FLORIDA REAL ESTATE CLASS FINAL EXAM
LATEST 2024 ACTUAL EXAM<\/p>\n\n\n\n
What is stipulation? – ANSWER- When two attorney’s come to an
AGREEMENT as to the penalty to be imposed for the violation
If an inactive sales assoc renews her license before the expiration date
but did not complete her continuing education prior to the expiration
date and the BPR finds out, what can happen to her? – ANSWER- She
will most likely have her license revoked and not be allowed to reapply
for a license for 5 years.
If a sales associate has had his license revoked by FREC but is appealing
and wants to continue practicing RE during the appeal process, can he
do so? – ANSWER- Yes. He can continue to practice if a stay of
enforcement is ordered. Supercedeas.
What are the 3 “FREC musts” when dealing with a Final Order of the
Court – ANSWER- 1. FREC must inform the Division of Fla Land
Sales, Condominiums and Mobil Homes of any disciplinary actions
against a licensee.<\/p>\n\n\n\n
What is the Real Estate Recovery Fund used for? – ANSWER\u0002Compensatory Damages. To reimburse a person who has suffered
monetary damages as a result of an act of a real estate licensee who
violated chapter 475
In the Real Estate Recovery Fund, how much is the payment for claims
out of a Single Transaction? – ANSWER- $50,000
In the Real Estate Recovery Fund, how much is the payment for claims
out of Multiple Transactions? – ANSWER- may not exceed $150,000
Racial discrimination in the sale or rental of real property is prohibited
by what Act? – ANSWER- The Civil Rights Act of 1866
The federal Fair Housing Act (applies to Housing only) of 1968
prohibits discrimination based on what 7 things? – ANSWER- 1.
Religious affiliation<\/p>\n\n\n\n
Who prepares the Equal Opportunity poster? – ANSWER- HUD
Is it a violation of law if the poster is not displayed by brokerage firms? –
ANSWER- Yes. Failure to display the poster may be considered
discrimination.
What are the exemptions under the Fair Housing Act? – ANSWER- 1.
Religious Organizations<\/p>\n\n\n\n
The Truth in Lending Act (TILA) requires lenders to give the Truth in
Lending statement within how many business days after the receipt of a
written loan application? – ANSWER- 3
The Truth in Lending Act (TILA) gives consumers the right to rescind
the loan agreement within how many business days after the receipt of
the Truth in Lending Statement (disclosures)? – ANSWER- 3
Under Regulation Z, what 3 things does the right to cancel a loan
agreement within 3 business days apply to? – ANSWER- 1. A home
equity line of credit<\/p>\n\n\n\n