Unit 1 Review Exam Multiple Choice Flashcards
A group license would be obtained by sales associates registered under a (n):
Owner-Developer
A licensee who is licensed in one state is permitted to practice in another. This is known as:
Reciprocity
Each applicant for a broker or sales associate license must:
Be at least 18 years old
An unlicensed entity that sells, exchanges, or leases its own property is:
An owner-developer
Which is a CORRECT statement about the qualifications to be a licensed Florida real estate broker:
Must have a high school diploma or its equivalent
The initial license period is:
Between 18 and 24 months
When a broker’s license has been involuntary inactive for more than 12 months but less than 24 months, the broker is required to complete:
28 Hour reactivation education
A sales associate or broker associate registered with an owner-developer who owns properties in the name of various entities is issued a:
Group License
Three brokers, each licensed individually, have decided to operate as J-W Realty. Their action is an example of:
Ostensible Partnership
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:
4 years
What is the MAXIMUM amount of time one’s license may be involuntarily inactive:
2 years
If broker post-licensing requirement is not fulfilled before the first renewal & there is a desire to continue as a broker, the licensee:
Must re qualify for the license
Which business entity may NOT register as a real estate brokerage entity?
Cooperative
A sales associate may hold which position?
Limited partner in a real estate brokerage limited partnership
Which of the following is TRUE of a partnership brokerage formation including a broker & a non-licensee?
The broker, non-licensee, & partnership MUST be registered with the DBPR
An Active broker can have multiple licenses if:
serving in a non-brokerage capacity as an officer or partner in a different corporation or partnership
An Illinois real estate broker moved to Miami five months ago. He requests a Florida broker license based on mutual recognition. The Illinois broker:
Must complete the broker pre-license course & pass the Florida state license exam because he is a resident of Florida
Which of the following is a benefit of operating as a sole proprietorship?
Less paperwork & fewer formalities
Broker wants to make sure she is not responsible for a real estate brokerage business assets & liabilities should it fail. Which of the following should broker choose?
Corporation
ABC Ventures, LLC, doing business as Sunshine Realty, is a member-managed limited liability company. Which of the following is TRUE?
Each member dealing with the public as a broker must hold an active broker’s license
XYZ Investments, LLC, doing business as Darkstar Realty, is a manager-managed limited liability company. Which of the following is UNTRUE?
A manager MUST be a member of
A licensee who takes a 3 hour core law course in each year of the renewal period receives how many classroom hours of credit toward the 14 hour continuing education requirement?
3 hours of Core law plus 3 hours of Specialty Topics
Which individual is exempt from the broker post-license education requirement?
Individual who has attained a four-year degree in real estate from an institution of higher education
if a Florida resident licensee becomes a nonresident, the licensee must serve notice & file an irrevocable consent to service:
Within 60 days of moving
