Final Test Questions (Bob Hogue) With
Correct Answers
Comparative Market Analysis (CMA) - answer✔✔Marketing tool and may not be referred to or
represented as an appraisal
Follow UP - answer✔✔Whats sales associates do for buyers and sellers after the sale
Which is NOT a category of real estate licenses question? These 3 are - answer✔✔Sales
Associate; Broker; Broker Associate
Which does NOT need to be disclosed for Background Check? - answer✔✔Parking, Speeding,
inspections, or traffic signal violations
What is required by Mutual Recognition applicants? - answer✔✔75% or higher required to pass
exam
How long is a license valid on a real estate application? - answer✔✔2 years
Who is exempt from having Real Estate License? - answer✔✔A person who has been given
POA
What power does FREC have? (#31) - answer✔✔Quasi-Judical
The DBPR may issue a temporary real estate license to which? (#25) - answer✔✔Spouse of
active duty who transfers to Florida expires after 6 months and is NOT Renewable
A person who no longer wants to engage in the real estate business can voluntarily relinquish or
cancel the license, provided there is no investigation or disciplinary proceeding pending against
the license (#79) - answer✔✔True Statement
Broker who qualifies as the broker for more than one business entity? - answer✔✔Multiple
Licenses
How should a buyer respond to a for-sale-by-owner? - answer✔✔Caveat Emptor ( buyer
beware)
How long must Brokers retain Disclosure Documents? - answer✔✔5 years in a secured location
What happens in a non-residential real estate transaction where the buyer and the seller each
have 1 million or more in assets? - answer✔✔The broker will assign two sales associates in such
an arrangement and they are called designated sales associates
A brokerage relationship b/w a principal (or a customer) and a broker may be terminated by: (Is
a NOT Question on Test) - answer✔✔Death of a sellers broker or the seller before the broker
finds a ready, willing and able buyer.
Death of the buyers brokers or the buyer before the broker finds a suitable property for the buyer
Destruction of the property
Bankruptcy of the principal or the customer
What don't you have to put on an office sign? - answer✔✔The names of the sales and brokers
associates are not required but the Trade name or Brokers name is required
Which of the following is a true statement about Florida Telemarketing? - answer✔✔Violators
may be fined $10,000 per call
When a sales associate receives an earnest money deposit what must he do? - answer✔✔Give to
the broker w/n 24 hours and then the Broker has 3 business days to put into an escrow account
With in how many days must a Broker notify the commission about an EDO? - answer✔✔10
business days
Sale a used condo give buyer the docs. After they receive the docs how many days do they have
to cancel? (Test Question #61) - answer✔✔Answer is 2 Days!!
What is it called when competing brokers conspire to establish the same commission? (#76) -
answer✔✔Price Fixing
Brokers can not pay an unlicensed person a commission but can do what? (#20) - answer✔✔Can
pay them no more the $50
What does not need to register as an Real Estate Broker? (#84) - answer✔✔Corporation Sole
(church)
What needs to be done when filing a complaint? - answer✔✔Must be in writing
Must be legally sufficient
FREC gives suspension request what is it called? - answer✔✔Stay of enforcement
Complaint that required refund of money. What cant they do? - answer✔✔FREC does not have
the authority to order RESTITUTION
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