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Chapter 1 > Office inspections + disciplinary process/RE recovery fund > Flashcards

Office inspections + disciplinary process/RE recovery fund Flashcards

1
Q

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

A

Rental list

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2
Q

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

A

Real estate service

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3
Q

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

A

Branch office

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4
Q

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

A

Legally sufficient complaint

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5
Q

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

A

RE recovery fund

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6
Q

License privileges are ineffective for a maximum period of 10 years

A

Suspension

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7
Q

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

A

Real estate broker

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8
Q

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

A

Sales associate

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9
Q

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

A

Blind ad

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10
Q

The administrative penalty for a minor violation

A

Notice of non compliance

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11
Q

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

A

Stay of enforcement

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12
Q

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

A

Business broker

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13
Q

Failure to use the care or diligence a reasonable person exercise

A

Culpable negligence

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14
Q

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

A

Probable cause

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15
Q

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

A

Universal agent

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16
Q

The MAXIMUM license suspension period is

A

10 years

17
Q

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

A

a finding or probable cause

18
Q

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

A

$50

19
Q

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

A

drivers license suspension

20
Q

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

A

is REQUIRED to be licensed because compensation is transaction based

21
Q

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

A

one year or less

22
Q

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

A

include the last name

23
Q

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

A

the licensed name of the brokerage firm

24
Q

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

A

an administrative judge

25
Q

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

A

stay of enforcement

26
Q

A first response to a minor violation by a licensee is

A

notice of non compliance

27
Q

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

A

$50,000

28
Q

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

A

$150,000

29
Q

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

A

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

30
Q

Which is TRUE of real estate advertisements

A

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

31
Q

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

A

MUST have a CAM license

32
Q

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

A

legally sufficient

33
Q

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

A

The unlicensed assistant is culpable because she knew about the scheme

34
Q

Which statement is TRUE of the Florida Real Estate Commission

A

At least one member MUST be at least 60 years old

35
Q

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

A

Universal

36
Q

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

A

Retaining a fee for inaccurate or out of date rental information

37
Q

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

A

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

38
Q

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

A

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

39
Q

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

A

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

Chapter 1 (3 decks)

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