FL REAL ESTATE CHAPTER 2 Flashcards

FL REAL ESTATE CHAPTER 2 Flashcards

• How many hours of post-license education are required

to renew a broker's license?(a) 14(b) 30(c) 45(d) 60

Your answer: DAll brokers, whether active or inactive, must

complete 60 hours of post-license education during their initial license period as a broker. The license of any broker that fails to complete this requirement will be

void.Reference: Chapter 2, Renewing a Florida Real Estate

License, Post-License (First Renewal) Requirements - Broker First Renewal

• Which statement is correct concerning an applicant

whose real estate application was denied by the Department of Business and Professional Regulation?(a) The denial is final and no appeal may be taken by the applicant.(b) An appeal may be filed with the District Court of Appeal within 90 days.(c) The Department is not required to inform the applicant of the reason for the denial.(d) The applicant must be notified in writing of the reason for the denial and advised of the right to request a formal hearing.

Your answer: DIf an application to take a state examination

is denied by the Department, the applicant must be notified in writing and allowed 21 days to file for a formal hearing before an administrative law judge in accordance with F.S.

120, the Florida Administrative Procedure Act.Reference:

Chapter 2, Obtaining a Florida Real Estate License, Application Approval or Denial - Application Denial

• Which statement correctly applies to an actively

licensed attorney who is a member in good standing with the Florida Bar?(a) The attorney may charge commissions is connection with real estate activities.(b) The attorney is exempt from biennial 14-hour continuing education requirements to maintain a real estate license.(c) The attorney is not allowed to simultaneously hold a real estate license.(d) The attorney may be licensed as a real estate broker, but not as a sales associate.

Your answer: BActively licensed Florida attorneys who are

in good standing with the Florida Bar and are otherwise qualified under the real estate license law are exempt from the 14-hour biennial continuing education license renewal

requirements.Reference: Chapter 2, Renewing a Florida

Real Estate License, Continuing Education (CE)

• Blake received her initial sales associate's license on

August 23rd, 2016 with an expiration date of March 31st,

• If Blake does not complete her 45-hour post-license

course by the expiration date, what will the status of her license be?(a) Suspended(b) Revoked(c) Active(d) Void

Your answer: DAll sales associates, whether actively or

inactively licensed, must complete a 45-hour post-licensing course prior to the expiration date of their initial license period. Failure to complete this required course prior to expiration of the initial license will cause the license to become void, and the licensee will be out of business. To continue in the real estate profession, he or she must take the 63-hour pre-license course over again and pass

another state examination.Reference: Chapter 2, Renewing

a Florida Real Estate License, Postlicense (First Renewal) Requirements - Sales Associate First Renewal

• Florida has an agreement with some other states which

recognizes the similarity in education and experience requirements for licensees. What is the agreement called?(a) Reciprocity(b) Mutual recognition(c) Cooperative

licensure(d) Intrastate licensing

Your answer: BThe state of Florida has contractual

agreements, referred to as mutual recognition, with a limited number of states recognizing the similarity in the content of their mutual educational and experience

requirements for real estate licensing.Reference: Chapter

2, Obtaining a Florida Real Estate License, Obtaining a License by Mutual Recognition

• Which of the following individuals is considered an

attorney-in-fact?(a) An individual who has successfully completed law school, and passed a state bar exam(b) A paralegal who works on closing real estate transactions(c) Someone who has been granted power of attorney(d) A real estate agent working with a buyer or seller

Your answer: CAttorneys-in-fact are persons granted

authority under a power of attorney to act for others in some capacity such as signing documents.F.S. 475.011 identifies those persons or entities that are exempt under the law. An exemption allows certain unlicensed persons or entities to perform services in the state of Florida for compensation that might otherwise require a real estate license. Attorneys-in-fact are included in these

exemptions.Reference: Chapter 2, Individuals Who are

Exempt from Licensure

• Which condition must exist for an applicant to qualify for

a Florida real estate license?(a) The applicant must be a citizen of the United States.(b) The applicant must be a Florida resident.(c) The applicant must be at least 21 years of age.(d) The applicant must have a high school education or equivalent.

Your answer: DApplicants for a real estate license must

have attained the age of majority, which in Florida is 18 or older, and have a high school education or equivalent. An applicant for a Florida real estate license is not required to

be a resident of the state of Florida.Reference: Chapter 2,

Obtaining a Florida Real Estate License, General Qualifications for Licensure

• All of the following individuals are exempt from the real

estate license law, EXCEPT:(a) Employees of a

corporation who are paid on a salary basis(b) Partners in a partnership who receive a pro rata share of the profits(c) Condominium managers who rent units within the complex for periods up to 1 year(d) Funeral directors performing duties of real estate for compensation

Your answer: DCemetery lot salespersons are exempt, but

not funeral directors. Salaried employees of individuals, partnerships, or corporations that own real estate may perform real estate services on behalf of their employers without being licensed. Partners in a partnership that are performing real estate services for the partnership are exempt from licensing if each partner receives a pro rata share of profit based on their ownership interest in the partnership. Salaried managers of a condominium are exempt when renting individual units for rental periods that

are no greater than 1 year.Reference: Chapter 2,

Individuals Who Are Exempt from Licensure

• An applicant for a real estate license had his/her

application denied. All of the following are valid reasons for a denial, EXCEPT?(a) The applicant was previously licensed by the Department and had prior disciplinary history.(b) The applicant forgot to answer all of the questions on the application.(c) The applicant did not submit fingerprints with the application.(d) The applicant was not a US Citizen.

Your answer: DApplicants for a Florida real estate license

are not required to be a resident of the state of Florida or to

be a citizen of the United States.Reference: Chapter 2,

Obtaining a Florida Real Estate License, General Qualifications for Licensure; Application Approval or Denial

• What is a broker associate?(a) A broker who employs

sales associates(b) A sales associate(c) A broker who is employed as a sales associate(d) A sales associate who is employed as a broker

Your answer: CA broker associate has passed the state

broker exam and is qualified to receive a broker's license, but chooses instead to be employed under the direction, control, and management of an actively licensed broker or owner-developer. In this capacity, the broker associate acts

as a sales associate, not a broker.Reference: Chapter 2,

Obtaining a Florida Real Estate License, License Categories - Broker Associate