Florida Real Estate Questions

Seperate License

A Mortgage broker must have a _______ _______

Time and difficulty

A Real estate appraiser's fee for professional service is based on?

Service business

The real estate brokerage business can be best described as a ________

Customer

The princicple in an agency relationship is the ____?

D. Preparing leases.

The responsibility of a property manager does NOT include:

A. Renting Property

B. Collecting rent

C. Overseeing maintenance

D. preparing Leases

Farming

Concentrating on one neighborhood or style of property is _________.

D. None

Which insurance policies can a real estate licensee offer to the public with out additional state licensing?

A. Flood

B. Fire

C. Renters Insurance

D. None

To preserve the right of individuals to own real property through an exchange of information.

What is the purpose of the "National Association of REALTORS"?

Indentifies a real estate professional as a member of "NAR"

What does the word "REALTOR" signify?

Custom Building

A Developer contracts to build a home on a buyers lot to the buyers needs and taste. What type of contruction is this?

B. Work with them.

In their relationships with customers, brokers,

A. Work for them

B. Work with them

C. Represent them

D. Are always their agent

FALSE.

Licensees involved in business brokerage must have a seperate license, TRUE or FALSE?

D. Accounting

Real Estate brokers are NOT required to be Knowledgeable regarding ___________.

A. Marketing

B. Valuation

C. Property transfer

D. Accounting

Counseling

The Service provided by real estate brokers that is considered to require the most experience and knowledge is?

No. The appraisal of residential property

Can appraisers registed, licensed or certified under F.S 475 part 2 be used on ALL appraisals?

Speculative

A Contractor who builds on his or her own lot in the hope of finding a purchaser upon completion is building on ________.

A. Agent

A broker who is working for an employer is said to be the _________.

A. Agent

B. Broker Associate

C. Principle

D. Customer

C. Customer or Principle

When working with a member of the public, the party the broker hopes to be successful with is refered to as the _______?

A. Client

B. Employer

C. Customer or Principle

D. Employer or Customer

FALSE.

Most Real Estate Licensees are involved in Commercial Real Estate. TRUE or FALSE

Comparative Market Analysis.

An estimate of the value of property by a real estate licensee based on the sale of similar propertys in the area.

What does CMA stand for? and what does it mean?

Department of Financial Services

Who are Mortgage Brokers Licensed by?

Estimate of Value.

What is an Appraisal?

Ballance Sheets, and Financial Statements.

Valuing a business requires an analysis of ________ _________ and _________ _________.

Valuation, Marketing, and Property Transfer.

The THREE areas of expertise real estate licensees bring to the transaction are _______, _______ and _______ ________.

Going Concern.

The composite value of real and personal property, plus the intangible assets of a business, is called _______ ________ value.

Part One

What part of F.S 475 covers regulation and licensing of real estate practitioners?

Part Two

What part covers the registration, licensing and certification of appraisers in Florida?

Void.

A Sales Associates license will be _______ if he or she does not complete required post license education during his or her initial license period.

Sales Associate, 6 Months

A Broker that did not complete required postlicense education prior to expiration of his or her initial license period may request a _______ _______ license by completing a continuing education course within ___ _______.

Sale Associates.

A Broker Associates Responsibilities are Similar to a ______________.

4 Months

Residency in Florida may be claimed by anyone that is or has resided in the state for not less then __ _____ with in the previous 12 months.

1923

The first real estate license law in Florida was enacted in ________.

False, 1923.

The First real estate license law in FLORIDA was enacted in 1918. TRUE or FALSE.

Active

Upon passage of the state examination, an applicant for a sales associates license will receive an _______ license when employed by a broker.

Active

Upon passage of the state examination, an applicant for a sales associates license will receive an _______ license when employed by a Owner Employer.

Inactive.

Upon passage of the state examination, an applicant for a sales associates license will receive an _______ license.

Other States that have similar educational requirements as Florida.

What is Mutual Recognition?

45 Hours

How long is the Post License Educational Requirements for Sales Associates?

14 Hours

How long is the Continuing Educational Requirements for Sales Associates?

2

The Notice of Satisfactory Completion of a pre license course is valid for _______ years.

Registered, License.

Owner employers are __________ but do not receive a ________.

50.00

A Tenant in an apartment complex may receive up to _______ for referral of a new tenant for the same complex.

Post License

_________ __________ Education must be completed during the initial sales associates license period.

Power of Attourney

Legal Authority to sign a document on behalf of another requires a _______ ___ ________.

B. 1925

The Florida Real Estate commission was first created in what year?

A. 1932

B. 1925

C. 1923

D. 1919

A. To protect the public

The real estate license law serves what purpose?

A. To protect the public

B. To protect the licensees

C. To clarify the law

D. To grant licenses

Florida Real State Commission

What does F.R.E.C stand for?

Orlando

Where is F.R.E.C Located?

False.

F.R.E.C is located in Tallahassee. TRUE or FALSE

Administer and Enforce the Law

What Does the Florida Real Estate Commission do?

D. Void

Frank, a sales associate failed to complete the required postlicense education prior to renewal. What is the Status of Franks License?

A. Revoked?

B. Suspended for 6 months

C. Involuntarily Inactive for 2 Years

D. Void

B. Placing and keeping on record the sales associates name, home address and business address of his or her employing broker.

Registration of an Active Sales Associate with the Department refers to:

A. Placing and Keeping on record the sales associates name and home address.

B. Placing the keeping on record the sales associates name, home address and business address of his or her employing broker.

C. The Brokers name and Business address.

D. Placing and keeping on record the sales associates name, and business address of his or her employer.

D. A commission or salary

Owner-Employers of licensed real estate sales associates are allowed to pay them:

A. on a salary basis only

B. on a commission basis only.

C. on a commission, but not a bonus

D. a commission or salary.

2 Years.

To Qualify for a real estate brokers license, an applicant must have been employed for a minimum of ______ years under one or more actively licensed brokers.

60 Hours

How many hours of post license education are required to renew a brokers license?

Mortgaging

Which service does NOT require a real estate license?

B. Mortgaging

What Service does NOT require a real estate license?

A. Leaseing

B. Mortgaging

C. Buying

D. Selling

C. The Signature of the Governor.

Information that appears on a Florida real estate license does not include:

A.The Seal of the State of Florida

B. An expiration date

C. The Signature of the Governor

D. The Name of the Secretary of Business and Professional Regulation.

Indefinitely

How long can a voluntary inactive licensee remain in that license status?

FALSE

To qualify for a Florida real estate license, an aplicant must be a citizen of the United States. TRUE or FALSE

FALSE

To qualify for a Florida real estate license, an aplicant must be at least 21 years of age. TRUE or FALSE

High school education or equivalent.

To qualify for a Florida real estate license, an aplicant must have what?

An attorney in fact is authorized by a power of attorney to act for another.

What is "Attorney in fact"?

D. attorneys performing legal duties in connection with a real estate transaction

What choice describes an exemption from the licensing requirements of F.S 475?

A. Partners in real estate partnerships that receive compensation in excess of their interest in the partnership for performance of real estate services on behalf of the partnerships.

B. condminium managers paid on a commission basis for rentals for less then 1 year

C. appraisers certified under F.S 475, Part II when performing brokerage services.

D. attorneys performing legal duties in connection with a real estate transaction.

B.is exempt from continuing education requirements to maintain a real estate license.

An actively licensed attorney that is a member in good standing with the Florida bar:

A. may charge commissions in connection with real estate activites.

B. is exempt from continuing education requirements to maintain a real estate license.

C. is not allowed to simultaneously hold a real este license.

D. May be licensed as a broker but not as a sales associate.

False, A broker associate is a Broker employed as a sales associate.

A Broker associate is a Sales associate, TRUE or FALSE

Mutual recognition.

The Agreement the State of Florida has with some other states that recognizes the similarity in education and experience required of licensees is called __________ _____________.

True.

A plumber has been appointed by a court to appraise a small business, the plumber may do so and be paid a fee. True or False.

D. Funeral Directors.

Exemptions from the real este license law do NOT include:

A. Employees of a corporation being paid on a salary basis.

B. Partners in a partnership that receive their pro rate share of the profits.

C. Managers of condominiums renting units with the complex for periods up to 1 year.

D. Funeral directors.

A. The Georgia auctioneer violated the License Law.

A Georgia Auctioneer was asked by a local real estate broker to auction a small motel in Miami. The auction did not result in a sale. The Florida broker paid the auctioneer anyway for out-of-pocket expenses, but did not pay a commission. It would be correct to say:

A. The Georgia auctioneer violated the License Law.

B. Florida Broker did not Violate the License Law.

C. Florida Broker is not subject to discipline by the F.R.E.C

D. Transaction is perfectly within the license law.

Majority.

Define Quorum.

4

A quorum to conduct certain duties of the commission requires _____ Members.

Quasi Judicial.

The Commissions ability to impose disciplinary actions against licensees is known as _________ __________ power.

Quasi Legislative

The rule making authority of the F.R.E.C is which power?

7

The F.R.E.C is composed of how many member?

False

The F.R.E.C is composed of 8 Members. TRUE or FALSE

Secretary of State

To become effective, Rules enacted by the F.R.E.C must be filed with the ________ ___ _______.

2

Members of the F.R.E.C may serve no more then ____ consecutive terms.

Executive

Establising education requirements for licensees is an example of the exercise of the ________ Powers of the commission.

3 Million

The Real Estate Education and Research Foundation was established by a transfer of ____________ from the real estate trust fun.

5 Years.

To become a broker member of the F.R.E.C, a Broker must have been actively licensed in Florida for a minimum of ___ _______.

Orlando

The offices of the Division of Real estate are located in _________.

Tallahassee

The principle office of the D.B.P.R is located in ______________.

Commissioner, F.R.E.C, and D.B.P.R

The Director of the Division of Real Estate is Appointed by the __________ of the _________ subject to approval by a majority of the member of the ______.

Involuntary inactive.

A License that fails to renew when required to do so will have his or her license placed on ________ _________.

Renewal

When a Licensee changed employers, he or she should request a _________ with a new employer before performing services of real estate for compensation.

6

Licensees that are member of the armed forces have all fees, dues and other requirements waived during their military service and for ___ months after returning to civilian life.

C. Injunction

The D.P.B.R does NOT have the authority to issue a:

A. Cease and desist Order.

B. Subpoena

C. Injunction

D. Notice of Noncompliance.

a written legal order summoning a witness or requiring evidence to be submitted to a court.

What is a "Subpoena"?

a court order that requires somebody involved in a legal action to do something or refrain from doing something

What is a "Injunction"?

an order or request to to stop an activity and to not take it up again in the future.

What is a "Cease and Desist order"?

D. Unlimited

The maximum number of years a member may serve on the Florida Real Estate Commision?

B. is appointed by the governor.

The Secretary of D.B.P.R is:

A. is a member of the F.R.E.C

B. is appointed by the governor

C. must be an attorney

D. answers to the state legislature in the performace of duties.

D. Business and Professional Regulation

The Division of Real Estate is an administrative part of the department of:

A. State

B. Commerce

C. Banking

D. Business and profession Regulation.

True

Examination Questions and Answers are Confidential. True or False

D.B.P.R

(Department of Business and Professional Regulation)

Which Department issues Real Estate Licenses.?

C. Name and Address

Which Information supplied by an applicant is public record?

A. Financial Info

B. Test Scores

C. Name and Address

D. Medical Info

B. Quasi- Legislative

The F.R.E.C 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

A. Is apppinted by the secretary of D.B.P.R

The Director of the Division of Real Estate

A. is appointed by the secretary of Department of Business and Professional Regulation.

B. Is a member of the F.R.E.C

C. is not subject to confirmation or approval by the F.R.E.C

D. Answers only to the governor in the performance of his or her duties.

D.B.P.R

(Department of Business and Professional Regulation)

F.S 455 was created by who?