Practice Exam 1 Flashcards
(37 cards)
A member of the U.S. armed forces is transferred to active duty in Jacksonville, Florida. The service member’s spouse holds a valid New York real estate license. The service member’s spouse desires a Florida real estate license. Which statement is TRUE?
Upon an approved application for a license, the DBPR must issue the spouse a Florida real estate license.
Which statement is FALSE regarding mutual recognition agreements?
Mutual recognition applicants may be Florida residents or nonresidents.
Eight months ago a licensed real estate sales associate who was a caregiver for their sick parent did NOT complete the post license education requirement by their initial license expiration.
Which statement applies to this situation?
The Commission has no legislative authority to extend the post-license requirement beyond six months.
Which duty is NOT a duty in all three types of brokerage relationships?
Use skill, care, and diligence
The property owner of a listed property has instructed the broker not to show the property when the owner is out of town. A potential buyer asks the sales associate to show the listed property; however, the owner is out of town.
How should the sales associate handle the situation?
Explain to the buyer that the sales associate cannot show the property until the owner returns.
A sales associate has been directed by her real estate broker to commit an unlawful act. The sales associate should
refuse and withdraw from the relationship.
The broker and the seller agree to single agency representation. The broker MUST
present the seller with the single agent notice and give the seller a copy of the notice.
The brokerage relationship disclosure requirements in Chapter 475, F.S., do NOT apply to
an agreement to lease a residential condominium.
A transaction broker may disclose, without exception
to the buyer, the listed price and physical characteristics of the home.
Which real estate form does NOT require a signature?
No brokerage relationship disclosure form
During a lunch meeting, three brokers discuss how to increase their businesses. They decide that broker A will work exclusively northeast of downtown, broker B will work exclusively northwest of downtown, and broker C will work exclusively south of downtown. This is a
Violation of antitrust laws called market allocation.
A sales associate is selling her own property “by owner.” Which statement is TRUE regarding real estate licensees selling property “by owner”?
If she uses her personal phone number in the ad, the licensee should disclose to a buyer prospect that she is a real estate license at the first point of meaningful negotiation.
A broker’s escrow account may NOT be in
an insurance company located in Florida.
A dispute over escrowed funds arises between the buyer and seller. The broker notifies the FREC of the conflicting demands and requests that the Commission issue an escrow disbursement order.
The FREC informs the broker that it declines to issue an escrow disbursement order (EDO) and the broker must use an alternative settlement procedure. Which alternative method CANNOT be used to resolve the matter?
Petition for review or appeal
In which situation is the broker NOT exempt from the notice requirements regarding conflicting demands?
A dispute over escrow funds related to a property inspection
A prospective tenant was recently transferred to
- Jacksonville. He was not familiar with the city so he purchased a rental list for $100 from a local real estate company. The prospective tenant referred to the list while looking for an apartment but was unable to locate a suitable unit. He has requested a refund of his $100. Which applies?
He is entitled to a refund of $75 if requested either verbally or in writing within 30 days.
The owner of an office building has signed an exclusive listing agreement with a broker. The listing agreement contains information about the broker’s lien rights in accordance with Part III of 475, F.S. If the owner sells the property without paying the broker a commission, the broker
may place a lien against the seller’s net proceeds from the sale.
A sales associate has hired a licensed personal assistant to help increase the sales associates business. The licensed assistant will receive $12 an hour for administrative work and 35% of any commissions earned. The licensed assistant
may be paid by the sales associate for administrative work but must be paid by the broker for commissions earned.
The legal term that applies when two real estate brokers share office space in such a manner that the public is led fraudulently to believe that a partnership exists is referred to as
an ostensible partnership.
On July 1, a broker received conflicting demands from a buyer and seller regarding a good faith deposit. Twelve business days later, the broker is unable to resolve the conflict between the parties and notifies the FREC. How many days does this broker have remaining to implement a settlement procedure?
18 business days
An individual does NOT intend to engage in real estate activity. However, he does plan to be an officer of a real estate brokerage corporation.
Which status is required?
Registered with the DBPR
An applicant was issued a sales associates license by mistake. She has been informed that the license has been revoked. Which applies?
This action is referred to as “revoke withour prejudice.”
A DBPR investigator is authorized, in cases that involve a first-time offense of a minor violation, to issue
•A. a cease and desist order.
B. a notice of noncompliance.
C. a letter of guidance.
D. an administrative fine.
a notice of noncompliance.
A claimant has obtained a judgment against a licensee. The judgment includes liquidated damages of $15,000, punitive damages of $12,500, and attorney fees of $2,500. The claimant may be awarded what amount from the recovery fund?
$15,000
