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• Tract building: When a dev. Acquired land, records a plat map and uses a model

center from which sales may be made

• Local level: Planning, zoning, property taxation, building and health codes and

regulations, and building moratoriums that affect development play a significant role in the cost and desirability of real estate

3. Broker associate: A licensed broker working for another broker

• False: A florida real estate license applicant must be a resident and citizen (true

or false)

• Application Denial: You have 21 days to send a formal letter to the department

for a hearing if:

6. One: How mang brokers can a sales or broker associate work for

7. Post license requirements: No grace period

8. Sales associate first renewal: No grace period

9. Exempt from licensure: Attorney in fact/ Attorney at Law

• Attorneys at law: My perform legal services on behalf ofntheir clients; they may

prepare documents, handle closings, and give legal advice.

• Involuntary inactive: An individual who does not request renewal of their sec-

ond or subsequent lecense, pay the required fees, or maintain their continuing education requirements will have their license placed in

• 2 years: A license may remain in involuntary inactive status for no longer than
• Special Agent: A special agent is authorized under agency law by the employer

to perform a single act. The employment contract between the employer and agent establishes the limit of authority granted

• Presenting offers: A broker has a buty to transmit any and all offers to the

employer including oral offers or offers made without a binder deposit

15. Limited: A transaction broker provides what kind of representation

• Single agent: this agency relationship is created when a broker accepts employ-

ment under a single agency agreement. A broker may represent a seller or buyer , or a landlord or tenant.

17. Principal: In a single agency relationship, the employer becomes the

18. For sale By owner: Non Representation or (No Brokerage Relationship can

also be called)

19. FSBO: For sale by owner can also be called

• Stationary Construction: An active broker is required to have this open which

must be registered with the department of Business and Professional Regulation where Negotiations and the closing of real estate transactions can be conducted with privacy

• Others: Licencees should make clear that they are dealing on their own account

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22. Public: Licencees should make known their status as licencees to members of

the

23. Serious negotiations: This Disclosure should be made prior to entering into

• Deposit: A form of Money, personal property, real property, or anything of value

that is capable of being converted into cash.

• Closing: Typically the deposit is intended as partial payment of the purchase

price at?

26. Post dated checks: Are considered to be promissory notes and can be accept-

ed as earnest money with the seller's approval.

• True: When a deposit is placed, or is to be placed, with a title company or an

attorney, the licensee who prepared or presented the sales contract must indicate on that contract the name, address, and telephone number of the title company or attorney with whom the deposit was placed (True or False)

28. Escrow or trust account: May be held in a commercial bank, title company

which has trust powers, credit union, or savings and loan association located in the state of Florida

29. cannot: The escrow account be held in a stock or bond brokerage house

30. Commingle: A broker is not allowed to or deposit the personal funds

of any person with any funds being held in escrow, trust or on condition

31. Next business day: A sales associate or broker associate who receives an

earnest money deposit on behalf of his or her employer must deliver the deposit to the employer no later than the following the receipt

32. True: A broker must immediately place the earnest money deposit in a escrow

or trust account. (True or False)

• Immadiately: Defined as "No later than the end of the third business day

following receipt"

34. escrow dispute: Conflicting requests in which both the buyer and the seller

demand that the broker release escrowed funds is called an

35. written notification: If a broker receives conflicting demansafor escrowed

funds, or if the broker has good-faith doubt as to which person is entitled to the escrow property, the broker must give to the commission

36. 15 days: Notification to the commission must be made within from the

date of the last party's demand.

37. 10 days: A sales associate must report any change of employer or change of

address within of the change to the Department on a form prescribed for such use.

38. 60 days: Any resident licensee who becomes a nonresident must notify the

Commission of the change in residency within

• False: A non- US Citizen can be denied (True or False)
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