Chapters 1-18, Broker's FREC II Study Questions and 100% correct answers
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Chapters 1-18, Broker\'s FREC II
Institution
Chapters 1-18, Broker\'s FREC II
In a real estate general partnership, how many partners must be licensed as an active Florida broker (the qualifying broker)? - correct answer At least one
When a license has been involuntarily inactive for 12 months or less, licensees may satisfy the education requirement by doing what? - corre...
In a real estate general partnership, how many partners must be licensed as an active Florida broker (the
qualifying broker)? - correct answer At least one
When a license has been involuntarily inactive for 12 months or less, licensees may satisfy the education
requirement by doing what? - correct answer completing 14 hours of FREC-approved continuing
education.
What does USPAP stand for? - correct answer Uniform Standards of Professional Appraisal Practices
_____________ defines appraisal as an opinion of value or the process of developing an opinion of
value. - correct answer Uniform Standards of Professional Appraisal Practice
What is the purpose of an appraisal? - correct answer to determine the problem to be solved and type of
value to be estimated
The party who engages, by employment contract, an appraiser in a specific assignment is called the
_________. - correct answer Client
The client and any other party, identified by name or type, as users of the appraisal report based on
communication with the client at the time of the assignment is called the _____________. - correct
answer intended user
What is the type and definition of the value in the appraisal? - correct answer Definition of market value
and its authority
Name the type of items on page 3 of the closing disclosure. - correct answer 1. Purchase Price and
Deposit
2. Financing
3. Prorations & prepayments
,Name the type of items on page 2 of the closing disclosure. - correct answer 1. Expenses
2. Miscellaneous
What page are total expenses on in the closing disclosure? - correct answer Page 2 and 3
The amount due from buyer, amount due to seller and the grand total is on which page of the closing
disclosure? - correct answer Page 3
All debits on the closing disclosure are on page _______. - correct answer Page 2
Prorations and Prepayments are ___________ entries. - correct answer double-entries
Expenses are __________ entries. - correct answer Single
A __________ period is allowed after receipt of the application to check for errors and omissions and to
send the applicant a notice of insufficiency concerning any additional information required. - correct
answer 30 day
Do you have to be a Florida resident to possess a Florida real estate license? - correct answer No
For application and licensing purposes, FREC rules define a Florida resident as a person who has resided
in Florida continuously for a period of ___________________ months or more within the preceding year,
regardless of whether the person resided in a recreational vehicle, hotel, rental unit, or other temporary
or permanent location. - correct answer four calendar
True or False: The DBPR has 90 days after receiving an application to check for errors and omissions and
to send a notice of insufficiency concerning any additional information required. - correct answer False -
The DBPR has 30 days to check for errors and omissions and to send the applicant a notice of
insufficiency.
,True or False: The DBPR may refuse to approve a broker application because the applicant did not
possess a Social Security number. - correct answer True
True or False: A person who has resided in Florida for three months every winter is considered a Florida
resident for licensure purposes. - correct answer False - For application and licensing purposes, FREC
rules define a Florida resident as a person who has resided in Florida continuously for a period of four
calendar months.
True or False: Broker applicants are required to disclose misdemeanor offenses on the license
application. - correct answer True
True or False: If a broker applicant's past criminal history is not discovered until after the applicant
becomes a broker, the DBPR will likely take no action. - correct answer False - The commission may
revoke a broker's license for failure to disclose past criminal history.
What are the exemptions for people with a 4 year degree or higher in real estate? - correct answer
EXEMPT FROM:
Pre-license Course I
Pre-license Course II
All Post License
BUT Must Take
14 CE hours Continuing Education every 2 year
What is a Florida licensed attorney that is an active member of the Florida Bar exempt from? - correct
answer Pre License Course I
All Continuing Education
must take Pre license Course II and Post license
Mutual recognition agreements apply EXCLUSIVELY to _________________ who are licensed in other
jurisdictions. - correct answer nonresidents
, Can a resident of Florida who is licensed in a mutual recognition state apply for a Florida real estate
license under mutual recognition? - correct answer No because mutual recognition is exclusively for
nonresidents.
Real estate applicants approved for licensure under mutual recognition are exempt from
____________________. However, the applicant must do this. - correct answer Pre-license education
course / Take and pass a 40 question law exam each worth 1 point.
75% or 30 correct answers to pass
________________ is an agreement between two states that allows a real estate licensee with a valid
license in one of the states to practice real estate in both states. - correct answer Reciprocity -There is no
reciprocity between Florida and any other state
A broker applicant fulfills the experience requirement by having held an active real estate license for at
least ________________ during the five year period preceding application to become a Florida real
estate broker. - correct answer 24 months
True or False: Broker applicants must complete at least 12 months of real estate experience during the
previous five years working for a broker or an owner developer. - correct answer False 24 months under
a broker
True or False: A broker applicant who received a master's degree in real estate from an accredited
institution is exempt from the broker pre-license education course. - correct answer True - also exempt
from Pre, Post, but not continuing education
What happens if a broker doesn't complete the post licensing education before the initial license
expires? - correct answer The license becomes null and void. The initial license is basically in a
conditional/probationary status until the post licensing education is completed. If not completed, the
broker may request and receive a sales associate license if they complete the 14 hour CE within the six
months following expiration.
The commission may allow real estate licensees an additional six month period following initial license
expiration to complete the post-licensure requirement, if due to this. - correct answer individual physical
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