Florida real estate license law: Practice questions Flashcards

Florida real estate license law: Practice questions Flashcards

The telephone consumer protection act restricts telephone solicitation calls to what hours?8am-9pm Paying of unearned fees....whats unique about florida?Also called a kickback. Can pay a finders fee of up to $50 to an unlicensed person who is a tenant of the apartment complex for the referral. Real estate licensees are prohibited from sharing commissions with unlicensed person's. However Florida law does allow the sharing of part of commission with the buyer or seller in a real estate transaction.The commission is obligated to report any criminal violation of chapter 4752 who?States attorney having jurisdiction.A joint venture is usually created to:Carry out a single project. Joint venture is a temporary form of business arrangement normally used when people combined their efforts to complete a single business transaction or a fixed number of business transactions A licensed real estate associate and broker wish to open a new real estate brokerage firm as general partners. They

may:

Not do so. And associate or broker associate may not be a general partner in a partnership registered as a real estate broker A real estate broker is typically authorized by a principal to

act as a:

Special agent. He is authorized by the buyer or seller to handle only a specific business transaction which is why he is a special agent In the case of a first-time offense of a minor violation on the

part of an associate, a DB PR investigator will:

Issue a notice of noncompliance.A license application completes the 63 our sales associate course. How long do they have to pass the state license exam?Two years. If they don't pass within two years the applicants course completion is invalid Can real estate associates or broker associates be licensed under a tradename?No real estate broker associates or sales associates must have their licenses issued in their legal names. They may not be licensed or registered under a trade name. Broker corporations, Limited liability brokerage corporations, or brokerage partnerships can be licensed under a trade name A person who is qualified to be a broker but who operates

as a sales associate in the employ of another broker is a:

Active broker associate A broker has an agreement with a local car rental agency.The car rental place gets paid $25 for each prospective buyer referred to the broker is this legal?It is illegal for a licensee to pay an unlicensed person any sum of money for the referral of real estate business.The commissions authority to enact administrative rules

and regulations is part of its:

Quasi-- legislative powers probable cause panel...- a consumer member may serve,-one of the members may be a former commissioner however the former

commissioner must currently hold an active real estate license.-The panel is appointed by the FREC chairperson,-at least one member must be a professional member

Before leaving the employee of a broker, and associate takes the original records of all her own listings. The

associate is guilty of:

Larceny. Subject to administrative penalties by FRE see, civil action, and criminal penalties Prospective tenant purchases a rental list from a local real estate company for $100. She use the list but was not able to find a suitable unit. She is requesting a refund of $100.What happens?She is entitled to a refund of $75 if requested verbally or in writing within 30 days. If a prospective tenant does not obtain a rental the prospect is entitled to a refund of 75% of the fee paid as long as it's within 30 days Can associate lawfully except an extra commission?Only from the broker employer. All monies paid must come from associates employer and not directly from buyer or seller A person does not intend to engage in real estate activity however does plan to be an officer of a real estate brokerage corporation. Does he need a license?He does not need a license but must register with the DB PR, so that the information can be entered into the DRE's records A licensee is convicted of a misdemeanor offense. Does he have to report the conviction to the FREC?Yes within 30 days, even if he pleads guilty or found guilty or pleads nolo contendere Sales associate has been told by her broker to commit an unlawful act. What does associate do?Associate must refuse and withdraw from the relationship.does not say anything about reporting it Broker is single agent for buyer signed contract to purchase home from builder. Builder is unable to complete project on time. Builder and buyer agree to cancel the contract. What must broker do with the contract?Broker must retain the contract and brokerage disclosures for five years. This requirement applies to any written contract to purchase and sell real property even if the contract fails to close A sales associate or broker associate owes fiduciary duties

to:

The principal. As does the broker, even if the sales associate is an independent contractor.In a regular meeting, the commission modified several license fees and broker advertising requirements. Which rule will be affected?61J2.If a licensee excepts a post dated check as down payment on real property what applies?The sellers approval must first be obtained. Extreme caution should be taking and handling post dated checks in all cases sellers approval must be obtained before ups excepting post dated check A broker follows the instructions in an escrow disbursement order, but he was the victim of a civil court judgment that resulted in a payment of $10,000 from the recovery fund due to his actions. What will FREC do?No action will be taken against the licensee. In addition, the FREC is authorized to order reimbursement to any licensee who is required by a court of law to pay money damages as a result of the licensees compliance with an escrow disbursement order The licensee status that results when a license is not

renewed at the end of the license. Is referred to as:

Involuntary in active.Sales associate moves but failed to notify the commission of her change of address. He is issued a citation. How many days does he have to pay the citation or file an objection?30 days from receipt of citation if not they can have an administrative complaint Who is allowed to issue a final order of summary suspension?Only the DBPR secretary or a legally appointed designee may issue a final order of summary suspension. A summary suspension must be followed promptly by a formal suspension hearing

FREC will revoke the license of any licensee found guilty

of:

Conversion of escrowed funds. Violation of chapter 475.They will not revoke a license for representation of facts, drunkenness, or violation of motor vehicle laws False advertising concerning real estate information incurs what type of penalty?Second-degree misdemeanor.Duties of a transaction broker:A transaction broker has a duty to account for all phones entrusted to the broker with regard to a real estate transaction. Loyalty and confidentiality or single agent duties.The illegal practice of mixing buyers or sellers funds with the brokers own money, or of mixing escrow money with

the brokers personal funds is called:

Comingling Sales associate helps buyer locate a property and he makes an offer to purchase. Buyer gives sales associate a deposit payable to a title company. What must broker do?Broker must indicate the name, address, and telephone number of the title company on the purchase and sale agreement.Can a person served as a member of the board of directors for a real estate Corporation while also being a broker of record for another real estate company?Yes as long as he is serving in a non-brokerage capacity for the real estate Corporation. However all officers must register (with DRMC?) He can also be the broker of record for the other company as long as he has an active broker license.

• Real estate services:Advertising, buying, appraising, renting or providing rental

lists, selling, auctioning, leasing, and exchanging.Mortgaging is NOT a real estate service An applicant was issued a sales associate license by mistake and she has been informed that the license has been revoked. What happens?Revoke without prejudice. It was a mistake, so the commission will cancel the license but will not have any prejudice of any further application for licensure by the person Order of the building signs and exclusive listing agreement with a broker. Listing agreement contains information about the brokers lien rights. Owner sells property without paying the brokerage commission. What does broker do?Broker can place a lien against the sellers net proceeds from the sale. The effective date of the lien is the date the lien is recorded Can a licensee except a post dated check as down payment on real property?Yes but with the sellers approval first. Checks can be postdated however extreme caution should be taken in handling such deposits. In all cases the sellers approval must be obtained before excepting check The man who owns property dies intestate. Court appoints a personal representative to dispose of any portions of the deceased estate that might be subject to state taxes and

debts of the deceased. The personal representative must:

They advertise negotiate and sell the property and be compensated for his work without registering with the DB PR. Person is acting within the limitations of their duties as designated by a will or court or statutory authority or specifically exempt from licensure Antitrust laws prohibit brokers from splitting up market areas so they do not compete with each other. This illegal activity is called Market allocation If our EC chairperson has a special session to conduct a hearing regarding a summary suspension being issued. At