Exam (elaborations)
FLORIDA REAL ESTATE CLASS FINAL EXAM | ACTUAL QUESTIONS WITH COMPLETE SOLUTIONS RATED A+
- Course
- Institution
FLORIDA REAL ESTATE CLASS FINAL EXAM | ACTUAL QUESTIONS WITH COMPLETE SOLUTIONS RATED A+
[Show more]
Content preview
FLORIDA REAL ESTATE CLASS FINAL EXAM |ACTUAL QUESTIONS WITH COMPLETE
SOLUTIONS RATED A+
A Business Broker - 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 - 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 - 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? - Spec Building
What is exempt from Real Estate licensure under Chapter 475? - 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 - 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? -
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? - 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 - 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? - 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? - Continuing Education
If a Florida licensee becomes a non-resident of Florida, he or she must - 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 - 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 - 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? - 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? - 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? - A Group License
To be a broker for several real estate brokerage companies, you must be issued what
type of license? - 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? - 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? - 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? - 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 bhappens bif ba blicensee bchanges blast bname bor bmailing baddress? b- b bMust bnotify
bBPR bwithin b10 bdays bof bthe bchange
If ba breal bestate bbroker's blicense bis bsuspended bfor b6 bmos bfor ba bviolation bof blicense blaw,
bthe blicenses bof bthe bsales bassoc bregistered bwith bthe bbroker bwith bbecome bwhat? b- b
bInvoluntary bInactive
Which bpower bgives bthe bFla bReal bEstate bCommission b(FREC) bthe bauthority bto bregulate
band benforce breal bestate blicense blaw? b- b bThe bExecutive bPower
What bis bthe bBPR? b- b bDept bof bBusiness band bProfessional bRegulation
Who bis bthe bSecretary bof bthe bBPR bappointed bby? b- b bAppointed bby bthe bGovernor band
bconfirmed bby bthe bSenate
What bis bthe bpurpose bof bLaws? b- b bTo bprotect bthe bpublic
What bis bthe bDRE? b- b bThe bDivision bof bReal bEstate
Who bis bthe bDirector bof bthe bDRE bappointed bby? b- b bThe bDRE bis ba bdivision bwithin bthe
bBPR. bThe bDirector bis bappointed bby bthe bSecretary bof bthe bBPR band bsubject bto bapproval
bby bthe bCommission
What bis bFREC? b- b bFlorida bReal bEstate bCommission
What bare bthe bprimary bpowers band bduties bof bFREC? b- b bAdopt bRules band bDiscipline
bLicensees bwho bviolate bchapter b475.
How bmany bmembers bdoes bFREC bconsist bof? b- b b7 bmembers: b
4 bmust bbe bbrokers bwho bhave bheld ba blicense bfor b5 byears. b1 bmust bbe ba bbroker bassoc bor
bsales bassoc bwho bhas bheld ba blicense bfor b2 byears. b2 bmust bbe blay bmembers bwho bhave
bnever bheld ba blicense. bAt bleast b1 bmember bmust bbe b60 byears bold.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Mboffin. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now