Real Estate Licensing and Regulations, Exams of Advanced Education

Download Real Estate Licensing and Regulations and more Exams Advanced Education in PDF only on Docsity! Florida Real Estate Exam Practice Questions 2022 Which statement is true regarding the use of the term REALTOR? A. All real estate licensees are realtors B. All realtors are members of the NAR C. The term real estate licensee and realtor may be used interchangeably D. The Florida DBPR authorizes the use of the term realtor - b. The term "follow-up" refers to a. returning calls in a timely manner. b. completing instructions given by one's broker. c. following through on listing calls made to for sale by owners. d. what a sales associate does for buyers and sellers after the sale. - d. Even though certain exceptions apply, an active real estate licensee is legally entitled to appraise real property for compensation concerning a non-federally related transaction a. as long as she does not represent herself as a state-certified or licensed appraiser and complies with the USPAP b. only if the appraisal is called a comparative market analysis c. provided the compensation is based on a commission agreed on before the appraisal work is done d. provided a license or certified appraiser signs the appraisal report. - a. The field of property management has experienced growth and specialization primarily because of a. the deregulation of the real estate industry b. the increase in the number of licensees specializing in property management c. the increase in the number of absentee owners d. higher construction costs that have caused an increase in the number of renters. - c. Real estate licensees must comply with the USPAP when conducting which value estimates? a. appraisals b. broker price opinions c. comparative market analysis d. real estate licensees are exempt from the provisions of USPAP - a Appraisers are paid a fee because a. to accept compensation based on the appraised value is a conflict of interest b. custom dictates the method of compensation c. the fee would be too high if it were based on a percentage of property value d. only brokers and sales associates are paid commissions for their services - a The five major sales specialties do NOT include a. agricultural b. special use c. commercial d. business - b. special use The real estate activity that is devoted to leasing, managing, marketing, and overall maintenance of property for others is called a. commercial sales b. property management c. maiden name, if applicable d. a finding of guild in conduct that would have resulted in disciplinary action if the applicant had been licensed to practice real estate - b. A real estate licensee works on a commission basis for two separate brokerage companies. Which statement is TRUE? a. sales associates may have only one registered employer at any given time b. the sales associate mat work for both companies as long as the associate is registered under both employers c. this is legal as long as the associate only works part-time for each company d. the sales associate must be registered as a broker associate for this to be legal - a. sales associates may have only one registered employer at any given time What is the latin term for no contest? - nolo contendere The DBPR is required by law to waive which fee for qualified low-income license applicants? a. application fee b. initial license fee c. unlicensed activity fee d. exam fee - b. initial license fee Which event may cause the FREC to refuse to certify an individual as qualified for licensure? a. dropped out of high school and later earned a GED b. was convicted of fraud in an insurance scam c. changed residency to a state other than Florida d. lost a lot of one's own money in a bad real estate investment - b. was convicted of fraud in an insurance scam A man has a North Carolina broker's license, but he is not licensed in Florid.a He sells a parcel of land he owns in Florida, Assuming all else is proper, this is legal transaction because a. mutual recognition agreements allow this b. Florida law exempts from licensure individual owners selling their own real property c. Florida has honored his nonresident broker's license d. he has the knowledge and qualifications necessary to handle the transaction - b. Florida law exempts from licensure individual owners selling their own real property A woman received her Florida sales associate's license last year. Which requirement must she complete to become a licensed real estate broker? a. successfully complete the 45-hour post-licensing course b. complete 14 hours of continuing education for sales associates c. document at least three closed real estate transactions d. complete at least three years of experience as a sales associate before taking the broker license exam - a. successfully complete the 45-hour post-licensing course If the post-licensing requirement is not fulfilled before the first renewal and a sales associate licensee wishes to continue in the real estate business, the licensee a. must retake the state exam within one year b. must requalify for licensure c. is allowed a six-month grace period to meet the requirement but must hold an inactive license during that period d. must retake the pre-license course within one year - b. must requalify for licensure Which statement BEST describes who must be licensed to practice real estate in Florida? a. anyone who performs any of the services in real estate b. anyone who performs any of the services of real estate for another c. anyone who performs any of the services of real estate for another for compensation d. anyone who performs any of the services of real estate for another for compensation, unless specifically expected by law. - d. anyone who performs any of the services of real estate for another for compensation, unless specifically expected by law. Which individual is NOT exempt from licensure under F.S. 475 a. A salaried employee of a governmental agency who performs real estate services for the state and does not receive commission b. individual dealing in the personal property only c. individual serving as a personal representative and acting within the statutory limits of that designated role d. an employee of a real estate developer who receives a salary plus bonuses based on sales quotas. - d. an employee of a real estate developer who receives a salary plus bonuses based on sales quotas. A salaries individual manages a condominium building and rents units for three-month to six-month periods. The manager a. must be licensed under F.S. 475 because leasing is one of the real estate services b. must be licensed under F.S. 475 because she rents condominium units for compensation c. must be licensed by the division of condominiums and timeshare sales d. is exempt from licensure under F.S. 475 - d. is exempt from licensure under F.S. 475 A developer purchased a tract of land and subdivided the property into individual lots. The developer hired his son, who was not licensed to sell the lots. The father agreed to pay with his son a salary of $200 per week. After two weeks, the son had sold only two lots, so the father decided to add an incentive. The father promised his son that after every fifth lot was sold, he would give his son a lot free and clear. After one more week, the son quit his job to go work for another developer who paid a higher weekly salary. Which statement applies to this arrangement? a. There is no violation of F.S. 475 b. The son alone has violated F.S. 475 a. make determinations of violations b. impose administrative fines c. levy fines and imprisonment as penalties for certain crimes d. adopt an official seal that, when used on a document, certificate, proceeding, or act of the Commission, is prima facie evidence of its authenticity in all matters of law in this state - c. levy fines and imprisonment as penalties for certain crimes Specific responsibilities of the FREC do NOT include a. determining the amount of licensing fees needed to operate the Commission. b. reporting criminal violations to the state's attorney c. informing the Division of Florida Condominiums, Timeshares, and Mobile Homes of disciplinary action against any of its licensees. d. providing the services necessary for the preparation and administration of licensing examinations. - d. providing the services necessary for the preparation and administration of licensing examinations. Which power is NOT granted to the DBPR under Florida Statue 455 a. issue citations b. investigate consumer complaints c. appoint FREC members d. issue subpoenas - c. appoint FREC members Which statement regarding the DBPR is TRUE? a. The DBPR secretary is appointed by the Commission b. The DBPR is under the executive branch of the state government c. The main DBPR office is located in Orlando d. The DBPR does not have the legal authority to issue citations - b. The DBPR is under the executive branch of the state government FREC may reinstate a null and void license when a. it is determined that the licensee failed to comply with the statue because of physical hardship or economic hardship. b. the licensee timely pays the renewal fee and completes the education requirement the next day after the license is null and void. c. the licensee timely completes the education but fails to pay the renewal fee prior to the license becoming null and void due to a busy work schedule. d. the licensee apologizes for the oversight and promises to timely renew in the future. - a. it is determined that the licensee failed to comply with the statue because of physical hardship or economic hardship. How many members of the FREC may hold a current active sales associate license? a. one b. two c. four d. five - a. one If an active licensee fails to renew her third two year license before the expiration date on the license, the license will a. revert automatically to involuntary inactive status at the end of the license period. b. be suspended automatically. c. be canceled, and the licensee will have to retake both the course and the licensing exams. d. be canceled, and the licensee will have to retake the licensing exam only. - a. revert automatically to involuntary inactive status at the end of the license period. Who may NOT reactivate a license to active status? a. A voluntary inactive sales associate b. A licensed corporate director of a real estate company c. An involuntary inactive broker d. A sales associate who did not complete post-licensing education before the expiration of the initial license - d. A sales associate who did not complete post-licensing education before the expiration of the initial license. An owner-developer owns several properties with different names, but all are business entities closely connected and controlled by the owner-developer. A sales associate working for that owner-developer may legally obtain a. group license b. multiple licenses c. either a group license or multiple licenses, but not both d. neither a group license nor multiple licenses - a. group license A broker moves his real estate office to a new, trendy location. He is so busy coordinating the move that he forgets to notify the DBPR. The broker's license a. will cease to be in force b. is null and void c. is automatically suspended d. is canceled - a. will cease to be in force Which statement is true regarding multiple licenses? a. a broker associate may hold multiple licenses. b. a broker who qualifies as the broker for more than one brokerage company holds multiple licenses. c. sales associates may be registered under more than one brokerage provided the companies are owned by the same broker. Canceling a daughter's property indebtedness in a contract because of love and affection is an example of a. good consideration b. valuable consideration c. insufficient consideration d. inadequate consideration - a. good consideration A contract that is NOT in writing is called a. a formal contract b. a parol contract c. a unilateral contract d. an executory contract - b. parol contract when a contract has been formed but an undertaking remains to be performed by one or both parties, it is an example of a. an implied contract b. an express contract c. an executory contract d. a unilateral contract - c. an executory contract which statement is FALSE regarding counteroffers? a. The original offer is terminated by the b. The original offeree becomes the offeror. c. A contract is creayed when the new offeree accepts the counteroffer and communicates the acceptance to the new offeror. d. The offeror and the offeree remain the same even though the terms are modified. - d. The offeror and the offeree remain the same even though the terms are modified. An offer is NOT terminated by a. a counteroffer b. an acceptance c. a rejection d. an extension - d. an extension