Mark has been operating as a broker but has no license. This is ______.
A misdemeanor
A third-degree felony
Common practice
No big deal
Can your assistant answer client questions about offers and negotiation?
Only if your assistant has a real estate license
Only if your assistant has enough experience
Only if your assistant is an employee
Only if your assistant is over 21 years of age
You are an agent with XYZ Real Estate. You’ve accepted a $10,000 deposit from a purchaser. During the pendency of the transaction, the buyer gets cold feet and wants out. The buyer demands a refund of the deposit. Your broker believes the demand is unwarranted and believes the seller is entitled to the deposit. In this case, which of the following would be true?
The broker may divide the deposit evenly with the seller, because the seller didn’t do anything wrong.
Your broker cannot make a unilateral decision.
Your broker can pay it as she believes is correct.
Your broker should tell FREC in writing how she disbursed the deposit in advance of the payment to the seller, because of the clear-cut actions of the buyer.
You have joined XYZ Real Estate as a new licensee. Your broker has recently had his license suspended over what you believe to be a minor issue. Which of the following statements is true?
Your broker’s license has no effect on your licensure status.
Your license is placed into reserve status for 180 days.
Your license will become involuntarily inactive.
Your license will be fine, so long as you’ve kept up your CE requirements.
As an agent, you owe your client fiduciary duties such as loyalty, reasonable skill and care, confidentiality, accounting, and disclosure. What other fiduciary duty is owed?
Kindness
Obedience
Profitability
Strategy
The legal description in Ellen’s Florida property deed accidentally switched the lot and block numbers. This is known as a(n) ______ error, and it may be corrected by filing a curative notice with the county clerk of court.
Executor’s
Layperson’s
Scrivener’s
Transferor’s
A Florida broker is posting transactions to individual client accounts. To which escrow account record would he post?
Balance sheet
Journal
Ledger
Trial balance
Arbitration is different from mediation in that ______.
In arbitration, the mediator will render the final decision
In arbitration, the parties must submit to the arbitrator’s decision
In mediation, the mediator’s role is to represent one party without harming the other
Mediation is binding on all parties, even when one party disagrees with the decision
Your brokerage firm is holding $25,000 on a pending transaction. Actually, you’re holding it and are hoping to meet your broker and give it to him the following morning by 8 a.m. Which of the following statements is true?
If you lose the deposit, you must report that to FREC and obtain a new deposit within 48 hours.
Regardless of any circumstance, your firm must have the deposit in the bank before the close of the work week.
You can hold the deposit in your personal account until you know it has cleared your bank.
You must give the deposit to your broker before the close of the next business day after it is received.
Stacie, a licensee, passed her state exam and was active for a while. However, the market slowed, and she returned to retail sales. Almost three years has lapsed, and she wants to return to the business. She must:
Apply for special dispensation, because of market conditions.
Do nothing, as her license is good for five years.
Do nothing, because continuing education is only required for the broker of record.
Take the 14-hour continuing education course during each 24-month period, including the period when she away from the business.
Which of the following is an action that real estate licensees may take without practicing law illegally?
Create their own real estate forms.
Interpret legal consequences of specific actions.
Use existing forms that an attorney has reviewed.
Write addenda that cover unfamiliar or unusual circumstances.
Which one of these individuals does not need a real estate license?
A general partner who receives special compensation for performing real estate activities
An individual representing a buyer who will receive a percentage of the sale price as compensation from the seller’s agent
An individual representing a seller who will receive a percentage of the sale price as compensation
An individual selling a personally owned home (for sale by owner)
You are attempting to sell a pre-existing condominium. The buyers gave you a $5,000 deposit, which your broker promptly deposited into the brokerage trust account. The buyers have reviewed the condo docs within three days and within that time, decided they want out of the deal. Your broker ______.
May refund the deposit to the buyers without approval of any other party.
May refuse to refund the deposit, and you will earn no commission.
Must submit the matter to the court as an interpleader.
Must submit the matter to the Real Estate Commission for an escrow deposit order.
As of 2021, what’s the maximum fee that a Florida condo association may charge for transferring a unit to a new owner?
$0
$100
$150
$50
When showing a property to an unrepresented buyer, you owe the customer the duty of ______.
Disclosing conflicts of interest
Disclosing material facts
Loyalty
Obedience
Law.ReviewUpdate.ceSh.finalexam2.CE.Qonly.txt
Johnny’s team ad has the following layout: the team name at the top in 18-point font, the brokerage name underneath in 14-point font, and contact information for the team and brokerage underneath that in 12-point font? Is there anything about this formatting that doesn’t comply with Florida real estate advertising law?
No, the ad is in full compliance.
Yes, the ad needs at least one photo.
Yes, the team name is not permitted to be larger than the brokerage name.
Yes, the team name must always be printed below the brokerage’s name.
If a condominium association in Florida violates the parameters under which certain contractors may design and install fire sprinkler systems, how much may the association be fined?
Nothing, but the contractor can be fined up to $50,000.
The association can be fined up to $25,000.
The contractor and the association can both be fined up to $25,000 each.
The contractor, not the association, can be fined up to $10,000.
A licensee is preparing a purchase offer for their buyer client. It’s a fairly standard offer: a little less than list price, with the seller paying a little toward the buyer’s closing costs. The licensee fills in the blanks on a standard form used in their brokerage firm based on the current situation. Is this okay?
No, the licensee is not an attorney and shouldn’t prepare contracts.
No, the licensee should have their client prepare the offer.
No, the licensee should hire an attorney to prepare the purchase offer.
Yes, the licensee can use the standard forms that their brokerage uses (assuming these forms were originally created or approved by an attorney).
Using reasonable skill and care to serve your clients is one of your fiduciary duties as an agent. While performing that duty, what must you do?
Advise your clients on matters in which you are not an expert
Be an expert at everything
Stay within the scope of your license and expertise
Use brokerage resources to hire a professional to perform the work that needs to be done
A licensee knows how easy it is to cross the line into unauthorized practice of law, so the licensee takes extra care to stay in their lane. Which of the following is an action that the licensee is legally allowed to take in their real estate practice?
Create their own real estate forms.
Interpret legal consequences of specific actions.
Use existing forms that an attorney has reviewed.
Write addenda that cover unfamiliar or unusual circumstances.
Victoria lives within a small Winter Park, Florida community association, and noticed association’s covenants and restrictions included an outdated, racially discriminatory provision. She requested that the association board remove the provision from its governing documents. How may the association do this?
By filing a petition with the county court
By following the normal protocol that community associations must abide by in order to amend their governing documents
By holding a public forum, followed by an owner vote
With a majority vote by the association board
Since 2020, discriminatory provisions in a Florida title transaction have been legally ______.
Discouraged
Extinguished
Mandated
Removed
What’s an acceptable account for depositing escrow funds?
A joint account with other client’s escrow funds
A personal business account
A separate trust or custodial account
The general business account of the brokerage