Unit 1 Review Exam Multiple Choice Flashcards
A group license would be obtained by sales associates registered under a (n):
Owner-Developer
A licensee who is licensed in one state is permitted to practice in another. This is known as:
Reciprocity
Each applicant for a broker or sales associate license must:
Be at least 18 years old
An unlicensed entity that sells, exchanges, or leases its own property is:
An owner-developer
Which is a CORRECT statement about the qualifications to be a licensed Florida real estate broker:
Must have a high school diploma or its equivalent
The initial license period is:
Between 18 and 24 months
When a broker’s license has been involuntary inactive for more than 12 months but less than 24 months, the broker is required to complete:
28 Hour reactivation education
A sales associate or broker associate registered with an owner-developer who owns properties in the name of various entities is issued a:
Group License
Three brokers, each licensed individually, have decided to operate as J-W Realty. Their action is an example of:
Ostensible Partnership
Broker decided to place the license in an inactive status at the first renewal. If not later renewed or reinstated, the license may remain inactive for how long:
4 years
What is the MAXIMUM amount of time one’s license may be involuntarily inactive:
2 years
If broker post-licensing requirement is not fulfilled before the first renewal & there is a desire to continue as a broker, the licensee:
Must re qualify for the license
Which business entity may NOT register as a real estate brokerage entity?
Cooperative
A sales associate may hold which position?
Limited partner in a real estate brokerage limited partnership
Which of the following is TRUE of a partnership brokerage formation including a broker & a non-licensee?
The broker, non-licensee, & partnership MUST be registered with the DBPR
An Active broker can have multiple licenses if:
serving in a non-brokerage capacity as an officer or partner in a different corporation or partnership
An Illinois real estate broker moved to Miami five months ago. He requests a Florida broker license based on mutual recognition. The Illinois broker:
Must complete the broker pre-license course & pass the Florida state license exam because he is a resident of Florida
Which of the following is a benefit of operating as a sole proprietorship?
Less paperwork & fewer formalities
Broker wants to make sure she is not responsible for a real estate brokerage business assets & liabilities should it fail. Which of the following should broker choose?
Corporation
ABC Ventures, LLC, doing business as Sunshine Realty, is a member-managed limited liability company. Which of the following is TRUE?
Each member dealing with the public as a broker must hold an active broker’s license
XYZ Investments, LLC, doing business as Darkstar Realty, is a manager-managed limited liability company. Which of the following is UNTRUE?
A manager MUST be a member of
A licensee who takes a 3 hour core law course in each year of the renewal period receives how many classroom hours of credit toward the 14 hour continuing education requirement?
3 hours of Core law plus 3 hours of Specialty Topics
Which individual is exempt from the broker post-license education requirement?
Individual who has attained a four-year degree in real estate from an institution of higher education
if a Florida resident licensee becomes a nonresident, the licensee must serve notice & file an irrevocable consent to service:
Within 60 days of moving
A broker’s license is revoked for fraudulent real estate activity. What will happen to the licenses of the sales associates registered under this broker?
They will automatically be involuntarily inactive
Each partnership, limited liability partnership, limited liability company or corporation which acts as a broker is responsible for registering & renewing the licenses or registrations for all of the following EXCEPT:
It’s sales associates
