Becoming a lic re broker

Question 1

A group license would be obtained by sales associates registered under a(n)

Answer 1

owner-developer

Question 2

A licensee who is licensed in one state is permitted to practice in another. This is known as

Answer 2

reciprocity

Question 3

Each applicant for a broker or sales associated license must

Answer 3

be at least 18 years old

Question 4

An unlicensed entity that sells, exchanges, or leases it own property is

Answer 4

an owner developer

Question 5

Which is a correct statement about the qualifications to be a licensed FL RE broker

Answer 5

must have a high school diploma or equivalent

Question 6

The initial license period is

Answer 6

between 18-24 months

Question 7

When a brokers license has been involuntary inactive for more than 12 months but less than 24 months, the broker is required to complete

Answer 7

28 hr reactivation education

Question 8

A sales associate or broker associate registered with an owner developer who owns properties in the name of various entities is issued a

Answer 8

group license

Question 9

Three broker, each licensed individually, have decided to operate as J-W Realty. Their action is an example of

Answer 9

ostensible partnership

Question 10

Broker decided to place the license in an inactive status at the first renewal. If not later renewed or reinstated, the license may remain inactive for how long

Answer 10

4 years

Question 11

What is the MAXIMUM amount of time once license may be involuntarily inactive

Answer 11

2 years

Question 12

If the broker post licensing requirement is not fulfilled before the first renewal and there is a desire to continue as a broker, the licensee

Answer 12

to voluntarily active must requalify for the license

Question 13

Which business entity may NOT register as a real estate brokerage entity

Answer 13

Co-operative

Question 14

A sales associated or broker associate may hold which position

Answer 14

Limited partner in a real estate brokerage limited partnership

Question 15

Which of the following is TRUE of a partnership brokerage formation including a broker and a non-licensee

Answer 15

The broker, non-licensee, and partnership MUST be registered with the DBPR

Question 16

An active broker can have multiple licenses if

Answer 16

serving in a non-brokerage capacity as an officer or partner in a different corporation or partnership

Question 17

An Illinois re broker moved to Miami five months ago. He requests a FL broker license based on mutual recognition. The Illinois broker

Answer 17

must complete the broker pre-license course and naps the the Florida license exam because he is a resident of Florida.

Question 18

Which of the following is a benefit of operating as a sole proprietorship?

Answer 18

Less paperwork and fewer formalities

Question 19

Broker wants to make sure she is not responsible for real estate brokerage business assets and liabilities should it fail. Which of the following should Broker choose

Answer 19

Corporation

Question 20

ABC Ventures, LLC doing business as Sunshine Realty, is a member-managed limited liability company. Which of the following is TRUE

Answer 20

Each member dealing it the public as a broker must hold an active brokers license

Question 21

XYZ Investments, LLC doing business as Darkstar Realty is manager-managed limited liability company. Which of the following is UNTRUE

Answer 21

A broker associate CANNOT be a manager

Question 22

A licensee who takes a 3hr Core Law course in each year of the renewal period receives how may classroom hours of credit toward the 14 hr CE requirements

Answer 22

6 hrs Core Law

Question 23

Which individual is exempt from the broker post-license education requirement

Answer 23

Individual who has attained a 4 year degree in real estate from an institution of higher education

Question 24

If a Florida resident license becomes a nonresident, the licensee must serve notice and file an irrevocable consent to service

Answer 24

within 60 days of moving

Question 25

A brokers license is revoked for fraudulent real estate activity. What will happen to the licenses of the sales associates registered under this broker

Answer 25

They will automatically be involuntary inactive

Question 26

Each partnership, limited liability partnership, llc or corporation which acts as a broker is responsible for registering and renewing the licenses or registrations for all of the following EXCEPT

Answer 26

its sales associates

Question 27

A person who is qualified to be issued a license as a broker but who operates as a sales associate in the employ of a broker

Answer 27

Broker associate

Question 28

A person who is licensed but is not registered as an active broker or broker associate

Answer 28

voluntary inactive broker

Question 29

An agreement between 2 states that allows a real estate licensee with a valid license in one of the states to practice real estate in both states

Answer 29

Reciprocity

Question 30

States recognize the education and experience that real estate license have acquired in another state

Answer 30

mutual recognition

Question 31

Additional license(s) issued to a broker - but nota sales associate or a broker associate - if serving in a non-brokerage capacity as an officer or partner in a different corporation or partnersip

Answer 31

multiple licenses

Question 32

The license of a sales associate or broker associate registered to an owner developer

Answer 32

group license

Question 33

An unlicensed individual or entity that sells or leases its own real property

Answer 33

owner developer

Question 34

The placing of an applicants information in the official records of the Department of Business and Professional Regulation

Answer 34

Registration