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Fl Real Estate Exam > Study guide > Flashcards

Study guide Flashcards

0
Q

SG Q:2- Understand who can use the term Realtor…

P.10 grey box

A

Anyone who is a member of the associations Florid Realtors or National Association of Realtors ( or local realtors association. ) If broker is not associated with them the sales associate can not apply.

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1
Q

SG Q:1- understand how a sales associate can be compensated for preparing a BPO?
P. 7 line 26-31

A

Sales assoc. can only be compensated by his/her Broker. All payments for BPO go through Broker.

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2
Q

SG Q:3- Explain 4 parts of Chapter 475 FS..

P.17

A

Part I - Real Estate Brokerage licensees are responsible for knowing the provisions of CH. 475 Part I.

Part II - real estate appraisers - FREAB certified and licensed

Part III- Commercial RE Sales commission Lien ACT

Part IV - Commercial RE Leasing Lien Act.

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3
Q

SG Q:4- understand the notification requirements for a licensee who is found guilty of a crime..
P.17 20-23 grey box p.19

A

Notify the DBPR within 30 days of the conviction, findings of guilt, plea adjudication of a crime regardless of where event occurred.
ANY CRIME. ANYWHERE.

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4
Q

SG Q:5 - Understand the requirements to have a social security number for all applicants?

A

Required on application. Name Full Length as it appears on SS card. Disclosure determines if applicants are in compliance with child support obligations.

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5
Q

SG Q:6 - what are the experience requirements of an individual applying to be a licensed broker?

Page 28 lines 14 through 25

A
  1. Associate must hold an associates license under one or more brokers for at least 24 months in the past five years preceding application.
  2. Applicant held active sales associate license while working as a salaried employee for the government.
  3. Applicant held in active broker license in another state or any foreign Jurisdiction for 24 months for five years preceding application.
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6
Q

SG Q:7- know who is and who is not exempt from licensure.

P.31

A
  • Property owners
  • Corporations, partnerships, trust and joint ventures.
  • managers of condos and cooperative apartment complexes renting individuals units no longer than one year.( CAM license required for community associations.)
  • owner developer (no commission)
  • Government agencies
  • businesses selling radio TV or cable time
  • sellers of cemetery lots
  • Mobile park and recreational travel parks
  • attorneys at law
  • CPA accounting duties
  • Power of attorneys (attorneys in fact)
  • owner of time shares
  • State certified license real estate appraisers
  • Court appointed acting in limits of duties
  • Hotel and motel clerks
  • federally regulated banks
  • apartment property owners managers on salary (finders fees no more than $50)
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7
Q

SG Q:8- know composition of the FREC

A

4 - brokers licensed for at least 5years

1- sales associate or broker licensed for two years

2- non-licensed consumer members

Note* one of the seven members required to be over 60 years old

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8
Q

SG Q:9- understand which branch of the state of government the
DBPR falls under.

P. 42 11-13

A

Under the executive branch of the governor

Appointed by Governor

Confirmed by state Senate or (Florida state Senate)

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9
Q

SG Q:10 - understand how the secretary of DBPR is appointed and confirmed.

P.42 17-21

A

Appointed by Governor

Confirmed by State Senate

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10
Q

SG Q:11 - Under what circumstances a temporary license would be issued?

P.45. 26-29

A

For Spouses of active duty Armed Forces member who is assigned duty in Florida. Spouse must hold a license in another state or foreign jurisdiction, nonrenewable and expires in six months - (proper time to get the Florida real estate license.)

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11
Q

SG Q:12 - understand who would be considered a general agent.

page 57 line 3-8

A

Authorized by principal to perform acts with continued operations of a particular job or certain business for the principal.

Example: sales agent is a general agent to his or her broker

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12
Q

SG Q:13 - know the definition of residential real estate under Chapter 475 F.S.?

P. 58 line 39-44

A
  • Improved residential property of four or less units.
  • Unimproved residential property intended for use as four or less units.
  • Agricultural property of 10 or fewer acres

Note* 1 acre = 43,560 sq feet

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13
Q

SG Q:14 - understand the duty of limited confidentiality.

P.59 line 39-44

A

Only applies to buyer and seller is using the same broker.

Sales associates cannot disclose the following:

PRICE
Motivation
TERMS of financing

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14
Q

SG Q:15 - understand when a licensee would represent a principal as a fiduciary?

Page 60 line 14–20

A

Only in single agent relationships.

Terms principal and fiduciary are single agent relationships.

  • dealing honestly
  • loyalty
  • Confidentiality
  • Obedience
  • skill and care due diligence in transactions
  • accounts all funds
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15
Q

SG Q:16 - understand what must and what may be included in an associate’s advertising.

Page 83 lines 1–20

A
  • all ads must include brokerage firm name
  • last name as registered with
    DBPR
  • Licensees nickname listed under legal name
  • note- brokerage firms address and phone number are not required in ads
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16
Q

SG Q:17 - when must the sales associate deliver earnest money deposits to the broker and when must a broker deposit money?

P.86

A

Day 0 - sales assoc. receives money..

Day 1 - must be handed over to the broker by the next business day.

Day 2 / 3 - The broker must deposit funds into an escrow account but handed over to a title company or attorney by the end of the third Business day.

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17
Q

SG Q:18 - The procedure that must be followed when placing earnest money with the title company or attorney.

P. 88 line 24-38

A

Step 1- The real estate licensee who prepare the sales contract must indicate on purchase and sales agreement the title company’s name or attorneys name, address and phone number.

Step 2- no later than 10 Business days after Each deposit is due under the terms of the contract, The licensees broker must request written verification of receipt of deposit. Must be in writing!!

Note: if the deposit is held by a title company or attorney, must be in writing by the seller or sellers agent the verification is waived.

18
Q

SG Q:19- understand how buyer and a seller may resolve a contract issue dispute.

P. 90 lines 31-46

A

1- MEDIATION a informal, nonadversarial process intended to reach a negotiated settlement NON-Binding …. 90 days to settle
(or follow next 2 steps)
2- ARBITRATION with written prior consent of all parties, matter is submitted to disinterested 3rd party. Each side present their case to a third-party who makes a binding judgment in favor of one side or the other. (Agreed ahead of time to abide by third-party final judgment)
3- LITIGATION all parties may file a lawsuit so that the matter can be resolved in a court of law. Two forms of litigation.

A. Interpleader: deposit funds into court registry if broker has no claim. The broker can then walk away from the case. The issue is then argued in court.

B. Declaration judgment: if broker thinks he has a claim on the funds judge declares each parties rights to escrow amount.

19
Q

SG Q:20 - know the exceptions to notification requirements for broker who has conflicting demands on an escrow account.

A
  1. Brokers who are interested with earnest money deposit concerning a residence for sale contract use by HUD in the sale of HUD owned property are exempt from the notice and settlement procedures of chapter 475 FS. In such cases the broker is required to follow HUD’s agreement to abide, broker participation requirements.
  2. If the buyer of a residential condominium unit timely delivers to a license written notice of the buyers intent to cancel the contract as authorized by the condominium act, The licensee may return the escrowed property to the purchaser without notifying the commission or initiating any of the settlement procedures. * also see Chapter 8 page 177
  3. If a buyer a real property is good faith fails to satisfy the terms specified in the financing clause of a contract for sale and purchase, licensee may return the escrow fund to the purchaser without notifying the commission or initiating any of the settlement procedures. Not required by law licensees are cautioned that they may be exposing themselves to civil liability if they release escrow funds without first getting the parties to agree as to who is entitled to the funds. The Florida realtors Association has developed preprinted forms that can be used to obtain the written permission of all parties to release escrow funds.
20
Q

SG Q:21- Which business entities may not register as a broker?

Page 104 lines 1-6

A
  • Corporation sole (SOUL)
  • joint venture (usually temporary arrangement)
  • Business trust ( money put together to buy develop or sell real estate)
  • cooperative Association (permitted to conduct commercial business to buy, develope or sell buy its own property)
  • Unincorporated associations permitted to conduct commercial business to convey buy or sell property but it cannot be registered as a real estate broker.
21
Q

SG Q:22 - know how a licensed personal assistant may be compensated.
P. 104 line 1-6

A

I licensed assoc maybe registered under an employing broker and can be compensated for brokerage activities.- BUT A sales associate may pay the license personal assistant for non-brokerage activities on salaried or hourly basis. A “sales associate “ may not compensated A personal assistant for brokerage activities that require a license.

22
Q

SG Q:23 - be able to identify examples of moral turpitude.

P. 113 21- shaded box

A

Mark turpitude involves conduct contrary to honesty, good morals, justice or accepted custom.

Embezzlement
Crimes of larceny
- including writing bad checks

23
Q

SG Q:24 - understand when a stay of enforcement would be requested and the effect.

Page 119 lines 36-41
Page 120 1-2

A

A stay of enforcement, if granted, stop the enforcement of a suspension or revocation in the final order pending the outcome of an appeal process.
To obtain a stay of final order, the District Court of Appeals must issue a Writ of Supersedeas, which is an order issued by the court containing command to stop, in this case the DBPR from suspending or revoking of real estate license pending the outcome of the process.

24
Q

SG Q:25 - how does a licensee object or appeal a citation issued in error? (By the DRE)

Page 124 lines 23–29

A

Licensees receiving a citation have 30 days to accept or reject the legend violations.

If I licensee does not dispute them out of the citation penalty will become effective (final order) the case will be closed.

Licensees who disputes alleged violations must file a written objection, the licensee is allowed to state his case based on its merits will have the case dismissed or carried forward to a formal hearing.

If the licensee fails to pay the fine in a timely manner the FREC will file an administrative complaint.

25
Q

SG Q26: Know which penalties that FREC cannot administer.

Page 124 lines 30–33

A

The FREC is limited to issuing administrative penalties on real estate licensees.

The commission cannot issue a penalty of incarceration.

FREC does not have the authority to order restitution to an injured party.

If the acts of a licensee harm a consumer the injured party may seek damages in the court of law.

26
Q

SG Q:27 - know what the only first-degree misdemeanor pertaining to real estate brokerage is in the penalties involved.

Page 124 and 125 lines 44 through two

A

There’s only one violation of real estate licensees that pis a first-degree misdemeanor:

Failing to provide accurate or current rental information for a fee.

penalty: The penalty for first-degree misdemeanor is a fine of not more than $1000 and/or up to one year in jail.

27
Q

SG Q:28 - know what will be awarded from real estate recovery fund when a licensee has complied with an EDO. (Esco disbursement order)

Page 127 lines 11–25

A

escrow disbursement order (EDO)

If the broker has complied with that EDO and later required by a court of law to pay damages as a result of legal actions taken by the buyer or seller in a transaction…

The FREC is authorized to order reimbursement to the broker for the amount of judgment against the broker up to $50,000.

No disciplinary action will be taken against the broker who had previously requested an EDO and followed its instructions. No repayment to the fund is required and the brokers license will not be suspended.

28
Q

SG Q:29 - Know the activities that are prohibited under the fair housing laws.

Page 142 lines 25–39

A
  • steering- channeling home seekers to or away from particular neighborhoods that are members of protected class
  • blockbusting- speaking of or stating of rumors of an entry of a protected class into neighborhood to persuade homeowners to sell
  • redlining- denying loans or insurance coverage by a lender or an insurer that present different terms or conditions for homeowners in certain neighborhoods
  • refuse to rent so negotiate with or deal with a member of a protected class
  • Quote Different terms conditions or privileges for buying or renting
  • Advertise that housing is available only two people of certain race color religion sex national origin handicap status or family status
  • Deny membership in or use of any real estate service, broker’s organization or multiple listing service
  • make false statements concerning the availability of housing for inspection rent or sale
29
Q

SG Q:30 - know who a developer of 100 or more lots must register with.

Page 146 lines 40–41

A

HUD - The Department of Housing and Urban Development

30
Q

SG Q:31 - what lenders disclosure requirements under RESPA.

Page 150 and 151
Lines 23 -32 Lines 1–7

A

(RESPA disclosures at time of loan application or within three Business days)

  • Special information booklet *developed by the Department of Housing and Urban Development
  • The good faith estimate GFE
  • closing settlement costs, listing the charges the buyer is likely pay at closing.
  • servicing disclosure settlement- *which discloses the borrower whether the lender intends to service alone or transferred to another lender or servicing company
31
Q

SG Q:32 - Know the rules for holding security deposits and advance rents as they apply to an owner managing their own properties.

Page 153 line 23–38

A

Security deposit is typically paid to guarantee that the property will be left in good condition.

Rent in advance is often paid typically the last months rent.

When the money is given to a landlord as a security deposit or advancement the landlord is obligated to account for such deposits in one of three ways.

1) all the money in a separate non-interest-bearing Florida bank account and not commingle, hypothecate (that is pledge as security for debt) or used any such funds until due to the tenant
2) hold the money in a separate interest-bearing Florida bank account and pay the tenant at least 75% of any annualized average interest rate of 5% per year simple interest, and not commingle hypothecate or use any such funds until due to the tenant.
3) post a security loan with the clerk of court in the county in which the rental property is located in the total amount of the security deposit in advance rents or $50,000 whichever is less. And pay the tenant 5% per year simple interest. Landlords who choose this method are not obligated to place the funds (deposits) into a special account.

32
Q

SG Q:33 - understanding of notification requirements for a landlord regarding security deposits at the end of the lease.

P. 155 lines 1-12 and grey box

A
  • the Landlord has 15 days to return the security deposit and any accrued interest if applicable, provided the landlord does not intend to make a claim on the security deposit
  • The landlord has 30 days to notify the tenant if the landlord intends to impose a claim on the deposit

Grey box

  • within 30 days the landlord must notify the tenant in writing of which method is used to hold the tenants deposit
    1) non-interesting bearing FL bank
    2) interest bearing Florida Bank
    3) posted bond
  • 15 days to notify if the landlord does not intend to make a claim on the security deposit the landlord has 15 days to return the security deposit.
  • 30 days if the landlord is making a claim and the deposit the landlord has 30 days to notify the tenant of the claim
  • 15 days after receiving written notice of the landlords claim on deposit is the tenant has 15 days to object in writing of the claim
33
Q

SG Q:34 - define the terms associated with water rights.

Page 166 gray box

A

1) Accretion: The process of land build up from waterborne rock, sand or soil.
2) Alluvion: New deposits of land as a result of accretion, Alluvion and deposit commonly occurring at the mouth of rivers. The land owner is entitled to all new soil deposits.
3) erosion: gradual loss of land due to natural forces. A land owner may lose land to the natural process of erosion.
4) Reliction: gradual receding of water, uncovering additional land. The new land usually belongs to the land owner of the area that was previously covered by water

34
Q

SG Q:35 - Know the four test to identify fixtures.

Page 167 line 1 through 28

A

IRMA

I - intent of the parties
R- relationship between parties
M- method of Annexation
A- adoption of the article

Intent of parties - intent of the party placing an article on or in real property.

Relationship between the parties- all except trade fixtures are brought to court for judgement.

Method of annexation- if fixture removal causes damage the property

Adoption of the article- what the article was designed for necessary to with a normal use of the specific property if the item is adopted or custom built to fit the property, determined as fixtures.

35
Q

SG Q:36 - Know the notification period for “tenancies at will”.

Page 170 lines 18–30

A

Tenancy at will : is a leasing agreement that has a beginning date but no fixed termination date such as a week to week or a month-to-month agreement.

Florida statute refers to this as tenancies at will without specific term.

Tenancies at will can have a written or oral agreement.

Notice for termination of tenancy at will is set in statute based on the time interval between rent payments.

ANSWER:

 - week to week – 7 days notice
 - month-to-month – 15 days notice

Note: other actions that will terminate the tenancy at will include sale of property or the death of owner or renter.

36
Q

SG Q:37 - understand the characteristics of a tenancy in common.

Page 171 lines 1–11

A

One or more persons wish to share an ownership of a single property they may choose to do so as tenants in common.

It’s the most frequently used form of coownership except for husband-and-wife ownership.

Tenants-in-common may acquire title at different times or at the same time.

Tenants-in-common may own an undivided interest in property. Undivided interest is an interest in the entire property rather than ownership of a particular part of the property.

37
Q

SG Q:38 - what types of delinquent debt can and cannot result in a forced sale of homestead property?
Page 173 line 6–10

A

Homestead property is protected from forces sale due to judgment liens for debts owed by personal loans credit card debt and so forth..

Homestead protection does NOT prevent foreclosure for nonpayment of property tax, special assessments, mortgages, vendors liens or construction lien secured with the homesteaded property.

38
Q

SG Q:39 - Understand the amount of property that is protected by Homestead.

Page 173 11–13

A

The size of homesteaded property is restricted to 160 acres of contiguous land and improvements outside a municipality( city ) or up to 1/2 acre of contiguous land and improvements of the property is located within the city.

39
Q

SG Q:40 - what must a developer of 20 or more condominium units provide to a purchaser?

Page 176 lines 31–41

A

Developers of 20 or more new residential units must also prepare A prospectus and file it. A copy should be given to the prospective purchasers. A prospectus summarizes some of the major points detailed in the condominium documents. The developer must include a disclosure in the sale contract stating that the buyer of a new residential unit may cancel the contract within 15 calendar days of signing the contract and of receipt by the buyer of the condominium documents. The commission requires licensees who advertise, list for sale, or so time show units to provide additional disclosures in the listing contract, advertisements and contracts for sale and purchase.

40
Q

SG Q:41 - Understand the characteristics of a lender’s title insurance policy.

Page 190 lines 42–48

A

Lender title policy is issued for the unpaid mortgage amount.

The lenders policy or mortgagee policy protects the lender against title defects.

Unlike the owners title insurance the lenders title insurance is transferable.

If the mortgage lender sells the mortgage to another investor the title insurance is assignable to the new mortgagee.

The lender policy will protect the new owner of the mortgage up to the unpaid balance of the mortgage loan.

most lenders require lenders title insurance as a condition of issuing a mortgage loan.

41
Q

SG Q:42 - know the requirements for a valid deed.

Page 191 lines 2–7

A

A deed is a written instrument that conveys title to real property.

It is an instrument of the conveyance wears title to real property is transferred from one party to another.

The two parties to a deed by the grantor the giver of the title the grantee the new owner receiving the title.

The deed must be signed by a competent (competent of sound mind and legal age) grantor and witnessed by two people to be valid * the grantee need not Be competent nor sign the deed.

42
Q

SG Q:43 - define the following sections and clauses in a deed- premises, granting, Habendum, seisin.

Page 192 line 3–20

A

Habendum - to have and to hold

Seisen-

43
Q

SG Q: 44 -Know the characteristics of a general warranty deed…

P.194 43-45
P.195

A

E

Fl Real Estate Exam (1 decks)

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