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15 Cards in this Set
- Front
- Back
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1. A person is eligible to seek recovery from the Real Estate Recovery Fund if that
a. Person received a final judgment against a licensee in a legal action and the case was based on a real estate brokerage transaction (assuming no specific exceptions apply). b. Person is a licensed broker who acted as the agent in the transactions that is subject of the claim. c. Person’s claim is based on a real estate transaction in which the broker did not hold a valid, current, and active license at the time of the transaction. d. Person’s claim is based on a licensee who was the seller of the property. |
a. Person received a final judgment against a licensee in a legal action and the case was based on a real estate brokerage transaction (assuming no specific exceptions apply).
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2. The decision as to whether probable cause exists is made by majority vote of the
a. Commission b. Commission or the Department, as appropriate c. Administrative law judges d. Probable‐cause pane (or the Department if there is no panel) |
d. Probable‐cause pane (or the Department if there is no panel)
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3. Which action would cause a license to be revoked without prejudice?
a. A licensee accepted an earnest money deposit on a property that he knew was encumbered by an undisclosed lien. b. The broker obtained his license by means of fraud, misrepresentation, or concealment c. A sales associate received her license as a result of an administrative error by the Division of Real Estate d. For the referral of real estate business, a licensee shared a commission with a person (not party to the transaction) who did not have a real estate license. |
c. A sales associate received her license as a result of an administrative error by the Division of Real Estate
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4. Which offense is a misdemeanor of the first degree?
a. Failing to provide current and accurate rental information for a fee b. Publishing false or misleading information to induce a buyer to purchase real property c. Failing to timely deposit earnest money into the escrow account d. Failing to timely notify the FREC of conflicting demands |
a. Failing to provide current and accurate rental information for a fee
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5. Who prepares and submits a recommended order of findings and conclusions in a complaint case?
a. Court of Law b. Administrative law judge c. Probable‐cause panel d. The DBPR |
b. Administrative law judge
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6. Any final order issued by the DBPR secretary or a legally appointed designee that results from circumstances that pose an immediate danger to the public’s health, safety, or welfare is called a
a. Petition for review b. Stay of enforcement c. Summary or emergency suspension d. License revocation |
c. Summary or emergency suspension
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7. A buyer gives the broker a $47,500 earnest money deposit. The broker defrauds the buyer of the $47,500. The buyer sues the broker and is awarded a judgment in the amount of $62,500 for the original $47,500 deposit plus $15,000 for punitive damages. Because the buyer was unable to collect the judgment from the broker, the buyer requests relief from the Florida Real Estate Recovery Fund. How much can the buyer receive from the Recovery Fund?
a. $15,000 b. $47,500 c. $50,000 d. $62,500 |
b. $47,500
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8. The DBPR is authorized to investigate a written complaint filed against a licensee
a. If the alleged complaint is legally sufficient b. Only if the claimant has been harmed by the actions of the licensee c. Only if the alleged violation was committed in the state of Florida d. Only if all of the above conditions have been met |
a. If the alleged complaint is legally sufficient
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9. If a broker’s license is suspended, the licenses of all sales associates working for that broker are
a. Placed in involuntary inactive status b. Denied c. Suspended d. Revoked |
a. Placed in involuntary inactive status
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10. One of the grounds for suspension or revocation of a licensee’s license is the unauthorized use or retention of money or property, otherwise known as
a. Concealment b. Conversion c. Culpable negligence d. Commingling |
b. Conversion
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11. A licensee received a citation for $500 for operating as a sales associate without a registered employer. The sales associate feels the citation was issued in error. How should the sales associate proceed?
a. File a written objection within 30 days b. File a written objection within 15 days c. Request a hearing before the FREC within 30 days d. Request a civil court hearing within 15 days |
a. File a written objection within 30 days
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12. When a payment from the Real Estate Recovery Fund is made to satisfy a claim against a licensee and the claim was not the result of the broker complying with an escrow disbursement order, the Commission’s action against the licensee must be
a. Citation b. Probation c. Mandatory suspension d. Emergency suspension |
c. Mandatory suspension
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13. Which type(s) of penalties may be imposed for violations of the real estate license law?
a. Civil penalties only b. Administrative penalties only c. Civil and administrative penalties only d. Criminal, Civil, and administrative penalties |
d. Criminal, Civil, and administrative penalties
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14. The Florida Real Estate Commission may NOT impose which disciplinary penalty?
a. Imprisonment b. Probation c. Administrative fine d. Denial of a license application |
a. Imprisonment
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15. The Collective amount to be paid from the Real Estate Fund as a result of any one real estate transactions may NOT exceed
a. $25,000 b. $50,000 c. $75,000 d. $150,000 |
b. $50,000
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