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Real Estate Exam > Real Estate Exam 1,009 Q&A #601-800 > Flashcards

Real Estate Exam 1,009 Q&A #601-800 Flashcards

1
Q

27 cubic feet

A

1 cubic yard

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2
Q

640 acres

A

1 square mile

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3
Q

43,560 square feet

A

1 acre

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4
Q

an agreement between two or more parties who, in a “meeting of the minds,” have pledged to perform or refrain from performing some act.

A

contract

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5
Q

one that is legally enforceable by virtue of meeting certain requirements of contract law. If a contract does not meet the requirements, it is not valid and the parties to it cannot resort to a court of law to enforce its provisions.

A

valid contract

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6
Q 
a court may construe the \_\_\_\_\_\_ \_\_\_\_\_\_ of a contract in one of four ways:
valid
valid but unenforceable
void
voidable
A

legal status

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7
Q

A ______ _______ that is in writing is enforceable within a statutory time period. A _________ ________ that is made orally is also generally enforceable within a statutory period.

A

valid contract

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8
Q

An oral long-term lease and an oral real estate sales contract are examples of contracts that may be _______ _____ __________.

A

Valid but unenforceable

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9
Q

an agreement that does not meet the tests for validity, and therefore is no contract at all. If a contract is ______, neither party can enforce it. Example: a contract that does not include consideration is _____ & a contract to extort money from a business is ______.

A

Void

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10
Q

Void contracts and instruments are also described as “______ & _______.”

A

null & void

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11
Q

a contract that initially appears to be valid, but is subject to rescission by a party to the contract who is deemed to have acted under some kind of disability. Only the party who claims the disability may rescind the legal effect of the contract. Ex: a party who was the victim of duress, coercion, or fraud in creation of a contract, and can prove it, may disaffirm the contract. (within a time frame.)

A

Voidable

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12
Q

A voidable contract differs from a void contract in that the lvoid contract does not require an act of ___________ to make it unenforceable.

A

disaffirmation

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13
Q

get out of

A

disaffirmation

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14
Q

Capacity to contract is determined by three factors:
l____ a___
m______ c________
l_______ a________

A

legal age, mental competency, legitimate authority

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15
Q

requires that a contract involve a clear and definite offer and anintentional, unqualified acceptance of the offerr; the parties must agree to the terms without equivocation. A court may nullify a contract where the acceptance of terms by either party was partial, accidental, or vague.

A

Mutual consent. (aka meeting of the minds or offer & acceptance)

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16
Q

A contract must contain a two-way exchange of _______ __________ as compensation for performance by the other party. The exchange of considerations must be two-way. The contract is not valid or enforceable if just one party provides _______ _________; can be money or something a party promises to do or not do.

A

Valuable consideration

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17
Q

love and affection,; can serve as a nominal consideration in transferring a real property interest as a gift.

A

Good consideration

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18
Q

The content, promise, or intent of a contract must be lawful. A contract that proposes an illegal act is _____.

A

void

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19
Q

The parties must create the contract in ______ _____ as a free and ________ act. A contract is thus ________ if one party acted under duress, coercion, fraud, or misrepresentation.

A

good faith; voluntary; voidable

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20
Q

If a property seller induces a buyer to purchase a house based on assurances that the roof is new, the buyer may _______ the agreement if the roof turns out to be twenty years old and leaky

A

rescind

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21
Q

a contract that conveys an interest in real estate must:
1 be in _______
2 contain a _______ description of the property
3 be _______ by one or more of the parties

A

writing; legal; signed

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22
Q

restricts the time period for which an injured party in a contract has the right to rescind or disaffirm the contract. A party to a voidable contract must act within the statutory period.

A

Statute of limitations

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23
Q

States that all contracts to buy, sell, exchange, or lease interests in real property must be in writing to be enforceable. With exception of leases that are less than one year.

A

Statute of frauds

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24
Q

The ______ ___ ______ concerns the enforceability of a contract, not its validity. Once the parties to a valid oral contract have executed and performed it, even if the contract was unenforceable, a party cannot use the _____ ____ _______ to rescind the contract. Example, a broker and a seller have an oral agreement. Following the terms of the agreement, the broker finds a buyer, and the seller pays the commission. They have now executed the contract, and the seller can not later force the broker to return the commission based on the______ ____ ________.

A

statute of frauds

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25
Q

The exact point at which the offer becomes a contract is when the offeree gives the offeror notice of the __________.

A

acceptance

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26
Q

If an offer contains an expiration date and the phrase “time is of the _______,” the offer expires at exactly the time specified. In the absence of a stated time period, the offeree has “________” time to accept an offer.

A

essence; reasonable

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27
Q

If the communication of acceptance is by mail, the offer is considered to be communicated as soon as ___ ___ _______ __ ___ ______.

A

it is placed in the mail

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28
Q

An offer may be revoked, or withdrawn, at any time before the offeree has ________ ________. The _________ extinguishes the offer and the offeree’s right to accept it.

A

communicated acceptance; revocation

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29
Q 
Situaions that terminate an offer:
a\_\_\_\_\_\_\_\_\_
r\_\_\_\_\_\_\_\_\_
r\_\_\_\_\_\_\_\_\_
l\_\_\_\_\_ of t\_\_\_\_\_
c\_\_\_\_\_\_\_\_\_
d\_\_\_\_\_ or i\_\_\_\_\_\_
A

acceptance, rejection, revocation, lapse of time, counteroffer, death or insanity

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30
Q

the offeree accepts the offer, converting it to a contract.

A

acceptance

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31
Q

the offeree rejects the offer

A

rejection

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32
Q

the offeror withdraws the offer before acceptance

A

revocation

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33
Q

the offer expires

A

lapse of time

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34
Q

the offeree changes the offer

A

counteroffer

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35
Q

Listing agreements are not __________, since they are personal service agreements between agent and principal. Sales contracts, however, are _________, because they involve the purchase of real property rather than a personal service.

A

assignable

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36
Q

oral

A

parol

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37
Q

contract in which all the terms and covenants of the agreement have been manifestly stated and agreed to by all parties, whether verbally or in writing.

A

express contract

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38
Q

an unstated or unintentional agreement that may be deemed to exist when the actions of any of the parties suggest the existence of an agreement.

A

implied contract

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39
Q

contract in which both parties promise to perform their respective parts of an agreement in exchange for performance by the other party. Example: an exclusive listing: the broker promises to exercise due diligence in the efforts to sell a property, and the seller promises to compensate the broker when and if the property sells.

A

bilateral contract

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40
Q

a contract in which only one party promises to do something, provided the other party does something. The latter party is not obligated to perform any act, but the promising party must fulfill the promise if the other party chooses to perform. Ex. contract with option period

A

unilateral contract

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41
Q

contract that has been fully performed and fulfilled: neither party bears any further obligation. A completed and expired lease contract is an executed contract: the landlord may re-possess the premises and the tenant has no further obligation to pay rent.

A

executed contract

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42
Q

a contract in which performance is yet to be completed. A sales contract prior to closing is executory: while the parties have agreed to buy and sell, the buyer has yet to pay the seller and the seller has yet to deed the property to the buyer.

A

executory contract

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43
Q

the substitution of a new contract for an existing one; the new contract must reference the first and indicate that the first is being replaced and no longer has any force and effect.

A

novation

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44
Q

the act of nullifying a contract.

A

rescission

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45
Q

cancellation of the contract by one party without the consent of the other. For example, a seller may revoke a listing to take the property off the market.

A

revocation

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46
Q

occurs when parties fail to perform contract obligations. This situation may allow the parties to cancel the contract.

A

Abandonment

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47
Q

failure to perform according to the terms of the agreement; gives the damaged party the right to take legal action

A

breach of contract (aka default)

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48
Q 
legal remedies for breach of contract:
r\_\_\_\_\_\_\_\_
f\_\_\_\_\_\_\_\_
s\_\_\_\_ for d\_\_\_\_\_\_\_
s\_\_\_\_\_ for s\_\_\_\_\_\_ p\_\_\_\_\_\_\_\_
A

rescission, forfeiture, suit for damages, suit for specific performance

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49
Q

This cancels the contract and returns the parties to their pre-contract condition, including the refunding of any monies already transferred.

A

rescission

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50
Q

this requires the breaching party to give up something, according to the terms of the contract. For example, a buyer who defaults on a sales contract may have to forfeit the earnest money deposit.

A

forfeiture

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51
Q

the total amount stated in a contract that is due to a damaged party in the even of a breach of contract.

A

liquidated damages

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52
Q

the unspecified amount of money a damaged part may sue for in the event of a breach of contract.

A

unliquidated damages.

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53
Q

an attempt to force the defaulting party to comply with the terms of the contract; occurs when it is difficult to identify damages because of the unique circumstances of the real property in question.

A

suit for specific performance

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54
Q

A Mortgage broker must have a _______ _______

A

Seperate License

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55
Q

A Real estate appraiser’s fee for professional service is based on?

A

Time and difficulty

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56
Q

The real estate brokerage business can be best described as a ________

A

Service business

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57
Q

The princicple in an agency relationship is the ____?

A

Customer

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58
Q 
The responsibility of a property manager does NOT include: 
A. Renting Property
B. Collecting rent
C. Overseeing maintenance
D. preparing Leases
A

D. Preparing leases.

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59
Q

Concentrating on one neighborhood or style of property is _________.

A

Farming

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60
Q 
Which insurance policies can a real estate licensee offer to the public with out additional state licensing?
A. Flood
B. Fire
C. Renters Insurance
D. None
A

D. None

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61
Q

What is the purpose of the “National Association of REALTORS”?

A

To preserve the right of individuals to own real property through an exchange of information.

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62
Q

What does the word “REALTOR” signify?

A

Indentifies a real estate professional as a member of “NAR”

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63
Q

A Developer contracts to build a home on a buyers lot to the buyers needs and taste. What type of contruction is this?

A

Custom Building

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64
Q 
In their relationships with customers, brokers,
A. Work for them
B. Work with them
C. Represent them
D. Are always their agent
A

B. Work with them.

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65
Q

Licensees involved in business brokerage must have a seperate license, TRUE or FALSE?

A

FALSE.

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66
Q 
Real Estate brokers are NOT required to be Knowledgeable regarding \_\_\_\_\_\_\_\_\_\_\_.
A. Marketing
B. Valuation
C. Property transfer
D. Accounting
A

D. Accounting

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67
Q

The Service provided by real estate brokers that is considered to require the most experience and knowledge is?

A

Counseling

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68
Q

Can appraisers registed, licensed or certified under F.S 475 part 2 be used on ALL appraisals?

A

No. The appraisal of residential property

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69
Q

A Contractor who builds on his or her own lot in the hope of finding a purchaser upon completion is building on ________.

A

Speculative

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70
Q 
A broker who is working for an employer is said to be the \_\_\_\_\_\_\_\_\_.
A. Agent
B. Broker Associate
C. Principle
D. Customer
A

A. Agent

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71
Q 
When working with a member of the public, the party the broker hopes to be successful with is refered to as the \_\_\_\_\_\_\_?
A. Client
B. Employer
C. Customer or Principle
D. Employer or Customer
A

C. Customer or Principle

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72
Q

Most Real Estate Licensees are involved in Commercial Real Estate. TRUE or FALSE

A

FALSE.

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73
Q

What does CMA stand for? and what does it mean?

A

Comparative Market Analysis. An estimate of the value of property by a real estate licensee based on the sale of similar propertys in the area.

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74
Q

Who are Mortgage Brokers Licensed by?

A

Department of Financial Services

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75
Q

What is an Appraisal?

A

Estimate of Value.

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76
Q

Valuing a business requires an analysis of ________ _________ and _________ _________.

A

Ballance Sheets, and Financial Statements.

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77
Q

The THREE areas of expertise real estate licensees bring to the transaction are _______, _______ and _______ ________.

A

Valuation, Marketing, and Property Transfer.

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78
Q

The composite value of real and personal property, plus the intangible assets of a business, is called _______ ________ value.

A

Going Concern.

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79
Q

What part of F.S 475 covers regulation and licensing of real estate practitioners?

A

Part One

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80
Q

What part covers the registration, licensing and certification of appraisers in Florida?

A

Part Two

81
Q

A Sales Associates license will be _______ if he or she does not complete required post license education during his or her initial license period.

A

Void.

82
Q

A Broker that did not complete required postlicense education prior to expiration of his or her initial license period may request a _______ _______ license by completing a continuing education course within ___ _______.

A

Sales Associate, 6 Months

83
Q

A Broker Associates Responsibilities are Similar to a ______________.

A

Sale Associates.

84
Q

Residency in Florida may be claimed by anyone that is or has resided in the state for not less then __ _____ with in the previous 12 months.

A

4 Months

85
Q

The first real estate license law in Florida was enacted in ________.

A

1923

86
Q

The First real estate license law in FLORIDA was enacted in 1918. TRUE or FALSE.

A

False, 1923.

87
Q

Upon passage of the state examination, an applicant for a sales associates license will receive an _______ license when employed by a broker.

A

Active

88
Q

Upon passage of the state examination, an applicant for a sales associates license will receive an _______ license when employed by a Owner Employer.

A

Active

89
Q

Upon passage of the state examination, an applicant for a sales associates license will receive an _______ license.

A

Inactive.

90
Q

What is Mutual Recognition?

A

Other States that have similar educational requirements as Florida.

91
Q

How long is the Post License Educational Requirements for Sales Associates?

A

45 Hours

92
Q

How long is the Continuing Educational Requirements for Sales Associates?

A

14 Hours

93
Q

The Notice of Satisfactory Completion of a pre license course is valid for _______ years.

A

2

94
Q

Owner employers are __________ but do not receive a ________.

A

Registered, License.

95
Q

A Tenant in an apartment complex may receive up to _______ for referral of a new tenant for the same complex.

A

50

96
Q

_________ __________ Education must be completed during the initial sales associates license period.

A

Post License

97
Q

Legal Authority to sign a document on behalf of another requires a _______ ___ ________.

A

Power of Attourney

98
Q 
The Florida Real Estate commission was first created in what year?
A. 1932
B. 1925
C. 1923
D. 1919
A

B. 1925

99
Q 
The real estate license law serves what purpose?
A. To protect the public
B. To protect the licensees
C. To clarify the law
D. To grant licenses
A

A. To protect the public

100
Q

What does F.R.E.C stand for?

A

Florida Real State Commission

101
Q

Where is F.R.E.C Located?

A

Orlando

102
Q

F.R.E.C is located in Tallahassee. TRUE or FALSE

A

False.

103
Q

What Does the Florida Real Estate Commission do?

A

Administer and Enforce the Law

104
Q 
Frank, a sales associate failed to complete the required postlicense education prior to renewal. What is the Status of Franks License?
A. Revoked?
B. Suspended for 6 months
C. Involuntarily Inactive for 2 Years
D. Void
A

D. Void

105
Q

Registration of an Active Sales Associate with the Department refers to:
A. Placing and Keeping on record the sales associates name and home address.
B. Placing the keeping on record the sales associates name, home address and business address of his or her employing broker.
C. The Brokers name and Business address.
D. Placing and keeping on record the sales associates name, and business address of his or her employer.

A

B. Placing and keeping on record the sales associates name, home address and business address of his or her employing broker.

106
Q 
Owner-Employers of licensed real estate sales associates are allowed to pay them:
A. on a salary basis only
B. on a commission basis only.
C. on a commission, but not a bonus
D. a commission or salary.
A

D. A commission or salary

107
Q

To Qualify for a real estate brokers license, an applicant must have been employed for a minimum of ______ years under one or more actively licensed brokers.

A

2 Years.

108
Q

How many hours of post license education are required to renew a brokers license?

A

60 Hours

109
Q

Which service does NOT require a real estate license?

A

Mortgaging

110
Q 
What Service does NOT require a real estate license?
A. Leaseing
B. Mortgaging
C. Buying
D. Selling
A

B. Mortgaging

111
Q

Information that appears on a Florida real estate license does not include:
A.The Seal of the State of Florida
B. An expiration date
C. The Signature of the Governor
D. The Name of the Secretary of Business and Professional Regulation.

A

C. The Signature of the Governor.

112
Q

How long can a voluntary inactive licensee remain in that license status?

A

Indefinitely

113
Q

To qualify for a Florida real estate license, an aplicant must be a citizen of the United States. TRUE or FALSE

A

FALSE

114
Q

To qualify for a Florida real estate license, an aplicant must be at least 21 years of age. TRUE or FALSE

A

FALSE

115
Q

To qualify for a Florida real estate license, an aplicant must have what?

A

High school education or equivalent.

116
Q

What is “Attorney in fact”?

A

An attorney in fact is authorized by a power of attorney to act for another.

117
Q

What choice describes an exemption from the licensing requirements of F.S 475?
A. Partners in real estate partnerships that receive compensation in excess of their interest in the partnership for performance of real estate services on behalf of the partnerships.
B. condminium managers paid on a commission basis for rentals for less then 1 year
C. appraisers certified under F.S 475, Part II when performing brokerage services.
D. attorneys performing legal duties in connection with a real estate transaction.

A

D. attorneys performing legal duties in connection with a real estate transaction

118
Q

An actively licensed attorney that is a member in good standing with the Florida bar:
A. may charge commissions in connection with real estate activites.
B. is exempt from continuing education requirements to maintain a real estate license.
C. is not allowed to simultaneously hold a real este license.
D. May be licensed as a broker but not as a sales associate.

A

B.is exempt from continuing education requirements to maintain a real estate license.

119
Q

A Broker associate is a Sales associate, TRUE or FALSE

A

False, A broker associate is a Broker employed as a sales associate.

120
Q

The Agreement the State of Florida has with some other states that recognizes the similarity in education and experience required of licensees is called __________ _____________.

A

Mutual recognition.

121
Q

A plumber has been appointed by a court to appraise a small business, the plumber may do so and be paid a fee. True or False.

A

True.

122
Q

Exemptions from the real este license law do NOT include:
A. Employees of a corporation being paid on a salary basis.
B. Partners in a partnership that receive their pro rate share of the profits.
C. Managers of condominiums renting units with the complex for periods up to 1 year.
D. Funeral directors.

A

D. Funeral Directors.

123
Q

A Georgia Auctioneer was asked by a local real estate broker to auction a small motel in Miami. The auction did not result in a sale. The Florida broker paid the auctioneer anyway for out-of-pocket expenses, but did not pay a commission. It would be correct to say:
A. The Georgia auctioneer violated the License Law.
B. Florida Broker did not Violate the License Law.
C. Florida Broker is not subject to discipline by the F.R.E.C
D. Transaction is perfectly within the license law.

A

A. The Georgia auctioneer violated the License Law.

124
Q

Define Quorum.

A

Majority.

125
Q

A quorum to conduct certain duties of the commission requires _____ Members.

A

4

126
Q

The Commissions ability to impose disciplinary actions against licensees is known as _________ __________ power.

A

Quasi Judicial.

127
Q

The rule making authority of the F.R.E.C is which power?

A

Quasi Legislative

128
Q

The F.R.E.C is composed of how many member?

A

7

129
Q

The F.R.E.C is composed of 8 Members. TRUE or FALSE

A

FALSE

130
Q

To become effective, Rules enacted by the F.R.E.C must be filed with the ________ ___ _______.

A

Secretary of State

131
Q

Members of the F.R.E.C may serve no more then ____ consecutive terms.

A

2

132
Q

Establising education requirements for licensees is an example of the exercise of the ________ Powers of the commission.

A

Executive

133
Q

The Real Estate Education and Research Foundation was established by a transfer of ____________ from the real estate trust fun.

A

3 Million

134
Q

To become a broker member of the F.R.E.C, a Broker must have been actively licensed in Florida for a minimum of ___ _______.

A

5 Years.

135
Q

The offices of the Division of Real estate are located in _________.

A

Orlando

136
Q

The principle office of the D.B.P.R is located in ______________.

A

Tallahassee

137
Q

The Director of the Division of Real Estate is Appointed by the __________ of the _________ subject to approval by a majority of the member of the ______.

A

Commissioner, F.R.E.C, and D.B.P.R

138
Q

A License that fails to renew when required to do so will have his or her license placed on ________ _________.

A

Involuntary inactive.

139
Q

When a Licensee changed employers, he or she should request a _________ with a new employer before performing services of real estate for compensation.

A

Renewal

140
Q

Licensees that are member of the armed forces have all fees, dues and other requirements waived during their military service and for ___ months after returning to civilian life.

A

6

141
Q 
The D.P.B.R does NOT have the authority to issue a:
A. Cease and desist Order.
B. Subpoena
C. Injunction
D. Notice of Noncompliance.
A

C. Injunction

142
Q

What is a “Subpoena”?

A

a written legal order summoning a witness or requiring evidence to be submitted to a court.

143
Q

What is a “Injunction”?

A

a court order that requires somebody involved in a legal action to do something or refrain from doing something

144
Q

What is a “Cease and Desist order”?

A

an order or request to to stop an activity and to not take it up again in the future.

145
Q

The maximum number of years a member may serve on the Florida Real Estate Commision?

A

D. Unlimited

146
Q 
The Secretary of D.B.P.R is:
A. is a member of the F.R.E.C
B. is appointed by the governor
C. must be an attorney
D. answers to the state legislature in the performace of duties.
A

B. is appointed by the governor.

147
Q 
The Division of Real Estate is an administrative part of the department of:
A. State
B. Commerce
C. Banking
D. Business and profession Regulation.
A

D. Business and Professional Regulation

148
Q

Examination Questions and Answers are Confidential. True or False

A

TRUE

149
Q

Which Department issues Real Estate Licenses.?

A

D.B.P.R (Department of Business and Professional Regulation)

150
Q 
Which Information supplied by an applicant is public record?
A. Financial Info
B. Test Scores
C. Name and Address
D. Medical Info
A

C. Name and Address

151
Q 
The F.R.E.C held a meeting for the purpose of passing a new rule. This is an exercise of which commission power?
A. Executive
B. Quasi- Legislative
C. Quasi- Judicial
D. Ministerial
A

B. Quasi- Legislative

152
Q

The Director of the Division of Real Estate
A. is appointed by the secretary of Department of Business and Professional Regulation.
B. Is a member of the F.R.E.C
C. is not subject to confirmation or approval by the F.R.E.C
D. Answers only to the governor in the performance of his or her duties.

A

A. Is apppinted by the secretary of D.B.P.R

153
Q

F.S 455 was created by who?

A

D.B.P.R

Department of Business and Professional Regulation

154
Q

An applicant for a real estate license that provides false information has committed criminal violation of law classifed as a ____ ________ _________.

A

Third Degree felony

155
Q

What action may the Department take if it determines that an unlicensed person has operated in violation of a law or rule under its administration?
A. None, since the Department has no juisdiction over unlicensed induviduals.
B. It may issue an injunction prohibiting such activity in the future.
C. It may imprison the violator for up to 5 years.
D. An administrative fine up to 5,000 may be imposed.

A

D. An adminstrative fine up to 5,000 may be imposed.

156
Q 
Educational requirements of applicants for a real estate license are promulgated under what authority of the F.R.E.C?
A. Ministerial
B. Executive
C. Quasi-Legislative
D. Quasi-Judicial
A

B. Executive

157
Q

When is a request for the renewal of a license effective?

A

When received by the Department.

158
Q

When is a request for the renewal of a license effective?
A. When received by the Department
B. The day following expiration
C. On the date the application is mailed.
D. On the date indicated on the license.

A

A. When received by the Department.

159
Q

When does a real estate license expire?

A

On the date shown on the license.

160
Q

Approval of new commission rules are required by who?

A

No one.

161
Q 
Frank, a sales associate failed to complete required postlicense education prior to expiration of the license period. What is the the status of Franks license?
A. Active
B. Voluntary Inactive
C. Involuntary Inactive
D. Null and Void
A

D. Null and Void

162
Q 
Certificates entered into court evidence are
A. of no value
B. disqualified
C. prima facie evidence
D. proof of a fact
A

C. Prima Facie Evidence

163
Q

Violation of rules of the commission are prosecuted by which agency?
A. F.R.E.C
B. D.B.P.R
C. Florida State Attorney General
D. Sheriff of the county in which the violation occurred.

A

B. Department of Business and Professional Regulation

164
Q

A sales associate is emplyed by a broker Monday through Friday and for a builder on weekend. The sales associate feels the added experience is beneficial especially since both employers pay an attractive commission split. Which statement is correct?
A. The sales associate must obtain a group license
B. Multiple licenses are required in this situation
C. This arrangement violates the license law.
D. This is permissible if both employers aree to the arrangement.

A

C. This arrangement violates the license law.

165
Q

An agent that is empowered to perform a single act on behalf of his or her principal has a ________ agency.

A

Special

166
Q

An agent whose continuing authority is limited to a single trade or business has a __________ agency.

A

General

167
Q

A sales associate is a __________ of a brokers Principle.

A

Sub Agent

168
Q

A Licensee can create an agency relationship _______ or ________.

A

Accidently or Inadvertently

169
Q

Before showing a property, allowing a buyer to sign an offer to buy, or a seller to sign a listing agreement, a licensee must provide the party with a written brokerage relationship form when acting in the capcity of a ________ _________ relationship.

A

Single Agency or No Brokerage

170
Q

A member of the public may select from one of the three options when working with a broker which are?

A
  1. Single Agency
  2. Transaction Broker
  3. No Brokerage Relationship
171
Q

In a nonresidential transaction, a broker may assign one or more sales associates to represent a buy and one or more sales associates to represent a seller in the same transaction as single agents if both parties have assets of _______ or more.

A

1 Million

172
Q

The consent to Transitionto Transaction Broker notice is require to be ________ or ________ for transition to occur.

A

Signed or Initialed

173
Q

If the principle refuses to sign or initial the consent to transition to transaction broker notice form, the broker is required to act as a __________ _______.

A

Single Agent

174
Q

Brokers are required to retain copies of all disclosure documents for transactions that have resulted in a contract being entered into for a period of at least ______ years.

A

5 Years

175
Q

The only brokerage relationship that includes fiduciary duties is the ________.

A

Single agent

176
Q

A licensee assigned by a broker to act as a single agent of a buyer or seller in a nonresidential transaction is title a _________ ________ ________.

A

Designated Sales associate.

177
Q

Brokers in a non residential sale are no required to use __________ __________.

A

Disclosure Forms.

178
Q

Licensees using words or actions that mislead a member of the publiccan result in the creation of an ________ _________.

A

Implied Agency

179
Q

Agency relationships are legally based on ________ and __________.

A

Trust and Confidence

180
Q 
Who owes fiduciary duties in an agency relationship?
A. The broker only
B. The Principal Only
C. Both Parties
D. Neither Parties
A

A. The broker only

181
Q

Which activity is NOT exempt from the requirement to provide disclosures under Brokeragerage Relationship Disclosure Act?
A. Sales Staff at a new development center
B. Showing Property to a party that is not being represented
C. A bona fide “open house” or model home showing that does not involve elicting confidential information, the execution of a contracual offer or an agreement for representation, or negotiations concerning price terms, or conditions of a potential sale.
D. Responding to general factual questions froma potential buyer or seller concerning properties that have been advertised for sale.

A

B. Showing Property to a party that is not being represented

182
Q 
As an agent a broker is employed by and acts on behalf of a
A. Buyer
B. Seller
C. Customer
D. Principal
A

D. Principal

183
Q

A general agency relationship exists when a
A. broker is employed to market a property
B. sales associate is working with a customer
C. sales associate is employed by a broker
D. broker is employed by a buyer

A

C. Sales associate is employed by a broker.

184
Q

Broker Frank just received an oral offer to purchase listed property. No earnest money accompanied the oral offer. Frank ..
A. Must present the offer
B. Should not present the offer since no earnest money deposit was received.
C. Must advise the customer an earnest money deposit is required to make an offer valid
D. should reject the offer on behalf of the seller.

A

A. Must present the offer.

185
Q

Define: “Transaction Broker”

A

A transaction broker is a broker that provides limited representation to both parties.

186
Q 
Which fiduciary duty would a broker breach by failure to advise a principal regarding the value of the owners property prior to accepting a listing?
A. Loyalty
B. Disclosure
C. Accounting
D. Obedience
A

B. Disclosure

187
Q 
Broker Frank sold a property listed with a Broker Alice. Frank was unable to attend the closing and Broker Alice collected the entire commission. Should Broker Alice refuse to pay Broker Frank his share of the commission, broker Alice could be charged with.
A. Failure to account
B. Collecting an overage
C. Commingling
D. Fraud
A

A. Failure to account

188
Q

Frank, an New Jersey broker accompanied a customer to Florida and met with broker Stan in his office in Miami. While Stan showed the customer property and obtained a binding contract for the purchase of a condominium, Frank took some time off and went to the gym. On returning to Stans office, Frank discovered stan had written a contract and demanded a share of the commision. Can Stan share the commission with Frank with out violating the Real Estate License Law?

A

Yes, Stan may share the commision with Frank.

189
Q

In an agency relationship an agent must
A. obtain the highest price possible
B. attempt to obtain the most favorable price and terms on behalf of the principal.
C. obtain the lowest price possible
D. negotiate the transaction to receive the highest possible commission.

A

B. attempt to obtain the most favorable price and terms on behalf of the principal

190
Q

When can an agent disclose confidential or harmful information about a principal?

A

Never.

191
Q

Which transaction is NOT included in the definition of a residential transaction?
A. Unimproved property intended for four united or less
B. agricultural properties of 10 acres or less
C. leases with options to purchase all portion of improved property of four or less residential units
D. dispositions of business interests involving property of five or more residential units.

A

D. dispositions of business interests involving property of five or more residential units.

192
Q

Both parties in a transaction can pay a broker a commission when
A. the broker has performed
B. both parties are aware of the dual commission
C. both parties are being represented by the broker
D. both parties agree to the dual commission

A

D. both parties agree to the dual commission

193
Q

Agency relationships in real estate are NOT controlled by
A. Chapter 475 F.S
B. Common Law
C. The Brokerage Relationshops Discolure Act.
D. The department of Financial Services.

A

D.The department of Financial Services.

194
Q

Policy and Procedures manuals are required by law in all Real Estate Offices. True or False

A

False, but useful in maintaining good relations.

195
Q

A broker has appointed two sales associate to act as agents ni a nonresidential transaction, or for the seller and one for the buyer. Which is correct?
A. This is an illegal dual agency
B. The sales associates are referred to as designated sales associates.
C. Buyer and Seller must have combined assets of $1million.
D. The F.R.E.C will revoke the license of the broker and both sales associates.

A

B. The sales associates are referred to as designated sales associates

196
Q 
Which relationship is NOT adversarial?
A. arms length
B. buyer beware
C. caveat emptor
D. fiduciary
A

D. fiduciary

197
Q

Fairness and honesty are required of all licensees in wich relationship?

A

Any real estate transaction

198
Q

The signature or initials of a party is required by the Brokerage Relationshop Disclosure Act on which form?

A

Consent to Transition to Transaction Broker

199
Q

A Broker
A. Can refuse offers on behalf of the principal
B. Can buy the listed property with out consent of the principal
C. must follow all legal instruction of the principal or withdraw.
D. must ignore the instruction of a principal when the instruction are not in the best interest of the principal.

A

C. must follow all legal instruction of the principal or withdraw.

Real Estate Exam (6 decks)

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