AI Generated Flashcards
What is the minimum age requirement to obtain a real estate license in Florida?
18 years old
True or False: A high school diploma is required to apply for a real estate license in Florida.
True
What is the name of the exam required to obtain a real estate license in Florida?
Florida Real Estate Sales Associate Exam
Fill in the blank: To become a licensed real estate agent in Florida, you must complete ___ hours of pre-licensing education.
63
What is the role of the Florida Real Estate Commission (FREC)?
To regulate the real estate industry in Florida
What is a broker’s responsibility in a real estate transaction?
To oversee real estate agents and ensure compliance with laws
True or False: Continuing education is required for real estate license renewal in Florida.
True
What is the purpose of the Multiple Listing Service (MLS)?
To allow real estate agents to share listings with each other
What does ‘fiduciary duty’ refer to in real estate?
The obligation to act in the best interest of a client
Fill in the blank: The Florida real estate license must be renewed every ___ years.
2
What is a short sale in real estate?
A sale of a property for less than the amount owed on the mortgage
What is the difference between a buyer’s agent and a seller’s agent?
A buyer’s agent represents the buyer, while a seller’s agent represents the seller.
What is the purpose of a real estate appraisal?
To determine the market value of a property
True or False: An open house is a marketing strategy to showcase a property to potential buyers.
True
What is earnest money?
A deposit made by a buyer to show serious intent to purchase a property
What does ‘escrow’ mean in a real estate transaction?
A neutral third party holds funds or documents until conditions are met
Fill in the blank: The legal document that transfers property ownership is called a ___.
deed
What is the purpose of a home inspection?
To assess the condition of a property before purchase
What does the term ‘zoning’ refer to in real estate?
Regulations that dictate how property can be used
True or False: A property can be both residential and commercial.
True
What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?
A fixed-rate mortgage has a constant interest rate, while an adjustable-rate mortgage can change.
What is a foreclosure?
The legal process by which a lender takes possession of a property due to default on payments.
Fill in the blank: The document used to secure a loan on real property is called a ___.
mortgage
What is the significance of the closing statement in a real estate transaction?
It outlines all financial details and costs associated with the transaction.
What is the concept of ‘dual agency’?
When a real estate agent represents both the buyer and seller in a transaction.
