How many of the seven members of the FREC must hold active real estate licenses?
Five
Four
One
Seven
Which one of the following performs ministerial duties, such as recordkeeping, for the FREC?
DBPR
DCPA
DHR
DRE
A year and a half ago, Jan was appointed to the Florida Real Estate Commission. How much longer does she have left on her term?
6 months
One
Three and a half
Two and a half
The rules in the Florida administrative code that ______ real estate have been enacted by the FREC to enforce the license laws.
Define
Promote
Regulate
Revoke
The new governor is seating a real estate commission in Florida. Which of the following is a qualification for commission membership?
Commission employee for three years
Florida citizen and resident for the past three years
Real estate broker for the past five years
Real estate salesperson for at least five years
Which of the following determines the post-licensing and continuing education requirements for real estate licensees?
Division of Administration and Financial Management
Division of Florida Condominiums, Timeshares, and Mobile Homes
Division of Service Operations
Florida Real Estate Commission
There is one opening on the commission. The current Commission has: 3 Brokers/1 Sales Associate/2 Consumers. Which individual is qualified to join?
A broker with at least five years of experience
A broker with at least two years of experience
An unlicensed consumer
A sales associate with at least five years of experience
The ______ oversees the DRE, which administers the FREC to regulate real estate in Florida.
Attorney general
DBPR
Judicial branch
State senate
The quasi-legislative powers of the FREC include which of the following responsibilities?
Adopt a seal
Discipline licensees
Foster education of applicants and licensees
Pass rules and regulations
Applicants for a Florida real estate license must meet certain qualifications. Which entity has the power to grant or deny applications for licensure?
The FREC
The governor
The state attorney general
Your employing broker
How many members serve on the Florida Real Estate Commission?
10
Eight
Five
Seven
The quasi-judicial powers of the FREC include which of the following responsibilities?
Adopt a seal
Discipline licensees
Enact rules and regulations
Foster education of applicants and licensees
The Florida legislature, under FL §455.223-225, granted the DBPR the authority to ______.
Appoint members to the FREC
Impose imprisonment as a penalty
Investigate consumer complaints
Tax real estate transactions
The _____________________ is the agency which licenses and regulates businesses and professionals in Florida.
DBPR
DRE
FREC
IRS
The power to regulate and enforce license law falls under the FREC’s ___________________ responsibility.
Executive
Public relations
Quasi-judicial
Quasi-legislative
How long are the terms of the members of the FREC?
Eight years
Five years
Four years
Two years
How many of the seven members of the FREC must have held an active broker license for at least five years prior to appointment?
Five
Four
Three
Two
Which of the following entities regulates real estate license law in Florida?
Chief of Staff
Division of Professions
Office of General Counsel
The Florida Real Estate Commission
Which entity is responsible for regulating professional practices and administrative matters?
Florida Real Estate Commission
Office of Communications
Office of Inspector General
The governor
The DBPR has issued a cease and desist order to Malika. Which of the following must be true?
She is a certified public accountant.
She is a commission member.
She is a real estate licensee.
She is unlicensed.
Which of the following accurately describes the Division of Real Estate?
Oversees the DBPR, DRE, and real estate commission.
Provides administrative services for Florida Real Estate Commission.
Regulates Florida businesses
Regulates the activities of real estate professionals and schools
At 64. Thomas is the only member of the FREC who is over 55 years old. What does this mean for him?
He can serve more than two consecutive terms.
He is too old to be on the commission since the cutoff is 55.
He meets the requirement of one commission member being over the age of 60.
When he turns 65 he will meet the age requirement for the FREC.
What is the primary purpose of the Florida Real Estate Commission?
To collect fees
To meet monthly
To promote the real estate profession
To protect the public
The rules in the Florida administrative code that ______ real estate have been enacted by the FREC to enforce the license laws.
Define
Promote
Regulate
Revoke
4sect.1unit.CeSh.PreLic.Qonly.txt
April and Wayne are the buyer and seller of a condo, respectively. April is represented by Steve. Wayne is represented by Wanda. Name the principal(s) in this transaction.
April and Wayne
Only Wanda
Only Wayne
Steve and Wanda
A couple at an open house ask a licensee for a flyer containing information about the property. What is the licensee’s relationship with the couple?
Acquaintances
Clients
Customers
Sub-clients
Who is a person who’s been placed in a position of loyalty and trust in a real estate transaction?
Attorney in fact
Client
Fiduciary
Mortgage lender
You represent a buyer in a transaction with that includes 2% cooperating agent compensation to be paid by the seller. Who’s your client?
Buyer
Seller
Seller’s agent
Seller’s sub-agent
Which of the following best describes a special agent?
An agent acting as facilitator to a party
An agent unrelated to the real estate transaction
An agent with limited authority to act on behalf of a client
An agent with the responsibility to handle all details related to a specific piece of property
A Florida sales associate working for Broker A represents a seller of a residential listing. Can another sales associate working for Broker A represent a buyer for that same residential listing?
No, because both sales associates would represent the seller and the buyer would not be represented in this transaction.
No, because Florida prohibits dual agency for residential sales.
Yes, as long as both sales associates disclose that they are working as dual agents in this transaction.
Yes, because one sales associate represents the seller and another sales associate represents the buyer.
If a sales associate represents a seller in Florida, can that same sales associate represent someone who wants to buy the client’s residential listing?
No, Florida prohibits dual agency for residential sales.
No, the sales associate must ask another sales associate at the same brokerage to represent the buyer.
Yes, as long as the broker permits sales associate in the same brokerage to represent both the buyer and the seller in the same transaction.
Yes, as long as the sales associate discloses to both parties that the sales associate is representing the buyer and the seller.
A property owner and property manager just entered into a property management agreement. Which of the following is NOT something that would be addressed in the agreement?
Fees the property manager will charge tenants
Fees to be paid by the owner
The extent of the manager’s authority to act for the owner
The property manager’s power to sell the property without consulting the property owner
“Someone who has agency representation with the real estate salesperson or broker” is the definition of ________.
A client
A consumer
A customer
A fiduciary
Who has been given the authority to act on behalf of someone else?
A client
A mortgage lender
An agent
A trustor
Which of the following best describes a general agent?
An agent acting as facilitator to a party
An agent unrelated to the real estate transaction
An agent with limited authority to act on behalf of a client
An agent with the broad responsibility to handle all details related to a specific piece of property
For all intents and purposes, subagents are agents of the _______.
Buyer
Seller
The buyer’s broker
The listing broker
When working as the listing agent for a seller client in a real estate transaction, a real estate licensee is usually acting as which type of agent?
Designated
General
Special
Universal
Javier represents Marcus, who’s selling his rental property to Ben. Ben is represented by another real estate licensee, Francis. What is Ben’s relationship to Javier?
Client and fiduciary
Customer
Customer and client
Fiduciary
Why might subagency be confusing the buyer?
It may not be clear to the buyer that the subagent does not represent either party.
It may not be clear to the buyer that the subagent represents both the buyer and the seller.
It may not be clear to the buyer that the subagent represents the buyer.
It may not be clear to the buyer that the subagent represents the seller.
You have a listing agreement with Sam. Because of this, what is Sam’s relationship to you?
Client
Confidante
Customer
Friend
Rhonda is an unrepresented buyer who’s purchasing Tony’s townhome. Gary represents Tony in the sale of his property. What’s Rhonda’s relationship to Gary?
A client and fiduciary
A customer
A customer and client
A fiduciary
In states that permit dual agency, what dilemma do dual agents face?
A dual agent may not give preferential treatment to one party over the other.
The dual agent must put the interests of the broker first.
The dual agent must put the interests of the buyer first.
The dual agent must put the interests of the seller first.
If Broker A from another firm accepts an offer of subagency from Broker B, the listing broker, to whom does Broker A owe fiduciary duties?
Both parties
Buyer
Neither party
Seller
Which of the following describes a listing agreement termination by completion/performance?
Dean lists his property on August 1. After just a few showings, he accepts an offer on August 12. The closing takes place on September 22.
Margaret listed her property on April 1. She receives and accepts an offer on April 3. On closing day, the buyers back out.
On December 15, Kevin lists his property for three months. On March 16, he declines to extend the listing agreement.
Wendall lists his property on January 1. His agent fails to show or market the property, and Wendall revokes the listing agreement on March 1.
Which of the following best indicates that an individual is a licensee’s client?
A licensee and an individual have a signed agency agreement.
A licensee cold-called an individual, who mentioned he had been thinking of selling his house.
An individual and a licensee talked about the real estate market and the possibility of the individual selling his house.
At an open house, the an individual asked a licensee about her commission rate and sales track record.
Simon is a buyer represented by Peter. Peter shows Simon several homes currently on the market. What is Peter’s relationship to the sellers, if he doesn’t represent them?
Peter has no relationship with the sellers.
Peter is a fiduciary for the sellers.
The sellers are Peter’s customers.
The sellers are Peter’s principals.
Which one of the following statements about dual agency in Florida is true?
A licensee can’t act as a fiduciary for a buyer and a seller in the same transaction.
A transaction broker may act as a dual agent.
Dual agency must be disclosed in writing.
Dual agents are not bound to confidentiality.
Which one of the following actions would result in the legal termination of an agency agreement?
The client wants the seller to make improvements to the property.
The client wants to attach an addendum to the sales contract.
There’s an unexpected death in the agent’s family.
The term specified in the agency agreement expired.
Betsy is buying a home from Joe. Joe’s listing agent is Keri, and Betsy has no representation. Which of these statements is true about this transaction?
Betsy and Joe are Keri’s customers.
Betsy needs an agent before she can close the sale.
Joe is Keri’s client, and Betsy is Keri’s customer.
Keri is acting as a dual agent.
Who is a party to a transaction and the person for whom the agent acts?
A customer
A fiduciary
A licensee
A principal
Which of the following is the most serious consequence of treating a customer as a client?
Breaching your duty to your actual client
Drumming up potential business
Wasting your time
Working for someone for free