FL Real Estate Ch 1-6 Flashcards

FL Real Estate Ch 1-6 Flashcards What happens if a licensee is sued for damages and payment is made from the real estate recovery fund?The licensee needs to take 20 hours of CE before resuming real estate activitiesThe licensee can reimburse the fund from Commission earned from sales they make in the futureThe licensee is suspended from real estate practice until the real estate recovery fund has been reimbursed in fullThe licensee is not required to repay anything The licensee is suspended from real estate practice until the real estate recovery fund has been reimbursed in full If the Licensed Broker in a partnership is killed in an accident what happens to the Sales Associates working for that partnership?Their licenses will be revokedThey can continue working since they have Errors & Omissions insuranceTheir licenses will become involuntarily inactiveTheir licenses will be suspended Their licenses will become involuntarily inactive 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?BrokerSales AssociateAppraiserUnderwriter Appraiser How many days does a party to a Recommended Order hearing have to file an exception to the Recommended Order?30 Days60 Days90 Days15 Days 15 Days An agency relationship is created in which of the following cases?When a sales associate meets a customer at an open houseWhen a tenant is communicating with a property manager and not the ownerWhen a licensee gets a phone call from someone they Direct Mailedwhen the seller asks to be represented and the broker agrees when the seller asks to be represented and the broker agrees How much probation could a sales associate receive for a first offense violation of a rule under Chapter 475 F.S?2 years30 days90 Days180 days 90 Days If a listing sales associate shows a property to a ready, willing and able buyer what is he NOT permitted to do?Give the buyer a Consent to Transition to Transaction Broker form and get on with the saleNone of the Abovemust promptly tender to the seller any contract offer that has been offered unless advised in writing not to do so.disclose to the buyer all material facts that will affect the value of the property.Give the buyer a Consent to Transition to Transaction Broker form and get on with the sale Which agency is NOT allowed under Florida law?Single agencyTransaction BrokerageDual

AgencyNonrepresentation agency Dual Agency

When a broker represents a seller as a single agent on the sale of a home and a buyer wants the same broker to act on his behalf in the purchase of the same home and the broker agrees without any further notice to the seller which of the following is true?the broker is acting illegally since undisclosed dual agency is not permitted in Floridathe Seller will be happy because the sale will go through quicklythe broker has divided loyaltiesthe broker must reduce the commission payable since he got both sides of the deal the broker is acting illegally since undisclosed dual agency is not permitted in Florida What is the meaning of Caveat Emptor?Danger - Sink HolesBeware of the CatBuyer BewarePot Holing Venter Buyer Beware After passing the Sales Associate exam when does a license become effective?Upon leaving the Testing CenterAfter signing an employment contract with a brokerWhen he receives his CertificateAfter written notice is received that the applicant passed the examination After written notice is received that the applicant passed the examination What is the purpose of the Department of Business and Professional Regulation?Regulation of Police PowerReal Estate LicensingTo act as a Consumer Protection AgencyReal Estate Licensing To act as a Consumer Protection Agency What are the three core federal antitrust laws?Sherman Act, Federal Trade Commission Act and Clayton Act.Clayton Act, ADA and Veterans ActStatute of Frauds Act, Sherman Act and Williams ActFHA, VA and Equal Opportunities Acts Sherman Act, Federal Trade Commission Act and Clayton Act.Which of the following is incorrect?Farming involves concentrating business efforts in a particular geographical area.Farming only involves raising crops, fish or animals.Farming methods include Direct Mail and Just Listed Post Cards.Farming is a great way for a licensee to introduce themselves.Farming only involves raising crops, fish or animals.MLS is an acronym for which of the following?Multiple Land SyndicationMultiple Lender SourcesMajor Lending ServiceMultiple Listing System Multiple Listing System What is a home built from blueprints supplied by the buyer is called?custom homeA tract homeA spec homeAn architectural original custom home What is a newly licensed person working for a broker known as?An AppraiserA Home InspectorA Sales AssociateAn Unlicensed Assistant A Sales Associate What actions can the probable cause panel take?They can only issue citationsThey can only investigate if directed by the GovernorThey can investigate a complaint and if probable cause is found to exist direct the Department to

file a formal complaint against the subject they investigatedThey can Investigate and issue punishment to the subject they investigated They can investigate a complaint and if probable cause is found to exist direct the Department to file a formal complaint against the subject they investigated