FL Real Estate Exam Practice Questions Flashcards

FL Real Estate Exam Practice Questions Flashcards The DBPR is authorized to investigate a written complaint filed against a licensee...if the alleged complaint is legally sufficient A licensed sales associate may operateFor the broker registered as the sales associate's employer Which kind of construction involves building to buyer's specifications?Custom homes Which statement is true regarding the use of the term REALTOR?All real estate licensees are REALTORSAll REALTORS are members of the National Association of REALTORS (NAR)The terms real estate licensee and REALTOR may be used interchangeablyThe Florida DBPR authorizes the use of the term REALTOR All REALTORS are members of the National Association of

REALTORS (NAR)

Two brokers from different brokerages agree to work with one another to market a prestigious marina in Naples, Florida. One broker is particularly knowledgeable regarding marinas and the other is an expert on the Naples real estate market, so they decide to combine their expertise on this particular listing. This business arrangement is called a joint venture The field of property management has experienced growth and specialization primarily because of...?the increase in the number of absentee owners A person is eligible to seek recovery from the Real Estate Recovery Fund if that person received a final judgment against a licensee in a legal action and the case was based on a real estate brokerage transaction (assuming no specific exemptions apply) A sales associate is employed by a broker. The broker's license is suspended. This action causes the sales associate's license to be Placed in involuntary inactive status In Florida, listings obtained and any commissions paid by the buyer or the seller are...legally the property of the sales associate's employer Specific responsibilities of the FREC do NOT includeproviding the services necessary for the preparation and administration of licensing examinations An owner-developer owns several properties with different names, but all are business entities closely connected and controlled by the owner-developer . A sales associate working for that owner-developer may legally obtain....A group license One difference between a general partnership an a limited partnership is that...limited partners must make a cash or property investment A license applicant had held a real estate license in good standing in another state since 2005. The applicant is licensed in a state that has a mutual recognition agreement with FL. 5 months ago, the license applicant moved to Orlando, FL. Is this licensee eligible to apply for a real

estate license under mutual recognition?No, the applicant is now considered a FL resident Real estate sales associates who receive checks payable to them as deposits on the purchase of real property must...endorse the checks and immediately turn them over to their employer

A buyer gives the broker a $47,500 earnest money deposit.The broker defrauds the buyer of the $47,500. The buyer sues the broker and is awarded a judgment in the amount of $62,500 for the original $47,500 deposit plus $15,000 for punitive damages. Because the buyer was unable to collect the judgment from the broker. the buyer requests relief from the Florida Real Estate Recovery Fund. How much can the buyer receive from the recovery fund?

$47,500

A licensed real estate broker and an attorney who specializes in contract law form a joint venture for the purpose of locating and selling investors raw land that is suitable for commercial development. Because they are performing real estate services for compensation, both must be licensed real estate brokers- true or false?True A sales associate applicant who has submitted a correctly completed application for the state license examination and who successfully passes the state exam may legally begin to operate as a licensee when the...?applicant is notified of having passed the state exam, has filed the appropriate form to become registered as active with the DBPR, and the DBPR website indicates the applicant's license status is active A real estate licensee may be paid a fee for referring buyers to a title company, provided the buyer is informed in advance of the facts concerning the fee, true or false?False The real estate activity that is devoted to leasing, managing, marketing, and overall maintenance of property for others is called Property management What information appears on the face of a real estate license?Governor's signatureSecretary of the DBPR's signatureLicense numberLicensee's email address License number Which individual is NOT exempt from licensure under F.S.475?A salaried employee of a governmental agency who performs real estate services for the state and does not receive commissionIndividual dealing in personal property onlyIndividual serving as a personal representative and acting within the statutory limits of that designated roleAn employee of a real estate developer who receives a salary plus bonuses based on sales quotas An employee of a real estate developer who receives a salary plus bonuses based on sales quotas A broker is preparing to open Sunnyside Realty as a sole proprietorship and is placing an order to have an entrance sign made. Which wording does NOT need to be included on the sign?the address What type of license is required to sell or lease business opportunities for another person?Real estate license A sales associate applicant is NOT required to disclose which information on the license application?Convicted of a crimeProof of citizenshipMaiden name, if applicableA finding of guilt in conduct that would have resulted in

disciplinary action if the applicant had been licensed to practice real estate Proof of citizenship Which event may cause the FREC to refuse to certify an individual as qualified for licensure?Dropped out of high school and later earned a GEDWas convicted of fraud in an