Dedication most nearly means
concern for others.
public health issues.
giving private land for public use.
donating a hospital to a private charity.
A home that is specially built for a buyer, using his/her blueprints, is called
a custom home.
a tract home.
a spec home.
an original home.
Which would NOT usually be involved in financing real estate?
A mortgage banker
A mortgage broker
A savings and loan
A real estate broker
Putting together two or more parcels of land to make a larger parcel is called
subdivision.
assemblage.
financial plan.
incentive.
The act of appraisal can be completed by
anyone who hangs out a sign.
anyone who calls himself an appraiser.
anyone with a real estate license.
an appraiser following the USPAP standards.
Having a membership in The National Association of REALTORS ® (NAR), Florida Association of REALTORS ® (FAR), and the local Board (association) of REALTORS ®
is required in order to hold a Florida Real Estate license.
is required in order to hold a Florida Appraiser’s license.
has nothing to do with obtaining or maintaining a real estate license.
is required for anyone wanting to buy or sell real estate.
Agriculture property in Florida is a property that
has many buildings on it.
has fewer than 10 acres.
has fewer than 5 acres.
has more than 10 acres.
Which is NOT commonly an area of federal government interference in real property?
Federal Fair Housing Act
RESPA
National Parks
Zoning laws
The duties of a property manager include all EXCEPT
selling the property.
advertising the property.
maintaining the property in good repair.
budgeting expenses for the property.
Which is the most important issue for a broker acting as a property manager to accomplish?
To make sure the building is 100% occupied
To keep the tenants happy and satisfied
To budget and keep the cost down
To get maximum income while preserving the value of the investment
One example of a Loan Originator would be a(n)
family member.
a real estate agent.
associate lender.
seller who finances more than two homes in a two-year period.
Local communities regulate real estate by
buying and selling land themselves.
creating zoning laws.
annexing nearby towns.
taxing animals.
Florida law requires that you be approved by the state for licensure (through registration and application) _ they can take the State-licensing exam, which is WHY students are asked to apply for licensure as early as possible while in the course.
before
after
upon finding a broker
when
Why does a real estate professional need a license?
He has specific information to be able to show a house.
He has specific information to lease a house.
He has expert information on real estate that an average layperson does not have.
He does not need a license; he can sell and list whenever he wants.
Services that a property manager must perform for the owner are listed in
a sales contract.
a listing contract.
a uniform management code.
a property management agreement.
In Florida, there is a demand for property management services due to the large amount of
waterfront properties.
theme parks.
absentee owners.
residents who own condominiums.
Which statement is TRUE?
The real estate industry makes up about 25% of the nation’s economy.
Real estate affects only real estate professionals, buyers, and sellers.
Real estate only has one direction: buying and selling.
The real estate industry is not regulated.
It is unethical for an appraiser to accept compensation for performing an assignment when it is contingent upon
the appraiser having a real estate license.
the requirement for a certain type of loan.
the reporting of a pre-determined result.
when the appraiser is asked for more comparables by the underwriter.
The practice of a real estate sales associate specializing in a particular geographic area is called
farming.
prospecting.
soliciting.
advertising.
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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.
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
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.
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 who is managing a real estate brokerage office
Which act or crime could disqualify an individual from becoming a licensee?
Committing a crime of moral turpitude
Using an illegal substance
Being convicted of a DUI
Having served jail time
How many hours is a broker’s pre-license course?
45
63
72
98
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
Pearson VUE is
the Florida Testing Service for real estate.
a promise that you will pass the real estate exam.
a division of the DBPR.
a division of the FREC.
Jim is a convicted felon. He was found guilty of cheating on his income tax for four years, and he served time in jail. He has completed his sentence and wants to become a real estate sales associate. Which is most nearly correct?
Jim can never have a real estate license.
Jim must apply for his license, and it will be granted because he has served his time.
Jim can only be a sales associate, never a broker.
Jim must disclose his conviction on his real estate application.
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.
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.
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.
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.
Joe is an appraisal graduate student at a state university. He is sent to appraise Farmer Tom’s property. Because it is such a good property, Joe asks Tom to list the property for sale. Does Joe need a real estate license?
No. Because Joe is a graduate student at a state university, he is exempt from having a license.
No. Joe is just doing appraisal work and helping the farmer out.
Yes. He needs a license because all appraisal students need a license.
Yes. He needs a license because he wants to list the property, not just appraise it.
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.
A person owns her own company, specializing in negotiating sales of property for buyers and sellers. She does not take listings or show any 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.
For her first renewal, Broker Marie mistakenly took 14 hours of continuing education instead of the broker post-license course. Marie
must ask for an emergency thirty-day extension to complete the post-license course.
can no longer work as a broker because her license is null and void.
can ask for a waiver to use the CE courses for her renewal and complete the post-license course on her next renewal.
must pay a $200 fine and complete the post-license course on her next renewal.
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 a property and negotiates for the electric company. Does he need a license?
He needs a license because he is negotiating for the 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.
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.
Janice did not answer truthfully on the background page of her application for licensure. When the Department found the discrepancy, she was asked about it, and she did not tell the truth again. What will likely happen to her application?
The application will be filed as pending.
Nothing will happen. The Division cannot handle this without a lawsuit.
The application may be denied, and she may be subject to subsequent disciplinary action.
None of the above.
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.
When must the sales associate’s post-license be completed?
Every two years before every renewal time
Before the first license renewal
During the two years of the first licensing
After obtaining the 14-hour continuing education course
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.
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The FREC has an obligation to perform all EXCEPT
issue a Florida sales associate’s real estate license.
sponsor and approve real estate educational courses.
inspect and audit licensees and their business practices.
decide on questions of practice for licensees.
Joe submitted his application to take the sales associate’s examination. He passed the test. When is his license effective?
When he has signed an employment contract with his broker
Immediately after taking the test
When the division receives the report from the testing service
After he receives written notice that he passed the examination
How many members of the FREC must be licensed brokers?
Seven
Two
Four
Three
Who issues real estate licenses?
The Commission
The Division
The Department
The Governor
FREC Members are paid
a monthly salary for their work.
an hourly fee for each day’s meeting.
a per diem fee and mileage for any days they meet.
nothing since this is a voluntary position.
A sales associate failed to complete their continuing education and renew their license on September 30. What will the status of the license be on October 1st?
The license is null and void.
The license is involuntarily inactive.
The license is voluntarily inactive.
The license is revoked.
What is the purpose of the Department of Business and Professional Regulation?
Real estate licensing
Police power regulation
Consumer protection
Law promulgation
May received her license in April of this year. After obtaining her license out of state, she moved to Florida. She MUST inform the Department of her new address in ____ days
10
7
It is not required as she was NOT a resident of Florida when she was licensed.
60
Who elects the Chairperson of the FREC?
The Senate
The Secretary of the Department
The Executive Director of the Division
The FREC members
The Division that has the power and duty to enforce and ensure compliance with the provisions of The Condominium Act, The Cooperative Act, The Florida Vacation Plan and Timesharing Act, The Yacht and Ship Brokers Act, and provides a mediation and arbitration program for homeowners’ associations is
the Division of Business and Professional Regulation.
the Division of Florida Condominiums, Timeshares and Mobile Homes
the Division of the Florida Real Estate Commission.
the Division of the National Association of REALTORS.
The Department of Business and Professional Regulation is a
Department under the Florida Real Estate Commission
Part of the Executive branch of Florida State Government
Integral office under the legislature
A state-sponsored office that licenses real estate professionals only
Membership on the FREC is obtained by
appointment by the Secretary of the Department, subject to approval by the Governor.
appointment by the Governor, subject to confirmation by the Senate.
election by the Senate and confirmation by the Governor.
appointment by the Division, subject to confirmation by the Department.
Juan is newly licensed and his license expires on March 31st, 2023. He has not completed his post-licensure education. What will happen to his license if he fails to successfully complete his education by Midnight on March 31st?
His license becomes involuntary inactive
His license becomes null and void
He will need to complete post-licensing before 24 months
He must complete 14 hours of continuing education before that date