Re Sales Associate Chapter Review Questions

Front 1

A contractor who builds on his or her own lot in the hope of finding a purchaser upon completion is building on .....

Back 1

Speculative building

Front 2

A broker who is working for an employer is said to be ______

Back 2

An agent

Front 3

When working with a member of the public, the party the broker hopes to be successful with in the performance of his or her duties is referred to as a

Back 3

Customer

Front 4

Most RE licensees are involved in ______ brokerage

Back 4

Residential

Front 5

Property management has grown as a service in RE primarily because of an increase in

Back 5

Absentee owners

Front 6

The portion of the Federal Financial Institutions Reform, Recovery and Enforcement Act that requires the use of state licensed or state certified appraisers is

Back 6

Title XI

Front 7

An estimate of the value of property developed by a RE licensee for use in listing or selling property is known as a

Back 7

CMA

Front 8

Mortgage brokers are licensed in Florida by

Back 8

The Florida Department of Financial Services

Front 9

The category of construction that applies when a property owner employs a contractor to build on his or her land is called

Back 9

Custom building

Front 10

After completion of a subdivision, the streets, sidewalks and common areas are frequently conveyed to the city or county in a process called

Back 10

Dedication

Front 11

An appraisal is an ______ of value

Back 11

Estimation opinion

Front 12

Valuing a business requires an analysis of ______ and _______

Back 12

Operating statements and Balance Sheets

Front 13

The three areas of expertise RE Licensees bring to the transaction relate to

Back 13

Valuation, Marketing and property transfer

Front 14

The composite value of the Real Estate and personal property, plus the intangible assets of a business is called

Back 14

Going concern value

Front 15

Part ____ of F.S 475 covers regulation of RE practicioners, while part ___ covers the registration, licensing and certification of appraisers in FL

Back 15

I, II

Front 16

A mortgage broker

Back 16

Must have a separate license

Front 17

A RE appraisers fee for professional service is based on

Back 17

The time and difficulty of the appraisal

Front 18

The RE brokerage business can be best described as a

Back 18

Service business

Front 19

The principal in an agency relationship is the

Back 19

Employer

Front 20

The responsibilities of a property manager do NOT include

Back 20

Preparing leases

Front 21

Concentrating on one neighboorhood or style of property is

Back 21

A practice called farming

Front 22

Which insurance policies can a RE licensee offer to the public without additional state licensing

Back 22

None

Front 23

The purpose of the National association of Realtors is to

Back 23

Preserve the right of individuals to own real property through an exchange of information

Front 24

What does the designation REALTOR signify

Back 24

The designation identifies a professional as a member of NAR

Front 25

A developer contracts to build a hoke on a buyers lot to the buyers specifications. This is an example of what type of building?

Back 25

Custom

Front 26

In their relationships with customers, broker

Back 26

Work with them

Front 27

Licensees involved in business brokerage

Back 27

Must be able to analyze operating statements and understand balance sheets

Front 28

Real Estate brokers are not required to be knowledgeable regarding

Back 28

Accounting

Front 29

The service provided by RE brokers that us considered to require the most experience and knowledge is

Back 29

Counseling

Front 30

Appraisers that are registered, licensed or certified under FS 475, Part II must be utilized in

Back 30

Federally related transactions

Front 31

A sales associates license will be _____ if he or she does not complete required post-license education during his or her initial license period

Back 31

Void

Front 32

A broker that did not complete required post license education prior to expiration of his or her initial license period may request a _________ license by completing a continuing education course within _____

Back 32

Sales associate, 6 months

Front 33

A broker associate acts in the capacity of a _______

Back 33

Sales Associate

Front 34

Residency in FL may be claimed by anyone that is or has resided in the state for not less than _____ within the previous 12 months

Back 34

4 months

Front 35

The first real Estate license law in Florida was enacted in?

Back 35

1923

Front 36

Upon passage of the state examination an applicant for a sales associates license will receive an _____ license

Back 36

Inactive

Front 37

Florida does not reciprocate with other states but does have _______ with some states that have educational requirements that are similar

Back 37

Mutual recognition

Front 38

The post license educational course for sales associates consists of _____ hours

Back 38

45

Front 39

The continuing education requirement consists of ____ hours

Back 39

14

Front 40

Florida Real Estate Sales associates that desire to become brokers must wait _____ before taking the state examination

Back 40

24 months

Front 41

The notice of satisfactory completion of a Pre licensing course is valid for ______

Back 41

2 years

Front 42

Owner employers are ______ but do not receive a license

Back 42

Registered

Front 43

A tenant in an apartment complex may receive up to ______ for referral of a new tenant for the same complex

Back 43

$50

Front 44

__________ education must be completed during the initial sales associates license period

Back 44

Post license

Front 45

Legal authority to sign a document on behalf of another requires a _________

Back 45

Power of attorney

Front 46

The Florida Real Estate Commission was first created in what year?

Back 46

1925

Front 47

The RE License law serves what purpose

Back 47

To protect the public

Front 48

The Florida Real ESTATE Commission was created to

Back 48

Administer and enforce the law

Front 49

A sales associate failed to complete the required post license education prior to renewal. What is the status of the license

Back 49

Void

Front 50

Registration of an active sales associate with the Department refers to?

Back 50

Placing and keeping on record the sales associates name, home address, and business address of his or her employing broker

Front 51

Owner employers of licensed real estate sales associates are allowed to pay them

Back 51

A commission or a salary

Front 52

To qualify for a real estate brokers license an applicant must have been employed for a minimum of

Back 52

Twenty four months under one or more actively lenses brokers

Front 53

How many hours of post license education are required to renew a brokers license

Back 53

60

Front 54

Does mortgaging require a real estate license?

Back 54

No

Front 55

How long can a voluntary inactive license remain in that license status?

Back 55

Indefinitely

Front 56

To qualify for a Florida Real Estate license, an applicant must?

A. Be a citizen of the US

B. Be a Florida resident

C. Be at least 21 years of age

D. Have a high school education or equivalent

Back 56

D. Have a high school education or equivalent

Front 57

An attorney in fact

Back 57

Is authorized by a power of attorney to act for another

Front 58

Attorneys performing legal duties in connection with a real Estate transaction are

Back 58

Exempt from requiring a RE license

Front 59

An actively licensed attorney that is a member in good standing with the Florida Bar

Back 59

Is exempt from continuing education requirements to maintain a real Estate license

Front 60

A broker associate is a

Back 60

Broker employed as a sales associate

Front 61

The agreement the state of Florida has with some states that recognizes the similarity in education and experience required of licensees is called

Back 61

Mutual recognition

Front 62

A plumber has been appointed by a court to appraise a small business, the plumber

Back 62

May do so and be paid a fee

Front 63

Exemptions from the RE License law do Not include

Back 63

Funeral directors

Front 64

The commissions ability to Impose disciplinary actions against licensees is known as ________ power

Back 64

Quasi judicial

Front 65

A quorum to conduct certain duties of the Commission requires ___ members

Back 65

4

Front 66

The rule making authority of FREC is called __________ power

Back 66

Quasi legislative

Front 67

The FREC is composed of ___ members

Back 67

7

Front 68

To become effectice, rules enacted by the FREC must be filed with the ______

Back 68

Secretary of state

Front 69

Members of the Florida Real Estate Commission may serve no more than _____ consecutive terms

Back 69

2

Front 70

Establishing educational requirements for licensees is an example of the exercise of the ______ powers of the commission

Back 70

Executive

Front 71

The real estate education and research foundation was established by a transfer of _______ from the real estate trust fund

Back 71

3 million

Front 72

To become a member of the Florida Real Estate commission, a broker must have been licensed in Florida for a minimum of ________

Back 72

5 years

Front 73

The offices of the Division of RE are located in _______

Back 73

Orlando

Front 74

The principle office of the DBPR is located in

Back 74

Tallahassee

Front 75

The director of the Division of Real estate is ________ by the ______ of the _____ subject to approval by a majority of the members of the _______

Back 75

Appointed, secretary, dbpr, frec

Front 76

A licensee that fails to renew when required to do so will have his or her license placed on _______________

Back 76

Involuntary inactive

Front 77

When a licensee changes employers, he or she should request a _______ with a new employer before performing services of Real Estate for compensation

Back 77

RE issue

Front 78

A sales associate or broker associate that works for an owner-developer with affiliated organizations that provides real estate services in different geographic areas should apply for a ______ license

Back 78

Group

Front 79

The DBPR does NOT have the authority to issue an

Back 79

Injuction

Front 80

The maximum number of years a member may serve on the FREC is

Back 80

8

Front 81

The secretary of the DBPR is appointed by

Back 81

The governor

Front 82

The Department of Real estate is an administrative part of the

Back 82

DBPR

Front 83

Examination questions and answers are

Back 83

Confidential

Front 84

Which department issues Real estate licenses

Back 84

The dbpr

Front 85

Which information supplied by an applicant is public record

Back 85

Name and address

Front 86

The Florida Real ESTATE Commission held a meeting for the purpose of passing a new rule. This is an exercise of which commission power

Back 86

Quasi legislative power

Front 87

The director of the DRE is appointed by _______

Back 87

The secretary of the department of Business and professional regulation

Front 88

The department of Business and professional regulation is created by which statute.

Back 88

FS 455

Front 89

An applicant for a real estate license that provides false information has committed a criminal violation of law classified as a

Back 89

Third degree felony

Front 90

What action may the department take if it determines that an unlicensed person has operated in violation of a law or rule under its administration

Back 90

An administrative fine up to 5000 may be imposed

Front 91

Educational requirements of applicants for a real estate license are promulgated under what authority of the FREC

Back 91

Executive

Front 92

When is a request for the renewal of a license effective

Back 92

When processed by the department

Front 93

A real Estate license expires

Back 93

On the date shown on the license

Front 94

Approval of new commission rules is required by

Back 94

No one

Front 95

A group license would requested when a

Back 95

Sales associate is employed by an owner employer and is required to work from more than one geographic location

Front 96

Certificates entered into court evidence are

Back 96

Prima face evidence

Front 97

Violations of rules of the commission are Persecuted by which agency

Back 97

The dbpr

Front 98

A sales associate is employed by a broker Monday through Friday and for a builder on week ends. The sales associate feels the added experience is beneficial especially since both employers pay an attractive commission split.

Back 98

This arrangement violates license law

Front 99

An agent that is empowered to perform a single act on behalf of his or her principal has a ______ agency

Back 99

Special

Front 100

An agent whose continuing authority is limited to a single trade or business has a _____ agency

Back 100

General

Front 101

A sales associate is a ______ of the brokers principal

Back 101

Subagent

Front 102

A licensee can create an agency relationship _______ or _____

Back 102

Accidentally or inadvertently

Front 103

Before showing a propert, allowing a buyer to signs an offer to buy or a seller to sign a listing agreemnt , a licensee must provide the party with a written _______ notice

Back 103

No brokerage relationship

Front 104

A member of the public may select from one of three options when working with a broker, which are

Back 104

Transaction broker, single agency, and no brokerage relarionship

Front 105

In a non residential transaction, broker may assign one or more sales associates to represent a buyer and one or more sales associates to represent a seller in the same transaction as single agents if both parties have assets of _______ or more

Back 105

1 million

Front 106

The consent to transition to transaction broker notice is required to be _____ or ______ for transaction to occur

Back 106

Initialed or signed

Front 107

If the principal refuses to sign or initial the consent to transition to transaction broker notice form, the broker is required to act as a ______

Back 107

Single agent

Front 108

Brokers are required to retain copies of all disclosure documents for transactions that have resulted in a contract being entered into for a period of at least _______

Back 108

5 years

Front 109

The only brokerage relationship that includes fiduciary duties is the ______

Back 109

Single agency

Front 110

A licensee a signed by a broker to act as a single agent of a buyer or seller in a non residential transaction is titled a __________

Back 110

Designated sales associate

Front 111

Broker in a non residential sale are not required to use ________

Back 111

Writer disclosures

Front 112

Licensees using words or actions that mislead a member of the public can result in the creation of an _________

Back 112

Implied agency

Front 113

Agency relationships are legally based on ______ and _______

Back 113

Trust and confidence

Front 114

Who owes fiduciary duties in an agency relationship ?

Back 114

The broker only

Front 115

Which activity is not exempt from the requirements to provide written disclosure?

Back 115

Showing property to a party that is not being represented

Front 116

As an agent a broker is employed by and acts on behalf of a

Back 116

Principal

Front 117

A general agency relationship exists when a

Back 117

Sales associate is employed by a broker

Front 118

A quorum to conduct certain duties of the Commission requires _____ members

Back 118

4

Front 119

The commissions ability to Impose disciplinary actions against licensees is known as _________ power

Back 119

Quasi judicial

Front 120

The rule making authority of the FREC is called ________ power

Back 120

Quasi legislative

Front 121

The FREC is composed of ____ members

Back 121

7

Front 122

To become effectice, Rules Enacted by the FREC must be filed with the ________

Back 122

Secretary of state

Front 123

Members of the Florida Real ESTATE Commission may serve no more than ____ terms

Back 123

2

Front 124

Establishing educational requirements for licensees is an example of the excersize of the ______ powers of the Commission

Back 124

Executive

Front 125

The Real Estate education and research foundation was established by a transfer of ______ from the Real Estate Education Trust Fund

Back 125

3 Million

Front 126

To become a broker of the FREC, a broker must have been actively licensed in Florida for a minimum of ______

Back 126

5 years

Front 127

The offices of the DRE are located in

Back 127

Orlando

Front 128

The principle office of the DBPR is located in

Back 128

Tallahassee

Front 129

The director of the Division of real estate is _____ by the ______ of the ______ subject to approval by a majority of the members of the _______

Back 129

Appointed, secretary, dbpr, FREC

Front 130

A licensee that fails to renew when required to do so will have his or her license placed on __________

Back 130

Involuntary inactive

Front 131

When a licensee changes employers, he or she should request a _______ with a new employer before performing services of Real Estate for compensation

Back 131

RE issue

Front 132

A sales associate or broker associate that works for an owner developer with affiliated organizations that provides real estate services in different geographic areas should apply for a ______ license

Back 132

Group

Front 133

The dbpr does not have the authority to issue an ______

Back 133

Injunction

Front 134

The maximum number of years a member may serve on the FREC is

Back 134

8

Front 135

The secretary of the DBPR is appointed by ______

Back 135

The governor

Front 136

The Division of Real Estate is an administrative part of the Department of ________

Back 136

Business and professional regulation

Front 137

Examination questions and answers are

Back 137

Confidential

Front 138

Which department issues Real Estate licenses

Back 138

Business and professional regulation

Front 139

Which information supplied by an applicant is public record?

Back 139

Name and address

Front 140

The FREC held a meeting for the purpose of passing a new rule. This is an exercise of which commission power

Back 140

Quasi legislative

Front 141

The director of the DRE is appointed by the

Back 141

Secretary of the dbpr

Front 142

The dbpr is created by which statute

Back 142

FS 455

Front 143

An applicant for a Real estate license that provides false information has committed a criminal violation of law classified as a

Back 143

Third degree felony

Front 144

What action may the department take if it determined that an unlicensed person has operated in violation of a law or rule under its administration?

Back 144

An administrative fine of up to 5000 may be imposed

Front 145

Educational requirements of applicants for a real estate license are promulgated under what authority of the FREC

Back 145

Executive

Front 146

When is a request for the renewal of a license effectivr

Back 146

When processed by the department

Front 147

A RE license expires

Back 147

On the date shown on the license

Front 148

Approval of new commission rules is required by

Back 148

No one

Front 149

A group license would be requested when a

Back 149

Sales associate is employed by an owner employer and is required to work from more than one geographic location

Front 150

Certificates entered into court evidence are

Back 150

Prima face evidence

Front 151

Violations of rule of the commission are prosecuted by which agency?

Back 151

DBPR

Front 152

A sales associate is employed by a broker Monday through Friday and for a builder on weekends. The sales associate feels the added experience is beneficial especially since both employers pay an attractive commission split what is occurring

Back 152

This arrangement violates the license law

Front 153

An agent that is empowered to perform a single act on behalf of his or her principal has a ______ agency

Back 153

Special

Front 154

An agent whose continuing authority is limited to a single trade or business has a ______ agency

Back 154

General

Front 155

Three types of laws

Back 155

Civil (common), criminal (statutory), and administrative (DBPR & FREC)

Front 156

Common Law

Back 156

Unwritten law develops from court decisions, civil courts establish guidelines, not a series of statutes, as society changes court interpretations must respond to those changes

Front 157

Agency law

Back 157

Derives from common law, the words or actions of a party can create an agency relationship, no compensation, written agreement, or formal contract is necessary. Imposes fiduciary duties on the agent

Front 158

Statutory laws

Back 158

Based on written statutes

Enforced by criminal courts

Criminal fines and imprisonment are potential penalties