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Real Estate U Final Study Guide
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- EXIT V1 Complete Questions And Answers.
Real Estate U Final Study Guide
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Real Estate U Final Study GuideWhy is there a high demand for property managers in Florida? - ANS-Absentee owners
One qualified by education, training and experience who is hired to estimate the value
of real and personal property based on experience, judgment, facts, and use of formal
appraisal process is known as a/an? - ANS-Appraiser
What is dedication? - ANS-Giving up private land for public use
An organization with at least one real estate broker acting as the agent for others in
negotiating the sale or rental of real property for a fee is known as a/an? -
ANS-Real estate brokerage
What is a home built from blueprints supplied by the buyer is called? - ANS-A custom
home
An appraisal can be completed by? - ANS-A licensed appraiser using USPAP standards
MLS is an acronym for? - ANS-Multiple Listing System
What is a BPO? - ANS-Broker Price Opinion
What is the meaning of Caveat Emptor? - ANS-Buyer Beware
What is the difference between a Broker Associate and a Broker? - ANS-A Broker
Associate has passed the Broker exam but chooses to work for a Broker
Which Organization approves the Sales Associate and Broker License Applications? -
ANS-DBPR
What is a newly licensed person working for a broker known as? - ANS-A Sales
Associate
What is the pre-licensing education requirement for a Broker? - ANS-72 hours
A Licensee from another State may be able to get a FL license without undergoing
, pre-licensing education through which of the following? - ANS-Mutual Recognition
When should Fingerprints be submitted? - ANS-As soon as an application has been
submitted to DBPR
What is the minimum education requirement for an applicant? - ANS-High school
diploma or equivalent
What is the purpose of the Department of Business and Professional Regulation? -
ANS-To act as a Consumer Protection Agency
If a Sales Associate fails to complete their 14-hours of Continuing Education before their
license expires March 31, What is the status of their license on April 1? - ANS-The
license is involuntarily inactive
Who issues real estate licenses? - ANS-The Department
How many of the Members of FREC are not and never have been Brokers or Sales
Associates? - ANS-Two
What is the Maximum fine that can be levied by FREC for any violation of 475 F.S. and
455 F.S.? - ANS-$5,000 (Dollars)
How many members of the FREC must be active licensed brokers? - ANS-Four
FREC is NOT required to? - ANS-Issue a Florida sales associate's real estate license
After passing the Sales Associate exam when does a license become effective? -
ANS-After written notice is received that the applicant passed the examination
The DBPR has powers of enforcement in how many areas? - ANS-Three What
type of agent usually has the Power of Attorney? - ANS-A General Agent
Which agency is NOT allowed under Florida law? - ANS-Dual Agency
When is an agency relationship is created? - ANS-When the seller asks to be
represented and the broker agrees
Which form must be given to the buyer if a sales associate is working with them in a
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