Unit 2

Question 1

What does part III of Chapter 475 , the Commercial Real Estate Sales Commission Lien Act?

Answer 1

Gives brokers lien rights for earned commission against the owners net proceeds (personal property) from sales and not real property.

Question 2

F.S. Chapter 455, Business and professional regulations General Provisions defines what?

Answer 2

General legal practice and procedures for the DBPR and the licensees of all professions regulated by the DBPR including real estate

Question 3

Chapter 61J2 of the F.A.C is?

Answer 3

Rules of Florida Real Estate Commission

Question 4

Chapter 61J1 of the F.A.C is ?

Answer 4

Appraisal rules

Question 5

Fee waiver does not exempt which fees?

Answer 5

Finger printing and exam fee

Question 6

Exemptions for Real Estate license

Answer 6

Owner exemption, Exemption based on career, Salaried employee exemption, Court and legally appointed person, and Miscellaneous exemption.

Question 7

Owner Exception for Real Estate License?

Answer 7

Individual and business entities that buy, sell, exchange, or lease their own property. Such as owners of time shares that occupied and owned the time share for their own use.

Question 8

Exemption based on career from Real Estate License?

Answer 8

Individuals exempt based on their career such as Attorney at law, CPA, and Licensed Real Estate Appraiser working within the scope of their professional duties.

Question 9

Does an Attorney at law need a Real Estate license to charge a fee for referring a client to a broker?

Answer 9

Yes

Question 10

Salaried Employee exemption from Real Estate?

Answer 10

Salaried employees who are not paid compensation based on actual real estate transactions. Salaried employees can buy, sell, exchange and lease properties for their employer

Question 11

Court and Legal Appointed Persons exempt from Real Estate license?

Answer 11

Court appointed individual such as representatives designated in a will or executor of an estate acting within limitations of their duties. An attorney at fact who is authorized by another person to act in their place.

Question 12

F. S. Chapter 475 Part I

Answer 12

Pertain to real estate brokerage

Question 13

Chapter 475 Part II

Answer 13

Pertains to Real State Appraisers and set fourth the requirements for licensed and certified appraisers according to Federal statute.

Question 14

Chapter 475 Part IV, the Commercial Real Estate Leasing Commission lien Act

Answer 14

Gives broker lien rights for earned commission associated with a brokerage to lease commercial real estate.