Download 302 Gold Coast End of chapter Questions 1-19 With Answers |2025 and more Exams Real Estate Management in PDF only on Docsity!
what is the purpose of the zoning board of adjustment? - ✔ ✔ to grant variances and special exceptions
which term is used to describe a property use that predates the current zoning ordinance but is allowed to exist for at least a period of time? - ✔ ✔ legally nonconforming
which statement best describes a planned unit development (PUD)? - ✔ ✔ A PUD is also called cluster zoning
which statement is correct with respect to a development of regional impact (DRI)? - ✔ ✔ A DRI is defined as any development that substantially affects the health, safety, or welfare of the citizens of more than one county
adequate infrastructure available to support growth and development was mandated by Florida's growth management act is specified in which of the following? - ✔ ✔ concurrency rules
what is the category of a business that meets payroll expense by using dollars generated by persons who lives in the immediate vicinity? - ✔ ✔ service
which of the following would be considered a basic industry when performing an economic base analysis? - ✔ ✔ university
with regard to residential properties located within a flood hazard zone V, which statement is correct? - ✔ ✔ the structure must be on elevated construction
which standard or process establishes the minimum standards for design and construction of buildings or structure? - ✔ ✔ building codes
An appraiser, who is registered, licensed, or certified under F.S. 475, Part II, must be utilized in which of the following? - ✔ ✔ All appraisals
In what year was the Florida Real Estate Commission created? - ✔ ✔ 1925
What is the purpose of the real estate license law? - ✔ ✔ To protect the public
Why was the Florida Real Estate Commission created? - ✔ ✔ To administer and enforce the law
A sales associate failed to complete the required post-license education prior to renewal. What is the status of the license? - ✔
✔ Placing and keeping on record the sales associates name, home address and business address of his or her employing broker
How may a licensed sales associate be paid by his or her owner- developer? - ✔ ✔ On a commission or salary basis
What are the minimum employment requirements for a licensed sales associate to qualify for a real estate broker's license? - ✔
What is a broker associate - ✔ ✔ A broker who is employed as a sales associate
Florida has an agreement with some other states that for licensees. What is the agreement education and experience requirements recognizes the similarity in called? - ✔ ✔ Mutual recognition
Which of the following statements is true regarding a plumber who has been appointed by a court to appraise a small business? - ✔
✔ The plumber may do so, and be paid a fee
All of the following individuals are exempt from the real estate license law, EXCEPT: - ✔ ✔ Funeral directors performing duties of real estate for commission
A georgia broker with extensive experience in conducting auctions was asked by a local real estate broker to auction did not result in a sale. The florida broker paid the georgia broker for out if pocket expenses, but did not pay a commission. Which of the following statements is correct? - ✔ ✔ The georgia broker violated license law.
The Department of Business and to issue Professional Regulation has the authority all of the following, EXCEPT: - ✔ ✔ An injuction
What is the maximum number of years a member may serve on the Florida Real Estate Commission? - ✔ ✔ No maximum
Which statement is true regarding the secretary of the Department of Business and Professional Regulation? - ✔ ✔ The secretary is appointed by the governer
Which statement is true regarding examination questions and answers? - ✔ ✔ They are confidential
Which of the following entities issues real estate licenses? - ✔
✔ The department of business and professional regulations
After being active in the real estate business for over five years, a licensee's license expired on September 30th. What is the status of the license on October 1st? - ✔ ✔ Involuntary inactive
The Florida Real Estate Commission held a meeting for the purpose of passing a new rule. This is an exercise of which Commission power? - ✔ ✔ Quasi-legislative
Which of the following statements is true regarding the director of the Division of Real Estate? - ✔ ✔ The director is appointed by the secretary of the department of business and professional regulation
The Department of Business and Professional Regulation is created by which statute? - ✔ ✔ F.S 455
If an applicant for a real estate license provides false information, they commit which of the following criminal violations? - ✔ ✔ Third degree felony
What action may the Department take if it determines that an unlicensed person has operated in violation of a law or rule under its administration? - ✔ ✔ An administrative fine up to $5, may be imposed
pay an attractive commission split. Which statement is correct? - ✔ ✔ This arrangement violated the license law
Who owes fiduciary duties in a single agency relationship? - ✔
✔ The broker only
All of the following activities are exempt from the requirement to provide disclosures under the Brokerage Relationship Disclosure Act, EXCEPT: - ✔ ✔ Showing properties to a party that is not being represented
As an agent, a broker is employed by and acts on behalf of whom? - ✔ ✔ A principal
In which of the following situations does a general agency relationship exist? - ✔ ✔ When a sales associate is employed by a broker
Broker Joan just received an oral offer to purchase a listed property. No earnest money accompanied the oral offer. Which of the following statements is correct? - ✔ ✔ Joan must present the offer
Which of the following statements best describes a transaction broker? - ✔ ✔ A transaction broker may provide limited representation to both parties
An agent failed to advise a principal regarding the value of the owner's property prior to accepting a listing. Which fiduciary duty did the agent breach? - ✔ ✔ Disclosure
Broker Tom sold a property, which was listed with broker Alice. Tom was unable to attend the closing, so Alice collected the
entire commission. Alice refused to pay Tom his share of the commission. What could Alice be charged with? - ✔ ✔ Failure to account
Mary, an Ohio broker, accompanied a customer to florida and met with broker Stan in his office in Miami. While stan showed the customer property and obtained a binding contract for the purchase of a condominium, mary took some time off and went to the beach. When Mary returned to Stan's office, she discovered that Stan had written a contract and demanded a share of the commission. Which statement is correct? - ✔ ✔ Stan may share the commission with Mary
What is an agent required to do in an agency relationship? - ✔
✔ Attempt to obtain the most favorable price and terms on behalf of the principle
When can an agent disclose confidential or harmful information about a principal? - ✔ ✔ Never
Each of the following is contained in the definition of a residential transaction, EXCEPT: - ✔ ✔ Dispositions of business interests involving property of five or more residential units
When can both parties in a transaction pay a broker a commission? - ✔ ✔ When both parties agree to the dual commission
All of the following provide control of agency relationships, EXCEPT: - ✔ ✔ The department of financial services
Which of the following statements is correct regarding a licensed broker associate who is with a real estate brokerage partnership?
- ✔ ✔ The broker associate must hold an active brokers license
All of the following business formations can register to conduct real estate transactions, EXCEPT: - ✔ ✔ Corporation Sole
If a broker has conflicting demands on money held in escrow, what is the first thing the broker should do? - ✔ ✔ Notify the florida real estate commission in writing
If a sales associate receives a postdated check, which of the following is the most appropriate action? - ✔ ✔ The sales associate should immediately give the check to her employing broker
Which of the following statements regarding an ostensible partnership is correct? - ✔ ✔ An ostensible partnership is not a true partnership
Who has the right to inspect a brokers escrow account records? - ✔ ✔ The department of business and professional regulation or its authorized representatives
All of the following businesses are required to file documents with the state, EXCEPT: - ✔ ✔ Corporation Sole
Which condition would require a location to be registered as a brokerage branch office? - ✔ ✔ Sales associates are permanently assigned to the location
Which statement best describes the sign requirements for a brokerage office? - ✔ ✔ Every active broker must maintain a sign at each brokerage office or branch office
All of the following actions are authorized alternatives for a broker to use in order to resolve an escrow dispute, EXCEPT: - ✔ ✔ Obtain an attorneys opinion
A real estate brokerage firm advertises a listed property. Which of the following is correct? - ✔ ✔ The name of the brokerage must be included in the ad
Which of the following is an approved depository for earnest money? - ✔ ✔ A bank within the state of FL
What must a sales associate do upon receiving an earnest money deposit? - ✔ ✔ Deliver the funds to his or her broker or owner developer
What action should a broker take if a commission dispute arises prior to closing? - ✔ ✔ Retain the exact amount of the disputed commission in the escrow account until the dispute is settled
A prospective tenant pays a licensee for a rental information list. What percentage of the fee paid may the prospective tenant recieve if the licensee provides inaccurate information? - ✔ ✔ 100%
Three individuals decide to open a real estate brokerage office. Which statement best describes the legal requirements? - ✔ ✔ atleast one officer must be an active broker
What is the charge for anyone found quilty of using false or misleading advertising? - ✔ ✔ Second degree misdemeanor
What is the maximum amount of money that can be paid from real estate recovery fund to three persons who suffered monetary loss as the result of a fraudulent act committed by a real estate licensee and have been awarded a single judgment? - ✔ ✔ $50,
In which of the following circumstances may a citation be issued to a licensee? - ✔ ✔ When no substantial threat to the public health, safety, and welfare exists
What is the maximum fine FREC can impose against a licensee who is found to be guilty of teo violations of F.S 475 - ✔ ✔ $10,
What action might the Department of Business and Professional Regulation take against a broker whose actions pose an immediate serious danger to the safety and welfare of the public?
- ✔ ✔ Issue a summary suspension
What action may be taken if either the Florida Real Estate Commission or the collect licensee disagrees with a recommended order submitted by the administrative law judge? - ✔ ✔ File exceptions
How is the Real Estate Recovery Fund funded? - ✔ ✔ Fees and fines paid by real estate licensees
What must an unlicensed individual do when ordered to appear before the DBPR? - ✔ ✔ Appear
Which activity would be classified as a first degree misdemeanor under F.S 475? - ✔ ✔ Violation of rental information rules
A sales contract specifies that the buyer will pay a secondary deposit by March 15th. The sales associate neglected to collect the deposit on time. Which of the following statements is correct?
- ✔ ✔ By forgetting to collect the deposit, the sales associate may cause harm to the seller, and could be charged with culpable negligence
What was the significance of the 1968 Jones V. Mayer supreme court ruling? - ✔ ✔ Discrimination based on race was strictly prohibited, preventing exceptions of any kind
All of the following are correct regarding the americans with disabilities act, except: - ✔ ✔ Owners must make all accessibility modifications who no regard to the cost of improvement
Under the Florida Residential Landlord and Tenant Act, a landlord is required to do all of the following EXCEPT: - ✔ ✔ Deposit advance rent and security deposits in an interest bearing account
If a security deposit is held by a landlord, what is the landlord required to do? - ✔ ✔ Return the funds within 15 days after the tenant vacates the premise or give notice within 30 days of the intention to impose a claim against the security deposit by certified mail.
What term is used to describe a situation in which a real estate licensee tells a customer that an advertised property is NOT available for sale when, in fact, it is? - ✔ ✔ Steering
What is the first step in the eviction process? - ✔ ✔ The landlord notifies the tenant that they must cure the problem within a specified time period or vacate the property
When may a landlord commingle a tenants security deposit with other business funds? - ✔ ✔ When the landlord posts a surety bond
All of the following Estates include legal title to real property, except: - ✔ ✔ Tenancy for years
Florida timeshare projects are regulated by which organization? - ✔ ✔ Division of Florida condominiums, timeshares, and mobile homes
Able, who holds title and fees sample, did land to Baker to enjoy until his death. At that time, Charlie is to receive title to the land. Bakers interest in the land is known as which of the following? - ✔ ✔ Life estate
Based on the information in the previous question, Charlie's interest in the land is which of the following? - ✔ ✔ Remainder estate
What rights allow a property owner to have a reasonable use of water flowing over or through his or her land? - ✔ ✔ Riparian
A potential purchaser of a new time sure can cancel the contract without penalty within how many days? - ✔ ✔ 10
Which statement best describes a tendency at sufferance? - ✔
✔ The tenant remained in possession after expiration of a lease
Which of the following best describes a tenancy at will? - ✔ ✔ A lease which can be terminated at the will of the landlord or tenant by giving legal notice
What is the elective share right in Florida? - ✔ ✔ 30% of the real and personal property owned at the time of death
What does the bundle of rights in real property include? - ✔ ✔ Disposition, enjoyment, and exclusion
Which of the following are the tests used by courts to determine whether an item is real or personal property? - ✔ ✔ a. intent, relationship of the parties, method of annexation and adaptation.
What are the four unities required to create a joint tenancy? - ✔
✔ Possession, interest, time and title
The law of descent and distribution passes what percentage to a surviving spouse if there are no lineal descendants? - ✔ ✔ 100%
Which of the following is a form of corporate ownership that allows possession under a proprietary lease? - ✔ ✔ Cooperative
Paul and Paula are husband-and-wife. They own property as tenants by that entireties. They divorce without a property settlement. Unless otherwise decreed by court, they now hold title as which of the following? - ✔ ✔ Tenants in common
Which instrument transfers title from one individual to another? - ✔ ✔ Deed
Which of the following statements is true regarding an attorney's opinion of the title? - ✔ ✔ It is rendered after an examination of an abstract
Which of the following is required to obtain title by adverse possession? - ✔ ✔ Notorious, open, hostile, adverse and exclusive possession of the property for seven or more consecutive years
What type of notice is considered to be the best proof of ownership - ✔ ✔ constructive
A five-year lease of a 10,000-square-foot warehouse prohibits assignment. After two years the tenant is unable to continue with the full rent payments and arranges with another tenant to take over one half of the space and pay one half of the rent for the remaining term. This arrangement is: - ✔ ✔ A sublease
Which of the following best describes a contract for sale that contains a street address instead of a legal description? - ✔ ✔ It is valid, but may lead to a future dispute
Which of the following statements is true regarding a mortgage loan originator? - ✔ ✔ A mortgage loan originator must have a separate license.
A real estate appraiser's fee for professional service is based on which of the following? - ✔ ✔ The time and difficulty of the appraisal
Which of the following best describes the real estate brokerage business? - ✔ ✔ Service Business
When a developer completes construction of a new subdivision, all streets, electric, water, and sewer installation are finished and deeded to the city or county. What is this process called? - ✔ ✔ Dedication
All of the following are responsibilities of a property manager, EXCEPT: - ✔ ✔ Preparing Leases
What does the term "farming" refer to in real estate? - ✔ ✔ Specializing in one geographic area
Which insurance policies can a real estate licensee offer to the public without additional state licensing? - ✔ ✔ None of the Above
What is the purpose of the National Association of REALTORS®?
- ✔ ✔ Preserve the right of individuals to own real property through of an exchange of information
What does the designation of REALTOR® signify? - ✔ ✔ The designation identifies the real estate professional as a member of NAR
developer contracts to build a home according to the buyer's This is an example of which specifications. type of building? - ✔ ✔ Custom
The federal, state, and local governments all play a role in the regulation of real estate. In which of the following areas would the local government have the most impact? - ✔ ✔ Property taxes, building moratoriums, and zoning
