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Someone who specialized in selling businesses would be referred to as?
Business Broker
Beginning Construction on homes without having secured any buyers is referred to as what type of construction?
Spec (Speculative) homes
Florida Statue 475 pat IV allows a broker to place a lien for unpaid commission on what type of transaction?
Commercial Leases
If a member of the U.S. Armed Forces has a real estate license in another state, Florida must issue them a real estate license. This concept is known as?
Reciprocity
Who is exempt from the post licensing course? Attorney? 4 Year Realestate Degree Holders?
4 Year Real Estate Degree Holders!
How much active experience under a broker must a sales associate obtain to be eligible for a broker license?
2 years
Does the required experience to become a broker have to become a broker to be earned in Florida?
No experience may be obtained under a Florida broker or a broker in another state
How many Florida broker associate licenses may a real estate licensee hold?
one, a broker associate may only be issues one license that may be registered with either a broker or owner developer.
How does the secretary of the DBPR gain their position Governor appointed, senate approved
Can the FREC imprison a licensee? No the FREC does not have the power to impose imprisonment
if you did not complete the 14 hour continuing education by your renewal deadline you can still complete the course within the next
12 months
What would a sales associate be issued if they are employed bean owner developer that uses multiple entity names?
Group License
A residential sale is defined as ______ or fewer units? 4 or fewer units
What is the assumed brokerage relationship in Florida? Transaction broker
If a transaction fails to close, how long must records be kept?
5 years
What are the ways to terminate a brokerage relationship? BRAD & FRED. Bankruptcy, Renounce (broker fires), Agreement (mutual), Death of Broker, Fulfillment, revoke (client fires), Expiration, Destruction of property.
Which is the least misleading advertisement and meets all the advertising requirements?
Call Tom Jones, ABC Realty, 813-550-5050 (cell). Contains brokers, last name and phone type
How long do you have to contact a previous client that is on the Do Not Call list?
18 months
earnest money received and brought to broker by Friday When does it need to be deposited?
0-Friday, 1-Monday, 2-Tuesday, 3-Wednesday
How many days does a broker have to notify the FREC of conflicting demands
15 business days
Two parties who agree to have their despite settled by a third party who will make a binding decision are agreeing to an______?
Arbitration
It is permissible for an owner of an apartment complex to pay its tenants a $50 finders' fee for a new tenant referral
Yes under F>S. Chapter 475
Does a general partner performing real estate services have to be an active broker
Yes
Can a corporation sole register as a real estate broker No a corporation sole (church) cannot register as a real estate broker
A complaint that alleges a licensee violated a Florida state or FREC rule would be called
Legally sufficient
An agreement for the penalty of a license last violation is referred to as a _____?
Stipulation
A DBPR investigator has authority to immediately issue what during an investigation?
A citation
is a deed required to be notarized and required No
which titles insurance policy is transferrable the Lender's
what clause in a deed specifies the duration of the estate conveyed?
Habendum clause
What type of lease requires the tenant to pay expenses on top of a fixed lease rate?
net lease
what is the opposite of North 45 degrees west south 45 degrees east
what is the six mile wide stripe of land running north to south that is located immediately to the east of Tallahassee?
R1E
A fractional piece of land along the banks of lakes and streams is called a:
government lot
the Nw 1/4 of the SW 1/4 of the NE 1/4 of the NW 1/ contains how many acres?
2.5 acres
the law that requires real estate documents that transfer property to be in writing and signed is referred to as:
Statue of Frauds
The statue of limitations for a PAROL contract is for how many years
4 years
a real estate broker offering her sales associate a $5, bonus to sell a condo she listed. what type of contract is this?
unilateral
does a counteroffer terminate the original offer? yes
When a contract has been breached and the courts oder the parties to proceed as the contract states, what remedy did the courts order?
specific performance
a seller listed his propertyy with a broker on the condition that if the seller sells it on their own they don't owe the broker a commssio. What type of listing is this?
Exclusive agency
HOA disclosure is under what chapter of Florida Statues CH. 720
True or false the HOW disclosure allows the buyer to wait their right to void the contract
False
who holds he title to real property in a lean theory state? Mortgagor
whats another phrase for release of mortgage satisfaction of mortgage
what is the loan-to-value rateo for a property that sold for 100,
a lender charged 4 points with a 5% loan, what is the yield on the loan
an FHA mortgage is classified as what type of mortgage? a non-conventional mortgage
what is the required minimum cash investment in an FHA loan
the _____- insures mortgages and has loan limits. The______ guarantees mortgages and does not require a down payment
FHA, VA
Which government sponsored agency guarantees mortgage backed by securities with the full faith and credit of the US government
Ginnie Mae (Government Nation Mortgage Associate)
What is considered to be a triggering term by the Truth- in-lending act?
any ad for credit that contains a number
when the federal reserve system buys or sells US treasuries, this is referred to as?
Open Market Operations
How is the proration for interstellar on an assumed mortgage entered on a closing statement
debit to the seller, credit to the buyer
what is the intangible tax on a new mortgage of $50,000 $ 50,000 * .002= 100
how is the purchase price enter on the sellers closing statement
debit to the buyer credit to the seller
how is a new purchase money mortgage entered on a closing statement?
debit to the seller, credit to the buyer
a buyers market is when? supply is high and demand is low
which board endorses uniform exams for appraisal certification?
appraiser qualifications board
a seller's home appraises at $495,000. what is the values of the home
The land use that results in the highest value of the land is called the:
highest and best use
no brokerage relationship an arrangement in which the broker does not represent euther the buyer or the seller but in which the broker instead works to facilitate the transaction.
Executive Powers the Florida real estate comissuon (FREC) includrs thr power to regulate and enforce license law
limited represantion a non-fiduciary represention to a buyer, seller, or both in real estate transaction.
voluntary relinquish when a person no longer wants to engage in the real estate business, provided there is no investigation or discipline pending against the licensee.
Current Status Indicates a licensee is up to date with respect to the DBPR's licensure requirements.
