Aceable Real Estate FL Study Guide Flashcards

Aceable Real Estate FL Study Guide Flashcards An implied easement is an encroachment that has existed and continues for more than seven years.Explain how an implied easement and an encroachment relate to each other.a designated parking spaceWhich of the following features in a condominium complex is the BEST example of a limited common element?If Seth does not correct the violation within 15 days after being notified, he may be issued a citation.Seth receives a notice of noncompliance. What penalties will he receive?10/23Elliot is buying a new condo from a developer. She signed the contract on Friday, October 4. The developer signed and sent her the condominium documents on Monday, October 7. What is the LAST day Elliot can cancel the contract?Yes. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act.A Muslim organization owns a fourplex. It wants to rent to only Muslim tenants. Under the federal Fair Housing Act, is this legal?$5,000Molly, an agent, has been advertising properties in a deceptive, misleading way. The FREC decides to fine her the maximum penalty amount. How much is the FREC administrative fine?absentee ownerDierk owns a property in Florida but lives in Texas. Dierk is

a(n):

conversion, which is illegalA broker is the property manager for a three-unit property that rents for $1,500 per unit. The broker collects the monthly rent and then uses part of that $4,500 for emergency repairs on his car. The broker's friend lends him the money to pay the property owner the entire $4,500 of rent.What is the broker's behavior an example of?member of the public who has never had a real estate license Which person may be eligible for membership in the Florida Real Estate Commission?Emanuel should not include the sales associates' names if he does not want to because doing so is not a signage requirement.Emanuel owns a brokerage. He is a minimalist and doesn't want to include the names of his sales associates on the sign. What should Emanuel do?improvementsLali buys a tract of land and builds a home on it, puts up a fence around its perimeter, and installs a deck in the back of the home for entertaining guests. The home, fence, and

deck are examples of:

speculative homesAsia is building several homes on an undeveloped plot of land. There are no buyers, but the owner is confident the homes will sell after they are constructed. These homes

are:

one additional member of the public who has never been a broker or sales associate Assume that the following people are members of the

Florida Real Estate Commission:Four licensed brokers,

ages 35, 41, 47, and 62One licensed sales associate, age 54One member of the public who has never been licensed, age 26Who should join the Commission in order to fulfill the membership requirements?

Tim is managing a condo with 12 units and an annual budget of $150,000 In which of the following situations would a sales associate need a CAM license?personal propertyMarcela has a mango tree in her backyard. It's not part of a commercial orchard; it's just a decorative planting. She picks a mango from the tree to eat. What kind of property is the picked mango?While the Fair Housing Act of 1968 does not explicitly protect someone because of gender identity, some court cases have found that discrimination under sexual orientation or gender identity can be prosecuted under the Fair Housing Act under one of its protected classes.A property manager refuses to rent to a transgender man on account of his gender identity. Under the Fair Housing Act of 1968, is this legal?life estateHallie owns an estate for the full length of Thuy's life. When Thuy eventually passes, Hallie will lose ownership. What kind of an estate is this?obtain a copy of her criminal record to ensure that the misdemeanor was actually expunged Andrea is submitting her application to the FREC for her sales associate license. She had a misdemeanor on her record years ago, but she's pretty sure that it has now been expunged. She knows that if she alerts the FREC to the issue, she will have to do a lot more paperwork and it will be harder for her to get her license. What should she do?a 25% share of ownership interestAlice, Tom, George, and Brenda bought a property as joint tenants with the right of survivorship. When they bought the

property, they each had:

Yes, because he is selling his own property. Rafi is a Nevada license holder who lives in Nevada. He flies down to Florida to sell one of his Miami mansions and takes care of the transaction himself. Is this legal? Why or why not?qualifies as a branch officeGonie decides to use a friend's temporary shelter as a

brokerage office:She and her sales associates are

permanently assigned there.Real estate transactions close

there.The temporary shelter:

Marisol's sign lacks the phrase "Licensed Real Estate Broker." Marisol wants to put a sign at the entrance to her

brokerage with the following information:Mari's Magnificient

Homes"We help buyers find their perfect match!"555-555-5555Evaluate whether or not Marisol's sign is lacking anything.a formal hearing, heard by an administrative law judgeBob, a licensee, is under investigation by the DPBR. Bob receives an Election of Rights form along with the administrative complaint. On the form, he chooses to

dispute the allegations. Bob will face:

ceases to be in forceIf a sales associate changes employer and does not notify the Commission within 10 days, the sales associate's

license:

the list of duties that this particular agency relationship carries with it According to the Brokerage Relationship Disclosure Act, written disclosures for single agent relationships, transition

to transaction broker relationships, and no brokerage relationships are required.In addition to disclosing the type of agency relationship that will be entered into, what information is being provided to potential buyers and sellers?