MLS School Flashcards
In its June 17, 1968 decision in Jones v Mayer Co., the U.S. Supreme Court ruled that the Civil Rights Act of 1866 applied to the context of real estate and
Prohibited racial discrimination in the sale or rental of property
Any Florida resident real estate licensee who becomes a nonresident must, within how many days, notify the FREC of the change in residency and comply with nonresident requirements
60 days
If a licensee changes the licensee’s business address, the Florida Real Estate Commission must be notified within how many days of the change of address?
10 days
What kind of relationship exists between an agent and a principal?
Fiduciary
A principal empowers an agent to conduct the ongoing activities of one of her business enterprises. This is an example of
General agency
A property seller empowers an agent to market and sell a property on his behalf. This is an example of
Special agency
The penalty for advertising obsolete or otherwise inaccurate rental lists is
A fine of up to $1000, or up to one year of imprisonment.
A licensee has been issued a Final Order of the FREC, suspending his license. How long a time period is the maximum a suspension can last?
10 years
“Subdivision” or “subdivided lands” means:
Any contiguous land which is divided or is proposed to be divided for the purpose of disposition into 50 or more lots, parcels, units, or interests.
The 1988 Amendment to the Fair Housing Act of 1968 (a) expanded the categories of protected individuals to include:
Individuals with physical or mental disabilities and families with children.
An aggrieved party with a Fair Housing violation has how long to file a complaint with the Department of Housing and Urban Development?
1 year
One of the central objectives of the Fair Housing Act, when Congress enacted it in 1968, was to prohibit race discrimination in:
d. Sales and rentals of housing.
The purpose and intent of _______________ is to incorporate into the law of this state the accessibility requirements of the Americans with Disabilities Act of 1990, and to obtain and maintain United States Department of Justice certification of the Florida Accessibility Code for Building Construction as equivalent to federal standards for accessibility of buildings, structures, and facilities.
The Florida Americans with Disabilities Accessibility Implementation Act
Under the Federal Fair Housing Act, ______________ is not a protected class
Age
There are several components that actually make up real property:
Surface rights.
Subsurface rights.
Air rights.
Water rights in water law refer to:
The right of a user to use water from a water source.
rights concerning properties that abut an ocean, sea or lake, rather than a river or stream (riparian).
Littoral rights
An estate lasting for the natural life of the grantee is called a:
Life tenant.
The system of ownership of real property in the United States is
Allodial
A cooperative (also co-operative or co-op) is a business organization owned and operated by a group of individuals for:
Their mutual benefit.
How many days does a buyer have to cancel a purchase contract of a cooperative?
15
The ownership presumed by law unless otherwise stated is:
Tenancy in common.
Estates are divided into two general groups:
Leasehold estates and Freehold estates.
Joint Tenancy:
Needs the four unities to be created.
Bundle of rights includes
right of possession, right of Enjoyment, right of disposition, right of use (control), and the right of exclusion.
A common law doctrine which transfers the property of a person who dies without heirs to the crown or state is called:
Transfer by escheat
The main clauses of a deed of conveyance are:
Premises, Operative part, Conclusion, Legal description of property, Voluntary delivery and acceptance, Signature of the grantor and two witnesses.
Which below is not a requirement for a valid deed?
A reddendum clause must define the quality of the ownership interest being conveyed.
One important right that may or may not be allowed the lessee is:
sub-lease or assign the lease
Four primary ways of involuntary transfer include:
Transfer by descent, escheat, eminent domain and adverse possession.
A person died intestate. His property would pass according to:
Descent and distribution.
“Blind” advertising is prohibited; it must always reveal:
The licensed name of the brokerage firm.
When a licensee is being served with the Final Order of the FREC, how many days does he have to file an appeal with the District Court?
30 days.
Assessed value of land and structures are determined using a common:
rate
The most common use of elevation is in describing all surfaces from a common base or:
vertical datum
A legal description is a method of describing the location of real estate that will be accepted by
court
What is the starting point called in a metes and bounds description?
POB
Range lines run
north-south every 6 miles
There are five legal remedies for breach of a contract:
Money damages, restitution, rescission, reformation, and specific performance
Essentials of a Contract
a. an offer;
b. an acceptance of that offer which results in a meeting of the minds;
c. a promise to perform;
d. a valuable consideration (which can be a promise or payment in some form);
e. a time or event when performance must be made (meet commitments);
f. terms and conditions for performance, including fulfilling promises;
g. performance.
When the seller of a home knows of facts materially affecting the value of the property that are not readily observable and are not known to the buyer, the seller is under a duty to
disclose the facts to the buyer
In 1950, the Supreme Court of Florida held that a real estate licensee
may prepare the contract for sale of real estate
Formal contracts are those which are acknowledged and sealed by
a court of public records
A listing which allows the owner to sell the property himself without being liable for a commission, but which appoints only one broker to act as his sole agent is a(an):
Exclusive Agency.
In order to be in compliance with the Statute of Frauds, a sales contract must be:
In writing.
When a contract is intentionally not honored by one party, it is called
breach of contract
The equitable title refers to the actual enjoyment and use of a property, whereas a legal title
implies actual ownership
A bilateral contract is one in which there are
duties, rights and consideration on both sides
