Download Florida Real Estate: Comprehensive Questions and Answers for Licensing Exams and more Exams Real Estate Management in PDF only on Docsity!
FLORIDA REAL ESTATE ELABORATED
QUESTIONS WITH CORRECT
ANSWERS
When did Florida pass its first Real Estate Law? - CORRECT ANSWER- 1923 When was the FREC created? - CORRECT ANSWER- 1926 What is the purpose of the FREC? - CORRECT ANSWER- protect the public What is the DBPR? - CORRECT ANSWER-Department of Business and Professional Regulation What is the Mission of the Department? - CORRECT ANSWER-to ensure that professions and businesses provide quality services for the health, safety and welfare of citizens and visitors in the great state of Florida What is the DRE? - CORRECT ANSWER-Division of Real Estate What is the Division Responsible for? - CORRECT ANSWER- Protects the public by regulating real estate and appraisal licensees examination, licensing and regulation verify the integrity of real estate salespersons and brokers by providing investigation and support to areas of complaints by consumers and other professionals as needed
What is the FREC? - CORRECT ANSWER-Florida Real Estate Commission What does the FREC do? - CORRECT ANSWER-the enforcer of real estate rules and discipline Who appoints the members of the FREC? - CORRECT ANSWER-appointed by the Governor How was real estate conducted in the past? - CORRECT ANSWER-By Caveat emptor: "Let the buyer beware. Who does Caveat Emptor still apply to? - CORRECT ANSWER-still applies to buyers and sellers who conduct their own real estate business without the aid of a professional What are the 3 categories of real estate licenses? - CORRECT ANSWER-Sales associate Broker Broker Associate What is a sales associate? - CORRECT ANSWER-A person who provides real estate services for another, for compensation under the direction, control and management of a broker What is a broker? - CORRECT ANSWER-A person who provides real estate services for another, for compensation What is a broker associate? - CORRECT ANSWER-Is a licensed broker who chooses to work as a sales associate under the direction of another broker How does an associate become active? - CORRECT ANSWER-The associate becomes active by finding a broker- employer or an owner-developer
of the social security number is to comply with child support payment laws Can a non citizen become licensed? - CORRECT ANSWER- Yes What is Moral Turpitude? - CORRECT ANSWER-Acts or behaviors that gravely violate moral sentiment or accepted moral standards of society and are present in some criminal offenses and not in others. individuals who have committed acts of Moral turpitude* will not be granted a license How many days does the DBPR have to notify an applicant if the application contains errors or omissions? - CORRECT ANSWER- 30 How many days does the DBPR have to approve or deny a properly completed application? - CORRECT ANSWER- 90 How many days does an applicant have to request a hearing with an Administrative Hearing Judge? - CORRECT ANSWER- 21 How long do you have to take your examination? - CORRECT ANSWER-two years of the completion of the pre-license course The application expires two years from the date received by the DRE How many days does a resident who becomes a non-resident have to notify the FREC? - CORRECT ANSWER-60 days What nice things do military veteran applicants get out of with the application process? - CORRECT ANSWER-waive the initial licensing fee, the initial application fee, and the initial unlicensed activity fee a spouse may also be issued a temporary license for 6 months
What forms must a military applicant submit in order to get exemptions? - CORRECT ANSWER-DD-214 or NGB-22 form as proof of honorable discharge Military Veteran Fee Waiver Request What is the basis for denial of a license? - CORRECT ANSWER-Failure to file the correct application in proper form Failure to pay the appropriate fee Failure to correct the application within the allotted time period Failure to provide a fingerprint card Failure to take the state examination within two years of application Failure to pass the state examination Being investigated and found guilty of a violation that would violate Florida License Laws Having a poor reputation for fair dealing, evidence of bad character or incompetence in dealing fairly and safely with the public What can happen if you have performed, or attempted to perform real estate acts, or held himself out to be a real estate professional within one year prior to application, or while application is pending, or prior to the issuance of a valid license? - CORRECT ANSWER-Application may be denied How long is the sales associate pre-license course? - CORRECT ANSWER-63 classroom hours What score must you get on the end of course examination? - CORRECT ANSWER-a 70% How many hours of instruction are you allowed to miss for pre- license course? - CORRECT ANSWER-up to 8 How long must you wait if you have failed the end of course examination? - CORRECT ANSWER-30 days
If you have attended a 4 year real estate institution do you need to take a post license course? - CORRECT ANSWER-No you are exempt When is the license renewal period? - CORRECT ANSWER- every 2 years with the exception of the first license period Who are the licenses renewed by? - CORRECT ANSWER-The DBPR in March or September How long must the first license period be? - CORRECT ANSWER-at least 18 months and will not exceed 24 months If a license was obtained in May of 2007, that license would renew by? - CORRECT ANSWER-March 31st, 2009 September of 2009 would exceed the two-year time frame When will a renewal notice will be sent out? - CORRECT ANSWER-the last known address of the licensee 90 days prior to the expiration date, either March 31 or September 30 What do you need to become a broker? - CORRECT ANSWER-Must have been a sales-associate actively licensed under a broker for at least 24 months prior to taking the broker course and have completed the sales associate's post-license course. The 24 month experience requirement must be an active license within the past five years or Must have held a current, active, valid real estate broker's license for at least 24 months during the preceding 5 years in any other state, territory or jurisdiction of the United States or in any foreign national jurisdiction. In addition, non-resident brokers may need to complete a 60 hour post-license course which requires a written school exam and
Is required to successfully complete a FREC approved pre- license course for brokers. This course is called FREC II. The course is 72 classroom hours of 50 minutes each. The content includes fundamentals of real estate appraisal, finance, brokerage management operations and closing statements. A passing score is a minimum of 70% and is required to submit a completed application, electronic fingerprints and pay the FREC approved fee What must brokers get on there post license exam? - CORRECT ANSWER-a 75% or higher How long must you wait to retake and reschedule the brokers final exam? - CORRECT ANSWER-24 hours What is required post license for a broker? - CORRECT ANSWER-Two post-license courses are required during the first licensure period as a broker. These courses consist of two, thirty hour courses, which require a written school exam if you don't complete this broker license becomes null and void If you take the post license course do you have to take continued education during the first renewal period? - CORRECT ANSWER-no you do not have to take the 14 hour continuing education Do you need post license education requirements if you have received a 4-year degree in real estate from an accredited institution of higher education? - CORRECT ANSWER-No you don't Does Florida offer Reciprocity with any other state? - CORRECT ANSWER-No they don't
What is contained in each record of the DRE for registration? - CORRECT ANSWER-the name and address of each licensed broker and sales associate the name and business address of each sales associate's employer the sales associate's and broker's license status (active or inactive) the person's involvement as an officer, director, or partner of a real estate business. What types of businesses are considered real estate brokerages? - CORRECT ANSWER-Sole proprietor Corporation for profit Corporation for non profit Limited Liability Company General Partnership Limited partnership Limited Liability Partnership Professional Limited Liability Company DBA - or artificial name What must happen when a broker or real estate school changes business address? - CORRECT ANSWER-it must file a notice of change and the names of the licensees no longer associated with the firm When must a licensee renew their real estate licenses after the initial license period? - CORRECT ANSWER-every two years How long is required for continued education? - CORRECT ANSWER-14 hours What is required if a licensee becomes involuntary inactive for 12 months or less? - CORRECT ANSWER-by satisfactorily completing a 14-hour Commission-prescribed continuing education course
What is required if a licensee becomes involuntary inactive for 12 months but less than 24 months? - CORRECT ANSWER- the individual is required to complete a 28 hour reactivation course How does a license go involuntary inactive? - CORRECT ANSWER-Failure to complete the required 14 hours of CE, re- apply online, or pay the fee prior to expiration When does a license become null and void? - CORRECT ANSWER-involuntarily inactive by not renewing their continuing education for more than 2 years What activities require a license? - CORRECT ANSWER- Appraises Auctions Sells Exchanges Rents Negotiates a sale Advertises or represents as an individual involved in the real estate business, through either oral or written representation Procures sellers, purchasers, lessors, business enterprises or business opportunities Closes any transaction which results in or is calculated to result in a sale or exchange and who expects to receive ANY compensation or valuable consideration What does real property or real estate mean? - CORRECT ANSWER-any interest or estate in land, or enterprise or business opportunity, including any assignment, leasehold, sub-leasehold or mineral rights What is not included in real estate or real property? - CORRECT ANSWER-It does not include a cemetery lot or right of burial in any cemetery; nor does it include the renting of a
person, who is a tenant in the apartment complex, PROVIDED THE VALUE OF THE FEE DOES NOT EXCEED $50 per transaction. A finder's fee or referral fee means a fee paid, credit toward rent, or any thing of value provided to a person for introducing or arranging the rental or lease of an apartment unit. It is illegal to pay a finder's fee to an unlicensed person under any other circumstance What other individuals don't need a license? - CORRECT ANSWER-radio, television or cable enterprise which is licensed by the Federal Communications Act of 1934. However, if the sale or purchase involves land, buildings, fixtures and other improvements to the land a broker must be retained for the portion of the transaction which involves the land, buildings, fixtures and all other improvements to the land. Any individual, corporation, partnership, trust, joint venture or other entity involved in selling, exchanging, or leasing its' own property. However, if an agent, employee or independent contractor is paid a commission or other compensation based upon those sales, exchanges, or leases (not salary), he will need a license An owner of one or part of one or more timeshares for the owner's own use who later offers one or more such periods for resale A person selling or exchanging cemetery plots Unlicensed partners performing real estate services in connection with property owned by the partnerships, if the profits are distributed in proportion to the ownership interests of the partners Do licensees pay assistants or do brokers? - CORRECT ANSWER-Licensees may pay their assistants. However, if the
assistant is licensed and is paid a commission or for any real estate services he or she performs, they must be paid by the employing broker. If a brokers pays a finders fee of over 50 what can happen? - CORRECT ANSWER-A broker can be fined up to $1000 and have a suspended license for 5 years if he pays an unlicensed person anything Who can commission splits be paid to? - CORRECT ANSWER- From broker to broker Brokers only pay other brokers. They can NEVER pay another broker's salespeople What is Unauthorized Practice of Law? - CORRECT ANSWER- When Licensees, who choose to give an opinion of title, interpret a contract, provide advice as to the proper actions for a buyer or seller to take in the execution of items outside what is written in the contract
