45 Hour Post License

Question 1

Florida Statute 475?

Answer 1

Real Estate Licensing, Regulations and Laws

Question 2

Florida 455?

Answer 2

DBPR Laws, Regulations

Question 3

Legally Sufficient?

Answer 3

Violates a rule or law

Question 4

BAR SALE?

Answer 4

Buy
Appraise
Rent
Sell
Auction
Lease
Exchange

Question 5

F.S. 120

Answer 5

Administrative Procedure Act - Due Process

Question 6

Is a Residential Investor sometimes confused with a commercial transaction?

Answer 6

Yes. Don’t be fooled if the property is 4 units or less to be purchased or sold

Question 7

Does a single condo unit meet residential status?

Answer 7

Yes - it’s below 4 units

Question 8

What are the four relationships that a licensee can work with a buyer or seller?

Answer 8

Transaction broker
Single agent
No brokerage relationship
Designated sales associate in a nonresidential sale

Question 9

Brokers must keep copies of disclosure notices for how long?

Answer 9

Five years

Question 10

What type of relationship is presumed in Florida between a licensee and client?

Answer 10

Transaction

Question 11

Is the customer responsible for a transactional agent?

Answer 11

No

Question 12

Should an agent present verbal offers to the seller?

Answer 12

Yes

Question 13

What is limited confidentiality between broker and principal?

Answer 13

Cannot reveal that the seller may take a price less than listing price.
Cannot reveal the motivation for party selling or buying property.
Cannot reveal a seller or buyer will agree to financing other than those offered.

Question 14

A single agent represents?

Answer 14

Either the buyer or seller, but not both

Question 15

Is the principal responsible for the acts of his single agent?

Answer 15

Yes

Question 16

Is it a requirement that a licensee disclose there has been a suicide, homicide or HIV issue in the property’s past?

Answer 16

No

Question 17

Seller’s Net?

Answer 17

Purchase price - Mortgage payoff - Expenses - Brokerage fees - Pro rations = Seller’s Net

Question 18

Seller’s Tax Proration?

Answer 18

Given real estate taxes, Given 365 day method, Given closing date, Given who the closing date belongs to = Seller’s Tax Proration

Question 19

Income Approach to Financial Analysis?

Answer 19

Uses the principal of substitution where you substitute income streams of similar properties that have recently sold.

Question 20

A handicap includes what physical limitation?

Answer 20

Blindness

Question 21

The Civil Rights Act o 1866 was passed for the prohibiting of what?

Answer 21

Racial discrimination

Question 22

The Civil Rights Act of 1968 included what five items of discrimination?

Answer 22

Race, Color, Religion, Sex, National Origin

Question 23

Home inspectors must be licensed by?

Answer 23

DBPR

120 hours of education

Question 24

What does the EPA require of a paint contractor when working with lead paint?

Answer 24

To take a credited 8 hour course on remediation from a certified trainer

Question 25

The National Call Registry is a good source for leads and new prospects?

Answer 25

No! Do not use the registry for calling new clients

Question 26

EBR

Answer 26

Established Business Relationship

Question 27

Can you fax a client on the EBR list?

Answer 27

Yes, if they have provided the fax number voluntarily

Question 28

With regards to commercial email, what is required?

Answer 28

To provide an "opt out" clause for the recepient

Question 29

The long term capital gain tax from sale of real estate is how much for a person in the 39.6% tax bracket?

Answer 29

20%

Question 30

Brokers risk their assets and careers by?

Answer 30

Conspiracy to set prices, including commission rates

Question 31

What are the qualifications of a home inspector?

Answer 31

``` High School diploma Licensed by the DBPR Good character Complete a minimum of 120 hours of education 14 hour continuing education ```

Question 32

The Civil Rights Act of 1866 covers what discrimination?

Answer 32

Race only

Question 33

Does the Fair Housing Act include discrimination against same-sex orientation?

Answer 33

No

Question 34

What is redlining

Answer 34

Discrimination against any person in making loans (FRSH CRN). This includes banks and insurance companies

Question 35

ADA characteristics

Answer 35

Required for new construction and alteration | Existing structures when it's readily achievable

Question 36

How many handicap parking spaces every for every 25?

Answer 36

1

Question 37

Is seeing a communication skill?

Answer 37

No, these are: | Oral, written, nonverbal

Question 38

What is pyramiding?

Answer 38

Leaning back in the chair with hands joined behind the head. Conveys "I'm superior to you"

Question 39

To repeat exactly is?

Answer 39

Parroting`

Question 40

To rephrase is to?

Answer 40

Paraphrasing

Question 41

What is matching in communication?

Answer 41

To not copy but make a movement that signals positive communication

Question 42

Does an unlicensed assistant fall under being an independent contractor?

Answer 42

No, only in special circumstances. They are in control of the licensed employers.

Question 43

What is the best source of new listings?

Answer 43

The sphere of influence. Don't use targeted friends however

Question 44

Why do listings expire?

Answer 44

Overpriced listings

Question 45

A good farm area is?

Answer 45

Middle to upper price range

Question 46

Where are most FSBOs located?

Answer 46

Classified ads or websites like Craigslist

Question 47

Power Prospecting includes?

Answer 47

Numbers Consistency Organization DOES NOT include technical knowledge

Question 48

When making contacts, what should you do?

Answer 48

Be consistent, not random hours, remember the goal of getting an appointment

Question 49

Social Media is?

Answer 49

The use of technology for people who want to create and share information in the virtual communities they join

Question 50

A federally related transaction needs what type of appraiser?

Answer 50

Certified or licensed only!

Question 51

Subdivision restrictive covenants are designed to do what?

Answer 51

Promote the principle of conformity to maintain and enhance values

Question 52

Contribution is?

Answer 52

Improvement to a property with regard to value, not cost

Question 53

Always adjust comparable property - true or false?

Answer 53

True

Question 54

What is reconciliation?

Answer 54

The resolution of several adjusted values on CMAs into a single estimate of value

Question 55

Does Florida require six months of experience before making a listing contract?

Answer 55

No. It can be done right away

Question 56

When explaining the pricing process, one should not explain what law?

Answer 56

The Fair Housing Act

Question 57

The pricing pyramid has many buyers at what level?

Answer 57

SOLD PRICES - more activity

Question 58

One should remind a FSBO owner of what benefit that a realtor can provide?

Answer 58

Bring qualified buyers inside, the only place they can truly evaluate the home

Question 59

Open listings can be?

Answer 59

Oral, written or implied

Question 60

Can written listings be self renewing?

Answer 60

No

Question 61

The broker or rep must deliver to the sellers a copy of the listing agreement within?

Answer 61

24 hours

Question 62

Does Florida law have any minimum or maximum for commissions?

Answer 62

No

Question 63

When staging a home what should one NOT do?

Answer 63

Do not demonstrate personality with unique decorating touches

Question 64

Information the agent should get from the buyer

Answer 64

What features, how quickly to move, sell current?, lease expires?, lender?, specific area? Do not ask how much cash for a down payment!

Question 65

If the buyer owns a home that must be sold what should the agent do?

Answer 65

Make a listing presentation

Question 66

A lender's preapproval letter gives the buyer offer what?

Answer 66

Stronger in the eyes of the seller and if they offer a substantial deposit

Question 67

Once the route has been decided for the buyers, what should the agent do about time schedule?

Answer 67

Each time showing should not be fixed but in a range

Question 68

Two common exceptions to the statute of frauds are recognized

Answer 68

Executed contracts and Partial performance

Question 69

Under partial performance, what two conditions must be met to be an enforceable contract?

Answer 69

Partial or full payment has been made The buyer has taken physical possession or made improvements to the property

Question 70

What contract form is accepted for residential real estate transactions in Florida

Answer 70

Florida Realtors/Florida Bar contract

Question 71

Should one rely on the tax roll descriptions of a property?

Answer 71

No, there are many errors in the files

Question 72

Minimum description of a property in a platted subdivision does NOT include what?

Answer 72

Township Range & Section

Question 73

If personal items are sold with the property and are itemized what must occur?

Answer 73

They need to be charged sales tax

Question 74

What is a financing contingency?

Answer 74

Buyer has the option to not proceed if they cannot get financing through good faith efforts and therefore contract is voidable by the buyer

Question 75

If the seller defaults, what can happen?

Answer 75

The buyer can get the binder back and cancel the contract, seek damages and the seller will still owe the broker a commission

Question 76

Any changes in a contract should be?

Answer 76

Initialed by all parties and dated if possible

Question 77

When must the Closing Disclosure document be received by the borrower?

Answer 77

3 Business Days

Question 78

What is a good idea to present to the buyer if they wanted to "sleep" on the offer?

Answer 78

To have it filled out as though they were buying that day so they have the document

Question 79

Should the agent present the counteroffer/offer in person?

Answer 79

Yes!

Question 80

When presenting the offer what is the last thing to present?

Answer 80

The price

Question 81

What is a good idea for a motivated buyer to present to the seller?

Answer 81

A letter of interest

Question 82

A biweekly mortgage benefit is?

Answer 82

A faster loan payoff

Question 83

The margin is also called a? in an ARM loan?

Answer 83

The spread

Question 84

When must mortgage insurance be required in a loan?

Answer 84

When the loan to value is 80% or more

Question 85

Loan originators are required to?

Answer 85

Under Chapter 494 to renew annually by December 31st, a credit check and a criminal background check

Question 86

Under Equal Credit Opportunity, who is specifically mentioned not to discriminate against?

Answer 86

Minorities and Women

Question 87

Under the four basic loan processing procedures, what is the lender NOT going to look at?

Answer 87

Buyer's housing objectives

Question 88

Do title insurance underwriters look at the buyer's credit?

Answer 88

No

Question 89

What procedure can quiet a title?

Answer 89

Filing a lawsuit and getting the clearance through the courts

Question 90

Earnest money needs to be placed in a bank by the broker when?

Answer 90

No later than three business days after receipt of funds

Question 91

What should the buyer do prior to closing?

Answer 91

A pre-closing walk-through

Question 92

Under property tax prorations, what are the entries in the closing document?

Answer 92

Debit seller/Credit Buyer

Question 93

Is interest paid in arrears?

Answer 93

Yes

Question 94

Is principal paid forward?

Answer 94

Yes

Question 95

Does a seller sign anything that shows they are losing money on the transaction?

Answer 95

No

Question 96

What is contraction?

Answer 96

It begins immediately after a recession

Question 97

When does recovery begin?

Answer 97

Two successive quarterly increases in the GDP

Question 98

Operating expenses does NOT include what?

Answer 98

Debt service e.g. mortgage

Question 99

Reserves for replacement is not a _____ expense?

Answer 99

Cash

Question 100

What is a show list?

Answer 100

Under a rental situation it is a good idea to have a couple of units available to show different price ranges and square footage