Real Estate Pop Quiz Questions Flashcards

Real Estate Pop Quiz Questions Flashcards

• None!! Florida has mutual agreements, not reciprocity.

Reciprocity is an agreement between two states that allows a real estate licensee with a valid license to practice real estate in both states.

• Your original license was issued on April 5th 2013, when

will it expire? When can you legally begin working?

• Nothing. You don't need to disclose it because it's not a

conviction.

• You have just moved from Jacksonville to St. Mary,

Georgia. What must you do?

• With broker Jahniah's consent, can a bank pay sales

associate Liz directly for doing a BPO?

• No. Even with her consent, the bank must pay the

broker, who will then pay the sales associate or the broker associate who performed the BPO.

• Gabby got a speeding ticket as well as a ticket for

running a red light two months ago. Must she disclose this on her application for real estate licensure?

• No. She does not need to because running red lights

and getting a speeding ticket is not considered a "conviction". If you were never convicted of anything then you don't have to disclose.

• Since he moved out of state, he must notify the DBPR

within 10 days of new location and change residency within 60 days.

• What can you tell me about real estate vets who want to

get a license?

• Why has the demand for someone who manages

residential property grown dramatically in recent years?

• The field of prop. management has experienced rapid

growth & specialization because of the increase in absentee ownership.

• What is a federally related transaction? A. Any sale transaction that involves a federal agency in

either the primary/secondary mortgage market. Under FIRREA, state certified or state licensed appraisers must be used for certain loans in federally related transactions.

• Shelley and Jill want to know what the lot sizes and

dimensions of the streets are in a subdivision. Where would they find the information?

• The subdivision plat map. This map indicates the

proposed size and location of individual bldg. lots, streets and public utilities.

• The DBPR is under the executive branch of government.Q. What are the requirements for an applicant applying for

licensure under mutual recognition?

• Applicants must fulfill their sales associates post

licensing before expiration before applying for a broker's license. Broker applicants must complete course II or an equivalent FREC approved course. Broker applicants must have held an active real estate license under one or more brokers during 5 yr period preceding application.

• What does Prima Facie mean?
• A license can become involuntary inactive when a

license or a voluntary inactive license is not renewed at the end of the license period (other than the first renewal) prescribed by the department. It can remain that way for only two years..it must revert back to active or voluntary inactive before the two year period ends by continuing education. If it exceeds the limit the license becomes null

and void.

• When does a license become void? Ineffective? Or

cease to be in force?

• It is for nonresidents only. They must provide a

certification of license history, and take a 40 question exam and at least answer 75% or 30 questions correctly.

• What is a group license and who may have one? What

is a multiple license and who may have one?

• Two years active under an employing broker and must

complete the 45 hour post-licensing education course

during initial license period.

• Developer Jeremy has asked salesperson Marcella with

Century 21 to come to work exclusively for him in one of his

subdivisions. What must Marcella do in order to work for Jeremy?

• Oscar is building a house in a 12 year old subdivision

and is advertising it for sale without a buyer in advance for construction. What is this called? What would it be called if they were building a house for Lexi?

• This is called Speculative or Spec homes. Spec homes

involve purchasing one or more lots and constructing a home or homes w/o a buyer in advance for construction. If they were building a house for Lexi, it would be called Custom home. Custom builders constructs homes under contracts with a buyer often using building plans.

• Lihn is working with a customer who owns a plumbing

business, which he advertises on his work truck. If he wants to know if he can park it on the driveway of a house in Sugartree Subdivision, where would he find the information?

• He could find the information in the restrictive covenants.

Restrictive covenants affect how the land can be used and establish criteria such as minimum square footage, type of construction, architectual design, and whether recreational vehicles and boats can be parked on the street.

• How much CE credit can you get from attending a

FREC meeting? Under what circumstances?

• Licensees who attend a FREC meeting to substitute

attendance, can get up to three hours of continuing education (CE) credit, only one time per renewal cycle.However, to obtain the credit, the licensee must notify the DRE at least 7 days in advance of his intent to attend the session.

• He would need to retake the course because he did not

renew his initial license on time.

• When does your license become involuntary inactive?

How long can it remain that way? What happens to a broker if he exceeds the time limit?

• In terms of disclosing criminal convictions, what must

you do?

• Applicants must disclose any felonies, misdemeanors,

and traffic offenses.. other than speeding, parking, inspection, or traffic signal violations. Everything else however must be disclosed with full details, dates, outcomes, and all. If you think that a conviction was expunged(criminal conviction was destroyed) one must double check and make sure, never assume.

• Is it ethical for Claudy to accept a commission for doing

an appraisal? Why?

• No, the USPAP ethics rule states that it is unethical for

an appraiser to accept compensation that is contingent on the value of property. Appraisers are not paid a commission to reduce the possibility of a conflict of interest.

• Michael is a licensee who is working for Broker Melissa,

who is not a member of the association ofRealtors. Can he list and sell prop.? Can he call himself a Realtor?

• He can list and sell property, but he cannot call himself a

Realtor because he is only a licensee. If the broker is a Realtors all the sales associates and broker associate under him must also be members. However if the broker is not a Realtors, all the sales associates and broker associate under him must not be one.

• Cody, a sales associate moves from Lakeland to Plant

City but is still employed by Central FLa Realty in Lakeland.What must she do?

• Part III of Chapter 475 is known as what and what does

it require?

• A license becomes void when a license has been has

been involuntary inactive for more than two years, when it has been revoked following a disciplinary action.