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Real Estate Exam! > Unit 2: License Law and Qualifications for Licensure > Flashcards

Unit 2: License Law and Qualifications for Licensure Flashcards

1
Q

Chapter 20, Organizational Structure, establishes the structure of the executive branch of Florida’s government. The Florida Constitution provides for the legislative, executive, and judicial branches of government.

A

Florida Statute 20

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2
Q

Executed by?

the programs and policies adopted by the Legislature. The policies are implemented by the departments of the executive branch, including the Department of Business and Professional Regulation (DBPR).

A

The executive branch

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3
Q

This law is often called the Real Estate Professional Practice Act. Chapter 475 was created by the Florida Legislature to establish the legal rights and responsibilities of real estate licensees and real estate appraisers. Chapter 475 is divided into four parts.

A

Florida Statute Chapter 475

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4
Q

pertains to real estate brokerage. Real estate licensees are responsible for knowing the provisions of this chapter. The Florida Real Estate Commission (FREC) implements, interprets, and enforces the regulatory provisions of Chapter 475.

A

Florida Statute Chapter 475 PART I

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5
Q

real estate appraisers and sets forth the requirements for licensed and certified appraisers according to federal statute. The Florida Real Estate Appraisal Board (FREAB) regulates state-certified, licensed, and registered trainee appraisers. The FREAB functions very similarly to the Florida Real Estate Commission (FREC). Both quasi-judicial bodies follow the same procedures for disciplining licensees.

A

Part II of Chapter 475

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6
Q

the Commercial Real Estate Sales Commission Lien Act, gives a broker lien rights for earned commission. This act applies only to commercial property (not residential property). The lien is only against the owner’s net proceeds (personal property) from the sale and does not attach to the commercial real property (also see “Liens on Real Property” in Unit 5).

A

Part III of Chapter 475:

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7
Q

the Commercial Real Estate Sales Commission Lien Act, gives a broker lien rights for earned commission. This act applies only to commercial property (not residential property). The lien is only against the owner’s net proceeds (personal property) from the sale and does not attach to the commercial real property.

A

Part III of Chapter 475:

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8
Q

the Commercial Real Estate Leasing Commission Lien Act, gives a broker lien rights for earned commission associated with a brokerage agreement to lease commercial real estate.

A

Part IV of Chapter 475

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9
Q

Department of Business and Professional Regulation and the professions under the department

A

Chapter 455

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10
Q

Procedural process for all governmental entities authorized under the Florida Constitution

A

Florida Statute 120

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11
Q

Florida Real Estate Commission rules

A

Chapter 61J2, Florida Administrative Code

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12
Q

True/False Florida Statute 455 governs the Department of Business and Professional Regulation (DBPR) and the professions regulated by the DBPR.

A

True

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13
Q

True/False The Florida Statute that governs real estate brokers, sales associates, and real estate schools is 61J2.

A

False. The Florida Statute that governs real estate brokers, sales associates, and real estate schools is Part I of Chapter 475, F.S. 61J2 refers to the administrative rules of the Florida Real Estate Commission.

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14
Q

A person who performs real estate services for compensation but who does so under the direction, control, or management of a broker or an owner-developer.

A

Sales associate

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15
Q

A person who, for another and for compensation or other consideration (or anticipation of compensation or other consideration), performs real estate services.

A

Broker

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16
Q

A person who holds a broker’s license but chooses to register and work in real estate under the direction of another broker.

A

Broker associate

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17
Q

An unlicensed entity that sells, exchanges, or leases its own property.

A

Owner-developer

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18
Q

True/False A person who is broker qualified but chooses to register and work under an employing broker is referred to as a broker associate.

A

True

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19
Q

True/False Unlicensed sales personnel who are employed by an owner-developer must be paid on a transactional basis.

A

False. Unlicensed sales personnel who are employed by an owner-developer must be paid a salary.

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20
Q

When the court determines that a defendant is not likely to again engage in a criminal act and that the ends of justice and the welfare of society do not require that the defendant suffer the penalty imposed by law, the court may withhold adjudication of guilt, stay (stop) the imposition of the sentence, and place the defendant on probation.

A

Withhold Adjudication

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21
Q

A pleading of no contest by a defendant; a plea in a criminal action not admitting guilt but subjecting the defendant to punishment as though it were a guilty plea.

A

Nolo contendere

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22
Q

Expungement is a process by which the record of a criminal conviction is destroyed or sealed after expiration of time.

A

Expungement

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23
Q

The practice of mutual exchanges of privileges. Some states have reciprocal arrangements for recognizing and granting licenses to licensed real estate professionals from other states.

A

Reciprocity

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24
Q

True/False Applicants are required to disclose a personal bankruptcy when answering the background questions on the license application.

A

False. An applicant’s background questions concern criminal matters. Applicants are not asked to disclose personal financial information such as bankruptcy, foreclosures, credit information, and so forth.

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25
Q

True/False Applicants who at one time plead no contest to a crime are required to disclose the case on the license application.

A

True. Applicants who have entered a plea of guilty or nolo contendere (no contest), even if court action (adjudication) was withheld, must disclose the case on the license application, including any sentence and conditions imposed.

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26
Q

For application and licensing purposes, a person who has resided in Florida continuously for four calendar months or more within the preceding year.

A

Florida resident

27
Q

A transactional agreement between Florida and another state that provides for the two states to recognize each other’s real estate license education.

A

mutual recognition agreements

28
Q

True/False A Florida resident is a person who has owned a home or rented an apartment for at least three months.

A

False. A Florida resident is a person who has resided in Florida continuously for four or more calendar months, regardless of whether the person resided in a recreational vehicle, hotel, rental unit, or other temporary or permanent location.

29
Q

True/False Examinees who qualify under mutual recognition must pass a Florida-specific real estate law examination consisting of 40 questions.

A

True. Each licensee who applies for Florida licensure from a state that has a current mutual recognition agreement with Florida must pass, with a grade of at least 75%, a Florida-specific real estate law examination consisting of 40 questions worth one point each.

30
Q

True/False A person who has earned a two-year associate’s degree in real estate from an accredited institution of higher education is exempt from the sales associate prelicense course.

A

False. Individuals who have received a four-year degree or higher in real estate from an accredited institution of higher education are exempt from the prelicense course.

31
Q

True/False An attorney who is an active member of The Florida Bar is exempt from the sales associate prelicense course.

A

True. Attorneys who are active members of The Florida Bar are exempt from Course I.

32
Q

True/False U.S. citizenship is required to become licensed in Florida.

A

False. U.S. citizenship is not required to become licensed in Florida. However, applicants are required to indicate a U.S. Social Security number on the application.

33
Q

True/False Licensees who have received a four-year degree or higher in real estate from an accredited institution of higher education are exempt from the 14-hour continuing education requirement.

A

False. Individuals who have received a four-year degree or higher in real estate from an accredited institution of higher education are not exempt from the continuing education requirement.

34
Q

True/False Failure to complete the post-licensing education requirement before the licensee’s first renewal date will cause the initial license to become null and void.

A

True. Sales associates are required to successfully complete post-licensing education before the first renewal of their licenses. Failure to complete the post-licensing education requirement will cause the initial license to become null and void by operation of law.

35
Q

True/False A person who holds a four-year degree or higher in real estate from an accredited institution of higher education is exempt from FREC Course II.

A

True. A licensee who has received a four-year degree or higher in real estate from an accredited institution of higher education is exempt from the broker prelicense and post-license education requirements.

36
Q

True/False Broker applicants are required to fulfill an experience requirement of at LEAST 36 months of real estate experience during the five-year period preceding their becoming licensed as brokers.

A

False. Broker applicants are required to fulfill an experience requirement of at least 24 months of real estate experience during the five-year period preceding their becoming licensed as brokers.

37
Q

Authorization by the state to place an applicant on the register (record) of officially recognized individuals and businesses.

A

Registration

38
Q

A privilege granted by the state to operate as a real estate broker, broker associate, or sales associate; a type of time-share interest.

A

License

39
Q

Requiring no further proof; acceptable on the face of.

A

Prima Facie Evidence

40
Q

True/False Sales associates may be registered under only one broker or one owner-developer.

A

True. Sales associates and broker associates licensed in Florida must be registered under their employing broker (or owner-developer, if applicable). Sales associates and broker associates may have only one registered employer at any given time.

41
Q

True/False Prima facie evidence is a legal term used to refer to evidence that is good and sufficient on its face to establish a given fact or prove a case.

A

True. Prima facie evidence is a legal term used to refer to evidence that is good and sufficient on its face to establish a given fact or prove a case.

42
Q

Real estate activities involving compensation for performing the activities for another.

A

Real Estate Services

43
Q

To Remember: Real Estate Services

A 
A	Advertise real estate services
B	Buy
A	Appraise (non-federally related transactions)
R	Rent or provide rental information or lists
S	Sell
A	Auction
L	Lease
E	Exchange
44
Q

Anything of value or a valuable consideration, directly or indirectly paid, promised, or expected to be paid or received.

A

Compensation

45
Q

True/False Persons who rent lots in a mobile home park must hold a real estate license.

A

False. Persons who rent lots in a mobile home park are exempt from holding a real estate license. Rentals in mobile home parks and recreational vehicle lot rentals are not considered real property.

46
Q

True/False A person appointed by a court of law to sell real estate must be a licensed real estate broker.

A

False. Court-appointed individuals acting within the limitations of their duties are exempt from licensure.

47
Q

Chris works as an administrative assistant in a brokerage office. He is a salaried employee who does not have a real estate license. Last week, Chris showed a listing to a customer because the broker was too busy to show the property to the customer. Chris walked the customer through the property, pointing out its features and discussing the homeowners association clubhouse, pool, and annual dues. Was Chris required to be licensed to show property to a customer?

A

Chris performed real estate services (buying and selling activities) for others and needs a real estate license. This is a violation of Chapter 475.

48
Q

An owner-developer pays a commission to employee Sally for selling a lot in the development. Sally has an inactive real estate license, and the developer is not a broker. Is this a violation?

A

The sales staff of an owner-developer is exempt from a real estate license if the staff is paid strictly on a salaried basis. In this case, a commission is paid (compensation on a transactional basis), so an active license is required. Sally should have been registered with an active license status under her employer (the developer) for this to be in accordance with Chapter 475.

49
Q

A court of law appoints Matthew, who is unlicensed, to sell property in an estate. Is Matthew required to be licensed in order to be compensated for selling the property?

A

Court-appointed individuals acting within the limitations of their duties are exempt from real estate licensure. Matthew may sell the property in accordance with the instructions of the court. Compensation is usually paid from the assets of the estate.

50
Q

Broker Mariah and John have agreed to sell a parcel of land that they both own. They each own a 50% share of the property. John does not have a real estate license. Is John required to be licensed in order to receive 50% of the proceeds from the sale of the land?

A

Property owners do not need a real estate license to sell their own property. They may split the proceeds of the sale based on their percentage share of ownership. If Mariah and John had agreed that John should receive more than his ownership share of the proceeds, this would be a violation because the additional share of the proceeds would be considered compensation. John is unlicensed and cannot be compensated for selling the property.

51
Q

Teresa is a sales associate who is registered under the broker for Complete Real Estate Services, Inc. Teresa also works on the weekends as a leasing agent for College Town Apartments. College Town Apartments pays Teresa a salary. Is Teresa in violation of Chapter 475, F.S.?

A

A sales associate or broker associate must be registered under a broker or an owner-developer to be paid a commission. The associate can also work as a rental agent, provided the associate is paid a salary. Salaried individuals who work in a leasing capacity and who do not receive compensation on a transactional basis are exempt from a real estate license under 475.011 F.S. Therefore, it is not a violation of license law for Teresa to work as an agent of her broker and also receive a salary from another employer for working in a leasing capacity.

52
Q

Attorneys who are active members in good standing of The Florida Bar are exempt from which education requirement?

A) FREC Course I for sales associates
B) FREC Course II for brokers
C) 45-hour post-licensing education for sales associates
D) Sales associate state license exam

A

A) FREC Course I for sales associates

53
Q

Which individual is NOT exempt from holding a Florida real estate license?

A) State-certified and licensed real estate appraisers licensed under Chapter 475, Part II
B) A salaried employee who works as a manager of a condominium complex and rents individual units for periods of one year or less
C) Certified public accountant (CPA) who is employed by a real estate corporation and receives a salary plus bonuses based on real estate transactions
D) A person who sells cemetery lots

A

C) Certified public accountant (CPA) who is employed by a real estate corporation and receives a salary plus bonuses based on real estate transactions

54
Q

The administrative rules of the Florida Real Estate Commission are found in

A) Florida Statute 455.
B) Florida Statute 120.
C) Florida Statute 475.
D) Chapter 61J2.

A

D) Chapter 61J2.

55
Q

Which qualification is required for a Florida real estate license?

A) College diploma
B) Florida residency
C) U.S. Social Security number
D) U.S. citizenship

A

C) U.S. Social Security number

56
Q

A sales associate applicant must comply with which requirement?

A) Complete at least two years of college
B) Be a Florida resident
C) Possess a U.S. social security number
D) Be a U.S. citizen

A

C) Possess a U.S. social security number

57
Q

What is the percentage passing score on the Florida-specific real estate law license exam given to applicants who apply for a Florida license through mutual recognition?

A) 70
B) 75
C) 90
D) 80

A

B) 75

58
Q

For licensing purposes, a resident of Florida is defined as a person who has resided in Florida for what period of time?

A) Four months
B) Two years
C) One year
D) Six months

A

A) Four months

Regardless of whether the person resided in a recreational vehicle, hotel, rental unit, or other temporary or permanent location.

59
Q

Which individual must hold a Florida real estate license?

A) Lawyer who receives a share of the commission for each transaction resulting from the referral of a client to a local brokerage office
B) Salesperson who works for a real estate developer and is paid a salary
C) Individual who sells cemetery lots
D) Individual who rents lots in a mobile home park

A

A) Lawyer who receives a share of the commission for each transaction resulting from the referral of a client to a local brokerage office

60
Q

An applicant has been issued a broker’s license. The broker licensee does not want to own her own real estate brokerage business. The licensee went to work selling real estate under another broker. She is BEST described as a

A) broker associate.
B) staff worker.
C) sales associate.
D) broker.

A

A) broker associate.

61
Q

A developer of a new residential subdivision hires a sales staff to sell homes. The sales staff receives a base salary plus 1% of the sale price of each home they sell. Are the people who sell these homes for the developer required to hold real estate licenses?

A) Yes, the sales staff must hold real estate licenses because they are partially compensated based on actual sales.
B) No, owner-developers are not regulated by the real estate license law.
C) No, the sales staff is paid a salary so they are not required to hold real estate licenses.
D) Yes, all individuals who sell real property for owner-developers must hold a real estate license regardless of the compensation structure.

A

A) Yes, the sales staff must hold real estate licenses because they are partially compensated based on actual sales.

62
Q

An individual who received a four-year degree in real estate from a state university is NOT exempt from which license requirement?

A) Post-license education
B) FREC Course I for sales associates
C) FREC Course II for brokers
D) State license exam

A

D) State license exam

63
Q

Nolo contendere is a term that means

A) no one witnessed the signature.
B) property was seized from the owner.
C) no compensation is paid for services.
D) no contest.

A

D) no contest
The Latin term nolo contendere means “I do not wish to contest.” In legal proceedings, it is a plea by a defendant in a criminal case declaring that the individual will not make a defense, but the individual does not admit guilt.

Real Estate Exam! (20 decks)

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