Real Estate Quiz 4

Question 1

As defined by the Florida Statutes, a transaction broker means a broker who
Select one:
a. provides limited representation to a buyer, a seller, or both, in a real estate transaction
b. does not represent either in a fiduciary capacity or as a single agent
c. provides no representation to a buyer, a seller, or both, in a real estate transaction
d. a and b but not c

Answer 1

limited representation to a buyer, a seller, or both, in a real estate transaction

Question 2

One important right that may or may not be allowed the lessee is
Select one:
a. the option to purchase
b. the ability to create a sublease or to assign the lease
c. the ability to create more than a 1 year term
d. the return of a security deposit

Answer 2

the ability to create a sublease or to assign the lease

Question 3

Mortgage Bankers originate mortgage loans and resells them to
Select one:
a. mortgage warehouses
b. other banks and lending institutions
c. secondary mortgage lenders like Fannie Mae or Freddie Mac
d. primary mortgage lenders like savings and loan associations and large national commercial banks

Answer 3

secondary mortgage lenders like Fannie Mae or Freddie Mac

Question 4

The Civil Rights Act of 1964 is the premiere civil rights legislation that seeks to prohibit discrimination against
Select one:
a. race, creed, color, religion, or national origin
b. race, color, religion, sex or national origin
c. race, creed, color, sex or national origin
d. race, creed, color, or national origin

Answer 4

race, color, religion, sex or national origin

Question 5

Electrical circuits have three components
Select one:
a. main, path and load 
b. source, path and load 
c. conduit, path and load 
d. conductor, path and load

Answer 5

source, path and load

Question 6

According to Chapter 475.483 (2), a person is not qualified to make a claim for recovery from the Real Estate Recovery Fund if
Select one:
a. such person is a broker or sales associate who is required by a court of competent civil jurisdiction to pay monetary damages due to a distribution of escrow monies which is made in compliance with an escrow disbursement order issued by the commission
b. such person is a licensed broker or sales associate who acted as a single agent or transaction broker in the transaction that is the subject of the claim
c. the judgment is against a real estate brokerage corporation, partnership, limited liability company, or limited liability partnership
d. b and c but not a

Answer 6

b and c but not a

Question 7

Which would NOT have to be in a deed?
Select one:
a. Grantor's signature 
b. Legal description 
c. Words of conveyance 
d. Date

Answer 7

Date

Question 8

As defined by the Florida Statutes, a transaction broker means a broker who
Select one:
a. provides limited representation to a buyer, a seller, or both, in a real estate transaction
b. does not represent either in a fiduciary capacity or as a single agent
c. provides no representation to a buyer, a seller, or both, in a real estate transaction
d. a and b but not c

Answer 8

provides limited representation to a buyer, a seller, or both, in a real estate transaction

Question 9

Upon request a licensed broker may be issued additional licenses as a broker, but not as a
Select one:
a. broker-salesman 
b. sales associate 
c. limited liability partnership 
d. a and b but not c 
Feedback

Answer 9

The correct answer is: a and b but not c

Question 10

If a licensee does not renew his/her license within the prescribed period, the license will
Select one:
a. remain active for 30 days and then become inactive for 2 years if not renewed
b. become inactive for a maximum period of 2 years
c. be automatically suspended
d. have to take the State exams again if not renewed within 60 days

Answer 10

become inactive for a maximum period of 2 years