45 HOUR POST LICENSE FLORIDA STUDY GUIDE Q-BANK
EXPERT VERIFIED ACTUAL QUESTIONS & ANSWERS FOR
GUARANTEED PASS NEWEST UPDATE
Farming -ANSWER-Concentrating on one type of style of property or on one particular
neighborhood
A residential transaction os defined in F.S. 475 as the sale of any: -ANSWER-- Duplex
- improved residential property of four units or fewer, including condominium units
-unimproved property intended for four units or fewer
- agricultural properties of ten acres or less
- leases with options to purchase all or a portion of improved property of four or fewer
residential units
- dispositions of business interests for property of four or fewer residential units
absentee owners -ANSWER-owners who buy income property as investments and depend
on professionals to manage them
All appraisals, whether performed by a licensed appraiser or a real estate licensee, must be
developed and reported in conformity with the -ANSWER-Uniform Standards of Professional
Appraisal Practice (USPAP)
The largest and most prestigious real estate organization in the world is ________. They
work for legislation enforce professional standards of conduct through its ________. -
ANSWER-1. The National Association of Realtors (NAR)
2. Code of Ethics
The largest trade association in the state is _________ -ANSWER-The Florida Association of
Realtors (FAR)
,The duties required by the Code of Ethics are: -ANSWER-1. Duties to clients and customers
2. Duties to the public in general
3. Duties to other real estate licensees
Required Skills for the Real estate professional are: -ANSWER-1. Valuation - Must be able to
discern important differences between properties and know ho to translate those
differences into value. Must be able to conduct a CMA.
2. Marketing - must have an understanding of the tools and technologies available to market
a property.
3. Property Transfer - understand how to close a transaction
Mission Statement -ANSWER-description of a desired outcome that excites, motivates, and
helps you to create a mental picture of your business goal.
Industrial Sales or Leasing -ANSWER-include warehouses and manufacturing facilities.
Industrial sales and leasing generally involve user/owners, rather than investors.
The law that specifically regulates real estate licensees, schools, and appraisers is _________
-ANSWER-F.S. 475
The Range Of Penalties for disobeying FS 475 or 455 from lowest to highest is: -ANSWER-
Reprimand, fine, probation, suspension, and revocation or denial.
Which is the maximum penalty for disobeying laws under FS 455 or FS 475 -ANSWER-
Revocation or denial of license
If the licensee does not complete the 45 hour course before the expiration date of their first
renewal, the license becomes ____ -ANSWER-void and the licensee will be out of business.
(have to start over everything)
, When a sales associate changes employers, they must notify the Commission of the change
no later than ________ days after the change by using the form provided by the
commission. -ANSWER-10
Advertisements may not be -ANSWER-fraudulent, false, deceptive, or misleading.
Advertising false, inaccurate, misleading or exaggerated information could result in
____________ -ANSWER-the issuance of a citation and a fine of $500
A sales associate who receives a deposit must deliver it to the broker or employer no later
than -ANSWER-the end of the business day following the receipt of the item to be deposited
A sales associate may not collect money in connection with a real estate transaction except -
ANSWER-in the name of the employer (cannot be payed by buyer or seller)
A sales associate receives compensation only from his or her ______. A sales associate can
however be paid a portion of a commission by a closing agent if such instructions have been
provided in writing by the _____. -ANSWER-1. broker
2. broker
Single agents are held accountable for what four specific duties? -ANSWER-1. Confidentiality
2. Obedience
3. Loyalty
4. Full Disclosure
Appraisals utilized by federally regulated lenders in federally related transactions be
developed and reported in conformity with the _______ -ANSWER-Uniform Standards of
Professional Appraisal Practices (USPAP)
Assessed value is -ANSWER-the value assigned by the property appraiser for ad valorem tax
purposes
EXPERT VERIFIED ACTUAL QUESTIONS & ANSWERS FOR
GUARANTEED PASS NEWEST UPDATE
Farming -ANSWER-Concentrating on one type of style of property or on one particular
neighborhood
A residential transaction os defined in F.S. 475 as the sale of any: -ANSWER-- Duplex
- improved residential property of four units or fewer, including condominium units
-unimproved property intended for four units or fewer
- agricultural properties of ten acres or less
- leases with options to purchase all or a portion of improved property of four or fewer
residential units
- dispositions of business interests for property of four or fewer residential units
absentee owners -ANSWER-owners who buy income property as investments and depend
on professionals to manage them
All appraisals, whether performed by a licensed appraiser or a real estate licensee, must be
developed and reported in conformity with the -ANSWER-Uniform Standards of Professional
Appraisal Practice (USPAP)
The largest and most prestigious real estate organization in the world is ________. They
work for legislation enforce professional standards of conduct through its ________. -
ANSWER-1. The National Association of Realtors (NAR)
2. Code of Ethics
The largest trade association in the state is _________ -ANSWER-The Florida Association of
Realtors (FAR)
,The duties required by the Code of Ethics are: -ANSWER-1. Duties to clients and customers
2. Duties to the public in general
3. Duties to other real estate licensees
Required Skills for the Real estate professional are: -ANSWER-1. Valuation - Must be able to
discern important differences between properties and know ho to translate those
differences into value. Must be able to conduct a CMA.
2. Marketing - must have an understanding of the tools and technologies available to market
a property.
3. Property Transfer - understand how to close a transaction
Mission Statement -ANSWER-description of a desired outcome that excites, motivates, and
helps you to create a mental picture of your business goal.
Industrial Sales or Leasing -ANSWER-include warehouses and manufacturing facilities.
Industrial sales and leasing generally involve user/owners, rather than investors.
The law that specifically regulates real estate licensees, schools, and appraisers is _________
-ANSWER-F.S. 475
The Range Of Penalties for disobeying FS 475 or 455 from lowest to highest is: -ANSWER-
Reprimand, fine, probation, suspension, and revocation or denial.
Which is the maximum penalty for disobeying laws under FS 455 or FS 475 -ANSWER-
Revocation or denial of license
If the licensee does not complete the 45 hour course before the expiration date of their first
renewal, the license becomes ____ -ANSWER-void and the licensee will be out of business.
(have to start over everything)
, When a sales associate changes employers, they must notify the Commission of the change
no later than ________ days after the change by using the form provided by the
commission. -ANSWER-10
Advertisements may not be -ANSWER-fraudulent, false, deceptive, or misleading.
Advertising false, inaccurate, misleading or exaggerated information could result in
____________ -ANSWER-the issuance of a citation and a fine of $500
A sales associate who receives a deposit must deliver it to the broker or employer no later
than -ANSWER-the end of the business day following the receipt of the item to be deposited
A sales associate may not collect money in connection with a real estate transaction except -
ANSWER-in the name of the employer (cannot be payed by buyer or seller)
A sales associate receives compensation only from his or her ______. A sales associate can
however be paid a portion of a commission by a closing agent if such instructions have been
provided in writing by the _____. -ANSWER-1. broker
2. broker
Single agents are held accountable for what four specific duties? -ANSWER-1. Confidentiality
2. Obedience
3. Loyalty
4. Full Disclosure
Appraisals utilized by federally regulated lenders in federally related transactions be
developed and reported in conformity with the _______ -ANSWER-Uniform Standards of
Professional Appraisal Practices (USPAP)
Assessed value is -ANSWER-the value assigned by the property appraiser for ad valorem tax
purposes
