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Real Estate Sales Associate > Real Estate Licensing > Flashcards

Real Estate Licensing Flashcards

1
Q

List Real Estate’s 5 major sales specialties

A

Residential, Commercial, Industrial, Agricultural, Businesses

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2
Q

Approximately how much of the United State’s wealth is invested in real estate?

A

75%

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3
Q

If an association has more than ten units, or an annual budget greater than $100,000 the manager must hire a…

A

CAM (Community Association Manager)

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4
Q

What is the USPAP?

A

The Uniform Standards of Professional Appraisal Practice (USPAP) is a strict guide for appraisers in the performance of their duties.

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5
Q

What is a CMA?

A

Comparitive Market Analysis (CMA) will include asking prices of other comparable listed homes, the sale prices of other comparable properties for a likely appraisal value, and the offered price of expired listings to show overpriced homes.

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6
Q

What are most real estate associates classified as for tax purposes?

A

1099 - Independent Contractor

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7
Q

Standards for houses in a neighborhood regarding style, size, and construction are in the
a. restrictive covenants
b. zoning codes
c. recorded plat map
d. county building code

A

a. restrictive covenants

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8
Q

Local Government affects primarily the use and taxation of real estate in areas such as…

A

subdivision plat approval, land use planning, building codes, building permits, zoning codes, and property taxes

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9
Q

State Government influences real estate through…

A

coastal setback lines, endangered lands, collection of documentary stamp and intangible taxes on real estate transactions, and regulation of real estate agents, mortgage brokers, title closing agents, contractors, property insurance, and surveyors

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10
Q

The Federal Government influences real estate through its monetary and fiscal policies in the…

A

Federal Reserve Board (FRB), Consumer Financial Protection Bureau, Dept of Housing and Urban Dev’t (HUD), Dept of Veterans Affairs,Environmental Protection Agency (EPA), and Internal Revenue Service (IRS)

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11
Q

Which Florida Statute covers real estate license law?

A

Florida Statute 475

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12
Q

List 4 parts of FL Statute 475

A

Part I - establishes FREC
Part II - establises the FL Real Estate Appraisal Board
Part III - Commercial Real Estate Sales Commission Lien Act
Part IV - Commercial Real Estate Leasing Commission Act

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13
Q

What law lays out the rules of the FREC?

A

Chapter 61J2, FL Administrative Code

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14
Q

Requirements for Real Estate License Applicants (7)

A

Age (18yo)
Education (High School Diploma)
Background Disclosures (any arrests)
Citizenship (not required to be US Citizen)
Residency (Not required to be FL resident)
Immigrant status
SSN (required)

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15
Q

Florida Real Estate Commission is primarily a…

A

Consumer Protection Agency

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16
Q

True or False A person who knowingly signs a false affirmation when applying for a license has committed perjury.

A

TRUE

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17
Q

An application for a real estate license expires in…

A

two years.

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18
Q

Who is exempt from the broker pre-license education requirements?

A

Members of the FL Bar and those with a 4-year degree in Real Estate.

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19
Q

A licensee applicant who lives in a state that has mutual recognition agreement with FL must complete which requirements?

A

Pass the 40-question exam on FL laws.

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20
Q

What are the eight (8) services a real estate agent provides?

A

advertise real estate services, appraise, auction, buy, exchange, lease, rent, or sell

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21
Q

Unlicensed persons who perform one of the eight services of real estate for another person for compensation is guilty of…

A

a 3rd degree felony.

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22
Q

Caveat Emptor means…

A

“Buyer Beware”

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23
Q

The maximum fine that can be levied by DBPR is…

A

$5,000

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24
Q

The Secretary of the DBPR is…

A

appointed by the governor and approved by the Senate.

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25
Q

The FREC has the power and duty to…

A

adopt a seal, foster education, conduct or approve real estate educational courses, enact rules and regulations, inspect and audit, discipline licensees, report criminal violations of Chapter 475 to the State Attorney, and inform the Div. of FL Land Sales, Condominiums, and Mobile Homes when disciplinary action is taken against its licensees.

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26
Q

Members of the FREC may serve a maximum of…

A

two four-year terms.

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27
Q

The FREC is comprised of…

A

4 licensed brokers with 5+ yrs experience, one licensed broker or sales associate with 2+ yrs experience, two members who are not and have never been licensed, and at least one of these 7 members must be 60+ years of age.

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28
Q

What are the real estate license expiration/renewal dates?

A

March 31 or September 30

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29
Q

What if your license has been involuntarily inactive for more than 12 months?

A

Must complete a 28-hour reactivation education course

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30
Q

What if you fail to renew your license before the renewal date?

A

Your license goes to involuntary inactive status and the person has only two years before the license becomes void.

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31
Q

Agents perform fudiciary duties for…

A

the principal/client.

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32
Q

Dual Agency

A

Practice of a broker representing both the buyer and the seller in the same transaction. Florida law prohibits dual agency.

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33
Q

The law defines “residential sales” as the sale of…

A

improved residential property of four units or less, unimproved residential property intended for 4 units or less, and agricultural property of 10 acres or fewer.

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34
Q

If a broker wants to establish a brokerage relationship, the three relationships authorized by FL law are…

A

single agent, transaction broker, and designated sales associate

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35
Q

All licensees have three basic duties to customers, regardless of who they represent…

A

fair and honest dealing, disclosure of known facts that affect property value, and accounting for all funds

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36
Q

Florida law presumes licensees are working as…

A

transaction broker.

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37
Q

To have a No Brokerage relationship the licensee must…

A

give the person a no brokerage relationship notice before showing a property or entering into an agreement for representation.

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38
Q

Single Agent duties… (9)

A

dealing honestly and fairly
loyalty
confidentiality
obedience
full disclosure
accounting for all funds
skill, care, and diligence in the transaction
presenting all offers in a timely manner
disclosing all known fact affecting value

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39
Q

Legal requirements for Designated Sales Associate status are that…

A

non-residential property, buyer and seller sign statement that he/she has assets in excess of $1 million, buyer and seller request this form of representation, give parties designated sales associate notice and a single agent notice.

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40
Q

Disclosure documents under the Brokerage Relationship Disclosure Act must be retained by the broker for…

A

5 years.

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41
Q

Broker Office Requirements

A

Entrance sign, principal office registered with DRE, must be permanent, and have at least one enclosed room

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42
Q

In regards to the immediate deposit of funds, “Immediately” means…

A

by the end of the next business day.

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43
Q

Broker must immediately deposit funds into the escrow account. “Immediately” in this context means…

A

no later than end of 3rd business day after the customer first gave the funds.

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44
Q

In situations where a broker has good-faith doubt, or there are conflicting demands on the escrowed funds, broker must give written notice to the FREC within…

A

15 business days.

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45
Q

FREC Settlement Procedures

A

MEAL (Mediation, Escrow Disbursement Order, Arbitration, and Litigation)

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46
Q

8 Steps in the DBPR Disciplinary Process

A
  1. Filing the complaint
  2. Investigation
  3. Probable Cause
  4. Formal complaint
  5. Informal proceeding
  6. Formal hearing
  7. Final Order
  8. Judicial Review (appeal)
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47
Q

A broker has notified the FREC about conflicting demands for funds in the broker’s trust account. If the parties agree, the broker may submit the matter to a nonjudicial procedure that will result in a decision that will be legally binding on all parties, called…

A

arbitration

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48
Q

Which is correct about a brokerage firm that changes its address?
a. Must notify FREC within 5 days
b. Must stop operating until the FREC has been notified of the move.
c. Must notify FREC within 15 days.
d. Must dotify FREC within 30 days.

A

b. Must stop operating until the FREC has been notified of the move.

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49
Q

A notification of noncompliance requires…

A

the infraction to be corrected within 15 business days.

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50
Q

Citations must be…

A

paid or disputed within 30 days.

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51
Q

Falsifying an application for real estate license is…

A

a third degree felony.

52
Q

The maximum term for suspension is…

A

10 years.

53
Q

A sales associate works for a broker whose license has just been suspended. The sales associate’s license status is…

A

(involuntary) inactive.

54
Q

Payments from the Real Estate Recovery Fund are a maximum of…

A

$50,000 from any one transaction
$150,000 from multiple judgments/transactions for one licensee.

55
Q

Brokers who want to form a corporation should consider the income tax effects of this choice

A

C Corporation

56
Q

Ostensible partnerships are also called

A

quasi-partnerships

57
Q

A sales associate who leaves the employ of a broker has how long to report this change to DBPR?

A

10 days

58
Q

Business entities that may be registered as brokerage firms include…

A

sole proprietorship, general partnerships, limited partnerships, corporations, limited liability companies, and limited liability partnerships.

59
Q

For first-time, minor violations, DBPR will issue…

A

a notification of noncompliance.

60
Q

Citations require payments of what amount, due in how much time?

A

$250-$1,000 paid in 30 days

61
Q

Which Act expanded the law to prohibit discrimination in housing based on disability or on family status?

A

1988 Fair Housing Amendments Act

62
Q

Parking areas should have one accessible space for every ___ total regular parking spaces.

A

25

63
Q

When is it acceptable for a owner to commingle funds for security deposits/advance rent?

A

if he/she posts a surety bond w/ the clerk of court for the total amount of the deposits and advanced rents (or $50,000, whichever is less), and pays the tenant 5% annual simple interest. Option is only for owners…not brokers.

64
Q

When a tenant vacates a property, how long does the landlord have to return the security deposit?

A

15 days

65
Q

If a landlord intends to impose a claim on the deposit, they must notify the tenant in writing within how many days?

A

30 days

66
Q
A
67
Q

What is a ‘writ of possession’?

A

document issued by the clerk which allows the Sheriff to evict a tenant.

68
Q

Within how many days must a landlord notify an active military service member who applies for a rental that the application was either approved or denied?

A

7 days

69
Q

What is the statute of limitations for persons filing a discrimination complaint with HUD?

A

One year.

70
Q

A ramp is designed to be three feet high. How many total feet of length must the ramp have?

A

36 feet

71
Q

Definition of real property or real estate.

A

any interest or estate in land and any interest in business enterprises or business opportunities, including any assignment, leasehold, sublease hold, or mineral right; does not include cemetery lots or mobile homes and mobile home lots.

72
Q

Real Property

A

Real property is land and improvements on the land. If an item is not real property it is personal property.

73
Q

Personal Property

A

Personal property usually consists of items having a limited life, and which are easily movable from one place to another. Also called chattel or personality.

74
Q

When a contract doesn’t state whether an item is to be considered real property or personal property, and the parties disagree about whether it should be included, sometimes the courts apply these four tests.

A

IRMA
Intent of Parties
Relationship /agreement
Method of attachment
Adaptability of the item

75
Q

What does IRMA stand for?

A

Intent of the Parties
Relationship or agreement of the parties
Method of Attachment
Adaptability of the item

76
Q

The three criteria for determining whether an item is a fixture are…

A

intent, method of attachment, adaptation

77
Q

What is a freehold estate?

A

Ownership of the land, often called fee, fee simple, and fee simple absolute.

78
Q

What is a voluntary life estate?

A

A life estate conveys only for the life of the owner. At the owner’s death, the property goes either to a remainderman or reverts to the grantor (who would have a “reversion estate”.)

79
Q

If a child deeds a home to their parents to live in until their end death, and then the home reverts back into the child’s ownership. What type of Estate is this?

A

Reversion estate

80
Q

Person who benefits from a voluntary life estate that is not set up as a reversion estate is called…

A

remainderman

81
Q

What are the three types of co-ownership?

A

Tenancy in common
Joint tenancy
Tenancy by the entireties

82
Q

What is Joint Tenancy?

A

exists when one or more persons have an undivided interest in a property. When one partner dies, his/her share automatically passes to the other parties on the deed.

83
Q

In order to have Joint Tenancy, all parties on the deed must have…

A

the same right of possession, the same degree of interest, purchase made at the same time, all parties on the same title (deed), and specific wording on the deed providing survivorship.

84
Q

What is Separate Property?

A

property owned by a person before marrying, or inherited by a person before marriage.

85
Q

What is a Legal Life Estate?

A

If the sole owner of a homestead dies without a will (interstate), the spouse is not on the deed and there are children the spouse will receive a Legal Life Estate.

86
Q

What is Tenancy by Entireties?

A

property ownership by marriage. Neither owns the property. The death of one party makes the spouse the immediate owner of the property through survivorship. If the deceased has willed the property, it will have no effect.

87
Q

Name the three categories of leasehold estates…

A

tenancy for years
tenancy at will
tenancy at sufferance

88
Q

How are cooperatives organized?

A

As corporations. Buyers receive stock of ownership and proprietary lease to occupy the property.

89
Q

What is a buyer’s right of recision?

A

Buyers of new coops may cancel within 15 business days. Buyers of resale coop properties have 3 business days to cancel.

90
Q

Private party sellers (resale) must provide these documents to the buyer of a co-op property.

A

current copy of the articles of incorporation, the bylaws, the rules of the association, and the Q&A sheet.

91
Q

What are Common Elements?

A

common areas are undivided fractional shares of the structure and land owned by each unit owner. Examples are lobby, swimming pool, elevators, gym, etc.

92
Q

Do condominium buyers have the right of recission after signing a purchase contract?

A

Yes. 15 days for new construction, 3 days for existing

93
Q

What are the required disclosures for condominium sales?

A

for developer of condo with 20+ units, they must give buyers: a prospectus and an estimated operating budget.
For private party sellers (resale) they must give buyers the most recent year-end financial reports, rules of the condo assoc., and a governance form describing board of directors and owners’ rights.
All must provide: declaration of condo, articles of incorporation, bylaws of condo assoc., and FAQ sheet

94
Q

What are the three types of Timeshare ownership?

A

Time share estate (get deed)
Time Share license (get lease)
Club membership (rights to reserve)

95
Q

when two parties enter a contract to sell/purchase real estate the seller has _______ title, and the buyer has ________ title until all requirements of the contract are fulfilled.

A

seller has legal title
buyer has equitable title

96
Q

The bundle of rights that evidence ownership of real property are called the…

A

title.

97
Q

A transfer of ownership rights is called…

A

alienation.

98
Q

The person who dies with a will is said to have died…

A

testate.

99
Q

Name the ways an owner may lose title to real property involuntarily

A

descent
escheat
eminent domain
adverse possession

100
Q

Descent

A

When a person dies intestate (no will), FL probate law controls how the property is to be distributed to the heirs.

101
Q

Escheat

A

When an unmarried person dies intestate without being survived by any relative, the property escheats to the state.

102
Q

Eminent Domain

A

the power of the government to take private property for public use by paying the owner a fair price.

103
Q

Legal description

A

a method of describing the exact location of real estate.

104
Q

Surveys provide 4 crucial pieces of information…

A

Locate boundaries
Develop Legal description
Identify encroachments
Calculate area of the land

105
Q

The term metes refers to

A

distance

106
Q

What is the maximum number of degrees in a Legal description?

A

90 degrees

107
Q

The first call of a Legal description is always…

A

North or South

108
Q

How large is a section of a township?

A

1 sq. mile,
640 acres
43,560 sq. feet

109
Q

Who is able to prepare deeds, mortgages, promissory notes or other legal documents?

A

Attorneys

110
Q

If a real estate agent prepares a promissory note for their client, they have…

A

committed a 3rd degree felony.

111
Q

A contract for illegal purposes is considered…

A

void.

112
Q

What is an agreement and what must there be?

A

An agreement is a meeting of the minds. There must be an offer, an acceptance, and communication of the acceptance.

113
Q

Bilateral contracts

A

requires both parties to perform. Contract for the sale of real estate is a bilateral contract.

114
Q

When may a buyer withdraw their offer?

A

At any time before the seller accepts it and communicates the acceptance to the buyer.

115
Q

(8) Ways an offer is Terminated

A

Acceptance
Rejection
Counteroffer
Withdrawal by offeror
Lapse of time
Insanity
Death
Destruction of property

116
Q

(4) Methods of Terminating Contracts

A

Performance
Impossibility of performance
Rescission
Operation of law

117
Q

When one of the parties to a contract fails to perform as promised, that party has…

A

breached the contract

118
Q

(4) Legal remedies for breach of contract are…

A

Rescind the contract
Require specific performance
Sue for compensatory damages
Sue for liquidated damages

119
Q

When may a broker accept an offer for their client?

A

if they have power of attorney

120
Q

When a listing agreement requires the broker to effect a sale, this means…

A

the broker must not only find a ready, willing, and able buyer, but the sale must close for the broker to be entitled to a commission.

121
Q

If the listing is in writing, the broker must give the seller a copy within…

A

24 hours.

122
Q

Normally the seller agrees to pay the broker either a percentage of the sale price or a fixed dollar amount. This type of listing is called…

A

a Net Listing.

123
Q
A
124
Q

Speculative (SPEC) Building means

A

the builder will build a house based on his/her best guess of what buyers will want.

125
Q
A

Real Estate Sales Associate (1 decks)

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