Real Estate Final Exam (150
Questions)
A real estate licensee has a buyer agency agreement. What is the seller in this
situation? - Answer A customer.
An optionor and an optionee make a contract for an option on a commercial piece
of property. If the optionee decides to exercise his option, when must he
perform? - Answer He must exercise his option under the terms of the option
contract.
After a long dispute with a bankrupt and corrupt Florida broker, the Gonzalez
family was awarded a judgment for $12,500 in actual damages and $87,500 in
punitive damages, for a total of $100,000. They were then surprised find that the
Real Estate Recovery Fund would not cover all $100,000. Which of the following is
TRUE? - Answer The Real Estate Recovery Fund is expressly limited to only actual,
not punitive damages. Therefore only $12,500 would be available for recovery in
this case.
,Ralph is a sales person with Sunlight Real Estate Brokers and when he shows his
client Ben a property listed by Xavier Realty, Ben decides to make an offer on the
property. Ralph notices that Ben has written the earnest money deposit check to
be made payable to the wrong name. Which of the following statements
accurately describes the error and ideal corrective action? - Answer Because Ben
wrote the check payable to Ralph, Ralph should return the check to Ben and
request he make out a new check.
Marhall has a court order against a bankrupt broker for $75,000 in damages
caused by the broker's misconduct. How much will Marshall receive from the
Recovery Fund? - Answer $50,000
Alejandro is a salesperson at Rococo Real Estate Brokerage in Pensacola. While
visiting his daughter in Daytona, Alejandro sees a property offered by Daytona
Diligent Realty which he proceeds to sell to a client back in Pensacola. Alejandro
receives 5% commission from Daytona Diligent Realty. Is there anything wrong
with this situation, and if so, what is the key legal condition? - Answer Yes,
Alejandro and Daytona Diligent Realty are in violation of Florida's real estate
license law.***** (Alejandro may only be compensated by his broker, Rococo
Real Estate, so any offer of commission or fee made directly by Daytona Diligent
Realty must be refused. Both parties are in violation of Florida's real estate license
law.)
What type of Acts were developed to make laws aimed at controlling zoning and
property use? - Answer Enabling Acts
, What Florida Act was initiated to limit urban sprawl and encourage a more
compacted development of land use? - Answer The Growth Management Act
Mario signed an exclusive listing with Paula to sell his apartment complex. After a
few weeks Mario cancelled the listing agreement and contacted an auction house
to turn the property quickly. Paula feels she is owed a commission. Is she correct?
- Answer No, because Paula did not meet the conditions for payment of
commission before the cancellation of the agreement.
What are the goals of planning and zoning? - Answer savings of tax money by
preventing urban sprawl; adequate provisions of services such as fire, police and
libraries; providing for road right-of-ways and set backs; protection against costly
drainage, flooding or environmental problems; protection for the public from
harm in building; reduction in political and equity problems in landfills, prisons
etc.; reduction in cost for major catastrophes such as earthquakes, tornados and
fire.
Beth wanted a new entrance sign to her brokerage. She took the old sign down,
but following a problem with the supplier, after 2 months still hadn't put up a new
one. Beth received a citation for not having a proper entrance sign displayed. If
Beth wants to dispute the citation which of the following is TRUE? - Answer Beth
may dispute the citation within 30 days of being served.
Questions)
A real estate licensee has a buyer agency agreement. What is the seller in this
situation? - Answer A customer.
An optionor and an optionee make a contract for an option on a commercial piece
of property. If the optionee decides to exercise his option, when must he
perform? - Answer He must exercise his option under the terms of the option
contract.
After a long dispute with a bankrupt and corrupt Florida broker, the Gonzalez
family was awarded a judgment for $12,500 in actual damages and $87,500 in
punitive damages, for a total of $100,000. They were then surprised find that the
Real Estate Recovery Fund would not cover all $100,000. Which of the following is
TRUE? - Answer The Real Estate Recovery Fund is expressly limited to only actual,
not punitive damages. Therefore only $12,500 would be available for recovery in
this case.
,Ralph is a sales person with Sunlight Real Estate Brokers and when he shows his
client Ben a property listed by Xavier Realty, Ben decides to make an offer on the
property. Ralph notices that Ben has written the earnest money deposit check to
be made payable to the wrong name. Which of the following statements
accurately describes the error and ideal corrective action? - Answer Because Ben
wrote the check payable to Ralph, Ralph should return the check to Ben and
request he make out a new check.
Marhall has a court order against a bankrupt broker for $75,000 in damages
caused by the broker's misconduct. How much will Marshall receive from the
Recovery Fund? - Answer $50,000
Alejandro is a salesperson at Rococo Real Estate Brokerage in Pensacola. While
visiting his daughter in Daytona, Alejandro sees a property offered by Daytona
Diligent Realty which he proceeds to sell to a client back in Pensacola. Alejandro
receives 5% commission from Daytona Diligent Realty. Is there anything wrong
with this situation, and if so, what is the key legal condition? - Answer Yes,
Alejandro and Daytona Diligent Realty are in violation of Florida's real estate
license law.***** (Alejandro may only be compensated by his broker, Rococo
Real Estate, so any offer of commission or fee made directly by Daytona Diligent
Realty must be refused. Both parties are in violation of Florida's real estate license
law.)
What type of Acts were developed to make laws aimed at controlling zoning and
property use? - Answer Enabling Acts
, What Florida Act was initiated to limit urban sprawl and encourage a more
compacted development of land use? - Answer The Growth Management Act
Mario signed an exclusive listing with Paula to sell his apartment complex. After a
few weeks Mario cancelled the listing agreement and contacted an auction house
to turn the property quickly. Paula feels she is owed a commission. Is she correct?
- Answer No, because Paula did not meet the conditions for payment of
commission before the cancellation of the agreement.
What are the goals of planning and zoning? - Answer savings of tax money by
preventing urban sprawl; adequate provisions of services such as fire, police and
libraries; providing for road right-of-ways and set backs; protection against costly
drainage, flooding or environmental problems; protection for the public from
harm in building; reduction in political and equity problems in landfills, prisons
etc.; reduction in cost for major catastrophes such as earthquakes, tornados and
fire.
Beth wanted a new entrance sign to her brokerage. She took the old sign down,
but following a problem with the supplier, after 2 months still hadn't put up a new
one. Beth received a citation for not having a proper entrance sign displayed. If
Beth wants to dispute the citation which of the following is TRUE? - Answer Beth
may dispute the citation within 30 days of being served.
