Mastersgrade

What did the Florida legislature do in 1923? - ANSWER Passed the Real Estate License Law, Chapter 275 of Florida Statutes What is Chapter 475 of the Florida Statutes? - ANSWER Real Estate License Law What did the Florida Legislature do in 1925? - ANSWER Created the Florida Real Estate Commission to administer and enforce law. What is the Florida Real Estate Commission responsible for doing? - ANSWER Keeping records, conducting investigations, and grants, denies, and revokes licenses. ...

Real estate investment trust that are formed to buy, own and manage investment projects are called - ANSWER Equity trust What Fl statute created the Department of business and professional regulation - ANSWER FL 455 Universal Agent - ANSWER All matters by power of attorney General Agent - ANSWER Continuing basis for specific area Special Agent - ANSWER Single Task Normal sales associate Subagency - ANSWER Extension of another agency Subagent - ANSWER A party who has been grante...

When did Florida pass its first Real Estate Law? - ANSWER 1923 When was the FREC created? - ANSWER 1926 What is the purpose of the FREC? - ANSWER protect the public What is the DBPR? - ANSWER Department of Business and Professional Regulation What is the Mission of the Department? - ANSWER to ensure that professions and businesses provide quality services for the health, safety and welfare of citizens and visitors in the great state of Florida What is the DRE? - ANSWER Division of...

He sold his investment property and has identified the property he'd like to buy next. Within how many days must he close on this property in order for it to qualify as part of the exchange? - ANSWER a. 180 b. 30 c.45 d.60 a. He has 45 days to identify a property he would like to purchase and 180 days to close on it, from time of sale. In which form of co-ownership is a person's ownership inheritable? - ANSWER a. Joint tenancy b. Tenancy by the entirety c. Tenancy in common d. Tena...

A sales associate works under - ANSWER the direction of a broker or in some cases an owner developer A licensed appraiser is compensated for an appraisal - ANSWER With a flat fee The product/service that all real estate professionals sell is - ANSWER their expert knowledge Which area of real estate requires the highest degree of expertise? - ANSWER Counseling Which Florida Administrative Code expands upon the statutory provisions of Chapter 475, Florida Statutes? - ANSWER 61J2 Aft...

Absentee Owner - ANSWER An owner who does not reside on the property and who usually relies on a property manager to supervise the real estate Agricultural, 10 - ANSWER ___ property is defined in Florida license law to mean agricultural property of more than __ acres. Appraisal - ANSWER The process of estimating the value of real property; a supported, defended estimate of the value of real property as of a specific date. may not - ANSWER A written opinion of the value of real property....

In which area of brokerage has absentee ownership increased the demand? - ANSWER Property management How is a real estate appraiser typically paid? - ANSWER A fee based upon time and difficulty of the appraisal What does the local planning agency have the authority to approve - ANSWER A subdivision plat map What is it called when a developer gives the land to a government body - ANSWER Dedication What business is a licensee engaged in who markets, leases and maintains property for so...

A Business Broker - ANSWER 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 - ANSWER 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 - ANSWER Custom Building A builder purchases several vacant lots in an established residential s...

When money is paid out of the RE recovery fund, on behalf of a Florida Real Estate - ANSWER the licensee's license will be automatically suspended, the max. amount that can be reimbursed is $50,000, the judgement holder cannot be reimbursed for attorney's fees and court costs Which of the following is true regarding the Florida RE commission? - ANSWER Two members do not have to have a Florida Real Estate license The Fair Housing Act prohibits discrimination based on - ANSWER Race, color,...

Absentee Owner - ANSWER A property owner who does not reside on the property and who usually relies on a property manager to oversee the investment Abstract of Title - ANSWER A compilation of the recorded documents relating to a parcel of land from which an attorney may give an opinion as to the condition of title (a history of title) Acceleration Clause - ANSWER A condition in a loan contract that permits the lender to require immediate repayment of the entire loan balance of the loan if ...