FL Pre-License Sales Course (FREC Course 1) Exam Study. Complete Verified Solution.
title
collection of rights person has in ownership of real property
alienation
transfer
By Operation of Law
the courts have intervened
Condemnation
court action used when right of eminent domain is exe...
title
collection of rights person has in ownership of real property
alienation
transfer
By Operation of Law
the courts have intervened
Condemnation
court action used when right of eminent domain is exercised
Lis Pendens
pending litigation
Opinion of Title
title meets all ownership needs and has no questions in its history
Abstract
history
Cloud
question about the title
Certificate of Title
Attorney issued; indicates all problems have been cleared and title company can issue
Title Insurance
Deed
document which passes ownership from the grantor to the grantee
Parts of a Deed
Premises
Habendum
Testimonium
The FREC shall consist of _____ members.
7
_____ members of the FREC must be licensed brokers, each of whom has held an
active license for the _____ years preceding appointment.
4; 5
Members of the FREC shall be appointed for ____ - year terms.
4
One member of the FREC must be a licensed broker or a licensed sales associate
who has held an active license for the ____ years preceding appointment.
2
,At least one member of the commission must be _____ years or older.
60
All services concerning Chapter 475 F.S., including, but not limited to,
recordkeeping services, examination services, legal services, and investigative
services, and those services in Chapter 455 F.S. necessary to perform the duties
of this chapter shall be provided by the ________ of _________ ________.
Division of Real Estate
The DRE is funded by fees and assessments of the _____.
FREC
How long can the Commission deny an application for licensure, registration, or
permit, or renewal thereof?
10 Years
How long can the Commission place a licensee, registrant, or permittee on
probation?
10 Years
How long can the Commission suspend a license, registration, or permit?
10 Years
The Commission can impose administrative fines of up to $______ for each count
or separate offense.
$5,000
Within what time frame must mediation of an escrow disbursement conflict be
successfully completed?
90 days following the last demand
If a licensee, in good faith, entertains doubt as to what person is entitled to the
accounting and delivery of escrowed property, or if conflicting demands have
been made upon the licensee for the escrowed property, what are his/her options
under F.S. 475.25?
1.) Request Commission to issue and EDO;
2.) Submit matter to arbitration with consent of ALL parties;
3.) By interpleader or otherwise, seek adjudication of the matter by a court; OR
4.) Submit matter to mediation
Jack, who was trying to procure funds to buy real property. Unfortunately,
despite his best intentions, he was unable to obtain financing and satisfy the
terms of the financing clause in the contract for the sale and purchase of real
property. Steven, who was handling the escrowed property for the contract
decides not to notify the FREC and returns the escrowed property back to Jack.
Is he allowed to do this?
Yes
Steven, a real estate sales associate told Adam, an interested buyer in a property,
that he thought the title of the property Adam was interested in was good. Steven
did not receive this opinion or advice from his attorney. He also did not advise
, Adam to consult his attorney on the merchantability of the title or to obtain title
insurance. Steven....
has violated Section 475.25(1)(j), F.S. if this is his first violation, he can be charged
between $200 and $1,000 of administrative finds and receive a 30-day suspension to
revocation. If this is his second violation he will be charged between $1,000 and $5,000
and receive suspension to revocation.
A broker may place and maintain up to $_____ of personal or brokerage funds in
the broker's property management escrow account.
$5,000
A broker may place and maintain up to $_____ of personal or brokerage funds in
the broker's sales escrow account.
$1,000
Steven, who has been having a lot of trouble lately was convicted of a felony. He
is a real estate agent, and under Chapter 475 F.S., has how long to notify the
Commission in writing of the felony.
30 days
An administrative complaint against a broker, broker associate, or sales
associate shall be filed within ____ years after the time of the act giving rise to
the complaint or within ____ years after the the time the act is discovered or
should have been discovered with the exercise of due diligence.
5 years
The Department or Commission shall promptly notify a licensee's broker or
employer as defined in Chapter 475.25 F.S., in writing, when a formal complain is
filed against the licensee alleging violations of Chapter 475 or Chapter 455 F.S.
The department shall not issue a notification to the broker or employer until ____
days after a finding of probable cause has been found to exist by the probable
cause panel or by the department, or until the licensee waives his or her privilege
of confidentiality under s. 455.225, whichever occurs first.
10 days
What is the most important issue for a broker acting as a property manager to
accomplish?
To get the maximum income income in while preserving the value of the investment.
It is unethical for an appraiser to accept compensation for performing an
assignment when it is contingent upon...
...the reporting of a predetermined result.
The Florida Real Estate Appraisal Board (FREAB) is headquartered in _______
and consists of ____ members.
Orlando; 9
The duties of a broker as a fiduciary are
*Loyalty
*Confidentiality
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