Real estate

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MLS is an acronym for which of the following?
Multiple Listing System
Multiple Land Syndication
Major Lending Service
Multiple Lender Sources
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Terms in this set (44)
MLS is an acronym for which of the following?
Multiple Listing System
Multiple Land Syndication
Major Lending Service
Multiple Lender Sources
Multiple listing system
Which of the following is NOT considered a major real estate licensee sales specialty
Cemetery Plots
Commercial
Agricultural
Residential
Cemetery Plots
An appraisal can be completed by which of the following?
A mortgage loan originator
A home inspector
A real estate broker
A licensed appraiser using USPAP standards
A licensed appraiser using USPAP standards
What is a BPO?
Beyond Present Opportunities
Best Practice Organization
Best Prospective Offer
Broker Price opinion
Broker Price Opinion
One qualified by education, training and experience who is hired to estimate the value of real and personal property based on experience, judgment, facts, and use of formal appraisal process is known as a/an?
Underwriter
Appraiser
Sales Associate
Broker
Appraiser
Why is there a high demand for property managers in Florida?
Absentee owners
Gated communities
Cruise ships
High temperatures
Absentee owners
What is dedication?
Putting other people's priorities above your own
The motto of the health service
Donating a building to a private school
Giving up private land for public use
Putting other people's priorities above your own
An organization with at least one real estate broker acting as the agent for others in negotiating the sale or rental of real property for a fee is known as a/an?
Real estate brokerage
Cooperative
MLS
Management company
Real estate brokerage
Which of the following is incorrect?
Farming only involves raising crops, fish or animals.
Farming involves concentrating business efforts in a particular geographical area.
Farming is a great way for a licensee to introduce themselves.
Farming methods include Direct Mail and Just Listed Post Cards.
Farming only involves raising crops, fish or animals.
What is a home built from blueprints supplied by the buyer is called?
A spec home
An architectural original
A tract home
A custom home
a custom home
Which Organization approves the Sales Associate and Broker License Applications? FREC DBPR NAR Fannie MaeDBPRWhat is the difference between a Broker Associate and a Broker? A Broker Associate is studying real estate under the guidance of the Broker There is no difference A Broker Associate has passed the Broker exam but chooses to work for a Broker A Broker Associate is the Broker's unlicensed Assistantthere is no differenceA Licensee from another State may be able to get a FL license without undergoing pre-licensing education through which of the following? Being a REALTOR® Buying a home in Florida Mutual Recognition RESPAMutual recognitionIf a Sales Associate fails to complete their 14-hours of Continuing Education before their license expires March 31, What is the status of their license on April 1? The license is involuntarily inactive The license is revoked The license is voluntarily inactive The license is null and voidThe license is involuntarily inactiveWhich of the following is correct? The Post Licensing education requirement for a Sales Associate is 14 hours Brokers do not need to do any Post Licensing Education The pre-licensing education requirement for a Broker is 72 hours The pre-licensing education requirement for a Sales Associate is 60 hourshe pre-licensing education requirement for a Broker is 72 hoursWhich of the following is regarded as unlicensed activity? Giving an opinion on a Title Attending another Sales Associate's Open House Marketing to FSBO's Showing property without having a signed Buyer Representation AgreementGiving an opinion on a TitleWhich of the following are exempt from real estate licensure? A Property Manager working in a Property Management Company An attorney acting on his client's behalf Sales Associate Broker AssociateAn attorney acting on his client's behalfWhich of the following is FREC NOT required to do? Issue a Florida sales associate's real estate license Impose Disciplinary Actions Inspect and Audit Licensees and business practices Approve real estate education coursesIssue a Florida sales associate's real estate licenseHow many members of the FREC must be active licensed brokers? Three Seven Two FourFourWhat is the purpose of the Department of Business and Professional Regulation? Real Estate Licensing To act as a Consumer Protection Agency Real Estate Licensing Regulation of Police PowerRegulation of Police Poweran initial license is issued in October of 2018. When must the license be renewed in order to prevent expiration? 2020-09-30 00:00:00 2021-03-31 00:00:00 2020-03-31 00:00:00 2021-09-30 00:00:002020-09-30 00:00:00Who issues real estate licenses? The Association The Department The Commission The GovernorThe DepartmentHow many of the Members of FREC are not and never have been Brokers or Sales Associates? Four Two Three FivetwoThe DBPR has powers of enforcement in how many areas? Eight Six Three SevenThreeAfter passing the Sales Associate exam when does a license become effective? When he receives his Certificate Upon leaving the Testing Center After signing an employment contract with a broker After written notice is received that the applicant passed the examinationAfter written notice is received that the applicant passed the examinationWhat is the Maximum fine that can be levied by FREC for any violation of 475 F.S. and 455 F.S.? $5,000 (Dollars) $1,500 (Dollars) $2,000 (Dollars) $2,500 (Dollars)$5000(dollars)What are the Laws governing Agency Laws known as? Common Law Statutory Law Law of Agency Statute of AgencyLaw of AgencyWhich agency is NOT allowed under Florida law? Nonrepresentation agency Single agency Dual Agency Transaction Brokeragedual agencyIf a listing sales associate shows a property to a ready, willing and able buyer what is he NOT permitted to do? disclose to the buyer all material facts that will affect the value of the property. must promptly tender to the seller any contract offer that has been offered unless advised in writing not to do so. Give the buyer a Consent to Transition to Transaction Broker form and get on with the sale None of the AboveGive the buyer a Consent to Transition to Transaction Broker form and get on with the saleWhich of the following are NOT residential property as defined by Florida law? A Single Family Home A Five Unit Apartment House A Condominium Undeveloped Agricultural Land of 10 Acres or LessA Five Unit Apartment HouseWhat type of agent usually has the Power of Attorney? A Special Agent A Limited Agent An Dual Agent A Universal AgentA Universal AgentWhich form must be given to the buyer if a sales associate is working with them in a fiduciary capacity? The No Brokerage Relationship Notice The Single Agent Notice The Consent to Transition to Transaction Broker Form The Transaction Broker formThe Single Agent NoticeAn agency relationship is created in which of the following cases? When a licensee gets a phone call from someone they Direct Mailed When a sales associate meets a customer at an open house When a tenant is communicating with a property manager and not the owner when the seller asks to be represented and the broker agreeswhen the seller asks to be represented and the broker agreesWhich is NOT true about Florida real estate disclosure laws? Disclosure rules only apply to the rental or leasing of real property if an option is given. Disclosure paperwork only needs to be kept by a broker for three years. Disclosure rules do not apply to auctions. Disclosure rules do not apply to Transaction Brokers.Disclosure paperwork only needs to be kept by a broker for three years.What are the three core federal antitrust laws? Statute of Frauds Act, Sherman Act and Williams Act Sherman Act, Federal Trade Commission Act and Clayton Act. Clayton Act, ADA and Veterans Act FHA, VA and Equal Opportunities ActsSherman Act, Federal Trade Commission Act and Clayton Act.How long does a prospective tenant have to demand the return of a fee paid for rental information provided by a broker if that information is not current or accurate? 180 Days 60 Days 90 Days 30 Days30 daysWhat is the term for mixing business and personal funds? Erosion Commingling Conversion RevocationComminglingWhat is Conversion? Moving Real Estate Offices Using money from the Escrow or Trust account for the broker's own use Getting an Agency agreement from a customer so that they become a Client The transition from Sales Associate to Broker AssociateUsing money from the Escrow or Trust account for the broker's own useHow often does a Broker have to reconcile his trust account(s)? Every Six Months Yearly Quarterly MonthlyMonthlyWhat is NOT a requirement for a broker's entrance sign? Broker's Name with the wording "licensed real estate broker" Any Trade name under which the firm operates The Registered Name of the Brokerage Date of Licensure of the BrokerDate of Licensure of the BrokerWhich Federal Department regulated RESPA? HUD Consumer Financial Protection Bureau (CFPB) FREC FHAConsumer Financial Protection Bureau (CFPB)If the Licensed Broker in a partnership is killed in an accident what happens to the Sales Associates working for that partnership? They can continue working since they have Errors & Omissions insurance Their licenses will be suspended Their licenses will be revoked Their licenses will become involuntarily inactiveTheir licenses will become involuntarily inactiveIf several brokers form a corporation to sell real estate and want to call their business Broker's Dozen with each broker working with the public what are they required to do? Only one of the broker's needs to be active, the rest can be inactive They must all be active brokers but nothing needs to be registered since the company is a Corporation They must all be active brokers and the Corporation must be registered. They must all be active brokers. The Corporation must be registered and the trade name must also be registeredThey must all be active brokers. The Corporation must be registered and the trade name must also be registeredWhich of the following CANNOT register with DBPR to provide Real Estate Services to the public? A Partnership A Limited Liability Company A Corporation Sole A Sole ProprietorA Corporation Sole