Gold Coast RE 1001 Cram, Practice Math and Final Exam with complete solutions Graded A+

Gold Coast RE 1001 Cram, Practice Math and Final Exam with complete solutions Graded A+ 312. Florida has established three authorized brokerage relationships. Unless otherwise established by agreement, what is the broker's relationship with the public? a. Nonrepresentation b. Single agency c. Dual agency d. Transaction brokerage D. Transaction brokerage 242. A broker has been found guilty of mail fraud by a court and sent to jail. The broker's license will: a. Automatically be revoked b. Automatically be suspended c. Probably be revoked because of the conviction d. Be renewed while he is in jail C. Probably be revoked because of the conviction 4. What is it called when a developer gives land to a governmental body? a. Eminent domain b. Condemnation c. Lis pendens d. Dedication D. dedication 5. What business is a licensee engaged in who markets, leases and maintains property for someone else? a. Property management b. Business brokerage c. Universal agency d. Estoppel A. property management 6. In which service of real estate must a licensee disclose the agency relationship and the responsibilities of that relationship to the public? a. Residential sales b. Residential leasing c. Real estate appraisals d. Real estate auctions A. residential sales 7. Which power authorizes the FREC to pass or revise rules? a. Ministerial powers b. Quasi-executive c. Quasi-judicial d. Quasi-legislative D. quasi-legislative 8. All of the following would be grounds for suspension or revocation of a real estate license, EXCEPT: a. Not giving the proper agency disclosure b. Falsifying information on a license application c. Not being a resident of Florida d. False advertising C. not being a resident of Florida 9. Sandy works as a sales associate for a broker and has been asked to work weekends for a developer to sell new homes on commission. What must Sandy do to work for the developer? a. Transfer her license from the broker to the owner-developer b. Notify the broker where she can be found on weekends c. Contact the state and be issued a group license d. Contact the state and be issued multiple licenses A. transfer her license from the broker to the owner developer 10. What does the license law require that a licensee complete before the first renewal of a Florida real estate license? a. A continuing education course b. A minimum number of transactions c. A post-licensing course d. A REALTOR® orientation course C. post-licensing course 11. In a brokerage corporation, the officers and directors can be active or inactive brokers or nonlicensed registered persons. If someone who is nonlicensed and registered wants to become a broker, what must he or she do? a. File an application with the secretary of state b. Only take a 40-question law exam c. Qualify for a broker license in the same way as anyone else d. Demonstrate 2 years of experience in the real estate business C. Qualify for a broker license in the same way as anyone else. 12. Who would be exempt from the real estate licensing law? a. An apartment manager in an on-site rental office renting for 2 years b. A condominium manager leasing units for 2 years on salary c. A mortgage broker negotiating a lease for 1 year d. A person who rents mobile home lots D. a person who rents mobile home lots 13. Which entity provides the best protection for the public during a real estate transaction? a. The National and State Association of REALTORS® b. The punishment of licensees dealing dishonestly c. The NAR Code of Ethics d. FREC and the license law D. FREC and the license law 14. Which of the following is a characteristic of group license? a. It allows a broker to have branch offices. b. It allows a sales associate to work for more than one broker. c. It may be held by a sales associate or broker associate. d. It allows a broker to qualify for more than one brokerage firm. C. it may be held by a sales associate or broker associate 16. Complete the sentence. A broker who holds more than one broker license: a. Holds multiple licenses b. Is in violation of the license law c. Must register one as a branch license d. Can have only one active at a time A. holds multiple licenses 17. Complete the sentence. General partners in a brokerage partnership that are not qualified to perform the services of real estate must be registered: a. As inactive sales associates b. As ostensible partners c. As inactive broker associates d. For identification purposes D. For identification purposes 18. Bill's license expired on September 30. On February 14, of the following year, he wants to renew it. If it is not his first renewal, what must Bill do? a. Start over with a pre-license course b. Pay a late fee and complete two 14-hour continuing education classes c. Pay a late fee and complete 14 hours of continuing education d. Pay a late fee and complete 45 hours of post-license education C. Pay a late fee and complete 14 hours of continuing education. 19. Ron and his wife each have real estate licenses before he enters the military. Ron is stationed in Washington, D.C., and his wife accompanies him there. If they make their licenses inactive: a. Only Ron is exempt from renewal requirements until 6 months after he is discharged. b. Only Ron is exempt from renewal requirements until 12 months after he is discharged. c. Ron and his wife are exempt from renewal requirements until 6 months after Ron's discharge. d. Ron and his wife are exempt from renewal requirements until 12 months after Ron's discharge. C. Ron and his wife are exempt from renewal requirements until 6 months after Ron's discharge 20. What is the status of a sales associate's license if the sales associate works for a broker, and that broker loses his license? a. Unaffected b. Suspended c. Revoked d. Involuntary inactive D. Involuntary inactive 21. The Florida Real Estate Commission may do all of the following, EXCEPT: a. Impose imprisonment as a penalty b. Pass rules to implement the license law c. Make determination of violations d. Establish licensing fees A. impose imprisonment as a penalty 22. Karl's license expired on September 30, 2015. On February 10, 2019 he wants to activate it again. Which is correct? a. He must complete 28 hours of continuing education. b. His license is null and void. c. He must complete 42 hours of continuing education. d. He must complete 45 hours of post- license education. B. His license is null and void 23. A real estate broker has entered into a single agency relationship with the sellers of a three-bedroom, two-bath house. One of the agents in that broker's office has found an investor wanting to hire the brokerage firm as a single agent. For the investor to be shown this seller's house: a. The broker can work as a dual agent for both the buyer and the seller. b. This would be legal as long as the broker assigns a designated agent for each party. c. The seller must be informed that the brokerage firm is representing the buyer. d. Both the seller and the investor must agree to transition to transaction broker status. D. Both the seller and the investor must agree to transition to transaction broker status 24. What must be given to a seller who is about to enter into a fiduciary relationship with a brokerage firm? a. Single Agency Notice b. Transition to Transaction Broker Notice c. Transaction Broker Notice d. No Brokerage Relationship Notice A. Single Agency Notice 25. What should a sales associate do if his employing broker instructs him or her not to show properties to people of a certain race? a. Ignore the broker's instruction b. Follow the broker's instruction c. Ask the broker to put the instruction in writing d. Find a new employer D. find a new employer 26. Which form requires the signature of all parties? a. No Brokerage Relationship Notice b. Transaction Broker Notice c. Single Agent Notice d. Transition to Transaction Broker D. transition to transaction broker 27. In which instance must the agency disclosure forms developed by the state be used? a. Commercial leasing b. Residential leasing c. Residential sales d. Residential auctions C. Residential sales 28. Which duty does a broker owe to a customer? a. Full disclosure b. Avoid adverse interests c. Obedience d. Disclose known facts affecting the value of residential property D. Disclose known facts affecting the value of residential property. 29. What must all advertising of listed property contain? a. Name of the sales associate b. Telephone number for the brokerage firm c. Name of the brokerage firm d. Telephone number of the sales associat C. name of the brokerage firm 30. Sales associate Glenn works for broker John. If Glenn receives an escrow deposit on Tuesday, what should he do? a. Deliver it to his broker by Friday (third business day) b. Hold deposit until contract is accepted c. Deliver it to his broker immediately (next business day) d. Deliver it to his escrow account immediately C. deliver it to his broker immediately (next business day) 31. A broker may hold escrow deposits in any of the following, EXCEPT: a. A savings association b. A commercial bank c. A credit union d. A mutual fund D. mutual fund 32. To whom do listings obtained by a sales associate belong? a. The employing broker b. The listing sales associate c. The multiple listing service d. The local association of REALTORS® A. The employing broker 33. A broker sells a rental list to a prospective tenant for $200. In a written agreement, the broker states that the fee is nonrefundable. This is: a. Legal because it was disclosed in advance b. Illegal under F.S. 475 c. Legal but not ethical d. Legal because the fee was less than $500 B. illegal under FS 475 34. A sales associate wants to use a trade or fictitious name. Which statement applies? a. The name must be registered with the county clerk. b. The name must be registered with FREC. c. This would violate F.S. 475. d. The name must be registered with the Secretary of State C. This would violate FS 475 35. Jim is a sales associate applicant but has failed the state exam twice. After reviewing his most recent exam, he feels that some of the questions he missed were really correct and marked wrong in error. What may Jim do? a. File a complaint against the testing company b. Request a retest at no charge c. File a written objection to the questions during the scheduled question review d. Request an informal hearing before FREC C. File a written objection to the questions during the scheduled question review 36. Craig is a real estate sales associate working for ABC Realty, Inc. Craig decides to have refrigerator magnets made to give out to the public. What must he include on the magnets? a. Since Craig is paying for them, he can put anything he wants on them. b. They must contain Craig's license status. c. They must contain the name ABC Realty, Inc. d. They must contain the word REALTOR® or broker. C. they must contain the name ABC Realty, Inc 37. A borrower applied for and received an adjustable rate mortgage (ARM). The interest rate increased more than the periodic cap would allow. The new payment does not cover the full interest that is added to the principal balance and deferred. What is this called? a. Negative amortization b. Index rate c. Margin d. Teaser rate A. Negative Amortization 38. Which business entity may NOT register as real estate brokerage firm? a. Corporation b. Corporation not for profit c. Corporation sole d. General partnership C. Corporation sole 39. When there is a dispute over escrow funds, the procedures include four choices. Which choice involves a third person recommending a solution? a. Arbitration b. Mediation c. Litigation d. Escrow disbursement order B. mediation 40. Which step follows the investigation in the complaint process? a. Probable cause determination b. Administrative complaint c. Formal hearing d. Informal hearing A. probable cause determination 47. Complete the sentence. The Florida Real Estate Recovery Fund: a. Is replenished from state taxes if needed b. Covers punitive damages c. Is to protect licensees d. Is funded from licensing fees D. is funded from licensing fees 48. Where must the appeals of FREC final orders be filed? a. Circuit Court of Appeals b. District Court of Appeals c. Offices of the Association of REALTORS d. Offices of the Department of Financial Services B. District Court of Appeals 49. What is the maximum fine the Commission could impose against a licensee who was found guilty of two violations of Chapter 475, F.S.? a. $10,000 b. $7,500 c. $5,000 d. $1,000 A. $10,000 41. Complete the sentence. If a licensee does not dispute a citation, it has the same effect as a: a. Cease and desist order b. Reprimand c. Final order d. Formal complaint C. Final order 42. What is the maximum criminal penalty that a court could impose for a second- degree misdemeanor? a. $2,000 fine and/or 2 years in jail b. $1,000 fine and/or 1 year of jail time c. $500 fine and/or 60 days of jail time d. $5,000 fine and/or 5 years in jail C. $500 fine and/or 60 days of jail time 43. Who has the right to file a complaint against a licensee with the DBPR? a. FREC b. Anyone c. DRE d. DBPR B. Anyone 44. Which punishment would FREC likely impose for a first offense against a broker found guilty of a minor violation? a. $500 fine b. Notice of noncompliance c. Citation d. Suspension B. Notice of noncompliance 45. What is the maximum number of years that FREC may suspend a real estate license? a. 3 b. 5 c. 10 d. 15 C. 10 46. For multiple claims against a licensee, what is the maximum reimbursement from the Florida Real Estate Recovery Fund? a. $150,000 b. $50,000 c. $25,000 d. $15,000 A. $150,000 50. What charge may be filed against a broker who fails to pay his or her sales associate? a. Culpable negligence b. Concealment c. Commingling d. Conversion D. conversion 56. Which is correct according to the Florida Landlord and Tenant Act? a. Deposits may be held in an interest- bearing account, and the landlord keeps the interest. b. Deposits may not be held in a non- interest-bearing account. c. Deposits may be commingled into the landlord's personal account, provided the landlord has posted a surety bond with a notary public. d. Landlord must inform tenant within 30 days how the deposit is being held. D. Landlord must inform tenant within 30 days how the deposit is being held 57. A developer advertises homes for sale with a total down payment of $1,500. The developer knows that all of the houses with that amount of down payment have been sold. Is this transaction covered under truth-in-lending laws? a. No, because the advertising was done by a builder/developer, not a broker b. Yes, because this is bait and switch advertising and is illegal c. No, because single-family residence is exempt from regulation z d. Yes, because this is puffery and is illegal B. Yes, because this is bait and switch advertising and is illegal 58. What is the main purpose of Regulation Z? a. Require lenders to disclose the true cost of credit to consumers b. Require lenders to disclose closing costs to borrowers c. Require brokers to disclose closing costs to buyers d. Require sales associates to disclose commissions to customers A. Require lenders to disclose the true cost of credit to consumers 59. Under the Truth in Lending Act, in credit advertising, which would not be considered a "triggering term"? a. $1,500 down b. Easy terms c. 6% interest d. 10% down B. Easy terms 60. A broker receives a kickback or referral fee from a title insurance company. This practice is: a. Legal b. A violation of RESPA c. Legal; however, not recommended d. Illegal; however, FREC will allow it to continue as long as the broker is active B. A violation of RESPA 53. A licensee picks the properties a particular buyer is shown based on the race of the buyer. What is this illegal act? a. Redlining b. Blockbusting c. Steering d. Commingling C. Steering 54. Telling home owners that minority families are moving into their neighborhood in an attempt to get them to sell their home and move is referred to as which of the following? a. Steering b. Redlining c. Blockbusting d. Boycotting C: Blockbusting