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244 Cards in this Set
- Front
- Back
- 3rd side (hint)
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In municipalities with planning commission, the final authority in planning matters is the ? |
Elected city government officials |
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Which local law implements the comprehensive plan ? |
Zoning ordinances |
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A small restaurant that existed before a change to residential zoning is an example of a ? |
Nonconforming use |
1) subdivision plat map approval 2) site plan approval 3) sign control |
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City planning commission typically do NOT have final authority for ? |
Zoning Revisions |
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Which statement BEST describes a local planning commission ? |
Commission members are representative of the community's residents |
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Which characteristic is used to rate the effectiveness of insulation ? |
R- value |
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Which term refers to the belief that the government should NOT interfere in private business affairs ? |
Laissez-faire |
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The purpose of residential zoning is to control ? |
Density |
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A special type of land use that is characterized by clustered homes and mixed land use is called a ? |
Planned unit development |
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A public park is categorized under which zoning classification ? |
Special use |
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Florida's concurrency provision requires that the infrastructure for which items be in place before new development ? |
Waste treatment |
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Urban sprawl is characterized by automobile dependent development land uses that are "Not" functionally related and that require inefficient use of public facilities and services ?
True. Or. False. |
True |
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City planning commissions are typically delegated authority for site plan approval ?
True Or. False |
True |
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The purpose of commercial zoning is to regulate density (the number of building per acre) ?
True Or. False |
False |
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The purpose of commercial zoning is to regulate density (the number of building per acre) ?
True Or. False |
False |
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A strip of park - like green space can be a buffer zone ?
True. Or. False |
True |
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Special exceptions are granted by zoning boards to relieve a hardship not created by the property owner?
True. Or. False |
False |
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Most dwelling units in planned unit developments are clustered, with planned green spaces between clusters ?
True. Or. False |
True |
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The NFIP requires that new construction in V zones be elevated to or above the 100 years flood plain ?
True Or. False |
True |
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Flood insurance is available for purchase by any property owner concerned about water damage ?
TRUE. OR. FALSE |
Flase |
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Florida law mandate random disclosure at the time of or before entering into a contract for sale ?
True Or. False |
True |
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All known asbestos found in a structure should be removed?
True. Or. False |
False |
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A sales associate applicant must comply with which requirement? |
Possess a social security number |
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A sales associate applicant must comply with which requirement? |
Possess a social security number |
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Nolo contendere is a term that means ? |
No contest |
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A sales associate applicant must comply with which requirement? |
Possess a social security number |
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Nolo contendere is a term that means ? |
No contest |
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The rules of the Florida real estate commission are found in ? |
Chapter 61J2 |
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A sales associate applicant must comply with which requirement? |
Possess a social security number |
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Nolo contendere is a term that means ? |
No contest |
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The rules of the Florida real estate commission are found in ? |
Chapter 61J2 |
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Attorney who are active members in good standing of the Florida Bar are exempt from which education requirement ? |
FREC course I for sales associates |
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What is the percentage passing score on the state license exam? |
75% |
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Within one year, how many times may a student who failed the end of course examination retest without repeating the course ? |
One |
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Within one year, how many times may a student who failed the end of course examination retest without repeating the course ? |
One |
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An individual who received a four year degree in real estate from a state university is not exempt from which license requirement? |
State license exam |
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Which individual is not exempt form holding a Florida real estate license? |
Certified public accountant (CPA) |
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Which individual is not exempt form holding a Florida real estate license? |
Certified public accountant (CPA) who is employed by a real estate corporation and receives salary plus bonuses based on real estate transactions. |
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Which individual must hold a Florida real estate license? |
Lawyer who receives a share of the commission for each transaction resulting from the referral of a client to a local brokerage office. |
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For licensing purposes a resident of florida is define as a person who has resided in Florida for what period of time? |
Four months |
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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? |
Yes, the sales staff muscat hold a real estate licenses because they are estate licenses because they are partially compensated based on actual sales. |
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A sales associate moved from Lake city Florida, to Key West, Florida what action must the licensee take ? |
Within 10 days of moving, inform the DBPR in writing of the change of address Licensees must notify the DBPR in writing within 10 days of change in current mailing address. |
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How many Florida Real Estate commission members may be licensed as a real estate sales associates? |
One [ four members must be licensed as brokers and two members must be consumer members. The seventh member may or a sales associate who has held an active license during 2 years preceding appointment. |
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The director of the Division of Teal Estate is appointed by the ? |
Secretary of the Department of Business and professional Regulation. |
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The commission's authority to regulate and enforce the license law is which type of power. |
Executive |
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After what period of time does an involuntary inactive license automatically expire and become null and void? |
Two years |
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A licensed broker is the Broker for two independent real estate brokerages. Which statement applies to this situation? |
The Broker must request and be issued multiple Broker licenses one for each brokerage company. |
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A licensed broker is the Broker for two independent real estate brokerages. Which statement applies to this situation? |
The Broker must request and be issued multiple Broker licenses one for each brokerage company. |
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An individual an active duty with the us Navy has what period of time after discharge from active duty to renew a real estate license? |
6 months |
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The FREC's power to determine license law violations is an exercise of which type of power? |
Quasi - Judicial |
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The FREC's power to determine license law violations is an exercise of which type of power? |
Quasi - Judicial |
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Which power is not given to the Florida Real Estate Commission? |
Imposing Jail sentences |
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What is the maximum number of consecutive years a commissioner may serve on the Florida Real Estate Commission? |
Eight |
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A sales associate has held an active real estate license since 2008. The licensee Neglected to renew his real estate license before the expiration date in March of this years which statement applies to this situation? |
The licensee must complete 14 hours of continuing education |
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A sales associate has held an active real estate license since 2008. The licensee Neglected to renew his real estate license before the expiration date in March of this years which statement applies to this situation? |
The licensee must complete 14 hours of continuing education |
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Which task must a sales associate complete before the expiration of the initial sales associate licenses? |
Complete the 45 hours post license education course. |
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The brokerage relationship disclosure requirements in chapter 475 apply to which transaction? |
Sale of three vacant lots-zoned for single family use. |
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The brokerage relationship disclosure requirements in chapter 475 apply to which transaction? |
Sale of three vacant lots-zoned for single family use. |
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Which statement is unique to the transaction Broker relationship? |
The customer is not responsible for the acts of the licensee. |
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The brokerage relationship disclosure requirements in chapter 475 apply to which transaction? |
Sale of three vacant lots-zoned for single family use. |
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Which statement is unique to the transaction Broker relationship? |
The customer is not responsible for the acts of the licensee. |
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In Florida, which type of brokerage relationship is presumed? |
Transaction Broker |
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Which action does not terminate a single agent brokerage relationship with the seller? |
Withdrawal of an offer to purchase |
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In general business dealings, which type of agent is authorized by the principal to perform acts related tons certain business or to employment of a particular nature? |
General |
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Is a Broker required to retain the brokerage relationship disclosure documents, and if so, for how long, if a written non residential transaction that used designated sales associates fails to close? |
The Broker must retain the disclosure document for five years even if a nonresidential transaction fails to close. |
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In commercial real estate transaction that meet specific criteria, a real estate brokerage may use one sales associate to work as a single agent of the buyer and another sales associate to act as a single agent of the seller which criteria must be met? |
The Broker must serve as a neutral party and not give guidance or representation to the buyer and the seller |
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In commercial real estate transaction that meet specific criteria, a real estate brokerage may use one sales associate to work as a single agent of the buyer and another sales associate to act as a single agent of the seller which criteria must be met? |
The Broker must serve as a neutral party and not give guidance or representation to the buyer and the seller |
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On Sunday at an open house, a sales associate receives two offers on a home listed for $250,00 cash at closing. The second offer is for $295,000 contingent upon the buyer securing a mortgage for 90% of the sale price. What action should the sales associate take? |
Present both offers, explaining the details of each contract to the seller. |
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Which brokerage relationship duty applies only to a single agent relationship? |
Full disclosure |
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Which brokerage relationship duty applies only to a transaction Broker relationship? |
Exercise limited confidentiality |
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Which brokerage relationship duty applies only to a transaction Broker relationship? |
Exercise limited confidentiality |
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Which brokerage relationship duty applies to all "3" types of brokerage relationships? |
Accounting for all funds |
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Which information must be disclosed to a prospective buyer regarding a particular property? |
The property is located in a Flood Zone area that requires flood insurance coverage |
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Which brokerage relationship duty applies only to a transaction Broker relationship? |
Exercise limited confidentiality |
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Which brokerage relationship duty applies to all "3" types of brokerage relationships? |
Accounting for all funds |
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Which information must be disclosed to a prospective buyer regarding a particular property? |
The property is located in a Flood Zone area that requires flood insurance coverage |
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What amount of a broker's own personal funds may the Broker place in the property management escrow account? |
$5,000 |
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A licensed real estate broker has a successful real estate business. The Broker has branch offices in the Florida communities of Fort Myers, Naples, and Bradenton. The Broker wants to close her Bradenton office and open a new branch office in Sarasota. Which statement applies to this situation? |
The Broker must register the New branch location and pay the branch office license fee. |
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A real estate Broker does not have to report to the FREC conflicting demands regarding escrowed. Property if the escrowed funds are maintained by which method? |
Florida attorney' trust account |
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A real estate Broker does NAR have to report to the FREC conflict demand regarding escrowed. Property if the escrow funds are maintained by which method? |
Florida attorney's trust account |
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For what period of time must a Broker maintain business records, and make them available to audit by the DBPR? |
Five years, regardless of whether trust (escrow) funds were collected |
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Which statement is TRUE regarding interest bearing escrow accounts? |
The Broker must get written permission from all parties to the transaction before placing the funds into an interest bearing account |
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A Broker asked the commission to issue an escrow disbursement order (EDO) regarding disputed escrowed funds. Before the EDO was Issued, the escrow dispute was settled between the parties. How long does the Broker have to notify the FREC that the matter has resolved? |
10 business days |
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A Broker who has a good faith doubt regarding who is entitled to escrow funds should take which action? |
Notify the FREC in writing of the good faith doubt within 15 business days |
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What is the maximum finder's fee that may be paid in the form of a credit toward rent paid to the tenant for referring a person to the management company if that person later becomes a tenant of the complex? |
$50 |
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What is the fine per telephone call for a violation of the Florida Telemarketing Act? |
$10,000 |
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What is the maximum finder's fee that may be paid in the form of a credit toward rent paid to the tenant for referring a person to the management company if that person later becomes a tenant of the complex? |
$50 |
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A Broker who fails to pay an earnest money deposit at the title closing in accordance with the contract for sale and purchase may offense? |
Failure to account for and deliver |
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What is the fine per telephone call for a violation of the Florida Telemarketing Act? |
$10,000 |
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A sales associate my hold which position? |
Limited partner in a real estate brokerage limited partnership |
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Which settlement procedure involves a negotiated settlement between the disputing parties? |
Mediation |
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Susan Walters is a Licensed real Estate sales associates Her sales associate license was issued as Susan Walter (LLC) which statement is true regarding this situation? |
Susan has formed a Limited Liability Company (LLC) for income tax purposes only and is employed by and registered under by and registered under either a licensed real estate broker or an owner developer. |
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Who renders determination as to whether probable cause exists? |
Two FREC - Members panel |
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The maximum amount that may be collected from the Real Estate Recovery Funds as a result of a single Real estate transaction is? |
$50,000 |
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The Broker followed the directions issued in an escrow disbursement order that become the subject of a lawsuit. The consumer plaintiff obtained a Judgement against the licensed real estate broker. It is determined that the consumer is eligible to seek reimbursement from the real estate recovery fund. The fund may not reimburse which expense? |
Punitive damages |
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Which penalty is not an administrative penalty that may be imposed by the FREC? |
Restitution to the injured party |
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Which violation is a third degree felony? |
Individual performs real estate services for compensation without a real estate license |
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A case is heard before an administrative law judge in s Formal hearing. In such casa, who renders the final order? |
FREC (with members who served on the probable cause panel excused) |
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A case is heard before an administrative law judge in s Formal hearing. In such casa, who renders the final order? |
FREC (with members who served on the probable cause panel excused) |
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A warning for an initial offense that allows a licensee to correct the minor infraction without consequence is called? |
A notice of noncompliance |
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Under Florida Statute 455, which penalty may be imposed on an individual for unlicensed practice of real estate? |
$5,000 fine per count |
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Another term for a formal complaint is? |
An administrative complaint |
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When a consumer files a complaint against a real estate licensee that contains facts indicating that a violation of FREC rules has occurred , the complaint is said to be? |
Legally sufficient |
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When a consumer files a complaint against a real estate licensee that contains facts indicating that a violation of FREC rules has occurred , the complaint is said to be? |
Legally sufficient |
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The ADA's definition of public accommodation does not include a? |
Private Home |
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When a consumer files a complaint against a real estate licensee that contains facts indicating that a violation of FREC rules has occurred , the complaint is said to be? |
Legally sufficient |
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The ADA's definition of public accommodation does not include a? |
Private Home |
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Under ILSA, developers of 25 or more lots must provide buyers with? |
A property report |
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When a consumer files a complaint against a real estate licensee that contains facts indicating that a violation of FREC rules has occurred , the complaint is said to be? |
Legally sufficient |
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The ADA's definition of public accommodation does not include a? |
Private Home |
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Under ILSA, developers of 25 or more lots must provide buyers with? |
A property report |
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From which source can a broker obtain a copy of the equal housing opportunity poster for a new real estate office? |
Department of housing & Urban development |
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Which statement is TRUE regarding a racial discrimination case involving commercial real estate? |
The civil rights act of 1866 which is enforceable today, makes racial discrimination illegal in residential and nonresidential transactions. |
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Housing for older person's is exempt from the familial status protection under the Fair Housing Act provided what percentage of the units are occupied by one more persons 55 years of age or older? |
80% |
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Which entity does not help enforce the Fair Housing Act? |
Fannie Mae |
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Under which circumstance is a landlord relieved from the requirement to place security deposits into a special rental account? |
Landlord post a security bond with the clerk of circuit court |
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Which housing is exempt from the familial status protection under the Fair Housing Act |
At least 80% of the units are occupied by one or more persons 55 years of age or older |
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If a landlord does not intend to make a claim on a tenants security deposit, how Lang does the landlord have to return the deposit? |
15 days |
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Housing for older person's is exempt from the familial status protection under the Fair Housing Act provided what percentage of the units are occupied by one more persons 55 years of age or older? |
80% |
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Which entity does not help enforce the Fair Housing Act? |
Fannie Mae |
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Under which circumstance is a landlord relieved from the requirement to place security deposits into a special rental account? |
Landlord post a security bond with the clerk of circuit court |
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Which housing is exempt from the familial status protection under the Fair Housing Act |
At least 80% of the units are occupied by one or more persons 55 years of age or older |
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If a landlord does not intend to make a claim on a tenants security deposit, how Lang does the landlord have to return the deposit? |
15 days |
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A licensed sales associate collects rent from a tenant the sales associate must? |
The employing Broker by the end of the next business day |
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The Fair Housing Amendment Act of 1988 added which protected class to the Fair Housing act? |
Handicap status |
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Which property is exempt from title VIII of the civil rights act of 1968? |
Three unit dwelling in which the owner resides in one of the units |
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If a request for a property tax adjustment is denied, what is the property owner's next step? |
File a petition with the value adjustment board |
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Which statement is FALSE regarding property taxes? |
Property taxes for the previos years are due on November 1. |
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The value adjustment board is composed of? |
One school board member, two county commissions, and two citizen members. |
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Which property is exempt from property taxes? |
Church |
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Tax advantages of homeownership do not include? |
Exclusion of gain from the sale of a principal residence up to $500,000 for a single adult. |
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Which item in Not a deductible expense for an income producing property? |
Reserve for replacement |
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If a married couple who files jointly realizes S profit from the sale of their home that exceeds $500,000 what is the result? |
The excess gain will be taxed at the current applicable capital gain rate |
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An advantage of real estate as an investment is? |
The leverage of borrowed money |
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The buyer should sign which type of agreement before releasing financial information concerning a business? |
Confidentiality/nondisclosure agreements |
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An advantage of real estate as an investment is? |
The leverage of borrowed money |
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The buyer should sign which type of agreement before releasing financial information concerning a business? |
Confidentiality/nondisclosure agreements |
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An advantage or real estate investment trust is? |
That it offers diversification |
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The cost to duplicate the business structure being appraised having the same use but differing physically somewhat is called? |
Replacement cost |
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Which accounting term refers to the total amount of money generated from an investment ofter the expenses are paid? |
Cash Flow |
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All the resources of a business, including tangibles and intangibles, are called the? |
Assets |
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The value of an established business property compared with the value of just the physical assets of a business that is not yet established is called? |
Going - concern value |
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A case in which the interest paid for borrowed funds is more than the overall rate of return to an investor is an example of? |
Negative leverage |
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Intangible assets of business does not include? |
Inventory |
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Which type of risk is also called inflation risk? |
Purchasing - power risk |
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Which financial report indicates the result of business operations over a specific perilous of time? |
Income statement |
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Managing which type of property of more than 10 units requires a CAM license? |
Condominium complex |
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In which way does state government influence the real estate business? |
Coastal region |
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Title to real property does not convey in which type of estate? |
Estate of years |
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A tenant, after rightfully being in possession of rented premises, without the consent of the owner, continues possession. This situation creates? |
A tenancy at sufferance |
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The gradual loss of land associated with moving water and/ or wind is called? |
Erosion |
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The gradual loss of land associated with moving water and/ or wind is called? |
Erosion |
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A proprietary lease is associated with a? |
Cooperative |
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A developer who builds and sells new condominium units must allow buyers the opportunity to cancel the purchase agreement within how many days of signing the contract? |
15 |
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Property held as a tenancy by the entireties becomes which type of estate in the event of divorce? |
Tenancy in common |
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Which term describe the process of land build up from water borne rock, sand and soil? |
Accretion |
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Which action can result in the foreclosure of a homesteaded property? |
Delinquent property taxes on the homesteaded property |
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How many days notice must be given to terminate a month-to-month tenancy? |
15 |
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Three individual want to develop and sell a parcel of land. Each of the individuals has a spouse and children. The three individuals want to take title to the property in such a way that an owner's family would inherit part of the property if that property owner died. How should the individuals take title to the land? |
Tenants in common |
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Which criteria is not used to determine whether something is real or personal property? |
Cost of the item |
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A man owns a condominium for lifetime upon his death, the property will convey to his sister. Which term applies to the sister? |
Vested remaindeman |
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Essential elements of a deed do not include? |
The signature of a competent grantee |
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In which type of deed does the grantor warrant to defend the title solely against acts by the grantor or the grantor's representative? |
Special warranty |
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Which type of lease is based on income from the tenant business? |
Percentage |
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A single person died without a will. After a period of time the state of Florida obtained title to the property of the deceased person. What power entitled the state government to acquire the deceased person's property? |
Escheat |
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Which type of title insurance policy is transferable ? |
Morgagee |
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Which restriction is always a public restriction? |
Eminent domain |
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Which restriction is always a public restriction? |
Eminent domain |
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Which type of lien is a specific lien? |
Vendor's |
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A person who dies with a valid will has, in effect , died? |
Testate |
Testigo |
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Which restriction is always a public restriction? |
Eminent domain |
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Which type of lien is a specific lien? |
Vendor's |
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A person who dies with a valid will has, in effect , died? |
Testate |
Testigo |
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Which alienation is voluntary? |
Will |
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The mortgagor's title insurance policy is issued for? |
An amount no greater than the purchase price and is transferable |
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A husband and wife have title to a property in both names. Which action is required to convey the title to the property? |
Signed by the husband and wife |
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A husband and wife have title to a property in both names. Which action is required to convey the title to the property? |
Signed by the husband and wife |
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A woman has six months remaining on her lease. She assigns two of the remaining moths to another person to use the property while she is on vacation in Europe. What is this called? |
Sublease |
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Which government office assigns parcel ID numbers to land within a tax district? |
Property appraiser |
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Which method of legal description is used in subdivisions and is contained in recorded plat maps? |
Lot and block |
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Which method of legal description was not used in the original 13 colonies? |
Government survey method |
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What term is used to describe fractional pieces of land less than a full quarter section located along the banks of lakes and streams? |
Government lot |
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A line pointed in the direction opposite North 20 degrees east is? |
South 20 degrees west |
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Which Range is farthest from the intersection of the principal meridian and the base line? |
R22W |
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Which section is located directly south of section 1? |
12 |
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Which direction describes a range? |
Vertical |
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Which description best fits if one were to shade in sections 14, 15,16, and 17 of a township? |
Rectangle |
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Which particular description describe a vertical strip of land six miles wide that touches where the principal meridian and base line intersect? |
Range 1 east |
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How many acres are in a parcel described as the SW 1/4 of the NE 1/4 the SE 1/4? |
10 |
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Within what period of time must the seller be given a copy of a written listing agreement? |
24 hours |
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Which remedy for breach of contract asks the courts to force the other party to proceed as the contract states? |
Specific performance |
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A contract specifies the amounts of money that must be paid if the buyer defaults which remedy for breach does this describe? |
Liquidated damages |
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Which court case made clear that material defects affecting the value of residential property must be disclosed to prospective buyers? |
Johnson V. Davis |
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A seller receives an offer from a buyer to purchase a property for $300,000. The seller changes the price to $320,000 and summits it to the buyer. Which term describe the price change? |
Counter offer |
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A buyer has breached a real estate sale contract. The seller wants to recover damages in excess of the Ernest money deposits. Which remedy for breach should the seller use? |
Compensatory damages |
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Which statement is TRUE regarding the Florida building Energy - Efficiency rating Act? |
Buyer must be given an information brochure notifying the buyer of the right to conduct an energy- efficiency rating on the structure |
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A buyer has breached a real estate sale contract. The seller wants to recover damages in excess of the Ernest money deposits. Which remedy for breach should the seller use? |
Compensatory damages |
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Which statement is TRUE regarding the Florida building Energy - Efficiency rating Act? |
Buyer must be given an information brochure notifying the buyer of the right to conduct an energy- efficiency rating on the structure |
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What is the purpose of the property tax disclosure? |
Caption buyers that they cannot rely on the seller's property tax history as an indication of the buyers future property tax bill. |
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Which element is not required of a valid real estate contract? |
Acknowledgement |
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Which information must not be included in a listing agreement? |
Automatic renewal clause |
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Who must receive the lead based paint disclosure? |
Tenants and buyers of all residential property built before 1978 |
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What does Florida homeowner association law require of sellers who owns property subject to a mandatory homeowners association? |
Sellers must provide buyers with a disclosure summary regarding the association. |
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A lender declares all unpaid balance due and payable as a result of default. The lender is exercising the? |
Acceleration clause |
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When a vendee buys subject to the mortgage the? |
Vendee is not responsible for the note |
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In title theory states, the mortgage clause that provides that the conveyance of title to the lender is defeated. When all the terms of the agreement have been fulfilled is the? |
Defeasance clause |
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If a mortgagee does not want the mortgage to be paid ahead of schedule, the mortgage will normally contain? |
A prepayment penalty clause |
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In a mortgage transaction in Florida the legal evidence of the personal debt is the? |
Note |
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A couple has just made the final Mortgage payment on their home. What document must the mortgagee file on their behalf? |
Satisfaction of mortgage |
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A buyer agrees to purchase a property with an existing mortgage lien. In which situation is the new buyer the only party responsible for the debt? |
Novation |
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The person who borrows money to help pay for the purchase of real property is called at various? |
Mortgagor |
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A financing vehicle in which the vendor holds title to the property until the buyer has met the state obligations is a? |
Contract for deed |
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A borrower who is in default on a mortgage is allowed to prevent the lender from foreclosing on the property by paying the mortgagee the delinquent principal and interest , plus any expenses the mortgagee has incurred in attempting to collect the payments this right is called? |
Equity of redemption |
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Which type of depreciation is associated with inefficient architectural design? |
Functional obsolescence |
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Using income capitalization, what is the result of holding the capitalization rate constant and increasing the net operating income? |
Present value increases |
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What is the result of multiplying the gross rent multiplier by the monthly rent? |
Market value |
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Which principal states that an informed purchaser will not pay more for real estate than the cost of acquiring an equally desirable alternative property? |
Substitution |
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A New car has a sticker amount of $31,000. The figure is the car's? |
Price |
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Which type of cost is calculated using similar but not identical, building materials, resulting in equal utility as compared with the subject property? |
Replacement |
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A New airport built in proximity to a Residential neighborhood may cause properties to lose value due to? |
Estrenan obsolescence |
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Goverment building are immune properties that is, government buildings are Not subject to taxation? True or False |
TRUE |
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Goverment building are immune properties that is, government buildings are Not subject to taxation? True or False |
TRUE |
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Florida who homestead their residence and who reside on the property as their permanent legal residence are elegible for a $50,000 homestead tax exemption from city, county and school board taxes? True or False |
False |
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The purpose of Florida's Green belt law is to protect coastal property from commercial development? T or F |
False |
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Homeowners who have had the homestead exemption on their current home in the preceding years can transfer their SOH benefit to a new home? T Or F |
TRUE |
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Administrative law consists of rules and regulations created by the FREC to govern real estate practice in Florida? T or F |
TRUE |
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A person who gives or delegated authority to another is called the agent, while the person who accepts the authority is called the principal? T or F |
False |
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A person who gives or delegates authority to another is called the principal; the person who accepts the authority is called the agent? T or F |
TRUE |
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When a real estate broker accepts employment as a single agent of the buyer or the seller, the broker enters into a fiduciary relationship?T or F |
True |
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A fiduciary is defined as a broker in a relationship of trust and confidence between the broker as agent and the seller or a buyer as principal. Note that a sales associate or broker associate owes the same fiduciary obligations to the principal as does the Broker? T or F |
True |
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Residential sales are defined as the sale of improved residential property of two or fewer units, or the sale of agricultural property of five or fewer acres? T or F |
False |
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Residential sales are defined as the sale of improved residential property of two or fewer units, or the sale of agricultural property of five or fewer acres? T or F |
False |
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Residential sales are defined as the sale of improved residential property of four (not two) or fewer units, the sale of unimproved residential property intended for use as four( not two) or fewer units, or the sale of agricultural property of 10 (not 5) or fewer acres? T or F |
True |
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The transaction Broker relationship requires that the licensee exercise limited confidentiality, including the sellers motivation for selling their property? T or F |
True |
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The transaction Broker relationship requires that the licensee exercise limited confidentiality, including the sellers motivation for selling their property? T or F |
True |
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Broker must account for all funds entrusted to them with regard to a real estate transaction? T or F |
True |
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The transaction Broker relationship requires that the licensee exercise limited confidentiality, including the sellers motivation for selling their property? T or F |
True |
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Broker must account for all funds entrusted to them with regard to a real estate transaction? T or F |
True |
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A single agent is defined as a broker who represents, as a fiduciary, the buyer or the seller but not both in the same transaction? T or F |
True |
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Confidential information learned during the course of the single agency cannot be divulged by the broker until the transaction has concluded and the agent principal relationship has ended? T or F |
False |
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Confidential information learned during the course of the single agency cannot be divulged by the broker until the transaction has concluded and the agent principal relationship has ended? T or F |
False |
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Confidential information learned during the course of the single agency Cannot be divulged before or after the transaction has concluded and the agent principal relationship has ended? T o F |
True |
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The mortgagor's title insurance policy is issued for? |
an amount no greater than the purchase price and is not transferable |
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Which type of title insurance policy is transferable? |
The mortgagee (lender) policy is transferable. |
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