Florida Real Estate Class Final Exam Questions with Correct Answers
Course
Florida Real Estate
Institution
Florida Real Estate
A Business Broker Correct Answer Specializes in the sale, purchase or lease of businesses. Is required to have a real estate license and may be licensed as a real estate broker or sales associate
Follow-Up is Correct Answer Keeping in contact with the new owner after the closing of the sale
A...
Florida Real Estate Class Final Exam Questions with Correct Answers A Business Broker Correct Answer Specializes in the sale, purchase or lease of businesses. Is required to have a real estate license and may be licensed as a real estate broker or sales associate
Follow-Up is Correct Answer Keeping in contact with the new owner after the closing of the sale
A builder constructs a house on an owner's lot according to the owner's plans and specifications. This is called Correct Answer Custom Building
A builder purchases several vacant lots in an established residential subdivision. The builder constructs houses w/o having secured a buyer in advance of the construction of each home and advertises them for sale to prospective buyers. This is which type of residential construction? Correct Answer Spec Building
What is exempt from Real Estate licensure under Chapter 475? Correct Answer 1. Straight Salary . 2. A person who sells cemetery lots for a commission. 3. Court jurisdiction. 4. Renting of a mobil home lot in a mobil home park
Other exemptions from licensure include Correct Answer 1. For Sale by Owner
2. Owner of a Timeshare period who offers the property for resale.
3. A leasing agent of an apt. complex if they are salaried, work in an onsite rental office and work in a leasing capacity.
4. A manager of a condo and Co-op if employed for a salary and rent is for periods no greater than 1 yr.
5. An Attorney-in-Fact (Power of Attorney)
6. An Attorney-at-Law when acting in the scope of his or her duties as an attorney. Not receiving any compensation for a sale.
7. A decedent (personal representative) when appointed by the court.
8. A person selling entities licensed by the FCC (radio, TV or cable enterprises)
9. A person selling personal property.
A farmer is appointed by the court to appraise the farm land of a deceased neighbor. The farmer will be paid a $3000 fee for the appraisal. Is he exempt from Chapter 475? Correct Answer Yes because he was appointed by the courts.
A sales assoc employs an unlicensed assistant. The licensee prepares a fact sheet for all of her listings. The sales assoc instructs her assistant to drive a prospective purchaser by several listed properties. When questioned about a particular property, the
assistant reads information from the fact sheet. The prospect decides to buy after the assistant showed her the interior of the last property. Have one or the other or both violated Chapter 475? Correct Answer Both violated the license law when the assistant entered the property to show it.
Under FREC rules, a Fla resident is a person who has Correct Answer resided in Fla for
at least 4 mos within the preceding year.
Tom intends to make application to become a Fla real estate sales associate. He must have a Social Security number, a high school diploma, be over 18, and be competent to
negotiate. What is not required? Correct Answer To be a US Citizen
Mary has a 4 year degree in real estate. Mary must still attend the pre-licensing course and post-licensing education. What class is she exempt from? Correct Answer Continuing Education
If a Florida licensee becomes a non-resident of Florida, he or she must Correct Answer notify the BPR within 10 days and file an "irrevocable consent to service" within 60 days
If a real estate licensee moves to Florida from another state and wants to obtain a Fla Sales Assoc license based on Mutual Recognition, the licensee must Correct Answer complete the 63-hour sales assoc pre-licensing course and pass the Fla license exam.
To obtain a broker's license, the applicant must have Correct Answer 1. Satisfactorily completed the 72 hr broker course.
2. been an Active Sales Assoc for at least 24 months.
What information is required to be disclosed on an application for RE licensure? Correct
Answer 1. If you've ever been convicted of a crime.
2. Entered a plea of nolo contendere, regardless of adjudicaton.
3. Any violation of the law (except traffic violations, speeding tickets, etc)
What does NOT have to be disclosed on an application for RE licensure? Correct Answer Personal Bankruptcy
If a developer owns 3 subdivisions in the names of 3 different entities. A sales assoc or broker assoc may be employed by the owner-developer on a commission basis to sell lots in the 3 subdivisions if the assoc is issued what type of license? Correct Answer A Group License
To be a broker for several real estate brokerage companies, you must be issued what type of license? Correct Answer Multiple Broker licenses (one for each company)
If a real estate licensee fails to renew her license at the end of the biennial renewal period, what will happen to the license? Correct Answer It reverts to an involuntary inactive status If Mary's initial license was issue on Feb 6, 2011, what is the expiration date on her license? Correct Answer September 30, 2012. (Licenses are renewed on March 31 and September 30 every year)
If a RE licensee becomes a member of the US Armed Forces and is not engaged in the practice of RE in the private sector, what is the status of his license? Correct Answer It is kept in good standing while he is on active duty and for a period of 6 mos after his discharge from active duty.
What happens if a licensee changes last name or mailing address? Correct Answer Must notify BPR within 10 days of the change
If a real estate broker's license is suspended for 6 mos for a violation of license law, the licenses of the sales assoc registered with the broker with become what? Correct Answer Involuntary Inactive
Which power gives the Fla Real Estate Commission (FREC) the authority to regulate and enforce real estate license law? Correct Answer The Executive Power
What is the BPR? Correct Answer Dept of Business and Professional Regulation
Who is the Secretary of the BPR appointed by? Correct Answer Appointed by the Governor and confirmed by the Senate
What is the purpose of Laws? Correct Answer To protect the public
What is the DRE? Correct Answer The Division of Real Estate
Who is the Director of the DRE appointed by? Correct Answer The DRE is a division within the BPR. The Director is appointed by the Secretary of the BPR and subject to approval by the Commission
What is FREC? Correct Answer Florida Real Estate Commission
What are the primary powers and duties of FREC? Correct Answer Adopt Rules and Discipline Licensees who violate chapter 475.
How many members does FREC consist of? Correct Answer 7 members: 4 must be brokers who have held a license for 5 years. 1 must be a broker assoc or sales assoc who has held a license for 2 years. 2 must be lay members who have never
held a license. At least 1 member must be 60 years old.
Who are the members of FREC appointed by? Correct Answer Appointed by the Governor and confirmed by the Senate
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