Real Estate Sales Associate Flashcards

Real Estate Sales Associate Flashcards What business is a licensee engaged in who markets, leases and maintains property for someone els?Property management A broker may hold escrow deposits in any of the following exempt?Mutual fund What is a real estate appraiser paid?A fee based upon how time and difficulty of the appraisal For multiple claims against a licensee, what is the maximum reimbursement from the Florida Real Estate Recovery Fund ?

$150,000

Ron and his wife each have a real estate license before he enters the military, Ron is stationed in Washington, D.C and his wife accompanies him there. If they make their licenses inactive ?Ron and his wife are exempt from renewal requirements until 6 months after Ron's discharge The essential elements of a contract include all of the following except ?Notarized A developer advertises homes for sales with a total down payment of $1,500. The developer knows that all of the houses with that amount of down payment have been sold.Is this transaction covered under Truth-In-Lending laws?Yes, because this is bait and switch advertising is illegal What is the purpose of a title search ?Run a chain of title Private restrictions are enforced by private citizens. Which of the following is the strongest control they have over a property ?Deed restrictions what is it called when a developer gives land to a governmental body?Dedication What would the best bundle of rights with a timeshare include ?Membership Bill license expired on September 30, 2013. On February 14, 2014 he wants to renew it. If it is not his first renewal, what must Bill do?Pay a late fee and complete too 14-hour continuing education classes A broker who holds more than one broker license is?A broker with multiple licenses The initial tax exemption for homestead is available only to owners that ?Claimed the property as their principal residence as of January 1 and filed by March 1 FREC may suspend a real estate licensee for a maximum of how many years ?10 years Which entity provides the best protection for the public during a real estate transaction?FREC and the license law What is it called when a buyer buys a property and takes over responsibility on an existing loan ?Assumption of the mortgage General partners in a brokerage partnership that are not qualified to perform the services of real estate must be registered ?For identification purposes

A sales associate wants to use a trade or fictitious name.Which statement applies ?This would violate F.S 475 Sandy works as a sales associate for a broker and has been asked to work weekends for a developer to sell new homes on commission. What must sandy do to work for the developer?Transfer her license from the broker to the owner-developer Who do listings obtained by sales associate belong to?The employing broker Which step follows the investigation in the complaint process ?Probable cause determination What term refers to the power that the government has to take land for the public good?Eminent domain What is the status of a sales associate's license if the sales associate works for a broker, and that broker loses his license?involuntary inactive What is the maximum fine the Commission could impose against a licensee who was found guilty of two violations of Chapter 475, F.S ?

$10,000

What must be given to a seller who is about to enter into a fiduciary relationship with a brokerage firm?Single Agency Notice If an owner dies intestate with no known heirs, how can the state take the property ?Escheat What is actual notice ?Possession of the property that can be seen and heard A real state broker has entered into a single agency relationship with the seller of a home. One of the agents in that brokers office has found an investor wanting to hire the brokerage firm as a single agent. For the investor to be shown this seller's house what must happen?Both the seller and the investor must agree to transition to transaction broker status Which action can terminate a contract ?Performance What is the amount of guarantee based upon for a VA guaranteed loan ?Loan amount A broker sells a rental list to a prospective tenant for $200.In a written agreement, the broker states that the fee is nonrefundable. This is ?Illegal under F.S 475 Sales associate Glenn works for broker John. If Glenn receives an escrow deposit on Tuesday, what should he do ?Deliver it to his broker immediately (next business day) The courts usually apply legal test to determine if personal property has become a fixture. Which of the following is included in those test ?Relationship of the parties In states which operate under title theory, the borrower?Transfers ownership to the mortgage or a third party until paid An owner of a piece of real estate has purchased the materials to fence the backyard. What type of property is the fencing material ?Personal property

How is a quitclaim deed most often used ? As a way to clear clouds on title The purpose of the homestead exemption is to protect the surviving spouse and children and to exempt property from from foreclosure for ?Debts other than direct debts and federal liens What would not be grounds for suspension or revocation of a real estate license?Not being a Florida resident Who has the right to file a complaint against a licensee with the DBPR ?Anyone The Florida Real Estate Recovery Fund ?Is funded from licensing fees What is the maximum criminal penalty that a court could impose for a second-degree misdemeanor ?$500 fine and/or 60 days of jail time A broker receives a kickback or referral fee from a title insurance company. This practice is ?A violation of RESPA Which is correct according to the Florida Landlord and Tenant Act ?Landlord must inform tenant within 30 days how the deposit is being held What type of listing can be held by more than one broker?Open listing Which form requires the signature of all parties ?Transition to Transaction Broker A licensee picks the properties a particular buyer is shown based on the race of the buyer. What is the illegal act known as?Steering What is the main purpose of Regulation Z ? Require lenders to disclose the true cost of credit to consumers A deed must be ?Witnessed What is a title ?A bundle of ownership rights Which deed contains no warrants or promises ? Quitclaim deed The ownership of a property actually transfers from the grantor to the grantee when the deed is ?Delivered and accepted Which statement correctly applies to owner's title insurance ?It protects the buyer from title defects Which item is an essential element of a sales contract ?An offer and acceptance Who owns the property in a tenancy by the entireties ?Husband and wife A broker owes which duty to a customer ? Disclose known facts affecting the value of residential property When there is a dispute over escrow funds, the procedure includes four choices. Which choice involves a third person recommending a solution?Mediation A property that borders a river or stream includes which rights ?Riparian What type of tenancy exists when a tenant remains in possession of a property after his or her rights have expired ?Tenancy at sufferance The Florida Real Estate Commission may do all the following except ?Impose imprisonment as a penalty What is stated in the Statute of Limitations ? The time frame in which a contract can be enforced

What charge may be filed against a broker who fails to pay his or her sales associates?Conversion The Fair Housing Act of 1968 prohibits discrimination based upon ?Race, color, religion, sex, national origin, family status or handicap Which is not exempt from F.S 475?Business brokers Which clause in a deed states that the grantor was in possession and has the right to sell the property ?Seisin If someone who is non licensed and registered wants to become a broker, what must he or she do?Qualify for a broker license in the same way as anyone els What does the Statute of Frauds require ? To be enforceable, a contract transferring an interest in real estate must be in writing What is the name for the legal document that pledges a property as security for a loan ?Mortgage What does the license law require that a licensee complete before the first renewal of the Florida real estate license?A post licensing course Who would be exempt from a real estate licensing law?A person who rents mobile home lots What should a sales associate do if his employing broker instructs him or her not to show properties to people of a certain race?Find a new employer When calculating housing and total obligations ratios, which income value does the lender use ?Gross monthly income Which type of loan uses both real and personal property as security ?Package mortgage How is the right to occupy a cooperative is evidenced ?Property lease If a licensee does not dispute a citation, it has the same effect as a ?Final order Craig is a real estate sales associate working for ABC Realty, Inc. Craig decides to have refrigerator magnets made to give out to the public. What must he include on the magnets ?They must contain the name ABC Realty, Inc What does the FHA do with respect to mortgage lending ?Insures loans Which tenancy contains the right of survivorship ?Joint Telling home owners that minority families are moving into their neighborhoods in an attempt to get them to sell their home and move is referred to as what?Blockbusting In which service of real estate must a licensee disclose the agency relationship and the responsibilities of that relationship to the public?Residential sales What law requires that buyers be given a good faith estimate of closing cost prior to closing ?

RESPA Broker bill rents only to women because they cause less trouble than males and maintain their apartments in much better condition. This is ?A violin of the Fair Housing Act of 1968 What must all advertising for listed property contain ?Name of the brokerage firm