Post Licensing Course Exam- FL Flashcards

Post Licensing Course Exam- FL Flashcards Joining a team vs. being a solo agent is an important decision for a new real estate agent. Which of the following statements is false regarding joining a team vs. being a solo agent?Joining a team vs. being a solo agent is a decision that is made by the Florida Real Estate Commission, (FREC).What is the status of a sales associate's license if he/she does not complete the required 14-hour continuing education course before the expiration of their license?involuntary inactive What does the acronym RESPA stand for?Real Estate Settlement Procedures Act Regarding open houses, what does the term 'circle prospecting' refer to?Circle prospecting is a form of prospecting/lead generation where a licensee calls, emails, or door knocks on the houses around the open house they are holding.What does the acronym MLS stand for?Multiple Listing Service Which of the following statements is false regarding myths of a real estate agent?All real estate agents make money within the first three months of being licensed.Which of the following statements about farming is false?A low turnover rate is a great quality of a good farm neighborhood.With a four-point inspection, what are the four points that a home inspector is inspecting?the HVAC, the roof, the electrical panel, and the plumbing Which of the following is an employment contract between a broker and a buyer?buyer brokerage agreement What is another term for 'home inspection' period?due diligence period Which of the following statements is true about a comparative market analysis (CMA)?A sales associate is not permitted to refer to a CMA as an appraisal.According to the course, YouTube is a powerful social media platform that can help grow a sales associate's business. Which of the following statements is false regarding YouTube?It is expensive to start a YouTube channel.Who decides if a sales associate is to start their career on a team or as a solo agent?the sales associate Farming sounds like an activity for a farmer not a real estate agent. However, farming is a very effective marking tool for prospecting for customers. Which of the following statements is false about farming?When selecting a neighborhood to farm, a real estate agent should select a farm neighborhood that has a low turnover rate.Regarding the material defects disclosure, which of the following statements is true?Florida is a full disclosure state and therefore requires sellers to disclose all material defects on their property.In the course it was taught that the offer should be submitted via email to the listing agent.According to the course, how does a listing agent typically present an offer to the seller?in person Which of the following is not a cost that is required to obtain a real estate license?the cost of business cards

If a property sold for $200,000 and the note/mortgage is 100,000 what is the amount that must be paid for the documentary stamp tax on the deed?

$1,400

Sales associates work under the direction and control of their employers, (either owner- developers or brokers).Which of the following statements is true about a sales associate's employment?Sales associates are subcontractors of their employers and therefore have the authority to operate their business in a manner that most appeals to them.What is the cost to start a YouTube channel on YouTube?$0 A sales associate acquired a listing for $840,000 at a 6% commission rate. A second sales associate, who works for another brokerage office, found the buyer for the property.The listing and selling brokers agree to a 50-50 split between the two offices. The property sold for $800,000. If the listing sales associate has a 70/30 split with her broker, where she receives 70% of all commissions earned, what is the amount of her commission check?

$16,800

The course discussed the mortgage process in detail.According to the course, which of the following statements is true regarding the mortgage process?The mortgage process is not quick or easy and can be frustrating.When starting a new business, many people will offer their opinions on how to operate your new real estate business.According to the course, there are two opinions that matter.Which of the following are the two opinions the course recommends following?your own opinion and people that have earned the right to give their opinion by having already done what you are trying to do As a single agent, a broker is employed by the principal.Which type of for sale sign did the course recommend ordering?reflective signs Which of the following is not one of the options a seller has when presented with an offer?submit the offer to the Department of Business and Professional Regulation Which of the following statements is false about a listing presentation?The listing presentation should be held at the licensee's office.In the course, a buyer's consultation was discussed in detail. What is true about a buyer's consultation?The buyer's consultation is a voluntary meeting between the sales associate and the buyer where the sales associate can learn about the buyer's wants and needs.Although no specific number of preferred lenders is required, how many lenders did the course recommend having a relationship with?two When a party to the transaction pays the documentary stamp taxes on the deed, which entity ultimately receives the funds?The State of Florida A sales associate receives a commission split of 70/30. His broker gets 30% and he gets 70%. If the sales price of a house was $465,000 and the house was listed at 6%, how much money does the sales associate receive?

$19,530

If a property sold for $900,000 and the note/mortgage is 600,000 what is the amount that must be paid for the intangible taxes?

$1,200

What is the cost to start a Google my business listing on Google?$0 Which of the following describes a sales associate that is encouraging a seller to list their property based on the rumor of a protected class moving into the neighborhood?blockbusting Which of the following tasks would a sales associate typically perform?completing a CMA on a seller's property How many total protected classes are covered in this course under the Civil Rights Act of 1968 including amendments?7 Which law states that licensees are not permitted to send unwanted commercial email messages?CAN-SPAM Law Which of the following statements regarding YouTube, Google my business listings, and Facebook is false?Each of these platforms can only be used by business owners that have experience with marketing their business.Which of the following statements is false about the term 'turnover rate'?A high turnover rate is a bad characteristic of a neighborhood when a sales associate is choosing a neighborhood to farm.Which of the following statements is true regarding an appraisal?An appraisal is a third-party valuation of a property.The listing agreement is the contract a broker uses to list a seller's property. Which of the following statements is false regarding the listing agreement?If two parties, like a husband and a wife, own a property, only one signature is required on the listing agreement.How are listing agents typically presented with an offer?Typically buyer's agents will email the listing agent the offer.According to the 50-step checklist, when should a sales associate register their business with the State of Florida?at the beginning of their career What are the intangible taxes on a new mortgage of

$500,000?

$1,000

Which of the following types of loans would a veteran typically secure?a VA loan Which law prohibits racial discrimination in the sale or lease of all real property without exception?Civil Rights Act of 1866 Which of the following is a list of the seven protected classes under the Civil Rights Act of 1968 including the amendments in 1988?race, religion, color, national origin, sex, handicap, and familial status Which of the following is a list of people you know?sphere of influence Which of the following is not a closing service of real estate?contractor services A sales associate receives a commission split of 90/10. His broker gets 10% and he gets 90%. If the sales price of a house was $540,000and the house was listed at 6%, how much money does the sales associate receive?

$29,160

What is the presumed agency relationship is Florida?transaction broker relationship Which of the following statements is true regarding submitting a preapproval letter from a lender, along with the offer, when submitting an offer to a listing agent?A preapproval letter is recommended when submitting an offer to the listing agent and shows the seller that the buyer has funds available to purchase the property.Which law states that licensees cannot receive kickbacks, (referral money) from lenders, title companies, and appraisal companies?The Real Estate Settlement Procedures Act (RESPA) Which of the following statements is true regarding a home inspection?Although some reports like a four-point inspection report or a wind mitigation report might be required by an insurance company, the actual home inspection is not mandatory, but it is recommended.Which of the following statements is true about a listing presentation?A listing presentation is when a sales associate meets a potential seller and discusses selling the property.Which of the following statements is true about establishing an online presence?Establishing an online presence is an important task for all real estate agents and involves the use of social media.What does the acronym CRM stand for?CRM stands for Customer Relationship Manager Which of the following statements is false concerning a VA loan?A VA loan requires a 10% down payment.A sales associate acquired a listing for $750,000 at a 6% commission rate. A second sales associate, who works for another brokerage office, found the buyer for the property.The listing and selling brokers agree to a 50-50 split between the two offices. The property sold for $700,000. If the listing sales associate has a 70/30 split with here broker, where she receives 70% of all commissions earned, what is the amount of her commission check?

$14,700

According to the course, there are some inexpensive methods to make a property stand out. Which of the following was NOT one of the inexpensive methods mentioned to make a property stand out?Adding new granite counters in the kitchen What is one benefit to joining a team as a new licensee?Joining a team could allow a sales associate to have more support and training.Which of the following describes a sales associate that is taking buyers to or away from a property based on discriminatory behavior?steering When creating a CMA, which of the following types of properties would not be included in the report?comparable properties in a different city than the subject property How is the commission rate determined between a seller and broker?The commission rate a seller pays a broker is a rate that is negotiated between the seller and the broker.How much money is a veteran typically required to put on a down payment on a property?$0 A sales associate is typically employed by a broker as an independent contractor; The course taught that a sales associate should register their business with the State of Florida. Which of the following statements is true about