The DBPR will waive the initial licensing fee, the initial application fee, and initial license activity fee for ?
members of the Florida bar
persons with a college degree
military veterans who apply for a license within 60 months after being honorably discharged from the military
members of United Way and the Salvation Army
If an active duty service member applies for rental property, the landlord must approve or deny the application within how many days?
7 days
10 days
15 days
30 days
What is the common result of wire fraud in a real estate transaction?
The buyer unknowingly transmit funds to a fraudulent account, ultimately losing the money
Even if the buyers transmit funds to a fraudulent account, they are likely to recover the money
The lender will protect the buyer against any losses
Real estate professionals are not likely to be liable for any losses associated with wire fraud in a transaction
The National Association of REALTORS Code of Ethics ?
is based on the philosophy of caveat emptor
has been revised only five times since its origin
must be followed by REALTORS
must be followed by both REALTOR and non-realtor licensees
Article 6 of the REALTORS Code of Ethics requires REALTORS to ?
get the client agreement before accepting any sort of commission or profit on expenditures made for the client
cooperate with other real estate professionals
avoid exaggeration, misrepresentation, or concealment of pertinent information
protect and promote the client’s interest
Within how many days after a buyer receives the HOA disclosure can the buyer terminate the contract?
3 days
12 days
22 days
23 days
An example of software that can produce “human-like” text that may not be easily distinguishable from original work is ?
Canva
ChatGPT
LearnDash
Excel
If a property manager for a foreign investor fails to withhold 30% of the gross receipts, and the manager has not been given certificate that the rental income is effectively connected with a U.S. business, the manager ?
is guilty of fraud and dishonesty dealing
may be personally liable for unpaid taxes, penalties, and interest
has violated Chapter 475
is immune from penalties if he has a current, active license
A landlord must give how many hours’ notice before entering a tenant’s unit for ordinary repairs?
2 hours
12 hours
24 hours
48 hours
Florida real estate licensees must notify the FREC in writing within 30 days if they ?
were convicted of, or pleaded no contest to, a felony or a misdemeanor
violate any part of Chapter 475
fail to renew their license before expiration
were convicted of, or pleaded no contest to, a felony only, but not a misdemeanor
When property is sold, which listing agreement makes the broker the automatic procuring cause of the sale?
Open
Exclusive agency
Exclusive right of sale
Implied
Sales Associate Sally sold a house while working for Broker Brown. Sally moved to another brokerage firm a week later. When the sale closed the following month, Broker Brown claimed he had to do lots of work on the closing and cut her commission by $1,000. If Sally wants to collect the commission, she should ?
file a complaint with the FREC
sue Broker Brown
sue the seller for the difference
place a lien on the house
A properly designed marketing plan would NOT include ?
product, price, place, and promotion
a long-range view of the business
the receptionist’s weekly schedule
projections of listings and sales
If you as a real estate professional believe that wire fraud has occurred, then you should advise the buyer or the seller to do the following EXCEPT ?
immediately contact their bank to stop or recall the wire transfer
file a complaint with the local FBI office
call the number on the wiring instructions email
call the local law enforcement and file a report
A REALTOR who violates the Code of Ethics may be subject to a fine not to exceed ?
$500
$3,000
$15,000
$10,000
What is the maximum amount that can be paid from the Real Estate Recovery Fund for many judgments in several transactions against one licensee?
$25,000
$50,000
$75,000
$150,000
What is the effect on a broker’s listing agreement that has wording that makes it self renewing?
The broker has committed a third-degree felony
The listing commission will be automatically reduced by one-half the stated amount
The listing is valid and will be renewed automatically
The listing is void
Which is correct about DBPR renewal procedures??
Licensees must send proof of the required continuing education with the renewal application
Licensees must retain proof of the required continuing education for a minimum of 10 years
The DBPR will renew the license regardless of whether the licensee completed the continuing education
After renewing, licensees receive an acknowledgment email with a facsimile of the license to print
A community association has ?
5 or more units
10 or more units
25 or more units
50 or more units
The National Association of REALTORS publishes a document called Pathways to Professionalism that ?
is a list of professional courtesies intended for use on a voluntary basis
contain a section called “Duties to Clients and Customers”
prohibits REALTORS from getting compensation from more than one party without disclosure
warns against the line advertising
Broker Harold has listed a rundown house and has suggested that certain repairs be made. Harold subsequently hired several companies to make the repairs, which cost a total of $7,894. Harold has ?
violated the REALTORS Code of Ethics
violated the Florida contractor’s law by making arranging repairs costing more than $5,000 without a contractors license
legally made necessary repairs that are in the seller’s best interest just
done the right thing, provided that the person he hired were all licensed
A buyer has contracted to purchase a home in a subdivision. Later, the buyer finds that she must make annual payments to a homeowners association. The seller did not make the required disclosure. The law says the buyer may ?
void the contract before closing
require the seller to make the payment for the first five years of ownership
file criminal fraud charges against the seller
pay liquidated damages of $5,000
How much in personal funds can a broker place in a sales escrow account?
$1,000
$2,000
$5,000
$7,500
A real estate sales associate who have been licensed for six years forgets to renew her license at the appropriate time. Her license will be ?
canceled
voluntarily inactive
suspended
involuntarily inactive
A sales associate was asked by a prospective buyer to put her in a Spanish-speaking neighborhood so her children would not forget how to speak that language. The sales associate guided her to a Hispanic neighborhood. Which is TRUE?
This is an illegal act called steering
While the practice is generally frowned upon, government testers rarely enforce this part of the law
This is a legal provided no parties are damage by the practice
This is an acceptable practice because of the good that would come from the situation
The maximum administrative fine that the Florida Real Estate Commission may legally levy against a licensee for each separate offense of F.S. 455 or F.S. 475 is ?
$500
$1,000
$2,000
5,000
A real estate broker may legally share a commission with an unlicensed person provided the person is ?
a member of the Florida Bar who sent a referral to the broker
a Florida licensed general contractor
the buyer or seller in a transaction handled by the broker
an employee at the DBPR
Which action by a REALTOR will NOT violate the Code of Ethics?
Placing a buyer’s good-faith deposit into a trust account
Failing to get a signed, written agreement to extend a contract closing date
Taking a rebate from a supplier when the product was paid with client funds
Failing to disclose a variable rate commission agreement to cooperating brokers
Which is NOT one of the recommended steps to prevent wire fraud?
Never send wire instructions to email
contact the FREC within 15 days in case of conflicting demands for escrow funds
Advise buyers and sellers to ask their bank to confirm the name on the receiving account before sending a wire transfer
Include a wire fraud notice in email signatures
What is one of the penalties for violations of the REALTORS Code of Ethics?
Minimum fine of $20,000
Membership suspension for five years
Fine not to exceed $15,000
Revocation of state real estate license