Different sales associates within a brokerage are representing customers in the same commercial transaction where the seller and buyer each have assets of $1 million or more. In this transaction, the broker must designate the sales associates as:
transaction brokers.
single agents.
multiple-license sales associates.
no brokerage relationships.
Home Time Realty is in the process of developing an ethical business culture. They should include all of the following strategies, EXCEPT:
provide financial bonuses for the best salesperson.
establish clear expectations for ethical behavior by all employees.
reward ethical acts.
provide periodic reminders of the importance of ethical business practices.
Which individual is required to have an active Florida real estate license?
A Florida resident who sells a friend’s Georgia cabin to another person for compensation
An individual who helps a friend with the sale of their Florida home but is not compensated
An individual who sells their own Florida property to another
An individual who is in the business of renting single-family homes in Florida to members of the public for compensation
Amy is a tenant at a Florida apartment complex. She mailed a certified letter to her landlord asking him to fix the broken central air conditioner in her apartment. For the past two months, she has followed up with many phone calls, and the landlord uses the excuse that he will get to it when he can. What right does Amy have?
Move out without notifying the landlord
Rent a hotel room and send the landlord a bill for reimbursement
Withhold the monthly rent until the unit is repaired
None; a tenant has no legal remedy in this situation
A seller couple wants to attract multiple offers and they decide to price their home below market value. The sellers’ strategy is to:
increase the home’s value.
give more room for negotiations.
delay closing.
encourage a bidding war.
Buyer Donna applied for a mortgage loan. Her lender said that the appraisal on the home she wants to purchase is below the asking price. Donna may consider all of these options EXCEPT:
increasing her down payment.
hiring an appraiser to perform another appraisal.
asking the seller to reduce the asking price.
making up the difference in cash.
Which statement correctly describes the impact of Florida’s future population growth on the freshwater supply?
Florida’s freshwater infrastructure has virtually unlimited capacity for future growth.
Florida’s past investments in desalination and electrodialysis reversal plants have ensured that future growth will not be an issue.
Population growth rates in Florida indicate that adequate infrastructure is already in place for the future.
Severe freshwater shortfalls are predicted by 2030 due to projected growth rates.
If an individual wants to review the law concerning the licensure and regulation of real estate licensees and schools, which part of Chapter 475 of the Florida Statutes would provide that information?
Part I
Part II
Part III
Part IV
If a real estate licensee was convicted of a crime in any jurisdiction, they must report the criminal conviction to the DBPR:
only when applying for a license.
within two weeks of being found guilty.
within 30 days of being found guilty.
only if the conviction is real estate related.
Brianna’s career goal is to obtain her real estate sales associate license so she can sell properties in the state of Florida. The state has a number of specific requirements to obtain a real estate license. Which is NOT one?
Must be at least 18 years of age
Must hold a high school diploma or its equivalent
Must be a Florida resident
Must have a Social Security number
A homebuyer’s loan application was denied by the lender. The reason for the denial is the applicant had too many loans and high credit card debt. In this situation, the applicant is entitled to:
complimentary credit counseling services.
a free credit report within 60 days of denial.
free credit reports and credit scores for three months.
free credit score reports for six months.
A growing brokerage firm is opening a branch office in another section of the city. F.S. 475.22 requires specific signage for the principal office and all branch offices. Which of the following is NOT a signage requirement?
Must be easily seen and read by persons entering the office
Must be posted on the exterior or interior entrance area
Must contain the name of the broker and any trade name
Must meet minimum size requirements for the lettering on the sign
Different licensees in a brokerage firm will represent the seller and the buyer in the same real estate transaction. To continue with the transaction, the licensee representing the buyer will change from a single agent relationship to a transaction broker. To do that, what must occur?
The licensees, buyer, and seller must all verbally agree to the change.
The buyer and seller sign a Consent to Transition to Transaction Broker form.
Only the buyer party signs a Consent to Transition to Transaction Broker form.
Only the seller party signs a Consent to Transition to Transaction Broker form.
Which call to a customer on the National “Do Not Call” (DNC) registry is PROHIBITED by DNC rules?
A call to a potential customer to solicit a new listing
A call to notify an existing customer that their offer to purchase a property was accepted
A call to a previous customer whose sale closed six months ago
A return call to a potential customer who inquired two days ago about the availability of rental property
A real estate licensee is in a no brokerage relationship with both parties of a transaction. In this role, the licensee owes certain duties to each party. Which is NOT one?
Accounting for all funds entrusted to the licensee
Dealing honestly and fairly
Disclosing all known facts that materially affect the value of residential real property and which are not readily observable to the buyer
Fiduciary duty of loyalty
A transaction broker can be best described as a licensee who:
owes a fiduciary duty to the customer.
represents either a buyer or seller, but never both, in a transaction.
provides limited representation to a buyer, a seller, or both, in a transaction.
has obtained a signed “No Brokerage Relationship” disclosure with the customer.
Which area of environmental management is NOT the responsibility of the Florida Department of Environmental Protection (DEP)?
Ecosystem restoration
Land preservation and recreation
Brownfield site cleanup and development
Regulatory oversight and compliance
Licensees Eric and Adam have not been successful in resolving an ethics dispute between them. To remedy this, they should explore:
litigation and binding arbitration.
grievance committee and mediation.
filing an ethics complaint and litigation.
using an ombudsman and mediation.
An appraisal on a home would typically NOT be necessary for a:
pending divorce between the homeowners.
home that is being mortgaged.
home that was appraised a few months ago.
new homeowners insurance policy.
If a tenant moves out of a rental unit, and the landlord incurs costs to cover damages to the unit, the landlord may impose a claim on the tenant’s deposit. How many days’ notice must the landlord give with their intention to impose the claim?
10 days
15 days
25 days
30 days
Victoria’s buyer client found the perfect ocean-front home, but it has lots of vegetation facing the ocean that the buyer would like to remove so the sand dunes are visible. Victoria should advise her client that in Florida, __________ are protected by state law in order to preserve sand dunes.
palmetto bushes
wild sea oat plants
mangroves
fishtail palms
A Florida licensee has pleaded nolo contendere to a crime in Alabama. To avoid a potential disciplinary action, the licensee must report the plea to the DBPR within:
30 days.
25 days.
15 days.
10 days.
Buyer Greg included an escalation clause in his offer to purchase a scenic property that he expects will get many offers. For the escalation clause to go into effect, the seller must:
guarantee that the offer with the escalation clause will be accepted.
provide proof that a competing offer exists.
agree to pay for the appraisal.
pay for all necessary repairs revealed during the property inspection.
Once a real estate transaction has closed, the deed must be recorded to show:
immediate notice of the sale.
pending notice of the sale.
constructive notice of the sale.
actual notice of the sale.
Licensee Jill specializes in luxury home sales of waterfront properties. Since the state of Florida has codified many riparian rights laws, Jill needs to let her clients know that riparian rights in Florida apply to:
properties with artificially erected waterbodies.
properties that border navigable waters.
properties with a water view.
properties with any fresh water source.
In today’s world, business ethics is a hot topic in the real estate industry, so much so that many state real estate commissions have chosen to incorporate the NAR Code of Ethics into their rules and regulations. The NAR Code of Ethics improves the professionalism and reliability of the real estate industry in many ways. Which is NOT one?
aids consumers by requesting licensees to be truthful in all communications
creates new laws and rules for the real estate profession
spells out the professional responsibilities of realtors
holds licensees to a higher standard than the law requires
Which duty is NOT included in the National Association of REALTORS (NAR) Code of Ethics Duties to Clients and Customers?
REALTORS keep entrusted funds of clients and customers in a separate escrow account.
REALTORS make sure that contract details are spelled out in writing and that parties receive copies.
REALTORS cooperate with other real estate professionals to advance their clients’ best interests.
REALTORS must complete 14 hours of continuing education every two years following the first license renewal.
Which statement best describes the relationship between law and ethics?
Law and ethics are the same thing; if you follow the law you are behaving ethically.
Ethics is independent from law; they are completely unrelated.
Ethics defines higher standards of behavior than compliance with law; something can be legal, but unethical.
There are laws against almost everything unethical.
A large brokerage firm encourages its licensees to attend monthly meetings held by the Florida Real Estate Commission (FREC). All of these topics are normally discussed during the meetings EXCEPT:
escrow disbursement orders.
NAR Code of Ethics.
legal cases and hearings.
rulemaking.
If a residential lease has no provision regarding duration, the duration is set by when the rent is due. With that regard, for rent that is paid monthly, the tenancy is:
day to day.
month to month.
week to week.
year to year.