Download Florida Real Estate Exam Questions and Answers and more Exams Real Estate Management in PDF only on Docsity!
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The _______________________ determines monetary policy in the U. S. by controlling the availability of money. - correct answer Federal Reserve System The Homestead Act was passed primarily to - correct answer exempt property from forced sale A sales associate authorized to negotiate a sale of property has the authority to - correct answer work under the direction of a broker or in some cases an owner-developer The sales specialty that involves the knowledge of regulated land use, environmental considerations, transportation, labor costs and utility charges is - correct answer industrial A real estate agent's trade association that requires raising the professional and ethical standards of their members is the - correct answer National Association of Realtors. Property management customarily includes all these but - correct answer representation of the tenant
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Property management in the real estate business has gained popularity and importance due to - correct answer the growth in absentee ownership. The sales associate who can explain property taxes and homestead exemptions, in addition to helping prospective buyers obtain financing, is a - correct answer residential specialist A sales associate with ABC Realty was contacted by Big Bank to do a Broker Price Opinion (BPO). Since the fee for this was small, the bank paid the salesperson directly. This situation is - correct answer illegal, since sales associate violated Chapter 475, F.S. The product that all real estate professionals sell is - correct answer their expert knowledge Which area of real estate requires the highest degree of expertise? - correct answer Counseling A licensed appraiser is compensated for an appraisal - correct answer with a flat fee
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A licensee may substitute attendance at one legal agenda session of the FREC for - correct answer three hours of continuing education credit. An unlicensed personal assistant may be at an open house and can - correct answer hand out materials As a licensed sales associate, you have decided to hire someone to help with your business, so you hire an unlicensed personal assistant. They can - correct answer gather information for a comparative market analysis A manager is a salaried manager of a 20-unit condominium complex. An owner of one unit is leaving town for six months. If the manager rents the owner's unit to a student for the six-month period, does he need a real estate license? - correct answer No, because the rental period arranged was for not more than one year Which Florida Administrative Code expands upon the statutory provisions of Chapter 475, Florida Statutes - correct answer 61J
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In addition to Chapter 475, The Florida Statute that defines the general legal practice and procedure for the Department of Business and Professional Regulation (DBPR) and the licensees of all professions, including real estate, is - correct answer 455 FREC has the authority to discipline Florida-licensed, real estate professionals under what Florida State Statute? - correct answer Chapter 455 On the seven total members of the FREC, two must be - correct answer never licensed as real estate sales associates or brokers. If a real estate licensee believes a rule or guideline that substantially affects him is not valid and needs to be changed, recourse should be sought by - correct answer petitioning for an administrative determination before the Florida Real Estate Commission. The law that establishes the legal rights and responsibilities of real estate licensees is - correct answer Florida Statute Chapter 475
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broker associate to work various properties owned by one owner/developer Which best describes the members of the Florida Real Estate Commission? - correct answer four licensed brokers with five years experience ; one broker or sales associate with two years experience ; and two consumers who have never been involved in the real estate profession A transaction broker is best described as the concept of - correct answer one who provides limited representation in a brokerage transaction between buyer and seller. When a broker employs a licensed real estate sales associate, the sales associate has - correct answer the same obligations to the broker's clients and customers as the broker. A broker lists a home that she knows would be perfect for her mother. The home is being sold due to the death of the owner, and the broker knows the owner's heir, who lives in Pennsylvania, is willing to accept a much lower offer than the home's listed price. The broker should tell
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her mother - correct answer nothing, but present to Owner any offer that his friend wishes to make. When must the No Brokerage Relationship notice be presented? - correct answer in writing before the showing of property A buyer is a broker's principal. Legally, the sales associates who work for the broker are - correct answer also legally bound by the broker's agency obligations. Bob Broker listed acreage for $90,000. Jim verbally offered $88,000. Another buyer who knew about Jim's offer made an offer of $93,000. The broker drew up a written contract for $93,000 but did not inform the owner about the offer for $88,000. Which is correct? - correct answer Broker should have submitted both offers to Owner. Although the roof on a house for sale leaks, the ceilings show no water damage. A broker represents the seller as a single agent and the seller has told the broker about the leak. If a prospective buyer asks nothing about the roof, the broker's legal obligation is satisfied if she says - correct answer that there is a leak in the roof.
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by using a lottery, even if the property is actually conveyed in accordance with the lottery rules. How many business days does a broker have to notify the FREC, in writing, of conflicting demands or of a good faith doubt? - correct answer 15 days Savannah is working for Broker Brown, but she also wants to sign on with Broker Jones. She can only work with one of the brokers because - correct answer Chapter 475, F S mandates only one registered employer for a sales associate or broker associate. The following statements appeared in real estate advertising. Which one is NOT legal and proper? - correct answer "This property is offered by Marry Brown, sales associate for a licensed broker." A broker has not had much luck selling a particular property, so he decides to change his advertising in such a way that is misleading in form and content. The broker - correct answer could receive an administrative fine. A prospective renter engaged the services of a broker on June 1 to help her find a suitable rental. The broker gave
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her a current, accurate list of rentals that were available, charging her $200. The renter was not able to find a rental property from the list. To what refund, if any, is she entitled? - correct answer The renter's refund is $150, if she makes demand for the return of the fee before June 30 Over which type of escrow account does the FREC have jurisdiction? - correct answer broker escrow accounts A broker receives an earnest money deposit on a home sale. The broker must deposit the funds within how many days of receiving them? - correct answer immediately, within three business days A broker finds a buyer for a house she has listed. The offer includes an earnest money deposit and states that the offer is valid for three days. The owner does not respond to the offer, so after 24 hours the buyer cancels the offer and asks for his deposit to be returned. The broker should - correct answer place the funds in the hands of the Florida Real Estate Commission. Of the following statements, which one is TRUE about kickbacks or rebates? - correct answer They are legal if
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Mr. Allman, a real estate licensee, served a term in prison for a crime not related to his real estate brokerage. Mr. Allman's license may be - correct answer effective until time for renewal. You hold a valid, current and active sales associate's license. One of your best clients has purchased three houses in the past year totaling almost $1 million in sales. He calls you from Atlanta saying he has someone interested in purchasing a house you have listed for $500,000. He also mentions that he has had to spend a considerable amount of money entertaining the buyer and convincing him to drive down to look at the property. You may - correct answer not legally compensate him for the entertainment expense. Which statement is NOT true about the disciplinary authority of the Florida Real Estate Commission (FREC)? - correct answer The maximum administrative fine the FREC may impose for each separate count is $1,000. A Notice of Non-compliance - correct answer shall only be issued for an initial offense of a minor violation.
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Ann Smith, a broker working for customer Lucille Carter, finds a renter for a home owned by Banks and collects a security deposit of $1,300 and advanced rent of $1,300. What must the broker do with the money? - correct answer Give the money to Carter, who must deposit it in an escrow account or surety bond. A sales associate has been instructed by his broker to call on residents of a certain neighborhood, telling them that Latinos are beginning to move into the neighborhood and that they should sell their houses as soon as possible because their values will decrease. This is an example of - correct answer blockbusting What is the final legal act in an eviction procedure? - correct answer After the tenants are served a writ of possession, the landlord begins to remove their personal property from the rental unit. Which is NOT an accessibility requirement in a condominium community per the Americans With Disabilities Act? - correct answer A unit owner has a German Shepherd service dog, even though the community has a "no pets over 20 pounds" policy.
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A principal owns lots in an upscale subdivision. He has directed a licensee not to show the lots to people of a particular sex, race, or religion. What should the licensee, do? - correct answer withdraw and refuse to deal with the owner Everything that is permanently attached or connected to land is - correct answer a fixture. In Florida, if a homestead is in only one spouse's name, or if it is co-owned by a married couple, then - correct answer both spouses must sign the real estate sales contract. When determining whether an object is a fixture, the legal tests do NOT include - correct answer size of the item Which are not considered physical components of real estate? - correct answer timber rights When the Johnsons purchased their home, they purchased and installed new kitchen counters and cabinets. Until they were installed, these were personal
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property. once installed, they became a - correct answer fixture The Homeowners' Association Disclosure Summary required by Chapter 720 must be supplied by the State of Florida. - correct answer seller's broker The best descriptive phrase associated with property held by tenancy in common is - correct answer having an undivided interest Which of the following is the term for a landowner's rights to use water that flows past his or her property as long as the landowner does not divert or pollute the water or impair its use by others? - correct answer riparian rights John owned real property prior to his marriage to Sofia. This property is presumed to be - correct answer separate property Of the following, which real property interest applies to land ownership? - correct answer tenancy in common
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Jean-Paul and Michelle are in the process of purchasing their first home. When will the actual transfer of title be made? - correct answer when the deed is recorded When a person owns property or holds vested ownership rights in a property, that person has - correct answer title. A seller's marketable title to real property may best be provided by - correct answer title insurance and a first mortgage release. All of the following are possible deed restrictions in a subdivision. Which would be the most difficult for the developer to enforce? - correct answer Each owner must make $500 worth of improvements per lot, per year. The earnest money (binder) deposit in a Florida real estate contract is - correct answer not required to make the contract valid. The metes and bounds method requires - correct answer point of beginning.
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The legal description most often used in a platted subdivision is - correct answer lot and block. John owned the N 1/2 of a section. He sold the W 1/4 of his N 1/2. How many acres does John still own? - correct answer 240 acres If a homeowner has a rectangular parcel of land measuring 620 feet x 900 feet, he will have: - correct answer more than 12 acres. In a metes and bounds legal description, the direction "N 10 degrees E." would be exactly opposite from the direction - correct answer S10 degrees W When using the Government Survey System, the initial primary north-south reference line is called the - correct answer principal meridian. Which of the items below is not required to be included in a valid metes and bounds legal description? - correct answer reference to a conspicuous monument, such as a tree or rock.
