Bob Hogue Final Test Questions with Complete Solutions
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Bob Hogue
Institution
Bob Hogue
Bob Hogue Final Test Questions with
Complete Solutions
What is the purpose of an escrow account in real estate transactions?
To hold money in trust for parties involved in a transaction
Who is responsible for maintaining a sales associate's license status?
The sales associate
What mus...
Bob Hogue Final Test Questions with
Complete Solutions
What is the purpose of an escrow account in real estate transactions?
✔✔To hold money in trust for parties involved in a transaction
Who is responsible for maintaining a sales associate's license status?
✔✔The sales associate
What must a sales associate do when they receive escrow funds?
✔✔Deliver them to their broker immediately
What is the definition of "dual agency"?
✔✔Representing both the buyer and seller in the same transaction
When must a real estate licensee renew their license after the initial license period?
✔✔Every two years
1
,What happens if a broker mixes personal funds with escrow funds?
✔✔This is called commingling and is a violation of license law
What is the term for a legal document transferring ownership of real property?
✔✔A deed
How long does a buyer have to cancel a contract for a new condominium after receiving the
documents?
✔✔15 days
What is the primary purpose of a home inspection?
✔✔To identify any potential issues with the property
What happens if a buyer cancels a contract within the inspection period?
✔✔The buyer is entitled to a refund of their deposit
What is a comparative market analysis (CMA)?
✔✔An evaluation of a property's value based on recent sales of similar properties
2
, What is required to create a valid real estate contract?
✔✔Offer, acceptance, consideration, and legal purpose
What is the maximum fine the Florida Real Estate Commission (FREC) can impose per
violation?
✔✔$5,000
What is the primary duty of a real estate agent in a fiduciary relationship?
✔✔To act in the best interest of their client
How long must a broker retain real estate transaction records?
✔✔At least five years
What happens if a licensee fails to complete their required continuing education?
✔✔Their license will become inactive
Who holds the title during a real estate transaction until the sale is completed?
3
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