Florida Real Estate State Exam Prep Questions And Answers Latest Updates
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Course
Florida Real Estate State
Institution
Florida Real Estate State
Americans with Disabilities Act of 1990 - ️️removes barriers that prevent qualified
individuals with disabilities from enjoying the same opportunities that are available to
persons without disabilities. The Act prohibits discrimination in places of PUBLIC
ACCOMIDATIONS and in commercial faci...
Florida Real Estate State Exam Prep
Americans with Disabilities Act of 1990 - ✔️✔️removes barriers that prevent qualified
individuals with disabilities from enjoying the same opportunities that are available to
persons without disabilities. The Act prohibits discrimination in places of PUBLIC
ACCOMIDATIONS and in commercial facilities.
Accumulation of the Recovery Fund - ✔️✔️total of $1 million is the limit for fund at any
one time.
Accumulated by charging Licensees a Recovery Fund Fee when a new lic is issued or
renewed. Fines imposed by FREC and collected by DBPR. Collection stops when limit
is reached and restarts when amount drops below $500k. At that time, a fee of $3.50
per yr. for brokers and $1.50 per year for sales Assoc. is added to Lic fee.
Steering - ✔️✔️Channel Home seekers to or away from a particular neighborhood
because they are members of a protected class
Trade Names - ✔️✔️is a business name other than the legal name of the person doing
business. The letters T/A are used to indicate "trading as."
Recovery Fund - ✔️✔️Claim must be paid with in 2 yrs.
Max payment $50,000 (single transaction)
Max payment on multiple $150,000
Punitive Damages and Interest CANNOT be reimbursed from fund
Joint Ventures - ✔️✔️is a temporary form of business arrangement often encountered
in real estate business.
Civil Rights Act of 1964 (Titles II and III) - ✔️✔️ended racial segregation in schools, the
work place, and public accommodations.
, Civil Rights Act of 1968: The Fair Housing Act - ✔️✔️Prohibits discrimination on the
basis of Race, Color, Religion, Sex and National Origin when selling or renting
residential property.
7 Protected Classes (FRSH CRN aka Fresh Corn) - ✔️✔️Race
Color
Religion
Sex
Handicap Status (mental or physical)
Familial Status (18 or younger or Pregnant Women)
National Origin
Blockbusting - ✔️✔️Use the entry, or rumor of the entry, of a protected class into the
neighborhood to persuade owners to sell
Redlining - ✔️✔️Deny loans or insurance coverage by a lender or insurer that presents
different terms or conditions for homes in certain neighborhoods
Truth in Lending Act (TILA) and Regulation Z - ✔️✔️is intended to inform the borrower
of the true cost of obtaining a loan.
Timing of disclosures - ✔️✔️Must be sent to borrower with in 3 business days of
application, and @ least 7 business days before consummation. Lenders must deliver to
the borrower a copy of the appraisal report 3 business days before closing the loan.
Triggering Terms - ✔️✔️Anything with number's is considered a triggering term.
3-Day Right of Rescission - ✔️✔️The borrower has the right to rescind (cancel) the
loan contract up to midnight of the third business day following the signing of the loan
documents.
Time Periods regarding Tenants Deposits - ✔️✔️30 days: landlord must notify tenant of
how holding deposits
15 days: to return security deposit
30 days: if landlord making claim on the deposit
15 days: after receiving Notification of landlords claim, the tenant has 15 days to object
in writing to the claim
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