Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CompuCram > Business, License Law, and Qualifications for Licensure > Flashcards

Business, License Law, and Qualifications for Licensure Flashcards

1
Q

When does a real estate sales license expire?

A) Every two years
B) On December 31st of each year
C) One year from the completion of continuing
D) education classes every 3 years
One year from the date of original license

A

A) Every two years

The DBPR is authorized to renew licenses at least every four years, the current license renewal period is two years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

The licensure status that results when a license is not renewed at the end of the license period prescribed by the department is best described as?

A) Voluntary Inactive status
B) Revoked
C) lnvoluntarily inactive status
D) Active

A

C) lnvoluntarily inactive status

Noncompliance with license law and administrative rules is punishable by involuntary inactivation of the license.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

A broker has a lien upon the owner’s net proceeds from the disposition of commercial real estate for any commission earned by the broker with respect to that disposition pursuant to a brokerage agreement. The lien upon the owner’s net proceeds pursuant to this part for a broker’s commission is a lien upon which of the following?

A) The Sellers proceeds from the sale
B) The Sellers mortgage
C) The seller’s land
D) The seller’s furniture

A

A) The Sellers proceeds from the sale

Florida Statutes allow for a broker to lien the seller proceeds from the sale of a commercial property to secure the broker’s commissio

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The duties of the Florida Real Estate Commission include:

A) Promoting membership in the Board of Realtors
B) Regulating professional practices
C) Promoting the Canons of Ethics
D) Promoting the Code of Ethics

A

B) Regulating professional practices

Among other duties, the Commission establishes rules that regulate professional practices, such as the manner in which deposits of money, funds, checks, or drafts are to be made in escrow, or how brokers maintain records.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

A seller files a complaint with the Florida Division of Real Estate against a real estate agent. The first step in the process would be:
A) A formal hearing
B) A trial
C) An appeal
D) An Investigation

A

D) An Investigation

After the complaint is filed with the DBPR, they may investigate if the complaint is in writing and is legally sufficient. In instances that involve a first-time offense of a minor violation, the Department may issue a notice of noncompliance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A buyer asks a sales associate to prepare a land installment contract. The sales associate goes to the local legal publishing mart and purchases a preprinted land installment contract form. The sales agent proceeds to fill out the preprinted form. Which of the following is true?

A) This is a violation of the Florida Administrative Code.
B) This is the unauthorized practice of law.
C) This is not the unauthorized practice of law as the
sales agent used a preprinted form.
D) There has been no violation of Florida licensing law.

A

B) This is the unauthorized practice of law.

A sales agent or broker may complete only a preprinted sales contract form. Under no circumstance may a sales agent or broker complete a preprinted land installment contract option, lease etc., unless he/she is a party to the transaction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

A homeowner in Florida wishes to sell his/her property in Florida to a resident of Ohio. What type of license would the seller need?

A) No license is required
B) An Ohio real estate sales associate’s license
C) A Florida real estate broker’s license
D) A foreign real estate dealer’s license

A

A) No license is required

No license is required as this is a “for sale by owner” transaction. The homeowner does not need a license to sell his/her own property. A foreign real estate dealer’s license would be required if a person were trying to sell another individual’s out-of-state property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Services of real estate do NOT include:

A) Selling cemetery lots for compensation
B) Conducting an auction of real property
C) Appraising real property
D) Advertising rental property lists

A

A) Selling cemetery lots for compensation

A person who buys or sells cemetery lots is specifically exempted from the licensing requirement; selling cemetery lots is not considered a service of real estate.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Anyone who performs any of the real estate services for another person for compensation of any type must have which of the following:

A) A limited license
B) A Florida real estate license
C) A foreign real estate license
D) A Florida real estate brokers license

A

B) A Florida real estate license

The Florida Real Estate License Law identifies 8 real estate-related activities referred to as real estate services that require a Florida real estate license.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

The power to grant, deny, suspend and revoke registrations is granted to which of the following:

A) The county judges
B) The Department of Business and Professional
Regulation (DBPR)
C) The Florida Real Estate Commission (FREC)
D) The Division of Real Estate

A

C) The Florida Real Estate Commission (FREC)

In 1925, at a special session of the legislature, this power was transferred from county judges to the Florida Real Estate Commission.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

A member of the public who is or may be a buyer or seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship is considered a?

A) Transaction Broker
B) Customer
C) Client
D) Dual Agent

A

B) Customer

Under Florida license law considers the members of the public to be customers until they hire a broker to represent them in a real estate transaction.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Dave lives in South Dakota. He wishes to become licensed as a real estate associate in Florida. Would Dave be permitted to sit for the exam?

A) Yes, if Dave was licensed in South Dakota, he would
automatically have reciprocity in Florida
B) Dave must sign the irrevocable consent to service
section on the application form
C) No, Dave is not a resident of Florida
D) Dave must reside in Florida for four months before sitting for the exam

A

B) Dave must sign the irrevocable consent to service section on the application form

Florida residency is not required to obtain a Florida Real Estate license. However, non-residents must sign the irrevocable consent to service section. This agreement provides that lawsuits and other legal actions may be initiated against the applicant in any county of Florida in which the person bringing the suit resides.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

The Commission may do all of the following EXCEPT

A) Suspend a license for up to 10 years
B) Deny an application for licensure
C) lssue an injunction
D) Place a licensee on probation

A

C) lssue an injunction

Only a judge can award an injunction which is an order from the court to do or refrain from doing things. The Commission may place a licensee, registrant, or permittee on probation; suspend a license, registration, or permit for a period not exceeding 10 years or revoke a license.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

The role of the property manager is best described as which of the following?

A) Producing the greatest income for the property owner
B) Rent collection
C) Locating tenants for the owner
D) Repairs to the property

A

A) Producing the greatest income for the property owner

A property manager does all of these as the local representative of the owner; his/her primary task, however, is producing the greatest possible net income over the longest period of time.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A real estate associate is selling Florida property that is owned by a resident of Indiana. The buyer is a resident of Ohio. The real estate agent must be:

A) Licensed in both Indiana and Florida
B) Licensed in Ohio
C) Licensed in Florida
D) Licensed in Indiana

A

C) Licensed in Florida

An agent needs to be licensed by the state in which he/she is selling the real estate. The residences of the parties make no difference

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

A sales associate applicant is not required to comply with which requirement?

A) Have a high school diploma or its equivalent
B) Be a bona fide Florida resident
C) Submit an application fee
D) Be 18 years of age or older

A

B) Be a bona fide Florida resident

Applicants do not have to be residents of Florida. If a nonresident applicant or licensee wishes to become licensed in Florida, he or she must sign the irrevocable consent to service section on the application form.

17
Q

How often must a sales associate complete 14 hours of real estate continuing education?

A) Once every three years until age 67
B) Once every three years following the date his/her
license is issued
C) By the end of the month following the first year from
the date the 45-hour post-licensing class Is completed
D) Every two years to coincide with the license period

A

D) Every two years to coincide with the license period

After completing the post-licensing requirement, active and inactive licensees must complete at least 14 hours of continuing education during every 2-year license period.

18
Q

Any property management firm or any owner of an apartment complex for the act of paying a finder’s fee or referral fee to an unlicensed person who is a tenant in such apartment complex provided the value of the fee does not exceed how much per transaction?

A) $200
B) $150
C) $25
D) $50

A

D) $50

Any property management firm or any owner of an apartment complex for the of paying a finder’s fee to an unlicensed person cannot exceed $50.

19
Q

Which of the following would cause a licensee’s license to be revoked or suspended?
A) A parking ticket
B) Being over the age of 65 years old
C) Renewing the license with misrepresentation
D) On arrest for bank robbery

A

C) Renewing the license with misrepresentation

If the licensee obtains a license by fraud, misrepresentation or concealment and the act is discovered by the BPR, the usual action would be to impose a penalty of revocation or suspension.

20
Q

Sales associate Ann recently moved from Clearwater, Florida, to Tampa, Florida. She must:

A) lf Ann does not change brokers, she is not required to notify the DRE of her change in mailing address
B) Ann’s license is automatically canceled until she notifies the DRE of her new mailing address
C) Notify the DRE of her change in current mailing address within 60 days of the change
D) Notify the DRE of her change in current mailing address within 10 days of the change

A

D) Notify the DRE of her change in current mailing address within 10 days of the change

The FREC requires that a licensee notify the DBPR, in writing, of any change in his or her mailing address within ten days after the change. If the licensee fails to notify the DBPR of the change in the prescribed period, he or she may be issued a citation and be fined $100.00.

21
Q

An auditor shows up at a Real Estate broker’s office and demands to see the brokerage relationship disclosure records. For how many years back must a broker be able to produce complete disclosure document files?

A) Ten Years
B) Two Years
C) Five Years
D) One Year

A

C) Five Years

Brokers must retain brokerage relationship disclosure documents for five years for the following: all residential transactions that result in a written contract to purchase and sell real property, and all nonresidential transactions that utilize designated sales associates.

22
Q

A broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent is referred to as?

A) Single Agent
B) Double Agent
C) Salesperson
D) Transaction Broker

A

D) Transaction Broker

A transaction broker relationship, a buyer or seller is not responsible for the acts of a licensee. Additionally, the parties to a real estate transaction are giving up their rights to the undivided loyalty of a licensee in this type of relationship.

23
Q

Which type of license is needed to sell a cemetery plot?

A) A limited license
B) A foreign real estate dealer’s license
C) There is no license required to sell cemetery plots
D) Florida Real Estate license

A

C) There is no license required to sell cemetery plots

Individuals specifically exempted from licensure include persons who buy or sell cemetery lots.

24
Q

A broker who represents, as a fiduciary, either the buyer or seller but not both in the same transaction is referred to as:

A) A Transaction Broker
B) A Single Agent
C) A double agent
D) A Dual Agent

A

B) A Single Agent

Under Florida license law a broker can represent either or neither but never both.

25
Q

A sales agent is held liable for a violation of real estate license law that is a first-degree misdemeanor. The penalty is:

A) a citation with a fine of $100 to $1,000 per offense
B) a fine of up to $5,000 per offense
C) the issuance of a cease and desist order
D) a fine of not more than $1,000 and/or up to one year in jail

A

D) a fine of not more than $1,000 and/or up to one year in jail

The penalty for a first-degree misdemeanor is a fine of not more than $l,000 and/or up to one year in jail.

26
Q

Who confirms the appointment of the seven members of the Florida Real Estate Commission?

A) The Senate
B) The Governor
C) The Florida Board of Realtors
D) FREC

A

A) The Senate

The Senate must confirm the seven members of the Florida Real Estate Commission.

27
Q

A sales associate joined the army. The agent’s license IS:

A) exempt from all renewal requirements while on
active duty
B) Revoked because the tour of duty is for more than
two years
C) Put on inactive status
D) Put in escrow

A

A) exempt from all renewal requirements while on
active duty

A member of the U.S. Armed Forces who enters active duty while a Florida licensee in good standing is exempt from all renewal requirements while on active duty and for six months thereafter.

28
Q

A seller files a complaint with the Department of Business and Professional Regulation against a real estate agent. An informal hearing is held only if:

A) The probable-cause panel finds that it is necessary.
B) The Florida Real Estate Commission orders it.
C) The formally charged licensee requests it.
D) Any party requests it.

A

C) The formally charged licensee requests it.

If the formally charged licensee requests it, he/she will be permitted an informal hearing during a regular Commission meeting.

29
Q

A real estate sales agent is the subject of investigation by the Division of Real Estate. The Department of Business and Professional Regulation sends the licensee an outline of charges against him/her. This is referred to as:

A) A formal hearing
B) An investigation
C) A formal complaint
D) A final order

A

C) A formal complaint

If probable cause is found to exist, the probable-cause panel will direct the DBPR to file a formal complaint against the subject of the investigation. Also called and administrative complaint, it includes an outline of charges and must be answered within the statutory time limit.`

30
Q

One member of the Florida Real Estate Commission must be licensed as a sales associate who has held an active license for how many years preceding appointment?

A) 5
B) 1
C) 2
D) 10

A

C) 2

Four out of the seven members of the Florida Real Estate Commission are required to be brokers. One of the members is a sales associate that has been practicing for at least two years preceding the appointment.

31
Q

Course prior to the expiration date of their initial license period. All sales associates, including attorneys with a sales associate license whether active or inactive must complete the 45 hour post licensing

A

Post Licensing Education

32
Q

Persons appointed by a court of law to perform services of real estate. They may do so for a fee or salary but not a commission

A

Court Appointees

33
Q

Florida does not have reciprocity with any other state in regard to real estate licensing. However the state has contractual agreements with some states recognizing the similarity in the content of their mutual education and experience requirements for real estate licensing (8 states right now) .

A

Mutual Recognition

34
Q

A sales or broker associate cannot receive compensation from anyone but their employing broker. A sales associate and broker associate can only work for 1 broker at a time.

A

Employment by a Broker

35
Q

Members of the Florida Bar are exempt from taking the 63 Hour pre licensing class for sales associate. A copy of the membership card in the Florida Bar must accompany the application to take state examination.

A

Florida Bar Members

36
Q

Created in 1925 to administer and enforce the laws, streamlining the process by removing necessity for court enforcement. The Real Estate license law was officially designated Chapter 475 of the Florida Statues in 1941.

A

Florida Real Estate Commission - 1925

37
Q

Sales or broker associate acts as the employer’s agent. You can perform services by compensation only with regard to the property belonging to the owner-employer.

A

Employment by owner employer

38
Q

persons granted authority under a power of attorney to act for others in some capacity such as signing documents. (can perform service for some sort of composition without having real estate license)

A

Attorneys in Fact

39
Q

Course hours, approved by the NMLS, that must be completed prior to submitting a renewal application for a mortgage loan originator license through the NMLS.

A

Continuing Education

CompuCram (13 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions