Florida Broker Exam Questions and Answers (Latest Update 2024), Exams of Nursing

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Answers (Latest Update 2024)

Executive Branch of Florida Government (including the DBPR)

• Correct Answer ✅ Florida Statue Chapter 20 The law is often referred to as the Real Estate Practice Act - Correct Answer ✅ Florida Statute Chapter 475 The law that was established for Real Estate Brokers, sales associates, and appraisers - Correct Answer ✅ Florida Statue Chapter 475 Part I of the Florida statue 475 pertains to: - Correct Answer ✅ Real estate brokerages Part II of the Florida Statue 475 pertains to: - Correct Answer ✅ Real estate appraisers and sets for the requirements for FL licensed and certified appraisers Part III of Chapter 475 pertains to: - Correct Answer ✅ The Commercial Real Estate Lien Act, Gives broker lien rights for earned commission. This act applies only to the commercial property (not residential property)

Answers (Latest Update 2024)

The Commercial Real Estate Sales Commission Lien Act - Correct Answer ✅ The right to place against owner's net proceeds(personal property) from the sale and does not attach to the commercial real property. Part IV, of Chapter 475, Commercial Real Estate Leasing Commission Lien Act - Correct Answer ✅ Give a broker lien rights for earned commission associated with a brokerage agreement to lease commercial real estate Florida State 455 Regulation of Professions and Occupations - Correct Answer ✅ Department of Business and Professional Regulation and the professions under the department Florida Statue Chapter 120 - Correct Answer ✅ Procedural process for all governmental entities authorized under the Florida constitution. The licensing and disciplinary process for real estate licensees is outlined in this chapter.

Answers (Latest Update 2024)

Florida Administrative Code Chapter 61J2 - Correct Answer ✅ Florida Real Estate Commission Rules A person who performs real estate services for compensation but who does so under the direction, control, or management of a broker or an owner developer. - Correct Answer ✅ Sales Associate An individual who is qualified to be issued a broker's license but who operates as a sales associate in the employ of another - Correct Answer ✅ Broker Associate An unlicensed entity that sells, exchanges, or leases it own property - Correct Answer ✅ Owner Developer What are some rules of staff of owner developer? - Correct Answer ✅ Sales associates must have an active real estate license in order to receive a commission. Sales staffed is exempted from licensure if paid strictly a salary. "Let the Buyer Beware" - Correct Answer ✅ Caveat emptor

Answers (Latest Update 2024)

Licensees applicants Requirements: - Correct Answer ✅ Background check of any crimes Must disclose prior convictions including if a court action was (adjudicated) withheld disclose on the application any other name or alias, including maiden name 18 years old high school diploma or equivalent possess a Social Security Number Be of good character Have not violated a Chapter 475 within 1 year prior to application. How long is the license application good for? - Correct Answer ✅ 2 years from the date of the completed application received by the DBPR "no contest" - Correct Answer ✅ Nolo contendere

Answers (Latest Update 2024)

a process by which the record of criminal conviction is destroyed or sealed after expiration of time - Correct Answer ✅ Expungement A 30 day period is allowed after receipt of the application to check for errors and omissions and to send the applicant a _________ concerning any additional information required. - Correct Answer ✅ Notice of insuffiency Do you have to be a US citizen to apply for a FL real estate license? - Correct Answer ✅ No Requirements for Nonresidents applicant requirements - Correct Answer ✅ US citizenship is not required(must possess a SS#) Do not have to be a FL resident(must indicate nonresident) When a licensee moves out of state (becomes a non residents) they must notify the Commission within - Correct Answer ✅ 60 days

Answers (Latest Update 2024)

an agreement between two states that allows a real estate licensee with a valid license in one of the states to practice real estate in both states. - Correct Answer ✅ Reciprocity a contract between two states that recognize each other's real estate education. - Correct Answer ✅ mutual recognition agreements Mutual recognition applicants must demonstrate knowledge of the Florida's real estate laws by - Correct Answer ✅ passing a license exam that consists of 40 question concern FL real estate law A person who has resided in FL continuously for a period of four calendar months or more with the preceding year, regardless of in an RV, hotel, rental unit etc - Correct Answer ✅ Resident A real estate applicant is required to have what to apply for the RE license? - Correct Answer ✅ Social Security card

Answers (Latest Update 2024)

A student can miss how much time from the Pre-license course? - Correct Answer ✅ 8 hrs Students taking the pre-licensing course must pass the end of course exam with a grade of - Correct Answer ✅ 70 or higher Eight real estate activities that require a license - Correct Answer ✅ A ADVERTISE REAL ESTATE SERVICES B BUY A APPRAISE R RENT OR PROVIDE RENTAL INFORMATION OR LISTS S SELL A AUCTION L LEASE E EXCHANGE Only ___________ of mutual recognition states can apply for mutual recognition - Correct Answer ✅ non residents

Answers (Latest Update 2024)

Who is exempt from certain education requirements? - Correct Answer ✅ People with 4 year degree in Real Estate- Exempt from Pre License Course I & II, Post Licensing, Not exempt from continuing ed Active FL Attorneys: Exempted from Pre License Course I and Continuing Ed Not exempt from Pre License II and Post Licensure An applicant has _______ from the time their application is approved to pass the Real Estate Exam - Correct Answer ✅ 2 years Applicants must score a _____ on the FL Real Estate Exam - Correct Answer ✅ 75 or higher Sales associates are required to complete a ________ requirement for post licensing - Correct Answer ✅ 45 hour post licensing course and pass an end of course exam with 75 or higher (if fail must wait 30 days before retaking)

Answers (Latest Update 2024)

Licensee must complete their post licensee course before their renewal period or their license becomes - Correct Answer ✅ Null and void After completing post licensing education requirement licensees must complete at least _______ every ______. - Correct Answer ✅ 14 hours ever 2 years _______ of core law are required in 2 year, 14 hr renewal cycle. - Correct Answer ✅ 3 hours Broker applicants must fulfill an experience requirement of - Correct Answer ✅ 1.pass 45 hr continuing ed, 2.holding an active real estate license for at least 24 months(2 years) during the five-year period preceding application to be eligible. The applicant can be under a FL RE broker, RE broker licensed in another state or any other foreign jurisdiction, cannot be earned by working for an owner developer unless the owner developer is a current licensed broker.

Answers (Latest Update 2024)

Broker licensees are required to complete post-licensing education before the first renewal period. They must complete a _______ hr post license requirement. Failure to do so will result in the license becoming ________ - Correct Answer ✅ 60 hour null and void If a broker fails to complete the post licensing requirements within renewal period the license becomes ___________. The broker may request and receive a _____________ after completing _________ of continuing education within_________following the expiration of the broker's license and provided the broker has complied with all requirements for renewal. - Correct Answer ✅ null and void sales associate license 14 hours 6 months

Answers (Latest Update 2024)

A licensee who has received a 4 year degree in real estate from an accredited institution of higher education is exempt from - Correct Answer ✅ Pre License 1 Pre License II-(broker) Post License (broker question)If broker fails to complete the post licensing requirements the sales associates' license working under the broker become - Correct Answer ✅ involuntary inactive Brokers must complete _____ after post licensing requirement has been met - Correct Answer ✅ 14 hrs of continuing ed every 2 years 3 hours being core law. the same as the sales associate authorization by the state to place an applicant on the register(record) of officially recognized individuals and businesses. - Correct Answer ✅ Registration

Answers (Latest Update 2024)

Sales associates and Broker Associates must be - Correct Answer ✅ registered under their employing broker (or owner developer) They may have only one registered employer at any given time. passing the real estate examination give the applicant the right to request and be issued a real estate - Correct Answer ✅ license a legal term used to refer to evidence that is good and sufficient on its fact (at first view) to establish a given fact or prove a case - Correct Answer ✅ prima facie evidence The Business of bringing together buyers & sellers, owners & renters, and completing real estate transactions. - Correct Answer ✅ Real estate brokerage Chapter 475 F.S. defines____________ as 4 or fewer residential units, vacant land zoned for 4 or fewer residential units, or agricultural property of 10 or fewer acres - Correct Answer ✅ residential

Answers (Latest Update 2024)

______property is defined in Chapter 475 F.S to mean__________property of more than 10 acres - Correct Answer ✅ agricultural Real estate licensees who engage in the sale, purchase, or lease of business are called - Correct Answer ✅ business brokers The real estate activity of sale, purchase, or lease of business including tangible and intagible assests is called - Correct Answer ✅ business opportunity brokerage many brokers and sales associates prefer to select one specific portion of a city and become an expert in that particular portion called - Correct Answer ✅ a farm area a professional service conducted by a person or company hired to maintain and manage property on behalf of property owners or absentee owners. - Correct Answer ✅ property management

Answers (Latest Update 2024)

typically find a tenant for property and collect a fee - Correct Answer ✅ rental agent a local representative of the property's owner. responsible for managing the property and managing the expenses. - Correct Answer ✅ property manager a property owner who does not reside on the property and who often relies on a professional property manager to manage the investment - Correct Answer ✅ absentee owner the process of estimating the value of real property - Correct Answer ✅ appraisal Florida law requires appraisers and real estate brokers/sales associates to abide by - Correct Answer ✅ Uniform Standards of Professional Appraisal Practice (USPAP)

Answers (Latest Update 2024)

regulates state -certified, licensed and registered trainee appraisers. - Correct Answer ✅ The Florida Real state appraisal board. information collected about concerning real estate activity, recent sales of similar properties in an area, and expired listings. May help a potential seller determine a price to sell their property or a buyer to make an appropriate offer. May or may not be for a fee - Correct Answer ✅ CMA a comparative market analysis a written opinion of value of real property - Correct Answer ✅ a BPO (broker price opinion) provide advice to individual and firms regarding the purchase and use of real estate investments. Typically paid a flat fee. - Correct Answer ✅ Real estate counselors Before work can begin, most local governments require that developers submit a ______ of a new development for review by applicable government planning board - Correct Answer ✅ Subdivision plat map

Answers (Latest Update 2024)

affect how the land can be used and establish criteria such as the minimum sq footage, type of construction, architectural design and so forth - Correct Answer ✅ Restrictive Convenants provisions placed in deeds to control future uses of the property - Correct Answer ✅ deed restictions The difference between deed restrictions and restrictive covenants? - Correct Answer ✅ Restrictive covenants are restrictions on the entire subdivision. ex minimum allowable sq footage, garage doors face the street, rv or boats may be parked Deed restriction is placed on the deed and the owner has created a restriction on future owner of the parcel of real estate. May prevent future landowners from selling alcoholic beverages on the site a real estate professional who is a member of a local board of realtors and is affiliated with the Florida realtors and NAR - Correct Answer ✅ REALTOR

Answers (Latest Update 2024)

a database that allows real estate brokers represent sellers under a listing contract to share information about properties with real estate brokers who may represent potential buyers - Correct Answer ✅ MLS The five major sales specialties are: - Correct Answer ✅ 1. Residential

2. Commercial
3. Industrial
4. Agricultural 5 Businesses Is a license required to sell and lease business opportunities for others? - Correct Answer ✅ Yes must be a licensed 3 categories of residential construction are and what do they mean: - Correct Answer ✅ 1: Speculative (spec) homes- build "on speculation" involves purchasing one or more lots & construction a home (or homes) without a buyer in advance of construction.

Answers (Latest Update 2024)

2. Custom homes-custom builder constructs homes under contract with buyer
3. Tract-type of speculative building, feature several model homes, buyers usually select a floor plan(new subdivisions) The eight states that FREC has mutual recognition with are: - Correct Answer ✅ Alabama, Arkansas, Connecticut, Georgia, Illinois, Mississippi, Nebraska, Oklahoma Real estate services are further defined in the law to include the following activities in the sale, exchange, or lease of real property, including mineral rights, business enterprises or business opportunities: - Correct Answer ✅ -offer to, agree to, or attempt to perform real estate services -advertise or to indicate to the public that one is in business of performing RE services -direct/assist in the procurement of sellers/buyers/lessors/lessees negotiate/close a real estate transaction

Answers (Latest Update 2024)

defined as anything of value or valuable consideration, directly or indirectly paid, promised, or expected to be paid or received. - Correct Answer ✅ compensation It is a violation of license law to share a commission with or pay a fee or compensation to an unlicensed person for the referral of real estate business, clients, prospects or customers : True or False - Correct Answer ✅ True Who is exempt from a real estate license? - Correct Answer ✅ -Property owners dealing with their own property -Corporation, partnerships, trusts, & joint ventures who buy, sell, exchange or lease their own property -Salaried employees who work for: -rental office & don't receive commission who manages a condominium, co-op apartment no more than a year -owner developer -gov't agency who do real estate services for state local government

Answers (Latest Update 2024)

-business entities who negotiate the sale or purchase of radio/television/ or cable enterprises -person who sells cemetery lots -individuals who rents lots in mobile home or RV park -Attorneys & CPAs acting within the scope of their license -POA to sign contracts -Owners of a time share the regulatory body charged by the Florida Legislature to protect the general public by regulating real estate brokers and brokerage firms, broker associates, and real estate schools, and instructors - Correct Answer ✅ Florida Real Estate Commission (FREC) The Florida Real Estate Commission (FREC) of - Correct Answer ✅ 7 members -4 must be FL real estate brokers who have held active licenses during the past 5 years -1 must be either a FL RE broker/sales associate who has an active license during the 2 years preceding appointment

Answers (Latest Update 2024)

-2 remaining must be consumers who have never had a license THE FREC powers and duties fall into 3 areas of responsibility:

• Correct Answer ✅ Executive Quasi-legislative Quasi-Judicial Powers to regulate and enforce the license law are delegated to the commission by the legislature. - Correct Answer ✅ Executive Responsibilities include the power to enact and revise administrative rules and regulations and to interpret questions regarding the practice of real estate - Correct Answer ✅ quasi-legislative responsibilities include the power to grant or deny license applications, to determine license law violations, and to administer penalties. - Correct Answer ✅ quasi-judicial

Answers (Latest Update 2024)

Time period for DBPR to receive a request to review the state license exam - Correct Answer ✅ 21 days Salaried manager of a condominium or cooperative unit who prepare rental agreement for up to __________ are exempt from licensure, if the agreements are _____ the manager must be ______ - Correct Answer ✅ up to one year over 1 year licensed Time period after which the license application expires - Correct Answer ✅ 2 years Time periosd after which teh pre-license course expires - Correct Answer ✅ 2 years Experience requirement for broker applicants obtained with preceding 5 tear period is - Correct Answer ✅ 2 years FREC are: - Correct Answer ✅ Appointed by the Govern and subject to confirmation by the state

Answers (Latest Update 2024)

Appointed to four-year staggered terms -may not serve more than two consecutive terms paid $50 per day diem -At least one of the seven members must be 60 yrs or older FREC SPECIFIC DUTIES: - Correct Answer ✅ -Adopt a seal -Foster the education of applicants & licensees -make determination of violations -create and pass rules and regulations -establish fees -grant & deny application for licensure -suspend revoke licenses, and impose administrative fines. The powers of FREC are limited to - Correct Answer ✅ administrative matters, they cannot extend to criminal actions, FREC many not impose imprisonment as a penalty The Commission makes decision and sets policies that are carried out by - Correct Answer ✅ Division of Real Estate DRE

Answers (Latest Update 2024)

The DBPR is under what branch of the governor and is governed by what Chapter? - Correct Answer ✅ Executive Branch Chapter 120 of the Florida Statue Under Chapter 455 FS, the DBPR is granted authority to: - Correct Answer ✅ Investigate consumer complaints, issue subpoenas when conduction investigations, issue cease and desist orders to unlicensed individuals, and issue citations to individuals licensed by the DBPR The chief administrator of the DBPR is the Secretary of the DBPR who is appointed by _____________________ and subject to - Correct Answer ✅ the governor confirmation by the state senate The two units under the Division of Service Operations: - Correct Answer ✅ The Customer Contact Center-Handles all incoming phone, postal and email inquires from licensees and the general public

Answers (Latest Update 2024)

The Central Intake Unit-Processes all the licences applications and license fees that come to the DBPR Responsible for all issuance of licenses and license renewal notifications for the Department. Division of Florida Condominiums, Timeshares, and Mobile Homes regulates - Correct Answer ✅ condominiums, cooperatives, time-shares, and mobile home parks. The Division is responsible for providing complaint resolution for homeowner associations. The Division of Real Estate performs - Correct Answer ✅ all function related to the regulation of general real estate in FL. The duties of the DRE are - Correct Answer ✅ administrative and ministerial. They include ministerial and clerical functions on behalf of the FREC. A license in good standing who is a member of the US armed forces is exempt from the renewal provision during active duty and for - Correct Answer ✅ 6 months after discharge