Real Estate 45 Hour Post Licensing Accurate 100%

Single Agent - ANSWER A broker who represents either the seller or the buyer in a real estate transaction, but not both. single agent notice - ANSWER A disclosure form informing the principal of the duties of his single agent. appraising - ANSWER The process of estimating the market value of property. principal - ANSWER (1) The person who enters into a fiduciary relationship with a single agent licensee. (2) The amount of money remaining due on a mortgage loan. buyer brokerage agreement - ANSWER An agreement between a buyer and a broker for the broker to provide services to a buyer for compensation. The broker may be acting as a single agent, a transaction broker, or a nonrepresentative. Consent to Transition to Transaction Broker - ANSWER A disclosure form that allows a single agent to become a transaction broker. The notice must be signed by the principal before the broker can make the change. No brokerage relationship notice - ANSWER A disclosure that must be given by a licensee who does not represent a buyer or a seller before entering into an agreement or showing a property. Designated Sales Associate - ANSWER A sales associate who is appointed by a broker as a single agent for a buyer or a seller in a nonresidential transaction when another sales associate in the firm has been appointed as the single agent for the other party in the transaction. Both buyer and seller must have assets of at least $1 million and agree to the arrangement. assets - ANSWER Things of value owned by a person or organization. T or F: A transaction broker may tell a buyer if he knows that the seller will take less than the asking price. - ANSWER The answer is false. The transaction broker may not reveal that the seller might accept a price less than the asking or list price. T or F: Licensees working with no brokerage relationship to the customer owe the customer the duty of confidentiality. - ANSWER The answer is false. Licensees working with no brokerage relationship owe only three duties to the customer: dealing honestly and fairly, disclosing all known facts that materially affect the value of the residential real property that are not readily observable to the buyer, and accounting for all funds entrusted to the licensee. T or F: A single agent who transitions to transaction broker may not disclose to another party any information learned while serving as a single agent. - ANSWER The answer is true. The agent may not disclose to the other party any confidential information learned while a single agent. T or F: A licensee who acts as a transaction broker must give a transaction broker notice before showing a house to a prospective buyer. - ANSWER The answer is false. A licensee need not give a brokerage relationship notice when the licensee is acting as a transaction broker. T or F: A single agent for one party in a transaction may decide to work with the other party with no brokerage relationship. - ANSWER The answer is true. A single agent for one party in a transaction may decide to work with the other party as a nonrepresentative. T or F:Nonresidential buyers and sellers must have personal assets of $100,000 before a broker may appoint designated sales associates in a transaction. - ANSWER The answer is false. In order for a broker to appoint designated sales associates in a nonresidential transaction, buyers and sellers must have personal assets of at least $1 million. T or F:Only single agents may call their customers "principals." - ANSWER The answer is true. Because only single agency creates a fiduciary relationship, only single agents may call their customers "principals." T or F: A transaction broker owes loyalty to her buyer. - ANSWER The answer is false. Loyalty is a duty of a single agent. A transaction broker provides limited representation to a buyer, a seller, or both in a real estate transaction but does not represent either in a fiduciary capacity. T or F: A licensee who acts as a single agent must give a single-agent disclosure notice before showing a duplex to a prospective buyer. - ANSWER The answer is true. Because a duplex has four or fewer units, it is considered residential property. A licensee in a residential sales transaction must give a brokerage relationship notice to potential buyers before the showing of property. T or F: Licensees may act as designated sales associates in a residential transaction. - ANSWER The answer is false. Designated sales associate status may be used only in a nonresidential transaction. community association - ANSWER A residential homeowners association in which membership is a condition of ownership of a unit in a part of a residential development that is authorized to impose a fee that may become a lien on the parcel. radon - ANSWER A colorless, odorless gas occurring from the natural breakdown of uranium in the soil. Many experts believe radon gas to be the second-leading cause of lung cancer. innocent purchaser status - ANSWER An amendment to the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) that exempts from liability those landowners who made reasonable inquiries about hazardous substances before purchasing the property. T or F: A married couple filing jointly may exclude a maximum of $250,000 of gain on the sale of their personal residence if the taxpayers owned and occupied the residence for at least two of the previous five years. - ANSWER The answer is false. A married couple filing jointly may exclude a maximum of $500,000 of gain on the sale of their personal residence. Tor F: A licensee can call a past customer up to 18 months after the customer's last purchase, even if the customer's number is on the National Do Not Call Registry. - ANSWER The answer is true. A licensee can call a past customer up to 18 months after the customer's last purchase, or up to three months after that customer makes an inquiry or submits an application to the company. False Or Misleading Statement - ANSWER In real estate, a statement made by a licensee or a party in a real estate transaction that is not factual. Property Condition Disclosure - ANSWER A form designed for disclosure to a buyer of any property defects. The form is normally signed by the seller, and the buyer signs a receipt that the buyer has received the disclosure. Ad valorem tax disclosure Contract to purchase - ANSWER Require BUYER disclosure: Disclosure that property taxes may increase after the purchase from reassessments Brokerage relationship disclosures - ANSWER Required Buyer or Seller Disclosure: Entering into a representation agreement or showing a property Buyer or seller Review this unit for detailed disclosure requirements Condominium Act—purchase cancellation - ANSWER BUYER: 15-day cancellation privilege when buying from a developer; 3-day cancellation privilege when buying a resale unit T or f:If a listed house was the site of a homicide six months earlier, the licensee must disclose the fact to a prospective buyer. - ANSWER The answer is false. The fact that a property was, or was at any time suspected to have been, the site of a homicide, suicide, or death is not a material fact that must be disclosed in a real estate transaction. T or F: One of the MOST effective risk-management tools available to licensees is to suggest that the buyer order a home inspection. - ANSWER True Before showing homes to a customer she has just met, a single agent broker must give the customer - ANSWER The answer is a single agent notice. A single agent broker is required to give a customer the single agent notice before showing the customer homes. What monetary amount does a buyer need in order to work with a designated sales associate? - ANSWER The answer is $1 million in assets. Both the buyer and the seller must have $1 million in assets for this brokerage relationship. A student failed her 45-hour post-licensing course for the second time. What are her options if she wishes to maintain her license? - ANSWER The answer is she must retake the course and pass a different end-of-course exam. A licensee who fails the post-license exam must wait at least 30 days before taking a different end-of-course exam. A licensee who fails the second exam would have to retake the entire course and pass the exam before she could renew. How many times can a student take the 45-hour-course final examination? - ANSWER The answer is twice. Students have two attempts at the exam. A broker may NOT work with a buyer or a seller as - ANSWER The answer is a dual agent. Florida law specifically prohibits dual agency. A person who wants to be a certified lead paint renovator must - ANSWER The answer is successfully complete an 8-hour training course offered by an accredited training provider. The EPA requires contractors who disturb lead-based paint to be certified and follow specific work practices. A principal is responsible for the acts of his - ANSWER The answer is single agent. The principal is responsible if his single agent misrepresents information about a property or fails to make disclosure to another person that he represents the seller. A customer is not responsible for the acts of his transaction broker or nonrepresentative. Which term is found in the Junk Fax Protection Act? - ANSWER The answer is established business relationship. The law requires the person who sends a fax to (1) have an "established business relationship" with the recipient or written consent from the recipient; (2) have voluntarily received the recipient's fax number; (3) provide the recipient the right to opt out of getting more faxes; and (4) remove the numbers of persons who opt out within 30 days. A sales associate must give a brokerage relationship disclosure to a customer when - ANSWER The answer is selling residential property as a single agent. A licensee need not give a brokerage relationship disclosure when selling nonresidential property. Also, transaction brokers need not give a brokerage relationship disclosure. For how many years must a broker retain brokerage relationship disclosures? - ANSWER The answer is five. The broker must retain required brokerage relationship disclosures for a minimum of five years. Two sales associates work for a commercial broker. The broker allows one sales associate to act as a single agent for the buyer and the other sales associate to act as a single agent for the seller. Both the buyer and the seller have assets of more than $1 million, and each agrees to this form of representation. The situation describes a - ANSWER The answer is designated sales associate. In this form of representation, a broker appoints one licensee to work for the buyer and one licensee to work for the seller. Both the buyer and the seller must have assets of at least $1 million and request this form of representation. To claim innocent purchaser status under the hazardous substance statutes, a purchaser should - ANSWER The answer is pay for and obtain an extensive environmental audit. The purchaser should pay for and obtain an extensive environmental audit. Licensed sales associates working at the seller's single agent brokerage firm - ANSWER The answer is are legally bound to represent the seller. If a brokerage firm represents the seller as a single agent, all licensees in the firm are single agents of the seller and must represent the seller's interests. A man has a capital gain of $197,000 on the sale of his home, which he owned for three years. The sales price was $425,000. Sales costs were $7,000, qualified fix-up costs were $1,000, and moving costs were $2,000. What are the capital gains taxes on this sale if his normal tax rate is 25%? - ANSWER The answer is $0. A homeowner can exclude up to $250,000 gain on the sale of a personal residence. Henry had a gain of $197,000, a