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36 Cards in this Set
- Front
- Back
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Probably the most common type of legal description used for single family dwellings located in developed subdivision is |
Lot-and-Plot |
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The statute of Limitations on written contracts is |
Five years |
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The Statute of Limitations on oral contracts is |
Four years |
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DUST stands for |
Demand, Utility, Scarcity, Tranferability |
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CBS and CIA stand for |
Comp, Better, Subtract and Comp Inferior, Add |
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Sales associates may perform BPO's only at |
The direction and under the control and management of the associates employing broker. |
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If a sales associate or broker associate performs in BPO, the compensation must |
Be paid to the broker and not directly to the sales associate or broker associate who prepared the BPO. |
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A realtor is |
A real estate professional who is a member of the local board or Association of Realtors. |
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Part 3 of chapter 4 75 the commercial real estate sales commission lean at gives |
A broker lien rights for earned commission. This Act applies only to commercial property, not residential property. |
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What is required to apply for a real estate license? |
A Social Security card |
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Broker experience requirements include |
The applicant has held an active sales associate licensed under one or more real estate brokers for the last 24 months, during the five year period preceding application. |
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A BAR SALE stands for? |
Advertise, Buy, Appraise, Rent, Sell, Auction, Lease, Exchange |
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Chapter 475 of the Florida Statute exempts the following individual from holding a real estate license... |
Court appointed individuals acting within the limitations of their duties. |
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One of the FREC qualifications is |
One must be either a Florida real estate broker or sales associate, and has held an active license during the two years preceding appointment. |
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The DBPR is under |
The executive branch of the government, and is governed by chapter 120, F.S. |
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The chief administrator of the DBPR is |
The Secretary of the DBPR, who is appointed by the governor, subject to confirmation by the State Senate. |
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The DBPR may issue and temporary real estate license to the spouse of |
An active duty member of the Armed Forces who is assigned to duty in Florida. The spouse must hold a valid real estate license in another state or foreign jurisdiction. A temporary license expires 6 months after the date of issue and is not renewable current |
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A sales associate is |
A general agent of the employing broker. |
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A residential sale is defined as |
The sale of improved residential property of 4 or fewer units, the sale of unimproved residential property intended for use as 4 or fewer unit, or the sale of agricultural property of 10 or fewer acres. |
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Exercise limited confidentiality, unless waved and reading by a party means |
This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking price, or the buyer will pay and price greater than the price submitted in a written offer. |
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The Florida real estate license law defines a single agent as. |
A broker who represent, as a fiduciary, either the buyer or the seller, but not both in the same transaction. In a single agent relationship, the seller or the buyer is the principal, and the real estate broker is the agent. |
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When advertising on an internet site, the name of the brokerage firm must appear |
Adjacent to or immediately above or below the point of contact information. |
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A sales associate who receives a binder deposit from a customer or principal must deliver it to their broker employer no later than |
End of the next business day. |
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Brokers must place trust funds or binder funds into an escrow account no later than |
End of the third business day after their sales associate give it to them. |
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how many business days after each deposit is due under the terms of sales contract, the licensee's broker must request a written verification of receipt of the deposit. |
10 |
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If the deposit is held by a title company or by an attorney nominated in writing by the seller or the seller's agent, the verification is |
Waived |
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One of the three exceptions to the notice and settlement procedures for sale escrow accounts |
The buyer of a residential condominium unit timely delivers to a license written notice of the buyers intent to cancel the contract as authorized by the condominium act, the licensee may return the escrowed property to the purchaser without notifying the Commission. |
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Some sales associates prefer to used who a assistants? |
Licensed personal assistants, because they can perform services of real estate, including showing listed property. |
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A licensed personal assistant must be registered under |
The employing broker, and the broker must pay the assistant for brokerage activities. A sales associate may pay the licensed personal assistant for non brokerage activities on a salary or hourly basis. A sales associate may not compensate a personal assistant for brokerage activities that require a license. |
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Moral turpitude involves and includes |
Depravity against society, embezzlement and crimes of larceny, including writing bad checks. |
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A stay of enforcement, if granted stops what |
The enforcement of a suspension or revocation in the final order pending the outcome of the appeal process |
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Licensee's receiving a citation have how many days to accept or reject the alleged violation? |
30 |
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FREC is limited to issuing what onto real estate licensee? |
Administrative penalties. The Commission cannot issue a penalty of incarceration or jail sentence. |
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What is the one violation of real estate license law that is a first degree misdemeanor? |
Failing to provide accurate and current rental information for a fee. The penalty for the first degree misdemeanor is a fine of not more than $1,000 and or up to one year in jail. |
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Total Obligations Ratio (TOR) |
Big number (income) ÷ Small number (obligations) |
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Current law requires the buyer to be pulled from the seller and pay to the IRS |
10% |
