Real Estate Exam Florida 2024 Flashcards

Real Estate Exam Florida 2024 Flashcards A real estate broker who provides limited representation to

a buyer, a seller or both in a real estate transaction is:

a transaction broker

An agent is:One who acts or has the power to act for another.

The broker has a listing on a property and has accepted a $3,000 earnest money deposit from the buyer. The buyer is unable to secure financing and requests that the funds be returned according to the terms of his contract. The broker hasused the money to pay his personal bills and is unable

to reimburse the buyer.The broker is guilty of:

Failure to account for and deliver In real estate transactions, a real estate sales person has a

direct fiduciary relationship to:

the sponsoring broker A broker has a lien upon the owner's net proceeds from the disposition of commercial real estate for any commission earned by the broker with respect to that disposition pursuant to a brokerage agreement. The lien upon the owner's net proceeds pursuant to this part for a broker's commission is a lien upon which of the following?The Sellers proceeds from the sale

Alistingagreement is a contract between: the seller and the broker

A seller who lives in a small town has posters made up advertising his house for sale. He posts the posters on many telephone poles around the neighborhood. As part of the poster, he advertises that he will pay 3% to any broker

who brings him a buyer. This type oflistingis:

open listing A licensee has secured his/her firstlistingcontract. The

licensee most likely would be considered:

a special agent A broker who represents, as a fiduciary, either the buyer or

seller but not both in the same transaction is referred to as:

A Single Agent ComplaintFormal allegation or charge.Acceptance1. Agreeing to the terms of an offer to enter into a contract, thereby creating a binding contract.2. Taking delivery of a deed.The total amount that can be paid from the Real Estate Recovery Fund as a result of any one Real estate

transaction may not be greater than:

$50,000

Breach of TrustFailure to do or perform what has beenpromised Implied ContractA contract that hasnot been put into words, but is implied by the actions of the parties.failure to account for and deliverThe act of failing to pay money to a person entitledto receive it.OptionorPerson whogivesan option.

For a broker to act for more than one party in a real estate transaction, without the knowledge and consent of all

parties, is:

grounds for disciplinary actions A seller files a complaint with the Department of Business and Professional Regulation against a real estate agent. An

informal hearing is held only if:

The formally charged Licensee requests it.Who confirms the appointment of the seven members of the Florida Real Estate Commission?The Senate When a payment of any amount is made from the Real Estate Recovery Fund, in settlement of a claim to satisfy a judgment against a licensee, the Commission's action

against the licensee must be:

Automatic suspension Purchase AgreementA contract in which a seller promises to convey title to real property to a buyer in exchange for the purchase price.Unilateral ContractWhenonly one party makes a legally binding promiseand the other has not. The promise will become legally binding if the other party chooses to accept it (similar to an offer).Contingency ClauseA provision in a contract, deed, law, regulation, guideline, etc. that makes the parties' rights and obligations depend on the occurrence (or nonoccurrence) of a specified event.Also called Condition, Escape Clause, Subject to Clause, or Kick-Out Clause.Real Estate Recovery Fund claims are limited to what dollar amount?

$50,000

Express ContractA contract that has beenput into words,either spoken or written.Statute of FraudsA law that requirescertain types of contracts to be in writing and signedin order to beenforceable.The duties of the Florida Real Estate Commission include:Regulating professional practices An auditor shows up at a Real Estate broker's office and demands to see the brokerage relationship disclosure records. For how many years back must a broker be able to produce complete disclosure document files?

• Years

SubpoenaA writ or ordercommanding the person named to appear and testifyin a legal proceeding.Exclusive Right to SellA listing agreement that entitles the broker to a commission if anyone, including the seller, finds a buyer for the property during the listing term.The commercial broker listed a store front for rent. A tenant was procured. After the lease was signed, the owner refused to pay thelistingbroker. In order to get his fee, the

broker could:

Lien the property When is a broker/agent entitled to commission? when a ready, willing, and able buyer is found on terms acceptable to the seller

Equitable TitleAnypresent rightto acquire legal title to property.Employment by owner employerSales or broker associate acts as the employer's agent.You can perform services by compensation only with regard to the property belonging to the owner-employer.A penalty that the Commission may not legally impose is

the:

Denial of the payment of compensation Employment by a BrokerA sales or broker associate cannot receive compensation from anyone but their employing broker. A sales associate and broker associate can only work for 1 broker at a time.VendeeThebuyerin a land contract.During a 90 daylistingagreement, the seller dies: the listing agreement isterminated Designated sales associates are best described as:A. single agents for the buyer and the seller in nonresidential transactions where the buyer and the seller meet certain asset thresholds.Probable causeReasonable grounds or justification for prosecuting.Culpable negligenceInadequate attention to duties and obligationsby one who knows, or should know, what is required of him or her.Which of the following is the best example of a general agent?a property manager Formal hearingA session in whichtestimony and arguments are presented,especially before an official.ComplainantA personwho makes an allegation or a charge againstanother (the respondent).Sales associate Ann recently moved from Clearwater,

Florida, to Tampa, Florida. She must:

Notify the DRE of her change in current mailing address WITHIN 10 DAYS of change Material FactA piece ofinformation that affects the value of real propertyand is relevant to a person making a decision about that property.

A personauthorized to acton behalf of another is called:agent

Recommended orderAdetermination by an administrative law judgethat includesfindings and conclusionsas well as other information required by law or agencyrule to be in a final order.Court AppointeesPersons appointed by a court of law to perform services of real estate. They may do so for a fee or salary but not a commission Which type of license is needed to sell a cemetery plot?There is no license required to sell cemetery plots citationStatements of alleged violations and the penalties to be imposed.Formal complaintAn outline of the charges against a licensee that must be answered within the statutory time limit.A broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent is referred to as?Transaction Broker

OptioneePerson to whom an option isgiven.ConcealmentOccurs when alicensee fails to disclose information that is material to a decision to a partyto whom the licensee has such a duty.A sales agent is held liable for a violation of real estate license law that is a first-degree misdemeanor. The penalty

is:

a fine of not more than $1,000 and/or up to one year in jail ConsiderationAnything of value, such as money, services, goods, or promises, given to induce another to enter into a contract.VendorThesellerin a land contract.

A universal agent:is one who may do anything for the principal

An agency relationship can be terminated by: the principal (seller)revokingthe agency relationship A seller lists her home for $120,000. The seller tells the sales associate that she needs at least $115,000 for the home. Following an open house, the sales associate receives two offers on the home. The first offer for $120,000 is contingent on the seller taking back a $15,000 second mortgage. The second offer is for $115,000, with the buyer securing his own financing. The sales associate

should:

Present both offers, explaining the details of each to the seller

Services of real estate do NOT include:Selling cemetery lots for compensation

Any property management firm or any owner of an apartment complex for the act of paying a finder's fee or referral fee to an unlicensed person who is a tenant in such apartment complex provided the value of the fee does not exceed how much per transaction?$50 Moral turpitudeAn act of corruption, vileness, or moral depravity; a disgraceful action or deed.When counseling seller-clients, an agent should do all of

the following, except:

prepare a market analysis that shows a high price for the property, because one never can tell what a buyer might pay.Mutual RecognitionFlorida does not have reciprocity with any other state in regard to real estate licensing. However the state has contractual agreements with some states recognizing the similarity in the content of their mutual education and experience requirements for real estate licensing (8 states right now) .ConversionUnauthorized use or retention of money or propertythat rightfullybelongs to another person.Florida Real Estate Commission - 1925Created in 1925 to administer and enforce the laws, streamlining the process by removing necessity for court enforcement. The Real Estate license law was officially designated Chapter 475 of the Florida Statues in 1941.CounterofferA response to an offer to enter into a contract, changing some of the terms of the original offer. It is a rejection of the