Real Estate Questions and Answers Exam Flashcards

Real Estate Questions and Answers Exam Flashcards What is the purpose of the Department of Business and Professional Regulation?Consumer protection One example of a Loan Originator would be a(n) family member.a real estate agent.associate lender.>seller who finances more than one home in a two year period.How many members of the FREC must be licensed brokers?Four Local communities regulate real estate by buying and selling land themselves.>creating zoning laws.annexing nearby towns.taxing animals.An initial license is issued in October of 2015. When must the license be renewed in order to prevent expiration?September of 2017 The phrase "Caveat Emptor" most nearly means what?>Let the buyer beware.Let the seller beware.Real estate is important.The customer is always right.How many hours is a broker's pre-license course? 4563>7298 It is unethical for an appraiser to accept compensation for performing an assignment when it is contingent upon the appraiser having a real estate license.the requirement for a certain type of loan.>the reporting of a pre-determined result.when the appraiser is asked for more comparables by the underwriter.A sales associate failed to complete her continuing education and renew her license on September 30. What will be the status of the license be on October 1st?The license is involuntarily inactive.Why does a real estate professional need a license?He has specific information to be able to show a house.He has specific information to lease a house.>He has expert information on real estate that an average layperson does not have.He does not need a license; he can sell and list whenever he wants.The three categories of real estate licenses are broker, associate agent, agent.sales associate, assistant broker, broker.>sales associate, broker associate, broker.agent, sub-agent, and universal agent.A $1.5 billion agency regulating one million professionals and businesses across some 200 licensee categories in Florida is the Florida Department of Agriculture.>the Florida Department of Business and Professional Regulation.the Florida Real Estate Commission.the Florida Department of State.Who issues real estate licenses?The Department Services that a property manager must perform for the owner are listed in a sales contract.a listing contract.a uniform management code.>a property management agreement.When is a candidate given the results of his or her licensing exam?Within 10 daysAfter he or she finds a brokerAs soon as he or she receives the license>Immediately Which is NOT commonly an area of federal government interference in real property?Federal Fair Housing ActRESPANational Parks>Zoning laws Which would NOT usually be involved in financing real estate?A mortgage bankerA mortgage brokerA savings and loan>A real estate broker

Katherine loves to show and sell houses for others for compensation. She has been doing so for two years and without a license. She has been caught and she wants to obtain a license. What is likely to happen?The FREC will make Katherine return all the compensation she has received before she can have a license.The FREC will notify all of her buyers and sellers to see if Katherine was honest in her dealings with them.The FREC will never give Katherine a license since she violated license law.>The FREC may deny her license since she was holding herself out to be a licensee, practicing real estate in the previous year.Dedication most nearly meansconcern for others.public health issues.>giving private land for public use.donating a hospital to a private charity.Jim is a convicted felon. He was found guilty of cheating on his income tax for four years and he served time in jail. He has completed his sentence and wants to become a real estate sales associate. Which is most nearly correct?Jim can never have a real estate license.Jim must apply for his license and it will be granted because he has served his time.Jim can only be a sales associate, never a broker.>Jim must disclose his conviction on his real estate application.Janice did not answer truthfully on the background page of her application for licensure. When the Department found the discrepancy, she was asked about it and she did not tell the truth again. What will likely happen to her application?The application will be filed as pending.Nothing will happen. The Division cannot handle this without a lawsuit.>The application may be denied and she may be subject to subsequent disciplinary action.None of the above.Having a membership in The National Association of REALTORS ® (NAR), Florida Association of REALTORS ® (FAR), and the local Board (association) of REALTORS ® is required in order to hold a Florida Real Estate license.is required in order to hold a Florida Appraiser's license.>has nothing to do with obtaining or maintaining a real estate license.is required for anyone wanting to buy or sell real estate.Pearson VUE is>the Florida Testing Service for real estate.a promise that you will pass the real estate exam.a division of the DBPR.a division of the FREC.A home that is specially built for a buyer, using his/her blueprints is called >a custom home.a tract home.a spec home.an original home.A person owns her own company, specializing in negotiating sales of property for buyers and sellers. She does not take listings or show property. Does she need a real estate license to do this?She does not need a license because she owns the company.She does not need a license because she was not selling property.She needs a license because she owns her own company.>She needs a license because she negotiates sales between buyers and sellers.Jane is a college graduate with a four-year degree in real estate. She has a sales associate's license and seeks to renew the license for the second time. What must she do?She must take a sales associate's post-license course.She does not have to take 14 hours of continued education because of her degree in real estate.She must fill out the form and pay the appropriate fee.>She must take 14 hours of continued education, and she must fill out the form, pay the fee, and return it before the expiration date.The FREC has the obligation to perform all EXCEPT >issue a Florida sales associate's real estate license.sponsor and approve real estate educational courses.inspect and audit licensees and their business practices.decide on questions of practice for licensees.

All are Florida residents EXCEPTa Cuban national living in Florida since July 1, 1977.a person living in Florida who has sold his properties in all other states, who lived in a mobile home for six months last year, and plans to stay in Florida.a person moving to Florida who obtains a Florida driver's license and Florida license plates, and who intends to spend two years or more in Florida.>a person living in a condo for the winter season of two months.For her first renewal, Broker Marie mistakenly took 14 hours of continuing education instead of the broker post license course. Marie must ask for an emergency thirty day extension to complete the post license course.>can no longer work as a broker because her license is null and void.can ask for a waiver to use the CE courses for her renewal and complete the post license course on her next renewal.must pay a $200 fine and complete the post license course on her next renewal.Which does NOT appear on a real estate license? The name of the GovernorThe name and address of the licensee>The name of the chairperson of the FRECThe name of the Secretary of the Department The FREC may fine up to _____ for any violation of 475 F.S. and 455 F.S.

$5,000

Agriculture property in Florida is property that has many buildings on it.has fewer than 10 acres.has fewer than 5 acres.>has more than 10 acres.In Florida there is a demand for property management services due to the large amount of waterfront properties.theme parks.>absentee owners.residents who own condominiums.When must the sales associate's post-license be completed?Every two years before every renewal time>Before the first license renewalDuring the two years of the first licensingAfter obtaining the 14-hour continuing education course The Department of Business and Professional Regulation has ___ areas for enforcement.Three Which is the most important issue for a broker acting as a property manager to accomplish?To make sure the building is 100% occupiedTo keep the tenants happy and satisfiedTo budget and keep cost down>To get maximum income in while preserving the value of the investment The Florida Real Estate Appraisal Board (FREAB) is headquartered in Orlando and consists of

• members.6 members.>9 members.8 members.

The act of appraisal can be completed by anyone who hangs out a sign.anyone who calls himself an appraiser.anyone with a real estate license.>an appraiser following the USPAP standards.Which act or crime could disqualify an individual from becoming a licensee?>Committing a crime of moral turpitudeUsing an illegal substanceBeing convicted of a DUIHaving served jail time A resort manager leases condominiums to out-of-town guests for several months at a time. The resort is licensed under 509 FS. He advertised the condos in a magazine with national exposure. Does this manager need a Florida

real estate license?>No. A manager is an employee of a resort company licensed under 509 FS.No. The manager only leases and advertises; he does not sell or list.Yes. He represents others in leasing for a fee.Yes. Managers are not exempt