Florida Real Estate Exam Questions with complete solutions

Florida Real Estate Exam Questions with complete solutions Owners that buy income properties as investments and depend on professionals to manage them a Value estimated based on resent sales of similar properties in the same neighborhood, not an appraisal... A contractor is employed by an owner of land to build on that land to the owner's specifications When a contractor builds on his own land with the hope of locating a purchaser after construction has been completed A developer that acquires a large that aquires a large tract of land and builds a model center from which sales may be made Property management has grown as a service of real estate primarily bc of an increase of _______ _________ The category of construction that applies when a property owner employs a contractor to build on his or her lot is called________ ___________ A Real Estate appraiser's fee for professional service is based on: a. a percentage of the property's gross income b. a percentage of the fair market value d. a percentage of property's A developer contracts to build a home on a buyer's lot to the buyer's specifications. This is an example of which type of building: a. tract c. speculative d. subdivision A Florida Real Estate lisence is required when anyone performs a service is specified under F.S. 475 when all the following conditions are simultaneously present, unless that individual is otherwise exempt under the law: _________ has been defined to include anything or any service of Value paid, recieved or expected to be paid or recieved. The postlicense educational course for sales associate consists of ________ hours The continuing education requirement consists of ______ hours Florida Real estate sales associates that desire to become brokers must wait _______ ________ before taking the state exam. A tenant in an apartment complex may recieve up to ______ for refferal of a new tenant for the same complex. ________ ________ education must be completed during the initial sales associates's license period. Owner-employers of licensed real estate sales associates are allowed to pay them: a. on a salary basis only b. on a commision basis only c. a commission , but not a bonus To qualify for a real estate broker's license, an applicant must have been employed for a minimum of: a. 6 months under one actively licensed broker b. 12 months under one actively licensed broker d. 6 months under 1 or more actively lisenced broker How many hours of postlicense education are required to renew a brokers license? How long can an voluntary inactive licencee remain in that lisence status? The agreement the state of Florida has w/ some other states that recognises the similarity in education and experience required of licencees is called: rocity c. cooperative licensure d. intrastate licensing A plumber has been appointed by a court to appraise a small business. The plumber....... a. is in violation of F.S. 475 b. is allowed to charge a commission d. must first be licensed under F.S. 475, Part II A Georgia Auctioneer was asked by a local real estate broker to auction a small motel in Jacksonville. The auction did not result in a sale. The Florida broker paid the auctioneer for out-of-pocket expenses, but did not pay a commission. It would be correct to say that the: b. Florida Broker did not violate the license law c. Florida broker is not subject to discipline by the Florida real estate commision d. tranaction is perfectly within the license law The Commission's ability to impose disciplinary actions against licensees is known as ______ _________ power The rule-making authority of the FREC is called ______ _________ power Members of the Florida Real estate Commission may serve no more than _____ consecutive terms A licensee that fails to renew when required to do so will have his or her license placed on _______ ________ Licensees that are members of the armed forces have all fees, dues and other requirements waived during their military service and for _____ months after returning to civilian life The division of Real Estate is an administrative part of the department of: a. State b. Commerce c. Banking which department issues real estate licenses? a. state c. Revenue d. Real Estate Which information supplied by an applicant is Public Record? a. financial Information b. test scores d. medical information The Florida Real Estate Commission held a meeting for the purpose of passing a new rule. This is an exercise of which Commission power? a. executive c. quasi-judicial d. ministerial When is a request for the renewal of a license effective? b. the day following the experation c. on the date the application is mailed d. on the date indicated on the license A real estate license expires b. every 2 years c. on the effective date d. at the end of 1 year A sales associate failed to complete required postlicense education prior to expiration of the license period. What is the status of license? a. active b. voluntary inactive c. involuntary inactive one or more sales associates, each titled "designated sale associate' may be designated to act as agents for the seller, and one or more may be designated to act as agents of the _________ What federal law that makes illegal the discussion or establishment of a uniform price or fee for services in any industry? No fixed fees Your allowed Compensation from your Broker True or False You can not sue a buyer or seller only your broker? True or False A sales associate is a _________ of the brokers's principal. Before showing a property, allowing a buyer to sign an offer to buy or seller to sign a leasing agreement, a licensee must provide the party with a written ________ _________ _______ notice. A member of the public may select from one of 3 options when working with a broker, which are? The only brokerage that includes fiduciary duties is the __________ __________. A licensee assigned by a broker to act as a single agent of a buyer or seller in a nonresidential transaction is titled a ________ _________ ________. Brokers in a nonresidential sale are not required to use _________ _________. Which relationship is not adversarial?