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Real Estate Exam > License Law And Administration > Flashcards

License Law And Administration Flashcards

1
Q

A group license would be obtained by sales associates registered under?

A

An owner developer

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2
Q

How much per dime do FREC members receive

A

$50

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3
Q

Florida licensee must notify how long after becoming non resident?

A

60 days

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4
Q

T/F. You must notify the FREC 10 days after suspension of driver license

A

False

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5
Q

A licensed agent who is permitted to practice in two states is known as

A

Reciprocity

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6
Q

Are owner-developers licensed?

A

No

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7
Q

Salaried condo managers are exempt for holding licenses if the lease agreements are how long?

A

LESS THAN one year

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8
Q

Broker business sign must include what?

A

Name of broker & firm & “licensed broker”

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9
Q

In the event of a disagreement about binder or earnest money, broker must?

A

Notify FREC

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10
Q

Maximum fine levied against a licensee?

A

$5k per count

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11
Q

Broker receives citation from FREC, his many days to dispute ?

A

30

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12
Q

Do you need a license to sell lots in a mobile home/trailer park?

A

No

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13
Q

Max payment from the recovery fund

A

$50k

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14
Q

In order to qualify for payment out of the recovery fund you just?

A

Aye the broker and I again final judgement

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15
Q

If a complaint is filed and the withdrawn, can the investigation be completed?

A

Yes

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16
Q

Title must be deemed merchantable by whom?

A

Attorney

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17
Q

If revoked, sales associates license becomes

A

Null and void

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18
Q

An inactive license may remain inactive for how long ?

A

4 years

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19
Q

Involuntary inactive license can be inactive for how long, once becoming inactive.

A

2 years

20
Q

If illegal acts are conducted out of state, can FREC investigate?

A

Yea

21
Q

Federal fair housing act does not protect against what kind of discrimination?

A

Age

22
Q

1988 amendments to Fair Housing Act bar discrimination to what ?

A

Handicap and familial status

23
Q

T/F. Brokers can NOT agree to charge a set fee for services in a local MLS

A

True

24
Q

How long does a buyer have to recind an offer on a condo and request deposit back?

A

3 days

25
Q

Refusal of sevices based on racial or ethnic composition is known as

A

Redlining

26
Q

Broker has conflicting demands between buyer and seller, should he return the deposit to buyer?

A

No

27
Q

What is considered residential property?

A

Ten acres or less of agricultural

Four units or less

28
Q

A group license would be obtained by sales associates registered under an?..

A

Owner-developer

29
Q

How long do you have to notify the FREC if you become a non resident?

A

60 days

30
Q

Initial license period is how long?

A

18-24 months

31
Q

How many hours of education are required for a license that has become inactive

A

28

32
Q

Findings, conclusions and recommended penalty are submitted to the DBPR by who?

A

Administrative law judge

33
Q

A licensee may challenge a final order by filing an appeal and requesting a ?

A

Stay of enforcement

34
Q

A licensee who has been issued a notice of noncompliance must take action within how many days?

A

15

35
Q

Payments from the recovery fund for claims against one licensee are limited too?

A

$150k

36
Q

Advances on rent may not be held in what kind of account?

A

Bank accounts

37
Q

If a tenant is notified of landlord claim on the security deposit, how long does tenant have to file an objection

A

15 days after notification

38
Q

A sales associate changes broker and takes all files from brokers office before leaving. What kind of criminal act is this?

A

Larceny

39
Q

So you need a license to Auction Farmland ?

A

Yes

40
Q

If a sales associate Does not complete the 45 hour post license course, what happens to the status of their license ?

A

Null and Void

41
Q

What chapter is general legal practice and procedure of DBPR?

A

455

42
Q

First response to a minor violation by a licensee is?

A

Notice of non compliance

43
Q

FRECs powers to suspend or revoke a license are classified as?

A

Quasi-legislative

44
Q

Prospective tenant pays broker for rental information. If tenant does not find anything, how much money is he entitled to in return?

A

75%

45
Q

Taking a 3 hour core law course earns how many hours towards 14 hour continuing education requirement?

A

6 hours

Real Estate Exam (8 decks)

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