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Florida Real Estate Principles, Practices & Law
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Final Exam
Terms in this set (36)
When preparing a comparative market analysis (CMA),
what must the licensee consider?
The sale price of recent sales and expired listings and
similar properties.
(CMAs are developed by collecting information concerning real estate activities in the area, including recent sales of similar properties, properties currently offered for sale, and recently expired listings)
If a licensee wanted to accept referral fees from a
lender, what type of license would they need?
A mortgage loan originator license.
(A real estate licensee may not accept referrals fees from lenders without also being licensed as mortgage loan originators)
What type of plea would involve neither admitting nor
denying charges?
Nolo contendere.
(Is a plea of no contest entered in a primal court of law. The defendant does not admit or deny the charges, though a fine or a sentence may be imposed by the court)
Which individuals are exempt from licensure under
Florida Statute 475?
1. Salaried employees
2. Someone given power of attorney
3. An attorney working with a client
(Anyone who receives a bonus is not exempt)
Why is a Social Security Number required to get a real
estate license?
To verify the status of child support payments. They must be current.
For mutual recognition applicants, what requirement is
needed to obtain a Florida sales associate's license?
To pass a Florida-specific law exam 40 questions with a 75%
Which part of Florida Statute 475 pertains to liens for
commission earned on commercial real estate sales?
475 Part III
(Act, gives a broker lien rights for the earned commission. This act applies only to commercial property (not residential property). The lien is only against the owner's net proceeds (personal property) from the sale and does not attach to the commercial property)
When would a broker need multiple licenses?
If they are a broker for two or more separate brokerage entities.
(For each business that a person is a broker, a separate broker license must be obtained)
What term refers to a real estate licensee notifying the
Department of Business and Professional Regulation
(DBPR) that they no longer intend to hold a real estate
license?
Voluntary relinquishment
(A person who no longer wants to engage in the real estate business, provided there is no investigation or disciplinary proceeding pending against the license)
If a licensee changes their current mailing address, how
many days do they have to notify the Department of
Business and Professional Regulation (DBPR)?
Within 10 days
(DBPR may issue a $500 citation for failure to timely notify the Commission (DBPR))
Members of the Florida Real Estate Commission (FREC)
receive how much for attending official meetings and
participating in other FREC business?
$50 per diem
(Commission members do not receive a salary. In lieu of salary, they are paid $50 per day for each day they attend and official meeting and for each day they participate in other Commission business)
Which brokerage relationship would be best for
someone who wants brokerage representation in a
fiduciary capacity?
Single agency relationship
(A broker who represents, as a fiduciary, either the buyer of the seller, but not both, in the same transaction)
What transactions are considered residential sale
transactions?
1. Improved residential property of 4 or fewer units
2. Unimproved residential property zoned for 4 or
fewer units
3. Agricultural property of 10 or fewer acres
What is not required disclosure in a residential sale?
An appraisal and auctions
What type of agent is a sales associate who is working
under a broker?
A General Agent
(Is authorized by the principal to perform acts associated with the continued operations for a particular jib or a certain business of the principal)
(A general agent may also represent the principal in a board range of matters related to a particular business)
How many days does a broker have to notify the Florida
Real Estate Commission of conflicting demands?
Must notify, in writing, within 15 days of receiving the conflicting demands.
(When the buyer and the seller make demands regarding the disbursing of escrowed property that are inconsistent and cannot be resolved)
A sales associate receives an earnest money deposit
check on Thursday. The sales associate must turn the
check over to their broker by
Friday (Next Business Day)
(The broker must deposit the check by Tuesday)
What is arbitration?
A settlement procedure for conflicting demands where
a third party will decide on who gets the settlement.
If a sales associate wants to advertise as an agent, what
must they include in the advertisement?
The brokerage firm that they work for.
Can a licensed personal assistant who works for a sales
associate earn part of the associate's commission if they
are paid hourly?
Yes, if the commission is paid by the broker and not the
sales associate.
A broker requested an escrow disbursement order (EDO)
due to a buyer/seller dispute. How many days does the
broker have to notify the Florida Real Estate Commission
if the buyer and seller resolve their dispute before the
EDO was actually issued?
10 days
An owner of an apartment complex offers a $150 bonus
to tenants who refer people that become tenants. Is this
legal?
No, the maximum referral fee allowed is $50 for
unlicensed tenants
What is the maximum amount that can be paid from the
Real Estate Recovery Fund per transaction?
(related to escrow (EDO))
$50,000 per transaction
(interest is not paid, only damage)
(the sue has to be to a licensee not to the company)
(3 - in a lifetime)
Would a hearing be part of the process for a notice of
noncompliance?
No
(Minor, First Time Violations does not require a hearing)
Can the Florida Real Estate Commission (FREC) impose
restitution to an injured party?
No, they can impose a probationary period, suspension,
or require completion of a course
What is a stipulation agreement?
A settlement agreement as to the facts of the case and
the penalty imposed. The agreement must be approved
by the Florida Real Estate Commission and Division of
Real Estate.
Does the DBPR need to be notified if a licensee enters a
guilty plea outside of Florida?
Yes
(Must Always Notify Within 30 Days Regardless of Where The Plea is Entered)
What type of crime would a person be committing if
they falsified a DBPR application?
Third-degree felony
If the landlord intends to impose a claim on the tenant's
security deposit, how long does the landlord have to
notify the tenant?
30 Days
What must be transferred to the
new property owner at closing when leased property is sold?
Security deposits and advance rent
What option allows a landlord to commingle tenant
deposits with their own funds?
Posting an appropriate surety bond
(to make sure the deposit is secured)
What is blockbusting?
The illegal practice of persuading homeowners to sell
their property by making a misrepresentation regarding
minority persons.
Would it be relevant for a client to ask a sales associate
the color of a tenant's skin?
No, and it is a violation of the fair housing laws
Which type of tenancy gives each tenant an undivided
interest in the property and passes on to the owner's
heirs?
Tenancy in common
What is accretion?
The process of land buildup from water-borne rock and
soil
What methods are used to determine whether an item is
a fixture?
IRMA
Intent of the parties
Relationship or agreement of the parties
Method or degree of attachment
Adaptation of the item
How many days does a buyer have to rescind a
contract when purchasing a condominium from a
developer?
15 days
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