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A comprehensive review of key concepts and information relevant to the florida real estate pre-license exam. It covers various aspects of real estate brokerage, appraisal, agency relationships, and legal regulations. Multiple-choice questions with answers, offering valuable insights into the exam's format and content.
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RealkEstatekBusinessk-kCORRECTkANSWER- Iskcomposedkofkmanykspecialization's:k
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
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.
Akgroupklicensekisksometimeskissuedktokaksales- associatekorkbrokerkassociateskwhokarekregisteredkunderkakowner
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
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