Business, License Law, and Qualifications for Licensure Flashcards
(39 cards)
When does a real estate sales license expire?
A) Every two years
B) On December 31st of each year
C) One year from the completion of continuing
D) education classes every 3 years
One year from the date of original license
A) Every two years
The DBPR is authorized to renew licenses at least every four years, the current license renewal period is two years
The licensure status that results when a license is not renewed at the end of the license period prescribed by the department is best described as?
A) Voluntary Inactive status
B) Revoked
C) lnvoluntarily inactive status
D) Active
C) lnvoluntarily inactive status
Noncompliance with license law and administrative rules is punishable by involuntary inactivation of the license.
A broker has a lien upon the owner’s net proceeds from the disposition of commercial real estate for any commission earned by the broker with respect to that disposition pursuant to a brokerage agreement. The lien upon the owner’s net proceeds pursuant to this part for a broker’s commission is a lien upon which of the following?
A) The Sellers proceeds from the sale
B) The Sellers mortgage
C) The seller’s land
D) The seller’s furniture
A) The Sellers proceeds from the sale
Florida Statutes allow for a broker to lien the seller proceeds from the sale of a commercial property to secure the broker’s commissio
The duties of the Florida Real Estate Commission include:
A) Promoting membership in the Board of Realtors
B) Regulating professional practices
C) Promoting the Canons of Ethics
D) Promoting the Code of Ethics
B) Regulating professional practices
Among other duties, the Commission establishes rules that regulate professional practices, such as the manner in which deposits of money, funds, checks, or drafts are to be made in escrow, or how brokers maintain records.
A seller files a complaint with the Florida Division of Real Estate against a real estate agent. The first step in the process would be:
A) A formal hearing
B) A trial
C) An appeal
D) An Investigation
D) An Investigation
After the complaint is filed with the DBPR, they may investigate if the complaint is in writing and is legally sufficient. In instances that involve a first-time offense of a minor violation, the Department may issue a notice of noncompliance.
A buyer asks a sales associate to prepare a land installment contract. The sales associate goes to the local legal publishing mart and purchases a preprinted land installment contract form. The sales agent proceeds to fill out the preprinted form. Which of the following is true?
A) This is a violation of the Florida Administrative Code.
B) This is the unauthorized practice of law.
C) This is not the unauthorized practice of law as the
sales agent used a preprinted form.
D) There has been no violation of Florida licensing law.
B) This is the unauthorized practice of law.
A sales agent or broker may complete only a preprinted sales contract form. Under no circumstance may a sales agent or broker complete a preprinted land installment contract option, lease etc., unless he/she is a party to the transaction
A homeowner in Florida wishes to sell his/her property in Florida to a resident of Ohio. What type of license would the seller need?
A) No license is required
B) An Ohio real estate sales associate’s license
C) A Florida real estate broker’s license
D) A foreign real estate dealer’s license
A) No license is required
No license is required as this is a “for sale by owner” transaction. The homeowner does not need a license to sell his/her own property. A foreign real estate dealer’s license would be required if a person were trying to sell another individual’s out-of-state property.
Services of real estate do NOT include:
A) Selling cemetery lots for compensation
B) Conducting an auction of real property
C) Appraising real property
D) Advertising rental property lists
A) Selling cemetery lots for compensation
A person who buys or sells cemetery lots is specifically exempted from the licensing requirement; selling cemetery lots is not considered a service of real estate.
Anyone who performs any of the real estate services for another person for compensation of any type must have which of the following:
A) A limited license
B) A Florida real estate license
C) A foreign real estate license
D) A Florida real estate brokers license
B) A Florida real estate license
The Florida Real Estate License Law identifies 8 real estate-related activities referred to as real estate services that require a Florida real estate license.
The power to grant, deny, suspend and revoke registrations is granted to which of the following:
A) The county judges
B) The Department of Business and Professional
Regulation (DBPR)
C) The Florida Real Estate Commission (FREC)
D) The Division of Real Estate
C) The Florida Real Estate Commission (FREC)
In 1925, at a special session of the legislature, this power was transferred from county judges to the Florida Real Estate Commission.
A member of the public who is or may be a buyer or seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship is considered a?
A) Transaction Broker
B) Customer
C) Client
D) Dual Agent
B) Customer
Under Florida license law considers the members of the public to be customers until they hire a broker to represent them in a real estate transaction.
Dave lives in South Dakota. He wishes to become licensed as a real estate associate in Florida. Would Dave be permitted to sit for the exam?
A) Yes, if Dave was licensed in South Dakota, he would
automatically have reciprocity in Florida
B) Dave must sign the irrevocable consent to service
section on the application form
C) No, Dave is not a resident of Florida
D) Dave must reside in Florida for four months before sitting for the exam
B) Dave must sign the irrevocable consent to service section on the application form
Florida residency is not required to obtain a Florida Real Estate license. However, non-residents must sign the irrevocable consent to service section. This agreement provides that lawsuits and other legal actions may be initiated against the applicant in any county of Florida in which the person bringing the suit resides.
The Commission may do all of the following EXCEPT
A) Suspend a license for up to 10 years
B) Deny an application for licensure
C) lssue an injunction
D) Place a licensee on probation
C) lssue an injunction
Only a judge can award an injunction which is an order from the court to do or refrain from doing things. The Commission may place a licensee, registrant, or permittee on probation; suspend a license, registration, or permit for a period not exceeding 10 years or revoke a license.
The role of the property manager is best described as which of the following?
A) Producing the greatest income for the property owner
B) Rent collection
C) Locating tenants for the owner
D) Repairs to the property
A) Producing the greatest income for the property owner
A property manager does all of these as the local representative of the owner; his/her primary task, however, is producing the greatest possible net income over the longest period of time.
A real estate associate is selling Florida property that is owned by a resident of Indiana. The buyer is a resident of Ohio. The real estate agent must be:
A) Licensed in both Indiana and Florida
B) Licensed in Ohio
C) Licensed in Florida
D) Licensed in Indiana
C) Licensed in Florida
An agent needs to be licensed by the state in which he/she is selling the real estate. The residences of the parties make no difference
A sales associate applicant is not required to comply with which requirement?
A) Have a high school diploma or its equivalent
B) Be a bona fide Florida resident
C) Submit an application fee
D) Be 18 years of age or older
B) Be a bona fide Florida resident
Applicants do not have to be residents of Florida. If a nonresident applicant or licensee wishes to become licensed in Florida, he or she must sign the irrevocable consent to service section on the application form.
How often must a sales associate complete 14 hours of real estate continuing education?
A) Once every three years until age 67
B) Once every three years following the date his/her
license is issued
C) By the end of the month following the first year from
the date the 45-hour post-licensing class Is completed
D) Every two years to coincide with the license period
D) Every two years to coincide with the license period
After completing the post-licensing requirement, active and inactive licensees must complete at least 14 hours of continuing education during every 2-year license period.
Any property management firm or any owner of an apartment complex for the act of paying a finder’s fee or referral fee to an unlicensed person who is a tenant in such apartment complex provided the value of the fee does not exceed how much per transaction?
A) $200
B) $150
C) $25
D) $50
D) $50
Any property management firm or any owner of an apartment complex for the of paying a finder’s fee to an unlicensed person cannot exceed $50.
Which of the following would cause a licensee’s license to be revoked or suspended?
A) A parking ticket
B) Being over the age of 65 years old
C) Renewing the license with misrepresentation
D) On arrest for bank robbery
C) Renewing the license with misrepresentation
If the licensee obtains a license by fraud, misrepresentation or concealment and the act is discovered by the BPR, the usual action would be to impose a penalty of revocation or suspension.
Sales associate Ann recently moved from Clearwater, Florida, to Tampa, Florida. She must:
A) lf Ann does not change brokers, she is not required to notify the DRE of her change in mailing address
B) Ann’s license is automatically canceled until she notifies the DRE of her new mailing address
C) Notify the DRE of her change in current mailing address within 60 days of the change
D) Notify the DRE of her change in current mailing address within 10 days of the change
D) Notify the DRE of her change in current mailing address within 10 days of the change
The FREC requires that a licensee notify the DBPR, in writing, of any change in his or her mailing address within ten days after the change. If the licensee fails to notify the DBPR of the change in the prescribed period, he or she may be issued a citation and be fined $100.00.
An auditor shows up at a Real Estate broker’s office and demands to see the brokerage relationship disclosure records. For how many years back must a broker be able to produce complete disclosure document files?
A) Ten Years
B) Two Years
C) Five Years
D) One Year
C) Five Years
Brokers must retain brokerage relationship disclosure documents for five years for the following: all residential transactions that result in a written contract to purchase and sell real property, and all nonresidential transactions that utilize designated sales associates.
A broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent is referred to as?
A) Single Agent
B) Double Agent
C) Salesperson
D) Transaction Broker
D) Transaction Broker
A transaction broker relationship, a buyer or seller is not responsible for the acts of a licensee. Additionally, the parties to a real estate transaction are giving up their rights to the undivided loyalty of a licensee in this type of relationship.
Which type of license is needed to sell a cemetery plot?
A) A limited license
B) A foreign real estate dealer’s license
C) There is no license required to sell cemetery plots
D) Florida Real Estate license
C) There is no license required to sell cemetery plots
Individuals specifically exempted from licensure include persons who buy or sell cemetery lots.
A broker who represents, as a fiduciary, either the buyer or seller but not both in the same transaction is referred to as:
A) A Transaction Broker
B) A Single Agent
C) A double agent
D) A Dual Agent
B) A Single Agent
Under Florida license law a broker can represent either or neither but never both.
