Exam (elaborations)
Exam Review (Tampa School of Real Estate) In-Class Exam (1)
Exam Review (Tampa School of Real Estate) In-Class Exam (1)
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Exam Review (Tampa School of RealEstate) In-Class Exam
✅✅
What are the three areas of expertise where real estate professionals are qualified to
provide expert information? - -1. Property Transfer
2. Market Conditions
3. How to market real estate & business.
When would a property manager need an active real estate license? - ✅✅-If the
property manager is being paid as a commission or transactional basis.
Does bankruptcy have to be disclosed on a license application? - ✅✅-No.
✅✅
A timeshare owner is selling their portion of the timeshare for sale by owner, are they
required to have a real estate license? - -No.
How many broker associate licenses may a licensee hold? - ✅✅-Only one
(Brokers may have more than one).
✅✅
What chapter of the Florida statues defines legal practice and procedure for the
department of business and professional regulation? - -Chapter 455.
✅✅
What must members of the military do to obtain a reciprocal license in Florida? -
-Submit a Florida real estate license application.
Who appoints the DBPR secretary? - ✅✅-The Governor, subject to state senate
confirmation.
When would a broker need multiple licenses? - ✅✅-If they are a broker for two or
more separate brokerage entities.
✅✅
If a sales associate wants to become a member of the Florida Real Estate
Commission, what is required? - -Active experience from the last two years.
Executive power allows the Florida Real Estate to... - ✅✅-Regulate and enforce
license law.
✅✅
Which duty has a transaction broker violated if they disclose to the buyer that the
seller will accept a lower price than listed? - -Limited confidentiality.
What would cause termination of a brokerage relationship? - ✅✅
-Bankruptcy,
Revocation, Agreement, Destruction, Fulfillment, Renouncement, Expiration, Death.
, ✅✅
Which types of transactions require brokerage relationship disclosures? -
-Residential Sales.
Which duties are required in all relationships? - ✅✅-Account for all funds, Disclose
all material facts, Deal honestly and fairly.
✅✅
Which of the following is the least misleading advertisement and meets all
advertising requirements? - -Call Tom Jones, ABC Realty (813)-555-0505
(Cell)
Last name, Brokerage, Phone #.
✅✅
How long does a broker have to request a written verification of receipt of deposit if
holding funds with a title company? - -Within 10 business days after the deposit
is due.
✅✅
A sales associate receives an earnest money deposit check on Thursday. The sales
associate must turn the check over to their broker by: - -Friday (the next
business day).
✅✅
A sales associate receives an earnest money deposit check on Thursday. The
broker must deposit the check by? - -0- Thursday
1- Friday
2- Monday
3- Tuesday.
Who needs to hold an active broker's license in a limited partnership? - ✅✅-All
general partners.
✅✅
If a sales associate, Tom Jones, wanted to form a professional corporation, how
must his name appears on his license? - -Tom Jones PA
✅✅
If a broker closes a branch office but wants to reopen in the same location during the
same license period, what must they do? - -Request a reissue of the branch
office license.
What is the maximum fine for violation of Florida telemarketing law? - ✅✅-Up to
$10,000 per call.
Can a corporation sole register as a real estate broker? - ✅✅-No, corporation sole
is a religious organization.
✅✅
What is the maximum amount that can be paid from the real estate recovery fund per
transaction? - -$50,000.
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