Test bank for florida real estate exam
Temporary Incapacitation of license - answers mandatory suspension
out of state broker receives a commission - answers cannot participate in the
transaction
city needs a new school, acquire land by - answers eminent domain
All legal rights transferred (100%) - answers assignment
Dual Agency - answers Representing both parties to a transaction. This is unethical
unless both parties agree to it, and it is illegal in many states (Violation of Florida
Statute 475
Combining two or more parcels of land - answers assemblage
Real Estate Recovery fund is funded by - answers fines and fees paid by licensees
Riparian Rights - answers An owner's rights in land that borders on or includes a
stream, river, or lake. These rights include access to and use of the water.
Broker hiding value of property - answers Could be charged with concealment
If office is closed, reopened, in same license period - answers request a reissue- no fee
real estate taxes are - answers Ad Valorem tax
The four factors of production - answers land, labor, capital, and entrepreneurial ability
Maximum number of years on FREC - answers no limit
Land, improvements, interest and rights - answers Real Property
Gross lease - answers Tenant pays a fixed rent and the landlord (Lesser) pays all
property expenses
To cure a defect or cloud on the title to a piece of property, the parties should: - answers
quitclam deed
Sales associate working for a broker - answers general agency relationship
Brokers office - answers Building of stationary construction
More than 1 active broker, 1 license revoked - answers no affect on other licenses
,Corporation registered to broker real estate - answers at least 1 officer licensed as an
active broker
Equal DUE rights, same or different deeds - answers Tenancy in common
rental property is temporarily diminished - answers see temporary reduction of rent from
court
property to property with same utility - answers Principle of Substitution
Broker refuses to pay a commission due - answers Charged with Failure to Account
$50,000 - answers Single judgement from Real Estate Recovery Fund
Post-dated check - answers Legal- give to broker immediately
Business known as a company - answers is a corporation for profit
Broker represents as escrow agent - answers Buyer and seller
Expert knowledge by RE licensees - answers Valuation, Marketing, Property Transfer
Financial protection due to defective title - answers Title insurance
1 bath in a 4 bed home - answers functional obsolescence
Least effective method of the FED Reserve - answers Changing the discount rate
Seeking testimony from a witness - answers Administrative law judge will subpoena
Tenant in property with temporary agreement - answers Tenancy at will
Cannot comply with legal instructions - answers Withdraw from the transaction
Developer conveys ownership-streets etc. - answers Dedication
Deed Promise- no hostile claims made - answers Warrant of quiet enjoyment
In closing statement title insurance - answers not prorated
No brokerage relationship - answers Customer refused representation
sales associate leaves broker and joins another - answers must obtain a reissue of
license with new broker
Chairperson of FREC powers - answers Executive
,Issued by owner-employer multiple location - answers Group license
Lien Theory State - answers Title held by mortgagor (borrower)
Most important factor for investment - answers economic soundness
expenses of buyer/seller to 3rd party - answers On closing statement, entered a debits
Joint Tenancy - answers Possession, interest, time & title (PITT)
Inducing to list/sell - minorities moving in - answers Blockbusting
Policy and procedures manual - answers Helpful but not required by law
Brokers disagree on amount of commission - answers Retain exact amount is the
escrow account
Cannot register to broker real estate - answers Corporation Sole, Co-op Assoc,
business trust
To obtain a listing - answers must have an active license
Person with power of attorney - answers Attorney- in- fact
Licensed sales associate - answers paid only by his/her broker
Landlord posts a surety bond - answers May commingle security deposits
Investigator for DBPR sees minor violation - answers Usually issues a notice of
noncompliance
Get listings from a particular neighborhood - answers Farming
Licensee advertised property in own name - answers Must own the actual property
Evidence of merchantable title - answers the seller is usually responsible
Sales Associate did not complete 45 hours post license - answers license status is void
Agreement to rent for a specified period of time - answers Tenancy for years
Ownership one unit in multi-unit complex - answers Condominium
No license, act as a broker, get commission - answers DBPR can subpoena, cease and
desist, fine
, Losing title by failing to recoprd deed - answers Estoppel
Real estate securities - answers DPP containing a flow-through of tax
PUD zoning - answers Cluster zoning, Zero lot lines
Multiple brokers establishing comm rates - answers violation of Sherman-Clayton Anti-
Trust act
Functional Obsolescence - answers Over improved property
share office space without separate status - answers Ostensible partnership
broker doubt about entitlement of escrow - answers notify FREC in writing
type of business dollars from in community - answers service business
complaint filed- probable cause found - answers formal complaint filed
Bill of Interpleader - answers Inform the court-no claim rights to a deposit
Owner- employers - answers Registered, but not licensed
Operate in excessively reckless manner - answers Culpable negligence
Church constructed in residential area - answers may be a special exception to zoning
ordinance
Real Estate Market - answers local in nature
A valid real estate sale contract - answers offer and acceptance is communicated
No license- working in on-site leasing office - answers paid on a salary basis only
right to buy, fixed price, specified time - answers Option Contract
To direct a sales force or advertise - answers must have an active brokers license
to receive a commission - answers Must be licensed- Marry commission/license
Unlicensed person acting as a broker - answers May get $5000 fine & imprisonment to
5 years
Generates greatest return on land - answers Highest and best legal use
Temporary Incapacitation of license - answers mandatory suspension
out of state broker receives a commission - answers cannot participate in the
transaction
city needs a new school, acquire land by - answers eminent domain
All legal rights transferred (100%) - answers assignment
Dual Agency - answers Representing both parties to a transaction. This is unethical
unless both parties agree to it, and it is illegal in many states (Violation of Florida
Statute 475
Combining two or more parcels of land - answers assemblage
Real Estate Recovery fund is funded by - answers fines and fees paid by licensees
Riparian Rights - answers An owner's rights in land that borders on or includes a
stream, river, or lake. These rights include access to and use of the water.
Broker hiding value of property - answers Could be charged with concealment
If office is closed, reopened, in same license period - answers request a reissue- no fee
real estate taxes are - answers Ad Valorem tax
The four factors of production - answers land, labor, capital, and entrepreneurial ability
Maximum number of years on FREC - answers no limit
Land, improvements, interest and rights - answers Real Property
Gross lease - answers Tenant pays a fixed rent and the landlord (Lesser) pays all
property expenses
To cure a defect or cloud on the title to a piece of property, the parties should: - answers
quitclam deed
Sales associate working for a broker - answers general agency relationship
Brokers office - answers Building of stationary construction
More than 1 active broker, 1 license revoked - answers no affect on other licenses
,Corporation registered to broker real estate - answers at least 1 officer licensed as an
active broker
Equal DUE rights, same or different deeds - answers Tenancy in common
rental property is temporarily diminished - answers see temporary reduction of rent from
court
property to property with same utility - answers Principle of Substitution
Broker refuses to pay a commission due - answers Charged with Failure to Account
$50,000 - answers Single judgement from Real Estate Recovery Fund
Post-dated check - answers Legal- give to broker immediately
Business known as a company - answers is a corporation for profit
Broker represents as escrow agent - answers Buyer and seller
Expert knowledge by RE licensees - answers Valuation, Marketing, Property Transfer
Financial protection due to defective title - answers Title insurance
1 bath in a 4 bed home - answers functional obsolescence
Least effective method of the FED Reserve - answers Changing the discount rate
Seeking testimony from a witness - answers Administrative law judge will subpoena
Tenant in property with temporary agreement - answers Tenancy at will
Cannot comply with legal instructions - answers Withdraw from the transaction
Developer conveys ownership-streets etc. - answers Dedication
Deed Promise- no hostile claims made - answers Warrant of quiet enjoyment
In closing statement title insurance - answers not prorated
No brokerage relationship - answers Customer refused representation
sales associate leaves broker and joins another - answers must obtain a reissue of
license with new broker
Chairperson of FREC powers - answers Executive
,Issued by owner-employer multiple location - answers Group license
Lien Theory State - answers Title held by mortgagor (borrower)
Most important factor for investment - answers economic soundness
expenses of buyer/seller to 3rd party - answers On closing statement, entered a debits
Joint Tenancy - answers Possession, interest, time & title (PITT)
Inducing to list/sell - minorities moving in - answers Blockbusting
Policy and procedures manual - answers Helpful but not required by law
Brokers disagree on amount of commission - answers Retain exact amount is the
escrow account
Cannot register to broker real estate - answers Corporation Sole, Co-op Assoc,
business trust
To obtain a listing - answers must have an active license
Person with power of attorney - answers Attorney- in- fact
Licensed sales associate - answers paid only by his/her broker
Landlord posts a surety bond - answers May commingle security deposits
Investigator for DBPR sees minor violation - answers Usually issues a notice of
noncompliance
Get listings from a particular neighborhood - answers Farming
Licensee advertised property in own name - answers Must own the actual property
Evidence of merchantable title - answers the seller is usually responsible
Sales Associate did not complete 45 hours post license - answers license status is void
Agreement to rent for a specified period of time - answers Tenancy for years
Ownership one unit in multi-unit complex - answers Condominium
No license, act as a broker, get commission - answers DBPR can subpoena, cease and
desist, fine
, Losing title by failing to recoprd deed - answers Estoppel
Real estate securities - answers DPP containing a flow-through of tax
PUD zoning - answers Cluster zoning, Zero lot lines
Multiple brokers establishing comm rates - answers violation of Sherman-Clayton Anti-
Trust act
Functional Obsolescence - answers Over improved property
share office space without separate status - answers Ostensible partnership
broker doubt about entitlement of escrow - answers notify FREC in writing
type of business dollars from in community - answers service business
complaint filed- probable cause found - answers formal complaint filed
Bill of Interpleader - answers Inform the court-no claim rights to a deposit
Owner- employers - answers Registered, but not licensed
Operate in excessively reckless manner - answers Culpable negligence
Church constructed in residential area - answers may be a special exception to zoning
ordinance
Real Estate Market - answers local in nature
A valid real estate sale contract - answers offer and acceptance is communicated
No license- working in on-site leasing office - answers paid on a salary basis only
right to buy, fixed price, specified time - answers Option Contract
To direct a sales force or advertise - answers must have an active brokers license
to receive a commission - answers Must be licensed- Marry commission/license
Unlicensed person acting as a broker - answers May get $5000 fine & imprisonment to
5 years
Generates greatest return on land - answers Highest and best legal use
