chapter 1-4 MAGNOLIA PREP

Is a property manager who is paid strictly a salary required to be an actively license broker?

No

Is a property manger who is paid a salary plus on transactional basis, required to be an actively licensed broker?

Yes

What is the difference between rental agent and property manger?

A rental agent works with potential renters and find them a rental. A property manager does the same, but also mangers 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 one or more lots and constructing a home or homes w/o a buyer in advance of construction?

Speculative home

What kind of residential construction involves a builder in contract with a buyer, and the buyer decides what kind of design the house will have?

Tract home

When is a new sales associate legally allowed to refer to themselves as a realtor ?

When they have joined the National association REALTORS

What is the Florida statute 475?

It is the law that establishes the legal rights and responsibilities of real estate licensees and Real estate appraiser

How many part does FL statue 475 have ?

4

What is FL statue 455

The law that defines the general legal practice of the DBPR,

Department of Business and Professional Regulation

If an owner developer’s sale staff receives a commission, what must thy have?

Active real estate license

If an owner-developer sales Associate license, if he does not complete, the required 45 hour plus licensing course before the first expiration of his license?

NULL & VOID

After the 45 hr post license course has been completed, how long does a sale associate have to complete the required 14 hrs continuing education course?

2 years

Who is required to complete continuing education? It is actively license associate, or actively license sales associate & inactively license associate.

ACTIVELY & INACTIVELY LICENSED SALE ASSOCIATES

How many hrs is the business ethics portion of the 14 hrs of continuing education

3 hrs

How long is a sale associate required to be licensed under one of more actively licensed broker before he is eligible to obtain a broker license ?

2 yrs

Is the gov name or signature on a sale associate license ?

The gov name is an the sales associate licensee, not his signature

if an u licensed assistant works at a brokerage can be show property, hold listings presentations, and negotiate contract?

NO

Can a licensee share a portion of his commission with an unlicensed person who is not one of the parties to the transaction for the referral of real estate?

No

Would a salaried manager of a condo who rents units for periods that are longer than one year and doesn’t received compensation based on transaction or bonuses, be required to hold an active real estate licensed?

NO

How many members are on the FREC (Florida real estate commission)?

7

How many members of the FREC must be brokers that have been brokers for at least five years?

4

How many members of the FREC are unlicensed consumer?

2

What are the three powers of the FREC?

Executive power, quasi-legislative power, & quasi - judicial powers

Can a licensee engage in real estate service including selling real estate for compensation since it is their license is in active status?

involuntary inactive

Many days does a licensee have to notify the DBPR of an employer change?

10 days

What is the penalty if a license steal duplicates of listing from his previous employer?

Breach of trust

What is the penalty it’s a license steals original listing from his previous employer?

Larceny

What would a broker be issued if he is the broker of multiple business entities?

Multiple licensed

If a cell associate works for an owner developer (builder), and wishes to work at more than one location or entity that the owner-developer owns what would the cell associate be required to have?

A group license

Can the FREC ISSUE misdemeanor & the felonies to a licensee?

No, THE FREC IS AN ADMIN AGENCY

What is fiduciary relationship ?

Is a relationship that contains complete trust and confidence

What are the three brokerage relationship options that are broken has with a member of the public

Single agent

Transactions broker

No brokerage relationship ( called no representation)

Which brokerage relation contains a fiduciary relationship?

The single agent relationship

Which fifers are sales associate legally required to present ?

ALL OFFERS

When is a license required to disclose all known defects that affect the value of residential property that are no readily observable by the buyer?

Always

If a contract is in “as is” contract, does that remove the requirement of the licensee to disclose all known facts that materially affect the value of residential real property??

NO

What is a licensee required to show the no brokerage relationship notice?

BEFORE SHOWING PROPERTY

Hat kind of agency relationship to show the no broker and a sales associate have?

A GENERAL AGENCY

If a broker list a house with a single agency relationship, and then finds a potential buyer, what are the two option (and the sale associate under him) have to legally show the prospect of buyer the house?

1) IS FHEE BROKEE ( ANS FHE SALE ASSOCIATES UNDER HIM)

2) BROKER CAN HAVS RHE SWLLEE (THE PRINCIPAL) SIGN THE CONSENT TO TRANSITIONS TO TRANSACTION BROJER DISCLOSURE

Does the transaction broker have the duty of complete trust and confidence for (FIDUCIARY) to his commission?

No

Can a transaction broker or single agent ever discuss with the other party, the motivation of their party?

NO

Is dual agency permitted in florida?

NO

Which disclosure form must be signed by the principal when the broker is transitioning from a single agent to a transaction broker relationship?

THE CONSENT TO TRANSITION BROKER DISCLOSURE FORM

What is the definition of a residential transaction?

IMPROVED PROPERTY OF FOUR OR FEWER RESIDENTIAL UNITS, OR UNIMPROVED PROPERTY ZONED FOUR OR FEWER RESIDENTIAL UNITS, OR AGRICULTURAL PROPERTY OF 10 ACRES OR LESS