both in a real estate transaction - >>>A. A broker who represents, as a fiduciary, either a buyer or a seller in a real estate transaction but never both What is a transaction broker? A. A Broker who provides limited representation to a buyer, a seller, or both in a real estate transaction B. A broker who represents, as a fiduciary, either a buyer or a seller in a real estate transaction but never both C. A broker who represents, as a fiduciary, a buyer, a seller, or both in a real estate transaction D. A broker who provides limited representation to either a buyer or a seller in a real estate transaction but never both - >>>A. A Broker who provides limited representation to a buyer, a seller, or both in a real estate transaction If no agency relationship has been established in writing, a broker is presumed to operate as what type of agent? A. A single agent B. A transaction broker C. A Special agent D. A Subagent - >>>B. A transaction broker All of the following statements about the Consent to Transition to transaction broker Notice are accurate, EXCEPT: A. It requires written consent by both parties in a real estate transaction B. It changes the broker in a real estate transaction from a single agent to a transaction broker C. It is the only brokerage relationship form that must be signed D. It allows a single agent with fiduciary duties to represent both the buyer and the seller in a real estate transaction - >>>D. It allows a single agent with fiduciary duties to represent both the buyer and the seller in a real estate transaction For residential real estate transactions, which types of authorized business relationships must be specified in written disclosures? A. Single agent, transaction broker, and no brokerage (non representation) B. Single agent and no brokerage (non representation) C. Single agent and transaction broker D. Transaction broker and no brokerage (non representation) - >>>B. Single agent and no brokerage (non representation) According to the Brokerage Relationship Disclosure Act, how long must a licensee keep copies of disclosure documents for written residential sales contracts? A. Indefinitely B. Five years from the date of execution, whether the transaction closes or fails to close C. Five years from the date of execution, but only if the transaction closes D. Two years from the date of execution, whether the transaction closes or fails to close - >>>B. Five years from the date of execution, whether the transaction closes or fails to close Ch.5 Real Estate Brokerage Activities and Procedures - >>> All of the following statements about a broker's branch offices are accurate, EXCEPT: A. A Branch office registration is not transferable from one location to another B. A sales associate or broker associate can be licensed at the main office or at a branch office of the broker with whom he or she is employed C. A broker can conduct business from multiple offices without registering each office as a branch office D. Each branch office must be registered with the Department - >>>C. A broker can conduct business from multiple offices without registering each office as a branch office All of the following items are required on the signage on a broker's principal and branch offices, EXCEPT: A. The words "Licensed (or Lic.) Real Estate Broker" B. The brokers trade name or the name of the partnership or corporation C. The names of the sales associates and broker associates who work at that office D. The name of the broker (for a sole proprietorship) or the name of at least one broker (for a partnership or corporation) - >>>C. The names of the sales associates and broker associates who work at that office All of the following statements about real estate advertising are accurate, EXCEPT: A. If a licensee's name appears in an advertisement, the licensee's last name must appear exactly as it is registered with the FREC B. A sales associate or broker associate may advertise a listed property in his or her name instead of the broker' a name C. All advertising is under the supervision of the broker and the broker is accountable for the contents of any advertising prepared by his or her employees D. Advertising must be done in a manner so that a reasonable person knows that he or she is dealing with a real estate licensee. - >>>B. A sales associate or broker associate may advertise a listed property in his or her name instead of the broker' a name What is an illegal blind advertisement? A. A real estate advertisement that does not contain the name of the sales associate B. A real estate advertisement that does not include the broker's personal name