Course Exam Review for Tampa School of Real Estate Units 1 - 8, Tampa School of Real Estate Exam Review Units 9 - 19 Que & Ans

Someone who specializes in selling businesses would be referred to as? - ANS Business broker Beginning construction on homes without having secured any buyers is referred to as what type of construction? - ANS Spec Homes Florida Statute 475 Part IV allows a broker to place a lien for unpaid commission on what type of transactions? - ANS Commericial Leases If a member of the US Armed Forces has a real estate license in another state, Florida must issue them a real estate license. This concept is known as? - ANS Reciprocity Who is exempt from the post licensing course? Attorney? 4 Year Real Estate Degree Holders? - ANS 4 Year Real Estate Degree Holders How much active experience under a broker must a sales associate obtain to be eligible for a broker license? - ANS 2 years Does the required experience to become a broker have to be earned in Florida? - ANS No, experience may be obtained under a Florida broker or a broker in another state. How many Florida broker associate licenses may a real estate licensee hold? - ANS One, a broker associate may only be issued one license that may be registered with either a broker or owner developer. How does the secretary of the DBPR gain their position? - ANS Appointed by the Governor, Confirmed by the Senate Can the FREC imprison a licensee? - ANS No, the FREC does not have the power to impose imprisonment. If you did not complete the 14 hour continuing education by your renewal deadline, you can still complete the course with the next - ANS 12 months What would a sales associate be issued if they are employed by an owner developer that uses multiple entity names? - ANS A group license A residential sale is defined as _______ or fewer units? - ANS Four or fewer units What is the assumed brokerage relationship in Florida? - ANS Transaction Broker If a transaction fails to close, how long must records be kept? - ANS 5 years What are the ways to terminate a brokerage relationship - ANS B - Bankruptcy R- Renounce (Fired) A- Agreement (Mutual D- Death of Broker F- Fulfillment R- Revoke (Client Fires E- Expiration D- Destruction of Property Which of the following is the least misleading advertisement and meets all advertising requirements? A) Call Tom at ABC Realty (813) 555-0505 B) Call Tom Jones Realtor at (813) 555-0505 C) Call Tom Jones license #123456 at (813) 555-0505 D) Call Tom Jones, ABC Realty (813) 555-0505 (cell) - ANS D) Call Toms Jones, ABC Realty (813) 555-0505 (cell) How long do you have to contact a past client that is on the do not call list? - ANS 18 months A sales associate receives an earnest money deposit check on Friday and turns it over to their broker the same day. The broker must deposit the check by? - ANS Wednesday How many days does a broker have to notify the FREC of conflicting demands? - ANS 15 business days Two parties who agree to have their dispute settled by a third party who will make a binding decision are agree to a(n) - ANS Arbitration Is it permissible for an owner of an apartment complex to pay it's tenants a $50 finders fee for referral of a new tenant? - ANS Yes, this is legal under F.S. Chapter 475 Does a general partner that performs real estate services have to be an active broker? - ANS Yes, any general partner performing real estate services must be an active broker. Can a corporation sole register as a real estate broker? - ANS No, a corporation sole (church) cannot register as a real estate broker. A complaint that alleges a licensee violated Florida Statute or FREC rule would be called? - ANS Legally Sufficient An agreement for the penalty of license law violation is referred to as a - ANS Stipulation A DBPR investigator has authority to immediately issue what during an investigation? - ANS Citatio