When a broker represents a seller as a single agent on the sale of a home and a buyer wants the same broker to act on his behalf in the purchase of the same home and the broker agrees without any further notice to the seller which of the following is true?
the broker has divided loyalties
the broker must reduce the commission payable since he got both sides of the deal
the broker is acting illegally since undisclosed dual agency is not permitted in Florida
the Seller will be happy because the sale will go through quickly
What are the Laws governing Agency Laws known as?
Statute of Agency
Statutory Law
Law of Agency
Common Law
An agency relationship is created in which of the following cases?
When a sales associate meets a customer at an open house
When a licensee gets a phone call from someone they Direct Mailed
When a tenant is communicating with a property manager and not the owner
when the seller asks to be represented and the broker agrees
What is the person who is empowered to act on behalf of another called?
A Client
A Customer
An Agent
A Principal
Which agency is NOT allowed under Florida law?
Transaction Brokerage
Single agency
Dual Agency
Nonrepresentation agency
Which of the following are NOT residential property as defined by Florida law?
A Five Unit Apartment House
A Single Family Home
Undeveloped Agricultural Land of 10 Acres or Less
A Condominium
If a listing sales associate shows a property to a ready, willing and able buyer what is he NOT permitted to do?
must promptly tender to the seller any contract offer that has been offered unless advised in writing not to do so.
disclose to the buyer all material facts that will affect the value of the property.
None of the Above
Give the buyer a Consent to Transition to Transaction Broker form and get on with the sale
Which form must be given to the buyer if a sales associate is working with them in a fiduciary capacity?
The Consent to Transition to Transaction Broker Form
The Single Agent Notice
The No Brokerage Relationship Notice
The Transaction Broker form
Which is NOT true about Florida real estate disclosure laws?
Disclosure paperwork only needs to be kept by a broker for three years.
Disclosure rules do not apply to Transaction Brokers.
Disclosure rules do not apply to auctions.
Disclosure rules only apply to the rental or leasing of real property if an option is given.
What type of agent usually has the Power of Attorney?
A Limited Agent
A Universal Agent
A Special Agent
An Dual Agent
5ch-REU-PL-Qonly-quiz
Which of the following CANNOT register with DBPR to provide Real Estate Services to the public?
A Partnership
A Limited Liability Company
A Corporation Sole
A Sole Proprietor
If several brokers form a corporation to sell real estate and want to call their business Broker’s Dozen with each broker working with the public what are they required to do?
They must all be active brokers and the Corporation must be registered.
Only one of the broker’s needs to be active, the rest can be inactive
They must all be active brokers but nothing needs to be registered since the company is a Corporation
They must all be active brokers. The Corporation must be registered and the trade name must also be registered
If the Licensed Broker in a partnership is killed in an accident what happens to the Sales Associates working for that partnership?
Their licenses will be revoked
Their licenses will be suspended
Their licenses will become involuntarily inactive
They can continue working since they have Errors Omissions insurance
What are the three core federal antitrust laws?
FHA, VA and Equal Opportunities Acts
Clayton Act, ADA and Veterans Act
Statute of Frauds Act, Sherman Act and Williams Act
Sherman Act, Federal Trade Commission Act and Clayton Act.
What is the term for mixing business and personal funds?
Revocation
Erosion
Commingling
Conversion
How long does a prospective tenant have to demand the return of a fee paid for rental information provided by a broker if that information is not current or accurate?
90 Days
30 Days
60 Days
180 Days
What is Conversion?
Getting an Agency agreement from a customer so that they become a Client
Using money from the Escrow or Trust account for the broker’s own use
The transition from Sales Associate to Broker Associate
Moving Real Estate Offices
Which Federal Department regulated RESPA?
HUD
Consumer Financial Protection Bureau (CFPB)
FREC
FHA
What is NOT a requirement for a broker’s entrance sign?
The Registered Name of the Brokerage
Date of Licensure of the Broker
Broker’s Name with the wording “licensed real estate broker”
Any Trade name under which the firm operates
How often does a Broker have to reconcile his trust account(s)?
Every Six Months
Quarterly
Monthly
Yearly
5ch-REU-PL-Qonly-quiz
Which of the following CANNOT register with DBPR to provide Real Estate Services to the public?
A Partnership
A Limited Liability Company
A Corporation Sole
A Sole Proprietor
If several brokers form a corporation to sell real estate and want to call their business Broker’s Dozen with each broker working with the public what are they required to do?
They must all be active brokers and the Corporation must be registered.
Only one of the broker’s needs to be active, the rest can be inactive
They must all be active brokers but nothing needs to be registered since the company is a Corporation
They must all be active brokers. The Corporation must be registered and the trade name must also be registered
If the Licensed Broker in a partnership is killed in an accident what happens to the Sales Associates working for that partnership?
Their licenses will be revoked
Their licenses will be suspended
Their licenses will become involuntarily inactive
They can continue working since they have Errors Omissions insurance
What are the three core federal antitrust laws?
FHA, VA and Equal Opportunities Acts
Clayton Act, ADA and Veterans Act
Statute of Frauds Act, Sherman Act and Williams Act
Sherman Act, Federal Trade Commission Act and Clayton Act.
What is the term for mixing business and personal funds?
Revocation
Erosion
Commingling
Conversion
How long does a prospective tenant have to demand the return of a fee paid for rental information provided by a broker if that information is not current or accurate?
90 Days
30 Days
60 Days
180 Days
What is Conversion?
Getting an Agency agreement from a customer so that they become a Client
Using money from the Escrow or Trust account for the broker’s own use
The transition from Sales Associate to Broker Associate
Moving Real Estate Offices
Which Federal Department regulated RESPA?
HUD
Consumer Financial Protection Bureau (CFPB)
FREC
FHA
What is NOT a requirement for a broker’s entrance sign?
The Registered Name of the Brokerage
Date of Licensure of the Broker
Broker’s Name with the wording “licensed real estate broker”
Any Trade name under which the firm operates
How often does a Broker have to reconcile his trust account(s)?
Every Six Months
Quarterly
Monthly
Yearly
6ch-REU-PL-Qonly-quiz
What actions can the probable cause panel take?
They can Investigate and issue punishment to the subject they investigated
They can only issue citations
They can only investigate if directed by the Governor
They can investigate a complaint and if probable cause is found to exist direct the Department to file a formal complaint against the subject they investigated
What does The Division of Administrative Hearings (DOAH) do?
It is in charge of Background checks for Applicants
It reviews complaints made by the public
It provides aids for applicants with hearing difficulties
It provides independent Administrative Law Judges
How much probation could a sales associate receive for a first offense violation of a rule under Chapter 475 F.S?
90 Days
180 days
2 years
30 days
What happens if a licensee is sued for damages and payment is made from the real estate recovery fund?
The licensee can reimburse the fund from Commission earned from sales they make in the future
The licensee needs to take 20 hours of CE before resuming real estate activities
The licensee is not required to repay anything
The licensee is suspended from real estate practice until the real estate recovery fund has been reimbursed in full
What is the maximum period a license can be suspended?
10 Years
6 months
Indefinitely
2 Years
Which Florida agency investigates real estate complaints?
FBI
Florida REALTORS®
FREC
DBPR
In which circumstance is a summary suspension order given?
When a broker is charged with Commingling Funds
When a broker suspects a sales associate of fraud
When the Department feels that there is an immediate danger to public health, safety and welfare
When a Sales Associate fails to complete their post-licensing education requirement before their license renewal date
Chapter 475, Part I, Florida Statutes, Real Estate License Law is administered and enforced by which of the following?
DBPR
FREC
NAR
RESPA
How many days does a party to a Recommended Order hearing have to file an exception to the Recommended Order?
60 Days
30 Days
90 Days
15 Days
Who can grant or deny a petition for the reinstatement of a license that had been revoked?
Florida REALTORS®
NAR
Governor
Real Estate Commissioner