Real estate Larsson Final Flashcards

Real estate Larsson Final Flashcards A declaration would most likely be used in which type of property?Condominium Which is UNTRUE of the chapter of the Florida Statues that defines the general legal practices and procedure for the DBPR and the licensees of all professions regulated by the DBPR, including real estate?It grants full legislative and judicial powers to the Division of Real Estate and FREC 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:

• years

Three brokers, each licensed individually, have decided to operate as J-W Reality. Their action is an example of General Partnership A licensee may challenge a final order by a filling an appeal

and requesting a:

Stay of enforcement The 1988 amendments to the Fair Housing Act bar

discrimination based on:

Handicap and familial status Broker says to buyer "you will love this neighborhood" This

statement by Broker is:

Legal salesmanship Which of the following is NOT ownership characteristic of real estate?Perfomance The Department is required to promptly notify a licensee's

broker or employer 10 days after:

A finding of probable cause Which of the following is TRUE of a buyer's binder check received by Sales Associate?It must delivered to Broker immediately When a license has been involuntary inactive for more than 12 months but less than 24 months, licensees are required

to complete:

28 hours of education In a single agent relationship, it is NOT the broker agent's duty to?Disclose rumors and questionable facts Florida has mutual recognition agreements to recognize the education and experience that real estate licensees have acquired in another state. These agreements apply to which of the following?A licensees in a qualifying state and who has not resided in Florida for four months or more within the preceding year The Federal Fair Housing Act DOES NOT protect against

discrimination based on an individual's:

Age

Which is a form of ownership:tenancy-in-common

If a tenant is properly notified of the landlord's claim on the security deposit, Which is TRUE?The tenant is allowed to file an objection 15 days after receipt of notice The term "estate" refers to:the right held by someone who has a possessory interest in real estate.Sales associate receives a non- depositable promissory

note as binder money. Sales Associate must:

Get the seller's approval and give it to the broker by the next business day

A licensee who has been issued a notice of noncompliance must take action to correct the violation within how long

after notification:

15 days Buyer purchased the back 40 acres from seller. Shortly after purchasing, Buyer discovered that there was no public access to her property.Buyer's right to cross Seller's

property is an easement:

By necessity At the expiration of the lease period and before renegotiation of the lease, a tenant continued to occupy the

apartment. The tenant's position is called:

A tenancy-at-sufferance Which is NOT a form of ownership?tenancy-at-will Two cousins are buying an apartment building. In order to protect the rights of Inheritance of each of their families, the

form of ownership should be:

Tenancy-in-common The definition of real estate includes:land, improvements and rights (All of the Above) A tenant installed shelving as a part of her business. At the

conclusion of the lease, the tenant:

May remove the shelving and is not required to reimburse the landlord Which statement is TRUE of anti-discrimination laws?The fair Housing Act of 1968 prohibits discrimination based upon race, with a few exceptions and the Civil Rights Act of 1866 allowed ALL citizens to own, but and sell real estate.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:

$50,000

The initial license period is:between 18 and 24 months

Findings, conclusions and recommended penalty are

submitted to the DBPR in a recommendation submitted by:

An administrative law judge A licensee who is licensed in one state is permitted to

practiced in another. This known as:

Reciprocity 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" must return the deposit to the buyer Rental property managers may pay a referral fee to tenants

not to exceed:

$50 What is the Government's right to enact and enforce land-use restrictions?Police Power An unlicensed entity that sells, exchanges, or leases its

own property is:

an owner-developer When a sales associate advertises to perform any real

estate service, the advertisement MUST include:

the name of the brokerage firm

The process of taking under the power of eminent domain

is called:

Condemnation An individual who paid $375 for rental information served notice within 2 weeks that they did not rent any property.What must broker do?Return $281.25 Which of the following is required in single agency relationship but NOT required in transaction broker relationship?Full disclosure Salaried managers of condominium or cooperative apartment complexes who rent individual units are exempt

from holding a real estate license if the rental period is for:

one year or less When licensees include their personal name in an

advertisement, they must:

Include their last name 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 The estate that features absolute and complete ownership

is:

fee simple absolute estate A recently married couple each owned a home before

getting married. The homes are now owned as:

Separate property Seller signed a 6-month exclusive-agency listing with

broker. The Broker is Sellers:

Special Agent The government has the power to take title to property

through escheat when:

An owner dies intestate and without heirs A salaried employee of a property management firm is paid $500 bonus for each new tenant procured by the

employee. The employee:

is REQUIRED to be licensed because compensation is a transaction based The default form of ownership when a married couple purchase Florida real estate as 'husband and wife' is

tenancy:

by the entireties Seller's property is listed for $175,000. Seller tells the listing sales associate that seller will accept an offer of

$165,000. The sales associate must:

keep seller's comment confidential Which of the following would ordinarily be considered personal property?A freestadning refrigerator The four conditions required for joint-tenancy are:Time, possession, title, interest Broker discovers a hidden problem with the condition of the listed property. After being notified of the problem, Seller

orders Broker to keep silent. Broker should:

Terminate the listing The authorized brokerage relationship disclosure requirements of Florida Statutes Chapter 475 DO NOT

apply to:

an action agreement Sales Associate's original real estate license was issued on November 27, 2019. What is the expiration date on Sales

Associate's license September 30, 2021