Unit 2 Exam Flashcards

Unit 2 Exam Flashcards Which qualification is required for a Florida real estate license?The answer is Social Security number. A U.S. Social Security number is required to apply for a real estate license.Which individual must hold a Florida real estate license?The answer is lawyer who receives a share of the commission for each transaction resulting from the referral of a client to a local brokerage office. A lawyer is exempt from a real estate license if performing work within the scope of an attorney-client relationship. However, to legally be paid a commission or other compensation for real estate services, the lawyer must also hold a real estate license.Nolo contendere is a term that meansThe answer is no contest. The Latin term nolo contendere means "I do not wish to contest." In legal proceedings, it is a plea by a defendant in a criminal case declaring that the individual will not make a defense, but the individual does not admit guilt.A developer of a new residential subdivision hires a sales staff to sell homes. The sales staff receives a base salary plus 1% of the sale price of each home they sell. Are the people who sell these homes for the developer required to hold real estate licenses?The answer is yes, the sales staff must hold real estate licenses because they are partially compensated based on actual sales. An owner-developer's sales staff must hold active real estate licenses in order to be paid a commission or other compensation based on actual sales (that is, on a transactional basis). The sales staff is exempt from real estate licensure if paid strictly on a salaried basis.An individual who received a four-year degree in real estate from a state university is NOT exempt from which license requirement?The answer is state license exam. Individuals who have received a four-year degree in real estate from an institution of higher education are exempt from the prelicense FREC Courses I and II. Such individuals are also exempt from post-license education requirements.An applicant has been issued a broker's license. The broker licensee does not want to own her own real estate brokerage business. The licensee went to work selling real estate under another broker. She is BEST described as a The answer is broker associate. A broker associate is an individual who holds a broker's license but who chooses to register and work in real estate under the direction of another broker.Which individual is NOT exempt from holding a Florida real estate license?The answer is certified public accountant (CPA) who is employed by a real estate corporation and receives a salary plus bonuses based on real estate transactions.Certified public accountants, when acting within the scope of their professional duties, are exempt from licensure.However, CPAs are not entitled to collect commissions or bonuses for performing services of real estate.A sales associate applicant must comply with which requirement?The answer is possess a social security number. A U.S.social security number is required to apply for a real estate license.

For licensing purposes, a resident of Florida is defined as a person who has resided in Florida for what period of time?The answer is four months. For application and licensing purposes, the FREC rules define a resident of Florida as a person who has resided in Florida continuously for a period of four calendar months or more within the preceding year, regardless of whether the person resided in a recreational vehicle, hotel, rental unit, or other temporary or permanent location.The administrative rules of the Florida Real Estate Commission are found in The answer is Chapter 61J2. The administrative rules of the Florida Real Estate Commission are in Chapter 61J2 of the Florida Administrative Code.What is the percentage passing score on the Florida-specific real estate law license exam given to applicants who apply for a Florida license through mutual recognition?The answer is 75. The passing score on the Florida-specific real estate law license exam is a grade of 75% or higher.Attorneys who are active members in good standing of The Florida Bar are exempt from which education requirement?The answer is FREC Course I for sales associates.Attorneys who are active members of The Florida Bar are exempt from FREC Course I. Active members in good standing of The Florida Bar are also exempt from the continuing education requirements for real estate licensees. Attorneys are not exempt from the state license examinations for sales associates and brokers, the post-license requirements, or FREC Course II.