Exam (elaborations)
2024 FLORIDA REAL ESTATE CLASS FINAL EXAM WITH CORRECT ANSWERS
- Course
- Institution
2024 FLORIDA REAL ESTATE CLASS FINAL EXAM WITH CORRECT ANSWERS
[Show more]
Content preview
2024 FLORIDA REAL ESTATECLASS FINAL EXAM WITH
CORRECT ANSWERS
There is an excess supply of housing in a RE market. The area can best be
described as
A. builder's market
B. buyer's market
C. broker's market
D. seller's market - CORRECT ANSWERS-B. buyers market
The planning commission does NOT have delegated final authority for
A. sign control
B. site plan approval
C. subdivision plan approval
D. zoning variances - CORRECT ANSWERS-D. zoning variances
Which would be classified as a service industry?
A. branch office or credit union
B. coffee roasting plant
C. computer manufacturing plant
D. military base - CORRECT ANSWERS-A. branch office or credit union
A paper mill that is a major employer of a particular place is an example of
what type of industry? - CORRECT ANSWERS-Base industry (they bring
people to an area while the service industry serves them once they get
there)
Zoning Ordinances
A. are adopted by the state legislature
B. regulate building construction
C. regulate land development
D. segment the community into districts based on land use - CORRECT
ANSWERS-D. segment the community into districts based on land use
A Business Broker - CORRECT ANSWERS-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 - CORRECT ANSWERS-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 - CORRECT ANSWERS-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? - CORRECT
ANSWERS-Spec Building
What is exempt from Real Estate licensure under Chapter 475? - CORRECT
ANSWERS-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 - CORRECT ANSWERS-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? - CORRECT ANSWERS-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? - CORRECT
ANSWERS-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 - CORRECT ANSWERS-
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? - CORRECT ANSWERS-
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? - CORRECT ANSWERS-Continuing Education
If a Florida licensee becomes a non-resident of Florida, he or she must -
CORRECT ANSWERS-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 - CORRECT ANSWERS-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 - CORRECT ANSWERS-
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? - CORRECT ANSWERS-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? -
CORRECT ANSWERS-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? - CORRECT ANSWERS-A Group License
To be a broker for several real estate brokerage companies, you must be
issued what type of license? - CORRECT ANSWERS-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? - CORRECT ANSWERS-It
reverts to an involuntary inactive status
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 Elitaa. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82215 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now