Florida Real Estate Need-to-Knows 2020
active real estate license
((Unit 1, Page 4, Lines 10-14)) - ANS-There is a presumption in Florida law that
businesses have some sort of real property involved either land or physical
improvements. For this reason, in Florida, in order to list a business an _________
________ _________ __________ is
required.
appraiser
(Unit 1, Page 7,
figure 1.1) - ANS-In Florida, an appraisal assignment to originate a federally related loan
requires the services of a licensed or certified __________.
nolo contendere
(Unit 2, Page 20, grey
box) - ANS-A prospective licensee explains on his license application that 10 years ago
he entered a plea in a criminal court in which he did not admit or deny the charges.
This type of plea is called
child support payments.
(Unit 2, Page 25, grey
box) - ANS-A Social Security number is required by Florida law to verify that license
applicants are current on
two years. (Unit 2, Page 25, grey box) - ANS-A real estate license application received
by the DBPR expires after (how long?)
sales associate pre-license course. (Unit 2, Page 26, Figure 2.3) - ANS-A Florida
licensed attorney is exempt from (which course?)
No, the Texas licensee must earn at least 12 months
additional real estate experience before he qualifies to take the Florida
,broker license exam. (Unit 2) - ANS-A real estate agent has been licensed in Texas for
one year. The licensee
worked for a Texas broker but recently moved to Florida. The agent wants
to open his own brokerage in Florida, so he recently completed the Florida
broker pre-license course. Is the Texas licensee eligible to take Florida
broker license exam?
Quasi-Judicial - ANS-The Florida Real Estate Commission (FREC) fined a real estate
licensee
$5,000 and placed the licensee on probation as a result of a violation of FS
475.
The FREC's authority to impose disciplines falls under WHICH area of responsibility?
Voluntary relinquishment of a license does not involve disciplinary action.
Within 10 days
(Unit 3, Page 52, lines 43-47) - ANS-A licensee must notify the DBPR of a change in
current
mailing address within how many days?
A Group License is needed.
(Unit 3, Page 56, lines 19-23) - ANS-What type of license allows a sales associate or
broker associate employees by an owner-developer to sell property for all the affiliated
entities owned by
the developer.
Caveat Emptor - ANS-What is the term that means: "buyer beware" and applies when a
buyer who is independently looking for sale by owner property (Unit 4, Page 65 line 2-3)
transaction broker - ANS-Which type of broker does NOT have the duty of obedience
(Unit 4, Page 73 lines 1-4)
brokerage relationship disclosure - ANS-Which disclosure requirements (from 475 F.S.)
do not apply to an agreement between broker and seller to
auction a residential property (Page 75 lines 15-16)
, Five - ANS-A broker must retain disclosure documents for ______ years even if a
nonresidential sales associate fails to close (Page 78 lines 1-2)
The appropriate ad would say:
"Call Lynn Amherst, Excel Realty 333-2020(cell)" - ANS-Lynn Amherst is a sales
associate for Excel Realty.
Lynn is preparing a
classified ad for a listed property.
The company phone number is 222-
1010.
Lynn's cell # is 333-2020.
She posts an add using the following information:
"Call Lynn Amherst, 333-2020"
Is this ad acceptable? Why or why not?
(Unit 5,
Page 91 grey box Blind Advertising)
False.
The broker may NOT establish the account in a stock brokerage company that does
business in Florida.
(Conflict of interest) - ANS-True / False
A broker who chooses to maintain an escrow account may ONLY establish the account
in a stock brokerage company doing business in Florida.
(Unit 5, Page 96 line 17-2)
End of the day on Thursday. - ANS-A sales associate receives a deposit from a buyer
on Wednesday morning.
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