Licensing

Question 1

What types of real estate licenses can you get

Answer 1

Broker – provide services for another for compensation

Sales associate – same as broker but under the direction, control and management of a broker

Broker associate – broker who acts as a sales associate under another broker

Question 2

Who with ownership interest does not need a real estate license

Answer 2

Owner – can’t pay more than $50 finders fee

attorney in fact - poa

trustee

Question 3

What kind of employee does not need a real estate license

Answer 3

Public utility, state, local,

full-time grad

transient occupancy

Salaried employee/registered broker in an on-site rental office leasing an apartment community is salaried

employee who is manager of condo co-op apartment complex renting individual units less than one year

Question 4

When is the license effectively

Answer 4

When notified that you pass the course

You are now involuntary inactive

Question 5

After passing of course when can you practice real estate

Answer 5

When you place with an employing broker and a license number has been issued

Question 6

How does a voluntary in active work

Answer 6

Must renew

do continuing education

pay Fee

may be done in definitely

Question 7

What is the time limit and process for activating involuntary inactive

Answer 7

After two years license is canceled

If less than 12 months 14 hours continuing Ed

13 to 24 months 36 hours continuing Ed

Question 8

What are the characteristics of a legal real estate school

Answer 8

Must be permitted with chief administrator

instructor certified as real estate teachers

can’t promise graduation

can’t say endorsed by FREC

no false misleading or exaggerated statements

cannot guarantee employment without bona fide contract

exception colleges community, university, areas text schools

Question 9

How often and when do you renew your real estate

Answer 9

Every two years on March 31 or September 30

Question 10

What are the renewal requirements in the first year of a real estate sa license

Answer 10

Post license course required, written exam, completed before renewal

Re-new 18 to 24 months

Reminder mailed 90 days prior to renewal

Noel and void if Miss renewal

Question 11

What are the renewal requirements for a SA after the first renewal

Answer 11

14 hours – three hour core law +11 specialty hours

If don’t renew becomes involuntary in active

Question 12

How do you get a brokers license

Answer 12

24 months Sa experience

72 hour class prep

pass frec2 test

Question 13

What are the broker renewal requirements

Answer 13

Two courses of 30 hours each

Failure to renew reverts to S a license

Question 14

How many brokers may a SA work for

Answer 14

Only one

Question 15

Can I work in another state

Answer 15

Only if there is a mutual recognition agreement

Question 16

What will happen to my application if I have performed or attempted to perform real state ask for help myself out to be a real estate professional within one year prior to application or while application is pending

Answer 16

I may be denied

Question 17

When do I need to submit my Florida sales associate application – form or a

Answer 17

Before finishing this course

Question 18

What would constitute an authorized practice of law by a real estate agent

Answer 18

Give an opinion on title

interpret a contract

provide advice as to the proper actions for buyer or seller in execution of items outside what is written in the contract

Question 19

Who can a broker pay a finders fee to

Answer 19

Only a licensed real estate person

Question 20

Can a broker pay another brokers sales associate

Answer 20

No brokers can only pay other brokers

Question 21

How are commissions Splits paid

Answer 21

Only broker to broker

Question 22

How can I work with a broker outside of Florida

Answer 22

Only with a contract agreement can I pay a portion of the commission

called inbound and outbound brokers

Question 23

To get a license must you be a association member

Answer 23

No

Question 24

What kind of knowledge does a real estate professional need

Answer 24

Property transfer

Market conditions

How to market real estate

Question 25

What do you call a person who ask primarily for another is a benefit

Answer 25

A feduciary

Question 26

What is involved with fiduciary duties

Answer 26

Good faith

Trust

Special confidence

Candor

Question 27

What is the result of a breach of fiduciary

Answer 27

Preacher in cars liability for any damage caused by such an action

Question 28

What do community association managers do

Answer 28

License to manage CAN and homeowner associations and cooperative association’s

Day to day business practices

Maintenance of the common areas

Question 29

What must all mortgage loan originators do

Answer 29

Comply with Dodd Frank act of 2010

Register with newly created consumer financial protection bureau

Question 30

Who are mortgage loan originator’s

Answer 30

Those who finance – lenders

Those who bring lenders and consumers together – mortgage brokers

Sellers to finance 2+ properties in a two-year timeframe

Question 31

What do sellers of property who provide financing have to do

Answer 31

Register with Florida department of agriculture as a mortgage loan originator

if they finance 2+ in a two-year timeframe

Question 32

What three areas do real estate agents need to know

Answer 32

Property transfer

Market conditions

How to market real estate

Question 33

What are the different types of property

Answer 33

Deed

Will

Inheritance

Rent

Question 34

What must a sales agent know about market

Answer 34

Potential rent

Rate of return on investment property

Question 35

What. Does a real estate agent need to know on how to market real estate

Answer 35

Proper pricing

Disclosure to buyers and sellers

Service to buyers and sellers

Maintaining relationships with other real estate professionals