Office inspections + disciplinary process/RE recovery fund

Question 1

Rental information provided to a prospective tenant in exchange for a fee

Answer 1

Rental list

Question 2

Doing attempting, or offering to do any of the following related to an interest in real estate:advertise, buy, appraise, rent, sell, auction, lease or exchange

Answer 2

Real estate service

Question 3

A place of business other than the principal office the nature of which is such that the public interest is served by registration as a place of business

Answer 3

Branch office

Question 4

A complaint regarding an action that is deemed to be a potential violation of law or rule

Answer 4

Legally sufficient complaint

Question 5

A fund for reimbursement to any person, partnership, or corporation adjudged to have suffered monetary damages from a n act committed by a real estate licensee

Answer 5

RE recovery fund

Question 6

License privileges are ineffective for a maximum period of 10 years

Answer 6

Suspension

Question 7

Any person who, for another and for compensation, provides a real estate service

Answer 7

Real estate broker

Question 8

A person who performs any act specific in the definition of “broker” but who performs such act under the direction, control, or management of another person

Answer 8

Sales associate

Question 9

An advertisement in which a reasonable person wild not know they are dealing with real estate licensee

Answer 9

Blind ad

Question 10

The administrative penalty for a minor violation

Answer 10

Notice of non compliance

Question 11

A request by a licensee to continue practice while appealing a ruling made by FREC

Answer 11

Stay of enforcement

Question 12

A licensee who specializes in the sale, purchase, or lease of businesses

Answer 12

Business broker

Question 13

Failure to use the care or diligence a reasonable person exercise

Answer 13

Culpable negligence

Question 14

A reasonable amount of suspicion supported by circumstances that justify a belief that certain facts are probably true

Answer 14

Probable cause

Question 15

A person authorized to transact all acts or die his or her principal is empowered to perform. The highest level of agency

Answer 15

Universal agent

Question 16

The MAXIMUM license suspension period is

Answer 16

10 years

Question 17

The Department is required to promptly notify a license broker or employer 10 days after

Answer 17

a finding or probable cause

Question 18

Each day that FREC members participate in meetings and other official business they receive a per diem of

Answer 18

$50

Question 19

It is an INCORRECT staten that a licensee must notify the Commission within 10 days of

Answer 19

drivers license suspension

Question 20

A salaried employee of a property management firm is paid a $500 bonus for each new tenant procure by the employee. The employee

Answer 20

is REQUIRED to be licensed because compensation is transaction based

Question 21

Salaried managers of condominiums or cooperative apartment complexes who rent individual units are exempt from holding a real estate license if the rental period is for

Answer 21

one year or less

Question 22

When sales associates include their personal name in an advertisement, they must

Answer 22

include the last name

Question 23

When a sales associate advertises to perform any real estate service, the advertisement MUST include

Answer 23

the licensed name of the brokerage firm

Question 24

Findings, conclusions, and recommended penalty are submitted to the DBPR in a recommendation submitted by

Answer 24

an administrative judge

Question 25

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

Answer 25

stay of enforcement

Question 26

A first response to a minor violation by a licensee is

Answer 26

notice of non compliance

Question 27

If a broker who complied with an escrow disbursement order is later required by a court of law to pay damages as a result of legal actions, the FREC is authorized to order reimbursement to the broker for the amount of the judgment against the broker up to

Answer 27

$50,000

Question 28

Payments from the real estate recovery fund for claims against one licensee are limited in total to

Answer 28

$150,000

Question 29

Agent directed Unlicensed Assistant to drive prospect to a property and show prospect around the property. When done with the showing, assistant read information to prospect printed in the property marketing brochure. What is true of this situation

Answer 29

This is violation of Chapter 475 because the assistant does not have a license

Question 30

Which is TRUE of real estate advertisements

Answer 30

Key rings and novelty items distributed by sales associates MUST include the Brokers registered name

Question 31

Which is TRUE of a salaried manager of condo association who does not handle any rentals for any of the owners

Answer 31

MUST have a CAM license

Question 32

When a complaint contains facts indicating that a violation has occurred, the complaint is said to be

Answer 32

legally sufficient

Question 33

Broker is commingling escrow funds with personal funds. An unlicensed assistant knows about it. Which is TRUE?

Answer 33

The unlicensed assistant is culpable because she knew about the scheme

Question 34

Which statement is TRUE of the Florida Real Estate Commission

Answer 34

At least one member MUST be at least 60 years old

Question 35

In general business dealings, which type of agent is authorized by the principal to perform all acts that may be lawfully delegated to another person

Answer 35

Universal

Question 36

Which violation if real estate law is a misdemeanor of the first degree

Answer 36

Retaining a fee for inaccurate or out of date rental information

Question 37

Broker hired a licensed assistant and offers $17 a plus 25% of all commissions earned. Which is true

Answer 37

The broker MUST pay all commissions and follow through on the agreement

Question 38

A broker received a citation and $500 fine. The broker is convinced that the citation was issued in error. What should the broker do

Answer 38

File a written objection within 30 days explaining that the citation was issued in error

Question 39

Broker is relocating a branch office from the Citrus building to the Palm office building. Which of the following is TRUE

Answer 39

Broker must register the new office within 10 business days and pay the appropriate fees.