Chapter 2: Real Estate License Law and Qualifications

Question 1

Adjudication Withheld

Answer 1

When a criminal final judgment is withheld or not recorded in public record

Question 2

Broker

Answer 2

One who is licensed by the State of Florida to carry on the business of dealing in real estate. A broker may receive a commission for their part in bringing together parties in a real estate transaction

Question 3

Broker Associate

Answer 3

An individual qualified to be issued a broker’s license but who operates as a sales associate in the employ of another

Question 4

Caveat Emptor

Answer 4

“Let the buyer beware”

Question 5

Compensation

Answer 5

Any form of remuneration, payment, or value

Question 6

Florida Resident

Answer 6

A person that has resided in Florida for at least four months, or a person that is residing in Florida with an intent to remain for at least four months

Question 7

License

Answer 7

A document issued by the Department of Business and Professional Regulation, which certifies that the licensee is or was duly licensed on the effective date shown

Question 8

Nolo Contendre

Answer 8

A plea of no contest entered in a criminal court of law

Question 9

Prima Facie Evidence

Answer 9

Evidence that is valid and admissible on its face requiring no further proof of authenticity

Question 10

Real Estate Services

Answer 10

Buy, advertise, rent, sell, auction, lease, and exchange (BAR SALE)

Question 11

Registration

Answer 11

Authorization by the state to place an applicant on the register (record) of officially recognized individuals and businesses

Question 12

Sales Associate

Answer 12

A licensed individual who, for compensation, is employed by a broker or owner/developer

Question 13

How long is the license period for each license issued after the initial renewal period?

Answer 13

2 years

Question 14

Gary holds an active Georgia sales associate license. Georgia is a mutual recognition state with Florida. After moving to Tampa, Gary wants to acquire a Florida sales associate license. What steps should he take to acquire his Florida sales associate license after submitting his application?

Answer 14

Take the 63 hour pre-license course and pass the 100 question state exam

Question 15

A fully completed, application for a Florida real estate license is submitted to:

Answer 15

Department of Business and Professional Regulation, Division of Real Estate

Question 16

How many hours are required to complete the continuing education requirement?

Answer 16

14

Question 17

A real estate license applicant must possess all of the following except:

Answer 17

Be a Florida resident

Question 18

If Carla is issued a Florida real estate license on July 22, 2018, when will her initial license expire?

Answer 18

March 31, 2020

Question 19

Shirley has failed the end of course exam for the FREC Course I. Which of the following applies to Shirley?

Answer 19

She must wait at least 30 days before retaking the test

Question 20

What is the passing score for the final exam given for the FREC Course I?

Answer 20

70

Question 21

What is the experience requirement for a broker applicant that presently holds a Florida Sales Associate license?

Answer 21

Must have worked as a licensed sales associate for an active real estate broker for 24 months of the preceding 5 years

Question 22

What will happen if a Florida real estate licensee fails to timely complete the post-license education requirement?

Answer 22

Null and void

Question 23

Which of the following statements best describes who must hold a Florida real estate license?

    A     Anyone that wants to work for a broker
B	Anyone who performs any service of real 
            estate, in the state of Florida, for someone 
            else, and for compensation, unless they are 
            exempt by law
C	Anyone that wants to sell real estate
D	None of the above

Answer 23

B Anyone who performs any service of real estate, in
the state of Florida, for someone else, and for
compensation, unless they are exempt by law

Question 24

All of the following are services of real estate except:

    A     Mortgaging
B	Buying
C	Renting
D	Exchanging

Answer 24

A Mortgaging. Remember BAR SALE

Buying, Advertising, Renting, Selling, Auctioning, Leasing or Exchanging