Florida Reciprocal License Flashcards

Florida Reciprocal License Flashcards

The initial license period is:18-24 mo

Broker with a listing on a speculative home has advertised Free round-trip airfare to the Bahamas to purchaser.This is legal as long as broker follows through

Advance rents and security deposits may NOT be held:by any bank in the state

If a broker who complied with an escrow disbursement order is later required by a court of law to pay damages as a result of legal actions the FREC is authorized to order reimbursement to the broker for the amount of the

judgment against the broker up to:

$50K

The 1968 Fair Housing Act DOES NOT apply to: Resident/owner of Duplex

When a license has been involuntary inactive for more than 12 months but less than 24 months licensees are required

to complete:

28 hrs of education Payments from the recovery fund for claims against one licensee are limited in total 150K A consumer filed a complaint against a licensee. The

complaint was later withdrawn. The department:

may continue investigating the complaint An involuntarily inactive license may remain inactive for a

MAXIMUM of:

• yrs

Stay of enforcementA licensee may challenge a final order by filing an appeal and requesting this Sales Associate did not complete the 45-hour post-license course. What is the status of their license?Null and void Chapter 455Florida Statutes defines the general legal practice and procedure for the DBPR and the licensees of all professions regulated by the DBPR including real estate Auctioning FarmlandRequires a license under Ch 475 A licensee who has been issued a notice of noncompliance must take action to correct the violation within how long

after notification:

15 days Notice of non-complianceFirst response in to a minor violation by agent Developer created a marketing plan to sell lots. Developer mailed postcards to all owners in a particular neighborhood advertising the new development. Interested parties could register to win a free lot by returning the card with a $100 registration fee. Which is true?Deceptive under Ch 475 Which is true of the continuing education requirement?A licensee may substitute attendance at one legal agenda session of the FREC for 3 classroom hours of continuing education credit An INACTIVE license without being renewed or reinstated

may remain inactive for a MAXIMUM of:

• yr

Sales Associate receives a non-depositable promissory

note as binder money. Sales Associate must:

Get seller approval and give it to broker $50Rental property managers may pay a referral fee to tenants

not to exceed:

A Hispanic wants to see a house that is located in an ALL

Hispanic neighborhood. The licensee should:

show the house Ch 61J2What are the FREC rules to expand upon the statutory provisions of Statutes by addressing in greater detail the principles of practice for the real estate profession?The unlicensed manager of a 20-unit condominium helps an owner rent his unit without compensation. Which is true?This is not a violation of Chapter 475 as long as the lease is for one year or less Rental property managers may pay a referral fee to tenants

not to exceed:

$50 Which of the following is required to be included on the official brokerage entrance office sign?license real estate broker If a tenant is properly notified of the landlords claim on the

security deposit the tenant is allowed to file an objection:

15 days after receipt notice of landlord's claim Appraisal of mineral rights for compensation Requires a license under Florida law InternetOn this type of advertisement, the name of the brokerage firm must appear adjacent to or immediately above or below the point of contact information FREC has issued a citation to Broker. Broker must pay the fine or dispute the claim within how many days?30 Prospective tenant signed a rental agreement with Broker and paid $500 to find a rental property. In two weeks of searching prospective tenant was unable to find a suitable property. Prospective tenant upon request within 30 days

has the right to receive a refund of:

375 Broker uses a title company to hold escrow funds. Which of the following is TRUE?Broker needs written receipts Sales Associate receives a deposit from a prospective buyer on a Tuesday morning (no legal holidays are involved). Sales Associate must deliver the deposit to

Broker by:

Wednesday Which is a CORRECT statement about the qualifications to

be a licensed sales associate:

High school diploma or equivalent Agent made 2 appointments and assigned her unlicensed assistant to take 1 couple to a property. Before leaving Agent wrote information on a note card. Assistant drove prospect to the property opened the door and showed the couple around the property. When done with the showing assistant read information from the card. Which is true of this situation?Ch 475 says assistant must have license

If a buyer of a residential condominium unit timely delivers to a licensee written notice of the buyers intent to cancel

the contract the licensee:

may return escrow deposit Licensee prepared a purchase and sale contract for a Purchaser. Which is NOT true of title company and attorney escrow accounts?If the deposit is not made as requested Broker must notify the title insurance company within 15 days AttorneyA licensee CANNOT promise a buyer that title is merchantable unless an opinion of merchantability has

been rendered by:

When licensees include their personal name in an

advertisement they must:

include their last name Group licenseA sales associate registered with an owner-developer who owns properties in the name of various entities A buyer and seller enter into a contract for sale and purchase of a condo unit. Three days later the buyer sends written instructions to the licensee to refund his earnest money deposit. The seller objects stating that the buyer has breached the contract and indicates that he is entitled

to the earnest money deposit. At this point the broker:

give deposit back to Broker executes a purchase and sale contract and at settlement Broker and Seller have a dispute over the

commission. Broker must:

distribute funds but withhold commission disputed consent to transitionBefore the licensee may change from single agent to transaction broker the parties must sign or initial this Sales Associate decided to place the license in an inactive status at the first renewal. If not later renewed or reinstated

the license may remain inactive for how long:

• yrs

"A sales associate applicant who successfully passes the state exam may legally begin to ""operate"" as a licensee

when:"

a broker agrees to hold the license and it's registered with DBPR If a Florida resident licensee becomes a nonresident the licensee must serve notice and file an irrevocable consent

to service:

60 days of moving Which of the following is NOT in compliance with the Sherman and Clayton Antitrust Laws regulating corporate monopolies?Agreeing to charge a set fee in a particular MLS Sales Associate listed Sellers highway frontage property for $200 000. Shortly after listing the property Sales Associate learned that a highway bypass was going to go across Sellers property making it a corner parcel on two highways.Without telling Seller Sales Associate shared this information with Buyer who offered $160 000 for the property. Seller accepted the offer. Which is a CORRECT

statement:

Guilty of concealment and license to be suspended or revoked

Findings conclusions and recommended penalty are

submitted to the DBPR in a recommendation submitted by:

an administrative law judge A Florida licensee performed an act in Mississippi that would be considered illegal in Florida.FREC may suspend the license after review Property ManagementThe real estate activity that is devoted to leasing managing marketing and overall maintenance of property for others

is:

An unlicensed assistant at an open house may NOT do which of the following?Give their opinion of value or cost of a repair Broker has received conflicting demands from Buyer and

Seller. Broker may NOT:

return the deposit to the buyer Which property is residential real estate under Chapter 475?

• acres of agricultural property

When is the landlord required to notify the tenant in writing of the manner in which the landlord is holding the advance rent or security deposit and the rate of interest if any the tenant will receive?30 days When a sales associate advertises to perform any real

estate service the advertisement MUST include:

licensed name of brokerage firm Binder MoneyEvidence of buyer's good faith Which of the following is TRUE of a buyers binder check received by Sales Associate?delivered to broker immediately Sales Associate delivered a $25 000 earnest money check to Broker that was deposited in compliance with Chapter 475 F.S. Two weeks later Buyer requests that the funds be transferred to an interest-bearing account. Which is a

CORRECT statement:

Buyer and Seller must agree as to the disposition of the interest in order to comply with the request If the post-licensing requirement is not fulfilled before the first renewal and there is a desire to continue in the real estate business the licensee must re-qualify for license Recovery FundIf a business is damaged financially by the acts of a licensee the business may upon receiving a court judgment

and pursuing the licensees assets sue for money from:

The only condition under which a Florida real estate

licensee may recover damages from the Recovery Fund is:

a broker may seek recovery if the broker followed a FREC escrow disbursement order (EDO) and later suffered damages Each day that FREC members participate in meetings and other official business they receive a per diem of $50 "Broker says to Buyer ""You will love this neighborhood.""

This statement by Broker is:"

legal salesmanship Seller has informed Broker that she would prefer that the property not be shown to people of a certain race. Broker

should:

Cancel the listing The 1988 amendments to the Fair Housing Act bar

discrimination based on:

Familial and handicap