Questions for State Exam Studying, Florida Real Estate Notes to

Florida Real Estate Laws and Rules/ Codes, Florida Real Estate Questions for State Exam Studying, Florida Real Estate Notes to Study for State Exam, Florida Real Estate Key Terms for State Exam Flashcards What are the components of a real estate brokerage?*sales and leasing*property management*Appraising*Financing*counseling The five major sales specialties do NOT includeA)industrial.B)businesses.C)mixed-use property.D)residential.

• mixed- use property

1 of 5 major sales specialties: Commercial income producing properties.

t or f. An attorney who is an active member of The Florida Bar is exempt from the sales associate prelicense course.true A sales associate has held an active real estate license since 2008. The licensee neglected to renew his real estate license before the expiration date in March of this year.Which statement applies to this situation?A)The license is in voluntary inactive status.B)The sales associate must reapply for licensure.C)The licensee must complete 14 hours of continuing education.D)The sales associate is required to complete 28 hours of a Commission-prescribed education course.C)The licensee must complete 14 hours of continuing education An individual who takes residential mortgage loan applications or offers to negotiate the terms of residential mortgage loan applications for compensation must hold which license?A)Business brokerB)Financial counselorC)Mortgage loan originatorD)Mortgage counselor

• Mortgage loan originator

An owner-developer pays a commission to employee Sally for selling a lot in the development. Sally has an inactive real estate license, and the developer is not a broker. Is this a violation? License required?The sales staff of an owner-developer is exempt from a real estate license if the staff is paid strictly on a salaried basis.In this case, a commission is paid (compensation on a transactional basis), so an active license is required. Sally should have been registered with an active license status under her employer (the developer) for this to be in accordance with Chapter 475.What are the reasons a follow-up is good: it results in a good reputation, future referrals, and word-of-mouth advertising.Commercial Real Estatecreates the needs for space in retail, offices, and manufacturing professions.Which power is NOT given to the Florida Real Estate Commission?A)Adopting a sealB)Making determinations of violationsC)Imposing jail sentencesD)Promulgating rules

and regulations C)Imposing jail sentences A map that indicates the size and location of individual lots, streets, and public utilities within a new development is

called?A)an elevation.B)a topography map.C)a subdivision plat map.D)an architectural drawing.

• a subdivision plat map

A court of law appoints Matthew, who is unlicensed, to sell property in an estate. Is Matthew required to be licensed in order to be compensated for selling the property? do yu need a license?Court-appointed individuals acting within the limitations of their duties are exempt from real estate licensure. Matthew may sell the property in accordance with the instructions of the court. Compensation is usually paid from the assets of the estate.t or f. A person who holds a four-year degree or higher in real estate from an accredited institution of higher education is exempt from FREC Course II.true What type of license or other credential is required for an individual to engage in the sale, purchase, or lease of businesses for others?A)Commercial business licenseB)Member of national association of business brokersC)Real estate licenseD)Business broker license

• Real Estate License

The Florida Real Estate Commission's duty to create and pass real estate rules and regulations is the exercise of quasi-legislative power.TrueFalse true What is the maximum number of consecutive years a commissioner may serve on the Florida Real Estate Commission?A)SixB)TwoC)EightD)Four C)Eight T or F. Real estate professionals who specialize in the sale, purchase, and lease of businesses must hold a commercial license.False, because In Florida, an active real estate sales associate or broker license is required to market business opportunities. No license distinction is made regarding the type of real estate.T or F. The Uniform Standards of Professional Appraisal Practice are standards of practice that must be followed by appraisers but not real estate licensees.False, because Florida law requires appraisers, real estate brokers, and sales associates to abide by the Uniform Standards of Professional Appraisal Practice when conducting appraisals of real property.Do real estate professionals provide knowledge of market condition?yes, because knowledge of market conditions is one of the

• important areas you must have knowledge and

understanding in when doing sales for real estate.Prima facie evidence is a legal term used to refer to evidence that is good and sufficient on its face to establish a given fact or prove a case.TrueFalse true A post office box is considered an acceptable mailing address for license purposes.True

1 of 5 major sales specialties: business businesses

Florida Statute Chapter 475 :Called "REAL ESTATE BROKERS, SALES ASSOCIATES, SCHOOLS, AND APPRAISERS". it establishes the legal

right and responsibilities in 4 parts:1. real estate

brokerage2. real estate appraisers and set fourth the requirements and licensed and certified appraisers according to federal statute.3. commercial real estate sales commission lien act, gives a broker lien rights to earned commission ( only commercial property).4. commercial real estate leasing commission lien at gives a broker lien rights