Chap 2 Flashcards
A licensed sales associate my operate
A. for any registered broker.
B. for the broker registered as the sales associates’s employer
C. independently if registered with the DBRP
B. for the broker registered as the sales associate’s employer
A sales associate applicant is NOT required to comply with which requirement?
A. submit an application fee
b. Be a bona fide FL resident
C. possess a SS number
Be a bona fide FL resident
For licensing purposes, a resident of Florida is defined as a person who has resided in Florida for what period of time? A) Four months B) Six months C) Two years D) One year
A. four months
A developer of a new residential subdivision hires a sales staff to sell homes. The sales staff receives a base salary plus 1% of the sale price of each home they sell. Are the people who sell these homes for the developer required to hold real estate licenses?
A)
Yes, the sales staff must hold real estate licenses because they are partially compensated based on actual sales.
B)
Yes, all individuals who sell real property for owner-developers must hold a real estate license regardless of the compensation structure.
C)
No, the sales staff is paid a salary so they are not required to hold real estate licenses.
D)
No, owner-developers are not regulated by the real estate license law.
A)
Yes, the sales staff must hold real estate licenses because they are partially compensated based on actual sales.
An applicant has been issued a broker’s license. The broker licensee does not want to own her own real estate brokerage business. The licensee went to work selling real estate under another broker. She is BEST described as a
A) staff worker. B) broker. C) sales associate. D) broker associate.
D. Broker Associate
An individual who received a four-year degree in real estate from a state university is NOT exempt from which license requirement? A) FREC Course II for brokers B) State license exam C) Post-license education D) FREC Course I for sales associates
The answer is state license exam. Individuals who have received a four-year degree in real estate from an institution of higher education are exempt from the prelicense FREC Courses I and II. Such individuals are also exempt from post-license education requirements.
The rules of the Florida Real Estate Commission are found in A) Florida Statute 120. B) Florida Statute 455. C) Florida Statute 475. D) Chapter 61J2.
D)
Chapter 61J2.
Attorneys who are active members in good standing of The Florida Bar are exempt from which education requirement? A) 45-hour post-licensing education for sales associates B) FREC Course II for brokers C) FREC Course I for sales associates D) Sales associate state license exam
The answer is C FREC Course I for sales associates. Attorneys who are active members of The Florida Bar are exempt from FREC Course I. Active members in good standing of The Florida Bar are also exempt from the continuing education requirements for real estate licensees. Attorneys are not exempt from the state license examinations for sales associates and brokers, the post-license requirements, or FREC Course II.
Which individual must hold a Florida real estate license?
A)
Individual who sells cemetery lots
B)
Individual who rents lots in a mobile home park
C)
Salesperson who works for a real estate developer and is paid a salary
D)
Lawyer who receives a share of the commission for each transaction resulting from the referral of a client to a local brokerage office
The answer is lawyer who receives a share of the commission for each transaction resulting from the referral of a client to a local brokerage office. A lawyer is exempt from a real estate license if performing work within the scope of an attorney-client relationship. However, to legally be paid a commission or other compensation for real estate services, the lawyer must also hold a real estate license.
The DBPR has the authority to waive the application fee and the initial license fee for military veterans and their spouses who apply for a real estate license within how many months of honorable discharge from the armed forces? A) 90 B) 60 C) 24 D) 30
B. 60
Which individual is NOT exempt from holding a Florida real estate license?
A)
An individual who appraises railroad property for tax purposes
B)
A salaried employee who works as a manager of a condominium complex and rents individual units for periods of one year or less
C)
Certified public accountant (CPA) who is employed by a real estate corporation and receives a salary plus bonuses based on real estate transactions
D)
A person who sells cemetery lots
C)
Certified public accountant (CPA) who is employed by a real estate corporation and receives a salary plus bonuses based on real estate transactions
Certified public accountants, when acting within the scope of their professional duties, are exempt from licensure. However, CPAs are not entitled to collect commissions or bonuses for performing services of real estate.
What is the percentage passing score on the Florida-specific real estate law license exam given to applicants who apply for a Florida license through mutual recognition?
A) 90 B) 70 C) 75 D) 80
C. 75
A sales associate applicant must comply with which requirement?
A) Complete at least two years of college B) Be a U.S. citizen C) Possess a social security number D) Be a Florida resident
C. Possess a SS
Nolo contendere is a term that means
A) no contest. B) property was seized from the owner. C) no compensation is paid for services. D) no one witnessed the signature.
A. No Contest
The DBPR is required by law to waive which fee(s) for qualified low-income license applicants? A. app fee B. initial license fee c. unlicensed activity fee d. exam fee
b. initial license fee
