Real Estate Exam Study Flashcards

A collection of flashcards to aid in the review of real estate concepts, laws, regulations, and definitions for examination preparation.

Is a property manager that is paid strictly salary required to be an actively licensed broker?

No

What is the difference between a rental agent and a property manager?

A rental agent works with potential renters, while a property manager also manages the property after finding the renter.

Why has the field of property management experienced such rapid growth?

The increase of absentee owners.

What kind of residential construction involves a builder purchasing lots without a buyer in advance?

Speculative home.

What is Florida Statute Chapter 475?

Law that establishes the legal rights and responsibilities of real estate licensees and real estate appraisers.

How many parts does Florida Statute Chapter 475 have?

Four.

What do you call a person who performs real estate services for compensation under the control of a broker?

Sales associate.

What does a broker do?

Perform real estate services for compensation, not under the direction of another.

What is the penalty for not completing the required post licensing course?

Null and void.

What is the status of a sales associate’s license if their broker’s license is suspended?

Involuntary inactive.

How many days does a licensee have to notify the DBPR of an address change?

10 days.

What is a fiduciary relationship?

A relationship that contains complete trust and confidence.

What are the three brokerage relationship options?

Single agent, transaction broker, no brokerage relationship.

Which brokerage relationship involves a fiduciary relationship?

Single agent.

Is dual agency permitted in Florida?

No.

What does the Civil Rights Act of 1866 state?

It prohibits any type of discrimination based on race in any real estate transaction.

What is an easement in gross?

An easement allowing a water company to dig up a property owner's yard to install a water pipe.

What is the best deed to use to clear clouds on title?

Quitclaim deed.

What type of contract obligates both parties?

Bilateral contract.

What is the purpose of the Statute of Frauds?

To make real estate contracts enforceable.

What is a BPO?

Broker's price opinion.

What is liquidated damages?

Damages disclosed in the contract.

What are the three methods surveyors use to create legal descriptions?

Metes and bounds, government survey, lot and block.

What is a PUD?

Planned unit development with mixed land uses.