Chapter 2 Flashcards
A person owns her own company, specializing in negotiating sales of property for buyers and sellers. She does not take listings or show property. Does she need a real estate license to do this?
- She does not need a license because she owns the company.
- She does not need a license because she was not selling property.
- She needs a license because she owns her own company.
- She needs a license because she negotiates sales between buyers and sellers.
She needs a license because she negotiates sales between buyers and sellers.
A resort manager leases condominiums to out-of-town guests for several months at a time. The resort is licensed under 509 FS. He advertised the condos in a magazine with national exposure. Does this manager need a Florida real estate license?
- No. A manager is an employee of a resort company licensed under 509 FS.
- No. The manager only leases and advertises; he does not sell or list.
- Yes. He represents others in leasing for a fee.
- Yes. Managers are not exempt from real estate license law in Florida.
No. A manager is an employee of a resort company licensed under 509 FS.
Jane is a college graduate with a four-year degree in real estate. She has a sales associate’s license and seeks to renew the license for the second time. What must she do?
- She must take a sales associate’s post-license course.
- She does not have to take 14 hours of continued education because of her degree in real estate.
- She must fill out the form and pay the appropriate fee.
- She must take 14 hours of continued education. She must fill out the form, pay the fee, and return it before the expiration date.
She must take 14 hours of continued education. She must fill out the form, pay the fee, and return it before the expiration date.
A motel desk clerk gives the names of persons looking to purchase a home to a broker in exchange for a small fee. Which BEST describes the situation?
- The clerk would not need a license since his primary income comes from his motel salary.
- He would not need a license since the finder’s fee was small.
- He would need a license since he was accepting compensation from a broker.
- He would only need a license if the amount was above $50.
He would need a license since he was accepting compensation from a broker.
A license applicant who has committed a crime of moral turpitude will:
- probably not be granted a real estate license.
- certainly wait 10 years from the time of the offense to receive a license.
- be required to complete community service hours.
- be allowed to perform property management duty, but not sales.
probably not be granted a real estate license.
Which is true when a broker refers a client to another broker in another state?
- Real estate brokers cannot refer clients to other brokers in other states unless the broker has a nonresident Florida license.
- Real Estate brokers should make a written referral agreement between brokers to be able to cooperate in a sale.
- The selling sales associate is compensated directly by the seller; no broker is involved.
- Brokers cannot refer clients from one state to another without the consent of the FREC.
Real Estate brokers should make a written referral agreement between brokers to be able to cooperate in a sale.
A rural Electric Company has a paid employee who is charged with the responsibility of finding new land to put electric poles on. He buys and sells property and negotiates for the electric company. Does he need a license?
- He needs a license because he negotiating for property.
- He needs a license because he is buying and selling property for others.
- He does not need a license since it is not his property.
- He does not need a license because he is an employee for an electric utility company.
He does not need a license because he is an employee for an electric utility company.
When is a candidate given the results of his or her licensing exam?
- Within 10 days
- After he or she finds a broker
- As soon as he or she receives the license
- Immediately
Immediately
The phrase “Caveat Emptor” most nearly means what?
- Let the buyer beware.
- Let the seller beware.
- Real estate is important.
- The customer is always right.
Let the buyer beware.
All are Florida residents EXCEPT
- a Cuban national living in Florida since July 1, 1977.
- a person living in Florida who has sold his properties in all other states, who lived in a mobile home for six months last year, and plans to stay in Florida.
- a person moving to Florida who obtains a Florida driver’s license and Florida license plates, and who intends to spend two years or more in Florida.
- a person living in a condo for the winter season of two months.
a person living in a condo for the winter season of two months.
The three categories of real estate licenses are
- broker, associate agent, agent.
- sales associate, assistant broker, broker.
- sales associate, broker associate, broker.
- agent, sub-agent, and universal agent.
sales associate, broker associate, broker.
A $1.5 billion agency regulating one million professionals and businesses across some 200 licensee categories in Florida is
- the Florida Department of Agriculture.
- the Florida Department of Business and Professional Regulation.
- the Florida Real Estate Commission.
- the Florida Department of State.
the Florida Department of Business and Professional Regulation.
Which activity would require a real estate license?
- A trustee selling property for the estate of a deceased brother
- An on-site, employee/manager who takes leases of up to one-year
- An owner selling his own property
- An attorney, managing a real estate brokerage office
An attorney, managing a real estate brokerage office
Katherine loves to show and sell houses for others for compensation. She has been doing so for two years and without a license. She has been caught and she wants to obtain a license. What is likely to happen?
- The FREC will make Katherine return all the compensation she has received before she can have a license.
- The FREC will notify all of her buyers and sellers to see if Katherine was honest in her dealings with them.
- The FREC will never give Katherine a license since she violated license law.
- The FREC may deny her license since she was holding herself out to be a licensee, practicing real estate in the previous year.
The FREC may deny her license since she was holding herself out to be a licensee, practicing real estate in the previous year.
Which does NOT appear on a real estate license?
- The name of the Governor
- The name and address of the licensee
- The name of the chairperson of the FREC
- The name of the Secretary of the Department
The name of the chairperson of the FREC
