Florida Real Estate Class Exam

Front 1

3 Areas of Expertise: MVP

Back 1

Marketing
Valuation
Property Transfer

Front 2

Residential Sales (Must give disclosure statement)

Back 2

Improved/Unimproved - 4 Units or Less
Leases with option to purchase all/part - 4 Unites or less
Disposition of business interests - 4 Units or less
Agricultural - 10 Acres or less

Front 3

Concentrate on one type or style of property or on one particular neighborhood?

Back 3

Farming

Front 4

Business Brokerage-The composite value of the real and personal property, plus the intangible assets of business?

Back 4

Going Concern Value/Assets

Front 5

Property Management

Back 5

Absentee Owners

Front 6

Appraising within FREC

Back 6

If Appraisal is NOT to be used in Federal transaction.
$250,000 or Less.
Prepared in accordance to USPAP.
NO FHA/VA/Federal Bank.

Front 7

What facet of Real Estate requires the most knowledge and expertise?

Back 7

Counseling
Highly Specialized service.

Front 8

CPM

Back 8

Certified Property Management
Designation awarded by (IREM)
Institute of Real Estate Management

Front 9

What must Mort. Brokers have?

Back 9

Seperate license issued by Fl. Dept. of Financial Services.

Front 10

Which type of construction requires a model building?

Back 10

Tract Building

Front 11

Built to an owners specifications.

Back 11

Custom Building

Front 12

Construction built with a client in mind?

Back 12

Speculative Building

Front 13

Goverment Regulation: What takes place at the local level? Affecting developments that play significant role in cost and desirability of R.E.?

Back 13

BUILDING MORATORIUMS.

Front 14

What cannot be referred to as an Appraisal

Back 14

CMA - Comparative Market Analysis

Front 15

Ownership of streets and sidewalks conveyed by developer to the city?

Back 15

Dedication

Front 16

A Broker that is working for an employer is said to be?

Back 16

Broker Associate

Front 17

Mortgage brokers are license in Fl by?

Back 17

DBPR

Front 18

What are members of the Fl Bar exempt from taking?

Back 18

FREC I - 63 hour pre-licensing course.

Front 19

Applicants of Fl R.E. license.

Back 19

Are NOT required to be residents of FL or citizens of US.
Must file an irrevocable consent to service from DBPR within (60Days)
MUST 18 and HAVE HS Diploma/GED.

Front 20

Criminal Convictions

Back 20

MUST disclose

Front 21

How long does an applicant have to complete state exam once application is RECEIVED by DBPR

Back 21

2 years.

Front 22

If an application to take a state examination is denied by FREC what happens?

Back 22

State must notify applicant within 21 days to file for a formal hearing before an administrative law judge in accordance with Ch 120.

Front 23

What must sales associate be licensed under?

Back 23

Broker or owner employer.

Front 24

Brokers are what with the DBPR

Back 24

Registered and licensed.

Front 25

What are owner-employers?

Back 25

Registered with DBPR but not licensed.

Front 26

A R.E. Assoc. paid on commission can only be paid by whom?

Back 26

His/her employer for real estate services.

Front 27

Post Licensing Requirements

Back 27

45 hour post licensing course prior to expiration date of initial license period. No GRACE PERIOD

Front 28

C.E.

Back 28

14 hours prior to license renewal during every 2-year period. Distance requires written exam of 30 questions.

Front 29

Broker Post License

Back 29

60 hours Post / 14 hour C.E.

Front 30

What are the C.E. requirements for an active member of the Fl. Bar?

Back 30

None they are exempt of C.E.

Front 31

What is the Mutual Recognition agreement Fl. has with other states?

Back 31

Fl. has no reciprocity with any other state. But has contractual agreements with 8 other states regarding education and experience.
AL/AK/CT/GA/IN/MS/NB/OK

Front 32

Compensation defined?

Back 32

To include anything of any service of value paid, received or expected to be paid or received.

Front 33

Services of R. E. Memmory Device:
A

B
B
A
R

S
A
L
E

Back 33

A= Appraising

B= Business Brokerage
B= Buying
A= Auctioning
R= Renting

S= Selling
A= Advertising R.E. Services
L= Leasing
E= Exchanging

Front 34

Attorneys in Fact?

Back 34

Power of Attorney for others.

Front 35

What do Court Appointed Appraisers not need?

Back 35

A license

Front 36

Up to what monitary unit may individuals buy, sell, or perform services of R.E. for themselves without a R.E. license?

Back 36

$50

Front 37

A broker assoc. is qualified for a Broker lic but chooses to be employed under another actively license broker or owner employer. What is the broker assoc. new capacity?

Back 37

Sales Assoc.

Front 38

How many brokers can a Sales Assoc and/or Broker Assoc. work for at time?

Back 38

Only 1 at a time.

Front 39

What is an owner/employer?

Back 39

Individual in the business of buying, owning, and developing real estate. MUST be registered with the DBPR but does not need a R.E. license.

Front 40

If a Sales Assoc. does not complete post license education during initial lic. period what happens to license?

Back 40

VOID

Front 41

Upon passage of state exam an applicant receives what type of license?

Back 41

Inactive

Front 42

When was FREC created?

Back 42

1923

Front 43

Registration of an active sales assoc with the DBPR refers to?

Back 43

Placing and keeping on record the sales assoc. name, and the business address of employer.

Front 44

F.S. 455 created what and why?

Back 44

455 created the DBPR to oversee and regulate in the state of Fl.

Front 45

What can the DBPR NOT issue?

Back 45

An injunction.

Front 46

How many members are FREC?

Back 46

7
At least 4 Brokers
1 licensed R.E. for at least 2 years prior to appt.
2 Lay members.

Front 47

How many terms can members of FREC serve?

Back 47

No more than 2 consecutive 4 year terms. No MAX on number of inconsective years they can serve.

Front 48

How often does FREC meet?

Back 48

At least once a month.

Front 49

What can the chairperson of FREC exercise acting alone?

Back 49

Executive powers

Front 50

What gives FREC the powe to make and pass tules and regulations regarding operation of licensees?

Back 50

Quasi-legislative powers

Front 51

What allows FREC to impose disciplinary action for violations of laws or rules?

Back 51

Quasi-judicial powers

Front 52

What is the MAX fine the commission can impose on violations?

Back 52

MAX $5000 p/offence
Probation
Suspention up to 10 years
Revocation

Front 53

How long is the initial license period?

Back 53

Not less than 18 mo not more than 2 yrs.
All licenses expire either March 31 or September 30.

Front 54

How much time do you have to notify the DBPR of a change?

Back 54

No longer than 10 days after the change.

Front 55

How long can an individual remain in involuntary inactive license?

Back 55

No more than 2 years.

Front 56

What happens to a Sales Assoc. license if the Brokers license becomes suspended, revoked or void/ineffective?

Back 56

The license of all persons licensed under said broker become automatically inactive.

Front 57

When would a license be cancelled?

Back 57

When a licensee decided to no longer practice real estate and turn the license back into the DBPR.

Front 58

What is a special agent authorized to do on behalf of the principle?

Back 58

Perform a single act/broker.

Front 59

A general agent acts as a________? And has the principals authority to act on a continuing basis BUT with authority limited to what?

Back 59

Sales associate/
A specific trade or business.

Front 60

Universal agent?

Back 60

Authorized to act and represent principal in all matters/power of attorney.

Front 61

Subagent?

Back 61

Extension of another agency
Same duties to the principle as the agent/broker.

Front 62

The Brokerage Relationship Disclosure Act

Back 62

Purpose served by disclosures in a real estate transaction is to both inform and educate the public.
As of Oct.1, 1997 all residential R.E. AGENTS MUST USE DISCLOSURE FORMS SPECIFIED IN BRDA

Front 63

T
L
C

Back 63

Transaction broker- presumption of law
Limited representation
Customer - buyer/seller/both
No fiduciary

Front 64

What does not apply to non-residential sales?

Back 64

Disclosure requirements

Front 65

Designated sales associate?

Back 65

Represent the different customers in the same transaction.
Non-residential
Sales over $1 mil each

Front 66

What would be a result of concealment regarding transmittal of any and all offers to the principal?

Back 66

Breach of trust could result in disciplinary action against the broker.

Front 67

Who can a sales associate file suit against if not compensated as agreed?

Back 67

Only the employer

Front 68

If a broker collects an entire commission and refuses to share w the other broker as agreed. What can he/she be charged with?

Back 68

Failure to account/form of fraud

Front 69

What does procuring cause get?

Back 69

Commission

Front 70

What act has makes it illegal for competing brokers to discuss or attempt to fix the rate charged for their services.

Back 70

The Sherman Clayton Antitrust Act

Front 71

When may a FL BROKER pay a referral fee?

Back 71

Lic broker registered by another state or foreign country.