Mission statements ?
are not important to a marketing plan
answer the who, what, where, why, and how of the business
are required by the FREC
promote that idea that all that matters is what happens today
If two REALTORS have a legal dispute, the REALTORS Code of Ethics provide that ?
contractual disputes must be arbitrated, not mediated
either REALTOR may file suit against the other
if either REALTOR was acting solely as a principal in a real estate transaction, they are not obligated to arbitrate
arbitration is the first method of resolution, then mediation
Which is a way real estate professionals can help protect the public from wire fraud?
Educate buyers and sellers of possible scams
Tell buyers to call the number in the wiring instruction email prior to sending the wire
Tell the buyers to expect that wiring instructions could change at the last minute
Do not have the home buyer or Sellers acknowledge any writing instruction disclosure
For how many years must financial and accounting records be maintained by an HOA?
3 years
2 years
7 years
8 years
Certain “For Sale by Owner” sellers (FSBOs) have placed their home phonenumber on both the Federal and Florida “do not call” registries. A broker who sees their advertisement ?
may only call the FSBOs if the broker has a buyer interested in learning more about the property or to set up a showing for the buyer about the property
may not call the FSBOs under any circumstances
make all the FSBOs in order to solicit the sellers for listing of the FSBOs have placed a sign with their phone number in the front yard
may call the FSBOs within three months after the property is placed on the market
Who can conduct a milestone inspection?
A licensed architect or an engineer authorized to practice in Florida
Any qualified person or entity
A Florida-licensed plumber
A Florida-licensed electrician
When wire fraud occurs in a real estate transaction, who might be found liable for damages?
Real estate brokerages
Title companies
Brokerages, title companies, or lenders
Lenders
Ethical behavior within organizations ?
is a concern only within the real estate industry
is heavily influenced by top management
is driven by employees rather than leadership
is not affected by the culture of the organization
Which is CORRECT about Professional Standards Investigations?
REALTORS can file multiple complaints based on the same event or transaction
REALTORS may face disciplinary action in only one board of REALTORS for the same event or transaction
A REALTOR may sue or threaten to sue for libel any party to a professional standards proceeding
A REALTOR may freely disclose allegations against another Realtor resulting from an ethics hearing
Homeowners can transfer their Save Our Homes homestead tax benefit to a new home if they ?
have not owned a home for the previous five years
rent the new home rather than buy it
agree that the benefit will automatically terminate after five years
had a homestead exemption on their old home in any of the previous three years
When the HOA’s revenues are greater than $500,000 per year, which type of financial reporting is required?
Compiled financial statements
Audited financial statement
Reviewed financial statement
Report the cash receipts and expenditures
Florida law does NOT require that a broker’s written listing ?
Have a definite expiration date
include the signature of the parties
a description of the party
to be placed into the MLS
A broker who is issued a citation for a minor infraction by a DBPR investigator ?
has 30 days to pay the fine or dispute the charge
need not pay the fine, because the citation requires the broker to correct a minor violation
may have his license suspended or revoked because of the citation
need not pay the fine unless it is first ratified by the FREC Portable Cause Panel
A new law that became effective on October 1, 2023, requires officers and directors of HOA’s to disclose ?
criminal convictions
a homestead exemption
a balanced budget
conflicts of interest
Unless waived by signature, A company may call a custom consumer whose number is on the federal “do not call” registry if the call is made no more than ?
18 months after the consumer’s last purchase, delivery, or payment
3 months after the consumer is less purchase, delivery, or payment
6 months after the consumer makes an inquiry or submit an application to the company
12 months after that consumer makes an inquiry or submit an application to the company
What should a self associate say to a seller who refuses to sell to a person of another race?
“No problem. We probably won’t have any buyers like that anyway”
“I will try my best to steer those buyers elsewhere”
“I can’t handle the sale of your property”
“I’ll have to check with our broker about a way that we can legally do that”
How must a real estate broker handle security deposit on a rental agreement?
Put the money in a separate interest-bearing account. The broker can elect to pay the tenant either 75% of the interest paid or 5% per year
Commingled funds by posting a surety bond with the clerk of the court in the total amount of the security deposit and advanced rents of $50,000, whichever is less
Deposit the funds into the broker’s operating account
Deposit the funds onto the broker’s escrow account
A loan officer who tells a buyer that the mortgage interest rate will be higher because the home is located in a minority area is involved in the illegal practice called ?
blockbusting
steering
redlining
failure to disclose under RESPA
What should a sales associate do about the fact that the occupant of a home for sale died of complications due to AIDS?
Disclose this information to the buyer because it may materially affect the value of the property
Nothing; it is not a material defect that needs to be disclose in a real estate transaction per F.S. 689.25
Nothing; only the seller is required to make a disclosure of the fact
Investigate the circumstances and make full and fair disclosure
The cap on annual tax assessment increases for NON-homestead properties is ?
3%
5%
10%
12%
If a group of licensed real estate sales agents form a team ?
all team members must register with the same brokerage and the team must include the brokerage name in the advertising
the team may perform its licensed activities under different brokerages as long as each team member is registered with the broker
the team doesn’t have to register with a broker as long as at least one of the associates has at least 10 years of experience
all team members must register with the same brokerage, but the team does not have to include the brokerage and advertising
When disbursement is requested from the Recovery Fund for a broker’s compliance with an escrow disbursement order, the Florida Real Estate Commission will ?
respond that the fund is only for individuals who suffered loss from the actions of a licensee and will not disburse funds in connection with a broker’s compliance with an escrow disbursement in order
suspend the broker’s license and will not reinstate the license until the funds are repaid, plus interest
not pay reasonable attorneys fees and court costs to the plaintiff even if the plaintiff prevails in court
pay the broker’s attorney’s fees and court costs in addition to the judgment
The REALTORS Code of Ethics ??
is updated once every five years
is only a guideline for members, but does not have any disciplinary authority
takes precedence over state laws
was first drafted when there were no states that regulated brokers
What is the maximum number of days the landlord or broker has to notify the tenant before placing a claim on a tenant’s security deposit?
5
10
15
30
Which is included in the preamble to the Code of Ethics?
Penalties for violation of the Code
A section called “Duties to clients and customers”
The requirement of REALTORS with personal knowledge of willful discrimination or fraud to report it
A section called “Duties of REALTORS”
Which of the following must be included in a real estate ad?
The full name of the sales associate who procured the listing on behalf of the brokerage
The last name of the sales associate who procured the listing on behalf of the brokerage
The name of the real estate brokerage as a registered third with the DBPR
The name of the real estate brokerage as registered with the DBPR, its address, and its phone number
Which is NOT required as part of the new Building Safety Act for Florida condominiums and cooperatives?
Milestone Inspections for condominiums three-story or higher
A phase 2 milestone inspection regardless of the results of the phase 1 inspection
Developer and non-developer unit owners must give prospective buyers of the unit a copy of the inspector prepared summary of the milestone inspection report
Associations must fully fund the reserves or items required to be included in a Structural Integrity Reserve Study by December 2024
The biggest problem with situation ethics is that it ?
gives people universal truth
is less responsive to circumstances
is inflexible and has a black-and-white, right and wrong way of thinking
lacks consistency from one situation to the next
Which is usually the first step a criminal uses when committing wire fraud?
Hacking the emails of real estate licensees, title companies, and mortgage lenders by using malware
Getting to know the parties in the transaction by using the information to create spoofed email
Sending a spoofed email that appears legitimate from the title company to the buyer, giving the buyer fraudulent wiring instructions
Using threats to make the buyer give money to the criminal
A licensee is exempt from the continuing education requirement if she ?
has a four-year or higher degree in real estate
is a member of the Florida Bar
is 65 years old or older
is a member of the Florida legislature