STUDY SET WITH ALL QUESTIONS AND CORRECT
What is the difference between a rental agent and property manager? (cha 1)
A rental agent works with potential rentals and finds them a rental. A property
manager does the same, but also manages the property after finding the renter.
Why has the field of property management experienced such rapid growth (ch 1)
The increase of absentee owners
Is a property manager that is paid a salary plus on a transactional basis, required
to be an actively licensed broker? (chap 1)
Yes
Our sales associates permitted to perform appraisals (chap 1) (ON EXAM)
Yes.
Legally allowed to perform appraisals.
Because appraisal is a service of real-estate.
Is a property manager that is paid strictly salary required to be an active broker?
(chap 1)
No, only pay a salary.
If paid a commission then he needs a real state license.
Word like bonus/ a transactional basis also needs a license
The subject property is a three-bedroom, two-bath home. A comparable property
is a three-bedroom, two and one-half-bath home. An appraiser has determined
that the extra half bath is worth about $2,200. What adjustment should the
appraiser make? (ON EXAM) (chap 1)
Subtract $2,200 from the comparable's transaction price.
IF YOU SEE THIS QUESTION DISCARD ADD OR SUBTRACT FROM SUBJECT!!!
IT MUST BE ADD OR SUBTRACT FROM COMPARABLE!!!
CBS= IF COMPARABLE IS BETTER SUBTRACT!
What kind of residential construction involves a builder purchasing one or more
lots and constructing a home or homes without a buyer in advance of
construction? (chap 1)
Speculative home
What kind of residential construction involves a builder in contract with a buyer,
and the buyer decides what kind of design the house will have? (chap 1)
Custom home
What kind of residential construction is similar to speculative building and is
done in a new subdivision with several model homes? (cha 1)
Tract home
When is a new sales associate legally allowed to refer to themselves as a
REALTOR? (chap 1)
When they have joined the National Association of REALTORS
,What do you call a person who performs real estate services for compensation,
but who does so under the direction and control of a broker or an owner-
developer (builder)? (chap 1)
Sales associate
What is Florida statute 475? (CHAP 2)
Law that establishes the legal rights and responsibilities of real estate licensees
and real estate appraisers.
How many parts does Florida statute 475 have? (CHAP 2)
4.
F.S 475 PART I- LAWS PERTAINING TO BROKERS/BROKER ASSOCIATE/SALES
ASSOCIATE.
F.S 475 PART II- LAWS PERTAINING TO APPRAISERS.
F.S 475 PART III- COMMERCIAL REAL ESTATE SALES COMMISSION LIEN ACT.
F.S 475 PART IV- COMMERCIAL REAL ESTATE LEASING COMMISSION LIEN
ACT.
What is Florida statute chapter 455? (CHAP 2)
Law that defines the general legal practices of the DBPR (department of business
and professional regulation).
What is Florida statute 120? (chap 2)
The Administrative procedures act
What is chapter 61j2(chap 2)
The rules of the Florida Real Estate Commission (FREC)
Reciprocity (CHAP 2)
PRACTICE OF MUTUAL EXCHANGE OF PRIVILEGES FOR MILITARY.
Mutual recognition (CHAP 2)
NON- FL RESIDENTS THAT HAVE A LICENSE IN ANOTHER STATE CAN BE
GIVEN A 40 QUESTION TEST THEN A LICENSE.
Sales associate (chap 2)
A person who performs real estate activities while employed by a licensed real
estate broker.
Broker Associate (chap 2)
A person who holds a broker's license but chooses to register and work in real
estate under the direction of another broker.
Broker (chap 2)
A person who, for another and for compensation or other consideration, performs
real estate services but not under the direction of another.
What do you call a person who, for compensation performs real estate services,
but not under the direction or control of another? (cha 1)
Broker
What do you call a person who holds a brokers license but chooses to register
and work in real estate under the direction of another broker? (chap 1)
Broker associate
If an owner developers sales staff receives commission, what must they have?
(chap 1)
An active real estate license
,If an owner developers sales staff does not receive commission or compensation
based on transactions or bonuses, is the sales staff required to hold an active
real estate license? (chap 1)
No
What is the status of a sales associates license if he does not complete the
required 45-hr post licensing course before the first expiration of his license?
(CHAPTER 2) (on exam)
Null and void (ONLY TIME IT WOULD BE THIS ANSWER) (ANYTHING
REGARDING STATUS OF YOUR LICENSE AND POST LICENSE IN THE
QUESTION)
Which of the following statements is true concerning continuing education?
(cha 2-3) (on exam)
Actively licensed and inactively licensed sales associates must complete the 14
hours of continuing education.
(wether you decided to sale real-estate now or later you can stay inactive without
a brokerage as long you keep up with your 14 hours CME every 2 years)
After the post license course has been completed, how long does a sales
associate have to complete the required 14 hour continuing education course?
(chap 2)
2 years
Who is required to complete the continuing education? Is it actively licensed
sales associate or actively and inactively licensed sales associates? (chap 2)
Actively and inactively licensed sales associates
How many hours is the business ethics portion of the 14 hour continuing
education (cha 2)
3 hours
How long does a sales associate have to be licensed under one or more actively
licensed brokers before he is eligible to obtain a brokers license? ( chap 2/5)
2 years
Is the governors name or signature on a sales associates license? (chap 2)
His name only. NO signature.
If an unlicensed assistant works at a brokerage, can he show property, hold
listing presentations, and negotiate contracts? (chap 2)
No
Owner-developer (chap 2)
Another term for a builder
F.S 120 (CHAP 2)
Administrative Procedures Act
Real Property (CHAP 2/8)
LAND + HOUSE+ RIGHTS = REAL ESTATE
Personal Property (CHAP 2)
CEMETERY LOTS
IS THE OPPOSITE OF REAL PROPERTY. PERSONAL PROPERTY THAT IS NOT
ATTACHED TO THE PROPERTY!!
Can a licensee share a portion of his commission with an unlicensed person,
(who is not one of the parties to transaction) for the referral of real estate? (cha 2)
, No
Would a salaried manager of a condo who rents units for periods no longer than 1
year, and does not receive compensation based on transactions or bonuses, be
required to hold an active real estate license? (cha 2)
No
What does DBPR stand for and what is the DBPR's purpose? (CHAP 3)
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION.
THEIR PURPOSE = STATE AGENCY THAT IS IN CHARGE OF LICENSING
BUSINESSES IN FLORIDA.
THE BOSS OF THE DBPR OR CHIEF ADMINISTRATOR (CHAP 3)
THE SECRETARY OF THE DBPR.
GOVERNOR APPOINTS THIS PERSON AND STATE SENATE CONFIRMS.
When a broker's license is suspended or revoked, which does not apply? (ch 3)
(on exam)
The sales associates registered under the disciplined broker will automatically
have their license status changed to null and void.
(3 questions on exam
1. Post license question-null and void.
2. Broker dies, resigns, or suspended-involuntarily inactive.
3. If you failed to complete your 14 hours (EVERY 2 YEARS)- involuntary inactive.)
What is the penalty for stealing original listings from your brokerage? (CHAP 3)
(ON EXAM)
LARCENY
What is the penalty for stealing duplicates of listings from your brokerage?(CHAP
3) (ON EXAM)
BREACH OF TRUST
Which of the following lists contain contracts that a licensed broker is legally
permitted to prepare? (ch 3/11)
Listing contracts, buyer brokerage agreements, and option contracts//// BROKER
OWNS CONTRACT!
Which of the following is an example of a blind ad? (chap 5) (on exam)
Call Suzanna Smith, best sales associate in town 555.201.2435 (cell). AD THAT
DOESN'T TELL YOU WHERE SALES ASSOCIATE WORKS. ILLEGAL!!
Can a licensee sell his or her property by owner? (chap 5) (on exam)
Yes, provided they disclose they are licensees before entering into serious
negotiations
A broker sold three houses in Florida to a customer that now lives in Chicago.
This same customer uncovered an opportunity with someone who might want to
buy property from the Florida. The customer asked the broker if he would
reimburse her for the expenses incurred in convincing the person to buy property
from the Florida broker. Which applies? (on exam) (chap 5)
The broker cannot reimburse the customer because the customer does not have
an active real estate license.
Can a licensee be punished for calling someone on the do not call list? (chap 5)
Yes,
16 k if you call !!
What is the difference between a rental agent and property manager? (cha 1)
A rental agent works with potential rentals and finds them a rental. A property
manager does the same, but also manages the property after finding the renter.
Why has the field of property management experienced such rapid growth (ch 1)
The increase of absentee owners
Is a property manager that is paid a salary plus on a transactional basis, required
to be an actively licensed broker? (chap 1)
Yes
Our sales associates permitted to perform appraisals (chap 1) (ON EXAM)
Yes.
Legally allowed to perform appraisals.
Because appraisal is a service of real-estate.
Is a property manager that is paid strictly salary required to be an active broker?
(chap 1)
No, only pay a salary.
If paid a commission then he needs a real state license.
Word like bonus/ a transactional basis also needs a license
The subject property is a three-bedroom, two-bath home. A comparable property
is a three-bedroom, two and one-half-bath home. An appraiser has determined
that the extra half bath is worth about $2,200. What adjustment should the
appraiser make? (ON EXAM) (chap 1)
Subtract $2,200 from the comparable's transaction price.
IF YOU SEE THIS QUESTION DISCARD ADD OR SUBTRACT FROM SUBJECT!!!
IT MUST BE ADD OR SUBTRACT FROM COMPARABLE!!!
CBS= IF COMPARABLE IS BETTER SUBTRACT!
What kind of residential construction involves a builder purchasing one or more
lots and constructing a home or homes without a buyer in advance of
construction? (chap 1)
Speculative home
What kind of residential construction involves a builder in contract with a buyer,
and the buyer decides what kind of design the house will have? (chap 1)
Custom home
What kind of residential construction is similar to speculative building and is
done in a new subdivision with several model homes? (cha 1)
Tract home
When is a new sales associate legally allowed to refer to themselves as a
REALTOR? (chap 1)
When they have joined the National Association of REALTORS
,What do you call a person who performs real estate services for compensation,
but who does so under the direction and control of a broker or an owner-
developer (builder)? (chap 1)
Sales associate
What is Florida statute 475? (CHAP 2)
Law that establishes the legal rights and responsibilities of real estate licensees
and real estate appraisers.
How many parts does Florida statute 475 have? (CHAP 2)
4.
F.S 475 PART I- LAWS PERTAINING TO BROKERS/BROKER ASSOCIATE/SALES
ASSOCIATE.
F.S 475 PART II- LAWS PERTAINING TO APPRAISERS.
F.S 475 PART III- COMMERCIAL REAL ESTATE SALES COMMISSION LIEN ACT.
F.S 475 PART IV- COMMERCIAL REAL ESTATE LEASING COMMISSION LIEN
ACT.
What is Florida statute chapter 455? (CHAP 2)
Law that defines the general legal practices of the DBPR (department of business
and professional regulation).
What is Florida statute 120? (chap 2)
The Administrative procedures act
What is chapter 61j2(chap 2)
The rules of the Florida Real Estate Commission (FREC)
Reciprocity (CHAP 2)
PRACTICE OF MUTUAL EXCHANGE OF PRIVILEGES FOR MILITARY.
Mutual recognition (CHAP 2)
NON- FL RESIDENTS THAT HAVE A LICENSE IN ANOTHER STATE CAN BE
GIVEN A 40 QUESTION TEST THEN A LICENSE.
Sales associate (chap 2)
A person who performs real estate activities while employed by a licensed real
estate broker.
Broker Associate (chap 2)
A person who holds a broker's license but chooses to register and work in real
estate under the direction of another broker.
Broker (chap 2)
A person who, for another and for compensation or other consideration, performs
real estate services but not under the direction of another.
What do you call a person who, for compensation performs real estate services,
but not under the direction or control of another? (cha 1)
Broker
What do you call a person who holds a brokers license but chooses to register
and work in real estate under the direction of another broker? (chap 1)
Broker associate
If an owner developers sales staff receives commission, what must they have?
(chap 1)
An active real estate license
,If an owner developers sales staff does not receive commission or compensation
based on transactions or bonuses, is the sales staff required to hold an active
real estate license? (chap 1)
No
What is the status of a sales associates license if he does not complete the
required 45-hr post licensing course before the first expiration of his license?
(CHAPTER 2) (on exam)
Null and void (ONLY TIME IT WOULD BE THIS ANSWER) (ANYTHING
REGARDING STATUS OF YOUR LICENSE AND POST LICENSE IN THE
QUESTION)
Which of the following statements is true concerning continuing education?
(cha 2-3) (on exam)
Actively licensed and inactively licensed sales associates must complete the 14
hours of continuing education.
(wether you decided to sale real-estate now or later you can stay inactive without
a brokerage as long you keep up with your 14 hours CME every 2 years)
After the post license course has been completed, how long does a sales
associate have to complete the required 14 hour continuing education course?
(chap 2)
2 years
Who is required to complete the continuing education? Is it actively licensed
sales associate or actively and inactively licensed sales associates? (chap 2)
Actively and inactively licensed sales associates
How many hours is the business ethics portion of the 14 hour continuing
education (cha 2)
3 hours
How long does a sales associate have to be licensed under one or more actively
licensed brokers before he is eligible to obtain a brokers license? ( chap 2/5)
2 years
Is the governors name or signature on a sales associates license? (chap 2)
His name only. NO signature.
If an unlicensed assistant works at a brokerage, can he show property, hold
listing presentations, and negotiate contracts? (chap 2)
No
Owner-developer (chap 2)
Another term for a builder
F.S 120 (CHAP 2)
Administrative Procedures Act
Real Property (CHAP 2/8)
LAND + HOUSE+ RIGHTS = REAL ESTATE
Personal Property (CHAP 2)
CEMETERY LOTS
IS THE OPPOSITE OF REAL PROPERTY. PERSONAL PROPERTY THAT IS NOT
ATTACHED TO THE PROPERTY!!
Can a licensee share a portion of his commission with an unlicensed person,
(who is not one of the parties to transaction) for the referral of real estate? (cha 2)
, No
Would a salaried manager of a condo who rents units for periods no longer than 1
year, and does not receive compensation based on transactions or bonuses, be
required to hold an active real estate license? (cha 2)
No
What does DBPR stand for and what is the DBPR's purpose? (CHAP 3)
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION.
THEIR PURPOSE = STATE AGENCY THAT IS IN CHARGE OF LICENSING
BUSINESSES IN FLORIDA.
THE BOSS OF THE DBPR OR CHIEF ADMINISTRATOR (CHAP 3)
THE SECRETARY OF THE DBPR.
GOVERNOR APPOINTS THIS PERSON AND STATE SENATE CONFIRMS.
When a broker's license is suspended or revoked, which does not apply? (ch 3)
(on exam)
The sales associates registered under the disciplined broker will automatically
have their license status changed to null and void.
(3 questions on exam
1. Post license question-null and void.
2. Broker dies, resigns, or suspended-involuntarily inactive.
3. If you failed to complete your 14 hours (EVERY 2 YEARS)- involuntary inactive.)
What is the penalty for stealing original listings from your brokerage? (CHAP 3)
(ON EXAM)
LARCENY
What is the penalty for stealing duplicates of listings from your brokerage?(CHAP
3) (ON EXAM)
BREACH OF TRUST
Which of the following lists contain contracts that a licensed broker is legally
permitted to prepare? (ch 3/11)
Listing contracts, buyer brokerage agreements, and option contracts//// BROKER
OWNS CONTRACT!
Which of the following is an example of a blind ad? (chap 5) (on exam)
Call Suzanna Smith, best sales associate in town 555.201.2435 (cell). AD THAT
DOESN'T TELL YOU WHERE SALES ASSOCIATE WORKS. ILLEGAL!!
Can a licensee sell his or her property by owner? (chap 5) (on exam)
Yes, provided they disclose they are licensees before entering into serious
negotiations
A broker sold three houses in Florida to a customer that now lives in Chicago.
This same customer uncovered an opportunity with someone who might want to
buy property from the Florida. The customer asked the broker if he would
reimburse her for the expenses incurred in convincing the person to buy property
from the Florida broker. Which applies? (on exam) (chap 5)
The broker cannot reimburse the customer because the customer does not have
an active real estate license.
Can a licensee be punished for calling someone on the do not call list? (chap 5)
Yes,
16 k if you call !!
