Florida Real Estate Exam
Broker Office Requirements - Answer-Sign must include the trade name, if used. The words "Licensed (or
Lic.) Real Estate Broker" should be included under the broker's name as it appears on his license.
Must have a office with with privacy.
Can be in a residential home if zoned for it.
Three federal laws are in place to protect consumers from unwanted solicitations - Answer-Do Not Call
Implementation Act of 2003
Junk Fax Prevention Act of 2005
CAN-SPAM Act of 2003
Advertising - Answer-Licensees must include their broker's firm name on all advertising materials, which
includes things like business cards, stationery, flyers, brochures, and websites. When the licensee's
name is included, the last name must be used as it's registered with the commission. Team names are
permitted if all team members are supervised by the same broker, and the team name does not contain
language to imply it's a separate brokerage or company.
Escrow Funds - Answer-Must be deposited immediately. Sales associates and broker associates must
deliver escrow funds no later than the END OF THE NEXT BUSINESS DAY day to their broker/employer,
and brokers must deposit the funds in escrow by the THIRD business day following receipt, unless the
parties agree otherwise in writing. A business or banking day does not include a legal holidays or the
weekend.
Sherman Act of 1890 - Answer-Federal statute which prohibits activities that restrict interstate
commerce and competition in the marketplace
, Federal Trade Commission Act (1914) - Answer-Prevent unfair methods of competition.
According to the FTC, fines can be as high as $100 million for a corporation or $1 million for an individual
and may include prison terms of up to 10 years.
Clayton Antitrust Act (1914) - Answer-defines unethical business practices, such as price fixing and
monopolies, and upholds various rights of labor.
Market Allocation - Answer-Antitrust violation that occurs when competitors illegally segment the
market to discourage competition and control market segments.
Lein Types - Answer-Voluntary lien: An individual agrees to have a security placed against himself or his
property.
Involuntary lien: A creditor places a claim on real or personal property through legal means without the
owner's consent in order to collect an unpaid debt.
Specific lien: A lien against a single property.
General lien: A claim against an individual and all of his property.
Leins - Answer-In ALL states, the government gets paid first.
Assessments and real property tax liens take priority over all other liens.
Next in line are mechanic's liens, then all others in order of recording.
Judgment liens have priority based on the date of recording.
Real Estate Settlement and Procedures Act (RESPA) - Answer-federal law administered and enforced by
the Consumer Financial Protection Bureau (CFPB) to prevent the payment of kickbacks and other fees,
which drive up costs to consumers.
Kickback - Answer-A kickback is anything of value, regardless of the amount, that an individual or
company provides to a real estate professional in exchange for referring business.
Broker Office Requirements - Answer-Sign must include the trade name, if used. The words "Licensed (or
Lic.) Real Estate Broker" should be included under the broker's name as it appears on his license.
Must have a office with with privacy.
Can be in a residential home if zoned for it.
Three federal laws are in place to protect consumers from unwanted solicitations - Answer-Do Not Call
Implementation Act of 2003
Junk Fax Prevention Act of 2005
CAN-SPAM Act of 2003
Advertising - Answer-Licensees must include their broker's firm name on all advertising materials, which
includes things like business cards, stationery, flyers, brochures, and websites. When the licensee's
name is included, the last name must be used as it's registered with the commission. Team names are
permitted if all team members are supervised by the same broker, and the team name does not contain
language to imply it's a separate brokerage or company.
Escrow Funds - Answer-Must be deposited immediately. Sales associates and broker associates must
deliver escrow funds no later than the END OF THE NEXT BUSINESS DAY day to their broker/employer,
and brokers must deposit the funds in escrow by the THIRD business day following receipt, unless the
parties agree otherwise in writing. A business or banking day does not include a legal holidays or the
weekend.
Sherman Act of 1890 - Answer-Federal statute which prohibits activities that restrict interstate
commerce and competition in the marketplace
, Federal Trade Commission Act (1914) - Answer-Prevent unfair methods of competition.
According to the FTC, fines can be as high as $100 million for a corporation or $1 million for an individual
and may include prison terms of up to 10 years.
Clayton Antitrust Act (1914) - Answer-defines unethical business practices, such as price fixing and
monopolies, and upholds various rights of labor.
Market Allocation - Answer-Antitrust violation that occurs when competitors illegally segment the
market to discourage competition and control market segments.
Lein Types - Answer-Voluntary lien: An individual agrees to have a security placed against himself or his
property.
Involuntary lien: A creditor places a claim on real or personal property through legal means without the
owner's consent in order to collect an unpaid debt.
Specific lien: A lien against a single property.
General lien: A claim against an individual and all of his property.
Leins - Answer-In ALL states, the government gets paid first.
Assessments and real property tax liens take priority over all other liens.
Next in line are mechanic's liens, then all others in order of recording.
Judgment liens have priority based on the date of recording.
Real Estate Settlement and Procedures Act (RESPA) - Answer-federal law administered and enforced by
the Consumer Financial Protection Bureau (CFPB) to prevent the payment of kickbacks and other fees,
which drive up costs to consumers.
Kickback - Answer-A kickback is anything of value, regardless of the amount, that an individual or
company provides to a real estate professional in exchange for referring business.
