General Flashcards
At what level is the desirability and cost of real estate affected by planning and zoning, property taxation, building and health codes and regulations, and building moratoriums?
Local level
What is the purpose of the Florida real estate license law FS475?
To protect the public. The department is essentially a consumer protection agency.
A broker who has passed the state broker examination and continues to work with their current employer in a sales associate capacity is called what?
A broker associate
Is an applicant for a Florida real estate license required to be a resident of the state of Florida or to be a citizen of the United States?
No
An applicant for a Florida real estate license is required to be a resident of the state of Florida or be a citizen of the United States is this true or false?
False
What does NOLO CONTENDERE mean?
No contest
True or false: Question one of the background questions on an application for sales associate license requires the disclosure of any criminal convictions including felony or misdemeanor convictions or pleas (other than minor traffic offenses) regardless of adjudication. Driving under the influence or DUI, is not a minor traffic offense and must be disclosed.
True
How many brokers can a sales associate or a broker associate work for at a time?
1
What department was created to provide licensing, oversight, and regulation of businesses and professions in the state of Florida?
The Department of business and professional regulation (DBPR)
The Department of business and professional regulation (DBPR or the Department), was created to do what?
Provide licensing, oversight, and regulation of businesses and professions in the state of Florida.
True or false: The Department of business and professional regulation enforces real estate license law?
True
Who enforces real estate license law?
DBPR
What is a special agent authorized to do?
Under agency law a special agent is authorized by the employer or principal to perform a single act.
A broker employed under a single agency listing for the sale of a property is authorized to locate a purchaser on behalf of the owner. What is this an example of?
A special agent
A party who has been granted authority to act on behalf of another agent is called what?
Subagent
True or false: A sub agent has the same duties, including fiduciary, to the principal as the agent who is empowered by the principal.
True
Is a sales associate a general agent of the broker, a sub agent of all the brokers principles, or both?
Both
As a general agent and a sub agent of a broker, what duties does the sales associate have to the brokers principals?
The same duties as the broker.
What is the role of a transaction broker?
To provide limited representation to a buyer, a seller, or both in a real estate transaction. This allows a licensee to facilitate a real estate transaction working with both the buyer and seller equally.
A broker who accepts employment under a single agency agreement is called what?
Single agent
True or false: representing both parties in a transaction in a single agency agreement would create an illegal dual agency.
True
In Florida it is ____________ to represent both parties in a transaction.
Illegal
What offers should be presented to the brokers employer (principal)?
Any and all offers including oral offers or offers made without a binder deposit.
An employer of the broker is also called what?
Principal
True or false: A Florida broker can pay compensation, fees, or share commission with unlicensed individuals in exchange for soliciting or referring business.
False
What what act allows brokers to pay referral fees between real estate agent and broker’s without disclosure?
Real estate settlement procedures act (RESPA).
In order for a Florida broker to pay a referral fee to, or Sherry commission with, a broker license or registered by another state or foreign country what must not happen in the transaction?
The out-of-state broker or foreign broker CANNOT participate in the transaction in ANY manner.
How many days from the date of the last parties demand, does a broker need to notify the commission concerning any escrow disputes?
15
A resident licensee who becomes a nonresident must notify the Commission of the change in residence within how many days?
60
A sales associate or broker associate must report any changes of employer or change of address within how many days to the Department?
10
Who must a broker associate or a sales associate report any changes of employer or change of address to?
The Department
Who does a resident licensee notify when they become a nonresident?
The Commission
When a broker fails to disclose information to a party, to whom the broker has such a duty, and that is material to his or her decision, what kind of fraudulent activity is this?
Concealment
In the disciplinary process, A licensee (respondent), in formal hearing, has a right to what?
Present evidence and cross-examine witnesses, and be represented by legal counsel. They may request that administrative law judge subpoena a witness.
Inducing an owner to list or sell on the basis that the neighborhood is deteriorating or becoming transitional due to an influx of minority persons is called what?
Blockbusting
Refusal by a lender to approve a mortgage loan based on a property being located in a certain geographical area, the age of the property, the income level of the residence, or the racial composition of the area is called what?
Redlining
In order to commingle a security deposit and advance rents with their own funds a landlord must post a ____________ __________, and Payton at 5% simple interest annually on the money held in this matter.
Surety Bond
If the landlord posts a surety bond, with whom must it be posted and where, and for what amount?
The clerk of the Circuit Court in the county in which the dwelling is located, in the amount of the total security holdings or $50,000 whichever is less.
If there is no claim for damages against the deposit, how many days does a landlord have to return the security deposit including accrued interest if any to the tenant upon vacating the property?
15
An increase in land area as moving water deposits soil in other than its original location is called what?
Accretion
An escrow account or trust account may be held where?
A commercial bank, title company with trust powers, credit union, or savings and loan association.
On personal transactions, such as a sales associate purchasing a property for personal benefit, what must a licensee do?
Disclose their status as licensees PRIOR to entering into serious negotiations.
The four tests used to determine real or personal property are?
Intent, relationship, method of annexation, and adaptation
Estate in severalty
Sole owner one owner
Tenancy in common
Two or more persons, may leave his or her interest in a will.
Joint tenancy
Two or more persons, upon death the surviving joint tenant’s receive equal shares. Rights of survivorship.
What is the only legally necessary closet required on a deed?
Premises clause or granting clause
Quick claim deeds are most frequently used to what
Clear title defects(clouds)
A deed where the grantor promises to defend the title against any and all claims.
General warranty deed
What is the most common type of deed which provides the best protection to the grantee?
General warranty deed
Is a real estate contract does not specify the type of deed to be given what deed must be used
General warranty deed
What power allows local, state, or federal government, railroads, public utilities, and Public Housing Authorities to obtain ownership of private property?
Eminent domain