The Real Estate Business (Chapters 1 - 4)

Question 1

what is when a developer acquires a large tract of land, records a subdivision plat map, and uses a model center from which sales may be made.

Answer 1

Tract building - the mots common type of construction. Provides buyers with options

Question 2

An applicant for a broker license may choose to continue employment in a sales associate capacity with a current employer subsequent to passing the broker examination - If so they must register as a what after passing the exam?

Answer 2

Broker Associate

Question 3

Does an applicant for the Florida real estate license have to be a Florida resident?

Answer 3

No. And they don’t have to be a citizen

Question 4

How many hours does a person applying for the broker license have to attend class and what percentage must they get to passe

Answer 4

63 Hour class. Must get a 70%

Question 5

If you were guilty or entered a plea of nolo contendere (no contest), regardless of adjudication, you MUST disclose. With the exception of what

Answer 5

A minor traffic offense. A DUI is NOT a minor traffic offense.

Question 6

A sales associate can only work for one

Answer 6

Broker - Brokers are registered and licensed with the Department F.S.475.215

Question 7

A Georgia broker who has experience with auctions, was asked to auction a small motel in Jacksonville. The auction did not sale. The Florida broker paid him for out of pocket expenses, but did not pay commission.

Answer 7

The Georgia broker violated license law.

Question 8

How long does a sales associate have to complete their post licensing requirements for their 1st renewal

Answer 8

18-24months - failure to do so will VOID your license

Question 9

An individual who does not request renewal of their second or subsequent license, pay the required fees, or maintain their CE (continued education) requirement will automatically have their license placed on …

Answer 9

involuntary active status - you cannot remain in involuntary inactive status for more than 2 years.

Question 10

What type of license is a single real estate license that can be obtained if the sales associate or broker associate works for one owner-developer with affiliated organizations, which provide real estate services in different geographic locations?

Answer 10

Group License - for example, if Lennar has multiple divisions, you must apply for a group license to sell at more than one division.

Question 11

A broker has a duty to transmit any and all offers to the employer including

Answer 11

oral offers or offers made without a binder deposit

Question 12

A Single Agency relationship is created when a broker accepts employment under a single agency agreement. A broker may represent ……..

Answer 12

A seller OR a buyer (NOT BOTH) - other it will create an illegal dual agency

Question 13

In a single agency relationship, the employer becomes the …..

Answer 13

principal, who authorizes the broker as agent to perform certain services on their behalf

Question 14

Which type of broker relationship requires the following duties

honesty and fairly
account for all funds
disclose all known facts that affect the value of the residential property

Answer 14

Nonrepresentation, Transaction Broker, and Single Agency

Question 15

Which type of broker relationship includes: confidentiality, obedience, loyalty, and full disclosure

Answer 15

Single Agency

Question 16

If one broker collects the entire commission and refuses to share with the other broker as agreed, the broker can be charged with

Answer 16

Failure to account, which is a form of fraud

Question 17

When is the only time a broker can accept a kickback

Answer 17

if the broker performs that entitles them to a fee and has the appropriate license, and discloses, and receives consent from all interested parties regarding the fee payment.

And - they can accept a legal kickback not involved in a service of a settlement if the kickback is disclosed to all interested parties.

Question 18

A Florida broker may not pay compensation, fees, or share a commission with unlicensed individuals in exchange for soliciting or referring business. Compensation includes gifts or reimbursement of expenses.

Answer 18

The sharing of brokerage compensation by a licensee with a party to the transaction with full disclosure to all interested parties is not considered a violation of F.S475

Question 19

What is FREC

Answer 19

Florida Real Estate Commission (the Commission) - 1925

Question 20

What is DBPR

Answer 20

The Department of Business and Professional Regulation (the Department) - 1993