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FLORIDA REAL ESTATE PRE-LICENSE
EXAM REVIEW WITH ANSWERS
RealkEstatekBusinessk-kCORRECTkANSWER- Iskcomposedkofkmanykspecialization's:k
- k(1)DetailskofkPropertykTransfer
- Knowledgekof: (2)marketkconditions (3)howktokmarketkrealkestatekbusiness (4)howktokanalyzekbuyerskneeds (5)lawskthatkpertainktokrealkestate RealkEstatekBrokeragek-kCORRECTkANSWER- Iskthekbringingktogetherkofkbuyerskandksellers,kownerskandkrentersk andkcompletingkrealkestatektransactions. Howkcankakagentkmaintainkgoodkstandingkwithkclients?k(Afterktitl ekclosing)k-kCORRECTkANSWER- FollowkUp.kThiskwillkresultkinkakgoodkreputationkandkFUTUREkR EFERRALSkandkword-of-mouthkadvertising. Whatkarekthek 5 kmajorksaleskspecialties?k(Typeskofkproperties/lots)k
- kCORRECTkANSWER-Residential.k(Rememberk 4 - 10 kRule:kanykvacantklandkzonedkfork 4 korkfewerkresidentialkunitskOR kagriculturalkpropertykofk 10 korkfewerkacres.){Akcondokiskconsidered kaksinglekfamilykhome} Commercial. Industrial. Agricultural. Business.k(Consideredk"businesskbrokers."kPresumptionkinkFlo ridakthatkbusinesseskincludekrealkproperty)
WhatkiskakFarmkArea?k-kCORRECTkANSWER- Whenkbrokers/saleskassociatekbecomekankexpertkinkonekportionko fkthekcity. Whatkiskthekdifferencekbetweenkakrentalkagentkandkakpropertykman ager?k-kCORRECTkANSWER- RentalkAgent:kfindkaktenantk&kcollectkfee. PropertykManager:kcontinuektokmanagekpropertykafterktenantkiskse cured. Whatkiskankabsenteekowner?k-kCORRECTkANSWER- iskakpropertykownerkwhokdoesknotkresidekonkproperty/oftenkreliesko nkprofessionalkpropertykmanagerktokmanagekinvestment. Cankakrealkestatekbrokerk/ksaleskassociatekappraisekakpropertykfork compensation?k-kCORRECTkANSWER- Yes,kbutkCANNOTksayktheykarekstatekcertified,kregisteredktrainee,k orklicensedkappraisers. Whenkconductingkappraisals,kmustkfollowkwhatksetkofkguidelines?k
- kCORRECTkANSWER- UniformkStandardskofkProfessionalkAppraisalkPracticek(USPAP)k( BestkPractices) Whatkiskakbrokerskpricekopinionk(BPO)?kCankakrealkestateklicensee skchargekforkthese?k-kCORRECTkANSWER- Itkiskthekopinionkofkvaluekofkrealkproperty,kandkyeskasklongkaskitkiskno tkconsideredkankappraisal. ***WhokdoeskthekcommissionkforkakBPO,korkforkanykservicekofkrealk estate,kgokto?k a)brokerkassociate b)saleskassociate c)brokerk-kCORRECTkANSWER- ***C.kCompensationkcanknotkbekpaidkdirectlyktokassociates.
RealkEstatekapplicantskapprovedkforklicensurekunderkmutualkre cognitionkarekexemptkfrom:k-kCORRECTkANSWER-Pre- licensekcourse. OnkFloridakstatekexam,kwhatkpercentagekiskconsideredkpassing?k Whatkpercentkonklicensekexam?k-kCORRECTkANSWER- LicensekExamk-k70% StatekExamk-k75% Duringkpre-licensekcoursekstudentskmayknot:k- kCORRECTkANSWER-Misskmorekthank8hourskofkthekcourse. Ifkakstudentkfailskcoursekpre- licensurekexam,khowklongkmustkonekwaitkuntilkonekcankre- takekthekexam?kHowkmanyktimeskcankonekre- testkbeforekhavingktokretakekthekentirekcourse?k- kCORRECTkANSWER- Applicantkmustkwaitk 30 kdays,kandkiskallowedktokre- testkonektimekbeforekhavingktokretakekthekcourse. Afterkcompletingkthekpost- licensekeducation,kwhatkmustkthekapplicantkdo?k- kCORRECTkANSWER- ActivekandkInactiveklicenseskmustkbienniallyktakek 14 khourskofkconti nuingkeducation.kaklicenseekmayksubstitutekthreekCEkcreditsk(cl assroomkhours)konlykonektimekperkrenewalkcyclek(2-years). Whatkarekthekmostkcommonkserviceskofkrealkestate?k- kCORRECTkANSWER-AkBARkSALE Adertisekrealkestatekservices Buy Appraise Rentkorkprovidekrentalkinfokorklistsk(1- 1 - 1 - 1) Sell Auction
Lease Exchange WhokiskexemptkfromkakREklicense?k-kCORRECTkANSWER- PropertykOwners Corporations,kPartnerships,kTrusts,k&kJointkVentures SalariedkEmployees ***courtkapprovedkindividualsk ***apartmentkpropertykownerskthatkpaykakfinderskfeek(askingktenan tsktokfindkclientsktokfillkvacancies)knokmorekthank50$ WhichkpersonkdoeskNOTkmeetkthekexperiencekrequirementsktokob tainkakFloridakbrokersklicense? a)ApplicantkwhokheldkankactivekCaliforniakbrokersklicensekforkprec edingkthreekyears b)ApplicantkwhokheldkakactivekOhioksaleskassociateklicensekduring kfourkofkthekprecedingkfivekyearskwhilekemployedkbykakOhiokbroker. c)ApplicantkwhokhaskheldkakactivekFloridaksaleskassociateklicensek forkprecedingktwokyearskwhilekemployedkbykakFloridakbroker. d)ApplicantkwhokhaskheldkakactivekFloridaksaleskassociateklicensek duringktwokofkthekprecedingkfivekyearskwhilekemployedkbykankowne rkdeveloper.k-kCORRECTkANSWER-D. WhokarektheksevenkmemberskofkthekFloridakRealkEstatekCommissi onk(FREC)?k-kCORRECTkANSWER- 7 kprofessionalkmemberskthatkarekunpaid:
4 kbeingkrealkestatekbrokerskwhokhavekheldkactiveklicenseskduringkt hek 5 kyearkpreceding
1 kmustkbekrealkestatekbrokerkorkassociatekwhokhaskheldkakactiveklic ensekduringkthek 2 kyearkpreceding.
- 2 karekconsumer(unlicensed)kmembers WhatkarekthekpowerskandkdutieskofkthekFREC?k- kCORRECTkANSWER-ExecutivekPowers:kregulatekandkenforce
Akgroupklicensekisksometimeskissuedktokaksales- associatekorkbrokerkassociateskwhokarekregisteredkunderkakowner
- developer. Whatkiskakagencykrelationship?k-kCORRECTkANSWER- Whenkakpersonkdelegateskauthorityktoksomeonektokactkonkhiskorkhe rkbehalf. Whatkarekthekthreektypeskofklawkthatkregulatekagencykrelationships ?k-kCORRECTkANSWER- Commonklawk(unwrittenklaw):kbasedkonkusage,kgeneralkacceptan ce,kandkcustom. Statutoryklaw:kwrittenklawkenactedkbyklegislature Administrativeklaw:kFREC'skruleskandkregulationsk(codekofkethics) Inkgeneralkbusinesskdealings,kwhatkiskankagent?k- kCORRECTkANSWER- Thekpersonkentrustedkwithkanotherkbusiness. InkakFiduciarykrelationship,kitkcreateskwhatkwithkthekprincipal?k- kCORRECTkANSWER- Fiduciarykoweskcompletekallegiancektokprincipal. Whatktypeskofkagentskcankonekbekinkakagencykrelationship?k- kCORRECTkANSWER-Universal Generalk(Sales-Associate) SpecialkAgent Inkanykrelationship,kwhatkmustkanykrealkestatekagentkdo?k- kCORRECTkANSWER-MUSTkdisclosekwhoktheykarekworkingkfor. InkthekstatekofkFlorida,kcankankagentkbekakdualkagent?k- kCORRECTkANSWER-No,kitkiskillegal. Inkthekstatekofkflorida,kifknokbrokerkrelationshipkiskdisclosedkitkiskpre sumedkthat:k-kCORRECTkANSWER- Thekagentkiskaktransactionkbroker.
Inkaktransactionkbrokerkrelationship,ktheklicenseekoweskwhatkallegi ancektokthekbuyer?k-kCORRECTkANSWER- limitedkrepresentation,kdoesknotkactkaskaksinglekagentkforksellerkork buyer. Inkaktransactionkbrokerkrelationship,kiskthekbuyerkresponsiblekforkth ekactionskofktheklicensee?k-kCORRECTkANSWER-No. Ifkaksellerkpresentskakverbalkofferkonkakproperty,kmustkankagentkdis closekthisktokthekbuyer?k-kCORRECTkANSWER- Yes,kakrealkestatekagentkmustkdisclosekanykandkallkofferskevenktho ughkitkisknotkenforceablekuntilkwrittenkonkakcontract. Inkaksinglekagentkrelationship,kakrealkestatekagentkmustkbe?k- kCORRECTkANSWER-COLD Confidential Obedient Loyal Disclosure Howkcankaksinglekagentkforkaksellerkchangektokassistkbothkthekselle rkandkthekprospectivekbuyer?k-kCORRECTkANSWER- ThekstatekofkFloridakallowskthekagentktokchangekfromkaksinglekage nt,ktoktransactionkbroker. Howklongkarekbrokerskrequiredktokmaintainkrecordskofkallkbrokerag ekrelationships?k-kCORRECTkANSWER- 5 kyears Akbrokeragekofficekwantsktokmovektheklocationkofktheirkmainkofficek (notkakbranch),kwhatkfeekwillktheykbekcharged?k- kCORRECTkANSWER- None,kmainkofficekregistrationskcankbektransferred. WhatkmustkbekvisiblekonkakTradekNameksign?k- kCORRECTkANSWER-TradekName BrokerskFirst/Lastknamekaskitkappearskonklicense
Ifkthekonlykactivekbrokerkofkakbrokeragekcorporationkdies,kresigns,k orkiskremovedkfromkthekoffice,kthekvacancy:k- kCORRECTkANSWER-mustkbekfilledkwithink 14 kdays. Whatkiskakcorporationksole?k-kCORRECTkANSWER- iskakecclesiasticalkorkchurchkorganizationkandkshouldknotkbekconfu sedkwithkakcorporationkforkprofit.k(soul) Whatkiskmoralkturpitude?k-kCORRECTkANSWER- conductkcontraryktokhonesty,kgoodkmorals,kjusticekorkacceptedkcu stom. Whatkiskakstipulation?k-kCORRECTkANSWER- iskankagreementkasktokthekfactskofkthekcasekandkthekpenaltykreache dkbetweenkthekattorneyskforkthekDREkandklicenseeskattorneys. AkjudgeksubmitskakrecommendedkorderktokthekFRECkaboutkakcase ,kwhatkcankthekFRECkdo?k-kCORRECTkANSWER- FRECkdoesn'tkhavektokabidekbyk"recommended"kpenalty Howklongkdoeskaklicenseekhavektokrespondktokakfinalkorder?k- kCORRECTkANSWER- 30 kdays Ifkaklicensekisksuspendedkforkaksecondktime,kwhatkcankhappen?k- kCORRECTkANSWER-licensekcouldkbekrevoked Howklongkdoeskaklicenseekafterkreceivingkakcitationktokacceptkorkrej ectkallegations?k-kCORRECTkANSWER- 30 kdays Falsifyingkankapplicationkis:k-kCORRECTkANSWER- akthirdkdegreekfelony Inkakrecoverykfund,kwhatkiskthekmaxkclaimkakbrokerkorksales- associatekcanktheykmakekduringktheirklifetime?k- kCORRECTkANSWER-$150,
CivilkRightskActkofk 1866 k-kCORRECTkANSWER- prohibitskanyktypekofkdiscriminationkbasedkonkracekinkanykrealkesta tektransactionkwithoutkexception. JoneskV.kMayerk-kCORRECTkANSWER- courtkupheldkcivilkrightskactkofk 1866 CivilkRightskActk 1964 k-kCORRECTkANSWER-endedkequal- kbutkseperate Prohibitedkactivitieskincludek-kCORRECTkANSWER-steering blockbusting redlining Inkbrokerkpropertykmanagement,kdepositskandkadvancektrustkfund skmustkbe:k-kCORRECTkANSWER- depositedkintokakbrokerskescrowkaccountkbykthekendkofkthekthirdkbu sinesskdaykafterkreceiptkofktrustkfund. Howklongkdoeskaklandlordkhavektokreturnksecuritykdepositskifknotkm akingkakclaim?kHowklongkifkmakingkakclaim?k- kCORRECTkANSWER- 15 kdaysktokreturnkifknotkmakingkakclaim,k 30 kifkmakingkakclaim. Whenkitkcomesktoklandkrights,kwhatkiskripariankrightskandklittoralkrig hts?k-kCORRECTkANSWER- Ripariank=k"River"kassociatedkwithklandkabuttingkmovingkwater Littoralk=k"ocean"kassociatedkwithklandkabuttingktoktidalkbodieskofk water Whatkiskthekdifferencekbetweenkerosionkandkreliction?k- kCORRECTkANSWER- Erosionkiskgradualklosskofklandkduektoknaturalkforces. Relictionkiskgradualkrecedingkofkwaterkuncoveringkmorekland. Whatkarektheklegalktestskthatkdeterminekifkakpiecekofkpropertykiskakfi xture?k-kCORRECTkANSWER-IRMA
Adversekpossessionkmustkcontinuekfork 7 korkmorekconsecutivekyea rs Notoriouskandkpublickpossessionkofkprop Whatktypeskofktitlekinsurancekarektherekandkwhatkifkthekdifference?k
- kCORRECTkANSWER- Owner'skpolicy:kissuedkforktotalkpurchasekprice Lender'skpolicy:kissuedkforkunpaidkmortgage Whatkarekthekelementskofkakdeed?k-kCORRECTkANSWER- CEDDING Consideration Execution Descriptionkofkproperty Deliverykandkacceptance Interestkofkestatekbeingkconveyed Nameskofkgranteekandkgrantor Granting Whatkiskthekhabendumkclause?k-kCORRECTkANSWER- "tokhavekandktokhold";kforktheklifekofkthekgrantee Whatkarekthekvariouskformskofkleasekagreements?k- kCORRECTkANSWER-GrosskLease NetkLease Percentageklease variableklease groundklease Whatkiskthekdifferentktypeskofkliensk-kCORRECTkANSWER- generalklien specificklien superiork' junior
HowkwouldkonekfigurekoutkthekacreagekfromkSE1/4kofkthekNW1/4ka ndkNE1/4kofkthekSW1/4?k-kCORRECTkANSWER- 1)kMultiplykDenominators 44=k16/640k~k 40 and 44=16/640k~k 40 2)kaddk=k 80 kacres Whatkdoeskthekstatutekofkfraudsksay?k-kCORRECTkANSWER- anykcontractkmustkbekinkwritingkandksignedktokbekenforceable Whatkdoeskthekstatuekofklimitationsksay?k-kCORRECTkANSWER- designateskthekperiodkofktimekwhichkthektermskofkakcontracekmaykb ekenforced-k writtenkcontract:k 5 kyears oralkcontracts:k 4 kyears Whatkarekremedieskforkakbreachkofkcontract?k- kCORRECTkANSWER-specifickperformance liquidatedkdamagesk recission:kcancelkcontract compensatorykdamages Whatkarekthekdifferentktypeskofklistings?k-kCORRECTkANSWER- openklisting exclusive-agencyklisting exclusivekright-of-saleklisting netklisting Leadkbasedkpaintkwaskusedkinkpre-?k-kCORRECTkANSWER- 1978 khousing Whatkiskthekdifferencekbetweenklienktheorykandktitlektheory?k- kCORRECTkANSWER- LienkTheory:kborrowkretainsktitlektokproperty,kwhileklenderkiskprotec tedkwithklien TitlekTheory:kconveyedktoklendorkthroughkmortgagekdeed.
whatkarekthekdifferentkcost-depreciationkapproaches?k- kCORRECTkANSWER-quantityksurveykmethod unit-in-placekmethod comparativeksqftkorkcubicft ExemptionskfromkPropertykTaxeskdifferencesk- kCORRECTkANSWER-Immune Exempt PartiallykExempt FloridaskGreenkBeltkLawk-kCORRECTkANSWER- protectskfarmskfromkhavingktaxeskincreased
