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Real Estate State Test > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

The Division of real estate (DRE) is under what department

A

DBPR

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2
Q

Florida statute 20 chapter 20 established the structure of the _______ branch of Florida government

A

Executive

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3
Q

Florida statute Chapter ___ is divided into 4 parts and established the legal rights and responsibilities of real estate licensees and appraisers

A

475

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4
Q

Part __ of chapter 475 pertains to real estate brokerage.

A

1

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5
Q

_____ implements, interprets, and enforces the regulatory provisions of chapter 475

A

FREC

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6
Q

Part __ of chapter 475 pertains to real estate appraisers and is regulated by the Florida real estate appraisal board

A

2

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7
Q

Part _ and _of chapter 475 is the Commercial real estate sales commission lien Act giving a broker lien rights on only commercial property and NOT residential and is only against the owners net proceeds, not the real property

A

3 and 4

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8
Q

Chapter ___ pertains to the DBPR

A

455

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9
Q

Florida statute ___ Is the administrative procedure Act and defines the procedural process by which regulatory agencies decide and implement agency action

A

120

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10
Q

Chapter ____ is a set of administrative rules and regulations developed by the FREC

A

61j2

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11
Q

Define an owner developer

A

An unlicensed entity that sells, leases or exchanges it’s own property

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12
Q

Unlicensed sales person must be paid on a ______ basis

A

Salaried

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13
Q

An owner developer who wants to hire real estate sales associate must register with the ____

A

DBPR

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14
Q

He DBPR exempts what 3 groups from initial licensing fee

A

Low income applicants
Military personnel and spouses
Military veterans and spouses

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15
Q

Military veterans and spouses are exempt from 3 types of fees as long as they application is made __ months after honorable discharge

A

60

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16
Q

__________ is the practice of mutual exchange of privilege. Example when one state recognizes someone’s real estate license from a different state

A

Reciprocity

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17
Q

What act provides license reciprocity to active and former active honorably discharged armed force veterans

A

The occupational opportunity Act

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18
Q

Define a Florida resident

A

Someone who resided in Florida for a period of 4 months within the proceeding year

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19
Q

True or false? A person who is licensed in a mutual recognition state must complete the process of Florida licensure before becoming a resident of Florida. They will not be allowed to receive a license through mutual recognition other wise

A

True

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20
Q

An applicant applying for mutual recognition must obtain a certification of _________ history from the commission where the applicant is licensed

A

License

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21
Q

Real estate applicants approved for mutual recognition are _______ from pre license course

A

Exempt

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22
Q

A mutual recognition applicant must complete a __ question exam and complete the same post license and continued education as other Florida licensees

A

40

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23
Q

What is reciprocity

A

An agreement between two states that allows a real estate licensee with a valid license in one state to obtain a real estate license in another.

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24
Q

Florida has _________ _________ instead of reciprocity

A

Mutual recognition

25
Q

List qualification of a sales associate

A

18+
High school diploma or equivalent
Possess us social number
Be honest, truthful, trustworthy, and deal fairly
Be competent and qualified to make real estate transactions

26
Q

Who issues real estate licensee

A

Dbpr

27
Q

New sales associate must change their license to ______ before legally operating real estate

A

Active

28
Q

A person who has A 4 year degree in real estate are exempt from what education requirements

A

Frec course 1 and 2 for sales and brokers and post license education

29
Q

A Florida licensed attorney is exempt from what real estate licensing education

A

Frec sales course 1 and continuing education

30
Q

A real estate license application is valid for _ years from the date the complete application is received by the DBPR

A

2

31
Q

A request to review your answers or for a formal hearing before an administrative law must be filed within __ days of the on-site grade notice

A

21

32
Q

True or false. Failure to complete the post license education before your first renewal will make your license null and void

A

True

33
Q

Licensees must complete ___ hours continued education before the first renewal of their license and must receive a ___ percent in the post license exam

A

45, 75

34
Q

What is a physical hardship detention

A

An extension for someone who is unable to complete licensee requirements due to a long term illness or illness of close relative

35
Q

Licensees after completing post license education must complete __ hours of continued education weather active or inactive

A

14

36
Q

To fulfill experience requirements, a broker applicant must have held an active real estate license for at least ___ months as well as __ hours of instruction and a 3 hour test

A

24, 69

37
Q

Brokers must complete __ hours post license education before first renewal of license

A

60

38
Q

________ is the process of submitting info to the DBPR that is entered into the departments records including the name and address of each licensed broker and associate

A

Registration

39
Q

Sales and brokers associate may only be registered with __employer at any given time.

A

1

40
Q

Explain prima facile evidence

A

A legal term used to refer to evidence that is good and sufficient at first few (on its face) to be accepted by the court as fact.

41
Q

List the exemptions from a real estate license

A

Owner exemption
Exemption based on career
Salaried employee
Court and legally appointed person
Miscellaneous exemption

42
Q

True or false? Salaried employees may not be paid on a transactional basis

A

True

43
Q

True or false? Salaried employees who work for an apartment community who work in an onsite rental office are exempt from licensure, as well as a condominium or co-op manager who rent individual units NO LONGER than 1 year

A

True

44
Q

True or false? Salaried employees of an owner developer are not exempt from real estate licensure

A

False, they are exempt

45
Q

Explain an attorney in fact

A

is a person who has been authorized by another person to act in his place

46
Q

True or false? Persons who sell cemetery lots, dealers registered with the sec selling business enterprises, hotel and motel clerks are all exempt from licensee status

A

True

47
Q

Give 4 owner exemptions for licensure

A

Property owners as well as officers and directors of corporations may buy, sell, exchange, and lease their own property or that of the business entity
Partners in a real estate partnership are exempt from licensure if selling property for partnership as long as the portion of profits is equal to the portion of interest the partner had in the property
Owners of time share units who own the time share for their own occupancy may sell their interest

48
Q

List 3 career based exemptions to licensure

A

Attorney at law, ONLY when acting within the scope of their professional duties.
Certified public accountants (CPAs) are exempt when performing accounting duties within the scope of their professional duties
Satiate certified and licensed appraisers are exempt when conducting appraisals

49
Q

List the salaried employee exemptions

A

Salaried employees of a business entity may buy sell exchange and lease property for their employers without receiving commission

Salaried employees of an apartment community who work in an on-site rental office

Salaried managers of a condominium or cooperative apartment complex who rent individual units for periods no longer than one year and do not receive compensation based on transactions

Salaried employees of an owner developer (real estate developer)

50
Q

When can a salaried employee receive commission

A

Never

51
Q

What is the difference in exemption from licensure between a salaried rental apartment agent and a condominium or cooperative unit?

A

Salaried rental apartment agents has no restriction on the duration of the leases. managers of condominiums and co-ops are limited to leases of one year or less.

52
Q

List court and legally appointed persons for exemption of licensure

A

A personal representative of a designated will, or an executor of an estate of a deceased person is exempt from real estate license

An attorney in fact

53
Q

True or false? Persons who rent lots in mobile home or recreational travel spots, persons who sell cemetery lots are exempt from licensure

A

True

54
Q

Hotel and motel clerks are exempt from _________

A

Licensure

55
Q

Tenants of an apartment community may receive a referral fee of up to __ dollars

A

50

56
Q

Dealers who register with the securities and exchange commission selling business enterprises to accredited investors are ______ from licensure

A

Exempt

57
Q

Property managers of residential community associations are required to obtain a community association manager license from the Department of business and professional regulations for communities of more than __units or when the annual budget exceeds _______

A

10, 100,000

58
Q

Explain an intangible tax. Give an example

A

Tax on documents that transfer ownership such as a deed or a tax on a written obligation to pay money such as a mortgage or promissory note

Real Estate State Test (18 decks)

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