DBPR - Florida Continued Education Flashcards

DBPR - Florida Continued Education Flashcards Standard of Practice 1-3 of the REALTORS® Code of Ethics says that Realtors® should not mislead sellers as to market value.How often must landlords repair damaged window screens?once annually Under Standard of Practice 1-9 of the Code of Ethics, a Realtor® can use a client's confidential information only if it is necessary to defend a Realtor® against an accusation of wrongful conduct.One entity that may be used by a sales associate for registration with the DBPR is a limited liability company.In Pathways to Professionalism, the first on a list of suggestions for being a good professional is Do unto others what you would have them do unto you.Collections of fees from licensees for the Recovery Fund stop if the amount in the fund exceeds

• million

National Association of REALTORS® Code of Ethics must be followed by REALTORS® If a property manager for a foreign investor fails to withhold 30% of the gross receipts, and the manager has not been given a W-8ECI form, the manager s personally liable for unpaid taxes, penalties, and interest.A licensee who owes loyalty and obedience to the seller must be Single Agent The DBPR will waive the initial licensing fee, the initial application fee, and the initial unlicensed activity fee for military veterans who apply for a license within 60 months after being honorably discharged from the military.The National Association of REALTORS® Code of Ethics was written in 1913 Florida real estate licensees must notify the FREC in writing within 30 days if they were convicted of, or pleaded no contest to, a felony only, but not a misdemeanor.Which state has the most sinkholes?Florida Article 6 of the REALTORS® Code of Ethics requires Realtors® to get the client's agreement before accepting any sort of commission or profit on expenditures made for the client.An unlicensed person sold a house and received a $1,000 commission from the seller. If a complaint is filed, the authorities could charge the person with a Third Degree Felony If a broker receives a cash payment of more than $10,000, the broker must report the event to the IRS within 15 days What is the term used for a real estate licensee's illegal practice of using language to either encourage or discourage persons from purchasing property in a neighborhood based on the racial or ethnic characteristics of the area?steering Prudential choices made by a real estate licensee might be legal, ethical, both, or neither.If an active duty service member applies for a rental property, the landlord must approve or deny the application within how many days?

• days

The escrow settlement procedure that involves the FREC giving directions to the broker is an escrow disbursement order.After receiving the required documents for a new condominium, how many days does the buyer have to cancel the contract?15 A buyer is purchasing a home. What should the buyer order to protect against unpaid utility bills and unresolved code violations?Municipal Lien Search Under the Save Our Homes amendment, annual homestead assessment increases are limited to what maximum percentage?3% A landlord must give how many hours' notice before entering a tenant's unit for ordinary repairs?12 hours A veteran real estate broker has pleaded nolo contendere to a misdemeanor DUI charge. The broker must report this fact to the FREC within 30 days after the plea.If a broker receives conflicting demands for an earnest money deposit from a buyer and a seller, the broker must notify the FREC within 15 days The type of sinkhole that shows a circular depression over longer periods of time is called a subsidence sinkhole.A broker charging a transaction fee may be a violation of the Real Estate Settlement Procedures Act if the fee is simply an add-on to the transaction and has no direct relationship to the work to be performed.What is the maximum amount of personal funds a broker can place in the property management escrow account?

$5,000

If a licensee fails to disclose all material aspects of a time-share sale or fails to have a current license as a broker or sales associate while listing or selling one or more time-share periods per year, the recommended FREC penalty is revocation Article 9 of the Code of Ethics about written agreements requires Realtors® to give a copy of the document to each party when they sign an agreement.Standard of Practice 12-6 of the REALTORS® Code of Ethics requires Realtors to disclose their status as Realtor®/owner in advertisements when having an ownership interest in the property.The Fair Housing Act of 1968, as amended, prohibits discrimination based on ace, religion, national origin, sex, (and as amended) handicap and family status A broker represents a buyer as a single agent. The buyer becomes interested in a home for which the broker is a single agent for the seller. Before showing the listing to the buyer, the broker must provide a dual agency disclosure statement and have it signed by both parties.The brokerage relationship that is presumed to exist isTRANSACTION BROKER A company that sends email advertising messages to millions of individuals without their permission violates the CAN-SPAM Act.During a routine office inspection, a DRE investigator finds a minor violation that does not endanger the health, safety,

or welfare of the public and is a first-time violation. The investigator must identify the statute or rule violated, show how it can be corrected, and allow the broker 15 days to correct the violation. This is A notice of non-compliance.

Under the 2018 Tax Cuts and Jobs Act, the standard deduction for individuals was nearly doubled to 12000 A woman sells her home for $450,000. She had purchased it for $300,000 and has lived there for three years. How much will she owe to IRS due to the gain on the sale?non on the gain The prospective buyer of a commercial property wants her sales associate to be a designated sales associate because another agent in the firm has the listing. The buyer must affirm that she have assets of at LEAST $1 million Upon the transfer of a property from one owner to another, all funds being held for the tenants by the landlord must be transferred to the new owner or agent